Daily Brief Financials: ESR Kendall Square REIT, USD, Green Dot Corp Class A, Interactive Brokers Group, Inc, CNY, Global Indemnity Group LLC, Tejon Ranch , Freshworks, Fidelity National Info Serv, NB Private Equity Partners and more

• On 9 May, ESR Kendall Square REIT (365550 KS) announced that it plans to conduct a rights offering capital increase of approximately 150 billion won.
• The Korean REIT sector started to bottom out in 2023, after big underperformance in the previous three years.
• The interest rate gap on the company’s expected dividend yield (5.7%) is now nearly 3% higher than the 10 year South Korean government bond yield (2.7%) which is meaningful.

• Fed’s focus on keeping inflation expectations well anchored, stable rates markets after meeting
• Market optimism over potential trade deals with UK and China, potential tariff rate reduction
• Forecast for US Rates largely unchanged, expect labor market weakness prompt Fed response, adjusted yield forecasts reflecting later start to easing and elevated uncertainty

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• Green Dot Corporation’s latest financial results for the first quarter of 2025 illustrate both positive momentum and areas requiring focus.
• The company reported an impressive 24% increase in adjusted revenue and a 53% rise in adjusted EBITDA, outperforming internal expectations.
• Growth was observed across all three operating segments, indicating a cohesive and forward-moving strategy.

• Business Breakdowns is a podcast series that explores deep conversations with investors and operators about a single business, such as Interactive Brokers (IBKR)
• Interactive Brokers was founded in 1978 by Thomas Peterffy, an immigrant from Hungary who revolutionized the digitization of financial markets through automated trading
• IBKR’s business model includes revenue streams from trading commissions and net interest margin, offering low-cost access to global markets and sophisticated trading tools for traders and institutional investors

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Initial bearish outlook on Asian effects due to President Trump’s tariff storm
• Unexpected multi sigma moves in Asian currencies, sparking speculation of currency accord
• Uncertainty surrounding flow types, behavior of Asian exporters, and Asian central banks, with key questions hanging over China’s influence on Asian FX appreciation

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Global Indemnity Group, LLC, provides specialty and niche insurance products nationwide.
• GBLI focuses on small market property and casualty business.
• The company has made a concerted effort to reduce its property exposure.

• Terra Vista housing is expected to deliver convenience and affordability, as well as proximity to LA, which are factors that are expected to drive demand from TRCC employees and others.
• For example, the development of the nearby Hard Rock Hotel & Casino Tejon is another likely driver of demand for affordable housing from its employees.
• The first units have become available and on completion, Terra Vista at Tejon is expected to be the largest rental community in Kern County.

• Freshworks Inc. delivered a robust performance in its first quarter of 2025, marked by strong financial metrics that exceeded expectations.
• The company’s revenue rose by 19% year-over-year to $196.3 million, underpinned by both its Employee Experience (EX) and Customer Experience (CX) businesses.
• The EX business was particularly notable, with Annual Recurring Revenue (ARR) surpassing $420 million, reflecting growth of 33% year-over-year.

• FIS reported solid first-quarter 2025 results, with adjusted EPS growth of 11% YOY. Revenue at $2,532 million for Q1 2025, exceeded the high end of the guidance.
• During Q1, FIS returned nearly $670 million to shareholders, comprising $450 million via share buyback and $220 million via dividends.
• FIS reiterated its full-year 2025 guidance with adjusted EPS between $5.70 to $5.80. It currently trades at fwd P/E of 13.6x, below its 5-year average of 16.4x.

• Like many in the PE space, NBPE’s 2024 total $ NAV return (1.5%) was below the five-year average (11.0%), driven by falling valuations of listed holdings and forex.
• The private company growth (6.9% constant currency) was also below average, with lower-than-usual exit activity seeing less exit uplift benefit.
• In our view, 2024 was noise within a long-term value-creation model that should outperform listed equities.