This many people understand Bitcoin. Almost everyone understands in real estate. You combine those two together and I get that volatility. But the stability, combine it with the stability, we think we have a great investment. And I had 1,500 people invest with me that have never invested in Bitcoin. >> How many Bitcoin you got? >> Let's talk about real estate. >> Okay. >> And uh and Bitcoin. You have what? $5 billion of real estate. >> You have 5.3% billion. >> Who's counting? Um I am. >> Yeah, I know. And ...

Financial Data and Key Metrics Changes - Distributable Earnings for Q4 2025 were reported at $4.6 million, or $0.28 per share, with an adjusted figure of $0.31 per share when accounting for the rights offering dilution [4][16] - The full year 2025 distributable earnings were $1.21 per share, with a run rate annual dividend of $1.12 per share, representing a 93% payout ratio [16][19] - The weighted average all-in yield was 7.92%, and the weighted average risk rating improved to 2.8 [8] Business Line Data and Key Metrics Changes - The company invested in three new loans totaling $101.3 million during Q4 2025, including a $37.3 million loan for student housing, a $37 million hotel loan, and a $27 million industrial property loan [5] - Total commitments as of December 31, 2025, were $724.5 million across 24 floating-rate first mortgage loans, with a year-over-year increase of $83 million, or approximately 13% [8] Market Data and Key Metrics Changes - Market conditions improved in Q4 2025, with two 25 basis point rate cuts bringing the target Fed funds rate to 350-375 basis points, leading to increased financing activity [11] - Office transaction volume increased by 25% year-over-year, indicating a recovery in the market [12] Company Strategy and Development Direction - The company aims to capitalize on middle-market lending opportunities with enhanced liquidity following the rights offering and a focus on disciplined capital deployment [9] - The strategy includes diversifying investments beyond multifamily and industrial sectors to include medical office, necessity-based retail, and hospitality [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about transaction activity continuing to increase in 2026, driven by recovering acquisition and refinancing volumes [12] - The company expects first quarter distributable earnings to be in the range of $0.22 to $0.24 per share, reflecting temporary impacts from the rights offering [18] Other Important Information - The company ended Q4 2025 with $123 million in cash and extended the maturities of two secured financing facilities, increasing the maximum size of one facility by $125 million [19][20] - The CECL reserve remains modest at 130 basis points of total loan commitments, down 20 basis points from the previous quarter [19] Q&A Session Summary Question: How is the company finding pockets of inefficiency in the current competitive environment? - Management noted that while multifamily remains liquid, they are focusing on sectors like storage, industrial, and medical office for better risk-adjusted returns [22][25] Question: Does the $0.22-$0.24 distributable EPS guidance assume full deployment of the raised capital? - Management clarified that the guidance does not assume full deployment by the end of Q1, as some loans are still in the pipeline [31] Question: Is the current dividend secure through the end of 2026? - Management confirmed commitment to the $0.28 per quarter dividend, despite temporary earnings drag from the rights offering [35] Question: What is the expected portfolio size by year-end? - Management anticipates reaching close to $1 billion in total loan portfolio size by year-end, depending on repayments and new originations [36]

Core Insights - Bill Gates has addressed concerns regarding his farmland holdings, stating he owns less than 1/4000 of U.S. farmland and aims to enhance productivity and job creation through his investments [1] - The trend of institutional investors and large private buyers acquiring farmland has been influenced by inflation and supply chain issues, raising questions about land consolidation and control [2] - Gates' recent acquisition of approximately 2,100 acres in North Dakota contributes to his status as the largest private farmland owner in the U.S., with total holdings estimated between 242,000 and 270,000 acres [4][6] Investment Trends - The farmland market is increasingly viewed as a long-term investment asset, attracting significant interest from institutional investors [2][6] - The investment strategy behind Gates' farmland purchases is managed by Cascade Investment LLC, focusing on land as a durable asset for long-term returns rather than direct farming operations [6] Public Perception and Debate - The expansion of Gates' farmland holdings has sparked discussions about the implications of large-scale land ownership and its limited scrutiny in public discourse [5][10] - The acquisition of farmland by foreign entities, such as the Chinese Fufeng Group, has further fueled debates about agricultural land ownership and its significance [3][4] Accessibility of Real Estate Investment - The concept of real estate as a long-term income-producing asset is becoming more accessible to smaller investors through platforms that allow fractional ownership in residential properties [8][9] - These platforms enable everyday investors to participate in real estate markets without the need for substantial capital or direct management of properties [8][9]

