07.11.2024 - Page 4 of 14 - NEW STOCKBURGER

Plaza Retail REIT Announces Third Quarter 2024 Results

07.11.2024 by admin

FREDERICTON, NB, Nov. 7, 2024 /CNW/ – Plaza Retail REIT PLZ (“Plaza” or the “REIT”) today announced its financial results for the three and nine months ended September 30, 2024.

“We are pleased with our Q3 results as we continue to achieve strong lease renewal spreads and same-asset NOI growth” said Michael Zakuta, President and CEO. “Our portfolio, dominated by open-air essential needs and value retail properties, continues to perform, and demand for our retail space remains strong. As interest rates decline, we also benefit from lower borrowing costs, which we anticipate will positively contribute to our results through the remainder of the year and into 2025.”

Summary of Selected IFRS Financial Results
(CAD$000s, except percentages)	Three Months Ended September 30, 2024	Three Months Ended September 30, 2023	$ Change	% Change	Nine Months Ended September 30, 2024	Nine Months Ended September 30, 2023	$ Change	% Change

Revenues	$30,414	$28,294	$2,120	7.5 %	$90,657	$85,102	$5,555	6.5 %

Net operating income (NOI)⁽¹⁾	$19,651	$18,460	$1,191	6.5 %	$56,093	$52,918	$3,175	6.0 %

Net change in fair value of investment properties	($3,596)	($10,919)	$7,323	–	($12,224)	($10,472)	($1,752)	–

Profit and total comprehensive income	$5,119	$3,355	$1,764	–	$17,012	$24,091	($7,079)	–

(1)	This is a non-GAAP financial measure. Refer to the Non-GAAP Financial Measures defined here and in Part I and VII of the Management’s Discussion and Analysis (“MD&A”) ending September 30, 2024 for more information on each non-GAAP financial measure.

Quarterly Highlights

NOI was $19.7 million, up $1.2 million or 6.5% from the same period in 2023. The increase in NOI is from rent escalations and lease-up in same-asset properties, developments and properties transferred to income-producing in 2023 and 2024, partially offset by a decrease in NOI from properties sold.
Profit and total comprehensive income for the current quarter was $5.1 million compared to $3.4 million in the same period in the prior year. The increase was mainly due to the change in fair value of investment properties, with a $3.6 million decrease in the current quarter compared to a $10.9 million decrease recorded in the same quarter in the prior year. Profit and total comprehensive income was also impacted by an increase in finance costs and administrative expenses, offset by the NOI increase noted above. Profit was also impacted by changes in non-cash fair value adjustments relating to share of profit from associates, interest rate swaps, the Class B exchangeable LP units, and convertible debentures.

Year-To-Date Highlights

NOI was $56.1 million, up $3.2 million or 6.0% from the same period in 2023. NOI was impacted by rent escalations and lease-up in same-asset properties, an increase in NOI from developments and properties transferred to income producing in 2023 and 2024, offset by a decrease in NOI from properties sold.
Profit and total comprehensive income for the current year to date was $17.0 million compared to $24.1 million in the same period in the prior year. The decrease was mainly due to the change in fair value of investment properties, with a $12.2 million decrease recorded in the current year compared to a $10.5 million decrease recorded in the same period in the prior year. Profit and total comprehensive income was also impacted by an increase in finance costs and administrative expenses, offset by the NOI increase noted above Profit was also impacted by an increase in the share of profit of associates relating to the non-cash fair value adjustment of the underlying properties in the current year, a decrease in investment and other income, along with changes in non-cash fair value adjustments relating to interest rate swaps, the Class B exchangeable LP units, and convertible debentures.

Summary of Selected Non-IFRS Financial Results
(CAD$000s, except percentages, units repurchased and per unit amounts)	Three Months Ended September 30, 2024	Three Months Ended September 30, 2023	$ Change	% Change	Nine Months Ended September 30, 2024	Nine Months Ended September 30, 2023	$ Change	% Change

FFO⁽¹⁾	$11,405	$11,392	$13	0.1 %	$31,948	$31,458	$490	1.6 %
FFO per unit⁽¹⁾	$0.102	$0.102	–	–	$0.286	$0.289	($0.003)	(1.0 %)
FFO payout ratio⁽¹⁾	68.4 %	68.5 %	n/a	(0.1 %)	73.3 %	73.2 %	n/a	0.1 %

AFFO⁽¹⁾	$9,640	$9,424	$216	2.3 %	$25,873	$25,360	$513	2.0 %
AFFO per unit⁽¹⁾	$0.086	$0.085	$0.001	1.2 %	$0.232	$0.233	($0.001)	(0.4 %)
AFFO payout ratio⁽¹⁾	81.0 %	82.8 %	n/a	(2.2 %)	90.5 %	90.8 %	n/a	(0.3 %)

Same-asset NOI⁽¹⁾	$18,618	$18,266	$352	1.9 %	$53,984	$52,491	$1,493	2.8 %

Normal course issuer bid – units repurchased	–	8,054	n/a	n/a	4,920	19,627	n/a	n/a

Committed occupancy – including non-consolidated investments⁽²⁾					97.5 %	97.2 %	n/a	0.3 %
Same-asset committed occupancy⁽³⁾					96.9 %	96.9 %	n/a	–

⁽¹⁾ This is a non-GAAP financial measure. Refer to the Non-GAAP Financial Measures defined here and in Part I and VII of the MD&A ending September 30, 2024 for more information on each non-GAAP financial measure.

⁽²⁾ Excludes properties under development.

⁽³⁾Same-asset committed occupancy excludes properties under development and non-consolidated investments.

Quarterly Highlights

FFO & AFFO: For the three months ended September 30, 2024, FFO on a dollar basis increased $13 thousand or 0.1%. FFO per unit was consistent with the same period in the prior year. FFO was impacted by higher NOI from same-asset, developments, and properties transferred to income producing, offset by a decrease in NOI from property dispositions and higher administrative and finance costs. AFFO on a dollar basis increased $216 thousand or 2.3%, and AFFO per unit increased by $0.001 or 1.2% compared to the same period in the prior year. AFFO was impacted mainly due to the changes in FFO noted above, as well as increased maintenance capital expenditures and lower leasing costs.
Same-asset NOI increased by $352 thousand or 1.9% due to lease-up and rent escalations, along with the completion of the repositioning of certain properties, offset by higher operating expenses.

Year-To-Date Highlights

FFO & AFFO: For the nine months ended September 30, 2024, FFO on a dollar basis increased $490 thousand or 1.6%. FFO per unit decreased by $0.003 or (1.0%) compared to the same period in the prior year. FFO was impacted by higher NOI from same-asset, developments, and properties transferred to income producing, offset by a decrease in NOI from property dispositions and higher administrative and finance costs. AFFO on a dollar basis increased $513 thousand or 2.0%. AFFO per unit decreased by $0.001 or (0.4%) compared to the same period in the prior year mainly due to the changes in FFO noted above, as well as increased maintenance capital expenditures from extraordinary expenditures, and lower leasing costs. FFO and AFFO per unit were also impacted by the issue of 8.5 million trust units in March 2023.
Same-asset NOI increased by $1.5 million or 2.8% due to lease-up and rent escalations, along with the completion of the repositioning of certain properties, and lower operating expenses.

Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures including FFO, AFFO and same-asset NOI. These measures are commonly used by entities in the real estate industry as useful metrics for measuring performance. However, they do not have a standardized meaning prescribed by IFRS Accounting Standards and are not necessarily comparable to similar measures presented by other publicly traded entities. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS Accounting Standards. For further explanation of non-GAAP measures and their usefulness in assessing Plaza’s performance, please refer to the section “Basis of Presentation” in Part I and the section “Explanation of Non-GAAP Measures” in Part VII of the REIT’s Management’s Discussion and Analysis as at September 30, 2024, which can be found on Plaza’s website at www.plaza.ca and on SEDAR at www.sedar.com.

The following tables reconcile the non-GAAP measures FFO, AFFO, and NOI to the most comparable IFRS measures.

Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)

Plaza’s summary of FFO and AFFO for the three and nine months ended September 30, 2024, compared to the three and nine months ended September 30, 2023, is presented below:

(000s – except per unit amounts and percentage data, unaudited)	3 Months Ended September 30, 2024	3 Months Ended September 30, 2023	Change over Prior Period	9 Months Ended September 30, 2024	9 Months Ended September 30, 2023	Change over Prior Period
Profit and total comprehensive income for the period attributable to unitholders	$ 5,073	$ 3,375		$ 16,862	$ 24,009
Incremental leasing costs included in administrative expenses⁽⁷⁾	383	319		1,248	1,056
Amortization of debenture issuance costs⁽⁸⁾	(18)	(18)		(54)	(123)
Distributions on Class B exchangeable LP units included in finance costs – operations	81	81		243	245
Deferred income taxes	(99)	(143)		97	(119)
Right-of-use land lease principal repayments	(205)	(202)		(611)	(601)
Fair value adjustment to restricted and deferred units	280	(227)		134	(383)
Fair value adjustment to investment properties	3,596	10,919		12,224	10,472
Fair value adjustment to investments⁽⁹⁾	(1,460)	(451)		(1,400)	121
Fair value adjustment to Class B exchangeable LP units	544	(416)		243	(1,017)
Fair value adjustment to convertible debentures	426	(450)		279	(658)
Fair value adjustment to interest rate swaps	2,366	(1,486)		1,737	(2,014)
Fair value adjustment to right-of-use land lease assets	205	202		611	601
Equity accounting adjustment⁽¹⁰⁾	264	(33)		370	(58)
Non-controlling interest adjustment⁽⁶⁾	(31)	(78)		(35)	(73)
FFO⁽¹⁾	$ 11,405	$ 11,392	$ 13	$ 31,948	$ 31,458	$ 490
*FFO change over prior period – %*			0.1 %			1.6 %

