Core Viewpoint - Carronade Capital is advocating for significant changes in Cannae Holdings' governance and board composition, citing a history of poor performance and governance failures that necessitate the election of independent directors to restore shareholder value [1][2][4]. Group 1: Governance Issues - Cannae's board has been accused of manipulating corporate governance to limit shareholder voting rights and has a history of poor governance practices, including affiliated party transactions and inadequate performance [2][4]. - The board's decision to reincorporate from Delaware to Nevada is viewed as a tactic to deprive shareholders of their voting rights [2]. - Carronade Capital highlights the need for independent directors to ensure accountability and represent shareholder interests effectively [5][12]. Group 2: Performance Metrics - Cannae has delivered a negative total shareholder return of -5.2% since its spin-out in 2017, significantly underperforming compared to its peers and the broader market [8]. - Over the past three years, Cannae has traded at an average discount of -37% to its Net Asset Value (NAV) per share, indicating a lack of investor confidence [8][9]. - The company has consistently underperformed relative to its self-selected proxy peers and the Russell 2000 Index Financials, with returns of -21%, -28%, and -37% over the past 1, 3, and 5 years, respectively [8][9]. Group 3: Proposed Changes - Carronade Capital is nominating four independent candidates for Cannae's board, believing their election could lead to a potential share price increase of over 50% within the next year [7][15]. - The proposed changes include a commitment to return more capital to shareholders, reduce corporate overhead costs, and align management incentives with shareholder interests [15][17]. - Carronade Capital emphasizes the need for a new governance structure, including a refreshed leadership for the Related Person Transaction Committee and the establishment of a Strategic Review Committee [17].

Core Viewpoint - Carronade Capital is advocating for significant changes in Cannae Holdings' governance and board composition, emphasizing the need for independent directors to enhance shareholder accountability and restore value [2][3][4]. Group 1: Shareholder Engagement and Accountability - Carronade Capital, a major shareholder of Cannae, has nominated four independent candidates for the board to address perceived governance failures and enhance shareholder value [2][4]. - The current board's actions, including the reincorporation from Delaware to Nevada, are viewed as attempts to manipulate corporate governance and deprive shareholders of their voting rights [3][5]. - Carronade Capital has expressed dissatisfaction with the board's performance, citing a history of poor governance practices and a lack of accountability [6][12]. Group 2: Financial Performance and Value Creation - Cannae has delivered a negative total shareholder return of -5.2% since its spin-off in 2017, significantly underperforming compared to market peers [9][12]. - The company's shares have traded at an average discount of -37% to its Net Asset Value (NAV) over the past three years, indicating a lack of investor confidence [9][12]. - Carronade believes that the election of its nominees could lead to a potential share price upside of over 50% within the next year through strategic initiatives [8][20]. Group 3: Proposed Changes and Initiatives - Carronade Capital proposes a series of initiatives aimed at returning capital to shareholders, reducing costs, and enhancing governance practices [20][21]. - The addition of independent directors is seen as crucial for ensuring accountability and driving necessary changes within the board [18][20]. - Carronade emphasizes the need for a clear investment strategy and timely return of capital to restore credibility and narrow the NAV discount [20][21].

