Alaris Equity Partners Income Trust (AD-UN) Q3 2024 earnings summary

Executive summary

• Book value rose by CAD 0.78 per unit to a record CAD 22.80, with a nine-month increase of CAD 1.68 per unit and CAD 1.02 in dividends, yielding a year-to-date return on book value of CAD 2.70.

• Invested capital reached $1.6 billion with a net book value of $1.1 billion ($25.10 per unit) as of Q3 2025.

• Net distributable cash flow for Q3 2024 increased by over 63% year-over-year to CAD 31.8 million, or CAD 0.72 per unit, with a payout ratio of 53%.

• Portfolio includes 22 active partners and has generated a 19% median IRR from exited investments.

• Distributions set at $0.37 per unit quarterly ($1.48 annually), with a YTD payout ratio of 54%.

Financial highlights

• Common distributions for Q3 2024 were CAD 27.5 million, up from CAD 8.8 million in Q3 2023; year-to-date dividends reached CAD 31.8 million versus CAD 10.9 million in the prior nine months.

• $343 million invested year-to-date in 2025.

• Over $1.6 billion of distributions collected since inception.

• $673.3 million in total returns (+65%) from exited partners, with a 16% compounded annual return on exited investments.

• 12-month run rate revenue increased to CAD 171 million from CAD 163 million last quarter.

Outlook and guidance

• Q4 revenue outlook is CAD 38.9 million, with Fleet's distribution received earlier than expected.

• Management expects continued growth in invested capital and distributions, supported by a robust investment pipeline.

• Forward-looking statements highlight expectations for stable partner performance, ongoing capital deployment, and resilience to macroeconomic risks.