Group 1 - David A. Johnson is the founder and principal of Endurance Capital Management, a New Jersey Limited Liability Company, with over 30 years of experience in investing [1] - The investment strategy includes stocks, bonds, options, ETFs, REITs, real estate, closed-end funds, hedge funds, and private credit [1] - David holds a Master of Science (MS) Degree in Finance, a Certificate in Financial Planning, and an MBA from Fordham University [1]

Core Insights - StepStone Private Wealth Solutions (SPWS) has achieved significant growth, reaching $10.2 billion in assets under management as of July 31, 2025, positioning itself as a key player in private markets investment [1][2][3] Company Overview - StepStone Group is a global private markets investment firm managing approximately $723 billion in total capital, including $199 billion in assets under management as of June 30, 2025 [6] - The firm serves a diverse clientele, including large pension funds, sovereign wealth funds, insurance companies, endowments, foundations, family offices, and high-net-worth individuals [6] Growth Drivers - The growth of SPWS is attributed to increased allocations to private market assets, particularly through evergreen and semi-liquid structures, with investments from private banks, wealth managers, and family offices [2][3] - Engagement from Registered Investment Advisors (RIAs) and strategic partnerships with financial intermediaries have been crucial in driving investments across SPWS's product offerings, which include private equity, venture capital, private debt, and infrastructure [2][3] Strategic Initiatives - SPWS is enhancing investor access by lowering investment minimums and eliminating accredited investor status for several wealth products in the US [4][7] - The firm has partnered with Goji to improve access to its global private market evergreen funds, including the SCRED ELTIF and UCI Part II structure [4][7] - StepStone Academy is expanding to provide on-demand continuing education credits for financial professionals, offering resources to enhance understanding of private markets [5][7] Market Positioning - StepStone differentiates itself through its proprietary intelligence platform (SPI by StepStone) and extensive relationships with leading deal sponsors, enhancing its global reach with 29 offices [3][6] - The firm aims to address legacy barriers in private market investments, providing simplified and transparent structures for investors [3][4]

Core Viewpoint - Northern Horizon A/S has signed a contract to sell its entire stake in Northern Horizon Capital AS, the management company of Baltic Horizon Fund, to the partners of Grinvest, a private investment company with significant expertise in the commercial real estate market in the Baltics [1][2][4]. Group 1: Transaction Details - The contract for the sale was concluded on August 19, 2025, and involves the transfer of 12,500 shares in Northern Horizon Capital AS to Grinvest's partners [2]. - The ownership distribution will see Antanas Anskaitis acquiring 4,168 shares, while Antanas Danys and Tomas Milašauskas will each acquire 4,166 shares [2]. - The transaction is expected to be completed upon receiving the necessary regulatory approvals [3]. Group 2: Strategic Implications - The sale is described as a strategic decision by Northern Horizon to focus on its core operations and leadership in Nordic social infrastructure investing [4]. - Grinvest aims to leverage its expertise to address the challenges faced by Baltic Horizon Fund over the past five years and is committed to engaging with all stakeholders post-transaction [5]. - The management structure of Baltic Horizon Fund will remain unchanged until the transaction is finalized, ensuring continuity in operations [5]. Group 3: Company Background - Baltic Horizon Fund is a registered contractual public closed-end real estate fund managed by Northern Horizon Capital AS, which holds an Alternative Investment Fund Manager license [8]. - Grinvest is a private investment firm with interests spanning commercial property, transportation, and infrastructure [8].

