Key Takeaways Strategy holds 628,791 bitcoins, equal to 3% of all bitcoins, as of July 29.The company raised $10.7B in equities and $7.6B in fixed income securities year to date.Strategy projects 2025 net income of $24B in 2025.Strategy (MSTR) is the world’s largest bitcoin treasury company, holding 628,791 bitcoins as of July 29, 3% of all bitcoin in existence. The company’s disciplined approach to capital raising through preferred equity offerings — Strike (STRK), Strife (STRF), STRD (Stride) and STRC (St ...

AirTrunk has closed an A$16 billion refinancing and is now looking for ways to raise new capital in one of the hottest corners of credit markets https://t.co/3UXz5LSLYo ...

Flying Tulip is now raising capital. If you are a USA based fund interested in investing, reach out to venture@flyingtulip.comFlying Tulip is a high-performance full featured exchange, built entirely on-chain, with liquidity powered by a synthetic delta-neutral liquidity pool backed by staking yield.Purpose of funds:- Funds will be deployed in a combination of Flying Tulip yield strategies- Only yield will be used to fund bootstrapping, marketing expansion, incentivizing launch pads, token liquidity, and bu ...

Flying Tulip is now raising capital. If you are a USA based fund interested in investing, reach out to venture@flyingtulip.comFlying Tulip is a high-performance full featured exchange, built entirely on-chain, with liquidity powered by a synthetic delta-neutral liquidity pool backed by staking yield.Purpose of funds:- Funds will be deployed in a combination of Flying Tulip yield strategies- Only yield will be used to fund bootstrapping, marketing expansion, incentivizing launch pads, token liquidity, and bu ...

Project Overview - Orion Minerals is focused on developing two fully permitted brownfield projects: the Prieska Copper Zinc Mine (PCZM) and the Flat Mines at the Okiep Copper Project (OCP)[27] - The company holds 3,582 km2 of prime exploration and mining rights in two highly prospective regions[25] Financial Highlights - PCZM DFS shows an NPV of AUD568 million, an IRR of 26%, and a peak capital requirement of AUD578 million[28] - Flat Mines (at Okiep) DFS indicates an NPV of AUD75 million, an IRR of 19%, and a peak capital of AUD103 million[28] - The purchase consideration payable by Orion for acquiring the controlling interest in the Okiep Copper Project is approximately ZAR60 million (~$4.9 million)[21] - Market capitalization is AUD80.1 million (USD52.2 million)[18] Development Strategy - The company's strategy involves developing the flagship PCZM project first, followed by optimization of the Flat Mines at OCP[32] - First concentrate from PCZM Uppers is expected 13 months after financing[32] - The company is targeting concentrate production by Christmas 2026[49] Funding and Shareholder Structure - Tembo Capital holds 14.9% of the current share issue[20] - Delphi Group holds 11.0% of the current share issue[20] - Clover Alloys (SA) holds 8.6% of the current share issue[20]

Capital Strategy - The company's capital raising strategy defies conventional business school teachings [1] - The company believes raising more capital enables it to raise even more capital [1]

Financial Data and Key Metrics Changes - The company reported distributable earnings (DE) of $156 million or $0.45 per share, while GAAP net income was $112 million or $0.33 per share [5] - The company committed $2.3 billion towards new investments, marking the highest quarter in nearly three years [5] - The overall loan book grew by $859 million, reaching $14.5 billion at quarter end [6][23] - The CECL reserve decreased by $26 million to a balance of $456 million, representing 4.2% of the lending and REO portfolios [10] Business Line Data and Key Metrics Changes - Commercial and residential lending contributed DE of $179 million or $0.51 per share, with $1.4 billion of loans originated [6] - The residential lending portfolio ended the quarter at $2.4 billion, with repayments totaling $55 million [10] - The investing and servicing segment contributed DE of $50 million or $0.14 per share, with an active servicing portfolio of $9.6 billion [12] - Infrastructure lending committed a record $677 million of loans, with a portfolio totaling $2.8 billion at quarter end [13] Market Data and Key Metrics Changes - The company noted that the CMBS single asset single borrower market has pulled back, creating opportunities for well-capitalized lenders [16] - The company has seen a significant increase in debt and equity deals in the market, with 50% more deals compared to the same period last year [16] - The U.S. office exposure declined to just 9% [24] Company Strategy and Development Direction - The company aims to achieve investment grade status and is exploring various investment opportunities, including a potential acquisition of a RESI originator [35][72] - The focus is on three investment themes: data centers, Europe, and multifamily assets [22] - The company plans to maintain a strong dividend, having paid it for 45 consecutive quarters [19] Management's Comments on Operating Environment and Future Outlook - Management anticipates a weakening economy but believes it will lead to lower interest rates, which will benefit the property segment [28][32] - The company is optimistic about transaction volumes re-accelerating despite current market uncertainties [33] - Management expressed confidence in their ability to navigate the current environment, citing a strong balance sheet and liquidity [44] Other Important Information - The company completed a $500 million issuance of senior unsecured sustainability notes, enhancing its liquidity position [14] - The company has significant credit capacity across its business lines, with $9.5 billion of availability [15] Q&A Session Summary Question: Progress on resolving nonperforming loans - Management indicated that there are several apartment deals likely to be sold at their basis this year, with ongoing efforts to resolve other assets [49][50] Question: Opportunities in residential credit - Management acknowledged the potential in residential credit and is exploring various opportunities, including the possibility of acquiring an originator [70][72] Question: Corporate M&A outlook - Management expressed optimism about potential M&A opportunities as some companies may face challenges in the current environment [76][78] Question: Timing of loan closings and interest income - Management expects an increase in interest income in the upcoming quarters due to a strong pipeline of loan closings [82]

