Deutsche Digital Assets, a Germany-regulated provider of exchange-traded products (ETPs), is working on listing Bittensor Staked TAO ETP, with the ticker STAO. The plan is to have the product on the SIX Swiss Exchange in the next couple of weeks. To achieve this, the firm is collaborating with Nasdaq Nordic-listed broker Safello (SFL). Introducing the Safello Bittensor Staked TAO ETP Together with Safello, Deutsche Digital Assets intends to list Bittensor Staked TAO ETP on SIX Swiss Exchange. According ...

Core Insights - Deutsche Digital Assets plans to list an ETP for Bittensor (TAO), a cryptocurrency associated with decentralized AI, in collaboration with Safello [1] - The Safello Bittensor Staked TAO ETP will be traded on the SIX Swiss Exchange under the ticker STAO [1] - The product is physically backed by TAO tokens in cold storage, with returns based on TAO's price movements and staking rewards [2] Investment Product Details - The ETP will have a maximum fee of 1.49% and will automatically reinvest staking rewards into the fund [2] - It tracks the Kaiko Safello Staked Bittensor Index (KSSTAO) [5] Market Interest - There is increasing interest in Bittensor, a decentralized network for AI that incentivizes contributions of data and computing power for various tasks [3] - Bittensor is recognized for its potential in reshaping value creation through the convergence of decentralized technology and AI [5] Competitive Landscape - Yuma Asset Management, founded by Barry Silbert, has already launched an asset management approach to the Bittensor ecosystem, targeting wealthy investors [4] - In July, U.K. exchange Archax announced its agreement to acquire Deutsche Digital Assets [6]

Core Viewpoint - The previous update on SFL Corporation Ltd. highlighted the durability of its high yield due to a long-dated backlog that provides cash insulation [1]. Company Summary - SFL Corporation Ltd. is noted for its strong yield, which is supported by a substantial backlog that helps secure cash flow [1]. Industry Insights - The article reflects a positive outlook on the future of Bitcoin, indicating a belief in its potential growth and investment opportunities [1].

Core Viewpoint - SFL Corp. has reduced its quarterly dividend by 26% to $0.20 per share due to the ongoing unemployment of the Hercules vessel and decreased revenues following asset disposition [1]. Group 1: Dividend Cut - The quarterly dividend has been cut from a previous amount to $0.20 per share, representing a 26% reduction [1]. - The decision to cut the dividend is attributed to the continued unemployment of the Hercules vessel [1]. - Reduced revenues following the disposition of assets have also influenced the company's decision to lower the dividend [1].

