Michael Fitzsimmons is a retired electronics engineer and avid investor. He advises investors to construct a well-diversified portfolio built on a core foundation of a high-quality low-cost S&P500 fund. For investors who can tolerate short-term risks, he advises an over-weight position in the technology sector, which he believes is still in the early stages of a long-term secular bull-market. For dividend income, and as a 4th generation oil & gas man, Fitzsimmons suggests investors consider a position in la ...

Investment Strategy - A well-diversified portfolio should be constructed with a core foundation of a high-quality low-cost S&P 500 fund [1] - For those who can tolerate short-term risks, an over-weight position in the technology sector is recommended, as it is believed to be in the early stages of a long-term secular bull market [1] - Large oil and gas companies that provide strong dividend income and growth are suggested for dividend income, reflecting the author's background in the oil and gas industry [1] Portfolio Management Approach - A top-down capital allocation approach is recommended, tailored to each investor's personal situation, including factors such as age, retirement status, risk tolerance, income, net worth, and goals [1] - Suggested investment categories include S&P 500, technology, dividend income, sector ETFs, growth, speculative growth, gold, and cash [1]

Core Insights - The article highlights Steven Cress's role as VP of Quantitative Strategy and Market Data at Seeking Alpha, emphasizing his contributions to the platform's quantitative stock rating system and analytical tools [1][2] - Cress is dedicated to removing emotional biases from investment decisions through a data-driven approach, utilizing sophisticated algorithms to simplify investment research [2][4] - His background includes founding CressCap Investment Research, which was acquired by Seeking Alpha in 2018, and previously running a proprietary trading desk at Morgan Stanley [3][4] Company Contributions - Seeking Alpha's Quant Rating system, created by Cress, is designed to interpret data for investors and provide insights on investment directions, saving time for users [1][2] - The platform offers a systematic stock recommendation tool called Alpha Picks, aimed at helping long-term investors build a high-quality portfolio [1] Professional Background - Cress has over 30 years of experience in equity research, quantitative strategies, and portfolio management, positioning him as an expert in various investment topics [4] - His previous roles include leading international business development at Northern Trust and founding the quant hedge fund Cress Capital Management [3][4]

AXIS Capital (AXS) Q1 2025 Earnings Call May 01, 2025 08:30 AM ET Company Participants Cliff Gallant - Head of Investor Relations & Corporate DevelopmentVincent Tizzio - President & CEOPeter Vogt - CFOAndrew Kligerman - Managing DirectorHristian Getsov - VP - Equity Research (Insurance)Meyer Shields - Managing DirectorAndrew Andersen - Equity Research Vice PresidentCharlie Lederer - Vice President - Equity Research Conference Call Participants Josh Shanker - Analyst Operator Please note this event is being ...

Group 1 - The shareholders of AS LHV Kindlustus have extended the mandates of the current Supervisory Board members by five years, considering Madis Toomsalu's wish to leave LHV Group, which will end his mandate as well [1] - All four Supervisory Board members have been with LHV Kindlustus since its inception, focusing on strategic development, management of the insurance portfolio, and compliance with legislative and internal principles [2] - LHV Kindlustus provides a variety of property insurance products aimed at both private and corporate customers, emphasizing transparency and customer-focused solutions [3] Group 2 - LHV Group is the largest domestic financial group and capital provider in Estonia, with key subsidiaries including LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited [4] - As of the end of March, LHV Group serves 465,000 banking clients, manages pension funds for 113,000 active customers, and provides insurance coverage for 174,000 clients [4] - LHV Bank Limited holds a banking license in the UK, offering services to international fintech companies and loans to small and medium-sized enterprises [4]

