dem10/iStock via Getty Images The U.S.'s population growth has slowed sharply, with an increase of only 1.8M, or 0.5% from July 1, 2024, to July 1, 2025, the slowest rate of growth since the early period of the COVID-19 pandemic, the U.S. Census Bureau said on Tuesday. The growth contrasts with the 1.0% growth in 2024, which represented the fastest annual population growth rate since 2006. The rate of population growth is important because it's a contributor to the nation's ability to increase its economic growth. GDP is a function of population growth and productivity rates. An increase in population both increases demand and the labor force, allowing the country to boost production. Artificial intelligence proponents say that the technology can bolster productivity, allowing production gains with the same number or fewer people. But economists haven't seen a big impact yet from AI. “The slowdown in U.S. population growth is largely due to a historic decline in net international migration , which dropped from 2.7M to 1.3M in the period from July 2024 through June 2025,” said Christine Hartley, assistant division chief for Estimates and Projections at the Census Bureau. “With births and deaths remaining relatively stable compared to the prior year, the sharp decline in net international migration is the main reason for the slower growth rate we see today.” If current trends continue, net international migration is expected to be ~321K by July 2026, which would be a decline of almost 1M since July 1, 2025. Natural change, or the number of births minus the number of deaths, accounted for ~519K in the year, about the same as the prior year. That number represents a significant drop, though, from previous decades. In 2017, natural change was ~1.1M, and during the 2000-to-2010 period, it ranged between 1.6M and 1.9M. All four census regions and every state, except Monta na and West Virginia, saw their population growth slow or their decline accelerate. South Carolina exp...

TikTok settles social media addiction lawsuit ahead of trial against Meta, YouTube Reuters

Despite recently announcing that it expects its fourth-quarter results to be at the high end of its guidance range, shares are getting crushed. Lululemon Athletica (LULU 2.99%) shares are down about 10% year to date as of this writing, extending a rough stretch for the stock as investors grapple with tariffs, a CEO change, and disappointing sales in the U.S. Combining the stock's slide this year with its pullback of approximately 46% last year, the stock is now down about 51% since the beginning of last year. Is this a good time to buy the stock? After all, the company recently provided a positive update on its business, saying that it now expects its fourth-quarter results to come in at the high end of its guidance range. Two different geographical stories On the surface, Lululemon's results look decent -- especially when compared to the stock's conservative valuation. In its most recent quarter, Lululemon's net revenue rose 7% year over year to $2.6 billion. Notably, this was in line with the company's 7% growth in the prior quarter, highlighting sequential stability in the company's overall demand trends. But what has investors concerned is what lies underneath. In Q3, Lululemon's Americas net revenue fell 2% year over year, while international net revenue rose 33%. And the decline in its Americas segment is even more pronounced when looking at comparable sales trends. The key metric, which measures year-over-year sales trends at stores that have been open for more than a year and e-commerce sales, declined 5% year over year in Americas. With Americas accounting for 68% of Lululemon's third-quarter revenue, it makes sense that investors are concerned about this core market's weakness. Adding to the problem, the U.S. -- Lululemon's largest market -- has been even weaker than the broader Americas segment. Management said in its third-quarter earnings call that U.S. revenue fell 3% year over year during the period. Also an issue, Lululemon's third-quarter gross marg...

As part of its ongoing crusade against abortion pills, Texas sued a nurse practitioner on Tuesday, accusing her of shipping pills into Texas in defiance of the state’s abortion ban. The nurse practitioner, Debra Lynch, operates a Delaware-based group called Her Safe Harbor, which mails abortion pills to women living in states with abortion bans. Now, Texas wants a court to block Lynch from “performing, inducing or attempting abortions” in Texas, on the grounds that Texas law only permits physicians to facilitate abortions in cases of medical emergencies. Groups like Her Safe Harbor have proliferated in the four years since the US supreme court overturned Roe v Wade, as Delaware and a handful of other blue states have enacted so-called “shield laws”. These laws typically aim to protect abortion providers from out-of-state prosecutions, lending legal cover to providers who ship pills across state lines. But such efforts have enraged anti-abortion advocates and sparked a legal war between states that protect abortion rights and states that ban the procedure. Texas has already sued a New York-based doctor, Margaret Carpenter, over allegations that she mailed abortion pills into the state, while Louisiana has indicted both Carpenter and a California-based doctor named Remy Coeytaux. Officials in New York and California, which also have shield laws on the books, have refused to cooperate with those efforts. The safeguards offered by each state’s shield law vary. Eight states, including New York and California, clearly allow providers to use telemedicine to prescribe abortion pills to patients located in states where the procedure is banned. But legal experts have questioned whether Delaware’s shield law, which was first passed in 2022, always protects providers who offer telemedicine across state lines. Delaware’s law was expanded in late 2025, in part to clarify that officials may not aid out-of-state investigations into abortion providers – a move that may offer Lynch a...

