Pro Gbl Listed Pvt

MSFT

$Microsoft(MSFT.US) 1Q25 first take: As the first earnings report after the change in accounting standards, it does bring some impact on our understanding of the financial details, but it also gives us an opportunity to focus more on the company's overall and most critical comparable business performance. From Dolphin Research's initial perspective, this quarter's earnings report is a pass, but with both positive and negative aspects.1) First, in terms of overall performance, total revenue increased by 16% year-over-year (including contributions from the acquisition of Activision Blizzard), slightly accelerating from the previous quarter's 15.2% and also slightly exceeding market expectations by 1.7%. However, on the profit side, operating profit of $30.6 billion, while better than market expectations, grew only 13.6% year-over-year, lagging behind revenue growth. The operating profit margin declined both year-over-year and quarter-over-quarter, officially marking the end of Microsoft's profit margin expansion phase, sliding into the contraction phase due to high AI-related Capex.2) At the same time, this quarter's Capex increased quarter-over-quarter to a full $20 billion, nearly 8% higher than expected. We also noted that this quarter's D&amp;A has doubled compared to the same period last year, increasing by over $3 billion. Free cash flow, dragged down by high Capex, has already declined by 7% year-over-year. The pressure of massive AI infrastructure investments on financial metrics has begun to fully manifest.3) By segment, the actual revenue growth of Productivity and Business Processes (PBP) and Intelligent Cloud (IC) this quarter was in line with or slightly better than expectations, meeting but not exceeding expectations. On the other hand, the More Personal Computing segment, due to the impact of the Activision Blizzard acquisition and strong advertising business growth (benefiting from Copilot search), exceeded expectations by about 5%.4) For key core businesses, Azure's growth rate was 33%, down 1 percentage point quarter-over-quarter, basically in line with market expectations—no surprises. The guidance for the next quarter points to a further slowdown of 2-3 percentage points, not indicating a continued strong rise in cloud computing demand due to AI but rather a continued decline. Combined with profits already starting to decline due to Capex investments, it gives the impression of high investment without a real demand explosion. Another core business, 365 Commercial Cloud under PBP, grew 15% this quarter, flat with the previous quarter. Guidance for the next quarter also points to a slowdown of about 2 percentage points, with no signs of demand explosion from AI features like Office Copilot.5) The only comforting aspect is that the constant currency growth rate of newly signed commercial bookings this quarter reached 23%, up 4 percentage points from the previous quarter, suggesting that incremental demand may indeed exist. However, it is still in the contract stage and has not yet been reflected in financial metrics, leaving room for potential future release.

Microsoft

KKR's FSK Approves $300 Million Share Buyback Plan

FS KKR Capital released FY2026 Q1 earnings on May 11 Pre-Market (EST), actual revenue USD 304 M (forecast USD 315.33 M), actual EPS USD -1.5746 (forecast USD 0.4451)

KKR Plans Cash Acquisition of FS KKR Capital Corp. Shares and Provides Convertible Bond Investment Commitment

Main Street Capital released FY2026 Q1 earnings on May 8 After-Market (EST), actual revenue USD 140.11 M (forecast USD 145.23 M), actual EPS USD 0.5403 (forecast USD 1.055)

Main Street Capital Reports Q1 Earnings Below Expectations

Hercules Capital Reports Record Q1 2026 Earnings with Leadership Changes

Hercules Capital released FY2026 Q1 earnings on May 5 After-Market EST, actual revenue USD 141.54 M (forecast USD 141.39 M), actual EPS USD 0.2279 (forecast USD 0.4647)

Golub Capital BDC released FY2026 Semi-Annual Earnings on May 4 After-Market EST, actual revenue USD 395.14 M, actual EPS USD 0.0701

Golub Capital BDC released FY2026 Q2 earnings on May 4 After-Market EST, actual revenue USD 188.13 M (forecast USD 200.37 M), actual EPS USD -0.1781 (forecast USD 0.3616)

Ares Management Corporation Reports Significant Growth in Q1 Net Income

Ares Management Corp and JPMorgan Sign $800 Million Private Credit Agreement

Main Street Capital to Release FY2026 Q1 Earnings on May 7 After-Market EST, Forecast Revenue USD 145.23 M, EPS USD 1.055

FS KKR Capital to Release FY2026 Q1 Earnings on May 6 After-Market EST, Forecast Revenue USD 315.33 M, EPS USD 0.4451

Ares Capital Corp Signs Equity Distribution Agreement and May Issue up to $1.5 Billion in Common Stock

Ares Capital Reports Robust Q1 Financials, Morgan Stanley Maintains Outperform Rating

Ares Capital Corp Reports Increase in Non-Accrual Loan Ratio and Decline in Book Value Per Share in Q1

Ares Capital released FY2026 Q1 earnings on April 28 Pre-Market EST, actual revenue USD 763 M (forecast USD 776.36 M), actual EPS USD 0.1281 (forecast USD 0.4819)

