๐ ๐ฃ๐ผ๐ฟ๐๐ณ๐ผ๐น๐ถ๐ผ ๐จ๐ฝ๐ฑ๐ฎ๐๐ฒ: ๐๐ฒ๐ ๐ฆ๐๐ผ๐ฐ๐ธ ๐ก๐ฒ๐๐ ๐ข๐ณ ๐ง๐ต๐ถ๐ ๐ฃ๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ (๐ฏ๐ณ) ๐
๐ฟ๐๐๐ง ๐พ๐ค๐ฅ๐๐๐ง๐จ ๐ค๐ ๐๐๐ฉ๐ค๐ผ๐๐ช๐๐ฉ๐๐๐ค'๐จ ๐ช๐ ๐๐๐๐๐ผ ๐๐๐๐ ๐ฟ๐๐๐๐ฟ๐๐๐ฟ ๐๐๐๐๐๐๐๐๐ ๐๐ช
Below are five holdings and/or thematic exposures that saw meaningful activity this past week, relevant to our ongoing portfolio strategy:
๐ญ. ๐๐๐ฉ๐ ($BBVA.MC (BBVA) (BBVA))
๐๐ข๐ถ๐ฏ๐ค๐ฉ๐ฆ๐ด โฌ๐ฃ๐ฆ.๐ช ๐ฃ๐ช๐ญ๐ญ๐ช๐ฐ๐ฏ ๐ฉ๐ฐ๐ด๐ต๐ช๐ญ๐ฆ ๐ต๐ข๐ฌ๐ฆ๐ฐ๐ท๐ฆ๐ณ ๐ฃ๐ช๐ฅ ๐ง๐ฐ๐ณ ๐๐ข๐ฏ๐ค๐ฐ ๐๐ข๐ฃ๐ข๐ฅ๐ฆ๐ญ๐ญ
- BBVA formally announced a โฌ14.8 billion offer for Sabadell, offering one new BBVA share plus โฌ0.70 cash for every 5.5483 Sabadell shares.
- The deal would create Spainโs second-largest domestic bank, though analysts suggest BBVA may need to sweeten terms to secure approval.
๐ฃ๐ผ๐ฟ๐๐ณ๐ผ๐น๐ถ๐ผ ๐๐บ๐ฝ๐น๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป: Potential for scale and revenue upside, but elevated execution and regulatory risk. Monitor the approval process and integration outlook.
๐ญ. ๐ฉ๐๐๐ ๐ฃ๐ฟ๐ผ๐ฝ๐ฒ๐ฟ๐๐ถ๐ฒ๐ ($VICI (VICI Properties Inc))
๐๐ข๐ช๐ด๐ฆ๐ด ๐ฒ๐ถ๐ข๐ณ๐ต๐ฆ๐ณ๐ญ๐บ ๐ฅ๐ช๐ท๐ช๐ฅ๐ฆ๐ฏ๐ฅ; ๐ฆ๐น-๐ฅ๐ข๐ต๐ฆ ๐ด๐ฆ๐ต ๐ง๐ฐ๐ณ ๐ฎ๐ช๐ฅ-๐๐ฆ๐ฑ๐ต๐ฆ๐ฎ๐ฃ๐ฆ๐ณ
- VICI declared a $0.45 quarterly dividend (up from prior), with an ex-dividend date of Sep 18, 2025 and payable Oct 9, 2025 โ a 3.6% increase that reflects stable cash flow from gaming and experiential tenants.
- The payout increase comes amid continued investor interest in experiential-REITs, and management reiterated capital allocation discipline while pursuing selective asset rotation.
๐ฃ๐ผ๐ฟ๐๐ณ๐ผ๐น๐ถ๐ผ ๐๐บ๐ฝ๐น๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป: Yield support and recurring income make VICI attractive for income allocations; monitor ex-dividend volatility and retail/gaming demand trends.
๐ฎ. ๐๐ฒ๐ฟ๐ฐ๐๐น๐ฒ๐ ๐๐ฎ๐ฝ๐ถ๐๐ฎ๐น ($HTGC (Hercules Capital Inc))
๐๐ฏ๐ข๐ญ๐บ๐ด๐ต/๐ฎ๐ข๐ณ๐ฌ๐ฆ๐ต ๐ค๐ฐ๐ฎ๐ฎ๐ฆ๐ฏ๐ต๐ข๐ณ๐บ ๐ฉ๐ช๐จ๐ฉ๐ญ๐ช๐จ๐ฉ๐ต๐ด ๐ข๐ต๐ต๐ณ๐ข๐ค๐ต๐ช๐ท๐ฆ ๐บ๐ช๐ฆ๐ญ๐ฅ ๐ข๐ฏ๐ฅ ๐ท๐ฆ๐ฏ๐ต๐ถ๐ณ๐ฆ-๐ฅ๐ฆ๐ฃ๐ต ๐ค๐ฐ๐ท๐ฆ๐ณ๐ข๐จ๐ฆ
- Recent investor write-ups emphasise Herculesโ high dividend yield and a coverage ratio that shows interest income broadly covering the payout โ boosting attention from yield-seeking investors.