Financial Data and Key Metrics Changes - The company reported GAAP net income of $0.27 per share and adjusted net investment income of $0.18 per share for calendar Q2 [10] - The annualized economic return was nearly 20% net, and NAV per share grew [4] - The NAV at quarter end was $6.12 per share, with a NAV-based total return of 19.7% annualized [17] Business Line Data and Key Metrics Changes - The CLO portfolio grew by 27% quarter over quarter to $317 million, with new purchases of $91 million [14] - Contributions to net investment income came from U.S. CLO debt ($0.12), European CLO debt ($0.02), U.S. CLO equity ($0.02), and a penny loss on European CLO equity [10][11] - The company disposed of all remaining mortgage positions shortly after the REIT conversion, with minimal NAV impact [14] Market Data and Key Metrics Changes - Credit spreads on U.S. corporate high yield and investment grade bonds tightened overall during the quarter, with May and June's recovery offsetting April's weakness [5] - In Europe, leveraged loan prices posted modest gains but lagged behind the U.S. [12] - The CLO market saw high issuance levels historically, but lower than recent quarters due to intra-quarter volatility [6] Company Strategy and Development Direction - The company is focusing on CLO investments, benefiting from the closed-end fund structure, which enhances tax efficiency and allows for a concentrated investment strategy [9] - There is an emphasis on increasing exposure to CLO mezzanine positions and shifting focus to the secondary market for better relative value [21][22] - Plans to issue long-term unsecured debt later this year to increase leverage and enhance earnings growth [26] Management's Comments on Operating Environment and Future Outlook - Management noted that the market environment remains uncertain due to tariff policies, which could create winners and losers among sectors [42] - The company expects net investment income to cover its distribution rate starting in September, indicating confidence in future performance [8][26] - The management believes that the portfolio is well-balanced with core positions for stability and others offering upside potential [23] Other Important Information - The company maintained a cash and cash equivalents total of $36.6 million at quarter end [17] - The CLO portfolio is heavily weighted towards first lien floating rate leveraged loans, with no single sector exceeding 11% [15] Q&A Session Summary Question: Why haven't AAA spreads fully retraced while underlying loan spreads have? - Management indicated that there is less demand for AAA CLOs compared to earlier in the year, which has affected pricing [31][32] Question: Would the allocation remain similar to June, leaning more towards debt than equity? - Management suggested that if the market conditions remain challenging, the allocation would likely continue to favor debt over equity [35] Question: Will CLO issuance trends reverse by year-end? - Management noted that new issuance depends on the attractiveness of loan versus debt spreads, and it is uncertain if the market will see a significant increase in new issuance [40] Question: Is there an increased risk perception for equity tranches? - Management acknowledged that equity tranches carry more risk due to their first-loss position, especially in light of tariff uncertainties [42] Question: What is the updated quarter-to-date NAV estimate? - The company reported a NAV estimate around $6.16 as of July 31 [46]

Financial Performance - Operating profit reached $159.7 million, a 5.4% increase compared to FY24[8,18] - Operating EPS increased by 7.3% to 89.8 cents[8,18] - The full year dividend increased by 12.6% to 73.3 cents per share[8,18] - Returns to shareholders totaled $202.1 million, a 64% increase from FY24, including $74 million from on-market share buy-backs and $128 million in total dividends[8,18,19] - Strategic partnership income surged by 202% year-over-year to $31.1 million, representing 20% of total operating profit[8,10] - Fund investment income increased by 210% to $42.2 million[20] Assets Under Management (AUM) - Assets under management (AUM) grew by 8.2% year-over-year, reaching $39.6 billion[8,10,18] - Investment Management revenue decreased by 12% year-over-year to $245.7 million, due to a decline in margins[8,10,18] Strategic Partnerships - Invested capital in strategic partnerships increased by 103% to $324.5 million[24] - Strategic partnerships returned 10% on invested capital in FY25, up 4% over the year[26] - FinClear reported revenue growth of 8% year-on-year and underlying EBITDA growth of 15% year-on-year[62,63]

Financial Data and Key Metrics Changes - Operating profit increased by 5.4% to $159.7 million, supported by disciplined cost management and increased distributions from fund investments [2][10] - Revenue decreased by 12% year-on-year, primarily due to a reduction in average management fees across assets under management (AUM) [3][12] - Statutory profit fell by 31% compared to the prior period, reflecting lower mark-to-market gains on investments [11] Business Line Data and Key Metrics Changes - In the Investment Management business, AUM rose by 8.2% to $39.6 billion, driven by strong investment returns across strategies [2][18] - Management fees decreased by 8.6% due to a 13% reduction in the average fee rate, partially offset by a 4% increase in average AUM [12] - Performance fees amounted to $11.1 million, driven by strong performance in the infrastructure strategy [13] Market Data and Key Metrics Changes - The strategic partnerships segment saw profits triple to $31.1 million, contributing 20% of total operating profit [3][14] - Barron Joey's NPAT rose by 73% with revenue up 24%, indicating strong growth across multiple business lines [27] - Vimba contributed positively to the annual result for the first time, reinforcing the strategic fit and earnings potential of the partnership [14][28] Company Strategy and Development Direction - The company aims to provide diversified sources of revenue and has refreshed its corporate brand to better position itself for the future [1][5] - The strategy focuses on high-quality partnerships, particularly in investment management and specialist financial services, to enhance earnings diversity [4][30] - The company plans to pay out at least 80% of group operating profit as dividends, reflecting growth in earnings from strategic partners [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong performance from strategic partnerships and a solid balance sheet [9][10] - The company is focused on improving long-term investment performance and expanding client solutions through strategic partnerships [34][35] - Management acknowledged challenges from super fund internalization and geopolitical instability but remains committed to providing alpha for clients [51] Other Important Information - The company declared a fully franked final ordinary dividend of $0.259 per share, reflecting a payout ratio of 95% of investment management operating profit [10] - The company has over $560 million in liquid capital, providing strategic optionality for future growth [11] Q&A Session Summary Question: Update on the infrastructure fund and institutional clients' sentiment after leadership changes - Management reported no institutional client outflows following leadership changes, with positive client responses and increased attention to listed infrastructure as a strong asset class [40] Question: Is Barron Joey close to maturity or still has growth potential? - Management indicated that Barron Joey is not in a mature state and continues to see growth across multiple business lines [43] Question: Net flows in the first weeks of FY '26 compared to FY '25 - Management noted no material changes in net flows, with good momentum continuing from FY '25 [45] Question: Impact of fee transitions on margins - Management confirmed that the transition of fee rates will have a relatively small impact on overall margins [47] Question: Stability of AUM growth and future pressures - Management expressed optimism about the stabilization of AUM growth, despite ongoing challenges from super fund internalization and geopolitical instability [49] Question: Changes in revenue margins and fee reductions - Management clarified that there have been no changes in advertised rates, with the reduction in fee rates primarily due to compositional changes [54] Question: Future use of surplus capital - Management stated that they continue to explore strategic partnerships while balancing returns to shareholders through buybacks [58][60]

