Core Viewpoint - Qifu Technology, Inc. will hold its annual general meeting (AGM) on June 30, 2025, to discuss several key resolutions including a name change and re-appointment of auditors [1][4]. Group 1: AGM Details - The AGM is scheduled for June 30, 2025, at 10:00 a.m. Beijing time, at Lujiazui Finance Plaza, Shanghai [1]. - The record date for Class A ordinary shares is set for May 27, 2025, Hong Kong time, allowing holders to attend and vote at the AGM [2]. - Holders of American Depositary Shares (ADSs) must provide voting instructions to The Bank of New York Mellon to exercise their voting rights [3]. Group 2: Proposed Resolutions - Proposed changes at the AGM include changing the company's English name from "Qifu Technology, Inc." to "Qfin Holdings, Inc." [1]. - The company plans to adopt an amended and restated memorandum and articles of association [1]. - Deloitte Touche Tohmatsu Certified Public Accountants LLP is proposed for re-appointment as the auditor until the next AGM [1]. - Mr. Xiangge Liu is proposed for re-election as a director of the company [1]. Group 3: Company Overview - Qifu Technology is a leading AI-empowered Credit-Tech platform in China, providing technology services throughout the loan lifecycle [5]. - The company utilizes machine learning models and data analytics to enhance credit service accessibility for consumers and SMEs [5].

Core Viewpoint - Qifu Technology, Inc. is set to hold its annual general meeting (AGM) on June 30, 2025, to discuss several key resolutions including a name change and re-appointment of auditors [1][4]. Group 1: AGM Details - The AGM will take place at 10:00 a.m. on June 30, 2025, in Shanghai, China [1]. - The agenda includes changing the company's English name from "Qifu Technology, Inc." to "Qfin Holdings, Inc." [1]. - The company plans to adopt an amended and restated memorandum and articles of association [1]. - Deloitte Touche Tohmatsu Certified Public Accountants LLP is proposed to be re-appointed as the auditor until the next AGM [1]. - Mr. Xiangge Liu is up for re-election as a director of the company [1]. Group 2: Shareholder Information - The record date for Class A ordinary shares is set for May 27, 2025, Hong Kong time, allowing holders to attend and vote at the AGM [2]. - Holders of American Depositary Shares (ADSs) must provide voting instructions to The Bank of New York Mellon to exercise their voting rights [3]. Group 3: Company Overview - Qifu Technology is recognized as a leading AI-empowered Credit-Tech platform in China, offering a range of technology services to financial institutions and consumers [5]. - The company utilizes advanced machine learning models and data analytics to enhance the loan lifecycle, including borrower acquisition and credit assessment [5]. - Qifu Technology aims to make credit services more accessible and personalized for consumers and SMEs through its Credit-Tech services [5].

Core Viewpoint - Carbon Done Right Developments Inc. is raising up to $100,000 through a non-brokered private placement to support its operations and projects globally [1][2] Group 1: Financial Activities - The company plans to issue common shares at a price of $0.015 per share as part of the offering [1] - The offering is expected to close around May 26, 2025, pending necessary approvals [4] - The company intends to settle $165,768 (US$120,000) of debt by issuing 11,051,200 common shares at the same price of $0.015 per share [6] Group 2: Project Developments - The company launched a new mangrove restoration project in Suriname, targeting up to 5,000 hectares of degraded land [2] - The flagship forest carbon restoration project in Sierra Leone was validated under Verra's new forest restoration protocol in December 2024 [3] - The company is seeking new partners for investment opportunities after an existing Offtaker declined to expand their investment [3] Group 3: Company Overview - Carbon Done Right focuses on nature-based carbon assets to meet the growing demand for carbon credits [7] - The company engages in the restoration and management of ecosystems to enhance greenhouse gas sequestration [7] - It operates in various jurisdictions, including Sierra Leone, Yucatan, Guyana, and Suriname, emphasizing environmental stewardship [7]