FFO⁽¹⁾	$ 11,405	$ 11,392		$ 31,948	$ 31,458
Non-cash revenue – straight-line rent⁽⁵⁾	(169)	(16)		(387)	(27)
Leasing costs – existing properties^{(2) (5) (11)}	(1,022)	(1,732)		(3,952)	(5,173)
Maintenance capital expenditures – existing properties⁽¹²⁾	(603)	(223)		(1,778)	(901)
Non-controlling interest adjustment⁽⁶⁾	29	3		42	3
AFFO⁽¹⁾	$ 9,640	$ 9,424	$ 216	$ 25,873	$ 25,360	$ 513
*AFFO change over prior period – %*			2.3 %			2.0 %

Weighted average units outstanding – basic⁽¹⁾⁽³⁾	111,537	111,530		111,528	108,797
FFO per unit – basic⁽¹⁾	$ 0.102	$ 0.102	–	$ 0.286	$ 0.289	(1.0 %)
AFFO per unit – basic⁽¹⁾	$ 0.086	$ 0.085	1.2 %	$ 0.232	$ 0.233	(0.4 %)

Gross distribution to unitholders⁽¹⁾⁽⁴⁾	$ 7,806	$ 7,806		$ 23,417	$ 23,020
FFO payout ratio – basic⁽¹⁾	68.4 %	68.5 %		73.3 %	73.2 %
AFFO payout ratio – basic⁽¹⁾	81.0 %	82.8 %		90.5 %	90.8 %

FFO⁽¹⁾	$ 11,405	$ 11,392		$ 31,948	$ 31,458
Interest on dilutive convertible debentures	180	179		537	533
FFO – diluted⁽¹⁾	$ 11,585	$ 11,571	$ 14	$ 32,485	$ 31,991	$ 494
Diluted weighted average units outstanding⁽¹⁾⁽³⁾	114,067	114,060		114,058	111,327

AFFO⁽¹⁾	$ 9,640	$ 9,424		$ 25,873	$ 25,360
Interest on dilutive convertible debentures	180	179		537	533
AFFO – diluted⁽¹⁾	$ 9,820	$ 9,603	$ 217	$ 26,410	$ 25,893	$ 517
Diluted weighted average units outstanding⁽¹⁾⁽³⁾	114,067	114,060		114,058	111,327

FFO per unit – diluted⁽¹⁾	$ 0.102	$ 0.101	1.0 %	$ 0.285	$ 0.287	(0.7 %)
AFFO per unit – diluted⁽¹⁾	$ 0.086	$ 0.084	2.4 %	$ 0.231	$ 0.233	(0.9 %)

⁽¹⁾	This is a non-GAAP financial measure. Refer to the Non-GAAP Financial Measures defined here and in Part I and VII of the REIT’s MD&A ending September 30, 2024 for more information on each non-GAAP financial measure.
⁽²⁾	Based on actuals.
⁽³⁾	Includes Class B exchangeable LP units.
⁽⁴⁾	Includes distributions on Class B exchangeable LP units.
⁽⁵⁾	Includes proportionate share of revenue and expenditures at equity-accounted investments.
⁽⁶⁾	The non-controlling interest (“NCI”) adjustment, includes adjustments required to translate the profit and total comprehensive income attributable to NCI of $46 thousand and $150 thousand for the three and nine months ending September 30, 2024, respectively (September 30, 2023 – loss of $20 thousand and profit of $82 thousand, respectively) to FFO and AFFO for the NCI.
⁽⁷⁾	Incremental leasing costs included in administrative expenses include leasing costs of salaried leasing staff directly attributed to signed leases that would otherwise be capitalized if incurred from external sources. These costs are excluded from FFO in accordance with RealPAC’s definition of FFO.
⁽⁸⁾	Amortization of debenture issuance costs is deducted on a straight-line basis over the remaining term of the related convertible debentures, in accordance with RealPAC.
⁽⁹⁾	Fair value adjustment to investments relate to the unrealized change in fair value of equity accounted entities which are excluded from FFO in accordance with RealPAC’s definition of FFO.
⁽¹⁰⁾	Equity accounting adjustment for interest rate swaps includes the change in non-cash fair value adjustments relating to interest rate swaps held by equity accounted entities, which are excluded from FFO in accordance with RealPAC’s definition of FFO.
⁽¹¹⁾	Leasing costs – existing properties include internal and external leasing costs except to the extent that leasing costs relate to development projects, in accordance with RealPAC’s definition of AFFO. See the Gross Capital Additions Including Leasing Fees note on page 27 of the MD&A.
⁽¹²⁾	Maintenance capital expenditures – existing properties include expenditures related to sustaining and maintaining existing space, in accordance with RealPAC’s definition of AFFO. See the Gross Capital Additions Including Leasing Fees note on page 27 of the MD&A.

Net Property Operating Income (NOI) and Same-Asset Net Property Operating Income (Same-Asset NOI)

(000s)	3 Months Ended September 30, 2024 (unaudited)	3 Months Ended September 30, 2023 (unaudited)	9 Months Ended September 30, 2024 (unaudited)	9 Months Ended September 30, 2023 (unaudited)
Same-asset NOI⁽¹⁾	$ 18,618	$ 18,266	$ 53,984	$ 52,491
Developments and redevelopments transferred to income producing in 2023 & 2024 ($7.5 million annual stabilized NOI)	1,490	906	3,767	1,684
NOI from properties currently under development and redevelopment ($650 thousand annual stabilized NOI)	–	(179)	–	(51)
Straight-line rent	169	22	387	42
Administrative expenses charged to NOI	(887)	(898)	(2,963)	(2,829)
Lease termination revenue	168	–	201	–
Properties disposed	80	324	697	1,500
Other	13	19	20	81
Total NOI⁽¹⁾	$ 19,651	$ 18,460	$ 56,093	$ 52,918
Percentage increase over prior period	6.5 %		6.0 %

(1) This is a non-GAAP financial measure. Refer to the Non-GAAP Financial Measures defined here and in Part I and VII of the REIT’s MD&A for more information on each non-GAAP financial measure.

Cautionary Statements Regarding Forward-looking Information

This press release contains forward-looking statements relating to Plaza’s operations, prospects, outlook, condition and the environment in which it operates, including with respect to Plaza’s outlook or expectations regarding the future of its business, continuation of strong retailer demand and the impact of lower interest rates on Plaza’s overall success through the remainder of the year and into 2025. Forward-looking statements are not future guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Plaza to be materially different from any future results, performance or achievements expressed, implied or projected by forward-looking statements contained in this press release, including but not limited to changes in economic, retail, capital market, or debt market conditions, including recessions and changes in, or the extent of changes in, interest rates and the rate of inflation; supply chain constraints; competitive real estate conditions; and others described in Plaza’s Annual Information Form for the year ended December 31, 2023 and Management’s Discussion and Analysis for the three and nine months ended September 30, 2024 which can be obtained on the REIT’s website at www.plaza.ca or on SEDAR+ at www.sedarplus.ca. Forward-looking statements are based on a number of expectations and assumptions made in light of management’s experience and perceptions of historical trends and current conditions, including that progress continues on Plaza’s development and redevelopment program, the strength of Plaza’s tenant base, that tenant demand for space continues, that Plaza is able to lease or re-lease space at anticipated rents and that interest rates continue to decline. Although based upon information currently available to management and what management believes are reasonable expectations and assumptions, there can be no assurances that forward-looking statements will prove to be accurate. Readers, therefore, should not place undue reliance on any forward-looking statements. Plaza undertakes no obligation to publicly update any such statements, except as required by law. These cautionary statements qualify all forward-looking statements contained in this press release.

Further Information
Information appearing in this press release is a select summary of results. A more detailed analysis of the REIT’s financial and operating results is included in the REIT’s Management’s Discussion and Analysis and Consolidated Financial Statements, which can be found on the REIT’s website at www.plaza.ca or on SEDAR at www.sedar.com.

Conference Call
Michael Zakuta, President and CEO, Jim Drake, CFO, and Jason Parravano, COO, will host a conference call for the investment community on Friday, November 8, 2024 at 10:00 a.m. EST. The call-in numbers for participants are 1-437-900-0527 (local Toronto) or 1-888-510-2154 (toll free, within North America).

A replay of the call will be available until November 15, 2024. To access the replay, dial 1-289-819-1450 (local Toronto) or 1-888-660-6345 (Passcode: 52498#). The audio replay will also be available for download on the REIT’s website for 90 days following the conference call.

About Plaza
Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada. Plaza’s portfolio at September 30, 2024 includes interests in 218 properties totaling approximately 8.8 million square feet across Canada and additional lands held for development. Plaza’s portfolio largely consists of open-air centres and stand-alone small box retail outlets and is predominantly occupied by national tenants with a focus on the essential needs, value and convenience market segments. For more information, please visit www.plaza.ca.

SOURCE Plaza Retail REIT

View original content: http://www.newswire.ca/en/releases/archive/November2024/07/c6434.html

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07.11.2024 by admin

Editor’s note: This story has been updated to correct the name of the Bernstein analyst covering Ford.