[SEC Filing Information](index=1&type=section&id=SEC%20Filing%20Information) Details the filing of Form 6-K by SFL Corporation Ltd. for August 2025, including official signatures [Form 6-K Details](index=1&type=section&id=1.1%20Form%206-K%20Details) SFL Corporation Ltd. filed Form 6-K for August 2025 as a foreign private issuer - **SFL Corporation Ltd.** filed Form 6-K for August 2025, reporting as a foreign private issuer[1](index=1&type=chunk)[2](index=2&type=chunk) [Signatures](index=3&type=section&id=1.2%20Signatures) Official signatures authorize the Form 6-K report on behalf of SFL Corporation Ltd - The report was signed by **Ole B. Hjertaker**, Principal Executive Officer of SFL Management AS, on August 19, 2025[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Preliminary Q2 2025 Earnings Overview](index=5&type=section&id=Preliminary%20Q2%202025%20Earnings%20Overview) SFL announced preliminary Q2 2025 results, a $0.20 dividend, and strategic fleet management, despite rig challenges [Announcement and Highlights](index=5&type=section&id=2.1%20Announcement%20and%20Highlights) SFL announced preliminary Q2 2025 results, a $0.20 dividend, strengthened charter backlog, and asset sales - SFL announced preliminary Q2 2025 results and a quarterly cash dividend of **$0.20 per share**[14](index=14&type=chunk) - The company strengthened its charter backlog with strong counterparties and deployed high-quality assets, including cargo-handling and fuel-efficiency upgrades[16](index=16&type=chunk) - Continuous fleet renewal involved selling and redelivering older dry bulk and container vessels, generating over **$200 million**[19](index=19&type=chunk) | Metric | Q2 2025 | | :----- | :------ | | Net income | $1.5 million | | EPS | $0.01 | | Charter hire received | $194 million | | Adjusted EBITDA (consolidated) | $104 million | | Adjusted EBITDA (associated companies) | $8 million | [CEO Commentary](index=6&type=section&id=2.2%20CEO%20Commentary) CEO discussed strategic steps to strengthen charter backlog, improve fleet efficiency, and dividend adjustment from asset sales and reduced cash flow - Decisive steps taken to strengthen charter backlog, including investments in cargo-handling and fuel-efficiency upgrades and divesting older, less efficient vessels[16](index=16&type=chunk) - The market for the **Hercules drilling rig** remains challenging, impacting near-term financial results, but the company remains optimistic about new employment[17](index=17&type=chunk) - Asset sales increased available capital but reduced near-term cash flow, leading to a dividend adjustment to **$0.20 per share**[17](index=17&type=chunk) - SFL has distributed **$2.9 billion** to shareholders through 86 consecutive quarterly cash dividends since 2004, demonstrating ability to renew and diversify its portfolio[18](index=18&type=chunk) [Financial Performance Summary](index=8&type=section&id=Financial%20Performance%20Summary) SFL reported Q2 2025 financial results, including a $0.20 dividend, GAAP figures, and segmented performance [Quarterly Dividend Declaration](index=8&type=section&id=3.1%20Quarterly%20Dividend%20Declaration) The Board of Directors declared a quarterly cash dividend of $0.20 per share for Q2 2025, payable around September 29, 2025 | Dividend Metric | Value | | :-------------- | :---- | | Quarterly Cash Dividend | $0.20 per share | | Payment Date | On or around September 29, 2025 | | Record Date (NYSE) | September 12, 2025 | | Ex-dividend Date (NYSE) | September 12, 2025 | [Q2 2025 Consolidated Financial Results (U.S. GAAP)](index=8&type=section&id=3.2%20Q2%202025%20Consolidated%20Financial%20Results%20(U.S.%20GAAP)) SFL reported Q2 2025 GAAP operating revenues of $192.6 million and net income of $1.5 million, impacted by non-recurring items - Total U.S. GAAP operating revenues were approximately **$192.6 million** in Q2 2025, which is lower than cash received due to accounting classifications[22](index=22&type=chunk) - Net income was impacted by non-recurring items such as a **$4.2 million** net gain on vessel sales, negative mark-to-market effects from hedging derivatives (**$2.4 million**), and equity investments (**$1.0 million**)[23](index=23&type=chunk) - Scheduled drydocking activity in the quarter temporarily reduced revenues and increased expenses, with lower activity expected in future quarters[24](index=24&type=chunk) | Income Statement Item | Q2 2025 (in thousands of $) | Q1 2025 (in thousands of $) | Full Year 2024 (audited, in thousands of $) | | :-------------------- | :-------------------------- | :-------------------------- | :---------------------------------------- | | Total operating revenues | 192,588 | 186,739 | 904,404 | | Gain on sale of vessels | 4,242 | — | 5,374 | | Total operating expenses | (151,347) | (176,077) | (603,061) | | Operating income | 45,483 | 10,662 | 306,717 | | Net income/(loss) | 1,460 | (31,871) | 130,653 | | Basic earnings/(loss) per share ($) | 0.01 | (0.24) | 1.01 | [Segmented Financial Performance](index=19&type=section&id=3.3%20Segmented%20Financial%20Performance) SFL's Q2 2025 financial results are segmented into Shipping and Energy, with Shipping contributing positively and Energy reporting a loss | Income Statement Item (in thousands of $) | Shipping | Energy | Total | | :-------------------------------------- | :------- | :----- | :---- | | Total operating revenues | 166,644 | 25,944 | 192,588 | | Gain on sale of vessels | 4,242 | — | 4,242 | | Total operating expenses | (117,451) | (33,896) | (151,347) | | Operating income/(loss) | 53,435 | (7,952) | 45,483 | | Net income/(loss) | 14,919 | (13,459) | 1,460 | [Shipping Segment Performance](index=19&type=section&id=3.3.1%20Shipping%20Segment%20Performance) The Shipping segment reported total operating revenues of $166.6 million and net income of $14.9 million for Q2 2025 | Shipping Segment (in thousands of $) | Q2 2025 | | :--------------------------------- | :------ | | Total operating revenues | 166,644 | | Operating income | 53,435 | | Net income | 14,919 | [Energy Segment Performance](index=19&type=section&id=3.3.2%20Energy%20Segment%20Performance) The Energy segment generated $25.9 million in operating revenues but incurred an operating loss of $7.9 million and net loss of $13.5 million | Energy Segment (in thousands of $) | Q2 2025 | | :------------------------------- | :------ | | Total operating revenues | 25,944 | | Operating loss | (7,952) | | Net loss | (13,459) | [Adjusted EBITDA Reconciliation](index=20&type=section&id=3.4%20Adjusted%20EBITDA%20Reconciliation) SFL reported a consolidated Adjusted EBITDA of $104.1 million for Q2 2025, including contributions from associates - Adjusted EBITDA is a non-U.S. GAAP measure representing cash receipts from operating activities before net interest and capital payments[53](index=53&type=chunk)[71](index=71&type=chunk) | Adjusted EBITDA (in thousands of $) | Shipping | Energy | Total | 49.9% owned associates | | :-------------------------------- | :------- | :----- | :---- | :--------------------- | | Net cash provided by operating activities | 68,707 | 1,429 | 70,136 | 4,539 | | Adjusted EBITDA | 97,490 | 6,560 | 104,050 | 7,769 | [Business Operations and Fleet Update](index=8&type=section&id=Business%20Operations%20and%20Fleet%20Update) SFL's Q2 2025 charter backlog, diversified fleet details, and operational updates across segments [Charter Backlog and Fleet Overview](index=8&type=section&id=4.1%20Charter%20Backlog%20and%20Fleet%20Overview) SFL's fixed rate charter backlog was $4.2 billion as of June 30, 2025, with a weighted remaining term of 6.7 years | Metric | Value | | :----- | :---- | | Fixed Rate Charter Backlog (as of June 30, 2025) | ~$4.2 billion | | Weighted Remaining Charter Term | 6.7 years | | Number of Vessels/Newbuildings | 60 | | Backlog from Investment Grade Customers | ~66% | - Some charters include purchase options that may reduce backlog but increase capital, and profit-sharing features that may improve operating results[26](index=26&type=

