MicroStockHub/iStock via Getty Images The CME Comex is the Exchange where futures are traded for gold, silver, and other commodities. The CME also allows futures buyers to turn their contracts into physical metal through delivery. You can find more detail on the CME here (e.g., vault types, major/minor months, delivery explanation, historical data, etc.). The data below looks at contract delivery ...
MicroStockHub/iStock via Getty Images The CME Comex is the Exchange where futures are traded for gold, silver, and other commodities. The CME also allows futures buyers to turn their contracts into physical metal through delivery. You can find more detail on the CME here (e.g., vault types, major/minor months, delivery explanation, historical data, etc.). The data below looks at contract delivery where the ownership of physical metal changes hands within CME vaults. It also shows data that details the movement of metal in and out of CME vaults. It is very possible that if there is a run on the dollar and a flight into gold, this is the data that will show early warning signs. Gold The chart below shows the spread between the spot price of gold and the futures contract pricing. As you can see, it blew out in 2025 (increasing contango). This created the massive arbitrage that resulted in gold traveling from London to New York. When the spread between futures and spot gets distorted, it suggests there is dislocation in the market. Spreads have never fully normalized after what happened last year. Figure 1: Spot vs Futures As shown below, gold delivery volume for February matched what was seen in December. Despite being below the big months over the last year (Feb/Apr/Oct 2025), the delivery volume was still very strong on an overall historical basis. Figure 2: Recent like-month delivery volume As mentioned, February last year was a massive delivery month. The biggest on record and greatly exceeding this past February. However, when looked at on a notional basis (dollar amount of metal being delivered), you can see in the chart below that this February actually came closer than the chart above suggests. Total delivery volume last year was $22B and this year it is $17B. Figure 3: Notional Deliveries Net new contracts (contracts that open and settle for immediate delivery) was a driver earlier in the month but completely stalled out mid-month. Figure 4: Cumulative Net New...
If a fund manager has more than $100 million in assets, they have to file a Form 13F with the Securities and Exchange Commission (SEC) disclosing what their end-of-quarter holdings are. This gives investors the chance to look into what stocks billionaires are investing in, which can be a great place to source ideas. The latest round of 13-Fs just became available, and there were some interesting m...
If a fund manager has more than $100 million in assets, they have to file a Form 13F with the Securities and Exchange Commission (SEC) disclosing what their end-of-quarter holdings are. This gives investors the chance to look into what stocks billionaires are investing in, which can be a great place to source ideas. The latest round of 13-Fs just became available, and there were some interesting moves. One billionaire I follow is Bill Ackman, as he has had a successful investing career that makes his activity worth following. During the fourth quarter, he took a massive stake in Meta Platforms (NASDAQ: META) . Before this quarter, he owned zero shares. Now, he owns 2.67 million -- worth nearly $2 billion. This makes up over 11% of Pershing Square's portfolio, so this is no small position. Why did Ackman buy Meta? I think it's because of its strong track record of success and cheap stock price. Continue reading
Tech Bosses To Meet At White House, Pledge Their Data Centers Won't Boost Electricity Bills Authored by Jacki Thrapp via The Epoch Times (emphasis ours), Leaders in big tech are expected to meet with President Donald Trump at the White House next week to pledge that their data centers will not increase the energy bills of Americans living near the facilities. The logos of Google, Apple, Facebook, ...
