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Ryman Hospitality Properties (RHP) 鈥� SEC Form 4 filed 07/15/2025 discloses changes in the equity holdings of Executive Chairman and Director Colin V. Reed.

As a result of the company鈥檚 $1.15 per-share cash dividend paid on 07/15/2025, Reed was automatically credited with an aggregate 23,764 additional Restricted Stock Units (RSUs). The dividend-equivalent units were calculated using RHP鈥檚 06/30/2025 NYSE closing price, in line with the terms of existing award agreements. No shares or RSUs were sold or forfeited, and there were no open-market transactions reported.

The four RSU blocks carry different vesting schedules: (i) 5,221 units vest 100% on 03/15/2026; (ii) 5,702 units vest 50% on 03/15/2026 and 50% on 03/15/2027; (iii) 5,049 units vest in 25% annual tranches beginning 03/15/2025; and (iv) 7,792 units vest in 25% annual tranches beginning 03/15/2026. All securities are held directly by the insider.

Because the filing reflects a routine, formula-driven adjustment tied to dividends rather than new grants or share disposals, the immediate market impact is neutral. Nonetheless, the incremental increase in insider ownership modestly strengthens alignment between management and shareholders.

Deutsche Bank AG is offering $3.213 million aggregate principal amount of 5.15% Fixed-Rate Callable Senior Debt Funding Notes due July 15, 2033 (Series E). The securities are unsecured, unsubordinated senior preferred obligations that rank ahead of the bank鈥檚 senior non-preferred debt but remain subject to statutory bail-in powers.

Coupon & cash-flow profile

• Annual interest of 5.15%, payable in arrears every July 16 from 2026 through 2032 and at maturity, calculated on a 30/360 basis.
• Issuer call: Redeemable at par plus accrued interest, in whole (not in part), on any semi-annual Optional Redemption Date beginning July 16, 2027 and ending January 16, 2033, with 鈮�5 business days鈥� notice.
• Maturity: July 15, 2033.

Offering economics

• Issue price: 100% ($1,000 per note). Minimum denominations of $1,000 and integral multiples thereafter.
• Underwriter (affiliate) discount: up to $14.50 per note; proceeds to issuer as low as $985.50 per note.
• Settlement: July 16, 2025; CUSIP 25161F4P0; no exchange listing anticipated.

Regulatory & structural attributes

• Intended to qualify as eligible liabilities for the EU/CRR minimum requirement for own funds and eligible liabilities (MREL).
• Subject to EU bail-in / Resolution Measures; payments may be written down to zero or converted into equity without constituting a default.
• Only event of default is the opening of German insolvency proceedings; no acceleration for missed interest or principal outside insolvency.

Key risk disclosures

• Credit risk 鈥� payments depend solely on Deutsche Bank AG鈥檚 ability to pay.
• Bail-in risk 鈥� holders may lose all or part of principal and interest if a Resolution Measure is imposed.
• Call risk & reinvestment risk 鈥� issuer likely to redeem when market rates fall, leaving investors to reinvest at lower yields.
• Liquidity risk 鈥� no exchange listing; secondary market making is discretionary.
• Interest-rate risk 鈥� fixed coupon could underperform if market yields rise.

Use of proceeds: general corporate purposes. Deutsche Bank Securities Inc. (DBSI), the agent and an affiliate of the issuer, may engage in secondary-market trading and hedging; the transaction is conducted under FINRA Rule 5121 due to conflicts of interest.

Investors should review the accompanying prospectus and risk factors (PS-5 to PS-8) for a full enumeration of risks and regulatory considerations before purchasing the notes.

Winmark Corporation (Nasdaq: WINA) has filed a Form 8-K dated July 15, 2025. The filing discloses two primary matters:

• Item 2.02 / 7.01 鈥� Q2 2025 Results: The company issued a press release (Exhibit 99.1) announcing its operating results and financial condition for the quarter ended June 28, 2025. Specific revenue or earnings figures are not included in the filing; investors must refer to the attached press release for details.
• Item 8.01 鈥� Dividend Declaration: Winmark鈥檚 Board approved a regular quarterly cash dividend of $0.96 per share, payable on September 2, 2025 to shareholders of record at the close of business on August 13, 2025. Future dividends remain subject to Board approval (Exhibit 99.2).

