Core Viewpoint - Rockland Trust Co has reduced its stake in Berkshire Hathaway, selling 50,487 shares for $25.66 million, which reflects ongoing portfolio rebalancing while Berkshire remains a core holding for many institutional investors [2][7]. Company Overview - Berkshire Hathaway has a market capitalization of $1,033.0 billion and reported a trailing twelve months (TTM) revenue of $383.9 billion and net income of $80.9 billion as of July 10, 2025 [4]. - The company operates as a diversified holding company with substantial operations in insurance, transportation, energy, and manufacturing, serving individuals, corporations, and government entities globally [5]. Financial Metrics - As of June 30, 2025, Berkshire Hathaway's remaining position in Rockland Trust Co's portfolio is valued at $10.8 million, representing 0.5% of the fund's 13F assets [2]. - The stock closed at $478.27 on July 10, 2025, reflecting a 16.5% increase over the past year, with a forward price/earnings ratio of 27.7 and an EV/EBITDA of 9.5 [3][4]. - The five-year revenue compound annual growth rate (CAGR) for Berkshire Hathaway is 7.9% [3]. Leadership Transition - Warren Buffett will step down as CEO at the end of 2025, which has contributed to a nearly 9% decline in shares over the past three months [6]. - Incoming CEO Greg Abel has been instrumental in expanding the company's non-insurance portfolio, particularly in energy and utilities, and Berkshire Hathaway holds nearly $350 billion in cash and short-term investments for future growth opportunities [8]. Investment Outlook - Despite the leadership change, Berkshire Hathaway is expected to maintain its investment philosophies under Greg Abel, suggesting that the stock remains a long-term buy [9].

Core Insights - Terreno Realty (TRNO) has acquired an industrial property in Santa Ana, CA, for approximately $49.5 million, with a stabilized cap rate of 5.7% [1][9] - The company is actively restructuring its portfolio by selling non-core assets and focusing on value-accretive investments to support long-term revenue growth [2][4] Property Details - The newly acquired property at 3500 West MacArthur Boulevard includes a 134,000 square foot industrial distribution building on 12.1 acres, fully leased to a major home improvement retailer [3][9] - The property features seven dock-high and three grade-level loading positions, strategically located near I-405 in Orange County, enhancing its attractiveness to potential tenants [3][9] Portfolio Strategy - TRNO employs a disciplined capital-recycling strategy, having recently sold two properties for a total of approximately $114.5 million and acquired another industrial property in Los Angeles for around $10 million [4] - As of May 6, 2025, TRNO has acquisitions worth about $49 million under contract and nearly $75.8 million under letters of intent, indicating ongoing expansion efforts [4] Market Positioning - The company is well-positioned to enhance its portfolio across six major coastal U.S. markets, including New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C., which show strong demographic trends and demand for industrial real estate [5] - Despite the positive positioning, macroeconomic uncertainties and tariff issues are noted as potential concerns for the industry [5] Stock Performance - TRNO shares have increased by 5.5% over the past month, outperforming the industry average increase of 2.2% [6]

Core Insights - Federal Realty Investment Trust (FRT) has sold Levare, a 108-unit residential building in Santana Row, San Jose, CA, for $74 million to unlock value and invest in long-term accretive opportunities [1] - Santana Row is a prominent mixed-use destination in Silicon Valley, encompassing 2.5 million square feet of retail, office, residential, and hotel space, attracting 8.5 million annual visits [2] - The sale of Levare will enhance Federal Realty's focus on key markets and improve financial flexibility for investing in high-performing assets aligned with long-term growth objectives [3] Company Strategy - Federal Realty's portfolio consists of premium retail assets in affluent communities, positioning the company for growth with stable cash flows from a diverse tenant base [4] - The company's strategic rebalancing of its portfolio towards premium markets and mixed-use developments is expected to benefit long-term growth [4] Market Performance - Federal Realty's shares have declined by 8.3% over the past three months, which is greater than the industry's decline of 5.9% [5]

