Financial Data and Key Metrics Changes - Pacific Current Group reported a statutory net profit of AUD 58.2 million for FY 2025, a decrease from AUD 110 million in the previous financial year [4] - Underlying net profit declined to AUD 26 million from AUD 32.2 million year-on-year, with underlying earnings per share dropping to AUD 0.056 from AUD 0.062 [4][5] - The company declared a final dividend of AUD 0.28 per share, bringing the total dividend for FY 2025 to AUD 0.43, an increase of over 13% compared to FY 2024 [3][19] Business Line Data and Key Metrics Changes - Management fee revenue decreased by 57.6% compared to the prior period due to disposals of investments [14][15] - Performance fees dropped from AUD 11.3 million in FY 2024 to AUD 8 million in FY 2025, primarily attributed to Rock Group and VPC HoldCo [15] - Cost-saving initiatives led to a nearly 60% reduction in corporate costs during the financial year [5][29] Market Data and Key Metrics Changes - The fair value estimate of net asset value increased to AUD 15.51 per share at June 30, 2025, up from AUD 13.47 per share a year earlier, representing a growth of over 15% [13][25] - The company realized significant cash from boutique realizations, contributing to higher interest income [18] Company Strategy and Development Direction - The company aims to accelerate growth by leveraging high-potential investment opportunities with existing boutique partners and exploring new investment prospects [28] - Focus on unlocking shareholder value through targeted capital structure initiatives and optimizing capital efficiency [28][29] - Continued emphasis on controlling operating costs and strengthening the balance sheet, with potential debt reduction prioritized [30][31] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong momentum built over the past two financial years and emphasized a disciplined approach to executing their strategic plan [27] - The company remains focused on enhancing organizational efficiency and embedding governance changes to improve agility and decision-making [31] Other Important Information - The company completed a share buyback of over 22 million ordinary shares at AUD 12 per share, totaling close to AUD 265 million, which represented over 42% of issued capital at that time [2][3] - The company has cash reserves of AUD 138 million, despite the reduction due to the share buyback [22] Q&A Session Summary Question: Can you discuss the additional investments in existing affiliates? - The company is considering providing working capital loans to support the growth of boutiques and potentially injecting further capital into operating businesses for new fund initiatives [34][35] Question: Will the company pay back the debt? - The Board is evaluating the possibility of paying back the debt facility, with a decision expected in September or October [37][38] Question: What are the intentions regarding the Abacus instruments? - The company plans to hold the bonds long-term due to their attractive coupon, while monitoring the stock for potential short to medium-term sales [39][41] Question: How does the investment committee approach capital allocation? - The newly formed investment advisory committee will evaluate opportunities based on their potential for accretive growth, focusing on larger investments rather than numerous smaller ones [42][44] Question: What are the plans for the external management arrangement after two years? - The Board will review the external management arrangement as the two-year period approaches, but no plans have been finalized yet [47]

Core Insights - Mesa Laboratories, Inc. has successfully executed its financial strategy by repaying $97.5 million of its 1.375% Convertible Senior Notes due August 2025, utilizing funds drawn from its Credit Agreement [1][2] - The company aims to optimize its capital structure and reduce shareholder dilution while supporting long-term growth [2][5] Financial Performance - The company drew $97.0 million under its Amended and Restated Credit Agreement, increasing the total outstanding balance to $108 million [1] - Interest rate on the Credit Facility is currently 7.18% and is expected to decrease with future Federal Funds Rate reductions, with anticipated interest payments of approximately $2.7 million for Q2 FY 2026 [2][3] Debt Management - Mesa's total net leverage ratio was 3.16 as of June 30, 2025, defined as total debt minus unrestricted cash in excess of $10 million compared to trailing 12 months EBITDA [3] - The company made over $7 million in principal payments in Q1 FY 2026 and expects to make approximately $20 million in principal payments for the remaining quarters of FY 2026 [4] Company Overview - Mesa Laboratories, Inc. is a global leader in designing and manufacturing life science tools and quality control solutions for regulated applications in the pharmaceutical, healthcare, and medical device industries [6]