Core Insights - Five Star Bancorp reported a net income of $16.3 million for Q3 2025, an increase from $14.5 million in Q2 2025 and $10.9 million in Q3 2024 [1][10][11] Financial Performance - Return on average assets (ROAA) improved to 1.44% in Q3 2025 from 1.37% in Q2 2025 and 1.18% in Q3 2024 [2][12] - Return on average equity (ROAE) increased to 15.35% in Q3 2025 from 14.17% in Q2 2025 and 11.31% in Q3 2024 [2][12] - Pre-tax income rose to $22.2 million in Q3 2025, up from $20.1 million in Q2 2025 and $15.2 million in Q3 2024 [2][12] - Basic and diluted earnings per share were both $0.77 in Q3 2025, compared to $0.68 in Q2 2025 and $0.52 in Q3 2024 [2][12] Loan and Deposit Growth - Total loans held for investment increased by $129.2 million, or 3.44% (13.76% annualized), reaching $3.887 billion as of September 30, 2025 [3][7] - Total deposits rose by $208.8 million, or 5.36% (21.45% annualized), totaling $4.103 billion [3][7] - Non-wholesale deposits increased by $359.0 million, or 11.09% (44.34% annualized), while wholesale deposits decreased by $150.2 million, or 22.87% [3][8] Interest Income and Margin - Net interest income for Q3 2025 was $39.3 million, a 7.76% increase from $36.5 million in Q2 2025 and a 29.49% increase from $30.4 million in Q3 2024 [12][21] - Net interest margin improved to 3.56% in Q3 2025, up from 3.53% in Q2 2025 and 3.37% in Q3 2024 [12][21] Cost and Efficiency - Cost of funds decreased to 2.51% in Q3 2025 from 2.53% in Q2 2025 [4][12] - Efficiency ratio improved to 40.13% in Q3 2025 from 41.03% in Q2 2025 and 43.37% in Q3 2024 [4][12] Asset Quality - The ratio of nonperforming loans to loans held for investment decreased to 0.05% as of September 30, 2025, down from 0.06% at June 30, 2025 [9][26] - The allowance for credit losses was $42.1 million, representing 1.08% of loans held for investment [25][27] Non-Interest Income - Non-interest income increased by $0.2 million to $1.966 million in Q3 2025, primarily due to an increase in loan-related fees [12][28]

The S&P 500 index of blue-chip stocks has risen by 14% this year, creating nearly $8trn in shareholder value. But the foot-down frenzy is not confined to AI https://t.co/JFVsSG6rJHIllustration: Brett Ryder https://t.co/5RU7HKC5y2 ...

Tesla's in a transformative stage at this point in time where um we're leaning in very heavily to the um uh AI space in terms of both uh the vehicles in terms of FSD but also in terms of Optimus and and the robots as you can see here in New York today. And so for us it's uh we sat back as a board and actually determined that this is the right time to lean into um that transformation and for Elon to lead that transformation. And uh we then formed a special committee to actually determine what the right incen ...

Corporate Governance & Shareholder Value - Tesla shareholders are urged to be vigilant against groups attempting to control Elon Musk [1] - The current Tesla board is considered highly successful in maximizing shareholder value [2] - Special interests may attempt to stack the Tesla board with members who prioritize control over Tesla's mission and technology [2] - Voting against sitting Tesla board members is portrayed as detrimental to Tesla's success [3] - Stacking the board is likened to Apple's mistake of firing Steve Jobs [4] Strategic Recommendations - Shareholders are advised to vote with the board's recommendations and for the xAI investment [5] - Shareholders must ensure their shares are voted in all accounts to prevent a power grab [5]

Singapore will announce more measures next month to support listed companies to boost shareholder value and actively engage investors https://t.co/pgsgQHsDuq ...

RT Tesla (@Tesla)ISS and Glass Lewis have recommended against Tesla’s proposals time and time again since the 2018 CEO Performance Award was introduced.It’s a good thing our shareholders ignored those recommendations otherwise they may have missed out on our market capitalization soaring by 20x from March 2018 to August 2025.Now, Glass Lewis has followed ISS and issued another misguided recommendation that again disregards the fundamental purpose of public companies and who they serve – the shareholders. Th ...

