Cruises have become one of my favourite ways to travel. I have been on six of them and planning to go on way more as I get older. I used to think that cruises was for “old” people (i.e. above 65 years old) and growing up in the 90s, I had the “Titanic” fear. However, much of my previous impression of cruises has changed over the years. Below are my personal top pros and cons of cruising.
The post The Pros and Cons of Going on a Cruise appeared first on Pointshogger.
Student loan refinance rates have held continued to hold as the Fed has held interest rates steady. As of July 30, 2026, student loan refinance lenders are offering fixed rates as low as 3.698 APR and variable rates starting as low as 3.63% APR, depending on credit profile, loan type, income, and repayment term.
Credible is offering both the lowest variable rate loans starting at 3.63% APR and LendKey and Credible are tied for the lowest fixed rate loans starting at 3.98% APR.
For borrowers with private student loans especially, refinancing to lower your interest rate can save you thousands of dollars over the life of the loan.
💰 Today’s Best Student Loan Refinance Rates At a Glance
Here are the best student loan refinance rates today:
Lender
Fixed APR
Variable APR
Credible
3.98% – 10.35%
3.63% – 10.72%
Earnest
4.49% – 9.99%
5.88% – 9.99%
ELFI
4.29% – 8.44%
4.74% – 8.24%
LendKey
3.98% – 9.24%
4.19% – 9.24%
Splash
3.99% – 10.24%
4.74% – 10.24%
1. Credible – Credibleis a marketplace of student loan lenders that has some options you may not be able to find anywhere else. You can also get up to a $1,000 gift card bonus if you refinance through their platform. You can get variable rates as low as 3.63% APR. Read our full Credible review.
2. Earnest – Earnest is one of the best known online student loan lenders and they have been offering consistently competitive rates for years. Right now, you can get the lowest fixed rate APR at 4.49%. Read our full Earnest student loans review.
3. ELFI – ELFI is one of the oldest student loan lenders, and offers competitive rates, along with a bonus offer of up to $599 if you refinance a student loan with them. You can get rates as low as 4.29% APR. Read our full ELFI Student Loans Review.
4. LendKey – LendKey is a private lender that pools money from community banks and credit unions to offer lower rate student loans. They are also offering up to a $750 bonus if you refinance a student loan. You can get rates as low as 3.98% APR. Read our full LendKey review.
5. Splash – Splash is a student loan marketplace as well that offers some lenders that Credible doesn’t.They have a fixed rate offer starting at 3.99% APR. Furthermore, you can up to a $500 bonus if you refinance with Splash. Read our full Splash Student Loans review.
You can find a full list of the best student loan refinance lenders here >>
Why Should You Refinance Your Student Loan?
Refinancing replaces one or more existing loans with a new private loan — ideally at a lower interest rate.
Borrowers typically refinance to:
Reduce their monthly payments
Lower their overall interest cost
Combine multiple loans into one
Shorten or extend repayment terms
Refinancing can make sense for private loan borrowers or federal borrowers who no longer need federal benefits such as income-driven repayment or forgiveness. Remember, refinancing a federal loan will cause you to lose federal benefits like student loan forgiveness!
For example, refinancing a $60,000 loan from 7.50% to 5.50% over 10 years saves roughly $7,000 in interest.
Fixed vs. Variable Rates: Which Should You Choose?
There’s a lot of uncertainty that borrowers don’t like with variable rates, which can make sense, but in a declining rate environment, it also opens the potential for future savings. Here’s what to know:
Fixed rates stay the same for the life of the loan, offering predictable monthly payments. They’re better for borrowers who plan to repay over many years.
Variable rates can change with market conditions, starting lower but carrying risk if the Fed raises rates again. They can make sense for borrowers who expect to pay off loans quickly.
Most private lenders allow you to check rates without affecting your credit score. Always compare both options before signing.
What To Know Before Refinancing
Before refinancing your student loans, make sure you understand exactly what you’re signing up for.
