Aug. 10 at 4:21 PM
$GCMG — May call: SpaceX exposure confirmed, details held until IPO.
August call:
$150M invested,
$6.37 avg cost,
$3.5B current value, dual ARS reporting (inclusive/exclusive of SpaceX), and a
$4M-per-
$10 fee sensitivity table — all in prepared remarks before analysts could ask.
Fundraising:
$2.3B in Q2 as guided.
Credit over
$900M in the quarter, now called "one of the fastest-growing areas of our business."
Realization tone: from "a when, not if" to "improving. Not yet robust. Nobody can predict timing."
MAC IV, addressed in detail in May, absent from August.
#TheGapReport
