Core Insights - The 2026 Global Investor Outlook by Colliers indicates a shift in investor behavior towards active capital deployment and diversification across sectors and regions, driven by improving market fundamentals and returning liquidity [1][2][3] Investment Strategies - Nearly 49% of investors prefer direct investments and separate accounts, with a growing interest in platform joint ventures and M&A, while private equity and secondary funds are increasingly targeting property-owning entities and operating businesses [2][3] - A significant 37% of investors are leaning towards core and core-plus strategies, despite only 9% of real estate funds being raised in these areas, highlighting a disconnect between investor appetite and fund orientation [2] Market Dynamics - Multi-regional strategies now account for nearly 30% of global fundraising, with North America’s share decreasing from 50% in 2024 to 40% in 2025 YTD, while Europe and Asia Pacific saw increases of 50% and 130% year-on-year, respectively [3] - Data centres have become the second-most popular asset type, representing 31% of global real estate funds raised from Q1 to Q3 2025, while offices are experiencing a global rebound [4][5] Sector Performance - Industrial, multifamily, and retail assets continue to attract capital, particularly in markets with strong fundamentals and limited supply, focusing on logistics hubs and urban residential growth corridors [6] - Investors are increasingly looking to reposition existing assets for value creation, with a focus on adaptive reuse in supply-constrained markets, particularly in APAC and Europe [7] Regional Insights - In the United States, pent-up capital and attractive valuations are driving renewed activity, especially in multifamily, industrial, and data centres [12] - Europe remains a key destination for global capital, with office and industrial sectors leading a rebound amid improving liquidity [12] - APAC is witnessing robust growth prospects, boosting demand for office, logistics, and emerging alternatives like data centres and student housing [12] - Canada’s appeal as a safe haven, along with supply constraints in multifamily and retail sectors, is enhancing investor confidence [12]

Tebow’s experience shows how quickly fortunes can change — sometimes overnight. And while his story is rooted in football, the lesson applies far beyond the field: your circumstances — and your income — can change faster than you think.Still, despite losing the $1 million opportunity and being released shortly after, Tebow expressed no bitterness toward Belichick, who led the Patriots to six Super Bowl wins. He described the coach as “so honest and forthright” and “really kind in a lot of areas.”That’s what ...

Core Viewpoint - ARGAN is preparing for its 2026 bond refinancing by signing a €500 million bridge-to-bond loan with a banking pool led by J.P. Morgan, aimed at ensuring optimal conditions for the upcoming bond maturity [2][3][4] Financing Details - The bridge loan of €500 million is a short-term financing solution to prepare for the bond maturity initially issued in 2021, which is due on November 17, 2026 [2][3] - The loan has an initial duration of 12 months starting from November 17, 2025, with the option to extend for two additional six-month periods, potentially lasting until November 17, 2027 [3] Financial Health and Covenants - As of June 30, 2025, ARGAN's financial indicators exceeded covenant requirements, demonstrating strong debt management and sustainable growth [4] - The company holds an Investment Grade rating of BBB- with a stable outlook from S&P, positioning it favorably for the 2026 bond refinancing [4][7] Portfolio Overview - ARGAN's portfolio consists of 3.7 million square meters across approximately 100 warehouses in France, valued at €4.0 billion, generating over €210 million in annual rental income as of June 30, 2025 [6] - The company specializes in the development and rental of premium warehouses, focusing on energy self-sufficiency and tailored services for blue-chip clients [5] Debt Management Metrics - ARGAN maintains a consolidated EPRA LTV ratio below 65% and a secured LTV ratio below 45%, with an ICR ratio of at least 1.80 [11] - As of the latest reporting, the EPRA LTV ratio was 42.3%, and the secured LTV ratio was 30.8%, indicating effective debt management [11]

Core Insights - The net asset value (NAV) per unit of the Baltic Horizon Fund increased to EUR 0.6783 at the end of October 2025, up from EUR 0.6773 as of September 30, 2025 [1] - The total net asset value of the Fund at month-end was EUR 97.4 million, compared to EUR 97.2 million as of September 30, 2025 [1] - The EPRA NRV as of October 31, 2025, was EUR 0.7238 per unit [1] Financial Performance - In October 2025, the Fund generated consolidated net rental income of EUR 1.0 million, consistent with September 2025, excluding a EUR 0.5 million decrease from allowance for bad debts [2] - The Fund's consolidated cash and cash equivalents remained stable at EUR 6.0 million as of October 31, 2025, unchanged from September 30, 2025 [2] - Total consolidated assets of the Fund were EUR 238.0 million at the end of October 2025, slightly up from EUR 237.7 million as of September 30, 2025 [2]