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Earnings News

Stellus Capital Investment Corporation Reports Results for its Third Fiscal Quarter Ended September 30, 2024

07.11.2024 by admin

HOUSTON, Nov. 7, 2024 /PRNewswire/ — Stellus Capital Investment Corporation SCM (“Stellus”, “we”, or the “Company”) today announced financial results for its fiscal quarter ended September 30, 2024.

Robert T. Ladd, Chief Executive Officer of Stellus, stated, “I am pleased to report solid operating results for the quarter ended September 30, 2024, in which we earned U.S. GAAP net investment income of $0.39 per share and core net investment income of $0.40 per share, which covered the regular dividend declared of $0.40 per share. Net asset value per share increased by $0.19 per share from the prior quarter end. Subsequent to the quarter end, we increased our capital base by $55 million through the upsizing of our Credit Facility to $315 million. As we celebrate the completion of twelve years of operations, I’m also pleased to report that our investors have received a total of $273 million in distributions, equivalent to $16.28 per share, since we began operations.”

FINANCIAL HIGHLIGHTS
($ in millions, except data relating to per share amounts and shares outstanding)


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
	Amount	Per Share	Amount	Per Share	Amount	Per Share	Amount	Per Share
Net investment income	$10.26	$0.39	$10.82	$0.47	$32.29	$1.29	$30.30	$1.42
Core net investment income⁽¹⁾	10.62	0.40	11.16	0.49	33.59	1.34	30.81	1.45
Net realized (loss) gain on investments	(3.30)	(0.13)	0.60	0.03	(21.69)	(0.87)	0.32	0.01
Net realized loss on foreign currency translation	(0.02)	—	(0.02)	—	(0.08)	—	(0.07)	—
Total realized income⁽²⁾	$6.94	$0.26	$11.40	$0.50	$10.52	$0.42	$30.55	$1.43
Distributions	(10.63)	(0.40)	(9.27)	(0.41)	(30.32)	(1.21)	(25.88)	(1.22)
Net unrealized change in appreciation (depreciation) on investments	8.51	0.33	(13.80)	(0.61)	26.44	1.05	(24.34)	(1.14)
Net unrealized change in appreciation (depreciation) on foreign currency translation	0.01	—	—	—	—	—	(0.02)	—
Benefit (provision) for taxes on unrealized depreciation (appreciation) on investments in taxable subsidiaries	—	—	—	—	0.19	0.01	(0.14)	(0.01)
Net increase (decrease) in net assets resulting from operations	$15.46	$0.59	($2.40)	($0.11)	$37.15	$1.48	$6.05	$0.28
Weighted average shares outstanding		26,326,426		22,824,221		25,066,626		21,289,880


(1)	Core net investment income, as presented, excludes the impact of capital gains incentive fees (reversal) and income taxes, the majority of which are excise taxes. The Company believes presenting core net investment income and the related per share amount is a useful supplemental disclosure for analyzing its financial performance. However, core net investment income is a non-U.S. generally accepted accounting principles (“U.S. GAAP”) measure and should not be considered as a replacement for net investment income and other earnings measures presented in accordance with U.S. GAAP. A reconciliation of net investment income in accordance with U.S. GAAP to core net investment income is presented in the table below the financial statements.
(2)	Total realized income is the sum of net investment income, net realized gains (losses) on investments, net realized gains (losses) on foreign currency, and loss on debt extinguishment; all U.S. GAAP measures.

PORTFOLIO ACTIVITY
($ in millions, except data relating to per share amounts and number of portfolio companies)

	As of	As of
	September 30, 2024	December 31, 2023
Investments at fair value	$908.7	$874.5
Total assets	$957.1	$908.1
Net assets	$366.3	$319.9
Shares outstanding	27,039,364	24,125,642
Net asset value per share	$13.55	$13.26

	Three Months Ended		Nine Months Ended
	September 30, 2024	September 30, 2023	September 30, 2024	September 30, 2023
New investments	$17.8	$51.9	$112.6	$139.7
Repayments of investments	(15.5)	(34.8)	(87.3)	(79.1)
Net activity	$2.3	$17.1	$25.3	$60.6

	As of	As of
	September 30, 2024	December 31, 2023
Number of portfolio company investments	99	93
Number of debt investments	86	81

Weighted average yield of debt and other income producing investments ⁽³⁾
Cash	10.2 %	11.0 %
Payment-in-kind (“PIK”)	0.4 %	0.5 %
Fee amortization	0.4 %	0.4 %
Total	11.0 %	11.9 %

Weighted average yield on total investments ⁽⁴⁾
Cash	9.5 %	10.3 %
PIK	0.4 %	0.5 %
Fee amortization	0.4 %	0.3 %
Total	10.3 %	11.1 %


(3)	The dollar-weighted average annualized effective yield is computed using the effective interest rate for our debt investments and other income producing investments, including cash and PIK interest, as well as the accretion of deferred fees. The individual investment yields are then weighted by the respective cost of the investments (as of the date presented) in calculating the weighted average effective yield of the portfolio. The dollar-weighted average annualized yield on the Company’s investments for a given period will generally be higher than what investors in the Company’s common stock would realize in a return over the same period because the dollar-weighted average annualized yield does not reflect the Company’s expenses or any sales load that may be paid by investors.
(4)	The dollar-weighted average yield on total investments takes the same yields as calculated in the footnote above but weights them to determine the weighted average effective yield as a percentage of the Company’s total investments, including non-income producing loans and equity.

Results of Operations

Investment income for the three months ended September 30, 2024 and 2023 totaled $26.5 million and $27.2 million, respectively, most of which was interest income from portfolio investments.

Gross operating expenses for the three months ended September 30, 2024 and 2023 totaled $16.2 million and $16.3 million, respectively. For the same respective periods, base management fees totaled $3.9 million for both periods, income incentive fees totaled $2.6 million and $2.7 million, fees and expenses related to our borrowings totaled $8.0 million for both periods (including interest and amortization of deferred financing costs), administrative expenses totaled $0.5 million for both periods, income tax totaled $0.4 million and $0.3 million and other expenses totaled $0.8 million and $0.9 million.

Net investment income was $10.3 million and $10.8 million, or $0.39 and $0.47 per common share based on weighted average common shares outstanding of 26,326,426 and 22,824,221 for the three months ended September 30, 2024 and 2023, respectively. Core net investment income, which is a non-U.S. GAAP measure that excludes the capital gains incentive fee (reversal) and income tax expense accruals, for the three months ended September 30, 2024 and 2023 was $10.6 million and $11.2 million, or $0.40 and $0.49 per share, respectively.

For the three months ended September 30, 2024 and 2023, the Company’s investment portfolio had a net change in unrealized appreciation (depreciation) of $8.5 million and ($13.8) million, respectively, and the Company had net realized (losses) gains of ($3.3) million and $0.6 million, respectively.

Net increase (decrease) in net assets resulting from operations totaled $15.5 million and ($2.4) million, or $0.59 and ($0.11) per common share, based on weighted average common shares outstanding of 26,326,426 and 22,824,221 for the three months ended September 30, 2024 and 2023, respectively.

Liquidity and Capital Resources

As of September 30, 2024, the Company’s amended senior secured revolving credit agreement with certain bank lenders and Zions Bancorporation, N.A. dba Amegy Bank, as administrative agent (as amended from time to time, the “Credit Facility”) provided for borrowings in an aggregate amount of up to $260.0 million on a committed basis. As of September 30, 2024 and December 31, 2023, the Credit Facility had an accordion feature which allowed for potential future expansion of the facility size up to $350.0 million.

As of September 30, 2024 and December 31, 2023, the Company had $157.4 million and $160.1 million in outstanding borrowings under the Credit Facility, respectively.

The Company issued 1,058,366 shares during the three months ended September 30, 2024 under the At-the-Market Program (“ATM Program”) for gross proceeds of $14.6 million. The average per share offering price of shares issued under the ATM Program during the three months ended September 30, 2024 was $13.79. Stellus Capital Management, LLC, the Company’s investment adviser (the “Advisor”), agreed to reimburse the Company for underwriting fees to the extent the per share price of the shares to the public, less underwriting fees, was less then net asset value per share. For the three months ended September 30, 2024, the Advisor was not required to reimburse underwriting fees as all shares were issued at a premium to net asset value.

Distributions

For the three months ended September 30, 2024 and 2023, the Company declared aggregate distributions of $0.40 per share for both periods ($10.6 million and $9.3 million in the aggregate, respectively). Tax characteristics of all distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year. None of these dividends are expected to include a return of capital.

