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A dramatic encounter unfolded on the pitch as Arsenal took on Ipswich in a captivating showdown that saw the Gunners battle their way to victory after a thrilling first half and some last-minute excitement. The match began with high-paced energy, as Arsenal immediately looked to dominate possession. Within the first few minutes, they controlled the ball with sharp, precise passing, testing Ipswich’s defense early on. Gabriel Martinelli, who was crucial in the buildup, saw an early chance go awry when a long crossfield pass sailed just beyond his reach, leading to an Ipswich throw-in. It wasn’t long before the game sparked into life with the first goal of the match. In the 23rd minute, Kai Havertz capitalized on a brilliant lofted pass from Leandro Trossard, weaving through the defense and unleashing a powerful shot into the left corner of the net. The Arsenal faithful erupted in cheers as their team took a 1-0 lead. Ipswich weren’t about to roll over, though. The visitors had their own moments of brilliance, with Jurrien Timber’s early shot from the edge of the box being heroically saved by Ipswich’s Arijanet Muric. Martin Odegaard nearly doubled Arsenal’s lead with a fantastic solo run that almost resulted in a goal, but again, Muric’s stellar reflexes denied him. The game was full of drama as Gabriel Jesus thought he had scored just before halftime, only for the assistant referee’s flag to rule out the goal for offside. As the first half drew to a close, Arsenal’s dominance continued, with Ipswich struggling to break down their opponent’s defensive setup. The second half kicked off with Arsenal continuing their attacking onslaught. However, Ipswich showed resilience with multiple substitutions to bring fresh legs into the game. Despite their efforts, Arsenal remained in control, orchestrating play with patience and precision. The Gunners came close to adding another goal with a free kick from Martin Odegaard, but Ipswich’s defense held firm. The game reached its peak intensity in the final stages, as Ipswich pushed forward with urgency. The final whistle blew after five minutes of added time, and despite a valiant effort from Ipswich, Arsenal held on to secure the win. In a dramatic match that had everything—goals, saves, drama, and near-misses—Arsenal emerged victorious, showcasing their dominance while Ipswich, though defeated, left the pitch with their heads held high.The man who ended Nadal's career helps the Netherlands beat Germany to reach the Davis Cup final
Two down, two to go. Subscribe now for unlimited access . Login or signup to continue reading At the start of December, Justin Tatum stated that his Illawarra Hawks could win their four upcoming challenging games against the Perth Wildcats, Melbourne United, Perth and Sydney Kings. On Friday night, the Hawks made it two from two after a breakthrough win over United in Melbourne. The Hawks' 106-93 win at John Cain Arena improved their win/loss record to a league-leading 10-5. As importantly, the performance showed Tatum's team was the real deal and a genuine championship contender. The Hawks' coach was also happy to pick up just his second win over United in nine outings in Melbourne. But Tatum said the round 12 win wasn't a top-tier win as United were missing key players Chris Goulding and Rob Lee. He was, however, happy to see his team play well for four quarters and fight through adversity. "I'm happy how they trusted each other out there. I'm happy how they encouraged each other not to get caught up in anything and just worry about the game. So I was proud of the growth of my group," Tatum said. 'It's a tough place to play. We have not had so much success since I've been the head coach here, but this is not playoffs; this is regular season for us to get better, so I don't really put it as a top-tier win; it's just something to help us grow as a group." Hawks' co-captain Sam Froling was fantastic for Tatum's team, finishing with a double-double of 20 points and 11 rebounds. In his previous six outings against United, Froling averaged 18 points on 71.9 per cent shooting. Asked why he always did well against United, Froling praised his long-time partner in crime, Tyler Harvey, who also had a big game, contributing 31 points, seven rebounds and four assists, for freeing him up to shine. "It's the beauty of having Tyler on this team. So much focus goes to him, Trey, now, we've got shooters everywhere. They back their bigs in a one-on-one matchup, and I back myself in that matchup, and it tends to work," he said. "The first three minutes, we didn't get some great shots, and I told the guys, to Tyler, get me one, and he straight in. "I think it's a good outlet when we're not getting great shots; you can roll it in. I think I'm smart enough to make the right play and get us a good shot. And many of those shots in the third quarter were me going up low; there was no help. "That's why we have so many good shooters." Froling added the Hawks took a lot of confidence out of beating United convincingly and leapfrogging them to the top of the table. "We come into this game confident with a good game plan. We backed ourselves, and everyone was talking about the record, and we pushed that to the side. This is another game, a team we can beat, and we went out there and executed the game plan and got that." Tatum added that the Hawks weren't overly concerned with recognition and were focused on gaining as many wins as possible. "I think winning speaks for everything, speaks volumes. I think the more games we can win, the more respect we'll get. "We haven't been at the top of the echelon in the league for a while. And so what we're doing is probably surprising the league, but every day, we come to practice and work, and we're not surprising ourselves; we're trying to get to the point where we see our potential together. "We are just going to keep winning." The Hawks' next chance to win is against the Perth Wildcats in Wollongong on Sunday, December 22. Wollongong born and bred. I love reporting about the Illawarra region and have been doing it for more than 20 years. I've moved into sport recently after covering the education round for the last five plus years for the Illawarra Mercury. It's been a great pleasure. Wollongong born and bred. I love reporting about the Illawarra region and have been doing it for more than 20 years. I've moved into sport recently after covering the education round for the last five plus years for the Illawarra Mercury. It's been a great pleasure. More from Basketball Newsletters & Alerts DAILY Today's top stories curated by our news team. Also includes evening update. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Get the latest property and development news here. WEEKLY Find out what's happening in local business. WEEKLY Going out or staying in? Find out what's on. WEEKDAYS Sharp. Close to the ground. Digging deep. Your weekday morning newsletter on national affairs, politics and more. TWICE WEEKLY Your essential national news digest: all the big issues on Wednesday and great reading every Saturday. WEEKLY Get news, reviews and expert insights every Thursday from CarExpert, ACM's exclusive motoring partner. TWICE WEEKLY Get real, Australia! Let the ACM network's editors and journalists bring you news and views from all over. AS IT HAPPENS Be the first to know when news breaks. DAILY Your digital replica of Today's Paper. Ready to read from 5am! DAILY Test your skills with interactive crosswords, sudoku & trivia. Fresh daily!The large package of aid includes a significant amount of munitions, including for the National Advanced Surface-to-Air Missile Systems and the Hawk air defence system. It also will provide Stinger missiles and 155mm and 105mm artillery rounds, officials said. The officials, who said they expect the announcement to be made on Monday, spoke on condition of anonymity to provide details not yet made public. The new aid comes as Russia launched a barrage of attacks against Ukraine’s power facilities in recent days, although Ukraine has said it intercepted a significant number of the missiles and drones. Russian and Ukrainian forces are also still in a bitter battle around the Russian border region of Kursk, where Moscow has sent thousands of North Korean troops to help reclaim territory taken by Ukraine. Earlier this month, senior defence officials acknowledged that the US Defence Department may not