Financial Data and Key Metrics Changes - The company reported distributable earnings (DE) of $156 million or $0.45 per share, while GAAP net income was $112 million or $0.33 per share [5] - The company committed $2.3 billion towards new investments, marking the highest quarter in nearly three years [5] - The overall loan book grew by $859 million, reaching $14.5 billion at quarter end [6][23] - The CECL reserve decreased by $26 million to $456 million, representing 4.2% of the lending and REO portfolios [9] Business Line Data and Key Metrics Changes - Commercial and residential lending contributed DE of $179 million or $0.51 per share, with $1.4 billion of loans originated [6] - The residential lending portfolio ended the quarter at $2.4 billion, with repayments at par [10] - The investing and servicing segment contributed DE of $50 million or $0.14 per share, with a servicing portfolio of $9.6 billion [12] - Infrastructure lending saw a record commitment of $677 million, with a portfolio of $2.8 billion at quarter end [13] Market Data and Key Metrics Changes - The company noted that the CMBS single asset single borrower market has pulled back, creating opportunities for well-capitalized lenders [16] - The company has seen a significant increase in debt and equity deals in the market, with 50% more deals compared to the same period last year [16] - The company expects to maintain a strong origination pace, with over $1 billion already closed in the first month of the second quarter [16] Company Strategy and Development Direction - The company aims to achieve investment grade status and grow all investment segments, including exploring acquisitions in the residential credit space [29][36] - The focus is on three investment themes: data centers, Europe, and multifamily assets, with 70% of Q1 equity in data centers [22] - The company plans to leverage its strong balance sheet and liquidity to capitalize on market opportunities [44] Management's Comments on Operating Environment and Future Outlook - Management anticipates a weakening economy but believes it will lead to lower interest rates, which could benefit the property segment [32] - The company is optimistic about transaction volumes re-accelerating and sees a favorable environment for capital deployment [33][34] - Management highlighted the importance of maintaining a disciplined growth strategy, avoiding unnecessary risks while capitalizing on opportunities [82] Other Important Information - The company has a current liquidity of $1.5 billion, excluding potential liquidity from asset sales and refinancings [14] - The adjusted debt to undepreciated equity ratio ended the quarter at 2.25x, indicating a strong capital position [15] - The company has over $650 million in reserves for its CRE lending book, which is expected to lead to lower reserves and higher earnings in the future [24] Q&A Session Summary Question: Progress on resolving nonperforming loans - Management indicated progress on resolving nonperforming loans, with expectations to sell certain apartment deals at their basis this year [49] Question: Opportunities in residential credit - Management acknowledged the potential in residential credit and is exploring opportunities to re-enter the market, including the possibility of acquiring an originator [70] Question: Corporate M&A outlook - Management expressed optimism about potential M&A activity in the sector, noting that some companies may be under pressure to consolidate [76] Question: Timing of loan closings and interest income - Management expects an increase in interest income in Q2 due to a strong pipeline and significant loan closings at the end of Q1 [80] Question: Subordinate debt opportunities - Management indicated plans to explore opportunities in subordinate debt, including originating mezzanine loans and participating in B pieces [84]