Loss of federal benefits: Once refinanced, federal loans are no longer eligible for PSLF, IBR, or other income-driven plans.
Cosigner options: A creditworthy cosigner can unlock lower rates. Check if the lender offers cosigner release after a set number of on-time payments.
Term flexibility: Many lenders allow terms from 5 to 20 years; shorter terms usually mean lower rates.
Autopay discounts: Most lenders offer a 0.25% rate reduction when you enroll in automatic payments.
Fees: The best refinance lenders charge no origination fees or prepayment penalties.
How We Track And Verify Student Loan Rates
At The College Investor, our editorial team reviews student loan rates daily from more than a dozen major lenders. We verify data using official lender disclosures, regulatory filings, and real-time rate sheets.
We only include lenders offering loans to U.S. citizens and permanent residents. All rates are updated regularly and represent the lowest available APRs with autopay discounts applied.
Our coverage is independent and not influenced by compensation. While we may earn a referral fee when you open a loan through certain links, this never affects our editorial recommendations. Our goal is simple: to help you find the most affordable path to borrow responsibly.
FAQs
Can you refinance federal student loans?
Yes, but doing so converts them into private loans, meaning you’ll lose access to forgiveness and income-driven plans.
How often can you refinance?
There’s no limit – you can refinance multiple times as long as you qualify for better terms.
Does refinancing hurt your credit?
A small, temporary drop in your credit score may occur after the hard inquiry, but steady payments improve your score over time.
Do refinance rates change daily?
Yes, lenders adjust rates frequently based on market conditions and Treasury yields.
Is there a best time to refinance?
The best time is when your credit and income qualify you for significantly better rates than your current loans.
Disclosures
Earnest
Earnest Loans are made by Earnest Operations LLC. Earnest Operations LLC, NMLS #1204917. 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. California Financing Law License 6054788. Visit www.earnest.com/licenses for a full list of licensed states. For California residents: Loans will be arranged or made pursuant to a California Financing Law License.
Earnest loans are serviced by Earnest Operations LLC with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770). Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable annual percentage rate (“APR”): A $10,000 loan with a 20-year term (240 monthly payments of $101.46) and a 10.74% APR would result in a total estimated payment amount of $24,350.40. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $101.46) and a 10.74% APR would result in a total estimated payment amount of $24,350.40. Your actual repayment terms may vary. Actual rate will vary based on your financial profile. Fixed annual percentage rates (APR) range from 4.74% APR to 10.24% APR (4.49% – 9.99% with .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% APR to 10.24% APR (5.88% – 9.99% with .25% auto pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Please note, we are not able to offer variable rate loans in AK, IL, MN, MS, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and requires selection of our shortest term offered and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.
See disclaimers at: https://www.splashfinancial.com/disclaimers/
Splash Financial, Inc. (NMLS #1630038), licensed by the DFPI under California Financing Law, license # 60DBO-102545
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Products may not be available in all states. Rates and terms are subject to change at any point prior to application submission. The information you provide is an inquiry to determine whether Splash’s lending partners can make you a loan offer. To qualify, a borrower must be a U.S. citizen or other eligible status and meet lender underwriting requirements. Lowest rates are reserved for the highest qualified borrowers and may require an autopay discount of 0.25%. Splash does not guarantee that you will receive any loan offers or that your loan application will be approved. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, creditworthiness, income and other factors. This information is current as of January 8, 2026. You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income-based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.
Autopay Discount. Rates listed include a 0.25% autopay discount.
Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed APR options range from 4.96% (with autopay) to 11.24% (without autopay). Variable APR options range from 4.99% (with autopay) to 11.14% (without autopay). Variable rates are derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001).
Payment Disclosure. Fixed loans feature repayment terms of 5 to 20 years. For example, the monthly payment for a sample $10,000 with an APR of 5.47% for a 12-year term would be $94.86. Variable loans feature repayment terms of 5 to 25 years. For example, the monthly payment for a sample $10,000 with an APR of 5.90% for a 15-year term would be $83.85.
