Core Insights - BlackRock has completed the acquisition of ElmTree Funds, enhancing its private markets capabilities and expanding access to alternative investments [1][9] - The acquisition aligns with BlackRock's long-term goal of raising $400 billion for private markets by 2030 [1] - ElmTree managed $7.3 billion in assets as of March 31, 2025, and is a leader in commercial net-lease assets [1][2] Expansion of Private Markets - The acquisition of ElmTree builds on BlackRock's previous acquisition of HPS Investment Partners, reinforcing its focus on private credit and real estate [2] - ElmTree's expertise will enhance BlackRock's Private Financing Solutions platform, providing long-term income opportunities for clients [2][3] - Over the past year, BlackRock has invested more than $28 billion to strengthen its position in high-growth private markets [3] Shift Towards Alternative Investments - BlackRock's CEO Larry Fink indicated a shift from traditional 60/40 portfolios to a 50/30/20 mix of stocks, bonds, and private assets for stronger returns [4] - The company plans to launch a target-date fund incorporating private equity, private credit, and other alternative investments [5] - BlackRock is integrating private equity and credit into pre-built portfolios to meet rising demand among individual investors [6] Competitive Landscape - Competitors like Apollo Global Management and Blackstone are also making significant strides in private markets, expanding their multi-strategy platforms and asset-backed credit offerings [7] - Both competitors are focusing on evergreen and private wealth channels, originating larger financings previously dominated by banks [7] Performance Metrics - BlackRock's shares have risen 8.7% this year, contrasting with a 1.6% decline in the industry [10]

Core Viewpoint - The company has rebranded from Yoshiharu Global Co. to Vestand Inc., reflecting its strategic shift towards an asset-backed growth model that integrates a corporate-level Crypto Treasury strategy with real estate investments [1][2]. Group 1: Corporate Transformation - The new identity as Vestand signifies the company's evolution from a traditional restaurant operator to a diversified platform focused on long-term, asset-based growth [2]. - Starting September 3, 2025, the company's common stock will trade under the new ticker symbol "VSTD" on the Nasdaq Capital Market, with no action required from existing shareholders [2]. Group 2: Crypto Treasury Strategy - Vestand is set to implement a corporate Crypto Treasury strategy that positions digital assets as a core component of its capital structure, aiming to combine stable shareholder returns with the growth potential of digital assets [3]. - The company plans to collaborate with a leading U.S. investment bank to enhance access to global institutional investor networks and build a significant Crypto Treasury portfolio through a phased approach [4]. Group 3: Real Estate Integration - Alongside the Crypto Treasury strategy, Vestand is expanding its real estate portfolio with capital from U.S. and Korean investors, aiming to integrate PropTech initiatives with its Crypto Treasury strategy through Security Token Offering (STO) structures [5]. - This dual approach is designed to balance stable cash flows from real estate with growth opportunities in digital assets [5]. Group 4: Governance and Internal Controls - Under the leadership of its CEO and CFO, Vestand has established a robust internal control framework to enhance transparency, accountability, and regulatory compliance, aligning governance standards with those expected by global institutional investors [6]. Group 5: Leadership Vision - The CEO of Vestand, Ji-Won Kim, emphasized that the new name represents the vision to create a growth platform that combines tangible assets with a corporate Crypto Treasury strategy [7]. - The company is committed to building a balanced portfolio centered on Crypto Treasury, supported by real estate assets for stability and diversification, aiming to deliver long-term value to global capital markets and shareholders [8]. Group 6: Future Outlook - Looking ahead, Vestand plans to continue expanding its restaurant business while pursuing asset-backed growth driven by its Crypto Treasury and real estate strategies, reinforcing its mission to create sustainable value [9].

Group 1 - On March 22, 2024, AS Pro Kapital Grupp entered into a share purchase agreement to acquire a 67.5% stake in Preatoni Nuda Proprieta S.R.L. [1] - On September 1, 2025, Pro Kapital entered into a share purchase agreement to acquire an additional 10% stake in Preatoni Nuda Proprieta S.R.L. [1]

On 29 August 2025, after the registration of the new wording of the Articles of Association of INVL Baltic Real Estate (hereinafter - “the Company”) in the Register of Legal Entities and after the end of the procedure of the reduction of the authorized capital of the Company (during which the 107,480 units of the ordinary registered shares, acquired by the Company through the share redemption processes, were cancelled), the Company announces the structure of authorized capital as of 1 September 2025: Type o ...

