Loan Portfolio & Origination - The total loan portfolio reached $2,485 million as of June 30, 2025, reflecting a 4.2% increase compared to June 30, 2024[15] - Recreation loans constitute 62.2% of the total loan portfolio, amounting to $1,546.3 million as of June 30, 2025, a 3.3% increase year-over-year[15] - Home Improvement loans represent 32.3% of the portfolio, totaling $803.5 million, showing a 3.9% increase from the previous year[15] - Commercial loans account for 4.9% of the portfolio, reaching $121.4 million, a significant 10.2% increase compared to June 30, 2024[15] - Strategic Partnership loan originations totaled $168.6 million[13] Financial Performance - Net interest income for the second quarter of 2025 was $53.4 million[28, 35] - The company reported a net income attributable to Medallion Financial Corp of $11.1 million for the second quarter of 2025[31] - The net interest margin was 8.09% on gross loans and 8.42% on net loans[14, 35] - The company declared a dividend of $0.12 per share per quarter[14, 54] - Operating costs as a percentage of net interest income were 40% for the year-to-date period ending June 30, 2025[48]

Core Insights - Stack Capital Group Inc. reported its financial results for Q1 2025, with a Book Value per Share (BVpS) of $12.06, down from $12.29 as of December 31, 2024 [4] - The Company made significant investments in various technology sectors, including AI, autonomous robotics, and travel, with notable portfolio companies such as CoreWeave, Shield AI, and Omio [4][6] Financial Performance - As of March 31, 2025, Stack Capital's total Book Value was $129.7 million [4] - The Company invested an additional US$2.2 million in CoreWeave prior to its IPO, which subsequently saw a share price increase of 45% from March 31, 2025, contributing an estimated $0.45 increase to the BVpS [4][6] - Shield AI raised US$240 million at a valuation of US$5.3 billion, enhancing its position within Stack Capital's portfolio [4] Portfolio Highlights - The breakdown of Book Value per Share as of March 31, 2025, includes: - SpaceX: $2.18 - Locus Robotics: $1.32 - Canva: $1.29 - Omio: $1.11 - Hopper: $1.07 - Newfront Insurance: $1.07 [3][5] - Following the quarter-end, SpaceX received FAA approval to increase its Starship launches to 25 per year, which is expected to benefit its Starlink satellite communications business [4] - Locus Robotics launched its 'Array' autonomous mobile robot, which significantly reduces manual labor in warehouse operations [4] Strategic Developments - Omio expanded its services into Southeast Asia, adding over 14,000 bus routes and aiming to become a comprehensive multi-modal travel provider by Q4 2025 [4] - The Company is focused on maximizing long-term performance through a diversified portfolio of high-growth businesses, which are not widely available to most Canadian investors [6]

Core Viewpoint - Annaly Capital Management, Inc. reported strong adjusted earnings for the first quarter of 2025, with a notable increase in average yield on interest-earning assets, although there was a decline in book value per share. Financial Performance - Adjusted earnings available for distribution (EAD) per average share were 72 cents, exceeding the Zacks Consensus Estimate of 71 cents and up from 64 cents in the same quarter last year [1] - Net interest income (NII) was $219.9 million, missing the Zacks Consensus Estimate by 46.2%, compared to a negative NII of $6.45 million in the prior-year quarter [2] - Total assets at the end of the first quarter were $105.1 billion, reflecting a 1.5% increase from the previous quarter [2] Yield and Margins - The average yield on interest-earning assets (excluding premium amortization adjustment) was 5.23%, up from 4.87% in the prior-year quarter [3] - The average economic costs of interest-bearing liabilities increased to 3.88% from 3.78% year-over-year [3] - Net interest spread (excluding PAA) improved to 1.35%, up from 1.09% in the prior-year quarter, while the net interest margin (excluding PAA) rose to 1.69% from 1.43% [3] Book Value and Capital Ratios - Book value per share (BVPS) was $19.02 as of March 31, 2025, down 3.6% from $19.73 in the prior-year quarter [4] - The economic capital ratio remained stable at 14.6% compared to the prior-year quarter [4] - Economic leverage increased to 5.7X from 5.6X year-over-year [4] Return on Equity - Annaly generated an annualized EAD return on average equity of 14.43%, an increase from 12.63% in the prior-year quarter [5] Strategic Outlook - The company's first-quarter results were bolstered by rising average yield and total assets, with prudent asset selection expected to drive future performance [6] - However, the decline in book value per share raises concerns, and achieving solid returns may face challenges due to increasing market uncertainties [6]