Strategy Ups Raise for Bitcoin Purchases by $2 Billion► https://t.co/X1de4LCL4a https://t.co/X1de4LCL4a ...

Financial Data and Key Metrics Changes - For Q2 2025, the company reported a GAAP net loss of $35 million, or negative $0.53 per share, with a book value per share of $13.84 as of June 30, 2025 [3] - The distributable loss was $3 million, primarily due to taking ownership of the West Hollywood property, while prior to realized losses, distributable earnings were $16 million, or $0.24 per share [3][4] - A cash dividend of $0.25 was paid for the second quarter [4] Business Line Data and Key Metrics Changes - Originations in the quarter totaled $211 million, consisting of two loans secured by industrial and multifamily properties [7] - The company had two full repayments and six partial repayments totaling $450 million, with projections of nearly $1 billion in incremental repayments over the second half of the year [7] - The company downgraded a Boston Life Science asset from a four-rated loan to a five-rated loan and a Chicago office loan from a three-rated loan to a four-rated loan due to market deterioration [8][9] Market Data and Key Metrics Changes - The real estate credit market has seen a recovery in transaction activity and loan demand, with significant opportunities in the loan pipeline [5] - Competition has returned, with most lenders active in the market, leading to attractive lending opportunities driven by the ability to lend on reset values below replacement costs [6] - The Life Science sector represents 12% of the portfolio, with 60% of the assets being newly constructed and purpose-built properties targeting larger pharmaceutical tenants [10] Company Strategy and Development Direction - The company is focusing on diversifying its portfolio geographically into Europe and creating more duration through CMBS investments [7] - An active pipeline in the European loan market is anticipated, with new originations expected by the end of the year [7] - The company aims to maximize shareholder value through proactive management of the portfolio and capital allocation across share buybacks and loan origination [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the lending opportunity remaining highly attractive despite competition, with healthy fundamentals across most property types [6] - The company is closely monitoring leverage ratios and expects to match repayments with new originations [26] - Management noted that many borrowers are pulling financing forward to buy time for asset recovery, indicating a positive outlook for rental increases and property values [33] Other Important Information - The company repurchased $20 million of KREF stock in Q2 at a weighted average price of $9.21, with nearly $40 million repurchased over the last three quarters [15] - At quarter-end, the company had $757 million of liquidity available, including $108 million in cash and $620 million of undrawn corporate revolver capacity [16] Q&A Session Summary Question: Can you talk about the level of ROEs and loan spreads in the current market? - Management indicated that the pipeline is robust, with ROEs in the mid-11s to end of the 13s, and loan spreads have compressed back to pre-tariff levels [20][25] Question: What kind of originations do you expect in the second half? - Management expects to actively originate loans to match the anticipated $1 billion in repayments, with no significant near-term maturities on the radar [26][27] Question: Can you provide insight into the 2026 maturity wall? - Management noted that many maturities are being pulled forward, and they expect less credit issues around maturities as most problems have already surfaced [30][34] Question: How do you differentiate between refinancing and extensions? - The majority of refinancings are new credits, while modifications and extensions are less common, indicating a focus on new opportunities [39] Question: What is the timeline for repatriating capital from the REO portfolio? - Management provided a timeline for various assets, indicating that some could see capital repatriation within 12 to 18 months, while others may take longer [79][87]

Financial Performance - Net income for the second quarter ended June 30, 2025, was $32.8 million, translating to earnings per share of $2.52 [2][3][15] - The net interest margin (NIM) improved to 3.85% from 3.75% in the previous quarter [4][15] - Total operating expenses were $22.5 million, with guidance for the next couple of quarters ranging from $21.8 million to $22.6 million [5][22] Loan and Deposit Activity - The company experienced approximately 7% annualized loan growth, driven by commercial and industrial (C&I) line usage and construction commitments [3][7][15] - Deposit balances remained flat compared to the first quarter, as the company managed deposit costs deliberately [3][8][31] - $1.4 billion in certificates of deposit (CDs) are set to mature in Q3 2025 at an average rate of 4.21%, with current renewal rates slightly under 4% [5][21] Shareholder Returns and Capital Management - The company repurchased $56 million of common shares at an average price of $80.81 per share [4][24] - New share repurchase authorization of $125 million remains untapped due to valuation considerations [7][24] Asset Quality and Risk Management - There were decreases in nonaccrual, criticized, and past due loans compared to the previous quarter, with management stating that reserves are sufficient [4][16] - The company continues to monitor external uncertainties, including tariffs and inflation, which may impact borrowers [8][37] Branch Expansion and Future Outlook - A new branch in Manhattan is performing well in loan origination, with plans for a Silicon Valley branch in the second half of the year [6][35] - Management noted tentative signs of sustained loan demand entering July, although uncertainties remain regarding the economic environment [7][15][36]

Treasury Secretary Scott Bessent said the next round of US-China talks could include a discussion of China’s purchases of Russian and Iranian oil https://t.co/OCUrX95dN8 ...