Recent Portfolio Activity

The Company invested in the following portfolio companies during the three months ended September 30, 2024:


Activity Type	Date	Company Name	Company Description	Investment Amount		Instrument Type
Add-On Investment	July 31, 2024	PCS Software, Inc.*	Provider of integrated transportation management software for the inland trucking industry	$	9,995	Equity
Add-On Investment	August 12, 2024	Trade Education Acquisition, L.L.C.*	Online education platform for retail investors	$	80,000	Revolver Commitment
New Investment	August 16, 2024	Bart & Associates, LLC	Provides IT modernization services for federal customers	$	8,942,723	Senior Secured – First Lien
				$	1,733,387	Delayed Draw Term Loan Commitment
				$	1,046,677	Revolver Commitment
				$	418,671	Equity
Add-On Investment	August 26, 2024	Impact Home Services LLC*	Residential garage door, electrical, and plumbing services provider	$	1,571,984	Delayed Draw Term Loan Commitment
Add-On Investment	September 11, 2024	Service Minds Company, LLC*	Provider of residential electrical services	$	20,000	Revolver Commitment
Add-On Investment	September 30, 2024	The Hardenbergh Group, Inc. *	Provider of temporary professional staffing of medical services professionals, external peer review, consulting and physician leadership solutions	$	804,031	Senior Secured – First Lien
Add-On Investment	September 30, 2024	Monitorus Holding, LLC*	Provider of media monitoring and evaluation services	$	11,629	Unsecured Convertible Bond
Add-On Investment	September 30, 2024	ADS Group Opco, LLC*	Full-service manufacturer for OEMs, prime contractors, and Tier I suppliers across the defense, space, and aerospace industries	$	69,453	Revolver Commitment

*Existing portfolio company

The Company realized investments in the following portfolio companies during the three months ended September 30, 2024:

Activity Type	Date	Company Name	Company Description	Proceeds Received		Realized Gain		Instrument Type
Full Realization	August 1, 2024	ICD Holdings, LLC*	Financial company that connects corporate treasury departments with money market and short duration bond funds	$	2,599,378	$	2,192,411	Equity
Full Repayment	September 27, 2024	EHI Buyer, Inc.*	Provider of design, engineering, installation, and maintenance services for building management systems	$	6,050,229	$	—	Senior Secured – First Lien
				$	2,322,310	$	—	Delayed Draw Term Loan

*Existing portfolio company

Events Subsequent to September 30, 2024

The Company’s management has evaluated subsequent events through November 7, 2024. There have been no subsequent events that require recognition or disclosure except for the following described below.

Investment Portfolio

The Company invested in the following portfolio companies subsequent to September 30, 2024:

Activity Type	Date	Company Name	Company Description	Investment Amount		Instrument Type
Add-On Investment	October 18, 2024	Compost 360 Investments, LLC*	Organic waste recycler and producer of compost, mulch, and engineered soils	$	49,280	Equity
New Investment	October 31, 2024	Norplex Micarta Acquisition, Inc.	Manufacturer of thermoset composite laminates	$	13,000,000	Senior Secured – First Lien
				$	500,000	Revolver Commitment
				$	739,804	Equity
Add-On Investment	November 7, 2024	Green Intermediateco II, Inc.*	Cyber-security focused value-added reseller and associated service provider	$	1,300,000	Senior Secured – First Lien

*Existing portfolio company

The Company realized an investment in the following portfolio company subsequent to September 30, 2024:

Activity Type

Date

Company Name

Company Description

Proceeds Received

Realized Gain

Instrument Type

Full Repayment

November 4, 2024

Baker Manufacturing Company, LLC*

Manufacturer of water well equipment, specialized

filtration pumps, and custom castings

12,738,093

—

Senior Secured – First Lien

Full Realization

November 5, 2024

Health Monitor Holdings, LLC*

Provider of point-of-care patient engagement and

marketing solutions for pharmaceutical companies

1,704,298

651,379

Equity

*Existing portfolio company

Credit Facility

On October 30, 2024, the Company entered into an Increase Agreement to the Credit Facility which, among other things, amends the Credit Facility to increase the total available commitments under the Credit Facility from $260.0 million to $315.0 million on a committed basis.

The outstanding balance under the Credit Facility as of November 7, 2024 was $158.0 million.

Distributions Declared

On October 10, 2024, our Board of Directors declared a regular monthly distribution for each of October, November, and December 2024, as follows:

	Ex-Dividend	Record	Payment	Amount per
Declared	Date	Date	Date	Share
10/10/2024	10/31/2024	10/31/2024	11/15/2024	$	0.1333
10/10/2024	11/29/2024	11/29/2024	12/13/2024	$	0.1333
10/10/2024	12/31/2024	12/31/2024	1/15/2024	$	0.1333

Conference Call Information

Stellus Capital Investment Corporation will host a conference call to discuss these results on Friday, November 8, 2024 at 11:00 AM, Central Time. The conference call will be led by Robert T. Ladd, Chief Executive Officer, and W. Todd Huskinson, Chief Financial Officer, Chief Compliance Officer, Treasurer, and Secretary.

For those wishing to participate by telephone, please dial (888) 506-0062. Use passcode 122799. Starting approximately two hours after the conclusion of the call, a replay will be available through Friday, November 22, 2024 by dialing (877) 481-4010 and entering passcode 51477. The replay will also be available on the Company’s website.

For those wishing to participate via Live Webcast, connect via the Public (SCIC) section of our website at www.stelluscapital.com, under the Events tab. A replay of the conference will be available on our website for approximately 90 days.

About Stellus Capital Investment Corporation

The Company is an externally-managed, closed-end, non-diversified investment management company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation by investing primarily in private middle-market companies (typically those with $5.0 million to $50.0 million of EBITDA (earnings before interest, taxes, depreciation and amortization)) through first lien (including unitranche) loans, second lien loans and unsecured debt financing, with corresponding equity co-investments. The Company’s investment activities are managed by its investment adviser, Stellus Capital Management. To learn more about Stellus Capital Investment Corporation, visit www.stelluscapital.com under the “Public (SCIC)” tab.

Forward-Looking Statements

Statements included herein may contain “forward-looking statements” which relate to future performance or financial condition. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by the Company with the Securities and Exchange Commission including the final prospectus that will be filed with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Contacts

Stellus Capital Investment Corporation
W. Todd Huskinson, Chief Financial Officer
(713) 292-5414
thuskinson@stelluscapital.com

STELLUS CAPITAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

	September 30, 2024
	(unaudited)		December 31, 2023
ASSETS
Controlled investments at fair value (amortized cost of $17,934,808 and $17,285,138, respectively)	$	7,749,169	$	6,175,994
Non-controlled, non-affiliated investments, at fair value (amortized cost of $891,385,080 and $884,858,412, respectively)		900,969,724		868,284,689
Cash and cash equivalents		38,580,261		26,125,741
Receivable for sales and repayments of investments		1,358,421		371,877
Interest receivable		6,272,194		4,882,338
Income tax receivable		1,817,371		1,588,708
Other receivables		67,995		42,995
Deferred offering costs		—		7,312
Prepaid expenses		256,724		606,674
Total Assets	$	957,071,859	$	908,086,328
LIABILITIES
Notes Payable	$	99,331,757	$	98,996,412
Credit Facility payable		154,578,467		156,564,776
SBA-guaranteed debentures		321,058,121		320,273,358
Dividends payable		3,604,347		—
Management fees payable		3,959,554		2,918,536
Income incentive fees payable		3,154,576		2,885,180
Interest payable		1,253,031		5,241,164
Related party payable		1,898,854		—
Unearned revenue		550,348		397,725
Administrative services payable		401,033		402,151
Deferred tax liability		—		188,893
Other accrued expenses and liabilities		996,484		278,345
Total Liabilities	$	590,786,572	$	588,146,540
Commitments and contingencies (Note 7)
Net Assets	$	366,285,287	$	319,939,788
NET ASSETS
Common stock, par value $0.001 per share (100,000,000 shares authorized; 27,039,364 and 24,125,642 issued and outstanding, respectively)	$	27,039	$	24,125
Paid-in capital		375,430,445		335,918,984
Total distributable loss		(9,172,197)		(16,003,321)
Net Assets	$	366,285,287	$	319,939,788
Total Liabilities and Net Assets	$	957,071,859	$	908,086,328
Net Asset Value Per Share	$	13.55	$	13.26

STELLUS CAPITAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

	For the three months ended				For the nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
INVESTMENT INCOME
From controlled investments:
Interest income	$	—	$	—	$	81,636	$	—
From non-controlled, non-affiliated investments
Interest income		25,338,361		26,223,986		75,460,156		75,295,485
Other income		1,159,898		941,040		3,579,415		2,529,905
Total Investment Income	$	26,498,259	$	27,165,026	$	79,121,207	$	77,825,390
OPERATING EXPENSES
Management fees	$	3,959,554	$	3,933,121	$	11,664,020	$	11,533,811
Valuation fees		151,535		139,267		343,753		332,762
Administrative services expenses		469,274		470,846		1,441,436		1,399,188
Income incentive fees		2,564,922		2,705,200		7,616,562		7,433,039
Capital gains incentive fee reversal		—		—		—		(569,528)
Professional fees		312,034		276,592		847,866		877,276
Directors’ fees		93,250		93,250		315,750		303,750
Insurance expense		126,362		123,725		376,840		366,156
Interest expense and other fees		7,956,403		8,049,063		23,840,473		24,037,462
Income tax expense		360,192		335,508		1,304,948		1,082,057
Other general and administrative expenses		245,043		217,655		908,185		727,754
Total Operating Expenses	$	16,238,569	$	16,344,227	$	48,659,833	$	47,523,727
Income incentive fee waiver		—		—		(1,826,893)		—
Total Operating Expenses, net of fee waivers	$	16,238,569	$	16,344,227	$	46,832,940	$	47,523,727
Net Investment Income	$	10,259,690	$	10,820,799	$	32,288,267	$	30,301,663
Net realized (loss) gain on non-controlled, non-affiliated investments	$	(3,297,615)	$	600,403	$	(21,689,864)	$	324,782
Net realized loss on foreign currency translations		(22,095)		(22,166)		(76,990)		(72,782)
Net change in unrealized appreciation on controlled investments		248,746		—		923,505		—
Net change in unrealized appreciation (depreciation) on non-controlled, non-affiliated investments		8,255,272		(13,793,320)		25,512,422		(24,338,195)
Net change in unrealized appreciation (depreciation) on foreign currency translations		14,588		(2,794)		5,099		(21,243)
(Provision) benefit for taxes on net unrealized (appreciation) depreciation on investments		—		(312)		188,893		(144,425)
Benefit for taxes on net realized loss on investments		2,221		—		2,221		—
Net Increase (Decrease) in Net Assets Resulting from Operations	$	15,460,807	$	(2,397,390)	$	37,153,553	$	6,049,800
Net Investment Income Per Share—basic and diluted	$	0.39	$	0.47	$	1.29	$	1.42
Net Increase (Decrease) in Net Assets Resulting from Operations Per Share – basic and diluted	$	0.59	$	(0.11)	$	1.48	$	0.28
Weighted Average Shares of Common Stock Outstanding—basic and diluted		26,326,426		22,824,221		25,066,626		21,289,880
Distributions Per Share—basic and diluted	$	0.40	$	0.41	$	1.21	$	1.22

