Core Insights - The Becker Milk Company Limited reported a decrease in total revenues for the three months ended July 31, 2025, primarily due to reduced finance income [3][4] - The net income attributable to common and special shareholders increased significantly to $453,611 compared to $250,407 in the same period last year [4][11] - The company declared a semi-annual dividend of 40 cents per share, payable on September 29, 2025 [13] Financial Highlights - Total revenues for Q1 fiscal 2026 were $716,740, down from $727,502 in Q1 fiscal 2025, reflecting a decrease of $10,762 [3][7] - Property revenue slightly increased to $679,971 from $679,578, while finance income decreased to $36,769 from $47,924 [4][9] - Net operating income for the three months ended July 31, 2025, was $606,179, a decrease of $1,274 compared to $607,453 in the previous year [8][9] Changes in Net Income - The decrease in net income of $203,204 was influenced by several factors, including a decrease in deferred tax charges of $981,358 and an unfavorable fair value adjustment of $1,019,292 to investment properties [6][8] - The increase in proceeds from expropriation settlement contributed positively by $331,220 [6] Funds from Operations - Adjusted funds from operations for the three months ended July 31, 2025, were $186,918 ($0.10 per share), compared to $110,586 ($0.06 per share) in 2024 [10][11] - Funds from operations were recorded at $232,262, down from $246,638 in the previous year [11] Strategic Review - The Board of Directors is actively evaluating strategic directions and continues to review strategic alternatives, although no discussions with potential acquirers are currently active [12] Dividend Declaration - The company declared a regular semi-annual dividend of 40 cents per share, payable to shareholders of record as of September 19, 2025 [13]

Group 1 - Eastham Capital has appointed Anthony Librot as its first chief financial officer, responsible for accounting, compliance, and risk management [8] - Librot brings over 30 years of accounting and financial experience, having previously served as the chief operating and financial officer at AAM 15 Management and worked at KPMG [3][4] - The new role aligns with the launch of Eastham's largest multifamily investment fund, Eastham Capital Fund VII, LP, as the firm seeks to attract institutional-grade investors [5] Group 2 - In 2025, Eastham Capital added nearly 2,000 units to its portfolio, which now totals 15,080 apartments, indicating significant growth and the need for experienced financial personnel [8] - The firm has been active in acquiring properties, including partnerships with Merion Realty Partners and Bender Cos. for various multifamily acquisitions across different states [6][7]

Core Insights - The company aims to achieve 3% to 4% growth in Net Operating Income (NOI) annually, which is expected to translate into mid- to high single-digit growth in Funds From Operations (FFO) per share [2] - For the current year, the company anticipates delivering 3% to 4% NOI growth, with FFO growth projected between 6% and 7% [3] - The company has recently increased its dividend by nearly 6% [3]

BANK OF AMERICA SECURITIES GLOBAL REAL ESTATE CONFERENCE September 10, 2025 DISCLAIMER This presentation includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that we expect, believe or anticipate will ...

Core Viewpoint - Funds managed by Trinity and Certares have announced the sale of EAST Miami to funds affiliated with Blackstone Real Estate [1] Group 1 - The transaction involves the sale of EAST Miami, indicating a strategic move in the real estate sector [1] - The involvement of Blackstone Real Estate highlights the continued interest of large investment firms in prime real estate assets [1]

Core Points - The Annual General Meeting of Baltic Horizon Fund investors took place on 9 September 2025 in Tallinn, Estonia [1] - The meeting agenda did not include any resolutions to be voted on [1] - Fund Manager Tarmo Karotam provided an overview of the agenda topics [1] Financial Reports - The meeting included the presentation of the FY2024 audited annual report of Baltic Horizon Fund, as well as interim reports for Q1 and Q2 2025 [5] - An overview of the plans for Q3 and Q4 was also discussed [5] Technical Aspects - The presentation delivered at the meeting is attached, but due to a technical error, the meeting recording is not available [2] - Minutes of the meeting will be made available within seven days via the Baltic Horizon Fund website [2]

Core Viewpoint - Swiss Properties Invest has reported a positive performance in the first half of 2025, with expectations for continued growth and strong returns on investment over the long term [1][2]. Financial Performance - Group revenue for H1 2025 reached DKK 18.7 million, an increase from DKK 16.8 million in H1 2024 [5]. - Group operating profit for H1 2025 was DKK 11.8 million, compared to DKK 11.4 million in H1 2024 [5]. - Profit after tax for the group in H1 2025 was DKK 7.8 million, up from DKK 6.0 million in H1 2024 [5]. Interest Rate Impact - The Swiss National Bank has reduced interest rates twice in the first half of 2025, which is expected to positively impact the financial costs for Swiss Properties Invest, as these are the company's largest expenses [2]. Company Overview - Swiss Properties Invest A/S was founded on October 8, 2021, and serves as the Danish holding company for Swiss Properties Invest AG, established on December 7, 2021 [3]. - The company focuses on owning, operating, optimizing, and developing a portfolio of commercial properties in selected regions of Switzerland, aiming to create shareholder value [3]. Future Outlook - The management team expresses strong confidence in delivering on IPO promises, projecting a return on investment of at least 100% after 10 years and 300% after 20 years [2].