Core Viewpoint - The Vanguard Real Estate ETF (VNQ) is attracting retirees seeking quarterly income, while growth investors are moving away due to its underperformance compared to broader equity markets, primarily driven by interest rate sensitivity [1]. Group 1: VNQ Performance and Characteristics - VNQ has returned 88.13% over the past decade, significantly lower than the SPDR S&P 500 ETF Trust (SPY), which returned 255.65% during the same period [1]. - The ETF yields 3.82% and has 54% of its assets concentrated in its top 10 holdings, which include Prologis, American Tower, and Equinix [1]. - VNQ provides diversified real estate exposure without the management burden of direct property ownership, tracking the MSCI US Investable Market Real Estate 25/50 Index with net assets of $65.7 billion [1]. Group 2: Market Conditions and Risks - VNQ's performance has been impacted by rising interest rates, with the 10-year Treasury yield decreasing from 4.55% to 4.04% over the past year, yet it still lags behind equities [1]. - Housing starts have declined by 16.4% year-over-year, indicating softer construction demand that affects certain REIT categories [1]. - The ETF sacrifices growth potential for income, making it more suitable as a portfolio diversifier rather than a growth engine [1].

19 February 2026, 7:00 am, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’), a European provider of high-quality logistics and semi-industrial real estate, today announces the results for the full year ended 31 of December 2025: A pre-tax profit of € 338 million, an increase of € 19 million or 6% versus FY’24. Net asset value growth of 8.3%, up to € 2.6 billion. EPRA NTA is up 9%. EBITDA growth of 28% to € 454.7 million, surpassed only by 2021, which benefited from exceptionally strong logistics demand durin ...

Group 1: Investment Commitment - CBRE Investment Management has made a notable equity commitment to support IPUT Real Estate in Dublin, highlighting confidence in Dublin's real estate market and a strategy to expand its investment portfolio in the region [1][6] - This backing is expected to strengthen IPUT Real Estate's capabilities and improve its growth prospects in the competitive real estate sector [1] Group 2: Market Performance and Ratings - Raymond James maintains an "Outperform" rating for CBRE, with the stock priced at $130.77, suggesting confidence in CBRE's performance and aligning with its strategic investments like the one in Dublin [2][6] - Patrick O'Shaughnessy from Raymond James set a price target of $180 for CBRE, indicating a potential price increase of approximately 34.46%, reflecting positive market sentiment towards CBRE's strategic moves [3] - CBRE's current stock price is $151.46, showing a 7.23% increase or $10.22 rise, with fluctuations between $141.68 and $151.52 today [4][6] Group 3: Market Capitalization - CBRE's market capitalization is approximately $45.07 billion, with a trading volume of 2,656,363 shares on the NYSE, supporting its ability to make significant investments [5][6]