STELLUS CAPITAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

	Common Stock					Total
	Number	Par		Paid-in		distributable
	of shares	value		capital		earnings (loss)		Net Assets
Balances at December 31, 2022	19,666,769	$	19,667	$	275,114,720	$	642,226	$	275,776,613
Net investment income	—		—		—		9,067,620		9,067,620
Net realized gain on investments	—		—		—		34,967		34,967
Net realized loss on foreign currency translations	—		—		—		(39,912)		(39,912)
Net change in unrealized depreciation on investments	—		—		—		(4,249,642)		(4,249,642)
Net change in unrealized appreciation on foreign currency translations	—		—		—		1,874		1,874
Provision for taxes on unrealized appreciation on investments	—		—		—		(78,760)		(78,760)
Distributions from net investment income	—		—		—		(7,951,284)		(7,951,284)
Issuance of common stock, net of offering costs⁽¹⁾	581,614		581		8,289,988		—		8,290,569
Balances at March 31, 2023	20,248,383	$	20,248	$	283,404,708	$	(2,572,911)	$	280,852,045
Net investment income	—		—		—		10,413,244		10,413,244
Net realized loss on non-controlled, non-affiliated investments	—		—		—		(310,588)		(310,588)
Net realized loss on foreign currency translation	—		—		—		(10,704)		(10,704)
Net change in unrealized depreciation on non-controlled, non-affiliated investments	—		—		—		(6,295,233)		(6,295,233)
Net change in unrealized depreciation on foreign currency translations	—		—		—		(20,323)		(20,323)
Provision for taxes on unrealized appreciation on investments	—		—		—		(65,353)		(65,353)
Distributions from net investment income	—		—		—		(8,659,144)		(8,659,144)
Issuance of common stock, net of offering costs⁽¹⁾	2,309,521		2,310		32,418,774		—		32,421,084
Balances at June 30, 2023	22,557,904	$	22,558	$	315,823,482	$	(7,521,012)	$	308,325,028
Net investment income	—		—		—		10,820,799		10,820,799
Net realized gain on investments	—		—		—		600,403		600,403
Net realized loss on foreign currency translation	—		—		—		(22,166)		(22,166)
Net change in unrealized depreciation on investments	—		—		—		(13,793,320)		(13,793,320)
Net change in unrealized depreciation on foreign currency translations	—		—		—		(2,794)		(2,794)
Provision for taxes on unrealized appreciation on investments	—		—		—		(312)		(312)
Distributions from net investment income	—		—		—		(9,269,208)		(9,269,208)
Issuance of common stock, net of offering costs⁽¹⁾	1,567,738		1,567		21,465,783		—		21,467,350
Balances at September 30, 2023	24,125,642	$	24,125	$	337,289,265	$	(19,187,610)	$	318,125,780

Balances at December 31, 2023	24,125,642	$	24,125	$	335,918,984	$	(16,003,321)	$	319,939,788
Net investment income	—		—		—		10,235,916		10,235,916
Net realized loss on investments	—		—		—		(20,384,731)		(20,384,731)
Net realized loss on foreign currency translations	—		—		—		(25,106)		(25,106)
Net change in unrealized appreciation on investments	—		—		—		23,518,590		23,518,590
Net change in unrealized depreciation on foreign currency translations	—		—		—		(3,602)		(3,602)
Provision for taxes on unrealized appreciation on investments	—		—		—		(192,607)		(192,607)
Distributions from net investment income	—		—		—		(9,647,844)		(9,647,844)
Balances at March 31, 2024	24,125,642	$	24,125	$	335,918,984	$	(12,502,705)	$	323,440,404
Net investment income	—		—		—		11,792,661		11,792,661
Net realized gain on investments	—		—		—		1,992,482		1,992,482
Net realized loss on foreign currency translations	—		—		—		(29,789)		(29,789)
Net change in unrealized depreciation on investments	—		—		—		(5,586,681)		(5,586,681)
Net change in unrealized depreciation on foreign currency translations	—		—		—		(5,887)		(5,887)
Benefit for taxes on unrealized depreciation on investments	—		—		—		381,500		381,500
Distributions from net investment income	—		—		—		(10,049,073)		(10,049,073)
Issuance of common stock, net of offering costs⁽¹⁾	1,855,356		1,856		25,248,020		—		25,249,876
Balances at June 30, 2024	25,980,998	$	25,981	$	361,167,004	$	(14,007,492)	$	347,185,493
Net investment income	—		—		—		10,259,690		10,259,690
Net realized loss on investments	—		—		—		(3,297,615)		(3,297,615)
Net realized loss on foreign currency translation	—		—		—		(22,095)		(22,095)
Net change in unrealized appreciation on investments	—		—		—		8,504,018		8,504,018
Net change in unrealized appreciation on foreign currency translations	—		—		—		14,588		14,588
Benefit for taxes on net realized loss on investments	—		—		—		2,221		2,221
Distributions from net investment income	—		—		—		(10,625,512)		(10,625,512)
Issuance of common stock, net of offering costs⁽¹⁾	1,058,366		1,058		14,263,441		—		14,264,499
Balances at September 30, 2024	27,039,364	$	27,039	$	375,430,445	$	(9,172,197)	$	366,285,287


(1)	See Note 4 to the Consolidated Financial Statements on Form 10-Q filed with the Securities and Exchange Commission on November 7, 2024 for more information on offering costs.

STELLUS CAPITAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

	For nine months ended
	September 30, 2024		September 30, 2023
Cash flows from operating activities
Net increase in net assets resulting from operations	$	37,153,553	$	6,049,800
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchases of investments		(112,624,812)		(139,650,422)
Proceeds from sales and repayments of investments		87,308,914		79,053,967
Net change in unrealized (appreciation) depreciation on investments		(26,435,927)		24,338,195
Net change in unrealized (appreciation) depreciation on foreign currency translations		(5,099)		21,087
Increase in investments due to PIK		(2,490,856)		(2,732,530)
Amortization of premium and accretion of discount, net		(2,045,992)		(2,078,183)
Deferred tax (benefit) provision		(188,893)		144,425
Amortization of loan structure fees		825,891		436,257
Amortization of deferred financing costs		335,345		334,122
Amortization of loan fees on SBA-guaranteed debentures		784,763		938,247
Net realized loss (gain) on investments		21,689,864		(324,782)
Changes in other assets and liabilities
Increase in interest receivable		(1,389,856)		(1,615,612)
Increase in income tax receivable		(228,663)		—
Increase in other receivables		(25,000)		(26,250)
Decrease in prepaid expenses		349,950		517,512
Increase (decrease) in management fees payable		1,041,018		(3,217,286)
Increase in income incentive fees payable		269,396		594,142
Decrease in capital gains incentive fees payable		—		(569,528)
(Decrease) increase in administrative services payable		(1,118)		45,708
Decrease in interest payable		(3,988,133)		(3,324,507)
Increase (decrease) in related party payable		1,898,854		(1,060,321)
Increase in unearned revenue		152,623		22,535
Decrease in income tax payable		—		(59,004)
Increase (decrease) in other accrued expenses and liabilities		718,139		(272,305)
Net Cash Provided (Used) in Operating Activities	$	3,103,961	$	(42,434,733)
Cash flows from Financing Activities
Proceeds from the issuance of common stock	$	40,370,901	$	63,348,436
Sales load for common stock issued		(606,145)		(943,248)
Offering costs paid for common stock issued		(243,067)		(225,085)
Stockholder distributions paid		(26,718,082)		(22,663,688)
Proceeds from SBA-guaranteed debentures		—		11,400,000
Financing costs paid on SBA-guaranteed debentures		—		(277,590)
Financing costs paid on Credit Facility		(101,348)		(35,000)
Borrowings under Credit Facility		122,400,000		79,700,000
Repayments of Credit Facility		(125,751,700)		(116,701,700)
Net Cash Provided by Financing Activities	$	9,350,559	$	13,602,125
Net Increase (Decrease) in Cash and Cash Equivalents	$	12,454,520	$	(28,832,608)
Cash and Cash Equivalents Balance at Beginning of Period	$	26,125,741	$	48,043,329
Cash and Cash Equivalents Balance at End of Period	$	38,580,261	$	19,210,721
Supplemental and Non-Cash Activities
Cash paid for interest expense	$	25,882,607	$	25,653,343
Income and excise tax paid		1,533,611		1,141,061
Increase in distributions payable		3,604,347		3,215,948
Decrease in deferred offering costs		(7,312)		(1,100)

