Latest news with #GuggenheimPartners
Yahoo
12 hours ago
- Business
- Yahoo
Udinese on verge of takeover by American firm Guggenheim Partners
A sale of Serie A club Udinese to a US-based investment firm is on the verge of being completed, and could go through by the end of the week according to reports from various outlets in Italy. According to the likes of ANSA and Sky Sport Italia, Udinese are close to being sold to the US-based investment firm Guggenheim Partners. The sale is expected to be closed in Luxembourg on Friday. Advertisement If completed, the sale will bring an end to the Pozzo family's time in charge of the club, which has lasted for 39 years. Udinese sale to Guggenheim Partners expected by Friday UDINE, ITALY – FEBRUARY 26: A corner flag prior to the start of the Serie A match between Udinese Calcio and Spezia Calcio at the Dacia Arena on February 26, 2023 in Udine, Italy. (Photo by) According to updates from Sky Sport Italia, Guggenheim Partners could formally complete their takeover of Udinese by Friday. A preliminary agreement was reportedly signed in April for a rumoured figure of €180m. Sky adds that there is still a possibility that the Pozzo family remain involved with a minority stake in the club moving forwards. Their involvement, or possible departure from the club is expected to be confirmed once the takeover goes through. Advertisement Guggenheim Partners was founded in 1999 in partnership with the Guggenheim family, and has been run by CEO Mark Walter since the year 2000. It is estimated that the firm manages over €349 billion in assets. WASHINGTON, DC – APRIL 07: Los Angeles Dodgers Owner and Chairman Mark Walter (C), accompanied by U.S. President Donald Trump (R), speaks as Trump hosts the 2024 World Series champions in the East Room of the White House on April 07, 2025 in Washington, DC. The Los Angeles Dodgers defeated the New York Yankees with a 7-6 victory in Game 5. (Photo by) Walter and Guggenheim Partners are the sole owners of MLB team the Los Angeles Dodgers, and also own stakes in NBA outfit the Los Angeles Lakers and the Los Angeles Sparks of the WNBA. Walter and Guggenheim Partners also own just over 12% of BlueCo, the holding company which owns Premier League side Chelsea and Ligue 1 outfit Strasbourg. Walter is listed as a Chelsea director, but is not involved in the day-to-day running of the club.
Forbes
2 days ago
- Business
- Forbes
Nuclear Golden Age: Huge Potential, Stubborn Obstacles
President Donald Trump's four executive orders mandating a great and fast leap forward for the nuclear power industry may seem to nuclear advocates like manna from heaven. But as it fell to earth, it appeared that the manna might be filled with empty calories. Trump's directives outline an aggressive program of nuclear power growth. For starters, he wants to quadruple nuclear power production by 2050; shorten the licensing time to 18 months; and build 10 traditional, large light water reactors and a plethora of small modular reactors (SMRs). The need for more nuclear power as fast as possible is palpable. The big tech companies and their data centers are demanding vast new power supplies. They are facing constraints already dictated by a lack of power generating or by congested transmission lines. Large swaths of the country will soon be achingly short of power in times of extreme cold or abnormal heat, according to forecasts from the North American Electric Reliability Corporation. But there are roadblocks. Some are specific and some more generic. The biggest is, as always, money. Nuclear sources across the board, from Arshad Mansoor of EPRI to James Schaefer of Guggenheim Partners, who is something of a Pied Piper for nuclear, say that for nuclear to move forward, the federal government must provide financing in the form of a 'backstop' to protect against runaway losses. So far, the Trump administration hasn't spoken to this. Another money issue is tax credits. The massive tax-cut bill now before the Senate seeks to phase out green tax credits, but treats nuclear power just a little kinder than wind and solar. It extends the tax credits longer, but these are only available to power plants which begin construction before 2029. Clearly, most contemplated new reactors will fall outside of that time window. While everyone agrees that licensing nuclear plants takes too long, the Nuclear Regulatory Commission (NRC) is about to be hit with a tidal wave of new applications, many of those for SMRs. These are challenging because they all have different designs, fuels, cooling systems, materials, vulnerabilities and strengths. They are new almost from the ground up and