Financial Data and Key Metrics Changes - Total revenue for 2024 was $463.3 million, representing a 63.1% increase from $284.1 million in 2023 [31] - Net income for 2024 was $54 million, with adjusted EBITDA reaching $117.5 million, more than tripling from $41.7 million in 2023 [11][46] - The compound annual growth rate of revenue and adjusted EBITDA from 2021 to 2024 was 65% and 177% respectively [11] Business Line Data and Key Metrics Changes - Cloud mining revenue was $271 million in 2024, up 52.2% year-over-year, accounting for approximately 59% of total revenue [32] - Self-mining operations generated $51.1 million in revenue, a 57.2% increase compared to 2023, driven by a 77.2% increase in average hashrate [35] - Revenue from the sale of mining machines was $30.5 million, marking a return to this line of business after being paused in 2023 [36] Market Data and Key Metrics Changes - The average price of Bitcoin increased by 128.4% year-over-year, impacting revenue positively despite a 29% decrease in Bitcoin production [35] - The company’s total mining capacity under management reached 23.5 EH/s by the end of 2024, up from 22.9 EH/s at the end of 2023 [12] Company Strategy and Development Direction - The company is transitioning to a model that includes owning data center assets, aiming to reduce mining hosting costs and enhance profitability [14][19] - A strategic focus on vertical integration is being pursued, with plans to acquire or build data centers to optimize cost structures [14] - The company aims to expand its secured power capacity to 1 GW over the next two years, with a focus on North America and low-cost power sites [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive continued growth and shareholder value, expecting mining capacity to reach approximately 33 EH/s by the end of 2025 [28] - The company remains bullish on Bitcoin and plans to maintain a majority of its Bitcoin holdings while strategically managing sales to cover operational costs [45] Other Important Information - The company reported a strong liquidity position with $235.5 million in cash, cash equivalents, and digital assets as of the end of 2024 [47] - A two-year master loan agreement with ANTPOOL was established, granting access to up to $100 million in capital [48] Q&A Session Summary - No Q&A session was conducted during the call, but participants were encouraged to email questions to the investor relations team for responses [6]

Financial Data and Key Metrics Changes - In Q4 2024, the company reported net income of $0.25 per share and adjusted distributable earnings (ADE) of $0.45 per share, which comfortably covered the quarterly dividend of $0.39 per share [7][19] - The ADE increased from $0.28 per share in Q1 2024 to $0.45 per share in Q4 2024, reflecting a 25% year-over-year growth in the credit portfolio [44] Business Line Data and Key Metrics Changes - The Longbridge reverse mortgage segment performed excellently, contributing $0.30 per share to net income, while the credit portfolio generated $0.32 per share [19] - The credit portfolio increased by 5% to $3.42 billion, driven by net purchases of closed-end seconds, HELOCs, commercial mortgage bridge loans, and non-agency RMBS [24] - The Longbridge portfolio decreased by 15% sequentially to $420 million due to the impact of proprietary reverse mortgage securitization [25] Market Data and Key Metrics Changes - The agency strategy generated a modest loss due to rising interest rates and volatility around the presidential election, impacting Agency RMBS performance [22] - The overall debt-to-equity ratio increased to 8.8:1 from 8.3:1, while the recourse debt-to-equity ratio remained unchanged at 1.8:1 [26] Company Strategy and Development Direction - The company aims to continue leveraging its vertical integration to grow its loan origination business and maintain a focus on credit investments rather than agency securities [30][79] - The strategic use of securitizations is viewed as a core competitive advantage, expected to drive strong earnings and support dividend coverage [14][58] Management's Comments on Operating Environment and Future Outlook - Management noted an uptick in residential loan delinquencies, particularly in the non-QM portfolio, but does not expect material losses due to strong underlying real estate security [39] - The company remains optimistic about the demand for proprietary reverse mortgage products and anticipates continued ADE growth to cover dividends moving forward [45] Other Important Information - The company completed four securitization transactions in Q4, capitalizing on favorable market conditions, which included two non-QM deals and a proprietary reverse mortgage securitization [10][12] - The total weighted average borrowing rate on recourse borrowings decreased by 56 basis points to 6.21% due to lower short-term interest rates and tighter financing spreads [25] Q&A Session Summary Question: Can you talk about some of the originator investments and the appetite for non-QM given the commentary around delinquencies? - Management indicated that they have been making small investments in platforms where they have established relationships and can help lower warehousing costs and improve underwriting processes [63][64] Question: Can you contextualize the earnings expectations for Longbridge? - Management suggested a long-term run rate target of approximately $0.09 per share per quarter for Longbridge, with Q4 exceeding this expectation [68][70] Question: Why isn't the agency portfolio more attractive at current valuations? - Management explained that while the agency sector has been good, they believe their capital can be better utilized in credit-focused investments that leverage their vertical integration [76][79] Question: Is there an expectation from investors to buy loans out of the securitization trust? - Management clarified that they expect to work out and resolve loans while they remain in the securitization, rather than buying them out [84] Question: What is the current run rate for net interest income? - Management indicated that the net interest income seen in Q4 is a good run rate moving forward, supported by ongoing improvements in liability management [91][92] Question: What is the impact of staffing cuts at HUD on Longbridge? - Management acknowledged the uncertainty but emphasized that their proprietary business has been driving earnings, and they will have to wait and see how regulatory changes unfold [121][123]

Table of Contents As filed with the Securities and Exchange Commission on March 18, 2024. Registration No. 333-276435 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 5 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Auna S.A. (Exact Name of Registrant as Specified in Its Charter) Grand Duchy of Luxembourg 8011 Not Applicable (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) (I.R.S. ...

Table of Contents As filed with the Securities and Exchange Commission on March 14, 2024. Registration No. 333-276435 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 3 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Auna S.A. (Exact Name of Registrant as Specified in Its Charter) Grand Duchy of Luxembourg 8011 Not Applicable (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) (I.R.S. ...

Table of Contents As filed with the Securities and Exchange Commission on February 22, 2024. Registration No. 333-276435 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Auna S.A. (Exact Name of Registrant as Specified in Its Charter) Grand Duchy of Luxembourg 8011 Not Applicable (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) (I.R ...

Table of Contents TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Auna S.A. (Exact Name of Registrant as Specified in Its Charter) Grand Duchy of Luxembourg 8011 Not Applicable (State or Other Jurisdiction of Incorporation or Organization) As filed with the Securities and Exchange Commission on January 25, 2024. Registration No. 333-276435 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 (Primary Standard Industrial Classification Code Number) (I.R. ...

Table of Contents As filed with the Securities and Exchange Commission on January 8, 2024. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Auna S.A. (Exact Name of Registrant as Specified in Its Charter) Grand Duchy of Luxembourg 8011 Not Applicable (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification ...

As filed with the Securities and Exchange Commission on September 26, 2023. Registration No. 333- (Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Knife River Corporation (Exact name of Registrant as specified in its charter) (State or other Jurisdiction of Incorporation or Organization) Delaware 1400 92- ...

As filed with the U.S. Securities and Exchange Commission on August 24, 2023. Registration No. 333-273246 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT No. 2 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Northann Corp. (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Organization) Nevada 3089 88-1513509 (Primary Standard Industrial Classification Code No.) (I.R.S. Employer Identification No.) c/o ...

As filed with the U.S. Securities and Exchange Commission on August 22, 2023. Registration Statement No. 333-271425 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form F-1 (Amendment No. 2) REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Nature Wood Group Limited (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) British Virgin Islands 800 Not Applicable (State or other jurisdiction of incorporation or organi ...