Financial Data and Key Metrics Changes - For the December quarter, the company's net investment income was $91 million, or $0.19 per common share, with a net asset value (NAV) of approximately $3 billion, or $6.21 per common share [3] - The net debt-to-total assets ratio stood at 28.2%, with unsecured debt plus unsecured perpetual preferred accounting for 85.3% of total debt plus preferred [3] - Monthly common shareholder distributions of $0.04 per share were announced for February, March, and April, bringing total distributions since the IPO to $4.7 billion, or $21.93 per share [3] Business Line Data and Key Metrics Changes - The company is focusing on new investments in companies with less than $50 million of EBITDA, with the first lien mix increasing by 728 basis points to 71.4% since June 2024 [3][4] - The second lien mix decreased by 371 basis points to 12.7%, and the subordinated structured notes mix decreased by 818 basis points to near zero since June 2024 [4] - The portfolio included 91 companies across 32 industries, with an aggregate fair value of $6.4 billion, and the EBITDA to interest coverage for middle market lending is about 210% [8][10] Market Data and Key Metrics Changes - The company’s portfolio at cost included only 2.8% of investments in software companies, significantly lower than the 22% average across business development companies [9] - The real estate property portfolio at National Property REIT Corp. (NPRC) totaled 14% of investments at cost, with an unlevered investment-level gross cash IRR of 24% since inception [10][11] - Interest income for the 12-month period ending December 2025 was 92% of total investment income, reflecting a strong recurring revenue profile [11] Company Strategy and Development Direction - The company is enhancing portfolio company operations, focusing on first lien senior secured loans, and exiting subordinated structured notes and targeted equity-linked assets [4][10] - The strategy includes a prudent expansion into new states and offices, with significant opportunities identified in Florida and Tennessee [22] - The company aims to redeploy future real estate property exit proceeds primarily into more first lien senior secured loans [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's balance sheet strength and liquidity, highlighting a diversified access to funding and a strong lender community [13][15] - The company noted that tax refunds are not expected to create significant headwinds for loan balances, and consumer demand remains strong [22][23] - Management emphasized the importance of existing customer credit history in determining future financing, which helps mitigate risks associated with new borrowers [24] Other Important Information - The company has successfully completed the exit of its subordinated structured notes portfolio, which now represents only 0.2% of the investment portfolio at cost [10] - The weighted average cost of unsecured debt financing was 4.68% as of December 31, 2025, with a ladder of liabilities extending 26 years into the future [16] Q&A Session Summary Question: Impact of tax refunds on loan balances and strategy regarding Tower - Management indicated that they plan to continue working with First Tower, which has been a strong performer, and noted the tax advantages of holding it as a tax partnership [20][21] Question: Stability of convertible prep product line amid market changes - Management stated that interest rates are a significant factor, and the current environment may lead investors to prefer fixed-rate investments over floating-rate ones [26][28] Question: Consideration of pivoting into enterprise SaaS software - Management expressed a focus on their own investment strategy and noted that they have avoided software investments due to perceived risks, maintaining a low exposure compared to industry averages [36][37]

Core Insights - European commercial property values continued to rise in Q4 2025, marking the sixth consecutive quarter of positive appreciation, with a 0.4% increase in Q4 and a 1.9% increase overall for the year [3][4]. Market Overview - Altus Group's Q4 2025 dataset included approximately €29 billion in assets under management across 16 countries, covering various property sectors [2]. - The overall valuation yields increased across all sectors, exerting slight pressure on property values despite a gradual move towards lower interest rates by central banks [4]. Sector Performance - **Residential Sector**: The top performer in 2025, with Q4 values increasing by 0.6% and a full-year increase of 3.7%, benefiting from strong cash flows due to above-average market rent increases [8]. - **Industrial Sector**: Also a strong performer, with quarterly value gains between 0.5%-0.7% and a 12-month increase of 2.6%, reflecting improved investor sentiment [8]. - **Office Sector**: The most subdued sector, with only a 0.1% increase in values for the year, following a decline of -1.4% in Q2 [8]. - **Retail Sector**: Values increased by 1.6% for the year, with high street shops leading the recovery as yields declined, resulting in a 0.7% uplift in Q4 [8]. Conclusion - The data indicates a sustained improvement in European commercial property values across all sectors, with industrial and residential sectors showing the most significant gains in Q4 2025 [5].