Ares Capital Corporation 2026 Q1 Earnings Report Misses Expectations

Hercules Capital to Release FY2026 Q1 Earnings on May 5 After-Market EST, Forecast Revenue USD 141.39 M, EPS USD 0.4647

Golub Capital BDC to release FY2026 Q2 earnings on May 4 After-Market EST, forecast revenue USD 200.37 M, EPS USD 0.3616

InMed Pharmaceuticals

AMPLITECH GROUP INC. USD0.001 S/R 20/11/26 SER B

Amesite

CN Energy

AMPLITECH GROUP INC. COM USD0.001 (S/R 18/07/2026)

NextNRG

Meiwu Tech

Generation Income Properties

MetaVia

OceanPal

KKR-D

BXMT

The private equity sector's leading firms, Blackstone, Apollo, Carlyle, and KKR, are facing significant challenges as deal exits slow and credit stress increases. Their collective sentiment has dropped to its lowest in years, with Blackstone reporting $1.4 billion in net outflows from its credit fund. Market volatility and geopolitical uncertainties are delaying exit plans, impacting returns. Despite Apollo surpassing $1 trillion in assets under management, the industry is entering a more uncertain phase, with investors becoming increasingly cautious.

benzinga_article

KKR & CO INC 6.25% MAND CONV PREF SHARES SER D

Blackstone MortgageTrust

Apollo Global

Blackstone

Carlyle

S&P Global

S&P 500

Standardaero

Medline

OpenAI

APOLLO GLOBAL MANAGEMENT INC 6.75% CONV PFD STK SER A

Apollo Global Management Pref Share APO 7.625 09/15/53

KKR Group Fin Co IX LLC Pref Share KKRS 4.625 04/01/61

KKR & Co. Inc.

Private Equity's Big Four Are Starting To Crack As Exits Slow, Credit Stress Mounts

Jim Cramer has stated that private equity is facing renewed challenges, with major firms like KKR, Blackstone, Apollo Global, and Carlyle Group experiencing stock declines. Rising Treasury yields and geopolitical uncertainties are impacting the financial sector, leading to decreased trading activity. KKR is selling its stake in Kokusai Electric, while Blackstone is pursuing a joint venture with Google. Overall, the private equity market is under pressure, with increasing default risks and difficulties in financing new deals.

Blue Owl Capital

Alphabet

Alphabet - C

Shutterstock

Blue Owl Capital III

Blue Owl Tech Finance

Jim Cramer Says Private Equity Is 'Under Attack Again'

Shares of banks and financial institutions declined due to credit-market concerns, with the 30-year Treasury bond yield surpassing 5% for the first time since 2007. This rise in yields raises worries about U.S. budget finances and private credit. Wall Street private-credit managers' shares remained flat to down, and investors are finding it challenging to assess valuations of private-credit funds, including a business-development company managed by Blue Owl.

MorningStar

Financials Down Amid Credit-Market Worries — Financials Roundup

HOOD

HOOX

ROBN

HOOG

Cathie Wood of ARK Invest and Shivaram Rajgopal of Robinhood advocate for greater access to private markets for retail investors, as major tech companies remain private longer, limiting wealth creation opportunities. They discussed ARK's venture-focused fund and Robinhood's private markets fund aimed at democratizing access. Wood highlighted the shift in the investing landscape, citing companies like SpaceX with high valuations before going public. Both executives criticized the outdated accreditation system and emphasized the need for transparency and education as retail investors increasingly act like long-term institutional investors.

Robinhood

Defiance Daily Target 2X Long HOOD ETF

T-Rex 2X Long HOOD Daily Target ETF

Leverage Shares 2X Long HOOD Daily ETF

Tesla

Why Cathie Wood And Robinhood Agree That Retail Investors Need Access To Private Markets

ARES

Ares Management reported strong Q1 2026 results with revenue of $1.4 billion and net income of $142.6 million, alongside record assets under management of $644.3 billion. The stock surged 23.09% in the past month but is down 25.65% year-to-date. Analysts suggest Ares is 28% undervalued with a fair value of $170.59, despite a high P/E ratio of 49.7x. Investors are weighing growth potential against competition and fee pressures in private credit. The article emphasizes the importance of conducting personal research before making investment decisions.

Simplywall

ARES Management LP

ARES MANAGEMENT CORPORATION 6.75% MAN PFD CONV SER B

A Look At Ares Management’s Valuation After Strong Q1 Results And Record Assets Under Management

FNCL

Are Wall Street Analysts Bullish on KKR & Co. Stock?

Barchart Option

VG Financial

Financial Select Sector SPDR Fund

Fidelity MSCI Financials Index

Are Wall Street Analysts Bullish on KKR & Co. Stock?

JPMorgan Chase and a group of banks have reduced their credit line to KKR's troubled private credit fund, FS KKR Capital Corp., by $648 million to $4.05 billion. This decision comes as KKR plans to inject $300 million into the fund to stabilize it, following significant losses and a downgrade to junk status by Moody's. The fund's shares have dropped nearly 50% over the past year, and non-accrual loans have increased. The banks also raised interest rates on the remaining facility and adjusted equity requirements, indicating concerns over further asset declines.