Group 1 - Baltic Horizon Fund is hosting an investor conference webinar on 24 November 2025 at 13:00 PM (CET) or 14:00 PM (EET) [1] - The webinar will be led by Tarmo Karotam, the Fund Manager, and will include a Q&A session [1] - Participants are encouraged to submit questions by 23 November 2025 to ensure they are addressed during the webinar [1] Group 2 - Registration for the webinar is available until 24 November at 12:00 PM (CET)/ 13:00 PM (EET) [2] - First-time attendees will need to download a plug-in, which is a quick process, or they can join via a compatible web browser [2] - Registered participants will receive a reminder email one hour before the webinar starts [3] Group 3 - The webinar will be recorded and made available on the Baltic Horizon Fund's website and YouTube channel [3] - For further inquiries, Tarmo Karotam can be contacted via email [4] - Baltic Horizon Fund is managed by Northern Horizon Capital AS, now known as Baltic Horizon Capital AS [4]

Financial Performance - EfTEN United Property Fund reported a net profit of 110 thousand euros in October and 2.214 million euros for the first ten months of 2025, compared to 724 thousand euros in the same period last year [1] - The fund distributed 420 thousand euros to investors in October, equating to 16.9 euro cents per unit, resulting in a 1.1% decrease in the net asset value (NAV) to 11.22 euros at the end of October [1] - Excluding the distribution, the NAV would have increased by 0.4% [1] Investment Activity - In October, clients booked six terraced houses in Invego Uus-Järveküla OÜ, where the fund holds an 80% ownership, marking one of the highest monthly new reservations in the company's history [2] - There are 18 terraced houses in the Uus-Järveküla residential area that have not yet been booked, either completed or set to be completed in early 2026 [2] - The fund earned 24 thousand euros in interest income from its investments in October [2] Major Investments - The largest investment, EfTEN Real Estate Fund 5, generated a profit of 220 thousand euros, with EfTEN United Property Fund owning 36.5% of it [3] - The loan agreement for the fund's second largest investment, the former Danske Bank head office in Vilnius, is set to expire at the beginning of December, with an offer to extend the agreement under a longer payment schedule [3] - Currently, 83% of the building is leased, and a new lease was signed for the full vacant area, with rent payments commencing in March next year [3]

Core Insights - The commercial real estate market is influenced by interest rate changes, with lower rates typically leading to increased asset values due to reduced borrowing costs [1] - New investment platforms like Arrived and FNRP allow individuals to invest in real estate with minimal capital and without the burdens of property management [2][6] - Warren Buffett's investment philosophy emphasizes the importance of purchasing assets at attractive prices, avoiding excessive leverage, and ensuring that loans reflect the true value of assets [12][16] Investment Platforms - Arrived offers a platform for fractional ownership in vetted rental and vacation properties, allowing investments starting at $100 [2] - FNRP provides accredited investors access to institutional-quality commercial real estate, simplifying the investment process with expert guidance [6][7] - Mogul offers fractional ownership in blue-chip rental properties, providing monthly rental income and tax benefits without the need for large down payments [8] Financial Performance Metrics - FNRP's investment offerings require a minimum 12% return even in downside scenarios, with an average annual IRR of 18.8% and cash-on-cash yields between 10% to 12% [10] - Investments in FNRP often sell out quickly, typically within three hours, with individual property investments ranging from $15,000 to $40,000 [10] Asset Security and Structure - Each investment is secured by real assets, with properties held in standalone LLCs, ensuring that investors own the property rather than the platform [11] - Blockchain technology is utilized for fractionalization, providing a verifiable record of each investment stake [11] Historical Context and Lessons - Buffett's critiques of Donald Trump's business strategies highlight the risks of over-leveraging and misrepresenting asset values, emphasizing the need for sound financial practices [5][16][18]