Financial Data and Key Metrics Changes - In Q2 2025, the company generated revenues of $130 million, a decrease of 12% compared to the same period last year, primarily due to customers halting new business and canceling committed fixtures [5][6] - EBITDA for the quarter was $72 million, with adjusted EBITDA of $60 million after excluding a $12 million book gain from the sale of Navigator Venus, indicating resilience in the business [5][12] - Earnings per share was €0.31, and the company maintained a strong cash position of $287 million at the end of the quarter [6][16] Business Line Data and Key Metrics Changes - Average Time Charter Equivalent (TCE) rates were $28,216 per day, lower than the approximately $30,000 achieved in previous quarters, with utilization at 84%, also down from prior quarters [7][14] - The ethylene spot fleet was most affected, while the semi-refrigerated fleet performed better [8][12] - Throughput at the joint venture ethylene export terminal rebounded to 268,000 tonnes for the quarter, more than three times Q1 but still below full capacity [8][45] Market Data and Key Metrics Changes - The Handysize ethylene twelve-month time charter rate remained steady at around $36,000 per day, while semi-refrigerated rates dipped to about $30,000 per day, and fully refrigerated rates fell to $25,000 per day [25] - LPG exports from Iraq to Asia increased, contributing positively to the company's performance despite geopolitical challenges [10][28] - July utilization rates improved to 90%, indicating a return to more normal trading conditions [29] Company Strategy and Development Direction - The company is focusing on fleet renewal by selling older vessels and acquiring modern tonnage, with plans to sell additional older vessels in the future [9][50] - The strategic emphasis is on diversifying the fleet to mitigate risks associated with market volatility, particularly in the petrochemical and LPG sectors [26][28] - The company aims to strengthen its position in the ammonia supply chain through new vessel orders and associated time charter contracts [8][50] Management's Comments on Operating Environment and Future Outlook - Management noted that the geopolitical backdrop in Q2 was challenging but expressed optimism for Q3, expecting a return to previous operational levels [4][57] - The company anticipates continued growth in U.S. export infrastructure, which will support demand for the products transported [57] - Management highlighted the importance of a diversified customer base and operational efficiency in navigating geopolitical uncertainties [10][11] Other Important Information - The company completed a $50 million share repurchase program, buying back 3.4 million shares at an attractive price [6][41] - The balance sheet remains strong, with significant liquidity and a focus on returning capital to shareholders [17][20] - The company was included in the Russell 2000 and Russell 3000 indices, enhancing its trading liquidity and shareholder base [46][48] Q&A Session Summary Question: Outlook for Q3 and normalization of business - Management indicated that Q3 is expected to return to levels seen before Q2 disruptions, with utilization rates already improving [61][65] Question: Terminal contracts and capacity - Management refrained from disclosing specific details about contracted capacity but confirmed ongoing discussions with potential customers for additional long-term contracts [67][68] Question: Impact of tariffs and trade deals - Management expressed optimism that recent trade deals would provide clarity and stability for U.S. commodity exports, positively impacting business [85][87] Question: Financing for new builds and IMO regulations - Management is exploring various financing options for new builds and aims to secure favorable terms, while also considering the implications of new environmental regulations [88][92]

Core Viewpoint - Hillenbrand, Inc. has announced the full redemption of its $375 million, 4.500% notes due September 2026, alongside significant amendments to its credit agreements, aimed at optimizing its capital structure and enhancing operational and financial flexibility [1][2][3]. Group 1: Financial Actions - The company redeemed $375 million in notes with a 4.500% interest rate, maturing in September 2026 [1]. - An amendment and extension of the syndicated credit agreement was successfully completed, which includes a $700 million revolving credit facility, a $175 million term loan, and a Euro-denominated delayed-draw term loan of up to €240 million [2]. - The company also amended its €325 million L/G facility agreement, with Commerzbank acting as the lead arranger and agent [2]. Group 2: Strategic Implications - The redemption of the notes and the amendments to the credit agreements represent a strategic move to optimize the company's capital structure [3]. - These actions are expected to provide greater operational and financial flexibility for the company moving forward [3]. Group 3: Company Overview - Hillenbrand, Inc. is a global industrial company that specializes in providing highly-engineered, mission-critical processing equipment and solutions across various sectors, including durable plastics, food, and recycling [4]. - The company is guided by its purpose to shape solutions that serve its stakeholders effectively [4].

