Company Overview - Unbiased Alpha is a Swiss Fintech startup that provides consulting services to institutional investors globally, focusing on Quantitative Trading and Systematic Strategies [2] - The company develops software solutions, cloud services, and API-based data science algorithms, emphasizing investing and trading [2] - Unbiased Alpha has experience managing over $1 billion in assets under management (AuM) in small teams, specializing in statistical arbitrage and innovative machine learning algorithms [2] Research Focus - The research conducted by Unbiased Alpha spans various asset classes and instruments, with a primary focus on stocks, ETFs, foreign exchange (FX), commodities, and cryptocurrencies [2] - The company also monitors hedge funds and utilizes machine learning, artificial intelligence (AI), and quantitative research in its strategies [2]

Before anything, I would like you to just imagine one day you dropped into a country where there's nothing felt familiar. The environment, the sign, the sound, the song, the food, and the hardest one is the language that sounds like something from out of the space that you have never heard before. People smile, but you don't even know what they're talking about.asking you a question or saying something else. Meanwhile, there's nothing that's your comfort zone anymore. And you cannot go back to the place tha ...

[Music] Today I want to talk to you about some work that I've been uh trying to to uh sort out the the ideas behind for bringing AI into the classroom. I think we've all seen the advent of chat type models based on transformers, foundation models, etc. They sort of appeared on the scene about two years ago now and most of us I think by now have interacted with them in some ways. But they have uh an amazing potential in particular for interactions that involve sort of complex discussions and where people wil ...

Financial Data and Key Metrics Changes - The company's market capitalization as of June 30 is over $1,500,000,000, representing nearly 50% growth since June 2024 [8] - Net interest income continues to trend upwards as new investments with attractive yields are added to the portfolio [10] - The portfolio has grown to $14,000,000,000, which is 25% larger since the end of the first quarter and over 50% larger than the same time last year [12] Business Line Data and Key Metrics Changes - The company raised $560,000,000 of new capital this year, allowing it to continue raising capital at a premium to book value [11] - The portfolio's liquidity at quarter end was $891,000,000, or 55% of total equity, indicating a strong liquidity position [12] Market Data and Key Metrics Changes - Agency mortgage-backed securities (MBS) continue to offer attractive returns, with ROEs on newly acquired positions ranging from the mid-teens to low 20% [19] - Mortgages remain extremely cheap relative to corporate bonds, with a mixed technical picture in the medium term affecting spread tightening [20] Company Strategy and Development Direction - The company is focused on raising capital, deploying it into historically cheap investments, and managing its portfolio carefully through volatile periods [7] - A strategic increase in leverage from 7.4% to 8.3% was executed as the policy environment became more supportive [17] - The company is building a world-class operating platform by bringing several functions in-house to achieve scale and retain institutional knowledge [13] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of a proactive approach to navigating market volatility and uncertainty [16] - The current environment is viewed as highly favorable for long-term capital deployment, with wide agency MBS spreads allowing for historic returns [23] - Management expressed confidence in the company's positioning to capitalize on market dynamics and generate strong risk-adjusted returns [23] Other Important Information - The company has appointed Michael Angelo as the chief legal officer and corporate secretary, bringing relevant experience from various financial institutions [5] Q&A Session Summary Question: Can you talk about the leverage range you're targeting? - Management indicated that leverage has been flexed down when the risk environment does not warrant incremental risk, and they are currently at a level that reflects a return to normal [29][30] Question: What are the conditions that might require other investors to be more active in the mortgage-backed space? - Management noted that banks would likely return when they see actual Fed rate cuts, while money managers have been overweight mortgages relative to corporates [40][41] Question: What are your thoughts on swap spreads and their future? - Management stated that current swap spreads are attractive, providing a large margin of safety, and they expect to continue generating strong returns despite potential fluctuations [46][48] Question: How do you view the coupon allocation between pools versus TBAs? - Management explained that they are working into a larger pool position, which offers more certainty in cash flows and is expected to be as attractive as thirty-year RMBS [62][63] Question: Can you provide an overview of the returns on Agency CMBS relative to RMBS? - Management highlighted that Agency CMBS offers a stable economic return profile and is being considered for its compelling return potential in the current market [60][62]

