Alaris Equity Partners Income Trust (AD-UN) Investor presentation summary

Business model and strategy

• Provides capital to private businesses using a structured equity approach, targeting lower to mid-market companies in North America.

• Focuses on non-control, preferred and common equity investments, allowing founders to retain operational control.

• Offers investors access to private equity returns, diversification, enhanced yields, and liquidity through a public vehicle.

• Investment structure combines equity-like returns with debt-like protections, including consent rights and remedies for defaults.

• Portfolio construction emphasizes industry and geographic diversification, with a majority of investments in the US and in preferred equity.

Financial highlights and performance

• $1.6 billion in current invested capital and $1.1 billion net book value ($25.10 per unit).

• Market capitalization of approximately $884 million, with a unit price of $19.50 as of November 5, 2025.

• Quarterly distribution set at $0.37 per unit ($1.48 annually), with a year-to-date payout ratio of 54%.

• Portfolio has generated a 13% baseline cash yield and a 16% compounded annual return on exited investments.

• Total returns from exits to date amount to $673.3 million (+65%), with a median IRR of 19% on exited investments.

Portfolio and investment activity

• 22 active partners and 45 partners invested in since inception, with over $3.1 billion invested and more than 100 tranches.

• 60+ follow-on investments and a five-year average of $267 million in gross annual capital invested.

• Portfolio is over 80% US-based, with 90% of principal investments and 95% of AUM in the US.

• Recent years saw $343 million invested year-to-date and over $1.0 billion of capital received through exits.

• Asset management business launched, with third-party AUM exceeding $700 million and total managed assets over $2.6 billion.