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Financial Performance - Net income attributable to common shareholders for Q4 2025 was $601,000, or $0.00 per diluted share, down from $1,203,000, or $0.01 per diluted share in Q4 2024 [1] - For the year ended December 31, 2025, net income attributable to common shareholders was $842,851,000, or $4.20 per diluted share, compared to $8,275,000, or $0.04 per diluted share for 2024, primarily due to a $803,248,000 gain from a master lease with NYU [3] - Funds from operations (FFO) attributable to common shareholders for Q4 2025 was $112,927,000, or $0.56 per diluted share, compared to $117,085,000, or $0.58 per diluted share in Q4 2024 [2] - For the year ended December 31, 2025, FFO was $486,826,000, or $2.42 per diluted share, an increase from $470,021,000, or $2.37 per diluted share in 2024 [4] Acquisitions and Dispositions - The company acquired 3 East 54th Street for $141,000,000 on January 7, 2026, with prior purchases of defaulted notes secured by the property [9][10] - On September 4, 2025, the company purchased 623 Fifth Avenue for $218,000,000, intending to redevelop it into a boutique office building [11] - A joint venture sold 512 West 22nd Street for $205,000,000 on August 14, 2025, resulting in net proceeds of $37,900,000 and a net gain of $11,002,000 [12] Financing Activities - The company completed a $525,000,000 refinancing of One Park Avenue on February 9, 2026, with a five-year interest-only loan maturing in February 2031 [18] - On January 14, 2026, the company completed a public offering of $500,000,000 senior unsecured notes due February 1, 2033 [22] - A joint venture refinanced 7 West 34th Street for $250,000,000 on January 23, 2026, paying down a prior loan [21] Leasing Activity - Total square feet leased in Q4 2025 was 960,000, with an initial rent of $95.36 per square foot [46] - The weighted average lease term for new leases was 9.9 years in Q4 2025 [47] - Occupancy as of December 31, 2025, was 90.0% for New York properties [50] Dividends and Share Repurchase - The Board of Trustees declared a dividend of $0.74 per common share for 2025, with plans to continue the dividend policy in 2026 [44] - During 2025, the company repurchased 1,462,360 common shares for $50,962,000 at an average price of $34.85 per share [45]

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माय नेम इज चिंतन शेठ। आई एम अ रियलस्टेट डेवलपर फ्रॉम मुंबई। आई हैव बीन इन दिस इंडस्ट्री फॉर अ लॉन्ग टाइम। फॉर माय डेली थिंग्स, एफएसआई, कैलकुलेशंस, अप्रूवल्स, फाइल्स, बाबूस, कंस्ट्रक्शन साइट्स, दोज़ आर द काइंड ऑफ़ थिंग्स ग्लैमरस थिंग्स दैट आई डील विथ थिंग्स दैट यू डोंट पुट ऑन Instagram इन शॉर्ट ऑन पेपर, आई बिल्ड बिल्डिंग्स। फॉर अ लॉन्ग टाइम, दिस वाज़ इनफ। इट वाज़ इनफ फॉर मी टू से टू एनीवन, व्हाट यू डू. आई बिल्ड बिल्डिंग्स। बट देन आई रियलाइज्ड दैट यू नो वी जस्ट एडिंग टू द कंक्रीट ऑफ द स्काईलैंड इन मुंबई नॉट डूइंग ...

Core Insights - The real estate sector has several oversold stocks, presenting potential buying opportunities for undervalued companies [1] Group 1: Oversold Stocks - The Relative Strength Index (RSI) is a key indicator for identifying oversold conditions, typically when the RSI is below 30 [1] - Major oversold stocks in the real estate sector include Wheeler Real Estate Investment Trust Inc (NASDAQ:WHLR) and Zillow Group Inc (NASDAQ:Z) [2][3] - Zillow Group's stock has decreased approximately 21% over the past month, with an RSI value of 26.7, indicating it is oversold [4] Group 2: Stock Performance - Zillow Group's shares closed at $54.97 after a 1.8% increase on the last trading day [4] - The company is set to release its fourth-quarter and full-year 2025 financial results on February 10 [4]