Financial Data and Key Metrics Changes - The company reported a third quarter linked quarter annualized growth rate of 14.5% for non-interest-bearing deposits, 10.6% for core deposits, 8.9% for loans, 31.5% for revenue, and 54% for adjusted EPS [9] - The net interest margin (NIM) increased by three basis points to 3.26% in the third quarter, with expectations for further increases in the fourth quarter due to anticipated rate cuts [21][22] - The estimated growth range for net interest income has been increased to approximately 13% to 14% over 2024 results [22] Business Line Data and Key Metrics Changes - End-of-period loans increased by 8.9% linked quarter annualized, with an adjusted outlook for loan growth set at 9% to 10% for the year [19] - Non-interest income guidance has been increased from 12% to 15% growth to now 20% to 22% growth for the year, driven by strong performance in banking fees and wealth management [26] Market Data and Key Metrics Changes - The company has successfully increased market share in key markets, with notable gains in Nashville, Chattanooga, Knoxville, and Memphis, where competitors have lost significant market share [10][11] - The company is targeting additional market share in southeastern markets, with significant share losses noted among competitors in cities like Greensboro and Atlanta [11] Company Strategy and Development Direction - The company aims to build a "Southeast Growth Champion" through strategic hiring and market share acquisition, leveraging the merger with Synovus Financial Corp. to enhance growth potential [29][30] - The focus remains on recruiting and retaining market-leading revenue producers to sustain balance sheet growth and shareholder returns [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain momentum post-merger, with hiring rates and financial performance remaining strong [15][28] - The outlook for 2025 is optimistic, with expectations for continued growth in revenue and earnings, despite potential economic uncertainties [28] Other Important Information - The company reported a decrease in net charge-offs to 18 basis points in the third quarter, with an unchanged outlook for net charge-offs for the full year [24] - BHG's exceptional performance contributed over $40 million in fee revenues, with expectations for continued strong growth in 2025 [25] Q&A Session Summary Question: Are there 300 RMs that fit the Pinnacle model in the market? - Management indicated that while there may not be 300 RMs available immediately, the hiring strategy has historically proven successful in attracting talent over time [34] Question: How does the pro forma balance sheet affect BHG's use case? - Management stated that BHG's growth is expected to remain consistent, with no significant changes anticipated in the approach post-merger [38] Question: Will the hiring strategy change post-deal close? - Management expressed confidence that the existing hiring strategy will continue to be effective, emphasizing a unique recruitment model that differs from competitors [49] Question: What are the risks associated with the merger? - Management noted that there are no significant risks identified at this time, with a focus on hard work to integrate the companies and maintain high associate retention rates [64] Question: What is the outlook for credit quality? - Management indicated that credit quality remains strong, with a focus on monitoring specific credits, particularly in healthcare [82]

Summary of Southern Cross Gold Consolidated Conference Call Company Overview - **Company**: Southern Cross Gold Consolidated Ltd - **Focus**: Canadian mineral exploration company with a flagship project, Sunday Creek, located near Melbourne, Australia [1][2] Key Points and Arguments - **High-Grade Discovery**: Sunday Creek is identified as a rare, high-grade, multimillion-ounce gold discovery, with significant metrics supporting its potential [2][3] - **Drilling Success**: The company has achieved 70 drill holes with 98 kilometers of drilling, indicating a high frequency of successful hits, which is considered exceptional in the industry [3][4] - **Funding and Resources**: Southern Cross is fully funded with $150 million Australian in the bank, allowing for an extensive 200-kilometer drilling program [3][4] - **Operational Expansion**: Plans to increase drilling rigs from nine to 22 by mid-next year, enhancing exploration capabilities [4][5] - **Historical Context**: Victoria has a rich history of gold mining, producing a third of the gold during the 1800s gold rush, and is currently experiencing a resurgence in gold production [4][5] - **Comparison with Fosterville**: The neighboring Fosterville mine, operated by Agnico Eagle, has been one of the highest-grade gold mines globally, reinforcing the potential of the Sunday Creek project [5][6] - **Permitting Environment**: Victoria is noted for its favorable permitting environment, having approved four mines in the last six months, making it a conducive location for mining operations [5][6] - **Shareholder Base**: The company boasts a strong shareholder base, including prominent investors who own 30% of the stock, which supports strategic decision-making focused on enhancing share price [6][7] - **Exploration Potential**: The exploration target is estimated at 2.2 to 3.2 million ounces at grades of 8.3 to 10.6 grams gold equivalent, with antimony contributing 20% to the mix [10][11] - **Antimony's Importance**: Antimony is highlighted as a critical mineral used in various industries, including munitions and semiconductors, with a significant supply chain opportunity due to recent export bans from China [16][18] Additional Important Insights - **Geological Understanding**: The company has gained new geological insights that have led to a better understanding of the deposit, allowing for deeper drilling and exploration under previously unexamined areas [12][19] - **Future Milestones**: Upcoming milestones include the permitting of the decline and continued drilling, which is expected to yield consistent news flow and potentially increase the resource estimates [28][29] - **Cost of Capital**: The company is exploring options to lower its cost of capital through potential government support for antimony, which could facilitate financing for the project [32] This summary encapsulates the critical aspects of Southern Cross Gold Consolidated's conference call, highlighting the company's strategic position, exploration potential, and the significance of its discoveries in the context of the gold mining industry.