Core Insights - Mill City Ventures III, Ltd. has established itself as the largest publicly traded SUI treasury, backed by an exclusive relationship with the Sui Foundation, and aims to provide institutional-grade access to the SUI blockchain [2][7] - The company has scaled its total treasury holdings to approximately 81.9 million SUI as of August 10, 2025, and is currently staking all SUI in the treasury, earning about $26,000 per day [7][8] - Mill City reported a 64% increase in net assets resulting from operations for Q2 2025, amounting to approximately $677,000, or $0.11 per share, compared to $413,000, or $0.06 per share in Q2 2024 [10] Company Developments - The company launched the first publicly traded, Foundation-backed SUI treasury strategy on July 31, 2025, focusing on acquiring SUI tokens through various channels [1][2] - Mill City has raised $450 million in capital through a PIPE offering as of August 1, 2025, with Galaxy appointed as Asset Management to manage the SUI treasury [7][10] - The company plans to continue its existing commercial short-term non-bank lending and specialty finance business while executing its SUI treasury strategy [1][8] Industry Context - SUI is positioned as a next-generation Layer 1 blockchain designed for scalability, speed, and security, enabling decentralized applications across various sectors including finance and gaming [3][4] - The Sui Foundation is dedicated to the advancement and adoption of the SUI network, providing Mill City with insights and access to strategic network growth initiatives [2][7] - The architecture of SUI is designed to support mass market consumer applications in Web3, potentially transforming the global economy [4][6]

Core Viewpoint - Timbercreek Financial reported solid performance in Q2 2025, with positive commercial real estate conditions and a growing portfolio despite macroeconomic volatility related to tariffs [3]. Financial Performance - Net mortgage investments increased to $1,114.0 million in Q2 2025, up from $1,003.4 million in Q2 2024, representing an increase of 11.0% year-over-year [4][5]. - Net investment income for Q2 2025 was $25.2 million, a decrease from $26.4 million in Q2 2024 [5]. - Net income and comprehensive income for Q2 2025 was $12.4 million, down from $15.4 million in Q2 2024, resulting in basic earnings per share of $0.15 compared to $0.19 in Q2 2024 [5][6]. - Distributable income was $14.6 million ($0.18 per share) in Q2 2025, down from $16.3 million ($0.20 per share) in Q2 2024 [5][6]. Dividend Information - The company declared dividends totaling $14.3 million in Q2 2025, maintaining a dividend per share of $0.17, with a payout ratio on distributable income of 97.8% [5][6]. - The current trading price of $7.79 provides an attractive dividend yield of 8.9%, which is a 6.1% premium over the 2-year Canadian bond yield [5]. Portfolio and Loan Performance - The weighted average interest rate on the portfolio was 8.6% in Q2 2025, with 87.4% of the portfolio in variable rate loans protected by interest rate floors [6]. - The company has made significant progress in addressing remaining staged loans, resolving over $80.0 million in Stage 2 and 3 loans in Q2 2025 [5]. Market Conditions - Despite ongoing tariff-related macro volatility, the commercial real estate market remains positive, particularly in the multi-family residential sector, which is expected to perform well during economic uncertainty [3][5].

Core Points - Timbercreek Financial has declared a monthly cash dividend of $0.0575 per common share, payable on August 15, 2025, to shareholders of record on July 31, 2025 [1] - The company offers a Dividend Reinvestment Plan that allows shareholders to reinvest cash dividends into additional common shares at a potential discount without incurring commissions or fees [2] - Under the Dividend Reinvestment Plan, shares will be acquired either in the open market at prevailing prices or issued from treasury at 98% of the average market price for the five trading days prior to the dividend payment date [3] - Shareholders holding shares through brokers or other nominees must enroll for the reinvestment plan through their respective nominee [4] - Timbercreek Financial is a non-bank commercial real estate lender that provides structured financing solutions, focusing on faster execution and flexible terms compared to traditional Canadian financial institutions [4]