Core Viewpoint - Above Food Ingredients Inc. is progressing with its proposed merger with Palm Global Technologies Limited, with nearly 90% of Palm Global shareholders expressing support for the transaction [1][4][5] Group 1: Merger Details - The merger with Palm Global is expected to unlock long-term shareholder value, with integration efforts already yielding results in trade discussions projected to generate multi-billion-dollar revenues [6] - Palm Global has received unanimous support from nearly 90% of its shareholders for the merger, as confirmed by Chairman Peter Knez [4][5] - The audit by CBIZ CPA is anticipated to be completed within four to six weeks, ahead of the 180-day timeline set by Nasdaq [2][3] Group 2: Financial Implications - Palm Global's 30% stake in Palm Promax Investments is expected to add over $100 billion in net assets to its balance sheet, indicating substantial high-margin revenue potential [9] - The partnership with Promax United positions Palm Global as a leader in stablecoin issuance and central bank digital currency frameworks, with 15 African nations committed to adopting its stablecoin [8] Group 3: Strategic Vision - The merger is seen as a catalyst for value creation, with a focus on the tokenization of real-world assets, which is expected to redefine global finance [10][11] - The company is enhancing its governance by adding influential figures to its board, which is expected to advance its objectives in key markets [12]

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Financial Data and Key Metrics Changes - Q2 earnings were approximately $4,800,000, an increase from $4,500,000 in the prior quarter [15] - Net revenue for the quarter reached a record $17,800,000, up 215% compared to the prior linked and year-over-year quarters [15] - Net interest income was $12,400,000, while net interest margin declined to 4.31% from 4.47% in Q1 [16] - Total non-interest income decreased to $5,400,000 from $5,500,000 in Q1 [16] - Total non-interest expense for the quarter was $10,400,000, down approximately $500,000 compared to Q1 [19] - Efficiency ratio improved to 58.5% from 62.8% in Q1 [20] - Total assets increased by 3.6% to $1,230,000,000, and shareholders' equity grew by 3.5% to $151,700,000 [20][21] Business Line Data and Key Metrics Changes - New SBA and commercial loans originated during the quarter exceeded $160,000,000 [15] - Gain on sale of loans for the quarter was $2,600,000, with loan sales volume at $82,100,000 [16][17] - Non-performing assets (NPAs) net of guarantees decreased to $4,600,000, representing 0.37% of total assets [17] Market Data and Key Metrics Changes - The gaming and credit card divisions experienced a decline in transactions, with credit card transactions dropping to $82,000,000 and net interchange income to $1,500,000 [23] - July transactions showed significant growth, estimated at approximately $38,500,000, indicating a 35% increase from June [26] Company Strategy and Development Direction - The company is focusing on enhancing automated systems and fraud protection in the credit card division to support future growth [25] - The gaming fintech division is exploring new payment systems and stablecoin initiatives, indicating a strategic pivot towards innovative financial solutions [36] - The company anticipates regulatory approval for its slot program, which would allow it to manage slot proceeds under FDIC insured accounts [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future SBA activity, citing strong volumes and pipelines [18] - The company is positioned to benefit from increased gaming activity and expects substantial growth in its credit card division as enhancements are implemented [27][39] - Management noted the evolving gaming landscape, with increased player engagement and transaction activity expected [28] Other Important Information - The company has a strong liquidity position, with total liquidity increasing to $820,000,000, equating to approximately 77% of total deposits [21] - The company is transitioning to become an SEC registered entity, with related operating expenses decreasing significantly [15] Q&A Session Summary Question: Guidance on credit card growth for the remainder of the year - Management indicated that while issues have been enhanced, they cannot provide specific guidance for the next two to four quarters but noted positive trends in July [40] Question: Expectations for BoldBets and player onboarding - The onboarding process is dependent on gaming operators, with local businesses expected to show higher penetration rates compared to larger institutions [41][42] Question: Details on the Konami deal and expected deposits - The relationship with Konami is tied to the casino management system, and the bank does not have a direct relationship with Konami's machines or deposits [45]

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Financial Data and Key Metrics Changes - The company reported revenues of $112.6 million for the quarter, an increase of 4.2% from the first quarter and up approximately 5.2% year-over-year driven by higher average AUM [24] - Year-to-date revenues have grown 8.3% due to higher average AUM and increased other revenues from European listed products, partially offset by lower average fee capture [25] - Adjusted net income for the quarter was $25.9 million or $0.18 per share, excluding $2 million of acquisition-related costs [25] Business Line Data and Key Metrics Changes - The company generated $6.6 billion of inflows year-to-date through June, with approximately $3 billion into U.S. listed products, $3.3 billion into European products, and over $300 million in digital assets [21][22] - The European Defense Fund, with AUM of approximately $3.5 billion, attracted nearly $2.1 billion of flows in the quarter and over $2.8 billion year-to-date [23] - AUM in digital assets has more than doubled since last quarter, reaching $350 million at June 30 and approximately $500 million today [24] Market Data and Key Metrics Changes - The company’s AUM reached a record high of $126 billion at June 30, with U.S. listed AUM at $85.2 billion and Europe at $40.5 billion, both all-time highs [23] - The farmland investment market is valued at $3.5 trillion, which is highly fragmented and under-institutionalized, presenting a significant growth opportunity [8] Company Strategy and Development Direction - The acquisition of Cerus Partners is aimed at enhancing the company’s capabilities in farmland investment, which is seen as a stable and underpenetrated asset class [5][7] - The company plans to raise at least $750 million into farmland-focused strategies by 2030, which would more than double current performance fee revenues [6][20] - The company is focused on leveraging its distribution capabilities to scale the farmland investment business and expects to manage $10 billion in farmland assets within ten years [10][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of farmland investments, highlighting its low correlation with traditional asset classes and its role in risk mitigation and inflation protection [11][12] - The company is optimistic about the integration of Cerus and the potential for significant revenue growth driven by the farmland investment strategy [15][70] - Management noted that the stablecoin market is projected to grow significantly, and the company is well-positioned to benefit from this trend [34][80] Other Important Information - The acquisition consideration includes $275 million upfront in cash and an earn-out of up to $225 million contingent on achieving a five-year revenue CAGR of 12% to 22% [17] - The company is monitoring foreign exchange headwinds that could impact expense guidance, but overall impacts are expected to be immaterial [26] Q&A Session Summary Question: Inquiry about Cerus' fund structure and fundraising plans - Management clarified that Cerus operates a combination of evergreen funds and has a strong distribution team to help raise capital [42][44] Question: Durability of performance fees from Cerus - Management explained that performance fees are driven by rental income and market appreciation of farmland, with historical stability in the asset class [45][50] Question: Competitive landscape in farmland investment - Management acknowledged minimal competition from major asset managers and highlighted the opportunity to scale in a fragmented market [56] Question: Digital asset strategy and growth expectations - Management expressed excitement about the growth potential in digital assets, particularly in stablecoins and tokenized funds, and emphasized the importance of regulatory compliance [87][90] Question: Distribution strategy for farmland investments - Management indicated that the RIA channel is expected to be a primary focus for distributing farmland investments, leveraging existing client relationships [84][85] Question: Regulatory changes needed for Cerus' assets - Management confirmed that no regulatory changes are necessary to distribute Cerus' assets [95] Question: Mark-to-market process for farmland assets - Management detailed that Cerus marks their farms annually using a structured appraisal process [96] Question: Inclusion of private equity investments in the acquisition - Management clarified that while some private equity investments will remain with the former sellers, the water strategy will be retained [100]

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