Market Broadening & Investment Strategy - Miller Value Partners 认为市场正在经历一个拓宽阶段，类似于 1999 年至 2006 年期间的情况 [1][2] - 建议积极投资于小盘周期性股票 [4] - 类似于 2000 年到 2006 年的环境，小型股价值指数几乎增长了两倍，跑赢大盘增长股 20%/年，持续 7 年 [3] Macroeconomic Factors - 美国失业率较低但略有上升 [3] - 通货膨胀在很大程度上受到控制，货币政策制定者受到鼓励放松政策 [4] - 债券市场目前预计未来 2 年的年化通胀率为 2.6%，属于可控范围 [5] Valuation Discrepancies & Capital Intensity - 科技七巨头（Mag 7）的估值相对于市场其他部分非常高，同时资本支出也在急剧增加 [6] - 科技七巨头（Mag 7）的资本支出占运营现金流的比例从 2020 年的三分之一以下增加到 2023 年的 60% 以上 [7] - 行业内对 AI 模型的过度投资可能导致价格战 [9] Specific Company Analysis - Alphabet 是价值投资者投资人工智能的途径，因为它拥有 YouTube、搜索和 Waymo 等资产的分配渠道 [9][10] - 尽管 Alphabet 具有更好的增长和护城河，但其交易价格低于市场 [10] - Android 操作系统每天都在 70% 的人手中，这是一个护城河 [12]

Company Overview - Pearl Diver Credit Company Inc. is an externally managed, non-diversified, closed-end management investment company focused on maximizing total return and generating high current income through investments primarily in equity and junior debt tranches of CLOs backed by sub-investment grade, senior secured floating-rate debt from various US companies across multiple sectors [4][6] - As of June 30, 2025, the company has approximately $3.0 billion in assets under management, supported by institutional investors including public pension plans, university endowments, and corporate pension plans across the US, Europe, and Latin America [6] Upcoming Financial Results - The company will announce its second quarter 2025 financial results on August 26, 2025, prior to market opening [1][3] - A conference call and webcast will be held on the same day at 11:00 am Eastern Time / 4:00 pm UK Time to discuss the financial results [1][2] Investment Strategy - The company aims to achieve its investment objectives by focusing on CLO investments, leveraging proprietary technology and advanced analytics to identify attractive opportunities in the market [5] - Pearl Diver Capital LLP, the external manager, has established strong relationships with over 80 CLO managers, providing access to critical credit information while avoiding conflicts of interest [6]

Group 1 - The article discusses a newly listed fixed-income security on the exchange, specifically focusing on Oxford Square Capital [1] - It invites active investors to join a free trial and engage in discussions within a chat room of sophisticated traders and investors [1] Group 2 - The article emphasizes that past performance is not indicative of future results and does not provide specific investment recommendations [2] - It clarifies that the analysts are third-party authors, which may include both professional and individual investors who might not be licensed or certified [2]

Core Insights - Infrastructure Capital Advisors is a prominent provider of investment management solutions aimed at income-focused investors [1] - Jay Hatfield serves as CEO and CIO, leading the investment team and managing multiple ETFs [1] - The company is frequently featured in major financial media outlets, enhancing its visibility and credibility [1] Company Overview - Infrastructure Capital manages a range of investment products including the InfraCap Small Cap Income ETF, InfraCap Equity Income Fund ETF, and others [1] - The firm publishes various market reports, commentaries, and educational resources to support investors [1] - Infrastructure Capital engages in educational initiatives through monthly webinars and participation in industry conferences [1]