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Group 1 - The credit markets have faced significant challenges due to rapidly rising interest rates, impacting property values and investment opportunities [1] - High Dividend Opportunities have been particularly affected by these market conditions, leading to a reevaluation of investment strategies [1] Group 2 - The Income Method promoted by the company aims to generate strong returns, targeting a yield of 9-10%, which could appeal to investors seeking reliable income streams [3] - A month-long paid trial is being offered at $49, with an additional 5% discount, to attract new investors to the portfolio [3]

Group 1: Company Overview - Berkshire Hathaway CEO Warren Buffett has announced his resignation after 65 years, during which the company achieved a 20% compound annual return since 1965 [1] - American Express is a significant asset in Berkshire's portfolio, currently trading 15% below its 52-week high, presenting a buying opportunity [2] Group 2: Market Position and Competition - American Express processed $1.7 trillion in credit card purchase volume in 2023, capturing a 9% share of global purchase volume, significantly lower than Visa's 33% and Mastercard's 21% [3] - Unlike Visa and Mastercard, American Express operates a closed-loop payment system, managing both transaction processing and credit risk [4] Group 3: Target Market and Strategy - American Express focuses on affluent consumers, which helps maintain lower default rates and provides revenue stability during economic downturns [5] - The brand's strength is emphasized by Buffett, who highlighted the importance of the brand and customer aspirations [6] Group 4: Financial Performance - In Q1, American Express reported a network volume of $439.6 billion, a 5% increase from the previous year, and net interest income rose 11% to $4.2 billion [10] - The company's credit quality remains stable, with only 1.3% of card loans more than 30 days past due and net write-offs at 2.4% [11] Group 5: Investment Outlook - The stock's P/E ratio has decreased from 23.2 to 19.3, creating an opportunity for long-term investors [12] - Buffett's long-standing belief in American Express positions it as an excellent stock for investors to consider, especially if market conditions worsen [13]

Financial Data and Key Metrics Changes - The company reported a GAAP EPS loss of $0.30 per share for Q1 2025, compared to an income of $0.19 per share in Q1 2024, which included $0.47 per share from the sale of the Shelburne Hotel [12] - Baseline EBITDA for Q1 2025 was $108 million, a 5% increase year-over-year, bringing the trailing twelve-month baseline EBITDA to $412 million [12] - Assets under management grew by 26% over the past two years to $29 billion, producing approximately $575 million in estimated annual NOI and fees [5] Business Line Data and Key Metrics Changes - The rental housing sector, representing 66% of assets under management, is expected to grow to over 80% in the next three years [6] - Same property multifamily occupancy increased to 95%, with same property revenue growing by 3% and same property NOI by 4.3% in Q1 [7] - Investment management fees grew by 17% in Q1 to $25 million, reflecting strong performance in the credit platform and continued growth in equity platforms [8][24] Market Data and Key Metrics Changes - U.S. real estate transaction volumes increased by 23% in Q1, with no material changes in sentiment observed in Q2 [6] - The Pacific Northwest portfolio saw the strongest NOI growth of 6.6%, driven by return-to-office mandates [19] - In Ireland, same property NOI in the apartment portfolio increased by 3.5%, supported by occupancy growth and strong operating expense management [21] Company Strategy and Development Direction - The company is focused on simplifying its business through asset sales, reducing unsecured debt, and increasing free cash flow [10] - The asset sale program aims to generate between $400 million to $450 million in cash by year-end, with $150 million to $200 million expected to close by the end of Q2 [10] - The company is expanding its credit solutions to include mezzanine debt and preferred equity investments, enhancing its ability to capture opportunities within the credit space [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving fee revenue growth targets of 20% to 25% annually, supported by a strong Q2 pipeline [9] - The company believes that the best risk-adjusted returns are found in the rental housing sector due to demand driven by housing shortages and declining new supply [6] - Management noted that the current economic environment presents attractive investment opportunities, and the company is well-positioned to capitalize on these [9] Other Important Information - The company has reduced its unsecured debt by $250 million over the last two years and plans to continue this trend [10] - Total debt is 96% fixed or hedged, with a weighted average maturity of 4.8 years and an effective interest rate of 4.7% [16] - The company has a strong pipeline of advanced stages totaling $375 million in its new U.K. single-family rental platform [26] Q&A Session Summary Question: Regarding fee-bearing capital growth - Management confirmed confidence in achieving 20% to 25% annual growth in fees, supported by a strong pipeline and future fundings [29][30] Question: On liquidity and partner capital costs - Management acknowledged increased competition but emphasized strong relationships and flexibility in pricing to remain competitive [31][32][34] Question: Stock buyback plans - Management indicated that current cash usage is focused on paying down unsecured debt, with stock buybacks reconsidered post-debt reduction [35][36][37] Question: Dispositions and cap rates - Management confirmed that dispositions are well underway, with most expected to close in June, but refrained from commenting on specific cap rates [40][42] Question: Loan origination rates - Management noted some downward pressure on spreads due to increased competition, but still finds the rates attractive relative to alternatives [49][51] Question: Exposure to government-backed housing - Management reported that about 15% of tenants have some form of HUD backing, but expressed no immediate concerns regarding capital availability [56][60]

