Core Viewpoint - Americas Gold and Silver has entered into a joint venture with United States Antimony to build an antimony processing plant in Silver Valley, Idaho, aimed at boosting domestic antimony production, which is critical for national security [1]. Group 1: Joint Venture Details - The joint venture will have Americas Gold and Silver holding a 51% stake and US Antimony holding 49% [1]. - The processing facility will be located on permitted land at Americas' Galena Complex, with Americas supplying antimony feedstock from its operations and the option to process material from other sources [2]. Group 2: Strategic Importance - The joint venture allows Americas to leverage its position as the largest antimony producer in the US, aiming to become a significant player in the downstream antimony market and capture value currently left unrealized under existing offtake terms [3]. - Once operational, the JV facility will enable Americas to be compensated for mined antimony at market terms [3]. Group 3: Profit Sharing and Governance - Americas will capture 51% of the profits from the processing side of the joint venture, enhancing shareholder exposure to downstream profits from antimony production [4]. - The governance structure includes a six-member management committee, equally divided between both companies, with US Antimony overseeing operations [4]. Group 4: Partnership Terms - The partnership includes provisions for either company to buy or sell interests after an 18-month construction period, with specific conditions for valuation [5]. - US Antimony has the right to sell its interests to Americas at either fair market value or 100% of its capital contributions, whichever is greater [6].

Financial Data and Key Metrics Changes - For the quarter ended December 31, Core Net Investment Income was $0.27 per share, consistent with GAAP net investment income [5][14] - Net realized and unrealized change on investments resulted in a loss of $30 million, with NAV decreasing to $10.49 per share, down 3.1% from the previous quarter [14] - Debt-to-equity ratio was 1.57 times as of December 31, which was reduced to 1.5 times after subsequent asset sales [15] Business Line Data and Key Metrics Changes - The new joint venture, PSSL Two, invested $197 million during the quarter and an additional $133 million after the quarter end, with a total portfolio of $326 million [5][6] - The portfolio remains well-diversified, comprising 160 companies across 50 industries, with a weighted average yield on debt investments of 9.9% [15][16] - PIK interest represented only 2.5% of total interest income, indicating a conservative portfolio structure [7][16] Market Data and Key Metrics Changes - An increase in M&A transaction activity in the private Middle Market is noted, expanding the pipeline of new investment opportunities [6][7] - The pricing on high-quality first lien term loans remains attractive, typically ranging from SOFR plus 475-525 basis points [7] Company Strategy and Development Direction - The company aims to scale PSSL Two to over $1 billion in assets, consistent with existing joint ventures, focusing on generating a steady dividend stream while preserving capital [6][13] - The strategy emphasizes strong private equity sponsor relationships and disciplined underwriting, which are seen as competitive advantages [7][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market environment, anticipating that increased M&A activity will drive repayments of existing portfolio investments [6][25] - The company is well-positioned to cover dividends with projected run rate NII as the new joint venture ramps up [25] Other Important Information - The company has invested $8.7 billion in 545 companies, with a loss ratio on invested capital of only 13 basis points annually [12] - The focus remains on core Middle Market companies, typically those with $10-50 million of EBITDA, which operate below the threshold of broadly syndicated loans [11] Q&A Session Summary Question: Why is software such a low exposure within the portfolio? - Management indicated that the low exposure is a strategic decision to focus on cash flow loans at reasonable multiples, avoiding high-leverage, covenant-lite loans prevalent in the software sector [19][21] Question: Does the expectation to cover the dividend assume full optimization of the new joint venture? - Management confirmed that the expectation is based on ramping the joint venture to about $1 billion, with M&A activity expected to populate the JV and facilitate equity rotation [22][25] Question: What are the drivers of the unrealized marks in the quarter? - Management noted that most markdowns are related to the 2021 vintage, with some specific companies experiencing softness, but they do not foresee significant additional markdowns in the near term [41][45]