Bonus Disclosure. Terms and conditions apply. Offer is subject to lender approval. To receive the offer, you must: (1) be refinancing over either $50,000, $100,000 or $200,000 in student loans depending on the channel partner that is providing the bonus offer (2) register and/or apply through the referral link you were given; (3) complete a loan application with Splash Financial; (4) have and provide a valid US address to receive bonus; (5) and meet Splash Financial’s underwriting criteria. Once conditions are met and the loan has been disbursed, you will receive your welcome bonus via a check to your submitted address within 90-120 calendar days. Bonuses that are not redeemed within 180 calendar days of the date they were made available to the recipient may be subject to forfeit. Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult your tax advisor to determine applicable tax consequences. Splash reserves the right to change or terminate the offer at any time with or without notice. Bonus Offer is for new customers only.
Editor: Colin Graves
Reviewed by: Richelle Hawley
The post Best Student Loan Refinance Rates for July 30, 2026: Credible Leads At 3.63% appeared first on The College Investor.
Thomas J. Seifert, Chief Financial Officer, reported a sale of 12,943 shares of Cloudflare, Inc.(NET +4.81%) on July 15, 2026, and July 17, 2026, according to the SEC Form 4 filing.
Transaction summary
Metric
Value
Transaction value
$3.6 million
Shares sold
12,943
Post-transaction shares (directly held)
~114,000
Post-transaction shares (indirectly held)
92,337
Post-transaction value
$57.2 million
Transaction value based on SEC Form 4 weighted average sale price ($278.02); post-transaction value based on July 17, 2026 market close ($277.66).
Key questions
What was the nature of this transaction? The activity involved the exercise of 10,000 options that were immediately converted to shares and sold on the open market, while another 2,943 directly-held shares were withheld by the company to satisfy tax obligations related to the vesting of restricted stock units (RSUs).
How significant is the CFO’s remaining equity exposure? Thomas J. Seifert retains a substantial position of ~206,000 shares, representing an approximately 0.0581% ownership stake in the company. Furthermore, the insider holds 308,300 derivative securities through direct holdings and various entities, including Center Court Partners Ltd. and three separate Center Court 2020 trusts.
How does the transaction price compare to recent performance? The sales were executed at a weighted average price of $278.02, while the stock was valued at $272.46 as of the July 16, 2026 market close. The company has delivered a 45% total return over the 12-month period ending on the transaction date.
Does this sale reflect a discretionary change in sentiment? The disposition appears to be a structured liquidity event rather than a discretionary market call, as it was conducted pursuant to a Rule 10b5-1 trading plan adopted on November 20, 2025. Such plans are established to allow insiders to diversify holdings at predetermined intervals.
Company Overview
Metric
Value
Share Price (as of market close 2026-07-16)
$272.46
Market Capitalization
$96.7 billion
Revenue (TTM)
$2.3 billion
Net Income (TTM)
-$86.7 million
Company Snapshot
Cloudflare delivers a comprehensive cloud security platform that protects digital environments across public and private clouds, on-premises infrastructure, SaaS applications, and IoT devices, generating revenue through subscription-based security services and platform access.
The company operates a software-as-a-service (SaaS) business model, providing cloud-native security solutions including cloud firewalls, bot mitigation, distributed denial-of-service (DDoS) protection, and IoT security tools on a recurring subscription basis.
Cloudflare serves a diverse customer base ranging from enterprises and mid-market organizations to small businesses and developers, targeting organizations seeking integrated cloud security infrastructure across hybrid and multi-cloud environments.
Cloudflare is a global leader in cloud security infrastructure with a $96.7 billion market cap and 5,156 employees headquartered in San Francisco. The company has achieved TTM revenue of $2.3 billion while maintaining a strategic focus on expanding its integrated security platform across enterprise and mid-market segments.
Cloudflare’s competitive advantage derives from its globally distributed network architecture and comprehensive security suite that addresses the evolving threat landscape in cloud-native computing environments.
