Core Viewpoint - The article discusses the investment landscape in the real estate sector, particularly focusing on the performance and potential of various real estate investment trusts (REITs) and housing-related securities [2]. Group 1: Company Insights - Hoya Capital Research & Index Innovations is affiliated with Hoya Capital Real Estate, providing investment advisory services and market commentary focused on publicly traded securities in the real estate industry [2]. - The commentary emphasizes the importance of consulting with investment, tax, or legal advisers before making investment decisions, highlighting the complexities involved in real estate investments [2][3]. Group 2: Market Commentary - The article notes that past performance of investments is not indicative of future results, stressing the inherent risks associated with investing in real estate companies and housing industry firms [3]. - It mentions that the views and opinions expressed in the commentary are subject to change and should not be considered as definitive investment advice [3].

Core Insights - Horizon Kinetics Holding Corporation has qualified to trade on the OTCQX Best Market, marking a significant upgrade from the OTCID Basic Market [1][4] - The company will begin trading under the symbol "HKHC" and U.S. investors can access its financial disclosures and real-time quotes on the OTC Markets website [2] - The OTCQX Market is designed for investor-focused companies, requiring them to meet high financial standards and adhere to best practices in corporate governance [3] Company Overview - Horizon Kinetics Holding Corporation primarily provides investment advisory services through its subsidiary, Horizon Kinetics Asset Management LLC, which is a registered investment advisor [5] - The company specializes in independent proprietary research and investment advisory services for both long-only and alternative value-based investing strategies [5] OTC Markets Group Overview - OTC Markets Group Inc. operates regulated markets for trading approximately 12,000 U.S. and international securities, with a focus on data-driven disclosure standards [6] - The group offers various market tiers, including OTCQX Best Market, OTCQB Venture Market, OTCID Basic Market, and Pink Limited Market, facilitating efficient access to U.S. financial markets [6]

Core Viewpoint - Garden Stage Limited has entered into a definitive agreement for a registered direct offering of 38,406,345 ordinary shares at a price of $0.11 per share, expected to raise approximately $4.2 million in gross proceeds [1][2]. Group 1: Offering Details - The offering includes the option for pre-funded warrants at the same price, with an exercise price of $0.001 per share [1]. - The transaction is anticipated to close on or about July 25, 2025, pending customary closing conditions [2]. - The offering is conducted under a shelf registration statement previously filed and declared effective by the SEC [3]. Group 2: Company Overview - Garden Stage Limited is a Hong Kong-based financial services provider engaged in placing and underwriting services, securities dealing and brokerage, asset management, and investment advisory services [5]. - The company operates through wholly-owned subsidiaries, including I Win Securities Limited and I Win Asset Management Limited, both licensed for various regulated activities under Hong Kong's SFO [5].

Core Points - First Community Corporation reported a net income of $5.186 million for Q2 2025, a 29.7% increase from Q1 2025 and a 58.8% increase year-over-year [2][8] - Diluted earnings per share (EPS) for Q2 2025 were $0.67, up 31.4% from Q1 2025 and 59.5% from Q2 2024 [2][8] - The company announced a cash dividend of $0.16 per share, marking the 94th consecutive quarter of dividends [4][8] Financial Performance - Year-to-date net income through June 30, 2025, was $9.183 million, a 56.7% increase compared to the same period in 2024 [3][8] - Net interest income for Q2 2025 was $15.3 million, compared to $14.4 million in Q1 2025 and $12.7 million in Q2 2024 [12][27] - Non-interest income for Q2 2025 was $4.206 million, an increase of 5.6% from Q1 2025 and 15.5% from Q2 2024 [14][27] Asset Quality - The non-performing assets ratio was 0.02% as of June 30, 2025, with non-accrual loans totaling $210 thousand [6][8] - The allowance for credit losses (ACL) on loans decreased to 1.06% from 1.09% in Q1 2025 [7][8] Balance Sheet - Total loans increased by $8.1 million in Q2 2025, reflecting an annualized growth rate of 2.6% [8][9] - Total deposits reached $1.754 billion, with customer deposits growing by $28.3 million during Q2 2025, a 6.6% annualized growth rate [9][10] - The company's tangible book value per share increased to $18.28 as of June 30, 2025, from $17.56 at the end of Q1 2025 [5][8] Capital Management - The company’s regulatory capital ratios exceeded the well-capitalized minimum levels, with a Tier 1 capital ratio of 13.04% as of June 30, 2025 [4][8] - A share repurchase plan of up to $7.5 million was approved, representing approximately 5.0% of total shareholders' equity as of March 31, 2025 [4][8] Strategic Initiatives - The company announced an agreement to acquire Signature Bank of Georgia, expected to close in early Q1 2026 [19][8] - This acquisition aims to expand the company's presence in the Atlanta area and add an SBA lending line of business [19][8]

