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THG鈥檚 Q2-25 results show a sharp rebound in profitability. Premium revenue rose 4.9% YoY to $1.55 bn and net investment income jumped 16.7% to $105.5 m. Total revenue gained 7.7% to $1.65 bn while total losses and expenses slipped 2.0%. As a result, pre-tax income surged to $198.8 m from $51.3 m; net income climbed almost 4脳 to $157.1 m, boosting diluted EPS to $4.30 versus $1.12. Operating cash flow strengthened to $245.5 m (+24%).

The balance sheet reflects higher quality capital: shareholders鈥� equity grew 13% since year-end to $3.22 bn as unrealised AFS losses narrowed (AOCI 鈥�$287 m vs 鈥�$456 m). Book value benefited from $167.5 m YTD unrealised gains on fixed maturities. Long-term debt fell to $347.8 m (-52%), though short-term borrowings rose to $436.8 m and cash fell to $244.1 m (-44%).

Capital management remained active: THG repurchased $38.6 m of stock and paid $65.6 m in dividends in the first half, reducing shares outstanding to 35.8 m. Investment portfolio fair value reached $9.08 bn with net unrealised fixed-income losses of $370.8 m, down from $531.1 m at 12/24.

Bottom line: Higher underwriting discipline, larger investment income and lower realised losses drove a notable earnings recovery, but liquidity tightened as cash declined and short-term debt increased.

UFP Industries, Inc. (UFPI) 鈥� Form 4 filing dated 06/30/2025

Executive Chairman and Director Matthew J. Missad reported the acquisition of 14 phantom stock units under the company鈥檚 Deferred Compensation Plan. Each unit is convertible into one share of UFPI common stock. Following the transaction, Missad now holds 93,408 phantom stock units. The units were credited at an underlying share price reference of $99.36, and will be settled in common shares upon death, disability, or retirement, in accordance with plan terms. No open-market purchases or sales of common stock were disclosed, and there were no changes in direct share ownership.

This filing represents a routine, compensation-related accrual rather than a discretionary market transaction. The incremental 14-unit addition (~0.015% of Missad鈥檚 total derivative holdings) is immaterial to UFPI鈥檚 share count and insider ownership structure, but it does continue to align executive incentives with long-term shareholder value.

Royal Bank of Canada (RY) has filed a preliminary 424(b)(2) pricing supplement for three separate Capped Enhanced Return Buffer Notes maturing 4 August 2027. Each note is linked to a single equity index鈥擭asdaq-100 (NDX), Russell 2000 (RTY) or S&P 500 (SPX)鈥攁nd will be issued in $1,000 denominations on 5 August 2025.

Upside mechanics. If the Final Underlier Value exceeds the Initial Underlier Value, investors receive 150 % of the index return, capped at a Maximum Return set on the trade date (indicative ranges: NDX 24.5-26.5 %, RTY 28-30 %, SPX 20-22 %).

Downside mechanics. A 10 % buffer protects principal as long as the index does not lose more than 10 %. Below that threshold, principal is reduced point-for-point beyond the 10 % loss. Example: a 50 % index decline produces a 40 % note loss ($600 redemption).

Key terms.

• Participation Rate: 150 % (subject to cap)
• Buffer Value: 90 % of initial index level
• Trade Date: 31 Jul 2025  |  Valuation Date: 30 Jul 2027
• Maturity: 4 Aug 2027 (2-year term)
• Price to public: 100 % of face; underwriting discount 1 % (dealer concessions up to $10 per $1,000)
• Initial estimated value: $928-$979 (i.e., 92.8-97.9 % of face), below issue price

Risk highlights. The notes pay no coupons, have limited upside due to the cap, and expose investors to 1-for-1 downside beyond the 10 % buffer. They are senior unsecured obligations of Royal Bank of Canada鈥攑ayments depend on the bank鈥檚 credit. The securities are intended to be held to maturity; no exchange listing is planned and secondary liquidity is expected to be thin, with bid-ask spreads and dealer mark-downs likely. The issuer鈥檚 initial estimated value鈥攃alculated using RBC鈥檚 internal funding rate鈥攚ill be lower than the offering price, creating an immediate economic cost to the investor. U.S. tax treatment is uncertain; RBC expects the notes to be treated as prepaid financial contracts.

Investors seeking enhanced, but capped, equity exposure with partial downside protection may find the structure useful; however, the product鈥檚 risk/return trade-off, illiquidity, and issuer credit considerations must be carefully weighed.

DevvStream Corp. has called a virtual special meeting of shareholders for 8:00 a.m. PT on July 28 2025 to vote on two key items.

• Proposal 1 鈥� Reverse Stock Split: Authorizes the Board, at any time within one year after approval, to file Articles of Amendment implementing a reverse split of outstanding common shares at a ratio between 1-for-5 and 1-for-50. The exact ratio will be selected by the Board and announced publicly.
• Proposal 2 鈥� Adjournment: Allows one or more adjournments of the meeting to solicit additional proxies if votes are insufficient to pass Proposal 1.