Tech Bosses To Meet At White House, Pledge Their Data Centers Won't Boost Electricity Bills Authored by Jacki Thrapp via The Epoch Times (emphasis ours), Leaders in big tech are expected to meet with President Donald Trump at the White House next week to pledge that their data centers will not increase the energy bills of Americans living near the facilities. The logos of Google, Apple, Facebook, Amazon and Microsoft displayed on a mobile phone and a laptop screen. Justin Tallis/AFP via Getty Images “Major tech companies will join President Trump at the White House next week to formally sign the Rate Payer Protection Pledge that he announced during his historic State of the Union address,” a White House official told The Epoch Times on Feb. 25. The March 4 event will include representatives from Amazon, Google, Meta, Microsoft, xAI, Oracle and OpenAI . The initiative will require massive companies to build, bring, or buy their own power supply for new artificial intelligence data centers in order to avoid causing Americans’ electricity bills to skyrocket. “ President Trump is committed to ensuring American AI dominance while simultaneously lowering costs for working families ,” the White House official added on Wednesday. Trump first revealed the plans during his wide-ranging and record-breaking State of the Union address at the Capitol on Feb. 24. “We’re telling the major tech companies that they have the obligation to provide for their own power needs,” Trump said on Tuesday night. “They can build their own power plants as part of their factory, so that no one’s prices will go up and, in many cases, prices of electricity will go down for the community, and very substantially down.” In July 2025, Trump issued an executive order aimed at streamlining data center projects in America. “These plans include artificial intelligence (AI) data centers and infrastructure that powers them, including high‑voltage transmission lines and other equipment,” the executive order sa...
In this article NOV.N-CH Follow your favorite stocks CREATE FREE ACCOUNT A sign of Swiss pharmaceutical giant Novartis is seen on the top of a building at Novartis Campus in Basel on Sept. 9, 2025. Fabrice Coffrini | AFP | Getty Images Novartis, one of the world's largest pharmaceutical companies, and Genentech, a major biotech firm, say they've uncovered a "dangerous scheme" to import their aller...
In this article NOV.N-CH Follow your favorite stocks CREATE FREE ACCOUNT A sign of Swiss pharmaceutical giant Novartis is seen on the top of a building at Novartis Campus in Basel on Sept. 9, 2025. Fabrice Coffrini | AFP | Getty Images Novartis, one of the world's largest pharmaceutical companies, and Genentech, a major biotech firm, say they've uncovered a "dangerous scheme" to import their allergy medication from Canada into the U.S. in violation of U.S. Food and Drug Administration regulations. Both are suing SHARx — a so-called alternative funding program — and a Canadian pharmacy over the importation of Xolair, an injectable prescription medication for patients with severe asthma, food allergies and respiratory conditions, to an allergy and asthma center in Michigan. "Biological medicines, like the U.S. Xolair medicine, require particular care because their complex composition and sensitivity to variation in storage and handling conditions are susceptible to contamination and degradation that could undermine their safety and efficacy," according to the lawsuit, filed on Feb. 2 in U.S. District Court in Michigan. The suit said the scheme circumvents FDA regulations that generally prohibit importation of unapproved medications from overseas. The plaintiffs are asking the court to stop the importation of the drug. The lawsuit comes on the heels of a CNBC investigation that revealed a growing class of businesses called alternative funding programs, or AFPs, which promise to connect patients with more affordable options for accessing medications that often come at very high costs. The AFPs are able to obtain the overseas drugs at a substantially reduced price. Federal authorities told CNBC last year that importing medications from foreign markets is illegal and could pose risks to patients' health. watch now VIDEO 31:20 31:20 How high drug costs fueled what feds call an illegal import scheme CNBC Investigations AFPs contract with employer-sponsored health plans to o...
Circle (NYSE: CRCL) , the fintech company best known for issuing the USD Coin (CRYPTO: USDC) stablecoin, went public at $31 on June 5, 2025. It now trades at about $87. Circle's stock skyrocketed as the demand for its USD Coin stablecoins rose. USD Coin is directly backed by cash and U.S. Treasuries held by regulated custodians, which sets it apart from other stablecoins that rely on opaque assets...
Circle (NYSE: CRCL) , the fintech company best known for issuing the USD Coin (CRYPTO: USDC) stablecoin, went public at $31 on June 5, 2025. It now trades at about $87. Circle's stock skyrocketed as the demand for its USD Coin stablecoins rose. USD Coin is directly backed by cash and U.S. Treasuries held by regulated custodians, which sets it apart from other stablecoins that rely on opaque assets to maintain their peg to the U.S. dollar. Image source: Getty Images. Continue reading
A number of stocks fell in the afternoon session after the semiconductor sector tumbled as a 'buy the rumor, sell the news' event unfolded around AI-chip leader Nvidia, despite its strong earnings report.