Core Viewpoint - Hudson Global, Inc. will change its corporate name to Star Equity Holdings, Inc. effective September 5, 2025, following its merger with Star Operating Companies, Inc. This change reflects the company's strategic direction towards building a diversified portfolio aimed at long-term shareholder value [1][2][4]. Company Overview - Star Equity Holdings, Inc. is a diversified holding company focused on acquiring, managing, and growing businesses with strong fundamentals and market opportunities. The company comprises four divisions: Building Solutions, Business Services, Energy Services, and Investments [4]. Leadership - The company will be led by Jeff Eberwein as Chief Executive Officer and Rick Coleman as Chief Operating Officer, with additional management including Matt Diamond as Chief Accounting Officer, Hannah Bible as Chief Legal Officer, and Shawn Miles as Executive Vice President – Finance [3]. Divisions - **Building Solutions**: This division operates in three niches: modular building manufacturing, structural wall panel and wood foundation manufacturing, and glue-laminated timber (glulam) column, beam, and truss manufacturing [5]. - **Business Services**: This division provides flexible and scalable recruitment solutions to a global clientele, focusing on mid-market and enterprise organizations, and partners with talent acquisition, HR, and procurement leaders [6]. - **Energy Services**: This division is involved in the rental, sale, and repair of downhole tools used in various industries including oil and gas, geothermal, mining, and water-well [7]. - **Investments**: This division manages and finances the company's real estate assets and investment positions in private and public companies [8].

Core Viewpoint - EPH European Property Holdings PLC expects a net profit of approximately EUR 4-5 million for the first half of 2025, a significant recovery from a net loss of EUR 13.89 million in the same period of 2024 [1][5] Financial Performance - The positive change in financial results is primarily attributed to a gain on revaluation of investment properties of approximately EUR 3 million, driven by a slight increase in market rental rates and stabilization of discount and capitalization rates at the end of 2024 [2] - In the first half of 2024, EPH recognized a loss of EUR 20 million on revaluation of investment properties due to rising capitalization and discount rates during that period [2] Revenue Streams - The revenue stream from rental properties remains stable, showing growth of approximately 3% compared to the first half of 2024, mainly due to rent indexations, high occupancy rates, and active asset management [3] - Loss from operations of the hotel property Trois Couronnes decreased from EUR 1.05 million in the first half of 2024 to EUR 0.63 million in the reporting period, with growth in all segments of hotel revenue, particularly from the newly opened restaurant [4]

Financial Data and Key Metrics Changes - Fiscal 2025 was a record year for the company, with net income from continuing operations reaching $15.7 million in the fourth quarter, a significant improvement from a net loss of $0.6 million in the prior year period [20][4] - Book value per share increased by approximately 24% year over year to $2.65 as of June 30, with a pro forma book value of $2.58 after recent capital raises [7][21] - Revenue for the fourth quarter was $5.6 million, compared to $8.9 million in the prior year, but excluding a one-time property sale, revenue grew over 140% year over year [19][7] Business Line Data and Key Metrics Changes - The credit business, GECC, generated record investment income and incentive fees, with net investment income exceeding quarterly distributions, supporting a 6% increase in dividends to $0.37 per share [10][4] - Monomoy Construction Services (MCS) launched in February and contributed nearly $1 million in revenue in its initial months, with expectations to more than double its revenue in fiscal 2026 [12][5] - The Great Elm Credit Income Fund posted net returns of 21% for the six months ended June 30, driven by unrealized appreciation in CoreWeave-related investments [11][20] Market Data and Key Metrics Changes - Assets under management in fee-paying AUM totaled approximately $759 million, up 4% from the prior year [19] - The company closed the year with $31 million in cash, which is expected to exceed $40 million on a pro forma basis after recent capital raises [8][21] Company Strategy and Development Direction - The company entered a strategic partnership with Kennedy Lewis Investment Management, which includes a $100 million term loan to Monomoy REIT and a commitment of up to $150 million to accelerate real estate platform growth [15][16] - The launch of MCS is part of a broader strategy to create a fully integrated real estate platform, enhancing development timelines and tenant relationships [12][5] - The company aims to scale its real estate revenues significantly, targeting $1 billion in assets and a potential future IPO for Monomoy REIT [16] Management's Comments on Operating Environment and Future Outlook - Management views fiscal 2025 as an inflection point, with record results and new capital and partnerships positioning the company for continued growth [5][18] - The company expressed confidence in its ability to deliver sustained long-term value to shareholders, supported by a strong balance sheet and strategic initiatives [18][24] Other Important Information - The board expanded the stock purchase program by $5 million, bringing the total program size to $25 million, with $15.7 million remaining in capacity [8] - The company repurchased 5.1 million shares for $9.3 million at an average of $1.85 per share, contributing to the increase in book value [8][21] Q&A Session Summary Question: Are there any questions from participants? - There were no questions from participants during the Q&A session [23]