Financial Data and Key Metrics Changes - The company's market capitalization as of June 30 is over $1.5 billion, representing nearly 50% growth since June 2024 [8] - Net interest income continues to trend upwards as new investments with attractive yields are added to the portfolio [10] - The portfolio has grown to $14 billion, a 25% increase since the end of the first quarter and over 50% larger than the same time last year [12] Business Line Data and Key Metrics Changes - The company raised $560 million of new capital this year, allowing it to continue raising capital at a premium to book value [11] - The investment portfolio grew by over $3 billion in the quarter, reflecting a strategic increase in leverage from 7.4% to 8.3% [16] Market Data and Key Metrics Changes - Agency mortgage-backed securities (MBS) continue to offer attractive liquidity, credit quality, and return potential, with ROEs on newly acquired positions ranging from the mid-teens to low 20% [18] - Mortgage spreads remain wide, and the net supply of Agency RMBS is low by historical standards, creating a medium-term headwind for spread tightening [19] Company Strategy and Development Direction - The company is focused on raising capital, deploying it into historically cheap investments, and managing its portfolio through volatile periods [7] - A long-term strategy to build a world-class operating platform includes bringing several functions in-house to enhance scale and organizational resilience [13] - The company aims to be the manager of choice for the agency mortgage market, leveraging its position as a significant player in the mortgage REIT community [42] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current environment as highly favorable for long-term capital deployment, with wide agency MBS spreads supported by a technical backdrop [22] - The company is well-prepared to capitalize on market dynamics and generate strong risk-adjusted returns despite potential volatility [22] Other Important Information - The company has appointed Michael Angelo as the chief legal officer and corporate secretary, bringing relevant experience from various financial institutions [5] Q&A Session Summary Question: Can you talk about the leverage range you're targeting? - Management indicated that leverage has been flexed down when the risk environment does not warrant incremental risk, and they are currently at a level that reflects a return to normal [29][30] Question: What conditions might require other investors to be more active in the mortgage-backed space? - Management noted that banks would likely return when they see actual Fed rate cuts, while money managers have been active due to attractive mortgage valuations relative to corporates [38][40] Question: What is the current thinking behind the coupon allocation between pools versus TBAs? - Management explained that they are favoring a larger pool position due to the stable economic return profile and the ability to hedge effectively with interest rate swaps [56][62] Question: Any thoughts on adding longer duration as you go down in coupon on the hedge side? - Management confirmed that their hedges remain focused on the longer part of the curve, targeting a duration that is generally flat with the overall portfolio [72][74] Question: Any one-time items in the G&A expense line item? - Management indicated that the first half of the year tends to be higher due to annual meetings and compensation increases, but they expect expenses to trend down in the latter half of the year [76]

Core Insights - D2L has been selected by the University of the People to enhance learning experiences for over 150,000 students globally [1][2] - The partnership aims to increase equitable access to quality education through D2L Brightspace, a human-centered learning platform [2][4] - University of the People offers various degree programs and has a significant number of refugee students, highlighting its commitment to inclusivity [3][5] Company Overview - D2L is a global learning technology company focused on transforming education and making learning more engaging and human [6] - The company provides tools like D2L Lumi for scalability, D2L Creator+ for content creation, and D2L Performance+ for learning analytics [7] University of the People - University of the People is the first tuition-free, American-accredited online university, with over 152,000 students from more than 200 countries [5] - The university collaborates with prestigious institutions and has received support from notable foundations [5]

Core Insights - D2L has been selected by the Project Management Institute (PMI) to enhance their digital learning ecosystem for project professionals globally [1][2][3] - The partnership aims to provide adaptive learning paths tailored to specific career goals, supporting transformative global learning in project management [2][3] - PMI, with nearly 750,000 members in over 200 countries, has a long-standing commitment to project management success and offers various professional development resources [3][5] Company Overview - D2L is focused on transforming learning experiences, aiming to make education more engaging and effective across various sectors, including K-12, higher education, and business [6] - The company collaborates with global customers to inspire and enhance learning outcomes [6] Industry Context - PMI is recognized as a leading authority in project management, providing certifications, courses, and networking opportunities to empower professionals and organizations [5] - The collaboration with D2L is expected to expand PMI's global impact by equipping more individuals and organizations with essential knowledge and skills [4]

Company Converts Debt to Restricted Common Stock at Premium to Market and Refinances High-Cost Debt with 8-Month NoteMIAMI, July 21, 2025 (GLOBE NEWSWIRE) -- NextNRG, Inc. (Nasdaq: NXXT), a pioneer in AI-driven energy innovation transforming how energy is produced, managed, and delivered through its Next Utility Operating System®, smart microgrids, wireless EV charging, and mobile fuel delivery, today announced the completion of a comprehensive financial restructuring that significantly reduces the company' ...

点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近15个 方向 学习 路线 Orbis：突破驾驶世界模型长时域预测的技术挑战 弗莱堡大学提出基于流匹配的连续自回归世界模型 Orbis，在仅使用 280 小时单目视频数据和 4.69 亿参数 条件下，长时程预测性能超越现有方法——nuPlan 数据集上 FVD 降至 132.25（6秒预测），转弯场景轨迹 精度（Frechet Precision）提升至 0.47（Table 3）。 主要贡献： 算法框架： Vista 2.000 GEM Cosmos Orbis-MG (ours) 1.500 Orbis (ours) 1,000 500 12 0 8 4 Starting time (s) Figure 4: Video quality (FVD) over consecutive 4s time windows on nuPlan-turns. The x axis shows the starting time of the evaluated time window. 可视化 : Estimated trajectories ...

为解决这一问题，复旦大学、南洋理工大学的研究者提出一种基于视觉 Grounding 的多轮强化学习方法 MGPO，使 LMM 能在多轮交互中根据问题，自动预测关键 区域坐标，裁剪子图像并整合历史上下文，最终实现高分辨率图像的精准推理。相比监督微调（SFT）需要昂贵的 Grounding 标注作为监督，MGPO 证明了在强化 学习（RL）范式中，即使没有 Grounding 标注，模型也能从 「最终答案是否正确」的反馈中，涌现出鲁棒的视觉 Grounding 能力。 MGPO 的核心创新点包括： 1） 自上而下的可解释视觉推理： 赋予了 LMMs 针对高分辨率场景的 「自上而下、问题驱动」 视觉搜索机制，提供可解释的视觉 Grounding 输出； 2） 突破最大像素限制： 即使因视觉 Token 数受限导致高分辨率图像缩放后模糊，模型仍能准确识别相关区域坐标，从原始高分辨率图像中裁剪 出清晰子图像用于后续分析； 3） 无需额外 Grounding 标注： 可直接在标准 VQA 数据集上进行 RL 训练，仅基于答案监督就能让模型涌现出鲁棒的视觉 Grounding 能力。 标题： High-Resolution ...