be able to send all of the remaining 5.6 billion dollars (£4.5 billion) in Pentagon weapons and equipment stocks passed by Congress for Ukraine before President-elect Donald Trump is sworn in. Mr Trump has talked about getting some type of negotiated settlement between Ukraine and Russia, and spoken about his relationship with Russian President Vladimir Putin. Many US and European leaders are concerned that it might result in a poor deal for Ukraine and they worry that he will not provide Ukraine with all the weapons funding approved by Congress. The aid in the new package is in presidential drawdown authority, which allows the Pentagon to take weapons off the shelves and send them quickly to Ukraine. This latest assistance would reduce the remaining amount to about 4.35 billion dollars (£3.46 billion). Officials have said they hope that an influx of aid will help strengthen Ukraine’s hand, should Ukrainian president Volodymyr Zelensky decide it is time to negotiate. One senior defence official said that while the US will continue to provide weapons to Ukraine until January 20, there may well be funds remaining that will be available for the incoming Trump administration to spend. According to the Pentagon, there is also about 1.2 billion dollars (£0.9 billion) remaining in longer-term funding through the Ukraine Security Assistance Initiative, which is used to pay for weapons contracts that would not be delivered for a year or more. Officials have said the administration anticipates releasing all of that money before the end of the calendar year. If the new package is included, the US will have provided more than 64 billion dollars (£50.8 billion) in security assistance to Ukraine since Russia invaded in February 2022.
Telegram promotes extremism, new study reveals SPLC analyses 28,000 channels and found that algorithm pushes users toward radical content Telegram has come under scrutiny for its role in promoting extremist content, according to a recent study from the Southern Poverty Law Center (SPLC) shared exclusively with the BBC . The report, Telegram’s Toxic Recommendations, revealed that Telegram’s "similar channels" feature, which was introduced last year, directs users to extremist material—even those simply browsing mundane topics like technology or entertainment. The study, which analysed 28,000 channels on the platform, found that the algorithm consistently pushed users toward radical ideologies. For example, when SPLC researcher Megan Squire searched for “Donald Trump,” the algorithm immediately recommended multiple channels promoting the QAnon conspiracy, which claims without evidence that Trump is secretly battling an elite ring of Satan-worshipping paedophiles. Similarly, a search for “UK riots” led to far-right extremist content, including memes about Adolf Hitler and violent extremist channels. Squire emphasised the danger of this algorithmic recommendation system, saying that it does not just suggest extremist content—it actively helps radicalize users by leading them from one form of extremism to another. She pointed out that Telegram has become a platform where real-world events are organized, as evidenced by the spread of false claims and calls for protest after the Southport knife attack in August. Telegram claims to take harmful content seriously, removing millions of pieces of illegal material every day, and asserts that it does not “inject or promote content” but instead offers suggestions based on user interests. However, critics argue that Telegram is not doing enough to prevent the spread of extremism. Elies Campo, a former insider at Telegram, revealed that founder Pavel Durov had shown little interest in cracking down on extremist content, dismissing the need for stronger moderation. Meanwhile, Professor David Maimon from Georgia State University, who has studied illegal content on the platform, confirmed that Telegram has become a key space for illegal activities, including arms trafficking. Telegram’s failure to address these concerns has led to growing calls for greater accountability and regulation of the platform. ‘We can block VPNs but we won’t do it', says PTA chairman WhatsApp enhances video calls with four new features WhatsApp to simplify channels, status updates with new shortcuts US court rejects TikTok request to temporarily halt pending US ban
Romania’s presidential election last month shocked the country and its government when Calin Georgescu, an obscure far-right candidate, secured the most votes in the first round. Romania, an Eastern European country bordering Ukraine, has been a strong member of NATO for two decades and a member of the European Union for nearly as long. The far right has been surging across much of Europe, pushing an agenda that is anti-EU, pro-Russia and against support for Ukraine. But its success in Romania was unexpected. Georgescu’s win seemed to come out of nowhere. With no major party backing or meaningful public profile only a few weeks before the election, he went from an unknown to the top candidate almost overnight. He even bragged about having no campaign budget. How did this happen? Surprise, it was Russia. Under Romania’s multiparty system, if no presidential candidate secures an absolute majority in the first round, the top two candidates go to a runoff. Thirteen candidates competed in this race, and Georgescu was polling at about 1% at the start of November. In the last two weeks of the campaign, Georgescu was suddenly all over TikTok. He gained hundreds of thousands of followers and millions of likes in that time. That was apparently enough to secure 24% of the vote , the most of any candidate. According to Romania’s security services, an aggressive Russian influence campaign did the trick, boosting his online presence by manipulating TikTok’s algorithms using thousands of coordinated fake accounts and extensive paid promotion. It looked like the Constitutional Court was going to let the first-round outcome stand. But Romania’s current president, Klaus Iohannis, declassified intelligence reports to demonstrate publicly the extent of Russia’s interference. On Dec. 6, the court made its final decision to annul the results, citing the illegal use of technologies, including artificial intelligence; undeclared funding sources; and preferential treatment on social media that “resulted in the distortion of voters’ expressed will,” The Associated Press reported . The Russian government has long been active in election interference and related disinformation campaigns against democracies. Its modus operandi is mostly to spread disinformation, stoke distrust in institutions and institutionalists, and boost far-right (and anti-Western) candidates and causes. No open and democratic society has figured out how to effectively obstruct or prevent Russian meddling, so Vladimir Putin’s government has repeatedly gotten away with it. For Putin, it’s a relatively low-cost foreign policy tool with few downsides. Americans are likely most familiar with Russian meddling in the 2016 U.S. election , but Russian disinformation operations also marred the 2016 Brexit vote in the United Kingdom, targeted the 2017 German election and undermined the European Parliament elections across France, Germany and Poland earlier this year. The U.S. election this year wasn’t spared, either, with an onslaught of fake videos and interviews claiming election fraud where there was none. Russia’s meddling isn’t limited to these countries, either. Russia’s Africa policy has long focused on thwarting democratic progress there, where its disinformation campaigns have been quite effective in boosting authoritarian actors across some two dozen countries. For the most part, the Kremlin has needed its minions only to build on existing conspiracy theories, mistrust and polarization. This makes measuring the impact of such meddling quite difficult. Inquiries and investigations in the United States, United Kingdom and elsewhere have failed to show that Russian interference concretely changed election outcomes. After all, it’s an influence game on the margins. Did false posts claiming corruption in the process persuade enough people to stay home to change the outcome in a critical state? Or did fake accounts drive enough outrage in a key population to tilt the vote toward or away from one candidate? It’s hard to prove. This makes it very hard to navigate what the appropriate response might be. Russia’s acts are