Core Insights - The company reported a net income of $842,000 for Q1 2025, a significant decrease from $2.19 million in Q1 2024, resulting in earnings per share of $0.19 compared to $0.48 a year earlier [2][14] - The decrease in earnings was primarily due to a one-time expense of approximately $1 million related to a consultant for negotiating a contract with the core service provider, which is expected to yield long-term cost savings [4][10] - The company maintained a strong cash position, allowing it to pay off approximately $10 million of capital notes without raising new capital, which will reduce annual interest expenses by about $327,000 [5] Financial Performance - Total interest income increased by 6.90% to $11.23 million in Q1 2025 from $10.51 million in Q1 2024, driven by higher yields on loans and growth in commercial real estate loans [12][14] - Net interest income after provision for credit losses rose to $7.58 million, compared to $7.50 million a year earlier, with a net interest margin improvement to 3.25% from 3.02% [11][15] - Noninterest income was stable at $3.28 million, with contributions from commercial treasury services and wealth management activities [16][14] Asset Quality and Growth - Total assets grew by 3% to $1.01 billion at March 31, 2025, from $979.24 million at December 31, 2024, with loans net of allowance for credit losses increasing to $642.39 million [18][24] - The ratio of nonperforming loans to total loans was 0.28%, indicating strong asset quality, with total nonperforming loans at $1.80 million [22][24] - The company added two experienced commercial relationship managers to enhance its commercial lending capabilities and expand market share [8][9] Shareholder Value - Stockholders' equity increased to $68.35 million at March 31, 2025, up from $64.87 million at December 31, 2024, with a book value per share rising to $15.04 from $14.28 [24][14] - The board of directors approved a quarterly dividend of $0.10 per common share, reflecting the company's commitment to returning value to shareholders [14]

Q1 2025 Financial Performance - The company reported a net loss of $217.7 million, or $1.08 per diluted share, primarily due to the sale of $1.3 billion of low-yielding available-for-sale (AFS) securities[5,7] - Operating net income reached $67.5 million, or $0.34 per diluted share[5,7] - Net interest margin (NIM) expanded by 33 basis points to 3.38%[5,7] Asset Quality and Capital - Non-performing loans (NPLs) decreased to $91.6 million, representing 0.51% of total loans, an improvement from $135.8 million, or 0.76% at year-end 2024[5,7] - The company's CET1 ratio stood at 14.2% and allowance coverage to total loans was 1.25%[5,7,67] - The company repurchased 2.9 million shares for $48.7 million at a weighted average price of $16.62 per share[7] Deposits and Loans - Total deposits decreased by $636 million linked-quarter to $20.828 billion, with 50% in checking accounts[25,46,53] - Total loans increased by $125 million linked quarter, or 3% annualized[57] - The CRE portfolio totaled $7.2 billion, representing 39% of total loans[87] Merger with HarborOne - The company announced a merger with HarborOne, a transaction valued at $490 million[137,154] - The merger is expected to result in approximately 16% EPS accretion in 2026[137,156] - The company anticipates cost savings of approximately $55 million, representing about 40% of HarborOne's operating non-interest expenses[154,166]