Financial Data and Key Metrics Changes - Cannae's total operating revenue for Q1 2025 was $103 million, a 7% decrease from the prior year due to lower restaurant revenue [22] - The company reported net recognized gains of $7 million in Q1 2025 compared to $5 million in the prior year, including non-cash fair value losses on Paysafe and Rapid7 [25] - Cannae's equity in earnings and losses of unconsolidated affiliates posted a $2 million net loss in Q1 2025 compared to an $18 million gain in the prior year [26] Business Line Data and Key Metrics Changes - CNB reported revenue of $580 million, representing 3.6% constant currency organic growth compared to the prior year's first quarter, with adjusted EBITDA of $211 million, exceeding consensus expectations [12] - Alight reported total revenue of $548 million for Q1 2025, a 2% decrease from the prior year, but adjusted EBITDA increased by $2 million to $118 million, also ahead of consensus estimates [13] - The Restaurant Group's operating expenses were $125 million in Q1 2025, down $27 million from the prior year, reflecting a focus on cost reduction [23] Market Data and Key Metrics Changes - Cannae's largest public investment, Dun and Bradstreet, is set to be acquired for $4.1 billion, from which Cannae expects to receive $632 million in proceeds [7] - The company anticipates utilizing approximately $730 million from public portfolio sales for shareholder returns and debt repayment [9] Company Strategy and Development Direction - Cannae aims to rebalance its portfolio away from public investments and focus on attractive companies with positive cash flows, return capital to shareholders, and improve operational performance [7] - The company has expanded its strategic relationship with JANNA Partners, acquiring an additional 30% stake to enhance capital allocation towards proprietary acquisitions [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the embedded value in Cannae's portfolio and the potential for stock price appreciation as the strategic plan is executed [49] - The company is committed to returning a significant amount of capital to shareholders through share repurchases and dividends following the DNB transaction [8] Other Important Information - Cannae appointed Bill Royan and Woody Tyler to its board, both bringing extensive experience in investment management [11] - The acquisition of Vitality Stadium is seen as a financially attractive redevelopment opportunity for the club, with expected mid-teens returns [43] Q&A Session Summary Question: Can you discuss the revenue and earnings profile of JANNA Partners and its assets under management? - Management indicated that JANNA Partners has over $2 billion in assets under management and is performing well financially [31] Question: Are there plans to increase ownership in JANNA Partners? - Currently, there are no plans to increase ownership percentage as the existing structure is deemed effective [34] Question: Can you elaborate on the Vitality Stadium acquisition? - Management believes the redevelopment of the stadium is financially compelling, with expected mid-teens returns on investment [43] Question: How does Cannae plan to deploy incremental capital for M&A? - In the short term, the focus will be on returning capital to shareholders, but there will be opportunistic investments in attractive businesses [46]

Financial Data and Key Metrics Changes - Cannae's total operating revenue for Q1 2025 was $103 million, a 7% decrease from the prior year due to lower restaurant revenue [22] - The company reported net recognized gains of $7 million in Q1 2025 compared to $5 million in the prior year [25] - Cannae's equity in earnings and losses of unconsolidated affiliates posted a $2 million net loss in Q1 2025, compared to an $18 million gain in the prior year [26] Business Line Data and Key Metrics Changes - CNB reported revenue of $580 million, representing 3.6% constant currency organic growth compared to the prior year's first quarter [12] - Alight reported total revenue from continuing operations of $548 million for Q1 2025, a 2% decrease from the prior year [13] - Adjusted EBITDA for Alight was $118 million, a $2 million increase compared to the prior year, with management affirming guidance for full-year 2025 [13] Market Data and Key Metrics Changes - Cannae's largest public investment, Dun and Bradstreet, is set to be acquired for $4.1 billion, with Cannae expected to receive $632 million in proceeds [7][8] - The company has sold approximately $1.1 billion of public portfolio stakes since the beginning of 2024, expecting to utilize around $730 million for shareholder returns and debt repayment [9] Company Strategy and Development Direction - Cannae aims to rebalance its portfolio away from public investments and focus on attractive companies with positive cash flows [7] - The company is committed to returning capital to shareholders and improving operational performance of its portfolio companies [7] - Cannae has expanded its strategic relationship with JANNA Partners, acquiring an additional 30% stake to enhance capital allocation towards proprietary acquisitions [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the embedded value in Cannae's portfolio and the potential for stock price appreciation as the strategic plan is executed [48] - The company is focused on returning significant capital to shareholders while remaining open to opportunistic investments [45] Other Important Information - Cannae appointed Bill Royan and Woody Tyler to its board, both bringing strong investment management experience [11] - The acquisition of Vitality Stadium is seen as an attractive investment opportunity, with expected mid-teens returns [41] Q&A Session Summary Question: Can you discuss the revenue and earnings profile of JANNA Partners? - Management indicated that JANNA has significantly higher assets under management (AUM) than initially invested, exceeding $2 billion, and is performing well financially [30] Question: Are there plans to increase ownership in JANNA Partners? - Currently, there are no plans to increase ownership percentage as the existing structure is deemed effective [33] Question: Can you elaborate on the Vitality Stadium acquisition? - Management believes the redevelopment of the stadium is financially compelling, with expected mid-teens returns on investment [41] Question: How does Cannae plan to deploy incremental capital for M&A? - In the short term, the focus will be on returning capital to shareholders, but the company remains open to attractive investment opportunities [45]