Financial Data and Key Metrics Changes - Fee related earnings per share increased to $0.92, up 22% year over year [4] - Total operating earnings rose to $1.24 per share, up 16% year over year [4] - Adjusted net income reached $1.15 per share, up 19% compared to the previous year [4] - Management fees for Q1 were $917 million, up 13% year over year, driven by fundraising and deployment activities [5] - Total fee related revenues amounted to $1.2 billion, reflecting a 22% increase year over year [6] Business Line Data and Key Metrics Changes - Insurance segment operating earnings were $259 million, in line with expectations [26] - Strategic holdings operating earnings were $31 million, slightly ahead of guidance [7] - Realized performance income was $348 million, and realized investment income was $218 million, totaling $566 million in monetization activity, up nearly 40% year over year [10] - The private equity portfolio increased by 4% in the quarter and 11% over the last twelve months [10] Market Data and Key Metrics Changes - The company raised $31 billion in new capital during the quarter, with significant contributions from North America private equity strategy [21] - The K Series suite of vehicles saw AUM grow to $22 billion, compared to $9 billion a year ago [23] - The private credit component of AUM grew to $117 billion, with asset-based finance growing between 35% and 40% year over year [71] Company Strategy and Development Direction - The company aims to leverage its diversified business model to source attractive investment opportunities globally [13] - Focus on capital raising efforts remains strong, with no changes to targets despite market volatility [21] - The strategic holdings segment is viewed as a differentiator, with ongoing acquisitions to enhance the portfolio [8] - The company is committed to evolving its insurance strategy to include longer-duration assets, aiming for a pretax ROE of over 20% [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current market volatility, emphasizing the importance of a global and diversified approach [34] - The company anticipates continued investment opportunities despite potential delays in some sale processes [36] - There is optimism regarding monetization activity, with a record gross unrealized performance income of $8.7 billion, up over 25% year on year [19] Other Important Information - The company increased its dividend to $0.74 per share on an annualized basis, marking the sixth consecutive year of dividend increases [12] - The firm has $116 billion of committed but uncalled capital, providing stability and visibility for future management fees [30] Q&A Session Summary Question: Impact of the emerging trade war on Asia business - Management indicated no change to strategy, emphasizing lessons learned from past experiences with tariffs and supply chain issues [45] Question: Resilience of private wealth flows - Management noted that strong relative performance and low adoption rates could drive future growth in private wealth [49] Question: Why not increase share buybacks given stock performance? - Management reiterated a consistent capital allocation strategy focused on maximizing long-term earnings per share and quality of earnings [61] Question: Update on asset-backed finance platform - Management highlighted significant growth in asset-based finance, with a healthy deployment of over $4 billion in Q1 [74] Question: Expectations for flagship fundraising in 2025 - Management expects a barbell approach to fundraising, with significant capital coming in at initial and final closes [107]

Financial Data and Key Metrics Changes - Fee related earnings per share increased to $0.92, up 22% year over year [6] - Total operating earnings rose to $1.24 per share, reflecting a 16% year over year increase [6] - Adjusted net income reached $1.15 per share, up 19% compared to the previous year [6] - Management fees for Q1 were $917 million, a 13% increase year over year, driven by fundraising and deployment activities [7] - Total fee related revenues amounted to $1.2 billion, up 22% year over year [8] Business Line Data and Key Metrics Changes - Insurance segment operating earnings were $259 million, in line with guidance [9] - Strategic holdings operating earnings reached $31 million, slightly ahead of guidance [9] - Realized performance income was $348 million, and realized investment income was $218 million, totaling $566 million in monetization activity, up nearly 40% year over year [11] - The private equity portfolio increased by 4% in the quarter and 11% over the last twelve months [12] Market Data and Key Metrics Changes - The company raised $31 billion in new capital during the quarter, with significant contributions from North America private equity strategy [22] - The K Series suite of vehicles saw AUM grow to $22 billion, compared to $9 billion a year ago [25] - The asset-based finance segment grew significantly, with AUM in private credit reaching $117 billion, and asset-based finance growing between 35% and 40% year over year [71] Company Strategy and Development Direction - The company is focused on leveraging its global and diversified business model to source attractive investment opportunities amid market volatility [15] - There is a strong emphasis on capital raising efforts, with no changes to targets despite market conditions [22] - The company aims to build long-term investment vehicles that will perform well over time, rather than focusing on short-term capital raises [95] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current market volatility and highlighted the potential for attractive investment opportunities [15] - The company believes that its diversified portfolio is well-positioned to manage challenges posed by tariffs and supply chain issues [16] - There is optimism regarding deployment and monetization, with a record amount of gross unrealized performance income at $8.7 billion, up over 25% year on year [20] Other Important Information - The company increased its dividend to $0.74 per share on an annualized basis, marking the sixth consecutive year of dividend increases [14] - The insurance segment is evolving to source liabilities and assets more effectively, with expectations of stable operating earnings around $250 million [27] Q&A Session Summary Question: Impact of the emerging trade war on Asia business - Management indicated no change to strategy, emphasizing lessons learned from past experiences with tariffs and supply chain issues [46] Question: Resilience of private wealth flows and potential acceleration - Management noted that strong relative performance and low adoption rates could drive future growth in private wealth channels [50] Question: Why not increase share buybacks now? - Management reiterated a consistent capital allocation strategy focused on maximizing long-term earnings per share and quality of earnings [61] Question: Update on asset-backed finance platform - Management highlighted significant growth in asset-based finance, with a strong deployment environment expected [74] Question: Expectations for capital markets fees and transaction focus - Management noted that capital markets fees were solid in Q1, with a strong pipeline for Q2, although they may be slightly lower than Q1 [81]