格隆汇1月28日｜以色列总理内塔尼亚胡：如果能与沙特达成协议，我会很高兴——假设沙特愿意这样做。

格隆汇1月28日｜以色列总理内塔尼亚胡：（谈与沙特的和平）任何想要与我们关系正常化的人都不应该加入和支持攻击以色列的团体。

Survivors of Auschwitz, the Nazi concentration camp, laid flowers and candles at the memorial site on Tuesday, as commemorations marking its liberation 81 years ago took place around Europe and beyond. Marking International Holocaust Memorial Day, Jewish leaders across the continent warned against forgetting the extermination of millions, while some of the few remaining survivors urged ordinary people to stand up against populism and extremism. One survivor, Tova Friedman, 87, who is due to address the German parliament on Wednesday said she would be speaking directly to the far-right Alternative für Deutschland in her speech and asking them: “How dare you? Who do you think you are?” The official day of remembrance of Soviet troops’ liberation of the few surviving prisoners of Auschwitz in 1945 from the clutches of their Nazi German captors is 27 January. It was declared the official German day of remembrance in 1996, and officially adopted by the United Nations in 2005. At the Auschwitz memorial site 24 former prisoners braved freezing temperatures to lay wreaths at the ‘death wall’ where German soldiers killed mainly Polish political prisoners. Polish president Karol Nawrocki later joined survivors for a ceremony at nearby Birkenau, the huge site to which Jews from across Europe were transported to be murdered in gas chambers. View image in fullscreen Candles were placed at the Memorial to the Murdered Jews of Europe in Berlin. Photograph: Liesa Johannssen/Reuters About 1.1 million Jews were murdered at Auschwitz alone, as well as Poles, Roma and others, including people persecuted for their religious or sexual orientation. At the snow-covered Memorial to the Murdered Jews of Europe in central Berlin, a sea of grey concrete blocks built as an indelible symbol of Germany’s contrition, candles were lit and white roses laid on the slabs. Elsewhere events were held at museums, schools and railway stations across the country while informal gatherings took place in town...

格隆汇1月28日｜以色列总理内塔尼亚胡：我们已为各种情况做好准备。

格隆汇1月28日｜以色列总理内塔尼亚胡：每个人都知道我们目前所处的形势非常敏感和特殊。以色列国最不需要的就是选举，需要的是稳定。

格隆汇1月28日｜以色列总理内塔尼亚胡：（就对伊朗进行先发制人打击的可能性）特朗普总统会做出他想做的决定，以色列也会做出本国想做的决定。

Dallas, Jan. 27, 2026 (GLOBE NEWSWIRE) -- VetsForever, a VA-accredited law group dedicated to helping veterans successfully navigate the VA claims process, announces its support for California Senate Bill 694. California is home to more than 1.2 million veterans, making it one of the top three states in the nation by veteran population as of 2024. Introduced in 2025, Senate Bill 694 (SB 694) is advancing through the California Legislature and is designed to safeguard veterans from unscrupulous practices that exploit those seeking help with VA claims. “Veterans serve their countries with honor, and our service-disabled veterans deserve our appreciation and the benefits they’ve earned,” says Trinidad Aguirre, co-founder and CEO of VetsForever. “SB 694 represents a critical step forward in shielding California’s veterans from deceptive and predatory practices.” VetsForever provides legal services to U.S. veterans worldwide, with four team members currently residing in California. This legislation provides much-needed clarity around who is authorized to offer paid assistance to California veterans with VA benefits claims and reinforces why accreditation and oversight matter. If enacted, SB 694 would prohibit individuals from receiving compensation for preparing, presenting, or prosecuting claims for federal veterans benefits unless they are accredited by the U.S. Department of Veterans Affairs as an attorney or claims agent. The bill would also bar claim sharks from accessing VA computer systems using a veteran’s login credentials and from charging fees for claims assistance that exceed those permitted for VA-accredited attorneys or claims agents. “VetsForever strongly supports legal protections at both the state and federal level that prevent the exploitation of veterans, and SB 694 is a prime example,” adds Aguirre. “We’re encouraged by California’s momentum toward joining the growing list of states taking a firm stand against claim sharks.” Through this legislation, ...