illegal, typically violating election laws, campaign finance laws, and social media regulations and standards. Beyond sanctions (and Russia is already sanctioned to the hilt), what actions should targeted countries take? Is it enough to expose the dishonesty and interference? Will that prevent people from falling prey to it or changing their views or vote accordingly? Should a candidate illegally boosted by an outside power be disqualified? It’s not at all clear, after all, that Georgescu was aware of or involved with Russia’s plan. Will redoing Romania’s election prevent the malign influence on the outcome next time? What if the vote ends up the same? In Romania, the Russian campaign also drew on and exploited real grievances. Many Romanians have grown disillusioned with the two main political parties and were looking for other options. Tossing out election results when the vote itself wasn’t compromised is controversial, too. Time will tell if a rerun solves the problem of undue Russian influence in Romania. But the bigger lessons here for all democracies that face disinformation campaigns are that it’s far better to prevent them than to expose them after the fact and that much more must be done to regulate and monitor social media. Romania has demonstrated that the impact of not addressing these issues effectively can be dire. Elizabeth Shackelford is senior policy director at Dartmouth College’s Dickey Center for International Understanding and a foreign affairs columnist for the Chicago Tribune. She was previously a U.S. diplomat and is the author of “The Dissent Channel: American Diplomacy in a Dishonest Age.” ©2024 Chicago Tribune. Visit at chicagotribune.com . Distributed by Tribune Content Agency, LLC.Bank of Canada preparing for more uncertain, shock-prone futureCoote was sacked earlier this month after the emergence of a video in which he made derogatory remarks about Liverpool and their former manager Jurgen Klopp. Professional Game Match Officials Limited (PGMOL) said that a thorough investigation had concluded he was “in serious breach of the provisions of his employment contract, with his position deemed untenable”. “Supporting David Coote continues to be important to us and we remain committed to his welfare,” PGMOL’s statement on December 9 added. Coote had the right to appeal against the decision but PA understands the Nottinghamshire referee has decided not to. The video which triggered PGMOL’s investigation into Coote’s conduct first came to public attention on November 11. In it, Coote is asked for his views on a Liverpool match where he has just been fourth official, and describes them as “s***”. He then describes Klopp as a “c***”, and, asked why he felt that way, Coote says the German had “a right pop at me when I reffed them against Burnley in lockdown” and had accused him of lying. “I have got no interest in speaking to someone who’s f****** arrogant, so I do my best not to speak to him,” Coote said. Later in the video, Coote again refers to Klopp, this time as a “German c***”. The Football Association opened its own investigation into that video, understood to be centred on that last comment and whether Coote’s reference to Klopp’s nationality constituted an aggravated breach of its misconduct rules. The investigation by PGMOL which led to Coote’s contract being terminated is also understood to have looked at another video which appeared to show Coote snorting a white powder, purportedly during Euro 2024 where he was one of the assistant VARs for the tournament. European football’s governing body UEFA also appointed an ethics investigator to look into the matter.
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DORAL, Fla.--(BUSINESS WIRE)--Dec 23, 2024-- NeueHealth, Inc. (“NeueHealth” or the “Company”) (NYSE: NEUE), the value-driven healthcare company, today announced that it has entered into a definitive merger agreement pursuant to which the Company will be acquired by an affiliate of New Enterprise Associates (“NEA”) at an enterprise value of approximately $1.3 billion. Upon completion of the transaction, NeueHealth will become a privately held company with the flexibility and resources to continue advancing its value-driven, consumer-centric care model. Under the terms of the merger agreement, holders of NeueHealth common stock (other than shares that will be rolled over and certain excluded shares) will receive $7.33 per share in cash, which represents a premium of approximately 70% over the closing price of NeueHealth common stock on December 23, 2024. Certain stockholders of NeueHeath, including NEA and 12 existing NeueHealth investors (which collectively hold all of the outstanding shares of NeueHealth preferred stock), have entered into rollover agreements pursuant to which such stockholders will continue their investments by exchanging their shares of NeueHealth common stock and/or preferred stock for newly issued equity interests in the privately held company, and the Company’s existing secured loan facility with Hercules Capital, Inc. will remain in place. NeueHealth’s executive leadership team will continue in their roles upon completion of the transaction and intends to roll over 100% of their equity interests for newly issued equity interests in the privately held company. “We are pleased to announce this transaction as we believe it places NeueHealth in a strong position for continued growth while maximizing value for all of NeueHealth’s public stockholders,” said Mike Mikan, President and CEO of NeueHealth. “NEA has been a longstanding strategic partner, and we look forward to continuing to work together to build on NeueHealth’s success as a leader in value-based care.” “We believe NeueHealth has built a differentiated model of care that is uniquely positioned to drive value for consumers, providers, and payors and we have confidence in the NeueHealth team and their ability to continue to lead the Company,” said Mohamad Makhzoumi, Co-CEO of NEA. “We have had a strong partnership with NeueHealth since 2016 and share the Company’s commitment to making high-quality healthcare accessible and affordable for all Americans.” Transaction Details A special committee (the “Special Committee”) of the board of directors of NeueHealth (the “Board”), composed entirely of independent and disinterested directors and advised by its own independent legal and financial advisors, unanimously recommended that the Board approve the transaction and determined it was in the best interests of the Company and its stockholders that are not affiliated with NEA. Acting upon the recommendation of the Special Committee, the Board subsequently unanimously approved the transaction and determined to recommend that NeueHealth stockholders vote to approve and adopt the merger agreement. Certain NeueHealth stockholders have agreed to vote all of their shares of NeueHealth common stock and/or preferred stock to approve and adopt the merger agreement, subject to certain conditions. The merger is subject to approval by NeueHealth’s stockholders and other customary closing conditions, including receipt of certain regulatory approvals. NEA intends to finance the transaction with fully committed equity financing, and the transaction is not subject to any financing condition. Upon completion of the transaction, NeueHealth’s common stock will no longer be publicly traded or listed on any public market. The merger agreement includes a 30-day “go-shop” period that will expire at 12:01 AM New York City time on January 23, 2025, which permits the Special Committee and its financial advisors to solicit and consider alternative acquisition proposals. There can be no assurance that this process will result in a superior proposal, and NeueHealth does not intend to disclose developments with respect to the “go-shop” process unless and until it determines such disclosure is appropriate or is otherwise required. Lincoln International, LLC is acting as financial advisor, and Richards, Layton & Finger, P.A. is acting as legal counsel, to the Special Committee. Simpson Thacher & Bartlett LLP is acting as legal counsel to NeueHealth. Latham and Watkins LLP is acting as legal counsel to NEA, with Sidley Austin LLP acting as insurance regulatory counsel to NEA. More information regarding the key terms will be included in a current report on Form 8-K to be filed by NeueHealth with the Securities and Exchange Commission (the “SEC”). Important Information and Where to Find