Financial Data and Key Metrics Changes - The company reported a GAAP EPS loss of $0.30 for Q1 2025, compared to an income of $0.19 per share in Q1 2024, which included $0.47 per share from the sale of the Shelburne Hotel [14] - Baseline EBITDA for Q1 2025 was $108 million, a 5% increase year-over-year, bringing the trailing twelve-month baseline EBITDA to $412 million [14] - Assets under management grew by 26% over the past two years to $29 billion, producing approximately $575 million in estimated annual NOI and fees [6] Business Line Data and Key Metrics Changes - The rental housing sector, representing 66% of assets under management, is expected to grow to over 80% in the next three years [7] - Same property multifamily occupancy increased to 95%, with same property revenue growing by 3% and same property NOI by 4.3% in Q1 [8] - Investment management fees grew by 17% in Q1 to $25 million, reflecting strong performance in the credit platform and continued growth in equity platforms [10][27] Market Data and Key Metrics Changes - In the U.S., real estate transaction volumes increased by 23% in Q1, with no material changes in sentiment observed in Q2 [7] - The company noted strong apartment demand in Q1, with blended leasing spreads increasing to 1.5% and a significant improvement in new lease rents [20] - In Ireland, same property NOI in the apartment portfolio was up 3.5%, driven by occupancy growth and strong operating expense management [23] Company Strategy and Development Direction - The company is focused on executing a non-core asset sale plan, aiming to generate between $400 million to $450 million from asset sales and recaps by year-end [12] - The strategy includes reducing unsecured debt and simplifying the business by focusing on core sectors of rental housing and industrial [30] - The company is expanding its credit solutions to include mezzanine debt and preferred equity investments, enhancing its ability to capture opportunities within the credit space [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving fee revenue growth targets of 20% to 25% annually, supported by a strong pipeline of activity [11] - The company believes that the best risk-adjusted returns are found in the rental housing sector due to demand driven by housing shortages and declining new supply [7] - Management highlighted the importance of relationships in maintaining competitiveness amid increased market volatility and competition [34] Other Important Information - The company has a strong pipeline of $2.5 billion in loan originations and real estate equity acquisitions, primarily within the rental housing sector [5] - The total debt is 96% fixed or hedged, with a weighted average maturity of 4.8 years and a weighted average effective interest rate of 4.7% [18] - The company is actively monitoring potential impacts from government changes on affordable housing, with 15% of tenants having some form of HUD backing [54][57] Q&A Session Summary Question: Regarding fee-bearing capital growth - Management confirmed confidence in achieving 20% to 25% growth in fees, citing a strong pipeline and future funding commitments [32][33] Question: On liquidity and partner capital costs - Management acknowledged increased competition but emphasized strong relationships and flexibility in pricing to remain competitive [34][36] Question: Stock buyback plans - The focus remains on paying down unsecured debt, with potential reconsideration of stock buybacks after addressing debt obligations [37][39] Question: Dispositions and cap rates - Management indicated that dispositions are well underway, with expected closures in June, but refrained from commenting on specific cap rates [42][44] Question: Loan origination rates and prepayments - Loan origination rates have seen downward pressure, but the quality of projects remains high; a significant prepayment was noted as an outlier [51][53] Question: Exposure to government-backed housing - Approximately 15% of tenants have HUD backing, but management does not foresee immediate concerns regarding capital availability [56][60]

