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July 2025

A collection of 17 issues

Midland States Bancorp, Inc. (MSBI, MSBIP)

• Net income of $38.0 million (EPS $1.32) in 2024 vs. $61.2 million (EPS $2.33) in 2023 • Net interest margin compressed to 3.35% from 3.43%; net interest income down 5% • Provision for credit losses surged to $120.3 million (46%↑), reflecting specialty-finance, equipment & consumer charge-offs •...

Northann Corp. (NCL)

Northann Corp. (NYSE American: NCL) is a 3D-printing vinyl flooring company transitioning from China to U.S. manufacturing. In FY2024, revenue rose 10% to $15.35 M, gross margin expanded to 25.9% (vs. 8.7% in 2023), and net loss narrowed to $4.38 M (vs. $7.13 M). Cash from operations turned posit...

Wellings Real Estate Income Fund

Wellings Real Estate Income Fund (WREIF) is a closed-end BDC investing in private real estate assets via LLC and LP equity positions across manufactured housing communities, self-storage, industrial, RV parks, and multifamily sectors. Managed by Wellings Capital Management, the Fund targets stabl...

Sundance Strategies, Inc. (SUND)

Sundance Strategies, Inc. (SUND) is a small publicly traded company that historically held net insurance benefits (NIBs) from life settlement policies but pivoted in FY 2021 to providing professional services—advising specialty structured finance groups, bond issuers, and life settlement aggregat...

PCS Edventures!, Inc. (PCSV)

PCS Edventures!, Inc. (PCSV) is a K-12 STEM/STEAM education company that develops experiential, hands-on products (drones, robotics kits, curricula) for schools, out-of-school programs, and military education. Its major product lines include enrichment camps, Discover Series (makerspace kits), Br...

Franklin Templeton Holdings Trust (FGDL)

Franklin Responsibly Sourced Gold ETF (FGDL) is a gold-backed ETF whose sole asset is LBMA-priced gold bullion stored in allocated accounts, with a 0.15% annual fee paid via small gold sales. FGDL’s objective is to mirror the gold price, less expenses, and it sold or created shares only in 50,000...

Yinfu Gold Corp. (ELRE)

Yinfu Gold Corporation (OTCQB: ELRE) is a Wyoming shell company with PRC subsidiaries, pivoting to Internet, AI, and IoT ventures but with **no operating revenues**. For fiscal 2025, it recorded **$0 revenue**, **$87,399** in operating expenses, and a **net income of $29,444** solely due to relat...