It In connection with the transaction, the Company will file with the SEC a proxy statement on Schedule 14A (the “Proxy Statement”), the definitive version of which will be sent or provided to Company stockholders. The Company, affiliates of the Company and affiliates of NEA intend to jointly file a transaction statement on Schedule 13E-3 (the "Schedule 13E-3") with the SEC. The Company may also file other documents with the SEC regarding the transaction. This release is not a substitute for the Proxy Statement, the Schedule 13E-3 or any other document which the Company may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT, THE SCHEDULE 13E-3 AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE COMPANY OR THE TRANSACTION BECAUSE THESE DOCUMENTS CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Proxy Statement, the Schedule 13E-3 and other documents that are filed or will be filed with the SEC by the Company, when such documents become available, through the website maintained by the SEC at www.sec.gov or through the Company's website at https://investors.neuehealth.com/home/default.aspx . The transaction will be implemented solely pursuant to the Agreement and Plan of Merger, dated as of December 23, 2024 (the “merger agreement”), among the Company, NH Holdings 2025, Inc. and NH Holdings Acquisition 2025, Inc., which contains the full terms and conditions of the transaction. Participants in the Solicitation The Company and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from stockholders of the Company in connection with the proposed transaction. Information regarding the Company’s directors and executive officers is available in the definitive proxy statement for the 2024 annual meeting of stockholders of the Company, which was filed by the Company with the SEC on April 1, 2024 (the “Annual Meeting Proxy Statement”), and will be available in the Proxy Statement. Please refer to the sections captioned “Executive Compensation,” “Director Compensation,” and “Security Ownership of Certain Beneficial Owners and Management” in the Annual Meeting Proxy Statement. Holdings of the Company’s securities by certain of the Company’s employees, and any changes in the holdings of the Company’s securities by the Company’s directors or executive officers from the amounts described in the Annual Meeting Proxy Statement, have been reflected in the following Statements of Change in Ownership on Form 4 filed with the SEC: Form 4, filed by George Lawrence Mikan III on May 6, 2024; Form 4, filed by Jay Matushak on May 6, 2024; Form 4, filed Tomas Orozco on May 6, 2024; Form 4, filed by Jeffery Michael Craig on May 6, 2024; Form 4, filed by Jeffrey J. Scherman on May 6, 2024; Form 4, filed by Jay Matushak on May 13, 2024; Form 4, filed by Jeffrey J. Scherman on May 13, 2024; Form 4, filed by Kedrick D. Adkins, Jr. on May 14, 2024; Form 4, filed by Andrew M. Slavitt on May 14, 2024; Form 4, filed by Linda Gooden on May 14, 2024; Form 4, filed by Mohamad Makhzoumi on May 14, 2024; Form 4, filed by Robert J. Sheehy on May 14, 2024; Form 4, filed by Matthew G. Manders on May 14, 2024; Form 4, filed by Stephen Kraus on May 14, 2024; Form 4, filed by Manuel Kadre on May 14, 2024; Form 4, filed by Jeffrey R. Immelt on May 14, 2024; Form 4, filed by Mohamad Makhzoumi on October 3, 2024; Form 4, filed by Jay Matushak on October 8, 2024; Form 4, filed by George Lawrence Mikan III on December 18, 2024. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement and other relevant materials to be filed with the SEC in connection with the proposed transaction when they become available. Free copies of the Proxy Statement and such other materials may be obtained as described in the preceding paragraph. About NeueHealth NeueHealth is a value-driven healthcare company grounded in the belief that all health consumers are entitled to high-quality, coordinated care. By uniquely aligning the interests of health consumers, providers, and payors, NeueHealth helps to make healthcare accessible and affordable to all populations across the ACA Marketplace, Medicare, and Medicaid. NeueHealth delivers high-quality clinical care to over 500,000 health consumers through owned clinics and unique partnerships with over 3,000 affiliated providers. We also enable independent providers and medical groups to thrive in performance-based arrangements through a suite of technology and services scaled centrally and deployed locally. We believe our value-driven, consumer-centric care model can transform the healthcare experience and maximize value across the healthcare system. For more information, visit: www.neuehealth.com . About NEA New Enterprise Associates (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. Founded in 1977, NEA has more than $25 billion in assets under management as of June 30, 2024 and invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm's long track record of investing includes more than 280 portfolio company IPOs and more than 465 mergers and acquisitions. For more information, please visit www.nea.com . Forward-Looking Statements This release contains certain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements made in this release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies, and statements as to the expected timing, completion and effects of the transaction. These statements often include words such as “anticipate,” “expect,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “projections,” “outlook,” “ensure,” and other similar expressions. These forward-looking statements include any statements regarding our plans, expectations and financial guidance. Such forward-looking statements are subject to various risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Factors that might materially affect such forward-looking statements include: the failure to complete the transaction on the anticipated terms and within the anticipated timeframe, including as a result of failure to obtain required stockholder or regulatory approvals or to satisfy other closing conditions; potential litigation relating to the transaction that could be instituted against NEA, the Company or their respective affiliates, directors, managers, officers or employees, and the effects of any outcomes related thereto; potential adverse reactions or changes to our business relationships or operating results resulting from the announcement, pendency or completion of the transaction; the risk that our stock price may decline significantly if the transaction is not consummated; certain restrictions during the pendency of the transaction that may impact our ability to pursue certain business opportunities or strategic transactions; costs associated with the transaction, which may be significant; the occurrence of events, changes or other circumstances that could give rise to the termination of the merger agreement, including in circumstances requiring us to pay a termination fee; our ability to continue as a going concern; our ability to comply with the terms of our credit facilities or any credit facility into which we enter in the future; our ability to receive the remaining proceeds from the sale of our Medicare Advantage business in California in a timely manner; our ability to obtain any short or long term debt or equity financing needed to operate our business; our ability to quickly and efficiently complete the wind down of our remaining Individual and Family Plan (“IFP”) and MA businesses, including by satisfying liabilities of those businesses when due and payable; potential disruptions to our business due to the transaction or due to corporate restructuring and any resulting headcount reduction; our ability to accurately estimate and effectively manage the costs relating to changes in our business offerings and models; a delay or inability to withdraw regulated capital from our subsidiaries; a lack of acceptance or slow adoption of our business model; our ability to retain existing consumers and expand consumer enrollment; our and our care partner’s abilities to obtain and accurately assess, code, and report risk adjustment factor scores; our ability to contract with care providers and arrange for the provision of quality care; our ability to obtain claims information timely and accurately; the impact of any pandemic or epidemic on our business and results of operations; the risks associated with our reliance on third-party providers to operate our business; the impact of modifications or changes to the U.S. health insurance markets; our ability to manage any growth of our business; our ability to operate, update or implement our technology platform and other information technology systems; our ability to retain key executives; our ability to successfully pursue acquisitions, integrate acquired businesses, and quickly and efficiently divest businesses as needed; the occurrence of severe weather events, catastrophic health events, natural or man-made disasters, and social and political conditions or civil unrest; our ability to prevent and contain data security incidents and the impact of data security incidents on our members, patients, employees and financial results; our ability to comply with requirements to maintain effective internal controls; our ability to adapt to mitigate risks associated with our ACO businesses, including any unanticipated market or regulatory developments; and the other factors set forth under the heading “Risk Factors” in the Company’s reports on Form 10-K, Form 10-Q, and Form 8-K (including all amendments to those reports) and our other filings with the SEC. