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CubeSmart (CUBE) Q2 2025 10-Q snapshot

Revenue rose 6% YoY to $282.3 M on 5.6% higher rental income. Operating costs jumped 15%, led by a 30% surge in depreciation, trimming operating margin to 39.6%. Interest expense climbed 28% after drawing $366 M on the revolver, pushing net income down 12.5% to $82.4 M; diluted EPS slipped to $0.36 (-$0.05). For the six months, EPS is $0.75 (-9.6%).

Net storage properties grew 6.2% to $6.41 B, reflecting a $451 M cash buyout of a venture partner plus $42 M in development spend. Cash fell to $8.7 M from $71.6 M and total debt reached $3.35 B, raising the liabilities/equity ratio to 1.35脳. Shareholders鈥� equity declined 2% to $2.81 B.

The REIT paid two dividends of $0.52 per share (annualized yield ~4.4%) and remains current with SEC requirements. Management highlights macro risks鈥攔ates, capital access, cyber threats鈥攚hile reaffirming growth strategy.

Highlights:

• Top-line growth intact; earnings pressured by higher depreciation and financing costs.
• $451 M venture buyout expands portfolio but tightens liquidity and increases leverage.

Form 4 highlights: On 07/31/2025 NNN REIT director Elizabeth C. Gulacsy elected to defer board and committee fees into stock units, resulting in an acquisition of 1,033 common shares at an indicated price of $42.10 per share under the company鈥檚 compensation plan. Following the transaction, her direct ownership increases to 13,520 shares. The filing shows no derivative securities activity and does not amend any prior Form 4.

Because the shares were obtained through a fee-deferral program rather than an open-market purchase, the economic outlay is limited; however, the move modestly aligns the director鈥檚 interests with shareholders. No other insiders are listed, and there is no impact on outstanding share count or company guidance.

GoDaddy Inc. (GDDY) 鈥� Form 144 notice. Chief Legal Officer Jared Franklin Sine intends to sell up to 475 common shares, worth roughly $76.2 k, through Morgan Stanley Smith Barney on or after 01 Aug 2025. The stock was received as restricted shares on 01 Apr 2025. With 142.49 m shares outstanding, the proposed sale equals just 0.0003 % of float, making it immaterial to capitalization.

The filer previously disposed of 2,293 shares between 16 May 鈥� 02 Jul 2025 for total proceeds of about $431 k. No 10b5-1 plan adoption date is indicated. The signer certifies there is no undisclosed adverse information. Apart from this small insider transaction, the filing contains no operational or financial performance data.

TXNM Energy, Inc. (NYSE: TXNM) Q2 2025 10-Q highlights:

• Revenue rose 2.9% YoY to $502.4 million; 1H 25 revenue up 6.5% to $985.2 million.
• Operating income contracted 31% to $72.7 million as fuel (+8%), A&G (+28%) and depreciation (+12%) out-paced top-line growth; 1H margin compressed to 14.7% from 20.1%.
• Interest expense jumped 29% YoY to $72.0 million on higher debt tied to recent term loans, SUNs and convertible notes.
• Net earnings attributable to TXNM fell 55% to $21.6 million ($0.22 diluted EPS) versus $48.0 million ($0.53) a year ago; 1H EPS down 70% to $0.32.
• Dividend per share increased 5% to $0.4075.
• Merger update: The May 18 2025 merger agreement with an affiliate of Blackstone Infrastructure remains in place; TXNM will survive as a wholly-owned subsidiary of Troy ParentCo.

Bottom-line deterioration was driven by higher fuel, O&M and financing costs, partially offset by a $23.6 million mark-to-market gain on investment securities. All registrants remain current on SEC filings; TNMP continues to report on a voluntary, reduced-disclosure basis.

Federated Hermes (FHI) posted a sharp profit rebound in Q2-25. Net revenue rose 5.5% YoY to $424.8 million, led by higher advisory (+7%) and admin fees, while fee waivers remained flat ($105.7 million). Operating income more than tripled to $117.1 million, lifting margin to 27.6% from 10.1%. Net income attributable to common shareholders surged to $86.9 million and EPS to $1.16 versus $0.20 a year ago.

For the first six months, revenue grew 6.2% to $848.4 million and EPS doubled to $2.40. Foreign-currency translation added $50.9 million to OCI, pushing total comprehensive income to $251.5 million. Cash fell 26% to $371.0 million after $184.7 million of share repurchases (4.6 million shares), $52.2 million of dividends and $12.8 million for the 60% acquisition of U.K-based Rivington Energy Management. The deal created $44.1 million of goodwill, $5.0 million of intangibles and a $8.6 million contingent consideration liability; redeemable NCI expanded to $163.0 million.