Reconciliation of Core Net Investment Income⁽¹⁾ (Unaudited)

	Three Months Ended
	September 30, 2024	September 30, 2023
Net investment income	$10,259,690	$10,820,799
Income tax expense	360,192	335,508
Core net investment income	$10,619,882	$11,156,307

Per share amounts:
Net investment income per share	$0.39	$0.47
Core net investment income per share	$0.40	$0.49

Reconciliation of Realized Net Investment Income⁽²⁾ (Unaudited)

	Three Months Ended
	September 30, 2024	September 30, 2023
Net investment income	$10,259,690	$10,820,799
Net realized loss on investments	(3,297,615)	600,403
Net realized loss on foreign currency translation	(22,095)	(22,166)
Total Realized Net Investment Income	$6,939,980	$11,399,036

Per share amounts:
Net investment income per share	$0.39	$0.47
Realized net investment income per share	$0.25	$0.50

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SOURCE Stellus Capital Investment Corporation

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Wall Street Hits Record Highs After Powell's Speech, Lifts Magnificent 7 Stocks To $17 Trillion In Historic Trading

07.11.2024 by admin

The U.S. stock market closed at record highs Thursday after the Federal Reserve’s widely expected decision to lower interest rates and Fed Chair Jerome Powell‘s press conference where he reassured markets by dismissing concerns about his potential resignation or removal following the election of Donald Trump.

The S&P 500 — as tracked by SPDR S&P 500 ETF Trust SPY — closed at 5,973 points, up 0.7% for the day.

Tech stocks outperformed the broader market, with the Nasdaq 100, tracked by the Invesco QQQ Trust QQQ, surging 1.5% higher to an all-time high of 21,100 points.

Notably, the combined market capitalization of the Magnificent Seven — Microsoft Corp. MSFT, Apple Inc. AAPL, NVIDIA Corp. NVDA, Alphabet Inc. GOOG GOOGL, Amazon Inc. AMZN, Meta Platforms Inc. META and Tesla, Inc. TSLA — soared to over $17 trillion, setting a new peak.

The Dow Jones stalled after Wednesday’s 3.6% rise, while small caps eased 0.4% following a 5.8% jump the previous day.

Top-performing sectors in the S&P 500 were technology, up 1.8%, followed by communications services and consumer discretionary, both up by 1.3%. Financials, which rallied the most Wednesday, lagged on Thursday, down 1.5%.

Fed Cuts Rates, Powell Dismisses Concerns Over His Future

The Federal Reserve cut interest rates by 0.25% to 4.5%-4.75% as expected, a reduction in the pace of easing after the larger 0.5% cut in September.

The Fed recognized robust economic momentum, with the GDP rising by 2.8% in the second quarter, and resilient consumer confidence.

Powell downplayed weak October employment data, noting that near-zero job growth was largely due to temporary factors like strikes and hurricanes rather than underlying economic weakness.

Powell described the rate cut as part of a “further recalibration” of monetary policy, which he emphasized remains “restrictive.” He hinted at the possibility of more easing in the future but refrained from signaling a specific rate cut at the December meeting, stressing a data-dependent approach.

When asked if he would resign if requested by Trump, Powell responded firmly, “No,” reiterating that the president does not have the legal authority to remove the Fed chair.

Following Powell’s comments, market-implied expectations for a 25-basis-point rate cut in December surged to 75%, recovering from Wednesday’s post-election dip.

Treasury yields pulled back sharply, with the 10-year yield dropping 10 basis points to 4.33%, almost erasing the spike from the previous day.

The U.S. dollar weakened 0.7%, while gold prices, as tracked by the SPDR Gold Trust GLD, rebounded 1.8% after Wednesday’s 3% slump.

Bitcoin BTC/USD traded up by 1% at 4:30 p.m. in New York, hitting a record-high of $76,990 during the session.

S&P 500’s Top 5 Gainers On Thursday

Name	Last	Chg %
EPAM Systems, Inc. EPAM	233.00	14.95%
Viatris Inc. VTRS	13.20	13.69%
Super Micro Computer, Inc. SMCI	25.47	12.21%
Warner Bros. Discovery, Inc. WBD	9.38	11.91%
McKesson Corporation MCK	607.76	10.64%

S&P 500’s Top 5 Losers On Thursday

Name	Last	Chg %
Match Group, Inc. MTCH	31.11	-17.86%
APA Corporation APA	21.93	-11.34%
CVS Health Corporation CVS	57.09	-7.33%
Rockwell Automation, Inc. ROK	277.22	-5.71%
Becton, Dickinson and Co. BDX	227.16	-5.38%

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Markets News

Bramshill Multi-Strategy Income Fund (BDKNX) Wins 2024 HFM US Performance Award for Best 40 Act Fund of the Year

07.11.2024 by admin

NEW YORK, Nov. 7, 2024 /PRNewswire/ — Bramshill Investments is excited to announce industry recognition of our Securitized Products team and the Bramshill Multi-Strategy Income Fund. The team, led by Paul van Lingen in the firm’s Newport Beach, California office, manages approximately $1 Billion (as of October 31, 2024) between all of their Securitized Product strategies. Bramshill’s management of this multi strategy 40 Act fund began December 2022. This strategy tends to have a low correlation to interest rates and it focuses on investing in securities that are Asset Backed in nature.

“We are highly honored that HFM has recognized all of our hard work with this industry wide 40 Act award. Our decades of learned experience in these asset classes combined with strong risk management are major contributing factors to our results,” stated Paul Van Lingen, Senior Managing Director.

Please find With Intelligence’s “HFM US Performance Awards 2024” winners here.

ABOUT BRAMSHILL INVESTMENTS

Bramshill Investments is an alternative asset manager with over $6.7 billion under management (as of September 30, 2024), offering strategies across various debt and fixed income markets. Bramshill Investments seeks to harness the best risk-reward investments across fixed income with a flexible and opportunistic mindset. The firm manages its strategies in both fund and managed account formats. References to awards should not be construed as testimonials for our advisory services. For more information, please visit: https://bramshillinvestments.com.

RISKS AND DISCLOSURES

Past performance is no guarantee of future results.

References to other mutual funds should not be considered an offer to buy or sell these securities.

Before investing you should carefully consider the Bramshill Multi-Strategy Income Fund’s investment objectives, risks, charges, and expenses. This and other information about the Fund is in the prospectus and summary prospectus, a copy of which may be obtained by calling 800-207-7108 or by visiting the Fund’s website at www.libertystreetfunds.com. Please read the Fund’s prospectus or summary prospectus carefully before investing.

An investment in the Bramshill Multi-Strategy Income Fund is subject to risk, including the possible loss of principal amount invested and including, but not limited to, the following risks: Market Risk: the market price of a security may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular issuer, company, or asset class. Fixed income/interest rate: Generally, fixed income securities decrease in value if interest rates rise, and increase in value if interest rates fall. High Yield (“Junk”) bond: involve greater risk of default, downgrade, or price declines, can be more volatile and less liquid than investment-grade securities. Securitized Products: such as mortgage-backed and asset-backed securities, are subject to prepayment risk, “extension risk” (repaid more slowly), credit risk, liquidity and default risks. Liquidity: the Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or it may only be able to sell those investments at a loss. Liquid investments may become illiquid or less liquid after purchase by the Fund, Illiquid investments may be harder to value, especially in changing markets. Valuation: From time to time, the Fund will need to fair-value portfolio securities at prices that differ from third party pricing inputs. This may affect purchase price or redemption proceeds for investors who purchase or redeem Fund shares on days when the Fund is pricing or holding fair-valued securities. Such pricing differences can be significant and can occur quickly during times of market volatility. Credit Risk: If an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, the value of the Fund’s portfolio will typically decline. The Fund’s securities are generally not guaranteed by any governmental agency. Real estate market: property values may fall due to various economic factors. Management and Strategy: the evaluation and selection of the Fund’s investments depend on the judgment of the Fund’s Sub-Advisor, which may prove to be incorrect. Government Securities: securities issued or guaranteed by the U.S. government or its agencies (such as securities issued by Ginnie Mae, Fannie Mae, or Freddie Mac) are subject to market risk, interest rate risk and credit risk. Sector: emphasis of the Fund’s portfolio on a specific sector may present more risks than if the portfolio were broadly diversified over numerous sectors. Collateralized Loan Obligations: subject to interest rate, credit, asset manager, legal, regulatory, limited recourse, liquidity, redemption, and reinvestment risks. Recent Market Events: Periods of market volatility may occur in response to market events and other economic, political, and global macro factors, such as the Covid-19 pandemic, government actions to mitigate its effects, and the rise of inflation, could adversely affect the value and liquidity of the Fund’s investments. Non-diversification: focus in the securities of fewer issuers, which exposes the Fund to greater market risk than if its assets were diversified among a greater number of issuers. Repurchase agreement: may be subject to market and credit risk. Reverse repurchase agreement: risks of leverage and counterparty risk. Leverage: The use of leverage may magnify the Fund’s gains and losses and make the Fund more volatile. Derivatives: derivative instruments (e.g. short sells, options, futures) involve risks different from direct investment in the underlying assets, including possible losses in excess of amount invested or any gain in portfolio positions. Municipal Bonds: payment of principal and interest on these obligations may be adversely affected by a variety of factors at the state or local level. Leveraged Loan: subject to the risks typically associated with debt securities, and may be more credit sensitive. Equity: The value of equity securities may fall due to general market and economic conditions, perceptions regarding the real estate industry, or factors relating to specific companies. Preferred Stock: subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, and changes in interest rates. ETF: Investing in an ETF will provide the Fund with exposure to the securities comprising the index on which the ETF is based and will expose the Fund to risks similar to those of investing directly in those securities. LIBOR: Many financial instruments use a floating rate based on the London Interbank Offered Rate (“LIBOR”), which is being phased out. Any effects of the transition away from LIBOR could result in losses.