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or changes in our expectations. View source version on businesswire.com : https://www.businesswire.com/news/home/20241223595862/en/ CONTACT: Investor Contact: IR@neuehealth.comMedia Contact: media@neuehealth.com KEYWORD: FLORIDA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: PRACTICE MANAGEMENT PROFESSIONAL SERVICES MANAGED CARE HEALTH GENERAL HEALTH HEALTH TECHNOLOGY HEALTH INSURANCE HOSPITALS INSURANCE TELEMEDICINE/VIRTUAL MEDICINE FINANCE SOURCE: NeueHealth Copyright Business Wire 2024. PUB: 12/23/2024 05:53 PM/DISC: 12/23/2024 05:53 PM http://www.businesswire.com/news/home/20241223595862/enRICHMOND — Rep. Robert C. “Bobby” Scott (D-Virginia) let it be known this week that he is considering a run for Virginia governor. Or to be more precise, Scott said he is not not running. “I haven’t ruled it out,” he told Punchbowl News . However noncommittal and understated — less “I’m in!” than “I’m not out!” — Scott’s declaration tossed a bundle of political dynamite into the Democrats’ so far sleepy gubernatorial primary contest, which Rep. Abigail Spanberger (D-Virginia) has had to herself since her lone competitor dropped out in April.The Future of Gaming: ETR Brings New Dynamics
There is perhaps no more quintessentially American phenomenon than widespread panic over strange lights in the sky and the unknown implications thereof. From Orson Welles' panic-inducing broadcast of "The War of the Worlds" to popular culture's obsession with flying saucers outside of Roswell, New Mexico, ours is a country that seemingly cannot help but look up and wonder: "What the heck is that?" For the past several days, that has been the question on the minds of New Jersey residents baffled and unnerved by a sudden proliferation of supposed drones hovering over the Garden State without warning or explanation. The mysterious lights have prompted demands for federal investigation as speculation about the unmanned aerial vehicles runs rampant throughout the state and across the eastern seaboard. As theories abound and lawmakers urge calm, here's what people know about the unexplained drone swarms, and why some officials are ringing the alarms about what they might mean. What did the commentators say? The Biden administration has worked to preempt panic over the drone swarms. There is "no evidence at this time" that they "pose a national security or a public safety threat or have a foreign nexus," White House National Security Communications Adviser John Kirby said last week. Nevertheless, "something's going on," Washington Township Mayor Matthew Murello said on " Good Morning America ." "I'm not trying to stir anything up, but we all know — if you just turn on the television — that drones can be used in an aggressive fashion." With recent unexplained drone sightings in "at least eight states," there remains "significant confusion about the exact nature of the sightings," CNN said. "There's a lot of us that are pretty frustrated right now," Rep. Jim Himes (D-Conn.) said on " Fox News Sunday. " For officials to say "'We don't know' is not a good enough answer," Himes said, demanding the government "put more information out there" to ease public concern. "More federal resources are needed to understand what is behind this activity," New Jersey Gov. Phil Murphy (D) said in a letter to the Biden administration requesting aid in investigating the drones. "Existing laws limit the ability of state and local law enforcement" to conduct their own inquiries and counter-operations effectively. Those limitations haven't stopped some New Jersey officials from engaging in their own examinations. Over the weekend, Sen. Andy Kim (D-N.J.) documented his own excursion with local police across Hunterdon County to get "different vantage points" on suspected drone activity. Ultimately, "most of the possible drone sightings that were pointed out to me were almost certainly planes," Kim said. Even so, Kim said, it's "hard to understand how with the technology we have we aren't able to track these devices to determine origin" — a challenge that made the senator "much more concerned about our capabilities more broadly when it comes to drone detection and countermeasures." Rep. Jeff Van Drew (R-N.J.) has been even more aggressive, accusing defense officials of "hiding the truth" about the drones' origins from an Iranian "mothership," Politico said. Drew's allegation, at which officials "balked," only serves to highlight "how drones, once the play toy of amateur photographers, are fast becoming a national security concern." What next? Biden administration officials have begun acting on requests from local lawmakers, including New York Gov. Kathy Hochul (D). Her "calls for additional resources" prompted "our federal partners" to send a "drone detection system to New York," Hochul said on X. Still, "Congress must pass a law that will give us the power to deal directly with the drones," Hochul said. Accordingly, Sen. Chuck Schumer (D-N.Y.) is "working to pass a bill in the Senate to give local law enforcement more tools for drone detection," he said on X . The incidents have also become partisan fodder in the waning days of the Biden administration. The White House's lack of transparency on the sightings is a "reminder that the general attitude of this White House towards the American people has been, 'you don't need to know that,'" said Fox News ' David Marcus. And while President-elect Donald Trump "can't imagine it's the enemy," the Biden administration would be "better off saying what it is our military knows and our president knows," Trump said on Monday.An assistant postmaster, hoping to secure a ₹ 2 lakh loan through a mobile application, ended up losing ₹ 87,000 in a cyber fraud. The victim, Sarabjit Singh, was duped after being asked to complete a fake ‘know your customer (KYC) process, which gave the scammers access to his bank account. Sarabjit Singh, a resident of Kailey village in the Sudhar area, works at the Halwara village post office. The Cyber Crime police station (Ludhiana Rural) has registered an FIR against unidentified fraudsters. According to the complainant, he applied for a ₹ 2 lakh loan through an e-commerce mobile application on November 27. On December 4, he received a call from an unknown person claiming to be a representative of the company, informing him that his loan had been approved but could not be disbursed due to an incomplete KYC. The caller sent him a link and instructed him to fill a form to complete the KYC process. Singh was then asked to pay ₹ 5 as a KYC charge. However, as soon as he attempted the payment, ₹ 86,998 was debited from his bank account. “I immediately called that person. When I questioned him about the withdrawal, he disconnected the call and switched off the number,” said the complainant. Realising he had been scammed, he filed a complaint with the Jagraon police, which transferred the case to the Cyber Crime police station. Assistant sub-inspector (ASI) Jagroop Singh, investigating the case, said an FIR has been registered against unidentified accused under Section 318(4) (cheating and dishonestly inducing delivery of property) of the Bharatiya Nyaya Sanhita (BNS) and Section 66(D) of the Information Technology (IT) Act. “The investigation is ongoing and we are tracing the