A number of stocks fell in the afternoon session after the semiconductor sector tumbled as a 'buy the rumor, sell the news' event unfolded around AI-chip leader Nvidia, despite its strong earnings report.
Elena Mordasova/iStock via Getty Images It was a wild last few years for gold and for a fund I've covered twice before now , the WisdomTree Efficient Gold Plus Gold Miners ETF ( GDMN ). I'll get into the mechanics later, but essentially the fund is a 1.8x leveraged ETF that holds 0.9x exposure to gold and 0.9x exposure to gold miners through the use of derivatives, e.g., futures. The last part of ...
Elena Mordasova/iStock via Getty Images It was a wild last few years for gold and for a fund I've covered twice before now , the WisdomTree Efficient Gold Plus Gold Miners ETF ( GDMN ). I'll get into the mechanics later, but essentially the fund is a 1.8x leveraged ETF that holds 0.9x exposure to gold and 0.9x exposure to gold miners through the use of derivatives, e.g., futures. The last part of 2025 and YTD so far in 2026 have been incredible for both assets, and I can see how this rightfully might make investors worried about the future of the fund. Data by YCharts Compare this fund to holding just the gold miners via an ETF like GDX or just gold via an ETF like GLD , and you can see how the volatility is ratcheted up by holding both assets at the same time. During bull markets, it's an asset you would hate to miss out on. Here's the comparison for 2025 and YTD so far in 2026. Data by YCharts GDMN Strategy & Holdings Here's a quick rundown of the fund: Price $134.00 Div Rate 1.88% Div Amount TTM $2.51 Div Frequency Bi-annual ER 0.45% AUM $288M Quant Score 4.93 Click to enlarge GDMN is made of two parts: gold and gold miners. The gold miners come from tracking a stock index very similar to the one that the GDX ETF tracks; they are purchased outright on a 1:1 basis with 90% of the fund's capital. The remaining 10% can be deployed into gold futures, which come with embedded leverage that brings the total exposure up to 90% as well. WisdomTree So a $100 investment will be broken down into a $90 investment in gold miners and a $90 investment in gold futures. The combination of equities and futures creates a dynamic where the fund obtains nearly full exposure to both assets in one ticker. Here's how the layering looks for total exposure: WisdomTree Among the stock holdings in miners, GDMN takes a passive index approach to construction. Their holdings are market cap weighted, and it shows, with the biggest players in most gold miner portfolios taking the top spots here ...
Law demanding IDs match ‘sex at birth’ also includes bathroom ban provision for trans people in public buildings Transgender Kansas residents have begun receiving letters from the state’s department of motor vehicles notifying them that their driver’s licenses will be invalid beginning Thursday, as a new law goes into effect that demands that forms of identification must now reflect the credential...
Law demanding IDs match ‘sex at birth’ also includes bathroom ban provision for trans people in public buildings Transgender Kansas residents have begun receiving letters from the state’s department of motor vehicles notifying them that their driver’s licenses will be invalid beginning Thursday, as a new law goes into effect that demands that forms of identification must now reflect the credential holder’s “sex at birth”. The bill, known as SB 244 , also bans transgender people from using bathrooms in public buildings that match their gender identity, and creates a sort of bounty hunter system, in which citizens can sue transgender people they encounter in restrooms for $1,000 in damages. Continue reading...
The Federal Trade Commission is encouraging companies to adopt age verification technologies by announcing it will not enforce a children's online privacy law against certain websites that collect and use minors' personal data in order to verify their ages. "Age verification technologies are some of the most child-protective technologies to emerge in decades," Christopher Mufarrige, the director o...
The Federal Trade Commission is encouraging companies to adopt age verification technologies by announcing it will not enforce a children's online privacy law against certain websites that collect and use minors' personal data in order to verify their ages. "Age verification technologies are some of the most child-protective technologies to emerge in decades," Christopher Mufarrige, the director of the Bureau of Consumer Protection, said in a press release . "Our statement incentivizes operators to use these innovative tools, empowering parents to protect their children online." There are certain criteria that websites need to meet in order … Read the full story at The Verge.