Core Insights - Super League Enterprise, Inc. has secured $4.5 million through a Convertible Note priced at a 30% premium to the market, indicating strong investor confidence in the company's future growth [2][4] - The company has successfully reduced its 2025 debt service obligations by approximately 90%, from $5.7 million to $600,000, enhancing its financial performance potential [4][5] - A $20 million equity line of credit has been established, providing a flexible capital source for future growth opportunities [3] Financial Transactions - The $4.5 million Convertible Note is convertible into common stock at a price of $6.81 per share, reflecting a premium above the Nasdaq Minimum Price [2] - The conversion of high-interest debt into equity securities has significantly lowered the company's debt burden, allowing new capital to be directed towards business operations [4] - The recent financial maneuvers are aimed at achieving EBITDA positivity by Q4 of the current year, following cost reductions in the first half of the year [5] Company Overview - Super League is a leader in engaging audiences through playable media and experiences within mobile games and immersive platforms [7] - The company utilizes proprietary technology and a vast network of creators to redefine brand-consumer connections, making brands more relevant and impactful [7]

Core Viewpoint - AYR Wellness Inc. has entered into an amendment to its Limited Waiver Agreement with the majority holders of its senior secured notes, extending the temporary waiver period to July 18, 2025, to facilitate ongoing negotiations and explore strategic options to strengthen its capital structure [1][3]. Group 1: Limited Waiver Agreement - The Majority Holders have provided a waiver for certain events of default related to AYR's delay in filing interim financial statements for Q1 2025 and specific payment defaults under other outstanding indebtedness [2]. - The extension does not permanently waive existing defaults or rights under governing documents but allows for continued dialogue and exploration of strategies to address financial obligations [3]. Group 2: Business Operations - AYR Wellness continues to operate its business in the ordinary course and is evaluating growth opportunities in key markets [4]. - The company operates as a vertically integrated cannabis business with over 90 licensed dispensaries and a range of cannabis consumer packaged goods brands [6].

Core Viewpoint - American Public Education, Inc. (APEI) is enhancing its financial position and simplifying its capital structure through recent actions, which are expected to benefit students and shareholders alike [5]. Financial Actions - APEI completed the redemption of all outstanding shares of its Series A Senior Preferred Stock for a total cash consideration of $44.5 million, which includes $1.4 million in accrued and unpaid dividends [2]. - The Department of Education released Rasmussen University's $24.5 million letter of credit, allowing the amount to be classified as unrestricted cash [3]. - APEI sold two corporate administrative office buildings in Charles Town, WV, for total sales proceeds of $22.4 million, with these assets previously classified as "held for sale" [4]. Institutional Overview - APEI serves over 125,000 students through its four subsidiary institutions, which include American Public University System, Rasmussen University, Hondros College of Nursing, and Graduate School USA [1][5]. - American Public University System (APUS) is a leading educator for active-duty military and veteran students, serving approximately 88,000 adult learners globally [6]. - Rasmussen University focuses on nursing and health sciences, serving around 14,600 students across 20 campuses and online [7]. - Hondros College of Nursing is the largest educator of Practical Nurses in Ohio, with approximately 3,700 students [8]. - Graduate School USA provides training to the federal workforce, offering customized contract training and open enrollment programs [9]. Accreditation - APUS and Rasmussen University are accredited by the Higher Learning Commission, while Hondros College is accredited by the Accrediting Bureau of Health Education Schools, and Graduate School USA is accredited by the Accrediting Council for Continuing Education & Training [10].

