Portfolio Highlights - The company's Manhattan-focused real estate portfolio features a tenant base in core commercial businesses, with the top 10 tenants being 77% Investment Grade rated[5, 9] - Portfolio occupancy is at 82.0%, with a weighted-average remaining lease term of 6.0 years[9] - Over 53% of the company's leases expire after 2030[9, 17] - The real estate investments are valued at $432.4 million, spread across 6 properties with a total square footage of 1.0 million[14] - Annualized Straight-line Rent is $45.1 million[14] Financial Highlights - The company has a 100% fixed-debt capital structure with a weighted-average interest rate of 6.4%[9, 38] - Total debt amounts to $350.0 million[38] - Net Leverage is at 63.8%[9, 38, 46] - Revenue from tenants for the quarter was $12.2 million, while the net loss was $41.7 million[38] - Cash NOI decreased year-over-year from $7.4 million in Q2'24 to $4.2 million in Q2'25[42, 38] Strategic Initiatives - The company continued marketing efforts for the sale of 123 William Street ($269.5 million at cost, 84% occupancy) and 196 Orchard Street ($66.6 million at cost, 100% occupancy)[9, 10, 24]

Market Trends - Asian investment-grade dollar bonds credit spreads widened [1] - The widening is on course for the biggest two-day blowout since early April [1] - The widening followed worse-than-expected US jobs data [1]

Core Insights - Graphic Packaging Holding Company reported a net income of $104 million, or $0.34 per diluted share, for the second quarter of 2025, a decrease from $190 million, or $0.62 per diluted share, in the same quarter of 2024 [2][25] - Adjusted net income for Q2 2025 was $128 million, or $0.42 per diluted share, compared to $183 million, or $0.60 per diluted share in Q2 2024 [2][26] - The company experienced a 1% decrease in net sales, totaling $2,204 million in Q2 2025, down from $2,237 million in Q2 2024 [5][17] Financial Performance - EBITDA for Q2 2025 decreased by 29% to $323 million, with adjusted EBITDA at $336 million compared to $402 million in Q2 2024 [6][26] - The adjusted EBITDA margin was 15.3% in Q2 2025, down from 18.0% in Q2 2024 [6][26] - Total debt increased to $5,859 million in Q2 2025 from $5,209 million in Q4 2024, resulting in a net leverage ratio of 3.7x compared to 3.0x in Q4 2024 [7][27] Capital Expenditures and Shareholder Returns - Capital expenditures in Q2 2025 were $228 million, a decrease from $249 million in the same quarter last year [8] - The company returned approximately $177 million to shareholders in the first half of 2025 through dividends and share repurchases, including $111 million in share repurchases during Q2 [9][14] - Full-year 2025 capital spending is expected to be around $850 million, reflecting higher costs at the Waco, Texas facility [11] Guidance and Market Outlook - The company expects full-year 2025 net sales between $8.4 billion and $8.6 billion, adjusted EBITDA between $1.45 billion and $1.55 billion, and adjusted EPS between $1.90 and $2.20 [10] - Market uncertainty remains higher than normal, impacting volume and revenue expectations [10]

Financial Highlights - New investment activity reached over $1 billion[7] - Investment assets and unrestricted cash totaled $4.7 billion, including $1.6 billion in senior secured first mortgage loans[8] - Total liquidity was approximately $1 billion, which included an $850 million undrawn unsecured corporate revolver[8] - The company issued $500 million in inaugural investment grade unsecured bonds[8] Portfolio Composition - First mortgage loans accounted for $1.6 billion, or 35%, of the total investment portfolio[11] - CRE equity represented $936 million, or 20%, of the portfolio[11] - Securities comprised $2 billion, or 42%, of the portfolio[11] - 82% of the company's assets are senior secured and/or investment grade rated[11] Key Metrics - Distributable earnings were $30.9 million, resulting in distributable EPS of $0.23 and a distributable ROAE (after-tax) of 7.7%[11] - The company declared a Q2 2025 cash dividend of $0.23 per share, representing an 8.3% annual dividend yield[11] - Unencumbered assets totaled $3.7 billion, which is 83% of total assets[11] - The adjusted leverage ratio was 1.6x, or 1.5x net of cash[11] - 74% of total debt was comprised of unsecured corporate bonds[11]

