Aventus Posts Quarterly Loss of $85.2 Million and Launches Credit Platform with Nomura
Key Facts
Aventus Capital reported a net loss of $85.2 million, or $2.56 per diluted share, for the quarter ended September 30, 2026, according to unaudited results published via Business Wire. The company reported a loss attributable to controlling interests of $11.7 million, or $0.35 per diluted share, in the third quarter of 2025. On another operating measure, adjusted EBITDA loss was $68.7 million, compared with a loss of $79.8 million in the second quarter of 2026. That measure therefore improved from the previous quarter, while the net loss widened year over year. The company said book value per share at the end of September was $14.48 under IFRS and $18.59 under US GAAP.
Consolidated revenue was $12.9 million in the three months ended September 30, while the company recorded net investment losses of $19.0 million and net losses from insurance services of $31.6 million. Results varied across the company's businesses, with the asset management segment posting an adjusted EBITDA loss of $12.0 million. Aventus said segment revenue fell $3.5 million from the second quarter after performance accruals for legacy funds were reversed. The company attributed this to negative fair-value adjustments on those funds' investments and losses of $2.4 million from fees and performance incentives tied to unrealized positions. These items show pressure on asset management activities alongside a decline in the company's adjusted losses from the previous quarter.
In the insurance segment, Aventus said higher interest rates during the quarter contributed to a net investment loss of $21.1 million, mainly from interest-rate swaps used to manage assets and liabilities. The company recorded insurance finance income of $38.9 million in other comprehensive income, partly offset by unrealized investment losses of $13.5 million. Net losses from insurance services improved to $31.6 million from $56.8 million in the second quarter. The company attributed the improvement to lower withdrawal rates on lifetime withdrawal guarantees for new policies, the effect of higher interest rates on the discount curve, and a slight decline in premium volume. It said the insurance business remains at an early stage of expansion, and that insurance service losses reflect increased annuity policy issuance.
Aventus subsidiary Ceres added $1.7 million in new premiums from MYGA products and $254.4 million from FIA products during the quarter. Premiums totaled $256.1 million in the third quarter and $687.8 million year to date through October 31, 2026. Meanwhile, Ceres' invested assets rose 28% from the previous quarter to $571 million as of September 30. The chief executive said Aventus had approximately $5.5 billion in assets under management and programmatic capital as of October 31. The company also reported that, by that date, it had secured an additional $1 billion in capital commitments from an investment adviser commitment affiliated with an asset management platform joint venture.
Alongside the results announcement, Aventus, CC Capital and Nomura launched Misura, a joint investment management venture focused primarily on securitized products and private credit. The parties said the platform would give investors access to opportunities in these areas and provide asset acquisition, origination, investment advisory and portfolio management services. Misura will operate through a dedicated investment adviser registered with the U.S. Securities and Exchange Commission, offering customized capital solutions across the capital structure. Aventus' executive chairman said the partnership combines the flexibility of a specialist investment manager with a global investment bank's ability to access investment opportunities, with the aim of creating a specialized credit platform. He added that, in his view, the partners' complementary strengths lay the groundwork for building a long-term business, and that the platform would also target opportunities across the credit spectrum and special-situations investments.
For the nine months ended September 30, 2026, Aventus reported a net loss of $200.0 million, compared with a loss of $19.3 million in the same period of 2025. Looking ahead, the company said cost-cutting initiatives it had implemented are expected to have their full effect starting in the fourth quarter of 2026, particularly on salaries and benefits. CCaventus said two CLO transactions were in the warehouse phase, and that the warehouse for the second transaction was established after September 30. The company expects to close its first CLO transaction in early in the first quarter of 2027. NMR shares closed at $9.7 on November 13, 2026, according to EL7 data.