Financial Performance - The profit before value adjustments and tax for the period January 1 to June 30, 2025, was T.EUR 214.0, which is considered as expected [3] - Rental income (excluding service charges and other) for the same period amounted to tEUR 2,076, reflecting a 3.4% increase from tEUR 2,007 in the same period of 2024 [3] - By segment, "commercial" rental income increased by 2.6%, "residential" increased by 7.6%, while "office" rental income declined by 1.6% [3] Market Valuation - The fair market value of investments in German properties was assessed at EUR 88.5 million as of June 30, 2025, down from EUR 91.1 million as of December 31, 2024, indicating a negative value adjustment of EUR -2.6 million [3] - The total equity of the group as of June 30, 2025, amounted to EUR 60.7 million, with liquid reserves of EUR 3.3 million [3] Future Outlook - The Group's result for 2025 before value adjustments and tax is expected to be at the higher end of the range of EUR 0.3 - 0.7 million [3] - Future focus will be on increasing investments in Danish and Swedish properties to build a robust and diversified portfolio, with an emphasis on stable Nordic markets to reduce exposure to Germany [3]

Group 1 - Markus Hofmann will resign from the Supervisory Board of DEMIRE Deutsche Mittelstand Real Estate AG and his position as Chairman effective September 15, 2025 [1] - Hofmann has been a member of the board since early 2023 and took over as Chairman in the same year [1] - The Management Board and Supervisory Board expressed gratitude for Hofmann's commitment and leadership during his tenure [2] Group 2 - DEMIRE Deutsche Mittelstand Real Estate AG focuses on acquiring and holding commercial properties in medium-sized cities and emerging peripheral locations in metropolitan areas across Germany [3] - As of June 30, 2025, DEMIRE's real estate portfolio consists of 48 properties with a lettable area of approximately 582,000 square meters, with a market value of around EUR 0.9 billion [3] - The company's portfolio emphasizes office properties, supplemented by retail and hotel properties, aiming for stable rental income and solid value growth [4] Group 3 - DEMIRE plans to significantly expand its portfolio in the medium term, focusing on assets with strong funds from operations (FFO) potential while strategically selling properties that do not align with its strategy [4] - The company is committed to improving operational performance through active asset and portfolio management, alongside maintaining cost discipline [4] - DEMIRE's shares are listed in the Prime Standard of the German Stock Exchange in Frankfurt [5]

Core Viewpoint - Markus Hofmann, the Chairman of the Supervisory Board of DEMIRE Deutsche Mittelstand Real Estate AG, has announced his resignation effective September 15, 2025, along with the withdrawal of a request for a general meeting by AEPF III 15 S.à r.l. [1][4][3] Group 1 - The resignation of Markus Hofmann from the Supervisory Board is set to take effect on September 15, 2025 [4][3] - AEPF III 15 S.à r.l. has fully withdrawn its request for the convocation of a general meeting, which was initially submitted on August 6, 2025 [4][3] - The vacancy created by Hofmann's resignation will be filled promptly through a court appointment [5]

Financial Data and Key Metrics Changes - Rental income increased by 38% to €38,800,000, reflecting strong organic growth and acquisitions [4] - Total EBIT reached €95,700,000, with a significant revaluation gain of €71,000,000 [10][22] - The company maintained a conservative loan-to-value (LTV) ratio of around 30% [4] Business Line Data and Key Metrics Changes - The service division was divested, and the focus shifted to the property portfolio, resulting in solid recurring profits from the portfolio [20] - The vacancy rate decreased to 1.4%, indicating strong demand and effective management of the rental portfolio [21] Market Data and Key Metrics Changes - The population in the Geneva region increased by 4,360 inhabitants, contributing to strong demand for residential properties [10] - Construction activity remains insufficient, with only 345 units added in Q1 2025 and 570 in Q2, against an annual demand of nearly 6,000 new inhabitants [11] Company Strategy and Development Direction - The company aims to create long-term value for shareholders by focusing on residential properties in the Lake Geneva region and maintaining a low-risk profile [7][30] - Future acquisitions will be approached cautiously, prioritizing properties that can be transformed into residential units [35] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in exceeding the 21% full-year guidance for rental income growth due to strong demand and recent acquisitions [30] - The current macroeconomic environment remains volatile, but Switzerland is viewed as a safe haven for real estate investments [12] Other Important Information - The company has a strong balance sheet with 62% equity, indicating financial stability [28] - The dividend is well covered by recurring income, with potential for future growth [8][31] Q&A Session Summary Question: Details on July acquisitions - The July acquisition involved a commercial building purchased for €50,000,000, with a full occupancy rent potential of €3,800,000 [32] Question: Acquisition strategy regarding commercial properties - The company is open to acquiring commercial properties only if they can be transformed into residential units [34][35] Question: Potential purchases blocked by municipality rights - Currently, there are no signed acquisition contracts under review by the authority, and past acquisitions have generally received clearance within the expected deadlines [36][37]