Daniel Wright/iStock Editorial via Getty Images Kinder Morgan (NYSE: KMI ) is one of the largest energy infrastructure companies in the world with a more than $60 billion market cap. The company has a more than 4% dividend yield and an impressive portfolio of assets. At the same time, the company is taking advantage of growth opportunities in natural gas. That combination makes Kinder Morgan a valuable investment . Kinder Morgan Results Kinder Morgan reported its last quarter results, with continued strong performance. Kinder Morgan Investor Presentation The company has increased its dividend to $1.17 annualized, a 2% YoY increase, and a dividend yield of more than 4% annualized. Net income grew substantially, although it's worth noting that for a midstream company net income can vary dramatically. Financially the company has continued to report strong EPS and adjusted EBITDA grew by double-digits YoY. Kinder Morgan Investor Presentation Kinder Morgan continues to outperform from its natural gas pipeline segment which has become more and more important to the company's business. Looking at the company's core cash flow for the quarter, net income and adjusted EPS both increased by double-digits. The company has continued to internally fund an impressive portfolio of growth projects. Natural gas demand, supported by LNG exports is expected to grow by 17% to 2030, a massive amount for a high volume facility, and Kinder Morgan is continuing to take advantage of that. The company is at $3.6 billion in annual FCF, an almost 6% FCF yield, and with growth FCF should grow substantially with exciting growth projects. Kinder Morgan Irreplaceable Infrastructure Overall, Kinder Morgan has an impressive portfolio with irreplaceable infrastructure. Kinder Morgan Investor Presentation The company has the largest U.S. natural gas transmission network in the U.S. with almost 60K miles of transmission and 7500 miles of gathering pipelines. The company transports an astounding 40% of U...

格隆汇1月28日｜以色列总理内塔尼亚胡：以色列将控制从约旦河到地中海沿岸（包括加沙地带）的安全。

Key Points Expectations are sky high for Micron stock in 2026 and 2027. NAND demand is skyrocketing, while NAND supply says flat. 10 stocks we like better than Micron Technology › After taking a bit of a breather on Monday, Micron (NASDAQ: MU) stock resumed marching higher on Tuesday, gaining 6.6% through 1:25 p.m. ET after Mizuho analyst Vijay Rakesh raised his price target for Micron stock (again!), and this time from $390 to $480 per share. If that name rings a bell, it should. A little over two weeks ago, Rakesh was the same Mizuho analyst who raised Micron's price target to $390 after updating his outlook for semiconductor stocks in the new year. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Image source: Micron. Why Mizuho loves Micron Last time around, Rakesh simply cited "attractive valuations" as propitious for semi stocks. Today, he gave details on why Micron specifically is primed to run higher: Because NAND prices are set to explode. The price of computer NAND memory, says Rakesh in a note covered on TheFly.com, could soar 330% in 2026, followed by another 50% price spike in 2027. Add those gains up, and we're potentially looking at NAND prices in 2027 that are 5 times higher than in 2025. What's driving the price spike? Simply this: NAND demand is forecast to rise 20% this year, but NAND production will remain flat. And as we all learned in Econ 101, when rising demand meets flat supply, prices rise. Is Micron stock a buy? What does this mean for Micron stock? In a nutshell, it means more sales. Higher profit margins. More profit. More growth. This year alone, analysts forecast Micron stock to earn $31.73 per share. That would be more than four times the company's 2025 profit, and implies a price-to-earnings ratio of just 13 on this $414 stock. With earnings expected to grow 21% more in 2027, the time to buy is now. Should you buy stock in Micron Technology right no...

