Core Viewpoint - Hudson Pacific Properties, Inc. (HPP) is trading at a significant discount, approximately 30% of its Net Asset Value (NAV), but this discount may be misleading due to high leverage and the overall capital structure [1][12]. Valuation Metrics - The consensus NAV for HPP is $7.61, while the stock is trading at $2.32, indicating a price to NAV of 29.71% [2][4]. - The market capitalization of fully diluted common shares is $338 million, with a NAV implied common value of $1.109 billion [7][8]. Financial Structure - HPP's total liabilities, including preferred shares, amount to $5.379 billion, with total debt at $4.176 billion [5][6]. - The asset value at NAV is $6.488 billion, while the market price implied asset value is $5.717 billion, resulting in a discount of 12% from asset value [10]. Leverage Impact - HPP's high leverage means that an 18% decline in asset value could lead to common shares being wiped out, taking NAV per share to $0 [12][13]. - The leverage amplifies both potential gains and losses, making the investment sensitive to changes in asset value [16]. Investment Thesis - For HPP to be a viable investment, there must be a belief in a turnaround story, particularly in stabilizing occupancy and returning to growth in office assets [14][15]. - The potential for significant returns exists if the office market improves, as leverage could enhance the gains on common stock [16].

2 First Quarter 2025 Investor Presentation First Quarter 2025 Legal Disclaimer FORWARD-LOOKING STATEMENTS. Certain statements in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, references to: potential or expected future cash flows; estimated or expected returns, sometimes referred to as initial IRR, updated IRR, expected IRR, or current-to-maturity IRR; potential discount rates; potential f ...

Great Elm Capital (GECC) Q1 2025 Earnings Call May 06, 2025 08:30 AM ET Company Participants Peter Sceusa - Investor Relations Senior AssociateMatt Kaplan - CEO & PresidentKeri Davis - CFO & TreasurerMichael Keller - President - Specialty Finance BusinessMickey Schleien - Managing Director, Equity ResearchErik Zwick - Managing Director, Equity ResearchMitchel Penn - Managing Director Operator Greetings and welcome to the Great Elm Capital Corp First Quarter twenty twenty five Financial Results Call. At this ...

Investor Presentation Quarter Ended March 31, 2025 May 6, 2025 NASDAQ: GECC Forward Looking Statement Statements in this communication that are not historical facts are "forward-looking" statements within the meaning of the federal securities laws. These statements include statements regarding our future business plans and expectations. These statements are often, but not always, made through the use of words or phrases such as "expect," "anticipate," "should," "will," "estimate," "designed," "seek," "conti ...

Core Perspective - The housing market presents contrasting views between homeowners and real estate professionals, with homeowners seeing high property values while realtors report declining transaction volumes [1][2][4][6] Market Dynamics - Real estate professionals are currently pessimistic due to macroeconomic changes, including tariff uncertainties and fluctuating mortgage rates, leading to postponed property purchases and a significant drop in commercial real estate transaction activity [6][10][11] - The Dow Jones REIT index has shown a correlation with declining transaction volumes, reflecting the negative sentiment from real estate professionals [11][20] REITs and Valuation - The market's perception of REITs is skewed by the gloomy outlook of transaction-driven professionals, despite the underlying real estate values and net operating income (NOI) remaining stable or growing [15][20] - REITs, as property owners, focus on operating income and property value rather than transaction volume, which is a key distinction in understanding their performance [14][20] Financial Metrics - The median REIT is trading at 77.9% of its Net Asset Value (NAV), indicating a significant discount compared to the actual asset values [20][21] - Funds From Operations (FFO) have shown growth post-COVID, with a modest dip in 2020, but overall trends indicate a recovery and growth trajectory [19] Investment Opportunities - The current market presents an opportunity to invest in REITs at a discount, as property values remain high while REIT stocks are undervalued [22][23] - Specific examples include purchasing apartments at approximately 75% of NAV and farmland at about 65% of its asset value, highlighting the disconnect between stock prices and asset values [23][26]

Company to Host Conference Call and Webcast at 8:30 AM ET on May 6, 2025PALM BEACH GARDENS, Fla., May 05, 2025 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (“we,” “our,” the “Company” or “GECC”) (NASDAQ: GECC), a business development company, today announced its financial results for the first quarter ended March 31, 2025. First Quarter and Other Recent Highlights GECC increased its quarterly distribution by 5.7% for the first quarter of 2025 to $0.37 per share, from $0.35 per share, which was paid on Marc ...

OFS Capital (OFS) Q1 2025 Earnings Call May 02, 2025 10:00 AM ET Company Participants Steve Altebrando - Head - IRBilal Rashid - Chairman & CEOKyle Spina - CFO Operator Good day, and welcome to the OFS Corporation q one twenty twenty five earnings conference call. All participants will be in listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Mr. Steve Altibrandeau, Head of Inve ...

OFS Capital (OFS) Q1 2025 Earnings Call May 02, 2025 10:00 AM ET Company Participants Steve Altebrando - Head - IRBilal Rashid - Chairman & CEOKyle Spina - CFO Operator Good day, and welcome to the OFS Corporation q one twenty twenty five earnings conference call. All participants will be in listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Mr. Steve Altibrandeau, Head of Inve ...

Core Insights - Noor Darwish, a former management consultant at BCG, has shifted his investment strategy to focus on companies trading at significant discounts to their net asset value or liquidation value, as well as crypto-related equities [1] - In February 2023, Noor fully rotated his portfolio into crypto, investing in GDLC at $6 per share and selling at $21, achieving a 250% portfolio gain, which outperformed both Bitcoin and the broader market [1] - Noor has also transitioned into other Grayscale private placements, which yielded an 80% gain in 6 months, and relocated to Puerto Rico to benefit from a 0% capital gains tax rate under the Act 60 program [1] Investment Strategy - The investment focus is on companies with substantial discounts to net asset value or liquidation value, indicating a value-oriented approach [1] - The strategy includes a significant allocation to cryptocurrencies, reflecting a trend towards digital assets [1] - The decision to move to Puerto Rico is aimed at optimizing tax efficiency for capital gains, particularly in anticipation of future gains from crypto investments [1] Company Operations - Noor runs OverApply, a job application service that automates the job search process for clients, having applied to over 300,000 jobs resulting in more than 4,000 interviews and 500 job offers [1]

HOUSTON, May 01, 2025 (GLOBE NEWSWIRE) -- Kayne Anderson Energy Infrastructure Fund, Inc. (the “Company”) (NYSE: KYN) today provided a summary unaudited statement of assets and liabilities and announced its net asset value and asset coverage ratios under the Investment Company Act of 1940 (the “1940 Act”) as of April 30, 2025. As of April 30, 2025, the Company’s net assets were $2.3 billion, and its net asset value per share was $13.50. As of April 30, 2025, the Company’s asset coverage ratio under the 1940 ...