Milos Ruzicka/iStock Editorial via Getty Images I have been getting back into marketing and communications as these companies have been getting more and more undervalued. My picks so far have mostly been Publicis Groupe ( PUBGY ) and Omnicom ( OMC ). WPP ( WPP ), while a solid contrarian play, hasn't been high on my overall priority list due to some of the higher uncertainties and considerations i...
Milos Ruzicka/iStock Editorial via Getty Images I have been getting back into marketing and communications as these companies have been getting more and more undervalued. My picks so far have mostly been Publicis Groupe ( PUBGY ) and Omnicom ( OMC ). WPP ( WPP ), while a solid contrarian play, hasn't been high on my overall priority list due to some of the higher uncertainties and considerations inherent to the company. WPP is going through major structural changes related to some very significant client losses and a supposition of slow AI adoption in a world where AI is seen as the future of many sectors, including, in this case, advertising. The company has since gotten a new CEO, who is being tasked with turning the company around. The resulting valuation is after my last article, which you can find here . It's natural, at this time, to expect the company to be backwards-looking. Whenever things might not look so great, looking back at one's achievements can be a good thing to reassure shareholders and investors that you're not to be "counted out" yet. WPP plc Investor Presentation 2026 IR In this article, I'll also be addressing some of the market fallacies in terms of valuation that we're seeing, such as the assumption that WPP has stopped growing (not the case at all). We'll look at what the company could be worth both in terms of a reversal in full and in terms of an SOTP valuation, where a competitor could pick up this company (though who, we'd have to see). Let me make it clear that WPP's decline is not yet over. Not only is 2026 expected to be yet another decline, after more than a 25-30% AEPS decline in FY 2025, but we also have more decline in 2028, as of right now. The total AEPS growth rate looking forward is still negative here, and I wouldn't consider the company's current double-digit native yield (11%) to be accurate or likely. Let's see what we have to go on here. WPP plc - Upside is Significant, You Just Have to Have Patience There's no doubt tha...
Phillip G. Creek, Executive Vice President and CFO, executed a derivative transaction involving the exercise and immediate sale of 11,000 common shares of M/I Homes (NYSE:MHO) across Jan. 30 and Feb. 2, 2026, for a total consideration of approximately $1.5 million, as detailed in the SEC Form 4 filing . Transaction value based on SEC Form 4 weighted average purchase price ($134.01); post-transacti...
Phillip G. Creek, Executive Vice President and CFO, executed a derivative transaction involving the exercise and immediate sale of 11,000 common shares of M/I Homes (NYSE:MHO) across Jan. 30 and Feb. 2, 2026, for a total consideration of approximately $1.5 million, as detailed in the SEC Form 4 filing . Transaction value based on SEC Form 4 weighted average purchase price ($134.01); post-transaction value based on Feb. 2, 2026 market close as calculated in Form 4. * 1-year price change calculated using Feb. 2, 2026 as the reference date. Continue reading
Whetstone Capital Advisors has sold its stake in GitLab, a unified DevOps platform competing in the fast-changing market for AI-assisted coding and secure software delivery. As companies look at combining platforms and adding AI, investors are considering whether GitLab will be able to compete in the future of enterprise development.
Whetstone Capital Advisors has sold its stake in GitLab, a unified DevOps platform competing in the fast-changing market for AI-assisted coding and secure software delivery. As companies look at combining platforms and adding AI, investors are considering whether GitLab will be able to compete in the future of enterprise development.
Key PointsWhetstone Capital Advisors, LLC sold all 192,532 shares of GitLab; estimated trade size was $8.68 million (based on quarterly average price).
Key PointsWhetstone Capital Advisors, LLC sold all 192,532 shares of GitLab; estimated trade size was $8.68 million (based on quarterly average price).