“High-Severity Zero-Day Vulnerability”: Microsoft Stock (NASDAQ:MSFT) Jumps With New Patch TipRanks

文章提及标的 恒生指数 -- 恒生科技ETF大成 -- 恒生指数主日夜盘涨0.43%，报27186点。恒生科技（159740）指数主日夜盘涨0.17%，报5748点。

格隆汇1月28日｜以色列总理内塔尼亚胡未否认曾要求特朗普不要攻击伊朗。

格隆汇1月28日｜恒指期货夜盘收涨0.43%，报27186点，高水59点。

Key Points BigBear.ai offers AI solutions to the Defense Department and other government agencies, as well as to a variety of corporate clients. It's largely operating in the red, and its net profit in Q3 2025 was driven by accounting adjustments, not business improvements. If a proposal to allow the company to double its number of shares outstanding passes, shareholders would face a significant dilution risk. 10 stocks we like better than BigBear.ai › Some investors and tech industry analysts are worried about the possibility that the artificial intelligence (AI) industry is in a bubble. Major tech companies like Alphabet, Microsoft, and Meta Platforms are investing hundreds of billions of dollars to build data centers and infrastructure to support the AI software systems being developed. These highly profitable companies can afford to take some risks on AI investments, even if their buildouts don't pay off. But to see the full picture of a possible AI bubble, it helps to also look at smaller companies with business models that depend solely on selling AI services and solutions. BigBear.ai (NYSE: BBAI) offers AI solutions that help businesses and government agencies make real-time decisions based on advanced analytics, and it has been getting more attention from investors recently. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » So far in 2026, BigBear.ai stock is up 9.8%, and in the past year, it has gained 33.6%. For comparison, the S&P 500 index has gained 13.6% in the past 12 months and 1% year to date. But this AI stock has experienced some major volatility over the years, and it's still down by about about 38% from the price at which it went public in December 2021 via a reverse merger with a special purpose acquisition company (SPAC). And it's still facing a few big risks that could lead to more share price declines. Will BigBear.ai post bigger gains in 2026, or could it b...

The quantum computing underdog faces tough near-term challenges. Rigetti Computing (RGTI +3.03%), a developer of quantum computing chips and systems, has taken its investors on a wild ride since it went public through a merger with a special purpose acquisition company (SPAC) on March 2, 2022. Its stock opened at $9.75 on that first day, sank to a record low of $0.38 on May 3, 2023, but soared to a record high of $56.34 on Oct. 15, 2025. Today, Rigetti's stock trades at about $22. Like many other SPAC-backed quantum stocks, it was a polarizing investment. The bulls praised its new chips, systems, and bundling strategies, but the bears claimed it faced too much competition and its stock was overvalued. Let's see which thesis makes more sense, and where its stock might be headed over the next 12 months. What the bulls will tell you about Rigetti Classical computers store their data in binary bits of zeros and ones, but quantum computers store those zeros and ones simultaneously in qubits. That difference enables quantum computers to process more data and perform specific tasks much faster than classical computers, but they're also bigger, pricier, less accurate, and more power-hungry. That's why they're still mainly used for niche research projects at universities and government agencies. Rigetti manufactures modular and non-modular quantum processing units (QPUs), installs them in its own quantum computing systems, and enables developers to create their own quantum algorithms on its cloud-based quantum computing platform, Forest. By bundling that hardware and software together, it promotes itself as a "full-stack" quantum computing company, which serves as a "one-stop shop" for customers who want to invest in the nascent technology. The bulls will point out that Rigetti already sells two completed systems: Ankaa-3, an 84-qubit system that runs on a single non-modular chip; and Cepheus-1-36Q, a 36-qubit system that links four modular 9-qubit chips. Rigetti aims to dep...

Sequoia Partner Konstantine Buhler discusses opportunities in artificial specialized intelligence. He joins Caroline Hyde and Ed Ludlow on “Bloomberg Tech.” (Source: Bloomberg)

Source: Bloomberg, 5:58

Joe Root hopes Harry Brook's 'beer smash' celebration will be "received the right way". The England captain celebrated his match-winning century against Sri Lanka by imitating a famous WWE wrestler. Brook was recently involved in a late-night drinking scandal where he was struck by a bouncer the night before captaining a match in New Zealand. The 27-year-old was almost fired as captain as a result, but was ultimately given a final warning for his off-field behaviour and fined the maximum amount of £30,000. When Brook reached three figures in Colombo following an astonishing, series-winning century that took him just 57 balls, he celebrated by taking off his batting gloves, striking them together and then tipping them towards his mouth. The move was first performed by former WWE wrestler 'Stone Cold' Steve Austin, who would have two beers thrown to him on stage, before hitting them together and drinking them in the ring. Brook confirmed after the match that the celebration was a tribute to Austin, and also an acknowledgement of his attempts to win back the trust of his teammates. "It was just more about celebrating tonight with the boys," Brook explained. "Like I said the other day in my press conference, I've got to try and gain that trust back with the lads and the way I wanted to do that was perform, play well and lead from the front." Root, who was batting with Brook at the time, said he hoped Brook's celebration would be received with the humour it was intended. "I think that's his way of doing that really," Root said. "He's trying to show he wants that approval from the group, through humour. "That's another area of why he's going to be a great leader, because he has that side to him as well. "He's showed his calmness and his clarity under pressure, and he's also showed humour as well in doing that. "Hopefully it's received in the right way because there's definitely no malice behind it, or anything other than trying to have a bit of a joke with his team-mates....