Financial Data and Key Metrics Changes - The company reported revenues of $194 million for the quarter, with an EBITDA equivalent cash flow of $112 million [5][24] - The EBITDA equivalent over the last twelve months was $526 million [5] - The net profit for the second quarter was approximately SEK 1.5 million or $0.01 per share, compared to a net loss of approximately SEK 32 million or $0.02 per share in the previous quarter [26] Business Line Data and Key Metrics Changes - The container vessel segment generated approximately $2 million in revenue, while the car carrier fleet generated approximately NOK 26 million, slightly up from the last quarter [21][22] - The tanker fleet's gross charter hire decreased to approximately NOK 41 million from NOK 45 million in the previous quarter due to scheduled dry dockings [22] - The overall utilization across the shipping fleet was 98.1%, with an adjusted utilization of 99.9% [15] Market Data and Key Metrics Changes - The charter backlog currently stands at $4.2 billion, with two-thirds of this backlog from customers with investment-grade ratings [10][29] - The company has a diversified fleet consisting of 60 maritime assets, including 30 containerships, 16 large tankers, and two drilling rigs [12] Company Strategy and Development Direction - The company is focused on strengthening its charter backlog by securing agreements with strong counterparties and investing in cargo handling and fuel efficiency upgrades [6][10] - The company has divested older, less efficient vessels and is committed to fleet renewal and new technology, with 11 vessels now capable of operating on LNG fuel [7][12] - The company aims to enhance its fleet to position itself for organic growth and comply with strict regulatory demands aimed at reducing shipping emissions [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about finding new employment for the idle drilling rig Hercules, despite current market volatility and oil price fluctuations [8][9] - The decision to adjust the dividend to $0.20 per share was made to ensure that distributions are not subsidized by idle assets, particularly the Hercules rig [10][36] - The company has a strong liquidity position, including undrawn credit lines and unencumbered vessels, which will enable continued investment in new assets [11][27] Other Important Information - The company has returned nearly $2.9 billion to shareholders over 86 consecutive quarters [10] - The average age of the vessels sold was about 18 years, reducing the fleet average by about two years [12] Q&A Session Summary Question: What’s the status with the lawsuit with Seadrill? - The company is involved in two lawsuits, with the larger one regarding the redelivery of the Hercules scheduled for 2026, and a guarantee for an adjustment amounting to approximately $45 million to $50 million has been received from Seadrill [30] Question: Can you walk us through your thought process on the decision to lower the dividend? - Management acknowledged disappointment regarding the dividend adjustment, attributing it to the idle status of the Hercules rig and the need to ensure that distributions are not subsidized by non-operational assets [34][36] Question: What are the expected costs for dry docking in the second half of the year? - Management expects dry docking costs to be significantly lower in Q3 and Q4 compared to Q2, with estimates around $3 million to $3.5 million for Q3 and $1 million to $2 million for Q4 [42][44] Question: How is the company viewing opportunities for potential acquisitions? - The company continues to look for acquisition opportunities, although the market has been slower due to general uncertainty. They have significant investment capacity following recent divestitures [46][47] Question: What should be expected for the organic EBITDA contribution from the energy side? - The energy segment is expected to have a negative drag going forward, but the shipping fleet is generating solid contributions and cash flow [50][54]