CNBC

FS KKR Capital

JPMorgan Chase

Defiance Daily Target 2X Long JPM ETF

ISHRS Us Brokers & Sec Exchg

JPMorgan Chase-led bank group reins in credit line to troubled KKR private credit fund as losses mount

NFRA

IFRA

PAVE

From Blackstone to Blue Owl, here's how the biggest investors are chasing a $900 billion data center opportunity

businessinsider

FlexShares STOXX Global Broad Infrastructure Index Fund

iShares US Infra

iShares S&P Global Infra

Glob X US Infra

From Blackstone to Blue Owl, here's how the biggest investors are chasing a $900 billion data center opportunity

XLRE

Brookfield Asset Management Ltd. reported Q1 2026 revenue of $1.34B, a 24% increase YoY, with net income of $617M, up 6% YoY. Diluted EPS rose to $0.38, a 5.6% increase. Fee revenues reached $1.426B, supported by higher management fees and strong performance from listed affiliates. The firm saw net inflows of $11B in fee-bearing capital and expanded its operational scale with 5,800 investment professionals and a client base of 60,000 private wealth clients and 2,500 institutional clients. Strategic initiatives include fund expansions and $114B in uncalled commitments.

TradingView

Brookfield Asset

Real Est Select Spdr

SPDR Dow Jones REIT ETF

iShares Residential and Multisector Real Estate ETF

Brookfield Real Assets Income Fd

Schw Us Reit

iShares Global REIT

iShares US Real Estate ETF

WisdomTree New Economy Real Estate Fund

SPDR Dow Jones Global Real Estate ETF

Vanguard Global Ex-US Real Estate

FlexShares Glbl Quality Real Estate ETF

Vanguard Real Estate ETF

Brookfield Infrastructure

Brookfield Renewable Partners

Brookfield Business

Brookfield Infra Fin Pref Share BIP 7.25 05/31/29

Brookfield Infra Fin BIPH Pref Share 5 05/24/81

BROOKFIELD INFRASTRUCTURE PARTN L.P 5% PFD LTD PARTNERSHIP UNIT CL A SER 14

BROOKFIELD INFRASTRUCTURE PARTN L.P 5.125% PFD LTD PARTNERSHIP UT SR 13 CL A

Brookfield Renewable

Brookfield Asset Management Ltd. 1Q 2026: Revenue $1.34B, EPS $0.38— 10-Q Summary

Private credit, traditionally viewed as a diversified lending sector, is witnessing major firms like Blackstone, Apollo, and KKR adopting similar underwriting standards and funding models. A Financial Stability Board report indicates that five large asset managers control about one-third of the private credit market. This convergence is leading to a synchronized credit ecosystem, raising concerns about transparency and potential losses, as highlighted by DoubleLine's CEO Jeffery Gundlach. He warns that the current market dynamics could mirror past financial excesses, risking investor confidence and leading to significant losses.

BlackRock

OakTree Specialty Lend

BlackRock Tech and Private Equity Term Trust

BLACKROCK MULTI-SECTOR INCOME TR COM USD0.001(S/R 09/09/2025) WI

Blackrock Enhanced Div Achievers Trust

BlackRock Science and Tech Term Trust

BlackRock Multi-Sector Income Trust

Blackstone, Apollo, And KKR Are Quietly Writing The Same Credit Playbook

(Transfer) $Amazon(AMZN.US) exceeded expectations, and like the other three, the margin is good + higher capex, and capex exploded! $75 billion, nearly $5 billion more than market expectations. $Marvell Tech(MRVL.US) rose in response, driving $NVIDIA(NVDA.US) up 1%. The 2025 CAPEX guidance was not provided, only stating &#34;we'll spend more than that in 2025.&#34; Market expectations were only $73 billion, likely to be adjusted to around $80 billion. If capex starts to increase in H2 2024, then in addition to AWS competing for H200 and GB200, Marvell's customized Trainium2, which will accelerate mass production starting in H2 2024, will definitely be a procurement focus. Previously, we updated AWS's 2025 CoWoS adjustment at TSMC, consistent with the direction of capex exceeding expectations.AWS's growth rate of +19% slightly missed, but it's okay as profits beat expectations significantly. The revenue guidance is also good, indicating that Q4 is expected to accelerate.Additionally, it was mentioned that AI revenue is in the tens of billions of dollars and still growing at triple digits (doubling), so the estimated growth rate of Microsoft's $10 billion AI revenue for next year is also not exaggerated.

Marvell Tech

NVIDIA

Amazon

Pro Gbl Listed Pvt(PEX.US)

Private Equity's Big Four Are Starting To Crack As Exits Slow, Credit Stress Mounts

Jim Cramer Says Private Equity Is 'Under Attack Again'

Financials Down Amid Credit-Market Worries — Financials Roundup

Why Cathie Wood And Robinhood Agree That Retail Investors Need Access To Private Markets

A Look At Ares Management’s Valuation After Strong Q1 Results And Record Assets Under Management