Correlation is a statistic that measures the degree to which two securities move in relation to each other.

With Intelligence is a business that looks to connect investors and managers through its proprietary data platform and events globally. The HFM US Performance Awards were launched in 2007 and annually recognizes hedge funds, CTAs and fund of funds based in North America. The criteria for the award is focused on absolute performance as well as standard deviation of returns and outperformance of the relevant With Intelligence benchmark index. With Intelligence also takes into consideration the relative assets under management (AUM), 1, 3 and 5-year performance track-records, nature of the investment strategy, other supporting materials and professional knowledge they have about shortlisted funds to come to their decisions. In terms of performance, the judges considered the 1, 3 and 5 year track-records as well as AUM ending June 2024. 12 funds submitted entries and 8 funds were shortlisted for the 40 Act Fund category. The Bramshill Multi-Strategy Income Fund has not received the award in the past.

The Fund may not be suitable for all investors. We encourage you to consult with appropriate financial professionals before considering an investment in the Fund.

Liberty Street Advisors, Inc. (“Liberty Street“) is the advisor to the Fund. The Fund is part of the Liberty Street family of funds within the series of Investment Managers Series Trust. Liberty Street provides access to valuable and timely investment strategies designed to help investors and financial advisors meet the challenges of today’s market environment. As of September 30, 2024, Liberty Street manages five mutual funds and a closed-end interval fund with collective assets under management of over $1.5 billion.

The Fund is distributed by Foreside Fund Services, LLC.

Contact: Nina Udell, nina@bramshillinvestments.com

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SOURCE Bramshill Investments, LLC

Lastest news News Tech

Chief Administrative Officer Of Zurn Elkay Water Makes $1.49M Sale

07.11.2024 by admin

It was reported on November 6, that Mark W Peterson, Chief Administrative Officer at Zurn Elkay Water ZWS executed a significant insider sell, according to an SEC filing.

What Happened: Peterson opted to sell 40,000 shares of Zurn Elkay Water, according to a Form 4 filing with the U.S. Securities and Exchange Commission on Wednesday. The transaction’s total worth stands at $1,486,552.

The latest update on Thursday morning shows Zurn Elkay Water shares down by 0.0%, trading at $39.91.

Discovering Zurn Elkay Water: A Closer Look

Zurn Elkay Water Solutions Corp designs procure, manufactures, and markets a range of clean water solutions for drinking water, hygiene, and sustainable water management. The Zurn Elkay product portfolio includes professional-grade water control and safety, water distribution and drainage, drinking water, finish plumbing, hygienic, environmental and site works products for public and private spaces.

Zurn Elkay Water’s Financial Performance

Revenue Growth: Zurn Elkay Water’s remarkable performance in 3 months is evident. As of 30 September, 2024, the company achieved an impressive revenue growth rate of 2.91%. This signifies a substantial increase in the company’s top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Industrials sector.

Profitability Metrics:

Gross Margin: With a high gross margin of 46.2%, the company demonstrates effective cost control and strong profitability relative to its peers.
Earnings per Share (EPS): Zurn Elkay Water’s EPS reflects a decline, falling below the industry average with a current EPS of 0.25.

Debt Management: Zurn Elkay Water’s debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 0.35.

Valuation Metrics: A Closer Look

Price to Earnings (P/E) Ratio: With a higher-than-average P/E ratio of 51.17, Zurn Elkay Water’s stock is perceived as being overvalued in the market.
Price to Sales (P/S) Ratio: With a relatively high Price to Sales ratio of 4.51 as compared to the industry average, the stock might be considered overvalued based on sales performance.
EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation & Amortization): Zurn Elkay Water’s EV/EBITDA ratio, surpassing industry averages at 23.21, positions it with an above-average valuation in the market.

Market Capitalization Analysis: Below industry benchmarks, the company’s market capitalization reflects a smaller scale relative to peers. This could be attributed to factors such as growth expectations or operational capacity.

Now trade stocks online commission free with Charles Schwab, a trusted and complete investment firm.

Understanding the Significance of Insider Transactions

Emphasizing the importance of a comprehensive approach, considering insider transactions is valuable, but it’s crucial to evaluate them in conjunction with other investment factors.

Considering the legal perspective, an “insider” is defined as any officer, director, or beneficial owner holding more than ten percent of a company’s equity securities, according to Section 12 of the Securities Exchange Act of 1934. This includes executives in the c-suite and major hedge funds. These insiders are mandated to disclose their transactions through a Form 4 filing, to be submitted within two business days of the transaction.

Pointing towards optimism, a company insider’s new purchase signals their positive anticipation for the stock to rise.

Nevertheless, insider sells may not necessarily indicate a bearish view and can be influenced by various factors.

Deciphering Transaction Codes in Insider Filings

In the domain of transactions, investors frequently turn their focus to those taking place in the open market, as meticulously outlined in Table I of the Form 4 filing. A P in Box 3 indicates a purchase, while S signifies a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.

Check Out The Full List Of Zurn Elkay Water’s Insider Trades.

Insider Buying Alert: Profit from C-Suite Moves

Benzinga Edge reveals every insider trade in real-time. Don’t miss the next big stock move driven by insider confidence. Unlock this ultimate sentiment indicator now. Click here for access.

This article was generated by Benzinga’s automated content engine and reviewed by an editor.

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Earnings News

The Trade Desk Stock Is Tumbling After The Bell: What's Going On?

07.11.2024 by admin

The Trade Desk Inc TTD shares are falling after the company reported third-quarter financial results after the market close on Thursday. Here’s a rundown of the report.

Q3 Revenue: $628 million, versus estimates of $619.85 million

Q3 Adjusted EPS: 41 cents, versus estimates of 39 cents

The Trade Desk reported total revenue growth of 27% year-over-year and noted customer retention remained strong at over 95% in the third quarter.

“The Trade Desk delivered strong performance in the third quarter, with revenue of $628 million, accelerating growth to 27%. This performance underlines the value that advertisers are placing on precision and transparency as they work with us to maximize the impact of their campaigns,” said Jeff Green, co-founder and CEO of The Trade Desk.

“As we enter our busiest time of year and look ahead to 2025, we have never been in a better position to capture greater share of the $1 trillion advertising TAM.”

The company said it repurchased $54 million of its common stock in the quarter. The Trade Desk had $521 million remaining on its buyback as of Sept. 30. The company ended the quarter with $1.22 billion in cash and equivalents.

Guidance: The Trade Desk expects fourth-quarter revenue of at least $756 million, versus estimates of $749.78 million, according to Benzinga Pro. The company expects fourth-quarter adjusted EBITDA of approximately $363 million.

“Many of the largest media companies are now working with us to help clients capture the full value of CTV advertising via programmatic. We are similarly excited about the momentum in retail media and the pace of adoption by advertisers who are taking advantage of our retail data marketplace. And the performance improvements that our clients are seeing with Kokai — our largest platform upgrade to date — showcase the value of audience-driven, AI-enabled innovation,” Green said.

TTD Price Action: The Trade Desk shares were down 10.10% in after hours, trading at $119.15 at the time of publication Thursday, according to Benzinga Pro.

Photo: Pixabay.

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Markets News

EXCLUSIVE: From Surviving Chavez's Venezuela To The CBD Crash – CEO Reveals How To Profit In A Market Stuck On Repeat

07.11.2024 by admin

Jaunty’s CEO Nicolas Guarino knows survival, having led his family through Venezuela’s crisis before facing a 99% CBD market crash in the USA.

Ever feel like the CBD market is on autopilot, stuck in a cycle of repetitive products and shrinking profit margins? For cannabis investors, this stuck-on-repeat dynamic has meant intense price pressure and dwindling returns.

Jaunty‘s CEO Nicolas Guarino knows a thing or two about survival. Before navigating the brutal CBD crash that slashed prices by 99%, he and his family weathered the economic and political upheaval of Chávez-era Venezuela. Now, in an industry dominated by dull uniformity, Guarino has led Jaunty to profitability by leaning into solventless products and creating an accessible, unpretentious brand.

Guarino’s journey offers a fresh perspective and a profitable path forward for investors seeking stability in the face of volatility, proving that resilience is an asset that translates across borders and markets.

Get Benzinga’s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. You can’t afford to miss out if you’re serious about the business.

Adiós Chavez!

Guarino’s roots are firmly planted in agriculture. He grew up working with water buffalo on family farms in southeastern Venezuela’s grassy savannah. Moving to New York for college, he brought with him the ethos of hard work and family ties. This background profoundly shaped his journey into the cannabis industry.

“Our family has always been about getting our hands dirty,” Guarino told Benzinga Cannabis in an exclusive interview. “The values I learned back on the farm have been foundational in building Jaunty. It’s about understanding the land, the crop, and the entire process, which, in turn, influences our approach to quality cannabis production.”

