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Alaris Equity Partners Income Trust (AD-UN) investor relations material
Alaris Equity Partners Income Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved a record quarter in Q3 2025, with strong fair value gains, recurring partner distributions, and expanded long-term revenue base through new capital deployment.
Net book value per unit rose 6% sequentially to CAD 2,510 ($25.10), up 10% year-over-year, driven by record earnings and comprehensive income per unit.
Portfolio is larger, more diversified, and performing at its best in 21 years, with 19 of 21 partners meeting or exceeding expectations.
Total revenue and operating income rose 8% year-over-year, with a 45% increase in unrealized gains on investments.
Active capital deployment with $73.8 million invested since Q2, totaling $228 million year-to-date across new and existing Partners.
Financial highlights
Total revenue and operating income increased 7.8% year-over-year, supported by a CAD 47.9 million net unrealized fair value gain across nine investments.
Partner revenue exceeded guidance at CAD 58.1 million, though total Partner revenue declined 12.3% year-over-year due to lower common distributions.
Net distributable cash flow per unit decreased 26% in Q3 and 14% year-to-date, mainly due to variability in common distributions, tax timing, and higher transaction costs.
Free cash flow after distributions was CAD 21.9 million in Q3 and CAD 38.9 million year-to-date, prior to NCIB repurchases.
Cash from operations before working capital changes increased 55.8% in Q3.
Outlook and guidance
Q4 partner revenue expected at approximately CAD 43.5 million, with ongoing evaluation of the impact from the U.S. government shutdown.
Run Rate Revenue for the next twelve months estimated at $184 million, including $13.5 million in common distributions.
Run Rate Payout Ratio projected between 65% and 70%, balancing distributions and reinvestment.
Deployment outlook remains strong, with expectations to surpass previous records and a robust pipeline for new and follow-on investments.
Some planned exits are scheduled to begin in 2026, expected to further grow book value and fund new deployments.
Explain rationale for recent dividend increase
GWM's path to recovery and debt impact
2026 exit strategy and deployment funding
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Next Alaris Equity Partners Income Trust earnings date
Q4 202513 Mar, 2026
Next Alaris Equity Partners Income Trust earnings date
Q4 202513 Mar, 2026
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Frequently asked questions
Alaris Equity Partners Income Trust provides alternative financing solutions to private companies, primarily in North America. The company invests capital in exchange for a percentage of future earnings, offering entrepreneurs a non-control equity partner. Alaris focuses on businesses across various industries, supporting long-term growth without requiring an ownership change. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.
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