Financial Data and Key Metrics Changes - First quarter revenue of Griffon Corporation was $649 million, reflecting a 3% increase compared to the prior year quarter [11] - Adjusted EBITDA before unallocated amounts was $145 million, consistent with the prior year, resulting in an EBITDA margin of 22.3% [11] - GAAP net income for the first quarter was $64 million, or $1.41 per share, compared to $71 million, or $1.49 per share in the prior year [12] Business Line Data and Key Metrics Changes - Home and Building Products (HBP) revenue increased by 3% year-over-year, with an EBITDA margin of 30.1% [3][14] - Consumer and Professional Products (CPP) revenue rose by 2% to $241 million, with a 19% increase in EBITDA to $22 million [4][15] Market Data and Key Metrics Changes - HBP revenue growth was driven by a 7% increase in price and mix, partially offset by a 4% reduction in residential volumes [14] - CPP experienced increased volume in Australia and Canada, but was offset by reduced volume in the U.S. due to soft consumer demand [4] Company Strategy and Development Direction - The company announced a joint venture with ONCAP to create a leading global provider of hand tools and home organizational solutions, enhancing its competitive position [7][8] - Strategic actions include a comprehensive review of alternatives for AMES Australia and the U.K., and the combination of Hunter Fan with the HBP segment, aiming to streamline operations and enhance shareholder value [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a recovery in the residential and commercial markets, anticipating substantial leverage as activity improves [19] - The company remains committed to a capital allocation strategy focused on organic growth, share repurchases, dividends, and debt reduction [19] Other Important Information - The company repurchased $18 million of its stock during the first quarter, with a total of $578 million repurchased since April 2023 [5] - A quarterly dividend of $0.22 per share was authorized, marking the 58th consecutive quarterly dividend [6] Q&A Session Summary Question: What was the thought process behind the timing of the joint venture? - Management noted a disconnect between market value and intrinsic value, believing the joint venture would unlock value and strengthen consumer businesses [26][27] Question: What is the expected contribution from the joint venture? - The second lien debt from the joint venture is at a 10% PIK rate, but net income from the joint venture is not expected to be material due to its private company status [29] Question: What is the revenue contribution from Hunter Fan? - Hunter Fan had $211 million in revenue for fiscal 2025, and margins are expected to remain above 30% after combining with HBP [35] Question: What is the outlook for the HBP business? - Management expects continued pressure on residential volume but remains optimistic about the recovery in the housing market, particularly in the premium segment [49][50]

Core Insights - CPE has invested $350 million in primary capital to expand Burger King China, aiming to grow the restaurant count to over 4,000 by 2035 [1][3] - The joint venture between CPE and Restaurant Brands International (RBI) combines Burger King's brand strength with CPE's local market expertise, positioning the business for accelerated growth [2][3] - The partnership includes a 20-year master development agreement, granting exclusive rights to develop the Burger King brand in China [3] Company Overview - Restaurant Brands International Inc. (RBI) is a major player in the quick service restaurant sector, with over $45 billion in annual system-wide sales and more than 32,000 restaurants globally [4] - RBI owns several prominent brands, including Burger King, and is focused on sustainable practices through its Restaurant Brands for Good framework [4] - CPE is a leading alternative asset manager in Asia, managing approximately $22 billion in assets and pursuing a long-term value investment strategy across various sectors [5]

Core Insights - The retail industry is facing significant challenges, with many established brands struggling to adapt to changing consumer behaviors and the rise of e-commerce [3][17][18] - Lands' End has entered a joint venture with WHP Global, acquiring a 50% controlling stake for $300 million, which aims to strengthen its balance sheet and leverage WHP's resources for growth [7][8][9] Group 1: Retail Industry Challenges - Longtime retail brands are disappearing, affecting personal routines and local economies [1][2] - Cautious consumer spending has weakened sales and reduced foot traffic across many retail chains [3] - The rise of e-commerce has forced traditional retailers to rethink strategies and close underperforming stores [3][17] Group 2: Lands' End's Strategic Moves - Lands' End operates about 26 stores and has evolved from a mail-order company to a multi-category retailer [6] - The joint venture with WHP Global will allow Lands' End to repay approximately $234 million in term loans and focus on long-term brand growth [8] - The company has faced sales declines, with a 0.3% decrease in net revenue to $317.5 million in Q3 of fiscal 2025, including a 3.4% drop in U.S. e-commerce sales [13] Group 3: Store Closures and Market Impact - Lands' End has closed multiple locations in 2025 and has scheduled further closures for 2026 as part of a strategy to streamline operations [14][15] - The decline of physical stores can lead to reduced consumer access and create "retail deserts" in smaller towns [20] - The retail industry is a major employer in the U.S., contributing $5.3 trillion to GDP and supporting over 55 million jobs [20][21]

Joint Venture Structure and Regulatory Compliance SUNNY ISLES BEACH, FL / ACCESS Newswire / January 29, 2026 / On August 15, 2024, the Company executed a joint venture ground lease agreement for mineral rights within the Tinkoko Chiefdom of Bo District in southern Sierra Leone. Under this arrangement, our local operating partner will oversee on-site operations, licensing administration, labor management, packaging, and shipment logistics. ...

