Core Viewpoint - Virtus Investment Partners has announced a definitive agreement to acquire a majority interest in Keystone National Group, expanding its offerings into private markets with a focus on asset-backed lending strategies [1] Group 1: Transaction Details - The acquisition involves a purchase price of $200 million at closing, with an additional potential $170 million in deferred consideration based on future revenue targets [1] - The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions [1] - Virtus plans to finance the acquisition using existing balance sheet resources [1] Group 2: Keystone National Group Overview - Keystone National Group, established in 2006, specializes in asset-centric private credit and has over 20 years of experience managing private credit assets [1][2] - As of October 31, 2025, Keystone managed $2.5 billion and has deployed over $6 billion in more than 750 transactions [1] - Keystone's flagship fund, the Keystone Private Income Fund (KPIF), has $2.0 billion in assets and is recognized for its stable investment performance [1] Group 3: Management and Operations - Keystone's management team will retain significant equity and enter into long-term employment agreements post-acquisition [1] - Keystone will maintain autonomy over its investment process and day-to-day operations, preserving its culture and brand identity [1] - The firm employs approximately 40 individuals and operates from Salt Lake City, Utah [2]

Core Insights - State Street Investment Management and Galaxy Asset Management are launching the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized private liquidity fund utilizing PYUSD stablecoins for transactions, with an initial seeding of approximately $200 million from Ondo Finance [1][3][4] Group 1: Fund Overview - SWEEP will debut on the Solana blockchain in early 2026, with plans for future integrations on Stellar and Ethereum, leveraging Chainlink for cross-chain interoperability [2] - The fund aims to provide a liquid, onchain cash management solution, combining State Street's expertise in traditional liquidity management with Galaxy's blockchain capabilities [3][4] Group 2: Strategic Partnerships - The collaboration between State Street and Galaxy is positioned as a significant innovation in the asset management and capital markets landscape, merging traditional finance (TradFi) with decentralized finance (DeFi) [4] - Ondo Finance's investment is expected to anchor the fund and support its growth, highlighting the synergy between TradFi, DeFi, and tokenization [4] Group 3: Company Backgrounds - State Street Investment Management has nearly 50 years of experience, managing over $5 trillion in assets across more than 60 countries, focusing on delivering comprehensive investment solutions [5][6] - Galaxy Digital Inc. is recognized as a leader in digital assets and data center infrastructure, providing institutional access to various financial services and technologies [7]

Devlin说："如果政府在实施投资计划方面能够取得任何成效，那么供给要么来自政府，要么来自私营 部门，但政府会提供补贴。"这意味着长期债券收益率的上升速度将快于短期利率，或者下降速度将慢 于短期利率，从而导致收益率曲线变陡。 该公司还对加拿大5年期国债进行了"策略性"交易，此前公布的经济数据出人意料地强劲，导致加拿大5 年期国债价格大幅下跌。Devlin称："就在过去两周，加拿大5年期国债的价格曲线变得异常便宜。" Devlin曾在太平洋投资管理公司工作近15年，于2020年离职并创立了自己的公司。上个月，Devlin Capital获得了其首个资产管理客户，即加拿大帝国商业银行委托其担任CIBC加拿大固定收益私募股权 基金的子顾问。 智通财经APP获悉，加拿大基金管理公司Devlin Capital正在为北美两大经济体收益率曲线进一步陡峭化 做好准备，因为美国和加拿大政府为了支付减税、军事项目和其他优先事项，都出现了巨额预算赤字。 该公司创始人Ed Devlin曾任太平洋投资管理公司(Pimco)加拿大投资组合管理主管，他表示，即便两国 央行都采取宽松的货币政策，两国仍将迎来长期债券发行热潮。美联储周三再 ...

William Smith, AllianceBernstein senior vice president and director of credit, says repricing in the debt markets reflects rising risks. He tells Romaine Bostick and Katie Greifeld on "The Close" that uncertainty around payback periods, CapEx and its financing is creating a healthier dynamic for debt investors. ...

The capital markets weren't blindsided by the U.S. Federal Reserve's third and final rate cut of 2025. While the majority of markets are cheering the quarter-point cut, a contingent of fixed-income investors could jeer at the prospect of yields falling with more cuts to come in 2026. This is where an actively managed strategy encapsulated in an ETF can assist. Early prognostications of another 25-basis-point cut in the opening month of the new year already show an over 70% chance, per the CME Group's FedWat ...