Financial Performance - Investment portfolio Funds From Operations (FFO) increased by 3.7% to $150.3 million[9, 49] - Operating Profit before indirect expenses and income tax increased by 1.2% to $152.3 million[9, 48, 49] - Adjusted Funds From Operations (AFFO) was 6.54 cents per security (cps)[9] - Net tangible assets (NTA) per security decreased by $0.04 to $1.21[48] Portfolio & Occupancy - Portfolio occupancy was 97%[7, 39, 123] - Weighted Average Lease Term (WALT) was 6.0 years[9, 39, 123] - Commercial Bay retail FFO increased by 8.3%[9, 49] and MAT increased by 3.7%[9, 123] Capital Management & Investment - Strategic exit of the InterContinental Auckland hotel for $180 million[9] - Repaid $165 million of maturing retail bonds and USPP notes[9] - New $75 million five-year wholesale bond issued[9] - Capital partnerships totalling $1.6 billion on completion value[86]

Core Insights - Urbanfund Corp. has filed its financial statements for the three and six months ended June 30, 2025, along with the corresponding Management's Discussion and Analysis [1] - The company focuses on investing in Canadian real estate, including both residential and commercial properties, with assets located in various cities across Ontario and Quebec [2] Business Overview and Strategy - Urbanfund is listed on the TSX Venture Exchange under the symbol UFC and operates as a reporting issuer in Alberta, British Columbia, and Ontario [2] - The company's investment strategy emphasizes a mix of residential and commercial properties [2] Operational Highlights - Urbanfund's strength lies in its ability to attract partners with proven expertise in residential and commercial development [3] - The company continues to build strategic alliances to enhance its operational capabilities [3] Results from Operations - For the three months ended June 30, 2025, rental revenue was CAD 2,220,795, a decrease from CAD 2,274,375 in the same period of 2024 [5] - Income before taxes for the same period was CAD 1,443,047, down from CAD 2,036,581 in 2024 [5] - Net income and comprehensive income for the three months ended June 30, 2025, was CAD 1,067,047, compared to CAD 1,272,581 in 2024 [5] Selected Quarterly Information - For the six months ended June 30, 2025, rental revenue totaled CAD 4,315,716, down from CAD 4,450,274 in 2024 [5] - The net income for the six months ended June 30, 2025, was CAD 2,347,821, compared to CAD 3,145,223 in 2024 [5] Financial Position - As of June 30, 2025, total assets were CAD 154,923,194, slightly down from CAD 155,604,351 in 2024 [7] - Total investment properties increased to CAD 109,071,000 from CAD 108,843,000 in 2024 [7] - Total mortgages payable decreased to CAD 54,724,369 from CAD 55,506,091 in 2024 [7] Non-IFRS Measures - Funds from Operations (FFO) for the three months ended June 30, 2025, was CAD 1,566,779, down from CAD 3,247,993 in 2024 [9] - Adjusted Cash Flows from Operations (ACFO) for the same period was CAD 899,676, compared to CAD 5,404,752 in 2024 [11] Liquidity and Capital Resources - Urbanfund reported cash of CAD 8,818,331 and accounts receivable of CAD 249,557 as of June 30, 2025 [14] - The company expects to meet all obligations, including dividends to shareholders and property maintenance [13] Dividend Reinvestment Plan - Urbanfund has a Dividend Reinvestment Plan (DRIP) allowing shareholders to reinvest dividends to acquire additional shares at a discount [16] - The annual dividend rate was increased to CAD 0.05 per common share, representing a 67% increase from the previous year [17] Summary of Quarterly Distributions - The company issued 103,406 common shares valued at CAD 78,940 to DRIP participants for the six months ended June 30, 2025 [18]