What this transaction means for investors
The July 15 and July 17 sale of Cloudflare stock by CFO Thomas Seifert does not appear to be a cause for investor concern, since these were non-discretionary transactions. The July 15 sale was for tax withholding purposes in connection with the vesting of RSUs. The July 17 disposition was part of a pre-established Rule 10b5-1 plan.
Such plans allow insiders to sell shares at predetermined times to avoid concerns of trading on non-public information. Also, Seifert’s post-sale equity stake in Cloudflare is substantial, considering his more than 200,000 shares held directly and indirectly through an annuity trust, and over 300,000 derivative securities in various other trusts. This ensures his continued alignment with shareholder interests.
Cloudflare stock has gone on an incredible run, reaching a 52-week high of $291 on July 15, and for good reason. The company posted a strong 34% year-over-year increase in revenue to $639.8 million in the first quarter. Its business is poised for continued growth due to the rise in bots produced by artificial intelligence. The bots comprise 57% of all internet activity, eclipsing humans for the first time. Consequently, Cloudflare’s services are more in demand than ever to halt these bots.
🔄️ Update: The public offer ended this morning (July 30), but the 100K bonus is still available through referral links. If you’ve been thinking of applying, this is the time to pull the trigger, especially if you have a friend or family member that can refer you. Most likely referrals will show 100K bonus until July 31.
The Chase Sapphire Preferred refresh is now live with new earn categories, travel credits and protections while the annual fee remains at $95. But one of the main changes on the card is negative, as the transfer ratio to World of Hyatt is dropping from 1:1 to 4:3. There’s also a new bonus of 100,000 points. Let’s go over the details.
Offer Details
Earn 100,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
Annual Fee: $95
APPLY NOW
This credit card is unavailable to you if you currently have this card open. The new cardmember bonus may not be available to you if you previously held this card or received a new cardmember bonus for this card. We may also consider the number of cards you have opened and closed in determining your bonus eligibility.
Card Details
Earn:
5x Points on travel purchased through Chase
5x Points on Lyft Rides through September 30, 2027.
5x Points on Peloton equipment and accessory purchases over $150 through December 31, 2027.
3x Points on
online grocery purchases (excluding Target, Walmart and wholesale clubs)
dining
gas and EV charging
vacation homes at top brands including Airbnb, Vrbo and more
select streaming services
2x Points on all other travel purchases
1x Point per dollar spent on all other purchases.
Points are worth 25% more when you redeem for travel through Ultimate Rewards.
$120 Global Entry, TSA PreCheck, or NEXUS credit every four years
$100 Annual Hotel Credit each account anniversary year for hotel stays purchased through Ultimate Rewards.
10% anniversary points boost on all points earned throughout the year (no longer available for new cardholders, ends October 1, 2026 for existing cardholders)
Transfer 1:1 to many Ultimate Reward travel partners, but only 4:3 for World of Hyatt.
Points Boost: Cardmembers can get more value when redeeming Ultimate Rewards® points on thousands of top-booked hotels and on flights with select airlines through Chase Travel
Travel Protection Benefits including Emergency Evacuation and Transportation coverage
Extended Warranty Protection
Purchase Protection: Valid for new purchases for 120 days from the date of purchase against damage or theft up to $500 per item.
Complimentary Apple TV subscription for one year when activated by December 31, 2026
Complimentary DashPass membership (a $120/ year value), plus up to $10 off a month on groceries.
No Foreign Transaction Fees
Annual Fee: $95
$0 for each authorized user
Guru’s Wrap-up
This is one of the best bonuses we have seen for the Chase Sapphire Preferred. You get 100,000 points after spending $5,000 in the first 3 months. The best ever offer was a combination of this 100K bonus with 30K Amex Points from Rakuten.
Just keep in mind that Sapphire Preferred only lets you transfer to Hyatt at 4:3 ratio. You will need a Sapphire Reserve or Sapphire Reserve for Business to get 1:1.
You’re lying on a rental couch, checking Zillow at night like checking a wound.