- Analysts continue to watch credit performance across venture-debt portfolios, noting stability but flagging sensitivity to late-stage tech valuations.
๐ฃ๐ผ๐ฟ๐๐ณ๐ผ๐น๐ถ๐ผ ๐๐บ๐ฝ๐น๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป: Attractive yield opportunity for income mandates, but requires monitoring of portfolio credit risk and mark-to-market pressure.
๐ฏ. ๐๐ฟ๐ฏ๐ผ๐ฟ ๐ฅ๐ฒ๐ฎ๐น๐๐ ๐ง๐ฟ๐๐๐ ($ABR (Arbor Realty Trust Inc))
๐๐ญ๐ฐ๐ด๐ฆ๐ฅ ๐ข๐ฏ $๐ช๐ข๐ค๐ ๐ค๐ฐ๐ญ๐ญ๐ข๐ต๐ฆ๐ณ๐ข๐ญ๐ช๐ป๐ฆ๐ฅ ๐ญ๐ฐ๐ข๐ฏ ๐ด๐ฆ๐ค๐ถ๐ณ๐ช๐ต๐ช๐ป๐ข๐ต๐ช๐ฐ๐ฏ (๐๐๐) โ ๐ฃ๐ฐ๐ฐ๐ด๐ต๐ด ๐ญ๐ฆ๐ฏ๐ฅ๐ช๐ฏ๐จ ๐ค๐ข๐ฑ๐ข๐ค๐ช๐ต๐บ
- The company announced the closing of a $802 million BTR-focused CLO, strengthening its ability to finance build-to-rent and multifamily originations and demonstrating investor appetite for speciality CRE financing.
- The move underscores Arborโs role in niche CRE credit markets and provides incremental liquidity to support originations.
๐ฃ๐ผ๐ฟ๐๐ณ๐ผ๐น๐ถ๐ผ ๐๐บ๐ฝ๐น๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป: Supports growth in earnings/cash flow potential via expanded lending capacity โ positive for credit-oriented REIT returns; watch credit spreads and CLO pricing.
๐ฐ. ๐๐๐ผ๐ป๐ฑ๐ฒ๐น๐น๐๐ฎ๐๐ฒ๐น๐น ๐๐ป๐ฑ๐๐๐๐ฟ๐ถ๐ฒ๐ ($LYB (LyondellBasell Industries NV))
๐๐ค ๐ฎ๐ช๐ด๐ด ๐ฑ๐ณ๐ฐ๐ฎ๐ฑ๐ต๐ด ๐ข๐ฏ๐ข๐ญ๐บ๐ด๐ต ๐ค๐ข๐ถ๐ต๐ช๐ฐ๐ฏ ๐ข๐ฎ๐ช๐ฅ ๐ฎ๐ข๐ณ๐จ๐ช๐ฏ ๐ฑ๐ณ๐ฆ๐ด๐ด๐ถ๐ณ๐ฆ
- The company reported weaker-than-expected Q2 results with margins hit by maintenance downtime and softer downstream demand; management reiterated focus on asset optimisation and cost control.
- Some brokers trimmed forecasts and price targets reflecting near-term cyclical headwinds in chemicals and plastics demand.
๐ฃ๐ผ๐ฟ๐๐ณ๐ผ๐น๐ถ๐ผ ๐๐บ๐ฝ๐น๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป: Cyclical exposure suggests patience for recovery; consider trimming if recovery signals lag or adding on a confirmed margin rebound.
๐ฑ. ๐๐ผ๐๐๐ผ๐ป ๐ฃ๐ฟ๐ผ๐ฝ๐ฒ๐ฟ๐๐ถ๐ฒ๐ ($BXP (Boston Properties Inc))
๐๐ณ๐ฆ๐ฑ๐ข๐ณ๐ฆ๐ด ๐ช๐ฏ๐ท๐ฆ๐ด๐ต๐ฐ๐ณ ๐ฅ๐ข๐บ ๐ข๐ฏ๐ฅ ๐ฉ๐ช๐จ๐ฉ๐ญ๐ช๐จ๐ฉ๐ต๐ด ๐ฑ๐ฐ๐ณ๐ต๐ง๐ฐ๐ญ๐ช๐ฐ ๐ท๐ข๐ญ๐ถ๐ข๐ต๐ช๐ฐ๐ฏ ๐ณ๐ฆ๐ท๐ช๐ฆ๐ธ
- The company announced its 2025 Investor Day and published commentary suggesting management will revisit growth targets and valuation drivers โ a signal that leadership wants to re-engage investors on long-term leasing and development pipeline.
- Market commentary suggests the investor day could be used to re-set expectations around urban office reopening and capex plans.
๐ฃ๐ผ๐ฟ๐๐ณ๐ผ๐น๐ถ๐ผ ๐๐บ๐ฝ๐น๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป: Investor day could prompt re-rating if guidance/targets are constructive; near-term volatility possible as attendees digest strategy updates.
๐๐๐ฅ๐ฅ๐ฎ ๐ฉ๐ง๐๐๐๐ฃ๐!
๐๐๐จ๐๐ ๐... Show More
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