Financial Data and Key Metrics Changes - Net income for the 9-month period was JPY 389.7 billion, an increase of JPY 117.9 billion year-over-year, marking the highest third-quarter cumulative net profit ever [2] - Pre-tax profits reached JPY 567.7 billion, up by JPY 184.3 billion year-over-year, with all three categories of finance, operation, and investments showing profit growth [3] - Shareholder returns were enhanced with an expansion of the share buyback program from JPY 100 billion to JPY 150 billion, with JPY 128.1 billion completed by the end of January [3] Business Line Data and Key Metrics Changes - Finance segment profits increased by 8% year-over-year to JPY 145.5 billion, driven by growth in investment income and finance revenues in Australia and Asia [4] - Operation segment profit rose by 17% to JPY 189.5 billion, supported by gains from airport concessions and real estate operations [4][5] - Investment segment profits surged by 100% year-over-year to JPY 261.4 billion, significantly boosted by gains from the sale of Greenko shares and other investments [6][7] Market Data and Key Metrics Changes - The environment energy segment profit increased by JPY 109.1 billion year-over-year, reaching JPY 122.2 billion, primarily due to gains on the sale of Greenko Energy Holdings [17] - The insurance segment profit rose by 20% year-over-year to JPY 74.1 billion, driven by expansion in investment assets and portfolio securities [18] - The banking and credit segment profit decreased by JPY 2.2 billion year-over-year to JPY 19.9 billion, impacted by rising funding costs and credit losses [19] Company Strategy and Development Direction - The company aims to drive sustainable growth and improve capital efficiency while maintaining its full-year net income forecast [8] - Organizational reforms were announced to restructure into three business divisions, although the current fiscal year will continue under the existing 10-segment framework [11] - The company is focusing on capital recycling, with JPY 196.6 billion in capital gains and ongoing investments in operations and PE investments [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the domestic economy's growth and the performance of various segments, including automotive and IT [42][43] - There is caution regarding the impact of rising interest rates and potential credit losses, with a focus on maintaining financial soundness [51][54] - The management is committed to evaluating business plans regularly to ensure alignment with capital efficiency and profitability goals [45][72] Other Important Information - The company has made significant investments in AI infrastructure and logistics facilities, indicating a strategic focus on technology and operational efficiency [10] - The impact of inbound tourism on earnings is being monitored, particularly concerning the decline in Chinese passenger numbers [24][25] - The company is actively managing its portfolio to mitigate risks associated with legacy assets and market fluctuations [21][22] Q&A Session Summary Question: Details on ORIX USA and Hilco Global integration - Management confirmed that valuation gains from ORIX Capital Partners were significant and that a 100-day plan for Hilco Global is being executed to enhance collaboration [35][36] Question: Overall progress and performance against the plan - Management highlighted strong performance in investments and operations, with expectations for continued growth despite potential challenges in the fourth quarter [41][44] Question: Clarification on U.S. valuation gains - Management indicated that the strong performance of U.S. investees, particularly in technology, contributed positively to the overall results [46][80] Question: Cost considerations for the fourth quarter - Management acknowledged potential credit costs and emphasized a cautious approach to project evaluations, particularly regarding Erawan [49][52] Question: Changes in employed capital ratio and risk appetite - Management explained that the employed capital ratio was recalibrated for more detailed risk assessment, with no direct impact on risk appetite [58][60] Question: Capital gains and base profit disclosures - Management clarified that capital gains were not incorporated in the same manner as before, focusing instead on base profit growth [66][67] Question: Future plans for profit growth and ROE targets - Management emphasized the importance of capital efficiency and the potential for continued profit growth, with a focus on high-quality investments [71][72]

Group 1: Open Market Operations - The central bank conducted a 315 billion yuan 7-day reverse repurchase operation at a fixed rate of 1.40%, with a total bid and winning amount of 315 billion yuan [1] - Additionally, a 3000 billion yuan 14-day reverse repurchase operation was carried out, with a total of 6000 billion yuan in 14-day reverse repos conducted over two days to support the liquidity during the Spring Festival [1] Group 2: Funding Conditions - The interbank market is experiencing a more relaxed funding environment, with the weighted average rate of DR001 dropping over 4 basis points to around 1.27% [3] - Overnight quotes in the anonymous click (X-repo) system fell to 1.25%, indicating ample supply, while non-bank institutions borrowed overnight against credit bonds at rates below 1.5% [3] - The latest overnight financing rate in the U.S. stands at 3.65% [3] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit in the secondary market is around 1.590% [7] Group 4: Bond Market Overview - The yields on major interbank rate bonds have mostly decreased, with specific yields for various maturities showing declines, such as the 1-year government bond yield at 1.3125% and the 10-year yield at 1.8010% [10] - The data indicates a general downward trend in yields across different types of bonds, including government bonds and policy bank bonds [10] Group 5: Recent Economic Indicators - The Asian Manufacturing Purchasing Managers' Index (PMI) for January 2026 is reported at 51%, a slight decrease of 0.1 percentage points from the previous month, indicating continued expansion in the manufacturing sector [14] - The global manufacturing PMI increased by 1.5 percentage points to 51% in January [14] Group 6: Global Monetary Policy - The European Central Bank has maintained its benchmark interest rate, marking the fifth consecutive pause in rate cuts since June of the previous year, with officials closely monitoring the impact of euro appreciation on export competitiveness and inflation [16]

Core Viewpoint - President Trump aims to maintain high home prices to support existing homeowners, contrary to the need for increased construction to address housing affordability issues in America [1][2][3]. Group 1: Housing Market Dynamics - Trump's focus on keeping home prices high may alienate younger voters who are struggling with housing affordability [3][5]. - The under-40 demographic is crucial for electoral success, as they significantly contributed to Trump's previous victory [4][5]. - Homeownership among Trump's voter base is high, with 81% of his voters being homeowners, which may lessen the urgency of housing as an electoral issue [4]. Group 2: Construction and Supply Issues - There is a significant lack of housing supply, with permits for single-family homes dropping by 9.4% over the past year to an annual rate of 876,000 [8]. - Real estate professionals report a competitive market with properties receiving multiple offers due to low inventory [7]. - Trump's previous calls for increased construction have not been followed by action, and he has recently shifted away from policies that would increase housing supply [10][11]. Group 3: Economic Implications - Rising home prices have outpaced income growth, complicating the ability for families to save for down payments or upgrade homes [13][14]. - Economic growth could further increase demand for housing, exacerbating affordability issues [15]. - Experts suggest that construction of single-family homes would need to increase by 50% to 100% over the next three years to stabilize home prices [16].