require a new regime of technical expertise to assess their safety. The NRC and the electric utility industry and its nuclear component all face severe labor shortages. Mark Menezes, president and CEO of the United States Energy Association, flagged the labor shortage as a threat to the energy supply future during a panel discussion of fusion development at the group's annual conference on May 15. He recalled when the two new Vogtle Units were under construction as well as the mixed oxide fuel facility — later abandoned — at the Savannah River National Laboratory, there was a shortage of skilled workers in the South, from engineers to welders to laborers. Clint Thurmon, vice president of Ferreira Power South, said April 30 on Digital 360, the weekly online webinar, that an acute shortage of linemen was limiting the growth of the electricity infrastructure. In the same vein, new reactors are likely to run into the supply chain difficulties that are already plaguing the utilities, and which are likely to get worse. Most bulk electrical equipment has been procured from China for half a century. Although new sources and domestic manufacture — particularly of transformers — is increasing, the shortage is severe and will continue even without big new demands adding to the pressure. In the first golden age of nuclear power, roughly the 1960s, it surged: Ninety-nine reactors were built at 61 sites, according to the Energy Information Administration. It would be hard with the deteriorated nuclear base to achieve that today. Some things will get easier. For example, virtual twins will facilitate the nuclear construction of the future. Many components and much of the fuel construction will be assisted with AI. Still, the uncertainties are many. One of these is how much power from SMRs really costs. A driver of SMRs -- roughly 350 megawatts and less — is that they can be built in factories and that this will keep down the cost. But as that hypothesis is yet to be proven, the real cost of power from SMRs isn't known, and there are likely to be wide variations in designs. Not every SMR will prove out nor will every SMR produce power at a competitive price. There will be more nuclear power going forward, but how much and at what cost is, like all gold rushes, uncertain.
New York Times
7 days ago
- Entertainment
- New York Times
Presenting the Dodgers' All-Quarter Century Team, the best in Los Angeles since 2000
Editor's note: The Athletic is marking 2025 by naming an MLB All-Quarter Century Team, selected by Jayson Stark. We're inviting readers to take our survey and make their picks for the best players at each position since 2000, with the results announced in an upcoming story. Some of our beat writers are picking All-Quarter Century Teams for the teams they cover. Check this page to find all of our All-Quarter Century Team coverage. Advertisement It wasn't always the so-called 'golden era' of Los Angeles Dodgers baseball. The days of boycotts and Fox and the inner details of Frank McCourt's ownership of the club defined a certain generation at the turn of the century. Then Guggenheim Partners entered, infused the franchise with cash and helped turn the Dodgers into a behemoth that spurred talk this winter about how they'd ruined the sport. All of that within 25 years. The last five years alone have produced two World Series titles. The last time the Dodgers missed the postseason, Dee Strange-Gordon was their leadoff man on Opening Day. When filling out the roster for the all-time Dodgers team from the last quarter century, it should be no surprise that most players are from modern day. It's a ridiculous collection of talent, which makes for some interesting debates and a fun exercise. Surely, no one will be upset with how this turns out. (Right?) (* Currently with Dodgers) WAR leader: Freddie Freeman (19.8*) After 12 seasons with the Atlanta Braves that seemingly cemented a future statue outside of Truist Park, Freeman never expected to play anywhere else. But he's kept on rolling in L.A., producing multiple MVP-caliber seasons and emerging as a vital presence in the middle of a stacked lineup. In October, he joined the short list of Dodgers postseason legends. He tore ligaments in his right ankle in the final week of the regular season and ultimately required surgery. He swung in agony the rest of the playoffs after tearing rib cartilage. When the Dodgers won the NL pennant, Freeman was on the bench. Then Freeman made history by becoming the first player in the World Series to hit a walk-off grand slam with a shot (and a pose) off of Nestor Cortes in Game 1 against the New York Yankees that might be his defining image on a baseball field. Freeman slugged three more home runs in the series and put together an integral at-bat in Game 5 against Gerrit Cole en route to World Series MVP honors. Advertisement The longtime Brave had created a new legacy. 