The Trump administration’s decision to halt fully permitted offshore wind energy projects is “very damaging” to investment, Shell US President Colette Hirstius told the Financial Times in a report published on Sunday.Hirstius told the newspaper that energy projects with proper permits should be allowed to continue and warned the political pendulum in the US could eventually swing back against the oil and gas sector.“I think uncertainty in the regulatory environment is very damaging. However far the pendulum ...

Core Insights - Global trade has become increasingly uncertain, with tariffs now a permanent aspect of the economic landscape for U.S. businesses [1][6] - Mid-market companies are focusing on maintaining profitability while managing customer relationships amidst rising costs [2][4] Impact of Tariffs - 90% of goods firms and over 70% of services firms have raised prices due to tariffs and macroeconomic pressures, yet 75% of goods executives and nearly 50% of services firms report shrinking profit margins [3] - Approximately 75% of goods and services companies have experienced weakening demand, indicating that higher prices may not sustain sales volumes and could harm brand loyalty [4] Strategic Adjustments - Many firms are opting for structural changes rather than solely relying on price increases, with nearly all mid-market firms implementing strategies beyond price hikes [5] - Key strategies include product discontinuations, redesigns, and supplier negotiations to manage costs without further burdening consumers [9] Long-Term Perspective on Tariffs - Nearly half of product leaders view tariffs as a permanent fixture in U.S. trade policy, prompting firms to invest in redesign and supply chain restructuring [6][7] - Executives with a positive business outlook are more likely to treat tariffs as a long-term issue, facilitating proactive planning [7] Regulatory Uncertainty - Over 70% of executives report moderate regulatory uncertainty, which has increased from the previous year, adding complexity to operational decisions [10] - The combination of tariffs and regulatory changes has led firms to delay investments and increase compliance spending, necessitating structural adaptations to maintain margins [11]

Market Overview - Stablecoins are experiencing rapid growth but represent approximately 1% of the global money supply [1] Challenges & Obstacles - Regulatory uncertainty is hindering wider adoption [1] - Clunky user experience (UX) poses a barrier [1] - Weak incentives and infrastructure gaps exist [1] Adoption Hurdles - Interoperability issues, such as chain compatibility, impede seamless USDC transfers [1] - ZeroHashX Chief Business Officer suggests that adoption will be limited if users need to understand the underlying blockchain technology for transactions [1]

Core Viewpoint - NewLake Capital Partners reported solid second-quarter results for 2025, with revenue and net income exceeding analyst expectations, reflecting stability in a challenging cannabis industry environment [1][5][14] Financial Performance - GAAP revenue for Q2 2025 was $12.9 million, surpassing estimates of $12.49 million, and showing a year-over-year increase of approximately 3.8% [1][2] - Adjusted funds from operations (AFFO) per share reached $0.55, up from $0.53 in Q2 2024, indicating a 3.8% increase [2] - Net income attributable to common stockholders rose to $7.3 million, a 7.4% increase from $6.8 million in Q2 2024 [2] - The quarterly dividend remained stable at $0.43 per share, aligning with the company's 80–90% AFFO payout ratio policy [14] Business Overview - NewLake Capital Partners focuses on acquiring and leasing commercial real estate to companies in the regulated U.S. cannabis sector, with a portfolio of 34 properties [3] - The business model relies on long-term sale-leaseback agreements, providing financing to cannabis businesses in exchange for predictable rental income [3] Operational Focus - The company is concentrating on managing tenant credit risk, growing its property portfolio, and maintaining strong REIT compliance [4] - Recent quarters have seen a focus on portfolio stability, limiting new acquisitions due to industry headwinds and pauses in capital expenditure by cannabis companies [4] Tenant Risk and Industry Conditions - Tenant credit quality is a significant concern, with Revolutionary Clinics entering receivership and affecting rental income [10] - AYR Wellness, contributing approximately 5.9% of rental revenue, is undergoing restructuring, creating uncertainty around future rental income [11] - The overall tenant portfolio remains stable, but financial health is a sector-wide risk [12] - Industry conditions for new investments are subdued, with reduced deal activity and a decline in the need for sale-leaseback financing [13] Liquidity and Balance Sheet - As of June 30, 2025, NewLake held $21.9 million in cash and cash equivalents, with total liquidity of $104.3 million [7] - The company has minimal debt, with only $7.6 million drawn on its revolving credit line and no debt maturities until May 2027 [7] Future Outlook - No formal financial guidance was provided for future quarters, making the outlook dependent on property-level performance and tenant challenges [15] - Management emphasized the need to monitor tenant credit events, acquisition opportunities, and regulatory trends in the sector [15]