See Also: Before the IPO: How One Company Quietly Locked Up 500+ Iconic Character Rightsit's not innovation michael, it's lack of demand mempool transactions are at historic lows the total transaction fees paid in the last block were $800 that's around $100,000 of revenue per day for the entire global network, less than a local grocery store in a small townHowever, X users like Udi Wertheimer rebutted Saylor’s points. Wertheimer argued that Bitcoin’s low fees result from weak transaction demand, which is at ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported GAAP net income of $0.2 million and distributable earnings of $18.5 million, or $0.24 per common share [13] - For the full year 2025, GAAP net income was $45.5 million, or $0.57 per share, with distributable earnings of $76.8 million, or $0.97 per common share, achieving a coverage ratio of 1.01x for the annual dividend of $0.96 per share [13] - Book value per common share decreased from $11.25 to $11.07 quarter-over-quarter [13] Business Line Data and Key Metrics Changes - In Q4 2025, the company closed $927 million in new loans, with 62% in multifamily and 38% in industrial collateral [7] - The company originated 20 loans with total commitments of $1.9 billion at a weighted average credit spread of 2.82% for the full year [14] - The loan portfolio was 100% performing at year-end, with a weighted average risk rating unchanged at 3.0 [14][15] Market Data and Key Metrics Changes - The company observed a trend of capital allocation towards real estate credit due to dislocation in parts of the corporate credit market [5] - The company increased its exposure to multifamily and industrial collateral from 30% at the beginning of 2022 to over 72% of the current balance sheet [9] Company Strategy and Development Direction - The company plans to continue net asset growth through prudent investment and risk management, targeting a leverage ratio of 3.5-3.75x [10][29] - The company aims to maximize shareholder value and is focused on closing the value gap as indicated by the stock trading at a discount to book value [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver strong performance in 2026, supported by a robust pipeline and favorable market conditions [11][21] - The company noted that clarity around the path of interest rates and competitive credit spreads create a favorable environment for active origination [21] Other Important Information - The company ended the quarter with near-term liquidity of $143 million, including $72.6 million in cash available for investment [15] - The liability structure is 82% non-mark-to-market, with a year-over-year cost of funds decline of 18 basis points to 1.82% [17] Q&A Session Summary Question: Expectations for origination in Q1 2026 - Management indicated that origination volumes in Q4 2025 are expected to continue into Q1 2026, with a robust pipeline across all property types [19] Question: Loan spreads and market competition - Management noted that while loan spreads were tighter in Q4, the cost of funds moved in line, maintaining static ROEs relative to prior quarters [22][24] Question: Target leverage and REO assets - Management targets a leverage ratio of 3.5-3.75x and plans to continue selling down REO assets throughout the year [29][30] Question: Appropriate ROE target - Management stated that an ROE in excess of SOFR + 5% is achievable, reflecting the health of the back leverage market [35] Question: Closing the value gap - Management emphasized a focus on maximizing shareholder value and evaluating opportunities to close the value gap indicated by the stock's discount to book value [40]

What if the dream you’re chasing requires you to give up everything that makes you comfortable? Three years ago, Happy Mmila woke up in an empty house; no bed, no chair, no furniture, because she had moved everything into a single Airbnb unit she couldn’t afford to fully furnish. It wasn’t a collapse. It was a decision. In this deeply personal talk, Happy reveals the hidden cost of entrepreneurship; the loneliness, the misunderstandings, the friends who say no before they say yes. She shares how she scaled ...

Core Insights - Trust within a marriage can deteriorate quickly when financial risks are perceived as reckless rather than strategic [1] - A specific real estate investment, an apartment complex, has become a financial burden with a $6 million balance, leading to significant stress in the relationship [2][5] Financial Situation - The couple owns three properties, but one apartment complex has consistently required cash from other sources, including the husband's other rental property and the wife's small business [3][5] - The couple has resorted to using credit cards to cover construction and operating costs, indicating a precarious financial situation [3] Concerns and Advice - The wife expresses a desire to trust her husband but feels her concerns about aggressive financial moves are often dismissed [4] - Financial expert Dave Ramsey advises against taking out additional loans to support a property that is worth no more than the balance owed, emphasizing the importance of not enabling poor financial decisions [6] - Ramsey also cautions the wife to verify whether the loan is non-recourse, as loans of this size are often personally guaranteed, which could have serious implications [7]