bank accounts where the money was transferred,” said ASI Jagroop Singh. The ASI urged the people to exercise caution while engaging in online financial transactions, especially when asked to click on unknown links or share sensitive information.PM Images Listen here or on the go via Apple Podcasts and Spotify Trinity Capital ( NASDAQ: TRIN ) CEO Kyle Brown explains how they're an asset manager in BDC clothing (1:40). Dividend stability and growth (7:45). NAV stability and growth, EPS, ROE the metrics most focused on (10:50). TRIN stock valuation and momentum (12:00). Reasons for recent buyback (18:10). Private credit is real and liquidity is important (20:15). Transcript Rena Sherbill: Excited to bring you my conversation with Kyle Brown, CEO of Trinity Capital today, a special kind of BDC which he explains shortly its place in the financial sector, its place in the market. What the macro picture means for BDCs and the financial sector. Something we talk about is Trinity Capital's valuation and its momentum rating on Seeking Alpha's factor grades . Kyle later wrote what I thought worthy of sharing with investors. Kyle wrote: Momentum does not take into account earnings distributed which is also returns to investors. And a very important aspect of BDCs in the last six months, even though the stock price is down by approximately 4%. Since we distributed the dollar and since we distributed a dollar and two cents in the same time frame, the actual returns are positive approximately 2.5%. I hope that sheds some light on their take on the momentum grades. Hope you enjoy the full conversation. Let us know what you think in the comments. Kyle Brown, CEO of Trinity Capital ( TRIN ). Welcome to Seeking Alpha. Thanks for joining us. Kyle Brown: Thanks for having me, Rena. RS : It's great to have you. I feel like a great place to start is maybe sharing with investors, sharing with listeners, your part in the BDC industry, and maybe where you see BDCs in the financial world. KB : Sure. So I think maybe even just starting off, we are a BDC, but we're very different than 90-plus percent of the other BDCs. We are internally managed , which means there is no management fee, there are no incentive fees, there's not some other management company that's managing this entity. I work for the organization along with our executive team. I own the same shares as any one of your listeners who might own a TRIN share. So we have the same incentives. And that really is a massive differentiator between us and really any other BDC that's out there. There's really, I think, there's only four internally-managed BDCs. And so what that means is we're really focused on return on equity. We're really focused on earnings per share, very focused on maintaining and building the dividend. It's less so focused on AUM growth because there's really no incentives to build AUM and grow for the sake of growth. I'd say, maybe first and foremost, that's the biggest differentiator. We're an asset manager in BDC clothing and it works because we have five underlying businesses that we manage that are all lending businesses. They all generate current income. And so a BDC formation is really a great - it works for us because we generate a lot of income and we distribute out that income to investors. So a BDC is a great place for us to sit. But biggest differentiator there, we're not just a pool of assets. When you buy our stock, you're buying, yes, a pool of assets, but you're also buying into 100-person organization, an organization that also owns an RIA, manages third-party capital and generates income in a lot of different ways. So that's not known by most investors, but it's one of the ways and it gives us the ability to continue to grow earnings, which you've seen for us now for 19 straight quarters. RS : Can I ask a question in terms of how you're differentiated, was there ever a question at the beginning to do it like most of the rest of the industry? And why do you think so much of the industry doesn't do what Trinity does? KB : Absolutely. We used to be a fund manager. We used to have a management company before we were BDC and we were forced to make that decision. Do we do an externally-managed BDC and just create a pool of assets that we manage for a management fee and incentive fee? Or do we go this different route? And historically, and if you look at internally-managed BDCs right now, they are the top-performing BDCs in the country. They generate higher ROE, they trade at a premium to NAV, they've been able to grow their earnings. They just trade at higher multiples. And so when we formed the entity in late 2019, we sat around and said, all right, we have ambition to really grow this thing to be the number one lender to growth-oriented businesses in the country. We need access to a lot of capital. And so the best formation for that would be the type of structure where incentives are aligned between management and shareholders. And so we chose this, we chose to be kind of long-term greedy in the idea – in the sense that if we performed and we did well, we would have access to capital and we would be able to grow this while also growing earnings for shareholders. There's not been a lot of BDCs that have been formed recently who have gone public, but this is a better structure for shareholders. Long-term, it's a better structure for management and employees, I think. Short-term, an externally-managed BDC is better for management and better for the owners of a management company. So those are the kind of the key differentiators. We are long-term greedy here. We really do want to build a large successful business that has growing earnings for shareholders. RS : Do you hear a lot of enthusiasm? I know it's hard to hear enthusiasm from shareholders much of the time. But do you hear enthusiasm from shareholders around the makeup and around your strategy in general? Is there – are there questions around it, pushback? What do you hear from the community? KB : We've got institutional investors that still make up around 30-plus percent of our shareholder base. We've been doing this since 2008. So we have investors that have been with us for over 15 years, high net worth, family office, and they love this structure. We just had an investor event in New York for institutional investors the other night. And I just had multiple groups that said, hey, I bought shares in 2020. I still have them. And you've distributed out over $7 per share in that timeframe and you're still doing it. So thank you. I think investors who have been with us for the long-term, they get it, they're holding. We have continued to see our kind of primary institutional investors either hold or buy more over time. That's all - that's public. You can see it. For new entrants and new investors that are considering us, they can look at our track record and they can say, they can see that, hey, this is a great dividend and they've consistently increased their earnings per share and they've been able to cover that dividend and they're excited about that. So I see enthusiasm. You see in the stock, we've traded a premium to NAV because we're generating so much income for investors. And so I think the feedback has been good. I think the dividend is extremely high right now because the stock is traded kind of below, I think, its inherent value. And it's a nice entry point for investors right now. RS : Well, maybe let's stick with the dividend for a second as long as we're there. What would you say to those maybe cautiously concerned about the dividend and the stability of that dividend? How do you encourage investors to think about your dividend? KB : So we've stayed steady or grown for 19 straight quarters, and we've over-earned the dividend in every one of those quarters. Sometimes it's higher than other quarters. That's more of a reflection of maybe payoffs that we might have in any quarter. We might have some more gains that we've seen, but we've been able to cover that dividend and safely cover it for some time. The reason is that $0.51 right now, and really kind of high, is because our core earnings are high. And as a BDC, we have to distribute out 90-plus percent of our income. And so the dividend is where it is because we feel comfortable with our ability to earn it, and then legally we have to distribute it to investors. We have continued to show that we can earn the dividend, over-earn the dividend, create spillover income, and continue