$408,800 median home price. $11,200 in savings. The math doesn’t work — until
you change the framework entirely.
This video breaks down every single level of a real estate investor — from $0
in savings and a 694 credit score, to controlling $87 million across 700 units
in 9 markets. No fluff. No guru nonsense. Just the real numbers, real decisions,
and the exact mindset shifts that separate people who watch real estate build
wealth for others — from people who make it build wealth for them.
─────────────────────────────────────
📌 KEY CONCEPTS COVERED IN THIS VIDEO
─────────────────────────────────────
✅ How to buy your first rental property with under $50K
✅ The BRRRR strategy explained with real numbers
✅ Cap rates, cash-on-cash return & DSCR — simplified
✅ How to use a 1031 exchange to avoid capital gains tax
✅ Private money lenders & how to raise capital for real estate
✅ Real estate syndication for beginners
✅ Cost segregation & depreciation tax strategy
✅ Multifamily vs. single family investing
✅ How to scale from 1 unit to 200+ units
✅ Delaware Statutory Trust (DST) explained
─────────────────────────────────────
📖 THE 6 RULES FROM THIS VIDEO
─────────────────────────────────────
Rule 1: At zero, your obstacle isn’t money — it’s your mindset about debt.
Rule 2: The house someone else pays for is the only house that makes you richer while you sleep.
Rule 3: Below 5 units, you’re a landlord. Above it, you’re a business.
Rule 4: The terms you negotiate matter more than the deal itself.
Rule 5: At $10M in holdings, your reputation becomes a financial instrument.
Rule 6: Above $50M, you are infrastructure.
─────────────────────────────────────
🔔 STAY CONNECTED
─────────────────────────────────────
If this video made you think differently about real estate, money, or wealth
building — Subscribe for more videos like this. New video every week on
personal finance, investing, and building wealth from zero.
👍 Like this video if the numbers actually made sense to you.
💬 Comment below: Which level are you at right now?
🔔 Subscribe so you don’t miss the next one.
─────────────────────────────────────
⚠️ DISCLAIMER
─────────────────────────────────────
This video is for educational and entertainment purposes only. Nothing in this
video constitutes financial, legal, or tax advice. Always consult a licensed
professional before making any investment decisions.
If you’ve ever gone in as an LP on a syndication, you already know this trade. The GP does the underwriting, manages the asset, and handles the three a.m. phone calls. You get distributions and upside, but you’re not the one on title, and you’re not the one running the deal.
Notes ask you to make a similar trade on the debt side. Connect Invest sources the loans, underwrites them, holds the paper, and manages what happens if a borrower stops paying. You get a fixed, contracted rate—paid monthly—without ever touching a title company, a BPO, or a delinquent borrower.
That trade buys you three things a single mortgage note can’t: diversification across a portfolio of loans instead of one borrower, a known exit date you pick up front (six, 12, or 24 months), and a $500 minimum that doesn’t require $40,000 sitting around just to get started.
Worth naming plainly, since I’d rather you hear it from me than find it in the fine print: what you’re holding is a note issued by Connect Invest, not a lien with your name on a property—the same way an LP interest doesn’t put you on a deed. You’re trusting Connect Invest’s underwriting and balance sheet instead of your own. In exchange, you get diversification, zero servicing work, and a fixed payment that doesn’t move with the market.
That doesn’t make it the right home for every dollar. It makes it worth knowing where it fits—and that starts with being honest about which pile of cash you’re actually working with.
You’re Doing This Right Now
If you’re actively buying, you’ve got cash sitting in one of three places:
Reserves: Your six months of PITI plus the what-if-the-HVAC-dies money
Dry powder: The pile waiting on a deal that hasn’t shown up yet
Post-sale proceeds: Money from something you sold and aren’t exchanging
None of that means you’re undisciplined. Deals are lumpy. You can’t time an acquisition to the week your reserve number changes, and anybody who tells you they can is selling a course.
The mistake is treating all three piles like they’ve got the same job.