'That's the nicest thing you ever can say: He feels like a Dodger, he looks like a Dodger, and then, he's a Dodger,' said Fred Freeman, the player's father. There's a case to be made for Adrían González, whose acquisition signaled the start of this Dodgers era of spending. In trying to find a place for Cody Bellinger, first base was a possibility. But this is Freeman's spot. WAR leader: Gavin Lux (7.8) Is this cheating? Probably. The Dodgers have had a glut of great outfielders since 2000, and second base has been a moving target. Trea Turner, a future $300 million shortstop, once started a postseason game at second base for them. Betts has played more games at shortstop for the Dodgers than he has at second base, which is one of those things that feels off even if it's true. But if the Dodgers want to praise Betts for his versatility and ability to move to the infield each of the last three seasons, then that means he can play there on this roster. Acquiring Betts was in many ways Andrew Friedman's white whale. The Dodgers tried for superstars in the latter part of the 2010s, to no avail. Gerrit Cole spurned them after the 2019 season. So did Anthony Rendon. Just before spring training, however, the Dodgers sent Alex Verdugo, Connor Wong and Jeter Downs to the Boston Red Sox for Betts, David Price and cash. That October, amid a pandemic and in an artificial bubble in Arlington, Texas, Betts helped the Dodgers win their first World Series title in 32 years. He's already spent as much time in a Dodgers uniform as he has for the Red Sox, with two rings to show for it and three top-five MVP finishes. WAR leader: Justin Turner (34.6) There's a case to be made here for Adrián Beltré, who began his Hall of Fame career in a Dodgers uniform in 1998 at 19 years old at the behest of Tommy Lasorda and authored his finest season (48 home runs, 1.017 OPS, 9.6 WAR) with Los Angeles in 2004. Advertisement But there is no talking about this generation of Dodgers baseball without mentioning Turner's name. Signed to a minor-league deal after interacting with then-bench coach Tim Wallach at a Cal State Fullerton alumni game, Turner had one of the seminal mid-career breakouts of the 2010s. Turner earned MVP votes three times, all after the age of 31. The Long Beach native who grew up listening to Vin Scully became a postseason hero, producing an .830 OPS across 86 postseason games for the Dodgers and hitting the first walk-off home run the Dodgers had seen in the playoffs since Kirk Gibson's in 1988. Turner's was a solo shot in Game 2 of the 2017 National League Championship Series against the Chicago Cubs, 29 years to the day after Gibson's blast. WAR leader: Corey Seager (20.9) The former top prospect in the sport delivered as a unanimous NL Rookie of the Year winner in 2016 and finished third in NL MVP voting that same season, all at 22 years old. He was a certifiable superstar, particularly in the batter's box, capable of torrid streaks that matched any hitter's in baseball. Even after missing most of the 2018 season due to elbow and hip surgeries, Seager found a way to write another brilliant chapter in 2020. A dominant 60-game regular season (.943 OPS) paved the way for an electrifying postseason, as Seager posted a 1.171 OPS en route to NLCS and World Series MVP honors as the Dodgers snapped a 32-year title drought. The Dodgers have certainly had a bevy of shortstop talent, from Seager to Trea Turner to Betts to Hanley Ramirez and a half-season of Manny Machado and more. But Seager is the easy choice here. WAR leader: Will Smith (20.5*) The Dodgers' current franchise catcher will likely have plenty of chances to build on this status after inking a 10-year contract extension in March 2024. He's already separated himself as one of the pre-eminent catchers in the sport since his debut in 2019, emerging as a two-time All-Star with a penchant for hitting with runners in scoring position. As a rookie, Smith learned from Russell Martin (second to Smith on the WAR leaderboards among Dodgers catchers), who was back for a swan song in Los Angeles. Advertisement There shouldn't be much of a debate here over the man who caught the final out of the 2024 World Series, has been one of the best and most consistent homegrown position players of the Friedman-Guggenheim era and doesn't appear to be slowing down his production anytime soon. WAR leaders: Mookie Betts (29.6*), Matt Kemp (23.0), Andre Ethier (21.5) This stacked group of options here also included the incredibly productive Shawn Green (whose father helped craft Freeman's swing, to bring things full circle), a nine-time All-Star in Gary Sheffield, and a pair of outfielders who electrified during their time in Los Angeles, Manny Ramírez and Yasiel Puig. No one resonated quite like Kemp, whose 2011 campaign was MVP-worthy even if it resulted in a runner-up finish: 39 home runs, 40 steals (just shy of what would've been the first 40-40 season in franchise history) and 8.0 WAR while playing center field. Upon returning to Los Angeles in 2018, he enjoyed a renaissance season, emerging as an All-Star and slugging a World Series home run. His No. 27 jersey is still popular at Dodger Stadium. Ethier was a perennially productive corner outfielder, a two-time All-Star and a fan favorite with a sweet swing. His final moment as a Dodger? Coming off the bench to drive in the Dodgers' only run in Game 7 of the 2017 World Series. Then there's Bellinger, who burned brightly for the Dodgers and whose end in Los Angeles came almost as quickly. Bellinger dazzled as a rookie in 2017, slugging 39 homers and forcing his way onto the big-league roster en route to NL Rookie of the Year honors. Two years later, he was the NL MVP, hitting 47 home runs with a 1.035 OPS. That all changed after 2020, when Bellinger hit the eventual game-winning home run in Game 7 of the 2020 NLCS off of Atlanta Braves reliever Chris Martin, separating his shoulder and requiring surgery after the ensuing celebration with Kiké Hernández. Bellinger's career in Los Angeles wasn't the same in the two years that followed, and the team non-tendered him after the 2022 season. Still, 'Belli' resonated in a way few players did. Advertisement WAR leader: Shohei Ohtani (11.8*) There will likely be a dividing point in the history of this franchise: before Ohtani, and after. That's just how much Ohtani has changed the calculus for the organization and the sport, not just with his dominant play but also with the business and advertising dollars that have spawned from his decision to sign a 10-year, $700 million deal with $680 million deferred in December 2023. He is a force multiplier and market changer, infusing even more cash into a team that seemingly is generating more revenue than just about any organization in baseball. Ohtani's production has somehow matched it. He became the first player in baseball history to hit 50 home runs and steal 50 bases in a season, finding a way to make history even when the two-way star wasn't pitching. He's off to a near-identical start in 2025 and is nearing a return to the mound. WAR leaders: Clayton Kershaw (76.3*), Zack Greinke (17.7), Chad Billingsley (17.3), Kevin Brown (14.2), Hyun-Jin Ryu (13.9) The first name on this list and first pick if this were a draft is undoubtedly Kershaw, the iconic left-hander who will enter the Hall of Fame as soon as he's eligible. The three-time Cy Young winner might be the best pitcher of his era and has been 'the franchise' through ownership turnover, through generations and heartbreaks. From his distinctive windup to the devastating slider to the nasty curveball that Scully dubbed 'Public Enemy No. 1,' Kershaw is the Dodgers. The only pitcher to even come near Kershaw's single-season heights is Greinke, who shared a rotation with him and jockeyed alongside him on Cy Young ballots over a dominant three seasons in a Dodgers uniform. His 2015 season, when he posted a 1.66 ERA, is one of the best Dodgers pitching seasons ever. Injuries might have interrupted the middle part of his time as a Dodger, but Ryu's stint in Los Angeles was an undeniable success. He was productive as a rookie, putting up a 3.00 ERA at age 26 in 2013. Even after getting hurt, he returned to fine form and joined the short list of pitchers to wrestle away a Game 1 postseason start from Kershaw with a 2019 season in which he posted a 2.32 ERA and finished second in Cy Young voting. Advertisement Then there's Buehler, the first draft selection Friedman made as a Dodgers executive. Buehler arrived as an edgy flame-throwing prospect who ascended to one of the best pitchers in the sport with the bravado to match. Buehler's postseason resume elevated his status even among his peers on this list. His return last summer from a second Tommy John surgery was ugly. But Buehler bounced back with a vintage October, including coming on in relief to record the final three outs of the Dodgers' 2024 title. 