to deliver that dividend to investors. RS : What would you say or how do you think about the macro factor in terms of interest rates? How do you think about that in context of how you're trying to grow the business? KB : So, I mean, we saw rates shoot up. We've seen rates now start trickling down . And during that timeframe, we've actually increased earnings per share. So I hope that could be a good reflection of what we think about it. We're showing it through our earnings per share. It hasn't impacted our ability to deliver on that dividend. We actually have pretty limited down exposure to rate sensitivity. The majority of our portfolio, you can see it right in our Schedule Of Investments. The majority of our portfolio, 90-plus percent, has floor rates that are over 12%. And so when rates come down, as they can – if they can continue to come down, we actually have pretty – some great kind of downside protections there because we have floating rates for our corporate debt. We have a $500 million revolver with KeyBanc. When rates go down, our cost of capital goes down. So does our ability to raise bonds and private debt, that goes down, but our underlying portfolio does not decrease in the same way. And so income is really not at risk. If rates go down, we actually have this slide in our presentation. If rates go down another 100 basis points, that's only $0.02 per quarter. We've already got that covered in our earnings per share. And then we also believe that the RIA that we launched, which we're now generating new income above and beyond the loans that we have issued out there, that is more than making up for any kind of rate decreases and sensitivity that we have there. So we feel really comfortable, kind of regardless of what rates do in our ability to keep that dividend steady and growing. RS : What would you say are the metrics that you're most focused on, either in this particular moment or in general as CEO? KB : Yeah. So NAV stability and NAV growth that reflects portfolio health and it also reflects the ability for Trinity to leverage the management side of our business and grow these new earnings off the balance sheet. So NAV stability. Earnings per share, we're really focused on growing that. We've done a great job of that over time, and dividend stability. So we really want to see that dividend just stay stable and grow. And then ROE, return on equity, that's a great reflection of really our ability to generate best-in-class returns for investors and the equity that we're working with. Internally, those are really our key metrics that we're focused on. When someone is buying TRIN, they should know that those are the things we care about, high ROE, best-in-class, kind of earnings per share, and then it's really stability of the NAV, which should give you a nice reflection of our portfolio health. RS : I'm curious how you think or how you discuss the valuation of the stock at this point. Also specifically, so Seeking Alpha has these ratings and Valuation for Trinity is an A+ and then Momentum is lower down, in the D category. How do you articulate your thoughts around Momentum and Valuation right now? KB : So if you look at other internally-managed BDCs, they are trading at 140% to 180% of NAV. We're trading at 110% of NAV. If we just simply move towards the mean of other internally-managed BDCs over time, there's some real upside there, and just the stock price. Forget about growth of earnings per share, dividend, et cetera. I'm just talking about where we are at today. We're inherently undervalued. The dividend being at 15%, I don't know where it ended today or where it's at right now, but 14%, 15%, I would call that extremely high. It's not a reflection of the risk we're taking out there, it's just a reflection of the stock price being too low. I think it's low. I just bought a bunch of shares. We just sent that release out, so did our Board and our other members of our management team. And that was not some planned thing. That's just what people did because it's paying - the dividends too high. We're not going to lower the dividend. Again, we're a BDC. Regulations require us to distribute out 90-plus percent of our income. Our core income has continued to increase to where we have to distribute it out. So it is what it is. We're going to distribute out that income. I think over time, we'll probably get credit for being stable and being consistent. I don't know where the kind of derating over time comes from. You'd have to tell me and then I could give you some feedback on that. But our analysts who cover us, we've got, I think, Buys across the board, except for maybe one bank that we never talked to. The rest of them have Buys across the board because they see our ability to continue to deliver that earnings per share, cover the dividend. RS : So what would you say you're most focused on in terms of keeping consistent while also growing? KB : Yeah. So we run five unique businesses at Trinity. We have a venture debt business, which is about 30% of our deployment. That's run by a team of professionals and an industry leader, 20-plus year veteran. They've got their own sales team, their own portfolio management team, credit team. It's 30% of our deployment. We have an equipment finance business, non-correlated to the venture market. They're financing mission-critical equipment. It's really asset-backed lending. That's a big part of what we do. Independent team, we have a life science and healthcare business. That's run by again, an industry pro who's built multiple businesses. We have a warehouse lending, that's just traditional ABL, advances against financial receivables. And then we have a sponsor finance business, which is P/E buyout. It's kind of $3 million to $50 million of EBITDA, primarily enterprise SaaS companies. Each of these businesses are unique to one another. They have a different risk profile. They are all somewhere between late-stage VC, think about a pre-IPO, pre-M&A, into lower middle market, $3 million to $50 million of EBITDA. Each is growing at their own kind of clip and pace, but that is a really niche great place to be right now. You have a massive amount of retail dollars and institutional dollars that are flowing to private credit. It's a big buzzword, right? Private credit, private credit. The majority of that capital is flowing to 12 large trillion-dollar firms. Those firms are all chasing the same deals in the upper middle market, and it's been a race to the bottom on pricing. And they're all chasing beta-type returns at this point. They can't write $20 million to $100 million checks and we can’t. And we love that kind of lower middle market space, particularly with enterprise SaaS deals. There's actually a massive amount of opportunity right now. And M&A activity for us has picked up 20% quarter-over-quarter, 15% year-over-year in Q3. We're seeing a lot of acquisitions begin. And so the opportunities there, there's less competition because the bigger alternative asset managers have moved upstream and then banks are lending less because of regulations that have come down on them since the banking volatility began. So we're seeing just great opportunities, great spreads, less competition. And that's giving us the ability to generate great kind of low to mid-teens kind of gross yields, which ends up being a great return for our shareholders. And so we're thinking about, how do we capitalize this business? If the growth is there and the opportunity is there, how do we do it in a way that's accretive and good for investors? And we do it in two ways. 1, I mentioned the RIA, we got SEC approval last year for TRIN, the public company, to own an RIA, and it's really just a management company, okay? TRIN shareholders own 100% of the benefits of this entity. Most folks don't even know we have it, but we got SEC approved for last year. We now manage about $500 million of third-party capital and that's growing. We're out there raising money right now. The big part of our success in the future will be continuing to raise third-party capital from pension funds, institutional investors, and down into even a retail. We're charging management fees and incentive fees on that capital. We use it to just co-invest with the public company, but we charge management fees, incentive fees, 100% of that benefit flows to our shareholders. And so you're seeing NAV accretion there. Last quarter, you saw about $0.04 of new earnings