Group 1 - Basel Medical Group Ltd has announced a pause on the acquisition of BTC digital asset due to ongoing regulatory reviews by US authorities and the lack of clarity on forthcoming policies [1][2] - Both Basel Medical Group and the consortium of Bitcoin holders have mutually agreed to defer the deal until there is greater regulatory certainty [2] - Basel Medical Group is a Singapore-based provider of orthopedic and trauma services, with over 20 years of experience and strong relationships in various industries [3] Group 2 - The company operates clinics in Singapore and is well-positioned to capitalize on growth opportunities in the private healthcare sector driven by factors such as aging populations and increasing private insurance coverage [3] - Basel Medical Group's management team includes specialists in orthopedic and neurosurgery, as well as corporate finance and healthcare partnerships [3]

Onchain Initiatives by Fortune 500 Companies - 60% of Fortune 500 executives surveyed say their firms are exploring onchain initiatives [1] - Nearly half of surveyed Fortune 500 companies have increased their investment in onchain solutions [1] - The average number of onchain projects per company has increased by 67%, from 6 to 10 projects [1] - Payments and settlements are the most popular onchain initiatives at 47%, followed by supply chain management at 44% and blockchain infrastructure at 40% [1] - Onchain cross-transfer payments have grown by 31% since last year, corporate treasuries by 21%, and crypto investment product development by 19% [1] - 18% of executives say onchain initiatives play a key role in their business strategy, a 47% increase from 2024 [1] Crypto Adoption by SMBs - 34% of SMBs are currently using crypto in their businesses, with 46% of those not using it expecting to start within the next 3 years [1] - 82% of SMBs said that crypto can help them to address at least one of their main pain points, up from 68% a year ago [1] - 34% of SMBs are using crypto, up from 17% in 2024; 18% are using stablecoins, up from 8% last year; and 32% have paid or accepted a payment in crypto, up from 16% last year [1] - 84% of SMBs are interested in using crypto in their business, up from 65% just last year [1] - 72% of SMBs said transaction fees and processing times are a major pain point, up from 66% last year [1] - 57% of SMBs said that adopting crypto will save their business money, which is up from 42% last year [1] Stablecoin Adoption and Growth - Stablecoin transfer volumes peaked at $719 billion in December 2024 and $717 billion in April 2025 [1] - The number of stablecoin owners has climbed to over 161 million people [1] - As of May 2025, stablecoins account for 10% of US currency in circulation, and the total stablecoin supply has reached $247 billion, a 54% increase since 2024 [2] - Circle's USDC market cap reached an all-time high of $62 billion [2] - 47% of Fortune 500 executives and 82% of SMBs said stablecoins can help tackle slow transaction speeds and high fees [2] - 18% of SMBs are using stablecoins, more than double the 8% in 2024, and 81% are interested in integrating stablecoins, up from 61% in 2024 [2] Tokenized Real-World Assets (RWAs) - The RWA sector has grown by more than 245 times between April 2020 and April 2025 [2] - Private credit accounts for 61% of the tokenized RWA sector, tokenized treasuries 30%, commodities 7%, and institutional funds 2% [2] - Private credit tokenization has grown from basically nothing to $12 billion by April 2025, while tokenized treasuries have gone from under $500 million in October 2022 to more than $6 billion [2] Institutional Adoption of Crypto - The top 10 spot Bitcoin ETFs ranked in double the cumulative inflows of the top 10 all-time ETFs in their first year at $50 billion [3] - The spot Ethereum ETF saw a modest $35 billion worth of inflows in their first quarter after launch [3] - 86% of institutional investors have exposure to digital assets or plan to in 2025, and 83% plan to increase their crypto exposure this year [3] - 59% plan to allocate more than 5% of their AUM to crypto-related products, while 73% said their firms hold crypto outside of ETH and BTC [3] - 84% are either actively utilizing or plan to utilize stablecoins, while 76% intend to invest in some type of tokenized RWA in 2026 [3] Regulatory Hurdles and Developer Talent - 90% of Fortune 500 executives feel that clear regulation is required to support crypto and web3 innovation [3] - 54% said that regulatory concerns are a barrier to adoption of blockchain technology, while 67% said that regulatory uncertainty is a hurdle for adopting stablecoins [3] - 72% of SMBs said they would be more likely to consider crypto if there was a clearer market structure for crypto [3] - While the US still maintains the greatest share of developers at 39%, since Ethereum's launch in 2015 this share has been cut in half [3]