Financial Data and Key Metrics Changes - The company reported FFO per diluted share of $0.52 for Q1 2025, a decrease of approximately $0.03 compared to Q4 2024, primarily due to the impact of the Del Monte Center disposition [18][6] - Same store cash NOI increased by 3.1% year over year across all sectors, with positive growth reported in all sectors except mixed-use [18][19] - The company ended Q1 with liquidity of approximately $544 million, including $144 million in cash and $400 million available on a revolving line of credit [22] Business Line Data and Key Metrics Changes - The office portfolio's same store NOI increased by 5.4% in Q1 2025, driven by the expiration of a rent abatement [18][19] - The retail portfolio's same store NOI also increased by 5.4%, supported by new leases and contractual rent escalations [19] - The multifamily portfolio's NOI was flat year over year, primarily due to lower rental income in Portland, while San Diego properties showed growth [19][12] - The mixed-use portfolio's NOI declined by approximately 11.6%, mainly due to lower occupancy at the Embassy Suites Waikiki [19][20] Market Data and Key Metrics Changes - The office portfolio ended Q1 at 85.5% leased, with an increase in leasing activity and average base rents reaching an all-time high [9][11] - The retail portfolio ended the quarter 97% leased, with strong collections and an all-time high average base rent [11][12] - The multifamily properties in San Diego ended the quarter approximately 95% leased, with a blended rent increase of 2% [12][13] Company Strategy and Development Direction - The company is focused on thoughtful capital allocation, operational discipline, and enhancing asset quality to ensure long-term stability [5][6] - Recent strategic initiatives include the sale of Del Monte Center and the acquisition of Genesee Parks Apartments, aimed at concentrating capital in core markets [14][15] - The company aims to maintain a balance sheet that allows for flexibility in both offensive and defensive strategies [6][22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the ongoing shift in office dynamics, despite economic uncertainty [7][10] - The company remains focused on reducing leverage and maintaining strong liquidity, which is deemed essential in the current environment [6][22] - Management acknowledged potential challenges in leasing activity due to economic uncertainty but remains committed to monitoring market conditions closely [14][26] Other Important Information - The Board approved a quarterly dividend of $0.34 per share for Q2, reflecting confidence in the company's outlook [16][17] - The company aims to achieve and maintain a long-term net debt to EBITDA ratio of 5.5 times or below [22] Q&A Session Summary Question: Update on Bellevue assets and occupancy - Management noted significant leasing momentum in Bellevue, with recent leases bringing occupancy to 97% at Timber Ridge and ongoing interest in other properties [30][32] Question: Impact of Proposition 1A on tenant interest - Management observed increased inbound tenant inquiries in Bellevue, indicating a positive response to the proposition [34] Question: Plans for redeploying proceeds from Del Monte Center sale - The company is actively looking for additional acquisitions but is also comfortable holding cash on the balance sheet amid economic uncertainty [36][37] Question: Update on leasing pipeline at La Jolla - The UTC submarket remains tight, with ongoing proposals and construction of amenities expected to boost leasing activity [38][41]

Ares Capital (ARCC) Q1 2025 Earnings Call April 29, 2025 05:38 PM ET Speaker0 Good afternoon. Welcome to Ares Capital Corporation's First Quarter Ended 03/31/2025 Earnings Conference Call. At this time, all participants are in a listen only mode. As a reminder, this conference is at 09:20 twenty five. I will now turn the call over to Mr. John Sylmar, a partner on Ares Public Markets Investor Relations team. Speaker1 Thank you. And let me start with some important reminders. Comments during the course of thi ...

Financial Data and Key Metrics Changes - FBRT reported GAAP earnings of $23.7 million or $0.20 per diluted common share for Q1 2025, while distributable earnings were negative $6.2 million or negative $0.12 per fully converted share [15] - Distributable earnings before realized losses were $31.9 million or $0.31 per fully converted common share [15] - The book value per fully converted common share at the end of the quarter stood at $14.95, reflecting a decrease primarily due to dividend payouts exceeding earnings [18] Business Line Data and Key Metrics Changes - The company originated $341 million in new loan commitments during Q1 2025, with multifamily loans accounting for 79% of total origination volume [18] - Loan repayments totaled $353 million, predominantly from loans originated in 2021 and 2022 [18] - The average cost of debt on the core portfolio was SOFR plus 2.18% [19] Market Data and Key Metrics Changes - The core portfolio totaled $4.8 billion at quarter end, comprised of 152 loans, with multifamily securing 71% of the portfolio [23] - The average risk rating at quarter end was 2.2, with 146 of 152 positions risk-weighted at two or three [12] Company Strategy and Development Direction - The pending acquisition of NewPoint is expected to provide meaningful synergies and aligns with the strategic focus on the multifamily sector, enhancing earnings quality and consistency [13] - The company aims to recycle the bulk of its legacy book into current vintage loans, positioning itself for sustained growth [13] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the NewPoint acquisition, viewing it as a catalyst for long-term value creation [13] - The company anticipates challenges in dividend coverage in the near term due to REO and non-performing loan portfolios, but believes in its long-term earning power [17] Other Important Information - The company has a liquidity position of $913 million, including $215 million in unrestricted cash [12] - The REO portfolio stood at 12 positions at quarter end, with plans to liquidate assets for optimal recovery [28] Q&A Session Summary Question: Plans for loan portfolio and REO proceeds - Management indicated that any new capital from REO sales would be proactively reinvested into new originations as soon as possible [35] Question: Impact of NewPoint acquisition on expenses - Expenses in Q1 included transaction costs related to NewPoint and REO expenses, which elevated overall costs [36] Question: Dividend sustainability and REO impact - Management is monitoring how quickly REO assets can be turned over and the potential impact of market volatility on dividend coverage [46][47] Question: Originations and deal flow - Management noted that while originations were paused for cash gathering for NewPoint, they expect to resume soon with a consistent deal flow available [55][58] Question: Changes at Fannie, Freddie, and HUD - Management expressed uncertainty about government actions but highlighted the unique opportunity presented by the NewPoint acquisition to build a competitive multifamily lending platform [62] Question: Agency business revenue contribution - Management did not disclose specific percentages for agency business revenue at close but indicated more details would be provided in the future [79]