Market Trends - Asian investment-grade dollar bonds yield premiums dropped to a record low [1] - Regional rally in risk assets spurred by easing trade tensions [1] - Strong corporate fundamentals contributed to the rally [1]

Core Insights - Carnival Corporation & plc (CCL) is enhancing investor confidence through operational momentum and significant balance sheet improvements [1][4] - The company has made substantial progress in refinancing its debt, which is expected to lower net interest expenses and simplify its capital structure [2][4] Financial Performance - In Q2 of fiscal 2025, Carnival prepaid $350 million of its $1.4 billion notes due in 2026 and refinanced the remaining amount with senior unsecured notes maturing in 2031, projected to reduce net interest expense by over $20 million through early 2026 [1][2] - Total debt as of May 31, 2025, was $27.3 billion, a slight decrease from $27.48 billion reported on Nov. 30, 2024 [2] - The net debt-to-EBITDA ratio improved to 3.7x in Q2, down from 4.1x in Q1, indicating effective deleveraging [3][7] Market Position - CCL shares have surged 62.1% over the past three months, outperforming the industry growth of 36.2% [5] - The stock is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 13.53X, below the industry average of 19.88X, suggesting it is undervalued compared to peers [8] Earnings Outlook - The Zacks Consensus Estimate for Carnival's fiscal 2025 earnings per share has been revised upward from $1.87 to $1.98, reflecting strong analyst confidence [10] - Projections indicate a 39.4% rise in fiscal 2025 earnings for Carnival, compared to expected increases of 30.9%, 11.5%, and 16.5% for competitors Royal Caribbean, Norwegian Cruise, and OneSpaWorld, respectively [11]

Market Trends - Investment-grade companies in the US are increasingly seeking faster debt sales [1]

Group 1 - The article highlights Athene Holding Ltd. as an often overlooked security, specifically its 6.35% Dep Sh Fix/Float Non-Cumul Pref Shares Ser A (ATH.PR.A) [1] - The purpose of the article is to draw attention to investment opportunities in Athene Holding Ltd. [1] Group 2 - The article does not provide any specific financial performance data or metrics related to Athene Holding Ltd. [2]

Sovereign Rating - Moody's Investors Service 将阿曼的主权信用评级从垃圾级上调至投资级 [1] - 这是阿曼在不到一年内获得的第二次投资评级上调 [1]

Greek Economic Crisis & Initial Situation (A Decade Ago) - A decade ago, Greece faced a precarious situation marked by a referendum on a bailout package, organized by the Syriza government [1] - Capital controls were introduced, limiting ATM withdrawals to €60 per day [2] - The country was effectively excluded from financial markets for five years, missed IMF payment deadlines, and experienced halted economic activity with high unemployment and daily violent demonstrations [3] - There was uncertainty about Greece's future within the Eurozone [3] Current Economic Turnaround - Greece has experienced a spectacular turnaround, regaining investment grade status for the first time in two years [4] - The country's borrowing costs are now lower than Italy's, despite high debt levels [5] - Economic growth is above the average for Greece's European partners [5] - There has been a marked increase in investment, with companies like Microsoft, Pfizer, and UniCredit investing in Greece [6] - Some Greeks who left the country a decade ago have started to return, encouraged by government tax incentives [6] Challenges & Priorities - The Prime Minister's priority is ensuring everyone benefits from the economic improvement [8] - Greece is one of the few EU countries achieving primary budget surpluses [8] - Increased energy costs following the Russian invasion of Ukraine have significantly impacted the cost of living [9] - Many people still need to hold two jobs to make ends meet [9] - While there's a general feeling that things are better, there's still a way to go [9]