Core Insights - The wealthy often employ tax avoidance strategies as a key skill in building wealth, emphasizing the importance of minimizing tax liabilities legally [1][2][8] - The "buy, borrow, die" strategy allows investors to leverage their assets without triggering taxable events, enabling continued asset growth [7][8][9] - Real estate investment is highlighted as a powerful wealth-building tool, with tax advantages that can significantly reduce tax burdens [10][11] Tax Strategies - Scott Galloway advocates for lowering tax bills as a fundamental approach to wealth accumulation [2] - Elon Musk criticizes the current tax landscape, stating that Americans face multiple layers of taxation on income, purchases, and property [4][5][6] - The strategy of borrowing against appreciated assets, such as stocks, allows investors to avoid capital gains taxes while maintaining liquidity [7][8] Real Estate Investment - Robert Kiyosaki emphasizes the use of debt in real estate investments to legally avoid taxes, highlighting the tax-deductible nature of interest payments [10][11] - Kiyosaki's extensive real estate portfolio demonstrates the potential for significant wealth generation through rental income and tax benefits [11] - Platforms like Mogul and First National Realty Partners offer opportunities for fractional ownership in real estate, allowing investors to benefit from rental income without the responsibilities of traditional landlordship [13][18]

Core Insights - Choosing the right financial advisor is essential for retirement planning, as they are legally obligated to act in the best interests of clients [1] - The decision of when to claim Social Security benefits is complex and influenced by factors such as inflation, tax rates, and investment growth [2][4] - The average life expectancy for Americans was 76.4 years in 2021, with a "healthy life expectancy" of 63.9 years [3] Social Security Benefits - Claiming Social Security at age 62 results in smaller checks over a longer period, while delaying benefits past Full Retirement Age (FRA) leads to larger checks [4] - Delaying benefits until age 70 can increase payouts by 8% per year, potentially reaching 124% of the FRA benefit [5] - The break-even point for delaying benefits is generally around 12 to 14 years, meaning individuals may need to live into their 80s for this strategy to be worthwhile [7] Health and Financial Considerations - Health status plays a crucial role in deciding when to claim benefits; those in good health may benefit from delaying, while those in poor health might find early claiming more advantageous [8] - Financial resources must be considered when delaying Social Security; retirees may need to rely on savings or pensions to cover living expenses [9] - Establishing a well-stocked emergency fund is important to avoid depleting investments too quickly while waiting for Social Security benefits [10] Investment Opportunities - Platforms like Mogul allow investors to buy fractional shares of rental properties, providing a potential source of passive income and reducing dependence on Social Security [13][14] - Mogul's portfolio averages an 18.8% Internal Rate of Return (IRR) and 10-12% annual yields, with investments typically ranging from $15,000 to $40,000 [14] Strategic Decision-Making - The decision of when to claim Social Security should be based on individual health, financial situation, and investment strategy, emphasizing the importance of consulting with experts [17]

Financial Performance & Forecast - ORIX revised its FY26.3 net income forecast upward to 440 Billion JPY, a 15.8% increase from the previous forecast of 380 Billion JPY[6, 14] - The company increased its share buyback program to 150 Billion JPY, a 50% increase from the initial 100 Billion JPY program[6, 10] - H1 net income reached 271.1 Billion JPY, achieving 71% of the original full-year target and 62% of the revised forecast[13] - The company expects a full-year ROE in the 10% range, with H1 ROE hitting 12.7%, up 3.9 percentage points from the end of FY25.3[13, 21] Capital Recycling & Investment - Capital gains for H1 FY26.3 reached 157.1 Billion JPY, with expectations of further gains in H2[27] - The company launched its first domestic PE fund with a total size of 2.5 Billion USD[6] - ORIX sold stakes in Greenko, Ormat, ORIX Asset Management and Loan Services Corp, and Nissay Leasing[6] Segment Performance - Segment profits increased by 42% YoY to 409.4 Billion JPY[35] - Environment and Energy segment profits increased sharply by 117.3 Billion JPY due to the Greenko exit, which included a 95 Billion JPY gain on sale/valuation gains[34] - Insurance segment saw higher investment income, contributing to overall profit growth[35] Shareholder Returns - The company increased the full-year dividend forecast to 153.67 JPY per share, a 16.3% increase[6, 14] - The company anticipates a full-year total payout ratio of 73%[15]