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On 23 Jul 2025 Churchill Downs Incorporated (Nasdaq: CHDN) filed an 8-K (Item 7.01) stating that its Board has approved a new $500 million share repurchase program. The authorization replaces the $500 million plan adopted in March 2025 and therefore is not additive to any unused amount under the prior mandate. Buybacks may occur at management’s discretion in the open market—optionally under a Rule 10b5-1 plan—or through privately negotiated transactions. The program has no stated expiration and can be suspended or terminated at any time.

No financial results, guidance changes, or other material transactions were disclosed. A press release describing the buyback was furnished as Exhibit 99.1; the information is treated as “furnished,â€� not “filed,â€� under the Exchange Act.

St. Joe (JOE) delivered another strong quarter. Q2 2025 revenue climbed 15.7% YoY to $129.1 m, led by double-digit gains in all three segments: real estate (+27%), hospitality (+10%) and leasing (+12%). Operating income rose 13% to $37.0 m and net income attributable to shareholders advanced 20% to $29.5 m ($0.51 dil. EPS vs $0.42). Six-month revenue reached $223.3 m (+12%) with net income of $47.0 m (+22%).

Margin & cash. Gross margin held steady as segment cost increases were offset by scale; operating margin was 28.6% (-60 bp). Cash from operations increased 19% to $60.1 m. Net debt fell $10.5 m to $427.3 m while cash remained healthy at $88.2 m. Equity rose to $750.0 m despite $16.3 m of share buybacks (359 k shares) and $16.3 m in dividends ($0.28 YTD).

Balance-sheet highlights. Total assets edged up to $1.55 b; book value per share is $12.93. Investments in real estate expanded modestly to $1.05 b, and AOCI dipped $0.5 m on hedge valuation changes. The company remains a large accelerated filer and had 57.9 m shares outstanding as of 7/21/25.

Outlook. Management cites continued in-migration to Northwest Florida, limited housing supply and resilient hospitality demand as tailwinds, but notes interest-rate and insurance-cost headwinds. Solid liquidity, lower leverage and growing recurring revenues position JOE to pursue further development and potential buybacks while funding an increased quarterly dividend ($0.14).

Bit Digital, Inc. (Nasdaq: BTBT) has filed a preliminary prospectus supplement for a registered direct offering of an unspecified number of ordinary shares to certain institutional investors. Pricing, share count and gross proceeds will be finalised at pricing, but the company discloses that all net proceeds are earmarked for the purchase of Ethereum (ETH), further accelerating its strategic transition toward an ETH-centric treasury and staking model.

Current ETH platform: Bit Digital has accumulated roughly 100,603 ETH (as of 7 July 2025) and operates one of the world’s largest institutional validator infrastructures, supported by Fireblocks and Cactus Custody. Management expects staking rewards and future ETH purchases to become the primary driver of shareholder value and intends to divest or wind down the legacy bitcoin-mining assets.

Recent capital raises: The company closed an underwritten equity offering on 27 June 2025 (including full over-allotment) issuing 86.25 million shares for net proceeds of $162.9 million. Pro-forma cash and cash equivalents were $220.4 million at 31 March 2025 versus $57.6 million historically, while shareholders� equity rose to $580.2 million.

Preliminary Q2-25 top-line: Unaudited revenue is expected between $24.3-26.9 million. These figures are management estimates, have not been reviewed by Audit Alliance LLP and may change upon completion of closing procedures.

WhiteFiber HPC spin-out: Subsidiary WhiteFiber has confidentially submitted a Form S-1 for a potential IPO. Bit Digital will contribute 100 % of its HPC assets and provide transition services for up to two years. Timing and valuation remain subject to SEC review and market conditions.

Capital structure & dilution: Ordinary shares outstanding were 297.6 million on 11 July 2025, with RSUs (3.77 m), private warrants (10.12 m) and options (0.36 m) potentially increasing dilution. The new registered direct offering will add further shares; exact dilution will depend on final terms.

Key risks flagged include extreme ETH price volatility, absence of dividends, PFIC status uncertainty, substantial future share issuances, and execution risks around the WhiteFiber IPO. The prospectus carries standard forward-looking-statement disclaimers and emphasises that Bit Digital is a “smaller reporting company,� allowing reduced disclosure.

Schedule 13G highlights: Individual investor William George Brumder II has filed a passive ownership report on New Horizon Aircraft Ltd. (CUSIP 64550A107). As of 13 June 2025 he beneficially owns 2,750,000 Class A Ordinary Shares, including 461,788 shares underlying exchange-traded warrants that are exercisable at $11.50 per share and expire on 12 January 2029. Based on 31,846,935 ordinary shares outstanding, the holding represents approximately 8.6 % of the company. All voting and dispositive power is held solely by Mr. Brumder; no group status is claimed. The filing is made under Rule 13d-1(c), signalling that the stake is held for investment purposes only and not to influence control. No other persons share beneficial ownership, and no additional material transactions or contingent arrangements are disclosed.

Churchill Downs filed an 8-K reporting the planned retirement of Maureen Adams, Executive Vice President Gaming Operations, effective December 31, 2025. A Memorandum of Understanding provides:

• eligibility for a 2025 bonus tied to actual performance;
• accelerated vesting of outstanding RSU and PSU awards;
• a $550,000 retention payment contingent on remaining employed through year-end;
• termination of her July 26 2022 Change-in-Control/Severance Agreement.