No other material transactions, leadership changes, or financial statements are presented within the body of the 8-K. Investors should examine Exhibits 99.1 and 99.2 for the complete earnings release and dividend announcement.

Insider activity: Saba Capital Management, L.P. and founder Boaz Weinstein, both >10% beneficial owners of BlackRock California Municipal Income Trust (NYSE: BFZ), disclosed two small open-market sales.

• 07-10-2025: 14,116 shares sold at $10.86.
• 07-11-2025: 14,505 shares sold at $10.78.
• Total sold: 28,621 shares (鈮�0.6 % of prior stake).
• Remaining position: 4,601,211 shares held indirectly after the transactions.

No derivative securities were reported and Saba Capital remains above the 10 % ownership threshold. The filing offers no commentary on the rationale, suggesting routine portfolio rebalancing rather than a strategic exit.

Deutsche Bank AG is issuing 5.20% Fixed Rate Callable Senior Debt Funding Notes due 31 July 2035 (Series E). The notes are unsecured, unsubordinated senior preferred obligations that rank ahead of the bank鈥檚 senior non-preferred debt but behind covered deposits and other higher-ranking liabilities. Investors receive a fixed 5.20% annual coupon, calculated on a 30/360 basis and paid in arrears every 31 July, starting 2026. The issue price is 100% of principal ($1,000 minimum and multiples thereof).

Deutsche Bank may, at its sole discretion and subject to regulatory approval, redeem the notes in whole at par plus accrued interest on any semi-annual Optional Redemption Date from 31 July 2029 to 31 January 2035, giving at least five business days鈥� notice. The notes are expected to price on or about 29 July 2025 and settle on or about 31 July 2025 through DTC book-entry.

Distribution & liquidity. Deutsche Bank Securities Inc. (DBSI)鈥攁 Deutsche Bank affiliate鈥攁cts as sole agent and will receive underwriting discounts of up to $40 per note; selected dealers may receive all or part of this concession. The notes will not be listed on any exchange; secondary trading will rely on dealer markets, and liquidity could be limited.

Regulatory & bail-in framework. The notes are intended to qualify as eligible liabilities for the EU Minimum Requirement for Own Funds and Eligible Liabilities (MREL) under Article 72b(2) CRR. As such, they are subject to the EU Bank Recovery and Resolution Directive, the German Resolution Act and the Single Resolution Mechanism. In a non-viability scenario, the competent authority may impose 鈥�Resolution Measures鈥� that include (i) writing down the notes (potentially to zero), (ii) converting them into equity of Deutsche Bank or another entity, or (iii) transferring, amending or cancelling the notes. Such action would not constitute an event of default, and investors could lose some or all of their investment.

Key investor risks.

• Credit risk: all payments depend on Deutsche Bank AG鈥檚 ability to meet its obligations; downgrades or wider credit spreads can depress market value.
• Issuer call: early redemption from 2029 introduces reinvestment risk if coupons available in the market are lower at that time.
• Interest-rate & inflation risk: the fixed coupon may lag future market rates or inflation over the 10-year term.
• Limited events of default: only German insolvency triggers acceleration; missed payments outside insolvency give no acceleration right.
• Liquidity: absence of an exchange listing may result in wide bid-ask spreads and difficulty exiting positions.

Net proceeds will be used for general corporate purposes. U.S. tax counsel expect the notes to be treated as fixed-rate debt issued without original-issue discount for federal income-tax purposes. The notes are governed by New York law, while ranking provisions are governed by German law.

Deutsche Bank AG (DB) has filed a preliminary 424B2 pricing supplement for the issuance of 5.50% Fixed-Rate Callable Senior Preferred Notes due 25 July 2035.

The notes are unsecured, unsubordinated "senior preferred" obligations that rank above DB鈥檚 senior non-preferred debt but remain subject to European Resolution Measures (bail-in, write-down or conversion) if the bank is deemed non-viable. Annual interest is paid in arrears every 25 July, beginning 2026, on a 30/360 basis. DB may redeem the notes at par in whole (not in part) on any 25 January or 25 July from 2027 through 2035, giving at least five business days鈥� notice, creating reinvestment risk for holders.

Key commercial terms: Issue price 100%; minimum denomination US$1,000; CUSIP 25161FY51; settlement expected 25 July 2025 via DTC. DBSI, an affiliate, acts as sole agent and will receive up to US$40 per note in underwriting discount, implying 4.0 % of face value, with concessions to selected dealers. The notes will not be listed, and secondary liquidity is expected to be thin.

