Financial Data and Key Metrics Changes - In Q2 2025, the company generated distributable earnings of $30.9 million or $0.23 per share, achieving a return on equity of 7.7% with adjusted leverage of 1.6 times [4][11] - The company achieved investment grade ratings from Moody's and Fitch, marking a significant milestone in its history [4][11] - The company had $1 billion in liquidity as of June 30, 2025, including an undrawn $850 million unsecured revolving credit facility [6][12] Business Line Data and Key Metrics Changes - The securities portfolio totaled $2 billion, up 82% from the end of the previous year, with a weighted average yield of 5.9% [16] - The loan portfolio stood at $1.6 billion with a weighted average yield of approximately 9%, and five loans on nonaccrual totaling $162.3 million [15][16] - The real estate portfolio generated $15.1 million in net operating income during Q2 2025, primarily consisting of net lease properties with long-term leases [8][16] Market Data and Key Metrics Changes - The company successfully issued a $500 million five-year investment grade unsecured bond at a fixed rate of 5.5%, which was oversubscribed by 5.5 times [5][11] - The company noted that the cost of debt capital has begun to decrease due to its investment grade status, with spreads tightening on new bond issuances [9][18] Company Strategy and Development Direction - The company aims to increase its stock price and position itself as the only current investment grade mortgage REIT in the country, focusing on a senior secured investment strategy [19][20] - The company plans to maintain a conservative balance sheet while deploying capital into new higher-yielding investments [10][22] - The management emphasized a focus on capital preservation and attractive dividend payments, with intentions to grow dividends in the future [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong liquidity and a disciplined approach to credit as key factors for capitalizing on investment opportunities [23] - The company anticipates continued tightening of credit spreads and a favorable market environment for investment-grade issuers [18][23] Other Important Information - The company repurchased $6.6 million of common stock during the quarter, with $93.4 million remaining under its stock repurchase program [14] - The company has a CECL reserve of $52 million, which is deemed adequate to cover potential losses in the loan portfolio [15] Q&A Session Summary Question: Thoughts on the securities portfolio and selling activity - Management indicated that the securities portfolio is performing well, and they are selectively selling as they transition from securities to loans [25][27] Question: Convertibility of the loan pipeline into the book - Management noted a dip in loan origination volume but indicated that they have already written more loans in the third quarter than in the entire second quarter [29][30] Question: Impact of investment grade rating on investment opportunities - Management stated that the investment grade rating has made investments more profitable but does not change their core investment strategy [36][37] Question: Expectations for net portfolio growth in the second half of the year - Management expects to write approximately $1 billion in loans by year-end, with a focus on acquisition loans as the market stabilizes [68][73]

Core Viewpoint - Mercado Libre has received an investment grade rating of 'BBB-' from S&P Global Ratings, following a similar upgrade from Fitch Ratings, indicating strong confidence in the company's financial health and operational performance [1][2][3]. Group 1: Rating Upgrade - S&P Global Ratings upgraded Mercado Libre's rating from 'BB+' to 'BBB-' with a Stable Outlook, marking it as a full investment grade company [1][3]. - This upgrade reflects the company's strong operating performance, improving profitability, and conservative balance sheet, with debt to EBITDA expected to remain below 2.0x and debt-to-tangible equity below 1.0x [2][3]. Group 2: Business Performance - The rating upgrade underscores Mercado Libre's enhanced financial and operational performance, driven by substantial growth across its business lines, particularly in Commerce and Fintech [3][4]. - The company has successfully expanded its user base and market share, particularly in Brazil, Mexico, and Chile, by driving offline retail online and democratizing access to financial services [3][4]. Group 3: Strategic Strengths - Both S&P and Fitch highlighted the strength of Mercado Libre's vertically integrated ecosystem, which includes marketplace, logistics, fintech, and advertising businesses, as well as its market leadership in key Latin American countries [2][4]. - The company's expanding fintech operations, growth in its credit portfolio, and continued investment in logistics infrastructure are seen as key drivers of long-term potential [4]. Group 4: Market Position - With the second investment grade rating, Mercado Libre strengthens its standing in global capital markets, reflecting high confidence in its growth trajectory, risk management, and long-term strategic vision [5]. - Founded in 1999, Mercado Libre operates in 18 countries, offering a comprehensive ecosystem for commerce and financial services, which positions it well for future growth in a high-potential market [5].

Core Viewpoint - DT Midstream, Inc. has achieved investment grade ratings from all three major credit rating agencies, reflecting the strength of its balance sheet and business quality, positioning the company for continued growth [1][3]. Company Overview - DT Midstream is involved in the ownership, operation, and development of natural gas pipelines, storage, and gathering systems, providing services across the Southern, Northeastern, and Midwestern United States and Canada [2]. - The company is committed to transitioning towards net zero greenhouse gas emissions by 2050, with a target of achieving a 30% reduction in carbon emissions by 2030 [2]. Credit Rating Upgrades - Fitch Ratings upgraded DT Midstream's credit rating to BBB- with a stable outlook on October 3, 2024 [3]. - Moody's Ratings upgraded the credit rating to Baa3 with a stable outlook on May 16, 2025 [3]. - S&P Global Ratings upgraded the credit rating to BBB- with a stable outlook on July 8, 2025 [3].