flowing from that entity. And we have the ability to grow that asset management business kind of infinitely. And so a lot of our success in the future is going to be finding new ways to raise capital, so that we can grow the business, but grow it profitably for investors. RS : And how does the recent buyback figure into this conversation and your plans for growth? KB : I mean, I've given you my opinion on the stock and I think it's low. And to the extent that we start trading at or around NAV, that means that we're getting zero value or very minimal value for being an internally-managed BDC and having a management company and generating fee income above and beyond our loans. To the extent we get close to NAV, we're absolutely going to be buying back shares because it's trading at a massive discount. RS : If anything, what has you the most concerned, either in general or in this upcoming year, let's say? KB : So liquidity is really important. Equity, liquidity and money flowing is really important, I think, for really kind of all of our businesses. There's a massive amount of dry powder sitting on the sidelines and it has been for a couple of years. Record amounts of venture capital, record amounts of private equity. Money flowing is really important. I think right now with the administration changing over, there's a lot of uncertainty. This could be good, but it could also, I don't know, there's scenarios where maybe it's not great for the industry, or maybe inflation sticks around longer than we thought. But I don't know. I think primarily our biggest concerns from like a macro sense are that we cannot figure out this debt situation, which is going to drag down all industries and all kind of financial stocks. We have a really significant kind of overhang on debt in this country. And we continue to kind of kick the ball, kick the can down the road. And that's a problem for all stocks, but certainly for financial stocks. Our ability to raise capital in our private funds is really important. So I'm not losing sleep over it and I don't even see it as a problem. I'm just pointing it out as it is something that is a big differentiator for us. And if we're really going to continue to stand out compared to our peers, we got to be successful raising that capital. RS : What else would you say about the financial sector and things that investors should be paying attention to, broadly speaking? KB : I kind of touched on it. But private credit is real. I think it's here to stay. Banks are going to be lending less. They have regulation that's coming down on them. They have less deposits, which means they can lend less. And so I think just generally speaking, banks are going to be lending less and they're going to be doing more receivable-type financing. So there's a gap, right? Everyone is looking for access to private credit and the majority of investors have decided over the last couple of years to move it into large entities. Those entities are having a very difficult time deploying that capital, which has created less than desirable returns, I think. And larger asset managers are really dependent upon M&A activity picking up. And with the new administration, there's a lot of euphoria around the idea that, hey, things are going to be better in the economy and that will probably lead to this dam breaking and M&A activity picking up. I don't know that that happens. I think it's leaking. But what's happened in 2021 and 2022, or companies with that policy, zero interest rate policy was companies receive valuations that were just astronomical. And over the last two or three years, they have really been trying to work into those valuations, but they did that with rates increasing, with a lot of macroeconomic and geopolitical kind of issues going on. They haven't been able to work into those valuations. So for the dam to really break and for M&A activity to pick up and for P/E dollars to flow and for all of this to happen, it's going to require companies to kind of face the music on a valuation standpoint and take the dilution that's really been continued to just get kicked down the road. And so there's a lot of money. There's a lot of money that wants to do deals in that. And once it starts, that money flows. It flows downstream. It flows back to private equity. It helps with fundraising. It flows into the VC world. It helps with fundraising that flows to companies like it will all be good. But it does require companies to bite the bullet on valuations that are just unrealistic. RS : Do you find that there's points in the market where people are more interested in BDCs than they are less interested? What do you feel like is that's predicated on for the most part? KB : Well, there certainly has been an increase in interest in BDCs. That's more of a statement on just private credit. Investors are trying to understand how do I get into private credit, right? And you really, you have limited options if you're a high net worth or family office, you can dump your money into Blackstone's umpteenth fund that they just launched, or you can search outside of that. And BDCs, it’s a really interesting entry point for investors who are wanting to invest in debt in private companies. And so the reason it's picked up is because there's been more interest there for groups trying to figure out more niche and different strategies other than some of the big boys. RS : Just curious, you mentioned the funds. I'm curious your thoughts about the nature of the market these days, the preponderance of ETFs out there. Any thoughts about that? KB : No, not really. It's definitely an expensive way, right, to invest. And there's a race to prop up an ETF for just about everything, right? TBD on whether that's a good strategy or not, or whether they're getting that diverse kind of exposure that they claim. So, the proof is in the pudding, I think we'll see what happens over time there. RS : Kyle, I appreciate this conversation. I'm curious in your time as CEO, as we're winding down the conversation, if there's been anything that has surprised you that you haven't been able to do that you wanted to do, or on the flip side, something maybe you thought you wouldn't be able to do and you were able to do it much sooner-than-expected. KB : What's interesting is as being a public company, we're running a business where we lend primarily to private companies. Those companies are funded by private sponsors, for the most part. And our – the business and the operation of our business is really not correlated to the stock market. It's just not. And – but the stock is correlated to the stock market. So I'd say that maybe that was just a naive mindset thinking that, hey, we're not correlated to the stock market, our underlying business isn't, but the stock certainly is. And so it's been interesting to see those swings in valuation for seemingly, in my opinion, kind of no reason, right. When you perform, that should be reflected in the stock price. And I think with BDCs right now, it's just – it’s still a developing environment, right? And so investors are entering it. There'll be more stability with more volume and more understanding of what they are and how they work. But we've seen more volatility than we had probably hoped for or imagined all while delivering growing and consistent returns. So maybe wishful thinking for me over time to see some real stability that kind of corresponds and correlates to the actual underlying performance of the business. RS : Happy for you to share where investors can find out more about Trinity, where they may be able to get in touch with you, happy for you to share that. KB : Our site has got a lot of great information, trinitycap.com. You can see the investments we're making, but I think I'd leave where I started. And when investors understand this, it's to their benefit. We are an internally-managed BDC. When you buy us, you're also buying into a management company with 100 employees, the ability to generate growing returns. And our goal, Trinity's goal is to be the number one performing BDC in the country with really stable NAV and growing earnings per share while being best-in-class on return on equity. And so that's been our goal since we launched this thing in the beginning of 2020 and it's still our goal today. And I think we have continued to perform in the top five really kind of BDCs since then. And it feels like we're just getting going. So I'll leave you with that.