Robert Way/iStock Editorial via Getty Images NVIDIA Corporation’s ( NVDA ) Q4 '25 earnings were quite superb. Revenue was up 73% to $68.1 billion. Gross margins also expanded 200 basis points to 75% and did not indicate any pricing pressure. And operating expenses expanded at a lower rate (44.89%), which meant they were distributed over a much wider base. The company held $62.6 billion in cash on ...
Robert Way/iStock Editorial via Getty Images NVIDIA Corporation’s ( NVDA ) Q4 '25 earnings were quite superb. Revenue was up 73% to $68.1 billion. Gross margins also expanded 200 basis points to 75% and did not indicate any pricing pressure. And operating expenses expanded at a lower rate (44.89%), which meant they were distributed over a much wider base. The company held $62.6 billion in cash on the balance sheet and converted 54.4% of its net income in the year to free cash flows ( $65.56 billion ). However, the near-perfect financial profile and the 5% dip post-earnings indicate the stock is already priced for perfection. I am downgrading my rating to Sell, as I think current multiples understate concentration risk and, against game theoretic odds, assume sustained hyperscaler demand and structurally elevated margins. Nvidia 4Q26 Revenue and Operating Expenses (Nvidia 4Q26 Press Release) Concentration Risks: Higher Than It Looks Nvidia Customer Concentration (Nvidia 10-K filing) While CFO Colette Kress indicated that revenue is diversifying, the 10-K filing reveals that just two customers accounted for 36% of revenue in FY26. Analyst expectations for 2026 CapEx across the top 5 cloud providers and hyperscalers who collectively account for a little over 50% of our data center revenue are up nearly $120 billion since the start of the year and approaching $700 billion – Nvidia CFO Colette Kress during Q4 earnings call. This revenue is currently a capex for its customers and not an operating expense. My primary concern here is not the health of the hyperscalers but the sustainability of their spending. For this spending to be sustainable, these companies need to show a proportional increase in the free cash flow from AI services. If not, their shareholders will eventually force a capex pivot. Because Nvidia’s revenue is so concentrated, even a 10% reduction in capex across these five customers could account for a $10 billion ($215 billion x 50% x (100%-90%)) hit on N...
Earnings Call Insights: U.S. Physical Therapy, Inc. (USPH) Q4 2025 Management View Christopher Reading, CEO & Chairman, stated that for the year ending 2025, adjusted EBITDA increased $13.2 million, a 16.2% improvement, and net revenue rose 16.3%. Physical therapy and injury prevention businesses grew 16% and 18%, respectively, with a gross profit increase of approximately 21% in PT operations and...
Earnings Call Insights: U.S. Physical Therapy, Inc. (USPH) Q4 2025 Management View Christopher Reading, CEO & Chairman, stated that for the year ending 2025, adjusted EBITDA increased $13.2 million, a 16.2% improvement, and net revenue rose 16.3%. Physical therapy and injury prevention businesses grew 16% and 18%, respectively, with a gross profit increase of approximately 21% in PT operations and over 20% in injury prevention. "Operating income improved 18.4%. And I want to remind everyone that these results...were delivered in an environment in 2025 with continued Medicare rate reductions. And in spite of that, across every measure, we delivered progress in a very good year overall." Reading highlighted several acquisitions since the last quarter, including one in the Pacific Northwest, a home care addition, and a new injury prevention team, strengthening the New York City presence. "Very recently, we announced 2 significant hospital arrangements...These strategic relationships will begin a phase-in for our 60 metro clinics and our 10 second market facilities sometime around midyear with an expectation that all 70-plus...clinics...will be under these strategic affiliations by year-end." The hospital partnerships are projected to provide "an enterprise lift for these 2 partnerships of at least $14 million in EBITDA in 2027 and the USPH portion after minority interest of over $7 million." For 2026, Reading outlined initiatives including a continued rollout of ambient listening documentation support, semi-virtualization of front desk and intake, cash-based program expansion, renewed focus on remote therapeutic monitoring, further hospital alliances, and ongoing de novo and acquisition-related development in both PT and injury prevention. Carey Hendrickson, CFO, stated, "2025 was an excellent year for USPH from really every standpoint and particularly from a financial standpoint. And importantly, the efforts we made on key initiatives in 2025...sets USPH up for even g...