The record date is June 23 2025; on that date 33,461,734 common shares were outstanding. A quorum requires one-third of those shares (11,153,911) to be present online or by proxy. Proposal 1 needs approval by holders of at least two-thirds of votes cast; Proposal 2 requires a simple majority.

Rationale. The primary objective is to regain or maintain compliance with the Nasdaq Capital Market $1.00 minimum bid price rule, after DevvStream received a notice of non-compliance on February 12 2025. The Company has until August 13 2025 to cure the deficiency. Management also cites potential improvements to liquidity, analyst coverage, and institutional ownership that a higher share price could bring.

Key mechanics. 鈥� No change to the unlimited authorized share capital.
鈥� No fractional shares will be issued; holdings will be rounded down to the nearest whole share.
鈥� All outstanding options, warrants and convertible securities will be proportionally adjusted.
鈥� Shareholders holding certificates will receive instructions from Continental Stock Transfer & Trust to exchange them; book-entry holders will be adjusted automatically.
鈥� The Board may abandon the split at any time before filing, even if shareholders approve it.

Risks. Management cannot guarantee that the split will raise or sustain the share price above $1.00, nor prevent future delisting for other rule breaches. A higher price may reduce trading volume, and rounding down fractions slightly dilutes affected holders.

The Board unanimously recommends voting FOR both proposals.

NVIDIA Corporation (NVDA) director A. Brooke Seawell filed a Form 4 covering activity on 26 June 2025. The filing shows the automatic, cost-free award (Transaction Code 鈥淎鈥�) of 1,799 restricted stock units (RSUs) granted as part of the company鈥檚 annual board compensation program. These RSUs carry a two-step vesting schedule:

• 50 % on 19 Nov 2025
• 50 % on 20 May 2026

Following the grant, the director鈥檚 direct holdings stand at 10,387 common shares. Substantial additional ownership is reported indirectly through three family trusts: 1,000,000 shares (Revocable Trust), 1,679,361 shares (Administrative Trust) and 2,000,000 shares (Survivor Trust). No shares were sold or otherwise disposed of in the reported period.

The filing reflects routine board equity compensation and signals continued insider alignment, but it does not involve open-market purchasing or selling that might indicate a directional view on NVIDIA鈥檚 valuation.

Form 4 filing overview

On 06/27/2025, Richard W. Lavey, Executive Vice President of The Hanover Insurance Group, Inc. (THG), reported the acquisition of 32.568 restricted stock units (RSUs) at a price of $0.00. The RSUs represent dividend-equivalent rights linked to RSUs previously granted under the company鈥檚 2022 Long-Term Incentive Plan and will vest on the third anniversary of the original underlying grant.

Following the transaction, Lavey鈥檚 direct beneficial ownership increased to 39,111.708 shares of common stock. No sales, option exercises, or other derivative transactions were disclosed. Because the filing reflects routine dividend accrual rather than an open-market purchase or sale, it is unlikely to exert material market impact.

Form 4 filing overview 鈥� The Hanover Insurance Group, Inc. (THG)

Executive Vice President Jeffrey M. Farber reported a routine, non-open-market acquisition of THG common stock on 27 June 2025. The transaction reflects the automatic issuance of 51.978 restricted stock units (RSUs) representing dividend-equivalent rights under the company鈥檚 2022 Long-Term Incentive Plan. The RSUs were acquired at a stated price of $0.00 because they are dividend equivalents rather than market purchases. These units will vest on the third anniversary of the original RSU grant to which they relate.

Following this accrual, Farber鈥檚 direct beneficial ownership rises to 45,942.68 shares of THG common stock. No derivative securities were transacted, and no sales were reported.

Investment significance

• The filing signals continued equity alignment by a senior executive, yet the incremental 52-share increase (鈮�0.1% of his holdings) is immaterial in absolute and relative terms.
• Because the RSUs stem from routine dividend accruals and carry a standard three-year vesting schedule, the event is considered administrative rather than directional.

Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is marketing three-year principal-protected market-linked notes tied to the S&P 500 Index (SPX) and the Dow Jones Industrial Average (INDU). The investor鈥檚 return is based solely on the worst performing index at the single observation date of July 28 2028.

Key Terms

• Stated principal: $1,000 per note
• Participation rate: 100 % of any index gain
• Maximum payment: 119 %鈥�124 % of principal ($1,190鈥�$1,240)
• Downside protection: payment will not be less than principal, regardless of index loss
• No periodic coupons or interim payments
• Pricing date: July 28 2025; Maturity: August 2 2028
• Estimated value: $951.90 (4.8 % below issue price) reflecting dealer costs and hedging

Risk Highlights

• Limited upside: gains are capped at 19 %鈥�24 %; any index rise above this level is forgone.
• No interest: investors receive no income before maturity.
• Credit exposure: repayment depends on Morgan Stanley鈥檚 ability to pay.
• Worst-of structure: a decline in either index nullifies upside from the other.
• Liquidity: the notes are unlisted; secondary trading, if any, could be at a discount.
• Estimated value below par signals embedded fees; price transparency may be limited.

These notes may appeal to investors seeking full principal protection with modest equity upside over a three-year horizon, but they sacrifice dividend income, broader upside participation, and carry issuer credit and liquidity risk.