Financial Data and Key Metrics Changes - The diluted GAAP earnings per share increased to $4.24 from $3.32 in the prior quarter, while net income was $116 million compared to $584 million in the linked quarter [10] - The return on assets (ROA) and return on common equity (ROCE) were reported at 1.37% and 10.39% respectively [10] - The common equity tier 1 (CET1) ratio decreased to an estimated 10.98% from 11.5% at the end of the first quarter [22] Business Line Data and Key Metrics Changes - Average residential mortgage and consumer loans grew by $1.5 billion, reflecting a 3% sequential increase, while commercial loans remained unchanged at $61 billion [15][14] - Noninterest income rose to $683 million from $611 million in the linked quarter, with notable increases in mortgage banking and trust income [18] - Noninterest expenses decreased by $79 million to $1.34 billion, resulting in an efficiency ratio of 55.2%, down from 60.5% in the prior quarter [20] Market Data and Key Metrics Changes - Average total deposits increased by $2.2 billion or 1% to $163.4 billion, with growth across most segments [17] - The yield on investment securities decreased by 19 basis points to 3.81%, primarily due to premium amortization [16] - The net interest margin was reported at 3.62%, a decrease of four basis points from the prior quarter [13] Company Strategy and Development Direction - The company remains focused on growing its New England and Long Island markets, optimizing resources, and enhancing risk management capabilities [29] - The management emphasized a disciplined approach to acquisitions, indicating a preference for smaller, culturally aligned targets [79] - The company aims to maintain a strong capital position while being opportunistic with share repurchases [28] Management's Comments on Operating Environment and Future Outlook - The management acknowledged potential economic slowing and risks related to tariffs and geopolitical conditions, but expressed optimism about the company's positioning [24][25] - The outlook for net interest income is projected to be between $7 billion and $7.15 billion, with a net interest margin expected to average in the mid to high 360s [26] - The management expects net charge-offs for the full year to be less than 40 basis points, with criticized loans anticipated to continue declining [28] Other Important Information - The company executed $1.1 billion in share repurchases during the second quarter, while tangible book value per share grew by 1% [8] - The company reported a $1 billion or 11% reduction in commercial criticized balances, indicating improved asset quality [9] Q&A Session Summary Question: Loan dynamics and CRE portfolio - The management indicated that the CRE pipeline is building, with over $5 billion currently in the pipeline, and expressed optimism for growth towards the end of the year [32][34] Question: Capital management and buyback strategy - The management stated that the current capital range of 10.75% to 11% is appropriate given market uncertainties, and they are actively managing criticized loans [36] Question: Fee income growth and trust business - The management highlighted strong growth in the trust business, driven by new operations in Europe and increased treasury management revenues [40][41] Question: Consumer loan growth outlook - The management noted that recent consumer loan growth was driven by preemptive buying ahead of price increases, but expressed optimism for continued growth in RV and auto loans [70] Question: Deposit competition and funding costs - The management emphasized the importance of core deposits and competitive rates to attract new customers, while managing funding costs effectively [108][109]

The Bank of England’s £20 billion of corporate bond purchases failed to lower borrowing costs or boost bond issuance in the primary market, according to the central bank’s own research https://t.co/7BICr0uT2U ...

Taiwan’s central bank is seeking feedback on a plan to tighten currency purchases by foreign stock investors, according to people familiar with the matter https://t.co/XuTybUJe7b ...

Group 1 - BlueLinx Holdings Inc. (NYSE: BXC) is focusing on investing in high margin specialty products, which is expected to enhance free cash flow growth [1] - The company has a diversified business model that includes a wide range of clients and suppliers, stock repurchases, and potential decreases in costs [1] Group 2 - The analyst has a beneficial long position in the shares of BXC through stock ownership, options, or other derivatives [2] - The article reflects the author's personal opinions and is not compensated beyond Seeking Alpha [2]

5月12日，中美经贸会谈取得新进展，国际金价持续震荡。当天，"金价下跌"相关话题冲上微博热搜。伦敦金现、COMEX黄金盘中跌幅一度超3%，截至20 时，伦敦金价跌破每盎司3225美元，对比4月下旬突破3500美元关口的表现，可谓是"大跳水"。 5月12日，国际上，伦敦金现、COMEX黄金盘中跌幅一度超3%。国内方面，上海黄金交易所Au9999黄金价格较前一交易日下跌26.5元至每克759元。A股市 场黄金股集体下挫。截至收盘，贵金属板块集体大跌，西部黄金、四川黄金跌超3%，山东黄金、山金国际跌超2%。黄金相关基金亦纷纷回调，截至发稿， 博时基金、国泰黄金、华夏黄金的ETF联接A基金日跌幅均超3%。 足金首饰金价也明显下降，多个品牌金饰价格跌回千元附近。5月12日，周大福、周六福、六福珠宝、金至尊和潮宏基的足金金饰价格为每克1008元，周生 生金饰价格为每克1007元，菜百首饰金饰价格为每克988元。其中，周大福、周生生足金饰品较前一日价格下跌14元。 金价回调趋势下，有了"五一"假期与母亲节这"双节"加持，市场上的购金潮热度不减。这段时间，广州东山百货黄金专柜也碰上了销售的"黄金周"，东山百 货业务部经理戴崇 ...

Core Viewpoint - Apple has filed an appeal against a court ruling that mandates the company to allow external payment mechanisms in its App Store, following a legal battle with Epic Games [1][4]. Group 1: Legal Proceedings - The court, led by Judge Yvonne Gonzalez Rogers, criticized Apple for not complying with previous orders and for imposing excessive requirements on app developers [3]. - Apple was accused of attempting to circumvent the court's ruling by enforcing a 27% commission on purchases made outside its App Store and requiring "scare screens" to warn consumers [2][3]. - The court has referred allegations of perjury against Apple’s VP of Finance to the U.S. Attorney's office for potential criminal contempt proceedings [3]. Group 2: Compliance and Future Actions - Following the ruling, Apple modified its App Store rules to allow U.S. developers to reference alternative payment methods, while still expressing disagreement with the court's decision [4]. - Apple plans to continue complying with the court's ruling during the appeals process, but may seek to incentivize developers to use its in-app purchase system, potentially by announcing a discounted commission at the upcoming Worldwide Developer Conference [5][7].