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Managing Director and Senior Research Analyst at Maxim Group
Michael Diana is a Managing Director and Senior Research Analyst at Maxim Group, specializing in the financial sector with a focus on business development companies (BDCs) and specialty finance. He covers firms including Saratoga Investment Corp and has issued recommendations supported by a track record of 51% profitable calls and an average return per transaction of 1.2% according to TipRanks. Diana began his equity research career prior to joining Maxim Group, where he has built expertise in the analysis of BDCs and other financial companies. He holds senior-level responsibilities at Maxim Group and is likely to maintain FINRA securities licenses appropriate for his analyst role.
Michael Diana with Maxim Group inquired about the implications of Diversified Healthcare Trust's significant momentum on its dividend policy.
President and CEO Christopher Bilotto stated that while the board would consider the dividend, there are no immediate priorities to address it, as the company is focused on operations and growth following an active 2025.
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DHC's earnings beat/miss a week before the call
Michael Diana asked about the implications of Diversified Healthcare Trust's significant momentum on the company's dividend policy.
Christopher Bilotto, President and CEO, stated that while the board would consider the dividend, there are 'no immediate priorities on addressing the dividend right now,' as the company's major focus for 2026 is on operations and transitions, despite expected growth in NOI, normalized FFO, and adjusted EBITDA.
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Michael Diana asked about Medical Properties Trust's facility recycling strategy, specifically inquiring about the sale of six smaller properties and the acquisition of two new properties during the quarter, and the company's broader view on asset recycling.
Chairman, President, and CEO Edward K. Aldag Jr. explained that the six properties sold were underperforming, and the two acquired properties were strategic investments supporting existing tenants. He indicated a selective approach to future acquisitions while continuing to evaluate dispositions.
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MPT's earnings beat/miss a week before the call
Michael Diana asked about Medical Properties Trust's facility recycling strategy, specifically regarding the sale of six smaller properties and the acquisition of two new ones, and the company's general outlook on asset recycling.
Edward K. Aldag Jr., Chairman, President and CEO, explained that the six properties sold were smaller and underperforming, and the company will continue to seek such disposition opportunities. He noted that MPT is now in an acquisition mode, selectively acquiring properties that are good investments and support existing tenants.
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Michael Diana from Maxim Group asked for specific details on the Lifeline program's economics, including the distribution model (tents vs. online), commission structures, the amount of additional state revenue, monthly costs, and the role of device subsidies.
President & CEO Brian Cox detailed that tents are used in high-revenue states, while online enrollment is used in federal-only states. He revealed that in targeted states, net revenue is about $27 per subscriber, and with a more favorable AT&T contract, the margins are nearly identical to the former ACP program. Cox also confirmed that Surgepays provides a smartphone and receives a connection credit in some states that covers approximately two-thirds of the device's cost.
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SURG's earnings beat/miss a week before the call
Michael Diana of Maxim Group sought to clarify the revenue breakdown percentages, questioned the strategy for converting the 280,000 former ACP customers, and asked about the margin profile for the Torch (Lifeline) program and the growth trajectory of the platform services revenue.
Executive Kevin Cox confirmed the revenue percentages and explained that the company had already converted about one-third of its former ACP base to the Lifeline program but ceased financially supporting the remainder to preserve capital. Regarding margins, he clarified that the Lifeline strategy is now focused on states with higher government subsidies, making it more profitable than previously discussed. For platform services, Cox noted that revenue, after falling for part of 2024, grew significantly in Q3 and Q4 as the company successfully used the upcoming LinkUp Mobile launch as a catalyst to sign up new stores to its network.
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Asked for specific metrics across all business segments, including the number of convenience stores, the prepaid top-up revenue run rate, the addressable market for Lifeline, and the launch status, costs, and pricing for the LinkUp Mobile brand.
The company has 8,000-9,000 stores and a $2.2 million monthly top-up revenue run rate, which is expected to grow to $10-12 million per month by the end of 2025. The Lifeline qualifying population is the same as ACP. A new carrier deal will lower service costs to under $5. The LinkUp brand has been soft-launched and will be fully rolled out in Q1 2025 with competitive pricing and higher margins than Lifeline.
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Michael Diana inquired about the financial statement impact of resolving nonaccrual loans, specifically whether it would affect the provision line, and how new credit originations would be treated under the CECL methodology. He also sought confirmation that the realized yield would increase to approach the effective yield following these resolutions.
Jody Staggs, President and CEO, explained that if the nonaccrual loans are resolved without impairment, the associated CECL reserves would be reversed into earnings. He detailed the new CECL methodology, noting that a new seasoned, 5-rated loan would have a 0% reserve, while a new 4-rated loan would require a 4.4% reserve. Staggs confirmed that redeploying capital from the resolved nonaccruals should close the gap between the realized and effective yields.
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SWKH's earnings beat/miss a week before the call
Michael Diana asked if the third quarter's 58% gross margin, driven by improved credit quality, should be considered a new sustainable benchmark for the company.
Executive John Davis (JD) responded that while they don't anticipate bad debt to continue dropping significantly, they see further margin contribution from their retail business. He stated the focus is now on growing the top line with the current strong unit economics. Executive Harold Heiser added that a significant future opportunity for gross profit expansion lies in adding a credit option for near-prime customers who visit the site but do not convert with the current lease-to-own offering.
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FPAY's earnings beat/miss a week before the call
Asked for more detail on the new 'lease funding approvals' metric, specifically the customer take-up rate and the duration of an approval. He also sought clarification on the number of new retail locations added in 2024 and the resulting total.