'He went through a lot, but now he's etched in Dodger glory and royalty forever,' Kershaw said that night. Before Yoshinobu Yamamoto signed the richest contract ever for a pitcher at $325 million, there was Kevin Brown, who signed the first $100 million contract with the Dodgers. He'd last just five of the seven years of that deal before being dealt to the Yankees and missed significant time due to injuries, but advanced metrics are certainly high on Brown. Brown was named in the Mitchell Report with ties to performance-enhancing drugs, which makes his selection a difficult one. Yamamoto, in his second season with the Dodgers, appears to be staking his claim as a challenger for the next time such a list gets put together. WAR leader: Kenley Jansen (18.7) When Kershaw made his debut in the Dodgers organization, in the Gulf Coast League in 2006, a Curaçao native by the name of Kenley Jansen was behind the plate. That catcher with a strong arm and a natural feel for a cutter would turn into one of baseball's most productive closers and could have a strong claim to Cooperstown when all is said and done Jansen's 350 saves in a Dodgers uniform included 41 in a dominant 2017 campaign when he finished fifth in NL Cy Young voting and carried a heavy load in relief for a Dodgers team that won its first pennant since 1988. Lapses in velocity and the sharpness of his cutter took him out of favor for some of the Dodgers' 2020 title run, though Jansen rebounded for a vintage 2.22 ERA and 38 saves in what would be his final season with the Dodgers in 2021. For as much as Eric Gagné's brief, electric run defined his era, Jansen's resume is just too much to top. (Top photo of Clayton Kershaw and Matt Kemp: Stephen Dunn / Getty Images)
Business Upturn
22-05-2025
- Business
- Business Upturn
Guggenheim Second Quarter 2025 High Yield and Bank Loan Outlook: Credit Crossroads: Finding Value in an Era of Uncertainty
NEW YORK, May 22, 2025 (GLOBE NEWSWIRE) — Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, today released its second quarter High Yield and Bank Loan Outlook. 'Credit Crossroads: Finding Value in an Era of Uncertainty,' examines the outlook for high yield corporate bonds and leveraged loans amid an uncertain economic environment and dimming growth outlook. Key takeaways: Despite recent progress on trade negotiations, tariffs and related uncertainty have weakened the U.S. economic outlook, widening the range of potential outcomes for credit. While progress on trade negotiations has lowered the probability of deeper economic downside risks, we think agreements will ultimately still result in higher effective tariff rates than at the start of the year. The leveraged credit market delivered positive returns, despite historically high volatility. Spreads for the strongest credits retraced quickly and are now tighter than the start of the year, while spreads for the weakest credits remain wider, as investors isolated the likely impact of tariffs across issuers and industries. Fundamentals vary widely by capital structure and issuer type. Industries that have outperformed are perceived as more resilient to tariff impacts due to less impact from trade issues or with defensive characteristics. In tariff-exposed sectors, spreads for the weakest credits are 20–30 percent wider than where they started the year, suggesting risks have not fully receded. We currently favor high yield corporates with stronger credit profiles and less exposure to tariff impacts and are maintaining cash to capitalize on relative value opportunities as spreads evolve. Substantial downside risk remains should trade negotiations disappoint, or if a deeper shock becomes evident when the full impact of tariffs materializes. We continue to actively monitor our portfolios, focusing on vulnerability to cost inflation, supply chain disruptions, and sourcing dependencies, while emphasizing issuers with pricing flexibility, negotiating power, and diversified sourcing strategies. For more information, please visit About Guggenheim Investments Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners and has more than $349 billion1 in total assets across fixed income, equity and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 220+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results. 1. Guggenheim Investments total assets are as of 3.31.2025 and includes $246 bn in GI Assets Under Management (AUM), plus $102.3 bn in non-advisory GI Assets Under Supervision (AUS) for a total of more than $349 bn. AUM includes leverage of $15.2 bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Private Investments, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC. Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. During periods of declining rates, the interest rates on floating rate securities generally reset downward and their value is unlikely to rise to the same extent as comparable fixed rate securities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Investors in asset-backed securities, including mortgage-backed securities and collateralized loan obligations ('CLOs'), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate. This material is distributed or presented for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author, but not necessarily those of Guggenheim Partners, LLC, or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. No part of this material may be reproduced or referred to in any form, without express written permission of Guggenheim Partners, LLC. Media Contact Gerard Carney Guggenheim Partners310.871.9208 [email protected]
Yahoo
22-05-2025
- Business
- Yahoo
Guggenheim Second Quarter 2025 High Yield and Bank Loan Outlook: Credit Crossroads: Finding Value in an Era of Uncertainty
Relative value opportunities in volatile spread environment NEW YORK, May 22, 2025 (GLOBE NEWSWIRE) -- Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, today released its second quarter High Yield and Bank Loan Outlook. 'Credit Crossroads: Finding Value in an Era of Uncertainty,' examines the outlook for high yield corporate bonds and leveraged loans amid an uncertain economic environment and dimming growth outlook. Key takeaways: Despite recent progress on trade negotiations, tariffs and related uncertainty have weakened the U.S. economic outlook, widening the range of potential outcomes for credit. While progress on trade negotiations has lowered the probability of deeper economic downside risks, we think agreements will ultimately still result in higher effective tariff rates than at the start of the year. The leveraged credit market delivered positive returns, despite historically high volatility. Spreads for the strongest credits retraced quickly and are now tighter than the start of the year, while spreads for the weakest credits remain wider, as investors isolated the likely impact of tariffs across issuers and industries. Fundamentals vary widely by capital structure and issuer type. Industries that have outperformed are perceived as more resilient to tariff impacts due to less impact from trade issues or with defensive characteristics. In tariff-exposed sectors, spreads for the weakest credits are 20–30 percent wider than where they started the year, suggesting risks have not fully receded. We currently favor high yield corporates with stronger credit profiles and less exposure to tariff impacts and are maintaining cash to capitalize on relative value opportunities as spreads evolve. Substantial downside risk remains should trade negotiations disappoint, or if a deeper shock becomes evident when the full impact of tariffs materializes. We continue to actively monitor our portfolios, focusing on vulnerability to cost inflation, supply chain disruptions, and sourcing dependencies, while emphasizing issuers with pricing flexibility, negotiating power, and diversified sourcing strategies. For more information, please visit About Guggenheim Investments Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners and has more than $349 billion1 in total assets across fixed income, equity and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 220+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results. 1. Guggenheim Investments total assets are as of 3.31.2025 and includes $246 bn in GI Assets Under Management (AUM), plus $102.3 bn in non-advisory GI Assets Under Supervision (AUS) for a total of more than $349 bn. AUM includes leverage of $15.2 bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Private Investments, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC. Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. During periods of declining rates, the interest rates on floating rate securities generally reset downward and their value is unlikely to rise to the same extent as comparable fixed rate securities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Investors in asset-backed securities, including mortgage-backed securities and collateralized loan obligations ('CLOs'), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate. This material is distributed or presented for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author, but not necessarily those of Guggenheim Partners, LLC, or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. No part of this material may be reproduced or referred to in any form, without express written permission of Guggenheim Partners, LLC. Media ContactGerard CarneyGuggenheim
