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Goldman Sachs presented a fairly benign outlook for its credit provisions compared to those of its rival JPMorgan Chase, which was hit by an exposure to the collapsed Tricolor Holdings https://t.co/PJbmQl4aBF ...

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Core Points - Sampo plc has initiated a share buyback program with a maximum limit of EUR 200 million, which commenced on 7 August 2025 [1][2] - On 10 October 2025, Sampo plc acquired a total of 307,924 A shares at an average price of EUR 9.91 per share [1] - Following the transactions, Sampo plc now holds a total of 15,753,585 A shares, representing 0.59% of the total shares outstanding [2] Summary by Sections Share Buyback Program - The share buyback program was announced on 6 August 2025 and is in compliance with the Market Abuse Regulation (EU) 596/2014 [1] - The program is based on the authorization granted by Sampo's Annual General Meeting on 23 April 2025 [1] Transaction Details - The daily buyback volumes on 10 October 2025 were as follows: - 11,507 shares at EUR 9.92 on AQEU - 128,348 shares at EUR 9.91 on CEUX - 39,050 shares at EUR 9.91 on TQEX - 129,019 shares at EUR 9.91 on XHEL [1] Ownership Post-Transactions - After the disclosed transactions, Sampo plc's total ownership of A shares stands at 15,753,585, which is 0.59% of the total shares [2]

Core Insights - Sound Income Strategies, LLC sold 177,473 shares of Hercules Capital for approximately $3.40 million, reducing its stake in the company [1][2] - Following the sale, Sound Income holds 2,752,867 shares of Hercules Capital, which represents 2.6% of its reportable U.S. equity assets [2][3] Company Overview - Hercules Capital reported a total revenue of $504 million and a net income of $257 million for the trailing twelve months (TTM) [4] - The company has a dividend yield of 11.26% and its stock price was $17.06 as of October 9, 2025, reflecting a 15.17% decline over the past year [4][3] Business Model - Hercules Capital specializes in providing venture debt, senior secured loans, and growth capital primarily to privately held, venture capital-backed companies in technology, life sciences, and sustainable energy sectors [5][6] - The company targets emerging and growth-stage companies in the U.S., focusing on those seeking flexible financing solutions [5][6] Market Performance - Hercules Capital's stock has underperformed the S&P 500 by 23.78 percentage points over the past year, with a total return of -6.2% compared to the S&P 500's 14.2% [3][9] - The stock has seen a significant decline of nearly 15% in the last month alone, indicating a challenging market environment [9] Institutional Perspective - The sale of Hercules Capital shares by Sound Income Strategies is viewed as an adjustment rather than a significant directional call, as the firm retains over 2.7 million shares, making Hercules its third-largest position [10][8]

Cohort Capital has provided a £20m ($26.6m) bridging finance facility for the purchase of The Lancaster, a Grade II listed hotel overlooking Hyde Park in London, UK. Details regarding the new owner have not been disclosed. The 54-room property, which covers 41,371ft², was designed by a British architect in the mid-1800s, is set for redevelopment. The new owner is currently considering various options for the site. The options include converting the hotel into a 67-room boutique, developing 64 serviced ...

Core Insights - Financial issues at First Brands have created significant concern among investors, with the potential for a multibillion-dollar crisis [1][2] - The company filed for bankruptcy protection on September 29, citing liabilities between $10 billion and $50 billion against assets of $1 billion to $10 billion [4] Company Overview - First Brands, founded by Patrick James, began as Crowne Group and has grown through acquisitions, owning 24 automotive-related companies as of 2020 [3] - The company specializes in automotive parts, including spark plugs, wiper blades, and brake components, often at lower prices than original equipment parts [4] Financial Practices - First Brands utilized opaque off-balance sheet financing, leading to creditor concerns and a transformation into a finance company rather than a traditional auto parts supplier [5] - The use of factoring, while common, became problematic due to the obscurity of the debt size and holders, reminiscent of past financial collapses [6] Market Reactions - The rapid decline of First Brands has unsettled investors, with increasing scrutiny as more information becomes available [5] - Jim Chanos highlighted that complex financial systems often thrive during economic booms, only to face scrutiny when issues arise [7]

Core Insights - Runway Growth Finance Corp. completed 11 investments totaling $128.3 million in the third quarter of 2025, focusing on both new and existing portfolio companies [1][3] - The company emphasizes a disciplined underwriting approach and aims to optimize a diversified portfolio across technology, healthcare, and select consumer sectors [2][4] Investment Activities - The investments included two new portfolio companies, eight existing portfolio companies, and one investment in Runway-Cadma I LLC [3] - Notable liquidity events in the third quarter totaled $201.2 million, including significant investments in companies like Kin Insurance, Madison Reed, and Skillshare [3] Portfolio Overview - As of September 30, 2025, the portfolio comprised 47 debt investments across 30 companies and 89 equity investments in 47 companies, with 23 companies receiving both debt and equity support [5] - The focus remains on late and growth-stage businesses in high-growth sectors such as technology and healthcare [4][5] Company Structure and Management - Runway Growth operates as a credit-first organization, prioritizing high-quality late-stage companies in the venture debt market [4] - The company is externally managed by Runway Growth Capital LLC, an affiliate of BC Partners Advisors L.P., and led by industry veteran David Spreng [6]

Core Insights - Main Street Capital originated new or increased commitments in its private loan portfolio amounting to $117.3 million in the third quarter [1] - The company funded total investments in its private loan portfolio with a cost basis of $113.3 million [1]

Justin Tuck recalls the advice from his grandfather that shaped his decision to pursue business and working at Goldman Sachs.Watch the full episode of The Deal on the Bloomberg app or listen wherever you get your podcasts https://t.co/0vETAc432r https://t.co/vu4w7ged2u ...