橡树资本管理公司联合主席霍华德·马克斯表示，人工智能（AI）可能会像指数基金曾做过的那样，将许多投资者挤出资产管理业务，因为它在吸收数据和识别模式方面表现卓越。能够留在该行业的基金经理将是那些 AI 所不及领域的专家。这些领域包括评估管理层的技能、新产品的重要性以及其他定性因素。马克斯指出，人类更擅长处理那些无法轻易套用既有模式的情况。
橡树资本管理公司联合主席霍华德·马克斯表示，人工智能（AI）可能会像指数基金曾做过的那样，将许多投资者挤出资产管理业务，因为它在吸收数据和识别模式方面表现卓越。能够留在该行业的基金经理将是那些 AI 所不及领域的专家。这些领域包括评估管理层的技能、新产品的重要性以及其他定性因素。马克斯指出，人类更擅长处理那些无法轻易套用既有模式的情况。
Earnings Call Insights: Perimeter Solutions (PRM) Q4 2025 Management View CEO Haitham Khouri highlighted "structural earnings power expansion" for 2025, citing the company's shift to more fixed and recurring contract structures, particularly in its retardant business. Khouri stated, "We've transitioned Perimeter towards greater financial consistency. The primary driver is the change in our retarda...
Earnings Call Insights: Perimeter Solutions (PRM) Q4 2025 Management View CEO Haitham Khouri highlighted "structural earnings power expansion" for 2025, citing the company's shift to more fixed and recurring contract structures, particularly in its retardant business. Khouri stated, "We've transitioned Perimeter towards greater financial consistency. The primary driver is the change in our retardant contract structures, which have shifted from purely volume-based models towards more fixed and recurring structures, significantly reducing our sensitivity to fire season volatility." Khouri also discussed recent acquisitions: "2025 established our M&A strategy with the acquisitions of IMS and MMT, both of which we feel excellent about." On Fire Safety, Khouri reported "Fire Safety delivered a strong year, primarily driven by execution on our value drivers. We continue to win profitable new business, including entry into preventative rail applied retardant in Europe, expansion of our air-based services in multiple geographies and ongoing penetration of our fluorine-free products globally." Addressing operational challenges at the Sauget, Illinois facility, Khouri stated, "During the fourth quarter, unplanned downtime once again materially reduced production volumes and negatively impacted PDI's financial results. More troubling are the recurring safety incidents at and around the plant." He further added, "Our commitment to regaining operational control of this facility is absolute. Until this matter is resolved, investors should expect continued variability in our P2S5 business." On MMT, Khouri said, "MMT recorded approximately $140 million in revenue and $50 million in adjusted EBITDA in 2025. One month into our ownership, initial value driver implementation validates our investment thesis, and we expect MMT's 2026 results to reflect meaningful year-over-year growth." CFO Kyle Sable stated, "Consolidated revenue reached $652.9 million in 2025, up 16%, while adjusted EB...
Earnings Call Insights: Excelerate Energy (EE) Q4 2025 Management View Steven Kobos, President and CEO, stated that "For the full year, we delivered record adjusted EBITDA of $449 million. This is an increase of about $100 million over the prior year. That performance reflects the contribution from the Jamaica acquisition, continued growth in our other LNG, gas and power activities, along with red...