Quick 1031 Detour, Because I See This Constantly
If you’re inside a 1031 exchange window, your proceeds are with a qualified intermediary, and you cannot touch them. The second you take constructive receipt, the exchange is dead, and you owe the tax.
So if you ever see somebody suggest parking exchange money in an investment during the identification period, close the tab. That’s not a strategy; that’s a lawsuit.
What is fair game is all the money orbiting the exchange:
Your boot
The down payment cash for a replacement property you haven’t identified
Proceeds from a sale you decided to just eat the taxes on
That money is yours; it’s idle, and it lands in a savings account by default because nobody ever tells you where else to put it.
Tier Your Cash Like You Tier Your Properties
You’d never underwrite an STR and a long-term rental the same way. They involve different jobs, math—everything. Cash is no different.
Here’s a look at the kinds of cash you’re saving:
Tier 1 is money that might move this month: reserves, tax payments, the roof fund. It stays liquid and insured. You’re not trying to win here; you’re trying to be able to write a check on a Tuesday.
Tier 2 is money you know isn’t moving for six months or more and you could afford to have at risk, such as dry powder on a deal that’s nowhere close or sale proceeds. This is the pile almost everybody accidentally leaves in Tier 1.
Tier 3 is already on the ground.
This entire article is about Tier 2. That’s where the leak is, and it’s a bigger leak than you think.
So What Is a Note?
Technically, you’re buying a note issued by Connect Invest under a Regulation A offering, and the money funds a portfolio of private residential and commercial real estate loans secured by first-position liens. You’re not holding a lien with your name on it. Most sponsored posts blur that line, and I’d rather just tell you.
Here’s why the structure fits Tier 2 specifically: You know the exit date going in. Right now it’s a six-month note at 7.5%, a six-month rollover at 7.75%, a 12-month at 8%, and a 24-month at 9%. Pick your term, know your date. That is a wildly different animal than a syndication telling you it hopes to return capital in three to five years.
The income is fixed and monthly. Payments start the month after the note activates, and the rate doesn’t move. If it’s a bad week in the market, you get the same payment.
The minimum is $500, and they opened to non-accredited investors in 2022. You can put in $500 to see how the mechanics feel before you decide anything.
The Actual Menu
Where It Sits
Yield, July 2026
Access
What’s Behind It?
Regular savings account
0.38% national average
Anytime
FDIC insurance
High-yield savings
4% to 4.5% at the top
Anytime
FDIC insurance
Six-month T-bill
About 3.9%
Sell early at market price
U.S. government
Publicly traded REIT
Varies, plus price swings
Anytime
Equity, priced daily
Connect Invest Notes
7.5% to 9%, annualized
Locked for the term
Unsecured company note; underlying loans are collateralized
No one is looking to compare 8% to 0.38% and act like they’ve discovered fire. If your money is sitting at the national average, go open a high-yield account this afternoon, and you’ve fixed most of this for free. That’s not a sponsored tip; that’s just true.
The real question is what you do with Tier 2 money that’s already earning 4%. That’s where notes get interesting.
Run the Numbers
If you have $50,000 in Tier 2 money and you’re not buying for at least a year, here’s a comparison:
Regular savings at 0.38%: $190
Good high-yield account at 4.15%: $2,075
12-month Note at 8%: $4,000, paid to you at roughly $333 a month while you wait
The $1,925 return between the high-yield account and the note is the number to actually think about. That’s what you’re getting paid for giving up liquidity and taking credit risk instead of holding FDIC insurance.
It might be worth it to you, and it might not. But $333 a month covers the insurance premium on a couple of my units, and it covers a full cleaning cycle plus consumables on the Bastrop side, so I know what it’s worth to me.
Who This Is Wrong For
If the money might move in the next six months, stop reading. A six-month note is locked for six months. Tier 1 stays Tier 1, no exceptions; I don’t care how good the rate looks.
And if you need FDIC insurance to sleep, stay in the high-yield account and don’t feel bad about it. A Note is an unsecured claim on Connect Invest, not a federal backstop and not a lien in your name, and borrowers do default.