Financial Data and Key Metrics Changes - The company declared and paid a $0.25 per share dividend in Q1 2025, representing an annualized dividend yield of 14.3% based on the closing share price on 05/06/2025 [4] - Adjusted net investment income was $4.2 million or $0.19 per share, down from $6.2 million or $0.29 per share in the previous quarter [16][17] - NAV decreased to $186.9 million or $8.63 per share from $191.8 million or $8.85 per share at the end of Q4 2024 [18] Business Line Data and Key Metrics Changes - The investment portfolio totaled $430.6 million, a decrease of $26.4 million from $457 million at the end of Q4 2024, consisting of debt and equity investments in 85 portfolio companies [12] - Investment income totaled $11.6 million in Q1 2025, down from $14 million in Q4 2024, primarily due to lower effective yield and a decrease in average invested assets [20] Market Data and Key Metrics Changes - Middle market direct lending volume in Q1 2025 was down 22% from Q4 2024 but up 16% year-over-year [12] - The weighted average effective yield on the portfolio's debt and equity investments was 9.2% at 03/31/2025, compared to 10.2% at 12/31/2024 [17] Company Strategy and Development Direction - The company focuses on maintaining asset quality and positioning the portfolio for long-term performance amid market volatility [4][8] - The strategy includes supporting existing portfolio companies and selectively deploying capital into recession-resistant industries [9][10] - The partnership with Wendell Group aims to drive value for shareholders while maintaining operational independence [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the portfolio and the ability to navigate near-term income volatility [27] - The company anticipates that net investment income will be shy of current dividend levels in the short run, relying on accumulated spillover income to support dividends [30] Other Important Information - The company ended the quarter with reduced balance sheet leverage, with a leverage ratio of 1.45 times debt to equity compared to 1.53 times at the end of 2024 [16] - Total expenses for Q1 2025 were $7.6 million, down from $8 million in Q4 2024, primarily due to a decline in interest expense [24] Q&A Session Summary Question: Sustainability of the dividend - Management is evaluating the dividend in light of current earnings and anticipates that net investment income will be shy of current dividend levels in the short run, using spillover income to support the dividend [29][30] Question: Stock buybacks - The company has historically not supported stock buybacks, focusing instead on maintaining leverage and supporting portfolio companies [31] Question: Fee waivers - Management clarified that they continue to support MRCC and have waived incentive fees in the current and prior quarters, indicating ongoing support [35][36] Question: SLF structure and future - Management is evaluating whether to continue allowing the SLF portfolio to run off or to deleverage it, expressing a lack of constructive outlook on this end of the market [38][39] Question: Strategic evolution post-partnership - The company will continue to evolve strategically to create value for shareholders, with ongoing evaluations of strategic opportunities [42][43]

FS KKR Capital (FSK) Q1 2025 Earnings Call May 08, 2025 09:00 AM ET Company Participants Anna Kleinhenn - SVP - Investor RelationsMichael Forman - Chairman & CEODaniel Pietrzak - Co-President & Chief Investment OfficerSteven Lilly - CFOJohn Hecht - Managing DirectorKenneth Lee - Vice PresidentMaxwell Fritscher - Equity Research Associate Conference Call Participants Casey Alexander - Senior Vice President & Research AnalystFinian O’Shea - AnalystRobert Dodd - Analyst Operator Good morning, ladies and gentle ...