Customer engagement with approvals is seasonal and varies by product, with take rates from 30% to 75%. The approval period, historically 90 days, is being extended. The company confirmed adding 580 locations in Q1/Q2, another 150 in June, with 500 more expected in the second half, which will bring the total number of locations to just under 5,000.
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Michael Diana asked for more detail on the new 'lease funding approvals' metric, specifically regarding customer usage rates and the duration of approvals, and also sought clarification on the growth of retail partner locations.
CEO Harold Heiser clarified that the usage of lease approvals is seasonal and varies by product category, with 'need-to-have' items seeing higher take rates. He mentioned the approval duration is being extended beyond the historical 90 days due to a more stable consumer environment. Heiser also confirmed the addition of 580 stores in early Q2, 150 in June, and a plan for another 500 in the second half of 2024, which would bring the total to nearly 5,000 locations.
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Sought clarification on the retail strategy numbers (720, 580, 1,600) and inquired about the expected contribution mix between the online and retail channels by the end of 2024.
The 720 and 580 figures represent new store rollouts, while the 1,600 refers to an existing partner's stores where an improved checkout process is being implemented to double lease throughput. By year-end 2024, the new customer mix is projected to be 45% online and 55% retail, while the total customer mix (including repeats) is expected to be two-thirds online and one-third retail.
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Michael Diana asked for evidence of return-to-office trends and details on the conversion of downtown office spaces to residential units, including specific markets and developer negotiations. He also inquired about opportunities for expense reduction through greater oversight and operating leverage, and requested an update on the company's use of technology and ancillary revenue initiatives.
Executive Manuel Chavez noted that return-to-office is strongest in the Southwest and Midwest, with a positive trend of daily parkers converting to monthly contracts. He confirmed office-to-residential conversions are impacting results in Cincinnati, with projects in Fort Worth, Cleveland, and Indianapolis in the pipeline, and that they are actively negotiating with developers. President Stephanie Hogue explained that the shift to management contracts provides greater visibility to control expenses, while operating leverage is achieved by scaling the asset base through third-party operators without significant corporate overhead growth. Chavez concluded that they are working with operators on new technology and continue to evaluate ancillary revenues like EV charging and cell towers.
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BEEP's earnings beat/miss a week before the call
Asked for details on return-to-office trends, the markets seeing office-to-residential conversions, expense management opportunities from the shift to managed contracts, and any updates on technology and ancillary revenues.
Executives reported stronger return-to-office trends in the Southwest and Midwest. Office-to-residential conversions are having an immediate impact in Cincinnati, with others in the pipeline. The shift to management contracts provides better expense visibility and control, while third-party operators offer scalable operating leverage. The company is actively monitoring new parking technology and exploring ancillary revenue from EV charging, self-storage, and cell towers.
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Inquired about the role of technology in increasing guest length of stay, plans for future hotels, and sought confirmation that 2025 will be the key year for realizing synergies from new assets.
A third hotel is planned for Phase 3, to be funded by operating income rather than debt. Technology is critical; a new campus-wide operating system launching by mid-summer 2024 will allow guests to pre-book multiple experiences, which is expected to increase length of stay. While 2025 is confirmed to be a pivotal year for capitalizing on synergies once the new assets are open, the company is already implementing this integrated model and seeing benefits today.
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HOFV's earnings beat/miss a week before the call
Michael Diana of B. Riley Securities inquired about the strength of GIPR's acquisition pipeline and the company's strategy for achieving full dividend coverage, including the potential impact of redeeming preferred stock.
CEO David Sobelman detailed the company's disciplined acquisition approach, noting a review of $2.3 billion in assets before the recent Modiv transaction. He confirmed that while dividend coverage is a top priority and trending upwards, further asset growth is needed to reach 100%. Sobelman added that redeeming the preferred stock would increase public float by about 100% and result in a 20% reduction in related obligations, supporting their financial goals.
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GIPR's earnings beat/miss a week before the call
Michael Diana of B. Riley Securities inquired about the strength of GIPR's acquisition pipeline and the current status of its dividend coverage, including the potential impact of redeeming preferred stock for common stock.
CEO David Sobelman detailed the company's disciplined acquisition strategy, noting they reviewed $2.3 billion in assets before the recent Modiv deal, and confirmed the pipeline remains robust. He stated that while dividend coverage is a top priority and trending higher post-acquisition, further asset growth is needed to reach 100% coverage. Sobelman also mentioned that redeeming the preferred stock would increase the public float by approximately 100% and result in a 20% reduction in related costs, aiding dividend coverage.
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Michael Diana of Maxim Group asked for confirmation on the closing of the recent portfolio acquisition, its immediate impact on income generation, and the timeline for earnings accretion to cover the dividend. He also inquired about the company's management capacity for further transactions.
CEO David Sobelman confirmed the acquisition closed on August 10th and the properties are immediately income-producing. CFO Allison Davies stated that while the dividend will not be fully covered post-transaction, it is a significant step toward that goal in the near term. Sobelman added that the company's current infrastructure can support further growth without adding staff or incurring meaningful new expenses.
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Michael Diana of B. Riley Securities inquired about Generation Income Properties' capacity to pursue additional acquisitions following its recent transformative deal, asking whether a 'digestion period' would be required.
CEO David Sobelman stated that the company's frugal operational structure provides the capacity to continue its external growth strategy and expand its portfolio without needing to hire more staff or incur meaningful new expenses.
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Michael Diana of Maxim Group asked for clarification on the reasons behind the quarter-over-quarter decrease in rental revenue and the increase in interest expense.
CFO Allison Davies explained that the decline in rental revenue was related to a lease that expired in Q1 2023. She attributed the rise in interest expense to an additional guarantee expense incurred as part of an agreement with the Department of Defense.
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