Connect Invest reports a historical default rate under 0.22%, and Ignite Funding has been writing these loans since 2011, which is a real track record. But past performance doesn’t promise anybody anything. The offering circular has the whole picture. Read it before you move money around.
Everybody else: This is the part of your cash stack that’s been asleep.
Final Thoughts
Diversification for an active investor isn’t “own some index funds too.” It’s refusing to let a dollar in your business sit around doing nothing.
Your properties and reserves each have a job. The money in between deals should have one too.
Universal Music Group generated revenues of EUR €3.294 billion (USD $3.83bn) across all of its divisions (including recorded music, publishing, and more) in Q2 (the three months ending June 30, 2026).
That’s according to UMG‘s fresh set of quarterly results, published today (July 30).
They reveal that UMG’s overall Q2 revenue grew 13.3% YoY at constant currency, driven by the consolidation of Downtown Music Holdings, pricing benefits of Streaming 2.0 agreements, strong physical and licensing and other sales, and healthy performance revenue, contributing to growth in Recorded Music and Music Publishing.
Excluding Downtown, whose results are consolidated from its acquisition date of February 20, revenue grew6.4% YoY at constant currency.
Adjusted EBITDA came in at €674 million ($783.8m), a margin of 20.5%, down from 22.7% in the second quarter of 2025.
One highlight from UMG’s latest results was the company’s recorded music subscription revenue, which grew 16.6% YoY at constant currency to €1.368 billion ($1.59bn) in Q2, benefiting from the consolidation of Downtown and pricing benefits of Streaming 2.0 agreements.
Photo: Austin Hargrave
“Our unique combination of global reach, local expertise, artist development, vast audio and visual IP and entrepreneurial culture positions UMG to deliver long-term growth, sustained value creation, and creative and commercial success for our artists and songwriters.”
Sir Lucian Grainge
Commenting on the Q2 earnings announcement, UMG’s Chairman and CEO, Sir Lucian Grainge, said: “We’re delivering on our strategic plan, and working to further sharpen our execution, while capitalizing on the opportunities presented by new technologies and the ever-evolving music ecosystem.
“Our unique combination of global reach, local expertise, artist development, vast audio and visual IP and entrepreneurial culture positions UMG to deliver long-term growth, sustained value creation, and creative and commercial success for our artists and songwriters.”
RECORDED MUSIC
Universal’s overall Recorded Music revenue for the second quarter of 2026 was €2.516 billion ($2.93bn), up 16.2% YoY at constant currency. Excluding Downtown, Recorded Music revenue grew 8.7% YoYat constant currency.
Within the Recorded Music segment, UMG’s ‘Subscription and streaming revenues’ (including ad-supported and subscription streaming revenues) grew 15.4% YoY at constant currency to €1.757 billion ($2.04bn).
Breaking UMG’s recorded music streaming figure down further reveals that the company’s subscription streaming revenues grew 16.6% YoY at constant currency to reach €1.368 billion ($1.59bn). Excluding Downtown, subscription revenue grew 6.7% YoY at constant currency.
Universal’s ad-supported recorded music streaming revenue grew 11.5% YoY at constant currency to €389 million ($452.4m), as consumers “continue to shift consumption from better monetized video platforms to short-form platforms”, according to UMG.
Within Universal’s recorded music business, Physical revenue grew 15.9% YoY at constant currency to €342 million ($397.7m), with “particular strength in the U.S. and Europe, partially offset by declines in Japan due to the timing of releases”, UMG said.
‘License and other’ revenue increased 34.9% YoY at constant currency to €379 million ($440.7m), with “outsized contributions from audiovisual and live and related income, along with healthy licensing revenue growth”, according to UMG.
Downloads and other digital revenue fell 43.3% YoY at constant currency to €38 million ($44.2m), which UMG attributed to a previously disclosed settlement with an internet service provider in Q2 2025 and the “ongoing industry-wide format shift”.
