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Alaris Equity Partners Income Trust - Q3-2021 Earnings, Price Target Update

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Alaris Equity Partners Income Trust (AD.UN) provides alternative financing to private businesses in North America. Alaris offers long-term equity capital to companies for whom traditional debt or private equity is not typically available or attractive, including privately-held companies whose owners want to retain long-term control of their business. Alaris is essentially in the business of providing mezzanine financing to a diversified group of small and medium sized enterprises. Success in this business depends on sourcing and structuring investments that meet Alaris's preferred share investment criteria.

Alaris has 80% of investments in US based companies as at Sept-30-2021 consistent with Dec-31-2020 and Dec-31-2019. They have historically been weighted to healthcare; however the current mix is 40% in business services, 30% to industrials, 22% to consumer products and services and 8% consumer financial services. As of Sept-30-2021 they had investments in 28 companies valued at $1.16B compared to 21 companies valued at $880.5M as at Dec-31-2020.

Alaris' interests consist of a preferred partnership interest or ownership of intellectual property with a return linked to a top-line metric (sales or gross profit) rather than a residual equity interest in the net earnings. Alaris' role with each of the Partners is passive in all cases, preferring no involvement in the day to day business, Alaris does not have any significant influence over any of the Partners nor does it have the ability to exercise control over such Partners. Instead, the Corporation has certain restrictive covenants in place designed to protect the ongoing payment of the annual royalties and distributions payable to Alaris. In addition, the Partners are required to obtain the consent of Alaris in certain circumstances prior to entering into a material transaction. Such transactions generally include acquisitions & divestitures, major capital expenditures and incurring additional indebtedness.

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