Leverage remains modest: $348.2 million of 3.29% senior notes due 2032 and an undrawn $350 million revolver. Operating cash flow fell to $33.1 million (vs $102.7 million) on higher compensation and investment activity. Outstanding Class B shares declined to 77.6 million, with 1.1 million left under the current buy-back authorization. Fee waivers (YTD $211.2 million) and lower money-market yields remain key earnings sensitivities.

Form 4 snapshot 鈥� NNN REIT (NNN)

Director Pamela K. M. Beall reported the award of 861 common shares on 31-Jul-2025 under the companys 2017 Performance Incentive Plan (amended 2023). The shares were credited to a family trust at an indicated price of $42.10, implying a grant value of roughly $36 k. Following the transaction, Bealls indirect beneficial ownership rose to 33,951 shares.

No sales or derivative transactions were disclosed. The incremental addition equals about 2.5 % of her reported holdings and less than 0.02 % of NNNs total shares outstanding, making the event financially immaterial at the corporate level but mildly positive for insider-alignment signaling.

Grayscale Bitcoin Trust ETF (GBTC) posted a strong Q2 2025 as rising Bitcoin prices more than offset continued share redemptions and the 1.5% Sponsor鈥檚 Fee.

• Assets: Fair-value holdings of 185,098.7 BTC worth $19.95 bn at 30 Jun 25, up 4% from $19.18 bn at 31 Dec 24.
• NAV per share: $84.84 vs. $74.08 year-end, reflecting a 16% BTC price rally to $107,754.
• Operations: Six-month net increase in net assets from operations of $2.52 bn (vs. $9.23 bn prior-year), driven by $2.66 bn net realized/unrealized gains; investment loss of $138 m equals the Sponsor鈥檚 Fee.
• Flows: 22,569 BTC ($2.12 bn) redeemed and 3,710 BTC ($0.36 bn) created YTD, shrinking shares outstanding 9% to 235.1 m.
• Principal-market switch: Pricing source changed from Coinbase to Crypto.com effective 30 Jun 25.
• Capital actions: July 24 spin-off of 26,935.8 BTC (鈮�10% of assets) to Grayscale Bitcoin Mini Trust completed.

Liquefaction of holdings via redemptions continues, but higher Bitcoin prices and reduced fee rate (cut to 1.5% in Jan 24) supported per-share value. No cash is held; all expenses are paid in BTC. Subsequent-event pricing shows BTC at $118,063 on 28 Jul 25.

Codexis, Inc. (CDXS) received a Form 4 filing from Opaleye Management Inc., a 10% beneficial owner, detailing an open-market purchase completed on 27 June 2025.

• Transaction: 100,000 shares of Codexis common stock were purchased (Code P) at an average price of $2.39 per share.
• Post-transaction holdings: Opaleye now reports 12,350,000 shares held indirectly through Opaleye, L.P. and an additional 250,000 shares in a separately managed account, bringing total reported beneficial ownership to 12.6 million shares.
• Ownership form: All shares are reported as indirect (Form I); the investment manager disclaims beneficial ownership beyond its pecuniary interest.
• Reporting party status: Opaleye is classified as a 10% owner; no board or executive role is indicated.

The filing signals incremental insider accumulation by a large shareholder. While the 100 k-share purchase is modest relative to the 12.35 million-share position, fresh buying can be interpreted by investors as a vote of confidence in Codexis at current price levels. No derivative transactions, sales or options were disclosed in this filing.

NNN REIT, Inc. is issuing $500 million aggregate principal amount of 4.600% senior unsecured notes due February 15, 2031. Interest will accrue from the July 1, 2025 settlement date and will be paid semi-annually each February 15 and August 15, beginning February 15, 2026.

The notes are offered at 99.182% of face value, generating gross proceeds of $495.9 million. After the 0.600% underwriting discount, net proceeds to the company before expenses will be $492.9 million. The notes carry no sinking fund.

Ranking is pari passu with existing senior unsecured debt, but the notes are effectively subordinated to any mortgage or other secured debt and structurally subordinated to liabilities of subsidiaries. The notes may be redeemed, in whole or in part, at the company鈥檚 option at the make-whole prices described in 鈥淒escription of Notes鈥擮ptional Redemption.鈥�

No application will be made to list the securities on an exchange, and an active trading market may not develop. Delivery will be through DTC, Clearstream and Euroclear on or about July 1, 2025. BofA Securities and Wells Fargo Securities act as joint book-running managers, supported by a syndicate of nine additional underwriters.

Prospective investors should review the detailed Risk Factors (page S-4) and those incorporated from the 2024 Form 10-K, which highlight tenant concentration, acquisition execution risk, potential rent loss, cybersecurity threats and other uncertainties that could materially affect cash flow and the value of the notes.