The “Doomsday Clock” representing how near humanity is to catastrophe moved closer than ever to midnight on Tuesday as concerns grow on nuclear weapons, climate change and disinformation. The Bulletin of the Atomic Scientists, which set up the metaphorical clock at the start of the Cold War, moved its time to 85 seconds to midnight – four seconds closer than a year ago. The announcement comes a year into US President Donald Trump’s second term in which he has shattered global norms including by ordering unilateral attacks and withdrawing from a slew of international organisations. Advertisement Russia, China, the United States and other major countries have “become increasingly aggressive, adversarial and nationalistic”, said a statement announcing the clock shift, determined after consultations with a board that includes eight Nobel laureates. “Hard-won global understandings are collapsing, accelerating a winner-takes-all great power competition and undermining the international cooperation critical to reducing the risks of nuclear war, climate change, the misuse of biotechnology, the potential threat of artificial intelligence and other apocalyptic dangers.” 01:26 Trump’s Golden Dome shows US ‘obsessed with absolute security’, China says Trump’s Golden Dome shows US ‘obsessed with absolute security’, China says The Doomsday Clock board warned of heightened risks of a nuclear arms race, with the New START nuclear arms reduction treaty between the United States and Russia set to expire next week and Trump pushing a costly “Golden Dome” missile defence system that would further militarise space.

Earnings Call Insights: Enterprise Financial Services Corp (EFSC) Q4 2025 Management View James Lally, President and CEO, highlighted "For the quarter, we earned $1.45 per diluted share, which compares favorably to the $1.19 that we earned in the linked quarter and $1.28 in the fourth quarter of 2024." Lally emphasized the successful closure of a branch purchase in Arizona and Kansas, noting it "helped drive expansion of net interest income for the quarter to $168 million, which was a quarterly increase of $10 million when compared to the linked quarter and $22 million compared to the fourth quarter of 2024." He pointed out this acquisition "accelerated our strategy in 2 of our higher-growth markets by several years." Lally also reported balance sheet growth of 11% for the year and an increase in the quarterly dividend to $0.32 per share. Lally signaled a strong focus on credit improvement, stating, "I can see a clear path for the elevated level of NPAs and OREO to reduce significantly in the next couple of quarters to more historical levels." CFO Keene Turner stated, "We reported earnings per share of $1.45 in the fourth quarter on net income of $55 million. Excluding certain nonrecurring items, earnings per share on an adjusted basis was $1.36, a $0.16 increase from the third quarter adjusted earnings per share of $1.20." Chief Banking Officer Douglas Bauche noted, "The completion of our branch acquisition and onboarding of new clients and associates has gone exceptionally well. We also successfully completed foreclosure of the previously highlighted Southern California real estate portfolio and are now one very important step closer to substantially reducing our nonperforming assets." Outlook Turner guided, "Moving into 2026, we expect net interest margin run rate to be roughly 4.2%." Lally outlined, "On the overall balance sheet growth, we're looking at 6% to 8%. And to your point, loans at about mid-single digit. But certainly, the deposit gathering rate and pa...

UPS will cut headcount even further this year as the courier continues to reconfigure its delivery network and scale down its ties with Amazon. The company will reduce operational positions by 30,000 in 2026, on top of the more than-expected 48,000 jobs that were cut last year. UPS chief financial officer Brian Dykes said in a Tuesday morning earnings call that the cuts are expected be made through attrition, as well as a second voluntary buyout program offered to full-time drivers. The 2025 staff culling consisted of 34,000 operational reductions and 14,000 cuts to management positions. With six months left in its 18-month goal to “glide down” its Amazon volumes by 50 percent—having sifted roughly 1 million packages per day out of its network—UPS is targeting $3 billion in total savings from the reduction. According to Dykes, the delivery company plans to reduce total operational hours worked by approximately 25 million associated with the Amazon decline. The cost-cutting measures have been a success for UPS so far, with the company having saved $3.5 billion in 2025 as part of the network reconfiguration, which also included the closure of 93 facilities as part of its nationwide automation push. Company stock increased 4 percent as of noon Eastern Time. For the fourth quarter, UPS generated revenues of $24.5 billion, a 3.2 percent decline from the year prior. Net income was $1.8 billion, on an adjusted $2.38 per share. The figures surpassed estimates from analysts polled by FactSet, which called for $24 billion in revenue and adjusted earnings of $2.20 per share. The company’s forward-looking outlook for 2026 also impressed investors, as UPS guided for revenue of approximately $89.7 billion, ahead of the $88.1 billion projected by analysts and up 1.1 percent from the $88.7 billion in last year’s revenue. Adjusted operating margin is expected to be approximately 9.6 percent of sales, slightly down from 9.8 percent in 2025. The company is planning capital expenditure...