Top sellers for the quarter included Noah Kahan, BTS, Olivia Rodrigo, Drake, and Olivia Dean.
MUSIC PUBLISHING
Universal’s overall Music Publishing revenue for the second quarter of 2026 was €616 million ($716.3m), up 9.8% YoYat constant currency. Excluding Downtown, Music Publishing revenue grew2.7% YoYat constant currency.
Digital revenue grew 13.6% YoY at constant currency to €392 million ($455.9m), “reflecting strength in subscription, partially offset by softer ad-supported streaming”, UMG said.
Performance revenue increased 12.8% YoY at constant currency to €123 million ($143m), which UMG attributed to “continued industry growth”.
Synchronization revenue fell9.4% YoYat constant currency to €58 million ($67.4m), “related to the timing of deals”.
Mechanical revenue grew 3.6% YoY at constant currency to €29 million ($33.7m), “driven by release schedules”.
Other revenue declined 6.7% YoY at constant currency to €14 million ($16.3m).
MERCHANDISING AND OTHER
UMG’s ‘Merchandising and Other’ revenue in the second quarter of 2026 was €167 million ($194.2m), down 10.7% YoY at constant currency.
According to UMG, the drop reflected a decline in touring income due to the timing of tours, and a decline in direct-to-consumer revenue due to the timing of product releases.
The division posted an Adjusted EBITDA loss of €5 million ($5.8m) in Q2, compared with a €1 million profit a year earlier.
DOWNTOWN
Downtown Music Holdings contributed €202 million ($234.9m) in total revenue in Q2 2026, its first full quarter under UMG ownership.
That was up from the €86 million Downtown added in Q1 2026, when it was consolidated for only around five-and-a-half weeks following the deal’s completion on February 20.
The bulk of Downtown’s Q2 contribution came from Recorded Music, at €162 million ($188.4m), with Music Publishing accounting for a further €40 million ($46.5m).
Downtown’s Adjusted EBITDA was €10 million ($11.6m), an Adjusted EBITDA margin of 5.0%.
EBITDA ETC.
In Q2 2026, UMG’s EBITDA (earnings before interest, taxes, depreciation and amortization) was €610 million ($709.4m), down 0.2% YoY but up 1.5% at constant currency.
EBITDA margin was 18.5%, compared to 20.5% in the second quarter of 2025.
Adjusted EBITDA for Q2 was €674 million ($783.8m), down 0.3% YoY but up 1.5% at constant currency.
Adjusted EBITDA margin was 20.5%, compared to 22.7% in Q2 2025, with the decline “due to the consolidation of Downtown, pressure from revenue and repertoire mix in Recorded Music, and a loss in Merchandising”, according to UMG.
Excluding Downtown, Adjusted EBITDA was flat at constant currency in Q2.
UMG’s Board of Directors declared an interim dividend for the first half of 2026 of €432 million, or €0.24 per share, in line with the 2025 interim dividend.
The dividend payment date will be on October 27, 2026.
NET DEBT
UMG’s financial net debt stood at €4.131 billion ($4.80bn) at the end of June, up 72.8% from €2.390 billion at the end of 2025.
The increase reflected €806 million of cash used for investing activities, including the Downtown acquisition, alongside €734 million of stock repurchases and €514 million of dividend payments.
That was partially offset by €379 million ($440.7m) in proceeds from the sale of Spotify shares, after UMG confirmed in April that it would monetize half of its equity stake in the streaming company.
“Our focus is on building our market leadership, while driving top and bottom-line growth, improving efficiency, and continuing to invest where we see the greatest returns.”
Matt Ellis, UMG
“This quarter demonstrated both the strong fundamentals of our business and the opportunities we see to improve,” said Matt Ellis, UMG’s CFO. “Our focus is on building our market leadership, while driving top and bottom-line growth, improving efficiency, and continuing to invest where we see the greatest returns.”
All EUR-USD conversions made at the average Q2 2026 exchange rate published by the European Central Bank.Music Business Worldwide