Earnings Call Insights: Excelerate Energy (EE) Q4 2025 Management View Steven Kobos, President and CEO, stated that "For the full year, we delivered record adjusted EBITDA of $449 million. This is an increase of about $100 million over the prior year. That performance reflects the contribution from the Jamaica acquisition, continued growth in our other LNG, gas and power activities, along with reduced year-over-year operating expenses." He emphasized the strategic significance of the Iraq project and highlighted the successful integration of the Jamaica LNG-to-power platform, noting it provided "stable contracted cash flows" and demonstrated resilience during Hurricane Melissa. Kobos introduced 2026 adjusted EBITDA guidance of $515 million to $545 million, citing a "solid and visible foundation" from existing assets and contracts. He provided an update on the Iraq LNG import terminal, stating, "Total estimated capital cost for the Iraq terminal is now expected to range between $520 million and $550 million, inclusive of the cost of the FSRU. The all-in cost of the vessel remains roughly $370 million with about $220 million remaining to be paid for the vessel in the second quarter of this year." Dana Armstrong, Executive VP & CFO, said, "For the full year, we delivered record adjusted EBITDA of $449 million at the high end of our guidance range and an increase of over $100 million or up about 30% compared to the prior year... inclusive of Jamaica, we reported adjusted net income of $199 million, an increase of $46 million or up over 30% year-over-year." Armstrong reported maintenance CapEx of $57 million and committed growth capital of $106 million, including $10 million for the Iraq project in Q4. Armstrong announced a quarterly dividend of $0.08 per share and a $75 million share repurchase program, with the company targeting "a low double-digit annual dividend growth rate commencing in 2026 and continuing through 2028." Outlook The company projects full year 2026 a...
Earnings Call Insights: Palmer Square Capital BDC Inc. (PSBD) Q4 2025 Management View Christopher Long, Chairman and CEO, reported that PSBD deployed $91.4 million of capital during the fourth quarter, generating total and net investment income of $29.8 million and $13.1 million, respectively. He stated, “We delivered net investment income of $0.41 per share, covering our $0.36 per share fourth qu...
Earnings Call Insights: Palmer Square Capital BDC Inc. (PSBD) Q4 2025 Management View Christopher Long, Chairman and CEO, reported that PSBD deployed $91.4 million of capital during the fourth quarter, generating total and net investment income of $29.8 million and $13.1 million, respectively. He stated, “We delivered net investment income of $0.41 per share, covering our $0.36 per share fourth quarter base dividend and paid a $0.43 per share total dividend, which includes a $0.07 supplemental distribution.” Long reiterated a focus on maximizing cash returns, with supplemental dividends paid from excess earnings. He highlighted the company’s transparency through monthly NAV disclosure, noting a January NAV per share of $14.48, and emphasized a highly diversified portfolio, with software exposure under 11% and the ten largest investments constituting only 10.9% of the portfolio. He also addressed AI disruption concerns, stressing confidence in “mission-critical enterprise platforms in areas such as cybersecurity, IT infrastructure and ERP systems.” Angie Long, Chief Investment Officer, described improved deal momentum late in the year but noted ongoing volatility. She said, “We believe PSBD’s portfolio continues to be resilient and deliver strong results across shifting environments.” She detailed PSBD’s participation in the Hologic take-private as both a private credit and syndicated loan provider, explaining, “We were able to support the sponsors with early and sizable commitments and ultimately participate across both the private second lien and the syndicated first lien tranches in U.S. dollars and euros.” Matthew Bloomfield, President, detailed portfolio activity: $1.2 billion fair value across 42 industries, with 24 new investment commitments in Q4. He emphasized, “Our portfolio is 95% senior secured, with an average hold size of approximately $4.7 million.” Jeffrey Fox, CFO & Director, stated, “Total investment income was $29.8 million for the fourth quarter o...
Action relates to corruption case over allocation of government land in Dhaka to a private company A court in Bangladesh has ordered officials to request an Interpol red notice for the British Labour MP Tulip Siddiq over a corruption case linked to the allocation of government land in Dhaka. Bangladesh’s anti-corruption commission has alleged Siddiq used her relationship with her aunt, the former ...
Action relates to corruption case over allocation of government land in Dhaka to a private company A court in Bangladesh has ordered officials to request an Interpol red notice for the British Labour MP Tulip Siddiq over a corruption case linked to the allocation of government land in Dhaka. Bangladesh’s anti-corruption commission has alleged Siddiq used her relationship with her aunt, the former prime minister Sheikh Hasina, to influence the allocation of a plot of state-owned land in Dhaka’s Gulshan district to a private company. Siddiq has rejected the claim as baseless and politically motivated. Continue reading...