Financial Data and Key Metrics Changes - Total revenues in Q1 2025 were $42.6 million, an increase of $3.8 million or 9.8% compared to $38.8 million in Q1 2024 [13] - Adjusted EBITDA for Q1 2025 was $8.8 million, a decrease of $700,000 or 7.2% compared to $9.5 million for Q1 2024 [24] - EBITDA for Q1 2025 was approximately $6.7 million, a decrease of $2.1 million or 24.1% compared to $8.9 million for Q1 2024 [24] - Net loss for Q1 2025 was $500,000, a decrease of $2.3 million compared to net income of $1.9 million for Q1 2024 [24] Business Line Data and Key Metrics Changes - Renewable Natural Gas (RNG) segment revenues in Q1 2025 were $38.5 million, an increase of $4.5 million or 13.1% compared to $34 million in Q1 2024 [16] - RNG production during Q1 2025 was approximately 1.4 million MMBtu, flat compared to Q1 2024 [15] - Revenues from renewable electricity facilities in Q1 2025 were $4.2 million, a decrease of $600,000 or 13.5% compared to $4.8 million in Q1 2024 [18] Market Data and Key Metrics Changes - Average realized RIN price in Q1 2025 was $2.46, a decrease of 24.3% compared to $3.25 in Q1 2024 [16] - Average commodity pricing for natural gas in Q1 2025 was 62.9% higher than the prior year period [16] Company Strategy and Development Direction - The company is focused on expanding its RNG production capabilities, particularly in North Carolina, with expectations to commence significant production and revenue generation activities in 2026 [7] - The company is negotiating with utilities for Renewable Energy Credits (RECs) from expected 2026 production [8] - The company is also developing a project to convert methane emissions from waste stream biogas into high-value carbon-negative fuel [10] Management's Comments on Operating Environment and Future Outlook - Management noted that regulatory uncertainty continues to impact the renewable natural gas industry, but the company believes its financial position and operational practices will maintain stability [7] - The company reaffirmed its full-year 2025 outlook, expecting RNG production volumes to range between 5.8 million and 6 million MMBtus, with corresponding RNG revenues between $150 million and $170 million [26] Other Important Information - The company reported impairments of $2 million in Q1 2025, an increase of $1.5 million compared to $500,000 in Q1 2024, primarily related to RNG equipment design at the Blue Granite project [20] - Operating and maintenance expenses for the RNG facility in Q1 2025 were $14.1 million, an increase of $1.9 million or 16.1% compared to $12.1 million in Q1 2024 [17] Q&A Session Summary Question: Could you provide more color on the RNG project at American Environmental Landfill? - Management confirmed the construction of an RNG processing facility at the American Environmental Landfill in Tulsa, Oklahoma, driven by increased gas feedstock availability [29] Question: Do you have any more details on why you're having to relocate your Rumpke site? - Management explained that the relocation is due to a contractual requirement associated with gas rights, but it will not disrupt production as the technology will be consolidated into a new facility [31] Question: Did you record any 45z credits in the first quarter? - Management confirmed that no 45z credits were recorded as of yet [33] Question: Are you seeing any slowdown in RNG at any landfills or customers? - Management noted a slowdown in some acquisition opportunities due to regulatory uncertainties, but they remain cautiously optimistic about ongoing development projects [36][37] Question: Can you provide clarity on the North Carolina swine project compared to dairy projects? - Management highlighted that the North Carolina project is unique, with a broader collaboration with the farming community and potential for significant expansion, making it an exciting opportunity [40][42]

Group 1 - The article discusses the analytical approach of Stephen, who combines clinical insight with valuation methods to analyze healthcare and tech stocks [1] - Stephen specializes in scenario-based DCF modeling, sensitivity analysis, and Monte Carlo simulations to identify asymmetric risk-reward opportunities [1] - The focus is on translating complex scientific and market dynamics into actionable investment theses [1] Group 2 - The article emphasizes the importance of independent verification of information and conducting thorough research before making investment decisions [3] - It highlights that past performance is not indicative of future results and that no specific investment recommendations are provided [4]