And right now we are 2 minutes away from the end of the trading day. Romaine Bostick alongside Katie Greifeld, taking you through to that closing bell with a global simulcast. Carol Massar Tim Stanovec join us from the radio booth as we bring together our audiences across all of our Bloomberg platforms, including our partnership with YouTube.Yesterday, guys, we faced a fire hose of earnings. We get quite a few more today, including out of some big names like Apple and Amazon. I thought you maybe forgot firm ...

Financial Data and Key Metrics Changes - The company generated approximately $300 million in earnings for shareholders, achieving an 18% return on equity (ROE) [4] - GAAP net income was reported at $193.7 million, or $0.35 per diluted share, with an 11% ROE [14] - Earnings available for distribution (EAD) was $297 million, or $0.54 per diluted share, marking the 24th consecutive quarter where EAD exceeded dividends paid [14] - The book value at the end of the quarter was $12.83, totaling $7.1 billion [14] - Cash and liquidity on the balance sheet stood at $2.2 billion [14] Business Line Data and Key Metrics Changes - Genesis Capital originated $1.2 billion in loans during the quarter, a 60% increase year over year [16] - The mortgage company, Newrez, reported a pre-tax income of approximately $295 million, up 7% quarter over quarter and 20% year over year, with a 20% ROE [33] - Direct origination production for Newrez increased by 32% year over year [34] - The servicing business generated $260 million in pre-tax income, an 11% increase year over year [36] Market Data and Key Metrics Changes - The company ended the quarter with a balance sheet of $47 billion, with Sculptor managing $37 billion in assets under management (AUM), Crestline with $18 billion, and Paramount with a $7 billion portfolio [10] - The demand for office space in New York is over 90% leased, while San Francisco is in the low 70% range, indicating a recovery in demand [8][28] Company Strategy and Development Direction - The company announced two acquisitions: Crestline, a credit manager, and Paramount, a Class A office REIT, to expand its product offerings without raising equity in capital markets [5][7] - The focus remains on performance rather than assets under management (AUM), aiming to provide fewer managers with more products to limited partners (LPs) [6] - The company is exploring opportunities in the energy space and plans to close its first Evergreen ABF fund on a leading wealth management platform [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position, highlighting strong earnings and the potential for growth through acquisitions and product offerings [10][90] - The company aims to drive more fee-related earnings (FRE) to enhance its valuation and is focused on growing its asset management business [42][44] - Management acknowledged the competitive landscape but emphasized their disciplined approach to underwriting and servicing, which differentiates them from peers [66] Other Important Information - The company is now involved in the insurance and reinsurance business, which it intends to grow over time [25] - The average rent for the Paramount portfolio is approximately $85 per foot, with significant potential for rent increases [8] Q&A Session Summary Question: Update on broader strategic vision and timelines - Management believes the company is fundamentally attractive from a value standpoint and is focused on growing asset management business to drive revaluation [41][42] Question: Update on third-party capital for Paramount transaction - The company expects to raise approximately $950 million to $1 billion from third parties, with $300 million to $500 million from Rithm [45][46] Question: Options for growing Rithm Capital - Management is exploring direct lending options and may consider share buybacks if growth does not materialize [55][56] Question: Discussion on Ginnie Mae streamlined refinances - These loans are cheaper to produce, impacting the gain on sale margin [51][54] Question: Share buybacks as a tool for valuation - Management indicated that the focus will be on continued growth rather than share buybacks, especially given the recent acquisitions [80] Question: Fundraising outlook for Sculptor - Management is optimistic about sustaining the fundraising pace into 2026, with significant investments planned in capital formation [82][84]

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Key Points Buffett has long preached that investors should watch the company and ignore the noise. Investment gains and losses mean little in understanding Berkshire Hathaway's stock. 10 stocks we like better than Berkshire Hathaway › This will be a landmark year for Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B). The company's 95-year-old chief executive officer, Warren Buffett, will retire at the end of the year, concluding a 60-year run. Buffett led Berkshire Hathaway to astounding riches in his ...

Gary Barnett has the New York real-estate industry abuzz over his decision to construct a property type that has fallen from favor https://t.co/qr9TrtX5vs ...

Group 1: Market Trends and Investment Strategies - The article discusses the historical difficulty in identifying market bubbles in real-time, emphasizing the role of crowd behavior in driving prices to unsustainable levels [1] - Financial advisors are encouraged to act as behavioral coaches rather than mere forecasters, highlighting the importance of personal resilience during market volatility [2] - The oil market is currently oversupplied, with global inventories at near four-year highs, which is limiting the impact of sanctions on Russia [3] - The traditional 60/40 portfolio may not be sufficient to protect retirement savings from long-term stagnation in investment returns, referred to as the "lost decade" [4] Group 2: Alternative Investments and Fundraising - Franklin Templeton is focusing on expanding its outsourced chief investment officer (OCIO) business by catering to the demand for customized portfolio management from wealth and family office clients [5] - Alternative investment fundraising has reached approximately $148.4 billion year-to-date, with public non-traded business development companies leading the way at $34.5 billion [6] - There are concerns that retail investors may not fully understand the complexities and risks associated with alternative investment products being marketed to them [7] Group 3: Infrastructure and Real Estate Investments - McKinsey's research indicates that global data centers will require $6.7 trillion in investment to meet the growing demand for computing power, with an additional $5.2 trillion needed for AI-related infrastructure by 2030 [8] - Investment in qualified opportunity zone funds (QOFs) saw a significant decline in Q3 2025, raising only $436.8 million, as investors show caution ahead of a projected "dead period" for opportunity zone investments [9] - Apollo Global Management has appointed Bert Crouch as head of its real estate equity division, following its acquisition of Bridge Investment Group, which nearly doubled its real estate assets under management to $110 billion [10][2] Group 4: Leadership Changes in Financial Firms - Goldman Sachs Asset Management has appointed David Blank from UBS as the head of sales for separately managed accounts and portfolio solutions, indicating a strategic move to enhance its offerings in this area [11]

Commercial real estate or CRA is now more screwed than it was in 2008. Nearly 12% of US office loans are dead. Apartment loan defaults doubled in the last year and a trillion dollar of CRA needs refinancing by December at rates that make the maths impossible.Meanwhile, private equity has assembled a $400 billion war chest for what they're calling quote the greatest distressed cycle in 40 years. And somehow none of this is front page news. My name is Guy and today we're going to talk about the $20 trillion c ...

DEMIRE Deutsche Mittelstand Real Estate AG / Keyword(s): Bond / Real Estate DEMIRE Deutsche Mittelstand Real Estate AG will not make an early partial repayment of the existing bond at the end of the year due to expected better conditions for potential real estate sales in 2026 28. Oct 2025 / 12:49 CET/CEST Disclosure of an inside information acc. to Article 17 of the Regulation (EU) No 596/2014, transmitted by GlobeNewswire. The issuer is solely responsible for the content of this announcement. DEMIR ...

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Gary Barnett has the New York real-estate industry abuzz over his decision to construct a property type that has fallen from favor https://t.co/eZEsTDNkXr ...