Financial Data and Key Metrics Changes - The company reported GAAP net income per share of $0.60 for Q1 2025, down from $0.76 in Q1 2024 and $0.55 in the previous quarter [19] - Core earnings per share were $0.50, compared to $0.59 a year ago and $0.55 in the prior quarter, primarily due to a decline in portfolio yields [19][20] - The total portfolio at fair value increased to $27.1 billion from $26.7 billion in the previous quarter and $23.1 billion a year ago [21] Business Line Data and Key Metrics Changes - The company committed $3.5 billion in gross commitments during the first quarter, a 54% increase compared to the same period last year [9][10] - The weighted average yield on debt and other income-producing securities at amortized cost was 11.1% at the end of Q4 2024, down to 10.1% by the end of Q1 2025 [20] - The portfolio companies reported a 12% weighted average LTM EBITDA growth, up from 11% in the prior quarter [28] Market Data and Key Metrics Changes - New transaction activity in the liquid loan market dropped significantly as banks became more cautious, leading to increased volatility and widening spreads in secondary loan markets [10][11] - The direct lending market remained stable, with certain transactions shifting from the syndicated loan market to private credit solutions [11] Company Strategy and Development Direction - The company aims to leverage its strong liquidity and conservative balance sheet leverage to capitalize on potential investment opportunities in a potentially improving spread environment [10][14] - The focus remains on domestic service-oriented businesses, which are believed to be more insulated from the impacts of higher tariffs [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate future market conditions, citing a seasoned investment team and strong relationships in the market [12][13] - The company declared a quarterly dividend of $0.48 per share, marking the 63rd consecutive quarter of stable or increasing dividends [17][24] Other Important Information - The company has nearly $6.8 billion in total available liquidity, positioning it well for future investments [22] - The non-accrual rate at cost ended the quarter at 1.5%, down from the previous quarter, indicating strong portfolio health [29] Q&A Session Summary Question: Will private credit provide similar or lower pricing than banks? - Management noted that spreads have already started to widen, indicating a shift in the market dynamics [35][36] Question: What is the exposure to tariffs for portfolio companies? - The company conducted a thorough analysis and found a mid-single-digit exposure to companies importing from high-tariff countries, emphasizing that this is an exposure analysis, not an impact analysis [39][41] Question: How does the company plan to manage earnings against rising costs of liabilities? - Management highlighted the ability to adjust leverage and utilize spillover income to manage costs effectively [50][54] Question: Is there a trend in portfolio stress or sectors experiencing issues? - Management indicated that there are no significant trends observed in portfolio stress at this time [102] Question: What is the outlook for new investment opportunities? - Management expressed optimism about the potential for larger deals in the private credit market, indicating a readiness to pivot as market conditions change [84][85]

Q1 2025 sales Same-day sales up +1.4% in Q1 25, back to positive territory Sales growth driven by North America, with improving trends in Europe Active portfolio management with one acquisition and one disposal completed in April Full-year guidance confirmed amid uncertain macro-political environment → Q1 25 sales of €4,825m, up +1.4% on a same-day basis, back to positive territory → Active portfolio management with one US acquisition and the disposal of our Finnish operations, prioritizing acquisitions in ...