Financial Highlights - The company announced a dividend of $0.20 per share[5, 26], marking the 86th consecutive quarterly dividend[5] - The company reported a net income of $1 million, with earnings per share of $0.01[5] - The company's adjusted EBITDA was $112 million[5, 16] - The company's gross revenue reached $194 million[5, 16], which includes charter hire from all vessels and rigs[6] Contracted Revenue and Backlog - The company's fixed revenue backlog stands at $4.2 billion[5, 8, 26], with over two-thirds contracted to investment grade counterparties[5, 8] - The company extended three container vessels with Maersk for five years, adding approximately $225 million to the fixed backlog[5] - 71% of the company's contracted revenue is from container vessels[8] Operational Performance - The company's fleet utilization remains strong, with container vessels, car carriers, tanker vessels, and dry bulk vessels all reporting utilization rates at or near 100%[13] - The company's cash and cash equivalents at quarter end was $156 million[24, 26] Portfolio Composition - The company's portfolio includes 30 container vessels, 18 tanker vessels, 7 car carriers, 3 dry bulk vessels, and 2 energy assets[8] - The company's contracted revenue is diversified across various sectors, with container vessels accounting for 71%, tanker vessels for 11%, car carriers for 11%, and energy for 7%[8] Client Base - The company has a strong portfolio of industry-leading clients, including a world-leading chemical logistics company (29% of contracted revenue), a publicly listed investment grade shipping company (21% of contracted revenue), and other major players in the container shipping, energy, and automotive industries[11]

Core Insights - The company is set to present its preliminary second quarter results on August 19, 2025 [1] Group 1 - The presentation of the second quarter results is enclosed in the provided link [1] - The attachment includes the detailed results presentation for the second quarter of 2025 [2]

Core Viewpoint - SFL Corporation Ltd. announced preliminary financial results for Q2 2025, reporting a net income of $1.5 million and a quarterly cash dividend of $0.20 per share, reflecting ongoing efforts to strengthen its charter backlog and improve operational efficiency [1][4][5]. Financial Performance - The company reported a net income of $1.5 million, equating to $0.01 per share for the second quarter [7]. - Charter hire received in the quarter totaled $194 million, with approximately 87% from shipping and 13% from energy [7]. - Adjusted EBITDA from consolidated subsidiaries was $104 million, with $97 million from shipping and $7 million from energy, plus an additional $8 million from associated vessel owning companies [7]. Strategic Actions - SFL has taken decisive steps to enhance its charter backlog by securing agreements with strong counterparties and investing in cargo-handling and fuel-efficiency upgrades [3]. - The company has divested older, less efficient vessels, which has improved the operational and fuel consumption efficiency of its fleet [3]. - A five-year time charter extension for three 9,500 TEU container vessels with Maersk is expected to add approximately $225 million to the backlog from 2026 through 2031 [7]. Dividend Information - The Board of Directors declared a quarterly cash dividend of $0.20 per share, to be paid on or around September 29, 2025, with a record date of September 12, 2025 [5][6]. - Since its inception in 2004, SFL has distributed a total of $2.9 billion to shareholders through 86 consecutive quarterly cash dividends [5]. Market Conditions - The market for the legacy drilling rig Hercules remains challenging due to recent market uncertainty and oil price volatility, which has delayed new employment opportunities [4]. - The company is optimistic about finding new employment for the rig while exploring strategic opportunities [4].

Group 1 - SFL Corporation Ltd. plans to release its preliminary financial results for Q2 2025 on August 19, 2025 [1] - A conference call and webcast will be held on the same day at 10:00 AM (EST) / 4:00 PM (CET) for stakeholders [1] - Relevant materials will be available on the Company's Investor Relations section of its website on the same day [1] Group 2 - SFL has maintained a unique track record in the maritime industry, paying dividends every quarter since its NYSE listing in 2004 [3] - The Company's fleet includes tanker vessels, bulkers, container vessels, car carriers, and offshore drilling rigs [3] - SFL's long-term distribution capacity is supported by a portfolio of long-term charters and significant growth in its asset base over time [3]