Principal risks highlighted: (1) Potential loss of principal through bail-in; (2) credit deterioration or downgrade of DB; (3) call risk if market rates fall; (4) limited events of default鈥攐nly German insolvency triggers acceleration; (5) no FDIC insurance or collateral; (6) possible price volatility driven by rates, inflation, DB鈥檚 credit spreads, and supply-demand dynamics.

The notes are intended to qualify as eligible liabilities under CRR Article 72b for MREL purposes, supporting DB鈥檚 resolution capital stack. Proceeds will be used for general corporate purposes. Investors must rely solely on DB鈥檚 credit and should assess suitability in light of bail-in legislation, liquidity constraints and call features.

Deutsche Bank AG (DB) is marketing a new tranche of senior preferred debt titled 6.00% Fixed Rate Callable Senior Debt Funding Notes due July 25, 2045. The preliminary pricing supplement (Form 424B2) outlines a $1,000 minimum denomination security that pays a fixed 6.00% annual coupon with payments each July 25, beginning 2026. The notes price at 100% of principal for retail accounts, while eligible institutional and fee-based advisory accounts may pay between $950.10 and $1,000 per note, reflecting a foregone selling concession. Underwriting discounts are up to $50 (5%) per note, leaving net proceeds to DB of roughly 95% of face value.

The securities are unsecured, unsubordinated senior preferred obligations, ranking ahead of DB鈥檚 senior non-preferred debt but behind covered deposits and certain other super-senior liabilities. They are intended to qualify as eligible liabilities (MREL/TLAC) under Article 72b(2) CRR and therefore carry explicit 鈥渂ail-in鈥� risk: a competent EU resolution authority may write down, convert to equity, transfer, amend or cancel the notes if DB is deemed 鈥渇ailing or likely to fail.鈥� Investors must expressly consent to such Resolution Measures, which would not constitute an event of default.

Issuer call option: DB may redeem the notes in whole (not in part) at par on any semi-annual Optional Redemption Date鈥攅ach January 25 and July 25鈥攆rom July 25 2026 through January 25 2045, subject to five business-days鈥� notice and regulatory approval. This exposes holders to reinvestment risk if rates fall.

Key risks highlighted include: (i) credit deterioration of Deutsche Bank; (ii) inflation and rising rates reducing market value; (iii) potential bail-in loss of principal/interest; (iv) limited events of default鈥攐nly German insolvency proceedings trigger acceleration; (v) lack of exchange listing and potentially thin secondary liquidity; and (vi) market factors (time to maturity, supply/demand, geopolitical events) affecting price.

The notes settle July 25 2025 via DTC (CUSIP 25161FDE5). Use of proceeds is 鈥�general corporate purposes.鈥� Deutsche Bank Securities Inc. (an affiliate) acts as sole agent, creating a FINRA Rule 5121 conflict of interest disclosure.

Overall, the document presents a long-dated, high-coupon fixed-rate instrument that offers senior preferred status but embeds significant regulatory bail-in and issuer call risks, demanding careful credit and liquidity assessment by investors.

Super League Enterprise, Inc. (Nasdaq: SLE) filed an 8-K disclosing amendments to four unsecured promissory notes that together represent approximately $3.27 million of principal.

• Firepit Notes (3 lenders, $1.77 million aggregate): maturity pushed out one year to August 1, 2025; interest rate lifted to 20% starting June 1, 2025. The company must make two consideration payments totalling $37,500 each to Drozdov and Khakshoor and $25,000 to Firepit. Missing either payment constitutes an event of default.
• Board-member Note ($1.5 million): maturity extended two years to November 19, 2026. Interest stops accruing after November 19, 2025. Beginning that date, SLE will repay principal through 12 equal monthly instalments of $175,000, fully retiring the note by November 2026.

The amendments improve near-term liquidity by deferring principal repayments, but at the cost of substantially higher interest on the Firepit Notes and added cash outflows linked to consideration payments. The company鈥檚 leverage profile is unchanged; however, the 20% rate signals constrained access to lower-cost capital. Investors should monitor SLE鈥檚 ability to meet the scheduled consideration and instalment payments to avoid default events.