Courtesy of Jaunty

CBD Market Crash And Escape From Commoditization

Entering the CBD space in 2017, Guarino and his team launched Jaunty as a producer and supplier of high-quality CBD oil for manufacturers across the U.S. However as the market became saturated, they quickly encountered the harsh realities of price compression. By 2020, Jaunty saw the price of CBD oil drop to a meager $65 per kilo – a 99% decline from its peak, putting intense pressure on their wholesale business model.

“The CBD space became a game of scale,” Guarino explained. “The Farm Bill’s structure supports large-scale production but doesn’t leave much room for smaller, quality-focused brands. We were nearly bankrupt, but we couldn’t quit. We saw an opening when New York moved towards recreational legalization.”

New York’s decision to prioritize licenses for existing CBD operators was a lifeline. Guarino realized that to thrive in the THC market, Jaunty needed a brand that could stand apart, rather than relying on wholesale production alone. “It was clear we had to create a brand that would resonate on quality and effect,” he said.

Building Jaunty: It’s The Brand, Not Just The Product

When THC legalization got underway in New York, Guarino initially entertained deals with established brands like Old Pal, almost venturing into co-branding and white labeling. But he soon realized that these arrangements would pull Jaunty back into the commodity cycle he had just escaped.

“White labeling is for big facilities, with massive automation,” he said. “We don’t have that; we have exceptional extraction skills honed over years in CBD. So, we decided to focus on creating our brand rather than becoming just another supplier.”

Courtesy of Jaunty

This strategic decision led to the creation of Jaunty’s product lines, starting with vapes and expanding to solventless Live Rosin Gummies. By prioritizing brand identity, Jaunty has been able to maintain a competitive edge in a market where differentiation is essential.

The Fam Behind The Brand

Jaunty’s operations are more than just a business for Guarino, they are a family effort. He brought in his cousin from Venezuela who is a seasoned logistics expert, to run Jaunty’s distribution. His cousin’s experience managing 75 poultry trucks across Venezuela in challenging conditions was invaluable.

“With him overseeing our logistics, we are the only company in New York that guarantees delivery within 48 hours,” Guarino said. “It’s truly a blessing to have someone so experienced managing a crucial part of the business.” This expertise has allowed Jaunty to achieve an impressively low 4.3% distribution cost relative to sales, enhancing profitability without sacrificing service quality.

A Few Cost-Effective Strategies

The decision to invest in butane extraction for specific products reflects Jaunty’s calculated approach to innovation. “The full investment for our butane machine setup was around $500,000,” Guarino explained. “But with the right brand presence and strong distribution, we project a return on investment in four to five months.”

Jaunty now places a strong emphasis on solventless products, reflecting an industry-wide shift towards purer, more natural cannabis experiences. According to Guarino, solventless extraction is a cost-effective method with high market appeal, particularly since it requires less investment compared to butane-based extraction.

Courtesy of Jaunty

“It’s a lower capex approach that lets us offer high-quality products without the heavy initial investment,” he said. In addition, by focusing on outdoor-grown cannabis, Jaunty has been able to keep costs low while achieving quality results comparable to indoor-grown products.

A Consumer-Centric Identity

Jaunty aims to create an accessible brand for cannabis users interested in oil-based products, especially those curious about moving from flower or nicotine vaping to cannabis oils.

Unlike many extract-focused brands, which can feel exclusive or elitist, Jaunty’s approach is deliberately welcoming. “Too many brands make consumers feel they aren’t in the know. Jaunty is here to open up cannabis, not gatekeep it,” Guarino said.

This inclusive identity is especially appealing to nicotine vapers exploring cannabis, with Jaunty offering an approachable entry point.

‘The Dab Crowd’

“Most extract-focused brands have a vibe like, ‘If you know, you know.’ If you’re not part of the dab crowd, you’re not cool enough,” he added, highlighting how Jaunty takes the opposite approach by making cannabis feel approachable and not intimidating.

To help new users feel informed, Jaunty prioritizes consumer education, explaining oil types, effects, and product benefits in their packaging and interactions. “We take every opportunity to educate—about oil types, effects, and why you might choose one product over another,” Guarino explained.

As they continue to grow, Jaunty is actively learning about its consumer base, even incorporating QR code surveys on packaging to gather direct feedback.

Courtesy of Jaunty

Earnings News

Cannabis Co With Significant Growth Potential And Other Marijuana Operators Will Soon Report Earnings

07.11.2024 by admin

Ispire Technology

Ispire Technology Inc. ISPR will host its earnings conference call at 8:00 am Eastern Time on Tuesday, Nov. 12, 2024, to discuss the company’s financial results for its fiscal first quarter ended Sept. 30, 2024.

According to Michael Wang, the company’s co-CEO, 2024 was “a foundational year for Ispire.” The company reported record revenue and substantial margin expansion while “strategically positioning us for faster growth in our global nicotine business and intentionally focusing our cannabis vaping hardware on high-quality multi-state operator (MSO) customers,” Wang continued.

Revenue increased 31.4% year-over-year to $151.9 million as compared to $115.6 million in the 2023 fiscal year.

During an interview on Benzinga’s Cannabis Insider podcast earlier this year Wang said that “vaping will become the number one way for using cannabis within the next 2 or 3 years.”

Ispire’s shares traded 5.56% lower at $6.12 per share at the time of writing on Thursday.

Get Benzinga’s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you’re serious about the business, you can’t afford to miss out.

Gold Flora

Vertically-integrated California cannabis company Gold Flora Corporation (Cboe Canada: GRAM) GRAM will report financial results on Thursday, Nov. 14 for the third quarter ended Sept. 30, 2024. The company will host a conference call to discuss the results at 6:00 pm Eastern Time, on the same day.

The second quarter earnings report made public in August revealed $31.64 million in revenue for the period, reflecting a slight decrease of 2% from the previous quarter. Gross profit dropped significantly by 28%, totaling $7.25 million in the second quarter, resulting in a gross margin of 23%.

In October, Gold Flora’s common shares were approved to quote on the OTC Market’s Group Inc.’s OTCQB Venture Market in the U.S. under the ticker symbol “GRAM.”

Vext Science

Vext Science, Inc. VEXT VEXTF a U.S.-based cannabis operator with vertical operations in Arizona and Ohio plans to release its financial results before the market opens on Nov. 21 for the third quarter ending Sept. 30, 2024, The earnings conference call and webcast will take place on the same day at 08:00 am Eastern Time.

Pablo Zuanic, senior analyst at Zuanic & Associates initiated coverage of Vext Science with an Overweight rating earlier this year, highlighting the company’s significant growth potential.

As highlighted by Benzinga’s Nicolás Jose Rodriguez, Zuanic calculated that Vext has the most EBITDA torque among the twelve public multi-state operators (MSOs) in Ohio, projecting Vext’s EBITDA could grow six-fold by calendar 2026, taking calendar 2023 as the base year. Recreational marijuana sales launched across Ohio on Tuesday, Aug. 6.

Markets News

Bitcoin Hits Fresh All-Time High, Ethereum Rallies: 'Altseason Hasn't Even Begun,' Trader Says

07.11.2024 by admin

Bitcoin briefly hit a fresh all-time high of $76,872 on Thursday before retreating, with financial markets continuing their rally in the wake of Donald Trump winning a second term in office.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$75,723.12	-0.3%
Ethereum ETH/USD	$2,879.34	+7%
Solana SOL/USD	$195.34	+3.4%
Dogecoin DOGE/USD	$0.1952	-3.1%
Shiba Inu SHIB/USD	$0.00001896	-0.4%

Notable Statistics:

IntoTheBlock data shows large transaction volume increasing by 83% and daily active addresses rising by 17%.
Coinglass data reports 102,336 traders were liquidated in the past 24 hours for $320 million, $200 million of which were liquidated short positions.

Notable Developments:

Top Gainers:

Cryptocurrency	Price	Gains +/-
Maker DAO MKR/USD	$1,562	+17.5%
Ethena ENA/USD	$0.508	+12.8%
Cardano ADA/USD	$0.4017	+11.5%

Trader Notes: Trader Smileycapital cautioned that “less is more” and predicts a “wealth effect” from increasing valuations in Bitcoin, Ethereum and Solana to trickle down to small-cap cryptocurrencies.

Analyst Ali Martinez expects the start of an altseason soon:

Altseason hasn’t even begun!

We’re in that part of the cycle where #Bitcoin is still outpacing #Ethereum—totally normal at this stage. This could be the ideal time to stack up on altcoins, as history shows that altseason often follows shortly after. pic.twitter.com/jxANVYk8kt

— Ali (@ali_charts) November 7, 2024

Veteran analyst Benjamin Cowen pointed out that Bitcoin is following a familiar pattern to previous bull market cycles:

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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Image: Shutterstock.

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Day: November 7, 2024

Fed Cuts Rates, Powell Dismisses Concerns Over His Future

S&P 500’s Top 5 Gainers On Thursday

S&P 500’s Top 5 Losers On Thursday

Discovering Zurn Elkay Water: A Closer Look

Zurn Elkay Water’s Financial Performance

Understanding the Significance of Insider Transactions

Deciphering Transaction Codes in Insider Filings

Adiós Chavez!

CBD Market Crash And Escape From Commoditization

Building Jaunty: It’s The Brand, Not Just The Product

The Fam Behind The Brand

A Few Cost-Effective Strategies

A Consumer-Centric Identity

‘The Dab Crowd’

Ispire Technology

Gold Flora

Vext Science