Core Viewpoint - CMA CGM Group is acquiring 10 global ocean terminals through a joint venture with American private equity investor Stonepeak, marking a significant step in expanding its terminal operations in the U.S. and globally [1][2]. Group 1: Joint Venture Details - The joint venture, named United Ports LLC, involves a $2.4 billion investment from Stonepeak, which holds a 25% stake in the venture [1][5]. - CMA CGM will maintain a 75% stake in United Ports and will have full operational control over the terminals [5]. Group 2: Strategic Importance - The acquisition includes key terminals such as FMS in Los Angeles, Port Liberty in New York, Santos in Brazil, and Nhava Sheva in India, among others, enhancing CMA CGM's global terminal network [2][4]. - This partnership aims to leverage Stonepeak's infrastructure expertise to improve service quality and secure access to critical gateways [2][4]. Group 3: Industry Context - Container terminals are vital for global trade and are challenging to replicate, making this joint venture a unique investment opportunity in high-quality, strategically located assets [4]. - CMA CGM is the world's third-largest liner operator, with a fleet of 650 ships serving 420 ports, indicating its significant role in the shipping and logistics industry [2].

Core Insights - Oracle's stock increased by 3% following the confirmation of the TikTok U.S. deal completion by TikTok CEO Shou Chew [1] - Oracle, along with Silver Lake and MGX, now holds a 45% stake in TikTok U.S., contributing to a total of 80% non-Chinese ownership in the joint venture [1] - The new entity is named "TikTok USDS Joint Venture LLC" and is established under U.S. national security safeguards [3] Company and Industry Summary - The TikTok U.S. deal is officially completed, with Oracle owning a significant stake but not a controlling interest in the joint venture [7] - The joint venture will operate with defined safeguards for data protection and content moderation, addressing national security concerns [3] - Oracle's current valuation stands at 33 times trailing earnings, with a forecast growth rate of 23%, although it carries a substantial net debt of $112 billion [5] - Analysts have noted that Oracle was not included in a list of the top 10 stocks recommended for investment, suggesting a cautious outlook on its stock performance [6]

Core Viewpoint - Lands' End has entered a joint venture with WHP Global, resulting in a significant cash inflow and potential for brand expansion, which has led to a 33% increase in stock price [1][2][11] Financial Impact - The joint venture provides Lands' End with $300 million in cash, primarily to repay a $234 million term loan, with remaining funds allocated for corporate purposes [1][3] - The agreement includes guaranteed minimum royalties starting at $50 million in the first year, with provisions for future years [4][6] - WHP Global will also initiate a tender offer for up to $100 million of Lands' End shares at $45 each, contingent on the joint venture closing [5][9] Strategic Advantages - Lands' End contributes its intellectual property to a 50/50 joint venture, allowing it to maintain a long-term license for its core direct-to-consumer and B2B businesses [3][6] - The partnership with WHP Global provides access to expertise in brand management and licensing, potentially accelerating expansion into new categories and geographies [6][7] Market Context - The deal comes after years of weak performance for Lands' End in a challenging retail environment, raising questions about its future growth potential [2][12] - The stock's sharp increase post-announcement has reduced its valuation attractiveness, despite improved fundamentals [12][14] Historical Context - Lands' End has faced a prolonged decline since its spin-off from Sears Holdings in 2014, with a 40% loss in value compared to post-spin-off prices [13] - The joint venture is viewed as a significant opportunity for debt reduction and brand expansion, although the path to recovery remains uncertain [14]

Core Insights - TikTok has finalized a deal that gives American investors a majority stake in its U.S. operations, marking a significant shift in ownership from its previous Chinese control [1][7] Investment Structure - The joint venture will be controlled by a group of American investors, including Oracle, which is led by Larry Ellison, private equity firm Silver Lake, and Abu Dhabi-based MGX, each holding a 15% stake. ByteDance will retain a 19.9% stake in the venture [2] - Additional investors include the family office of Michael Dell and Revolution, associated with Vice President J.D. Vance [3] Significance of the Deal - This agreement concludes a prolonged effort by the U.S. government to compel ByteDance to relinquish control of TikTok due to national security concerns [4][7] - Adam Presser, a TikTok veteran, will serve as the CEO of the U.S.-based joint venture, with TikTok CEO Shou Chew and representatives from various investors on the board [4] Regulatory Context - The deal was brokered by President Donald Trump and comes just before a deadline for TikTok to finalize an agreement to avoid a ban in the U.S. after multiple extensions [5] - TikTok has stated that the joint venture will operate under strict safeguards to protect national security, including comprehensive data protections and algorithm security, with its content recommendation algorithm stored with Oracle [6]