Financial Performance - Spirit AeroSystems reported second quarter 2025 revenue of $1.635 billion, a 10% increase from $1.492 billion in the same period of 2024 [23] - The operating loss for the second quarter of 2025 was $481 million, compared to a loss of $331 million in the same period of 2024, representing a 45% increase in losses [23] - The net loss for the second quarter of 2025 was $631 million, a 52% increase from $415 million in the second quarter of 2024 [23] Earnings and Cash Flow - The second quarter 2025 EPS was $(5.36), compared to $(3.56) in the same period of 2024, indicating a 51% decline [6][23] - Cash used in operations improved to $144 million in the second quarter of 2025 from $566 million in the same period of 2024, a 75% improvement [23] - Free cash flow usage decreased to $190 million in the second quarter of 2025 from $597 million in the same period of 2024, a 68% improvement [23] Backlog and Deliveries - Spirit's backlog at the end of the second quarter of 2025 was approximately $51 billion, encompassing work packages on all commercial platforms in the Airbus and Boeing backlog [3] - Total deliveries in the second quarter of 2025 increased significantly, with Boeing 737 deliveries rising to 113 from 27 year-over-year [24] Segment Performance - The Commercial segment revenue increased to $1.266 billion in the second quarter of 2025, up 8.6% from $1.166 billion in the same period of 2024 [23] - The Defense & Space segment revenue rose to $266 million, an 18.5% increase from $224 million in the second quarter of 2024 [23] - The Aftermarket segment revenue increased slightly to $102.8 million, up 1.7% from $101.1 million in the same period of 2024 [23] Strategic Developments - The company entered into a merger agreement with Boeing, expected to close in the fourth quarter of 2025, subject to regulatory approvals and other conditions [10] - Spirit has received a request for additional information from the Federal Trade Commission as part of the regulatory review process for the merger [10] Recent Legislation Impact - The One Big Beautiful Bill Act (OBBBA) signed into law on July 4, 2025, includes business tax reform provisions, but is not expected to have a material impact on Spirit's financial statements or cash taxes in 2025 [12]

Core Viewpoint - CrossingBridge Advisors has made a structural change to the CrossingBridge Pre-Merger SPAC ETF by designating cash creations and cash redemptions as the default payment method to reduce trading volatility and enhance liquidity for market makers and investors [1][2]. Group 1 - The adjustment aims to improve the trading experience for shareholders and maintain price stability relative to the Fund's net asset value (NAV) [2]. - David Sherman, Portfolio Manager and CIO of CrossingBridge Advisors, noted that the ETF's market pricing has shown a larger disparity from NAV than typical, prompting this responsive change [3]. - The CrossingBridge Pre-Merger SPAC ETF is actively managed and primarily invests in SPACs that have not yet completed a business combination, focusing on capturing the fixed income nature of pre-merger SPACs while emphasizing downside risk mitigation [3]. Group 2 - As of June 30, 2025, CrossingBridge managed over $4.0 billion, specializing in investment grade and high yield corporate debt with a focus on ultra-short and low duration strategies as well as credit opportunities [4]. - The firm's core philosophy emphasizes that "Return of Capital is more important than Return on Capital" [4].

Financial Data and Key Metrics Changes - The company fully repaid its recourse corporate level credit facility, which had a balance of approximately $169 million [5] - Core FFO improved by approximately $1.9 million from the prior quarter, primarily due to higher net operating income and lower preferred dividends [7] - Net operating income (NOI) increased by approximately $2.6 million from the prior quarter, driven by improvements at the hotel [8] - Core FFO was negative $5.1 million or negative $8.85 per diluted share compared to negative $4.4 million or negative $45.15 per diluted share in the prior year comparable period [19] Business Line Data and Key Metrics Changes - Hotel NOI increased by 15% year over year, reaching $4.7 million in Q1 2025 compared to $4.1 million in the prior year [18] - Office segment NOI decreased to $7.1 million in Q1 2025 from $7.9 million in Q1 2024, driven by lower rental revenue in Oakland [17] - Multifamily segment reported an operating loss of $620,000 in Q1 2025 compared to income of $917,000 in the prior year, primarily due to an unrealized loss on investment [18] - Lending division NOI decreased to $590,000 from $789,000 in the prior year, mainly due to lower interest income [19] Market Data and Key Metrics Changes - The office lease percentage was 71.4% at the end of the quarter, and 83% when excluding the Oakland property [14] - Multifamily occupancy at 701 South Hudson reached approximately 41% at the end of the quarter, up from 22% at year-end [11] - The company anticipates a recovery in the Oakland residential market, although it may take time due to economic headwinds [13] Company Strategy and Development Direction - The company is focused on improving its balance sheet and liquidity while accelerating its focus on premier multifamily assets [5] - The company has four operating multifamily assets and is actively evaluating potential asset sales to strengthen its balance sheet [6] - A joint venture for a 36-unit multifamily development in Echo Park is underway, expected to begin lease-up in the third quarter [12] Management's Comments on Operating Environment and Future Outlook - Management noted the challenges in the office financing environment but expressed confidence in the completed refinancing program [5] - The company sees significant opportunities to grow multifamily net operating income through improved occupancy and market rents [10] - Management remains optimistic about the hotel asset's positioning heading into 2026 following renovations [15] Other Important Information - The company completed a refinancing on its office property in Austin, Texas, using proceeds to pay off its credit facility [20] - A one-for-25 reverse stock split was approved by shareholders and executed on April 15 [20] Q&A Session Summary Question: No questions were raised during the Q&A session - The call concluded without any questions from participants [21]

Core Points - The Canadian Securities Exchange (CSE) has announced that all its listed securities are now eligible for trading on the Interactive Brokers (IBKR) global platform, enhancing accessibility for global investors [1][2] - This development is expected to increase liquidity, improve price discovery, and support capital formation activities for CSE issuer companies, reflecting strong customer demand [2][3] - Interactive Brokers provides access to over 160 markets worldwide, competitive pricing, and advanced trading technology, which will empower clients to diversify their portfolios [2][3] Company Overview - The CSE is a rapidly growing exchange focused on working with entrepreneurs, innovators, and disruptors to access public capital markets in Canada [3] - The exchange's efficient operating model, advanced technology, and competitive fee structure help listed issuers minimize their cost of capital and enhance global liquidity [3][4] - The CSE aims to provide global investors access to a diverse collection of growing and mature companies [4]