Earnings Call Insights: Applied Industrial Technologies (AIT) Q2 2026 Management View CEO Neil Schrimsher stated that "we continue to effectively manage through a mixed yet evolving end market backdrop during the second quarter," with sales and EBITDA margins aligning to guidance despite higher-than-expected LIFO expense and seasonally weak December sales. Schrimsher highlighted strong underlying margin performance, cost control, expanding backlogs, and business funnels, supporting a stronger sales trajectory into calendar 2026. The company reported organic growth of 2.2%, noting that November saw nearly mid-single-digit organic growth, but December sales rates were below normal seasonal patterns due to holiday timing. Schrimsher said, "December is always a noisy month given seasonal factors... This dynamic was further influenced this year by the midweek timing of the holidays." Early third quarter trends showed January organic sales up mid-single digits year-over-year. Orders in the Engineered Solutions segment rose over 10% year-over-year, the highest in over four years. Schrimsher announced an 11% increase in the quarterly dividend and noted over $140 million deployed on share repurchases during the first half. He also announced the acquisition of Thompson Industrial Supply, with expected annual sales of $20 million, as a bolt-on to enhance the company's Southern California footprint. CFO David Wells reported, "Consolidated sales increased 8.4% over the prior year quarter. Acquisitions contributed 6 points of growth... sales increased 2.2% on an organic basis." Wells added, "Gross margin of 30.4% was down 19 basis points compared to the prior year... During the quarter, we recognized LIFO expense of $6.9 million, which was $2 million to $3 million above our expectations and up meaningfully from prior year second quarter LIFO expense of $0.7 million." He highlighted that excluding LIFO, gross margins were up year-over-year and sequentially. Outlook Wells stated, "...

Market headlines keep circling the same question: Are we in an AI bubble or boom? Investors are pouring unprecedented capital into a technology that remains early in its profit cycle. The stakes are already visible in the AI infrastructure trade.

Apple: One Strong Quarter Away From A Reality Check (NASDAQ:AAPL) Seeking Alpha

Andrii Dodonov/iStock via Getty Images Investment Thesis Oxford Lane Capital Corporation ( OXLC ) and Eagle Point Credit Company ( ECC ) are two direct CEF competitors that specialize in the niche market of investing in equity tranches (stocks of issuers that make payments last, once all the issuer's bondholders have received their interest) and junior debt instruments of Collateralized Loan Obligations (CLOs). I will conduct a comparative analysis between OXLC and ECC in this article, and the results demonstrate significant risks when investing in these assets. Although the yield on these funds is quite high (32.63% and 28.97%), changes in their shares over the past year have been extremely negative (-42.2% and -34.09%, respectively). In addition, the expense ratios of 12.45% and 9.53% imposed on investors will only exacerbate the situation to the detriment of your investments. Forecast Thesis for 2026 The CLO market is showing interesting dynamics: spreads on B-rated loans are narrowing, and funds such as OXLC are facing the problem of limited upside potential. At the same time, under the same conditions, a fund like ECC has additional potential due to the fact that its portfolio contains a sufficient share of debt tranches. In the end, in 2026, OXLC and ECC's total return results may diverge more significantly than they did before. Indeed, the bet on aggressive growth in Oxford's distribution may be met with a forced significant reduction in the payments themselves. If this happens, investing in its shares will become unprofitable for those who, seeking high passive returns, risk sacrificing their capital to a persistent trend of erosion. In contrast, ECC offers greater structural discipline, coupled with greater diversification of its asset portfolio, making it better prepared for changes in spreads. Moreover, in the second half of 2025, market risks in the US economy increased due to higher default rates. The 12-month rolling default rate, however, increased bu...