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA from continuing operations for Q4 was $176.8 million, up approximately 20% from $147.9 million in the prior year [5] - Full year adjusted EBITDA from continuing operations was $622.9 million, exceeding previous guidance of $620 million [6] Business Line Data and Key Metrics Changes - Water Solutions adjusted EBITDA for Q4 was $154.9 million, compared to $123.4 million in the prior year [6] - Physical water disposal volumes increased to 2.73 million barrels per day in Q4 from 2.39 million barrels per day in the prior year [6] - Crude Oil Logistics adjusted EBITDA decreased to $13.1 million in Q4 from $15.3 million in the prior year, primarily due to lower volumes on the Grand Mesa pipeline [8][9] - Liquids Logistics adjusted EBITDA was $17.7 million in Q4, down from $22.2 million in the prior year [10] Market Data and Key Metrics Changes - Total volumes paid for disposal increased by 11% in Q4 compared to the same quarter of the previous year [6] - Operating cost per barrel for Water Solutions was $0.22 for fiscal 2025, down from $0.24 in fiscal 2024 [7] Company Strategy and Development Direction - The company is focusing on core assets after completing non-core asset sales, which will reduce volatility and seasonality of adjusted EBITDA [4] - The strategic shift towards becoming more of a water solutions business, with approximately 85% of adjusted EBITDA expected to come from this segment [14] - Plans to continue reducing leverage and improving capital structure by addressing Class D preferred units [16] Management's Comments on Operating Environment and Future Outlook - Management noted that despite oil price uncertainty, there has been no drop-off in customer activity in the Corita Basin [8] - The company is well-positioned with 90% of volumes committed through acreage dedications and MVCs, with 80% of total volumes from investment-grade counterparties [8] - Future guidance for fiscal 2026 is an adjusted EBITDA of $615 million to $625 million, with total capital expenditures of $105 million [10] Other Important Information - The company completed the sale of 18 natural gas liquids terminals and other non-core assets, raising $270 million [4][14] - The wind down of the biodiesel business has been completed, eliminating significant working capital requirements [4] Q&A Session Summary Question: Can you offer more color on your expectations by business for 2026 guidance? - Management explained that the water guidance midpoint implies about $560 million, accounting for a $20 million decline in skim oil revenues due to lower crude prices and less than $10 million in asset sales not included in future EBITDA [18][19] Question: What are the conversations with customers regarding growth opportunities? - Management indicated that they are recontracting expiring long-term contracts and have seen growth through existing agreements, with no slowdown in volumes currently [20][25] Question: How much lower could capital spending go? - Management stated that while there might be slight flexibility, capital expenditures are already low, primarily focused on water [33][34] Question: How do you view variability in water volumes for the year? - Management noted that while there can be fluctuations based on customer completions, they have a strong base and are currently ahead of budget for the first quarter [37][41] Question: Will there be a reinstatement of common unit distributions? - Management clarified that there are no plans for near-term distributions as the focus is on addressing Class D preferred units and reducing leverage [50][51]

Group 1 - The BANK of Greenland has issued DKK 40 million in Tier 2 capital to optimize its capital structure [1] - The Tier 2 capital has a maturity of ten years, with a possibility to call after five years, subject to approval by the Danish Financial Supervisory Authority [2] - The bonds have a floating rate set at a six-month CIBOR rate plus 300 basis points [2] Group 2 - Nykredit Bank A/S is the sole lead manager for the issuance of the Tier 2 capital [2]

Core Viewpoint - Groupama has successfully issued Euro-denominated Fixed Rate subordinated notes amounting to EUR 500 million, taking advantage of favorable market conditions to optimize its capital structure, with significant investor interest leading to oversubscription of more than five times [1][2]. Groupama's New Issue Details - Issuer: Groupama Assurances Mutuelles [2] - Expected rating of the notes: BBB+ by Fitch [2] - Issue amount: EUR 500 million [2] - Pricing date: 19 May 2025 [2] - Settlement date: 26 May 2025 [2] - Annual coupon: 4.375% [2] - ISIN: FR001400ZUC0 [2] - Joint bookrunners: Natixis, Barclays, BNP Paribas, Citigroup, J.P. Morgan, and Morgan Stanley [2] - Trading admission: The new notes will be admitted to trading on Euronext Paris [2]. Groupama Overview - Groupama has over 100 years of experience and is based on humanist values aimed at helping individuals build their lives with confidence [4]. - The Group operates under two brands, Groupama and Gan, and is one of the leading mutual insurers in France [4]. - Groupama has 12 million members and customers, with a workforce of 32,000 employees globally, and reported premium income of EUR 18.5 billion [4].