Core Viewpoint - Rosen Law Firm has announced a class action lawsuit on behalf of purchasers of Blue Owl Capital Inc. securities, alleging misleading statements and undisclosed liquidity issues during the class period from February 6, 2025, to November 16, 2025 [1][5]. Group 1: Lawsuit Details - The lawsuit claims that Blue Owl faced significant pressure on its asset base due to business development companies (BDC) redemptions, leading to undisclosed liquidity issues [5]. - Defendants allegedly downplayed the severity of the negative impacts on Blue Owl's business, operations, and prospects, resulting in materially misleading statements [5]. - Investors are encouraged to join the class action to seek compensation without out-of-pocket fees through a contingency fee arrangement [2][3]. Group 2: Legal Representation - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions, highlighting its own achievements in recovering significant amounts for investors [4]. - The firm has been recognized for its performance in securities class action settlements, including being ranked No. 1 by ISS Securities Class Action Services in 2017 and securing over $438 million for investors in 2019 [4]. - Investors can join the class action by submitting a form or contacting the firm directly for more information [3][6].

The economy may be in a place where more rate cuts from the Fed aren't needed. "Internally at Apollo, we do not think there's a need for a cut. There's nothing in the data that tells us that, but at the same time, I understand the decision," Apollo Global Management (APO) co-founder and CEO Marc Rowan exclusively told Yahoo Finance on Wednesday. Rowan spoke to Yahoo Finance moments before the Federal Reserve decided to cut rates by 25 basis points, the third cut of 2025. He noted that longer term, marke ...

Group 1 - The total Assets Under Management (AUM) includes both discretionary and non-discretionary assets, excluding Other Assets [1] - AUM encompasses various types of funds, including institutional and retail share classes, money market, and VIP funds [1] - The report includes wrap program accounts, Collective Investment Trusts (CITs), Unified Managed Accounts (UMAs), UCITS, private funds, and non-U.S. domiciled pooled vehicles [1] Group 2 - The data represents only ETF assets held by third parties, excluding those held by other Victory Capital products [2] - Low-fee institutional assets, which range from 2 to 4 basis points, are included in Victory's Regulatory Assets Under Management reported in Form ADV Part 1 [2]

VERO BEACH, Fla., Dec. 10, 2025 (GLOBE NEWSWIRE) -- Bimini Capital Management, Inc. (OTCQX:BMNM) (“Bimini Capital”, or the “Company”) today announced its Board of Directors (“Board”) has adopted an amendment (the “First Amendment”) to the Company’s existing Rights Agreement, dated December 21, 2025 (the “Original Rights Plan” and, as amended by the First Amendment, the “Rights Plan”), pursuant to which the expiration date of the Original Rights Plan was extended five years to December 21, 2030, and the purc ...

Summary of Blue Owl Capital Conference Call Company Overview - **Company**: Blue Owl Capital (NYSE: OWL) - **Industry**: Alternative Asset Management - **Assets Under Management**: Nearly $300 billion - **Specialization**: Private credit, GP solutions, and real assets Key Priorities and Strategic Focus - **2026 Priorities**: Focus on execution after a year of integration and diversification in 2025 [4][43] - **Margin Improvement**: Aim for gradual increase in margins and focus on FRE (Fee-Related Earnings) per share [4][43] - **Fundraising Initiatives**: Actively fundraising for flagship funds, including a $7.5 billion real estate fund and a digital infrastructure fund expected to be larger than the previous $7 billion [5][6] Fund Performance and Market Dynamics - **Private Credit Performance**: Underlying portfolio companies show strong performance with average EBITDA of $275 million and low loan-to-value ratios (39% for corporate credit, 30% for software loans) [13][14] - **Revenue and EBITDA Growth**: Recent growth rates have slowed slightly to 7.5%-8% from 8%-9%, but remain robust [15] - **Default Rates**: Very few defaults observed, with no new names added to the watch list [15] Wealth Management Channel - **Growth in Wealth Channel**: $16 billion of inflows over the last 12 months, with a focus on expanding product offerings and geographical reach [22][25] - **Market Positioning**: Transitioned from an advisor-sub-advisor model to an in-house fundraising model, resulting in a team of over 200 people [24][25] Market Challenges and Outlook - **M&A Environment**: Deployment rates have been below expectations, but there is cautious optimism for improvement in the M&A environment [10][11] - **Concerns from Advisors**: Financial advisors express concerns about market conditions, but there is still optimism about the long-term potential of private credit [29][31] New Product Launches - **Digital Infrastructure Fund**: Recently launched with significant initial capital, expected to scale rapidly [34][36] - **Alternative Credit**: Less competition than direct lending, with higher expected returns [40][42] Financial Metrics and Future Guidance - **FRE Margins**: Commitment to improving FRE margins, aiming for around 60% in the future [43][45] - **Long-term Growth Target**: Targeting $3 billion in FRE, with confidence in achieving this goal [46] Conclusion - **Focus on Organic Growth**: Current strategy emphasizes growing existing products and managing recent acquisitions rather than pursuing new M&A opportunities [47][48]