Latest news with #ElmTree
The Guardian
5 days ago
- Health
- The Guardian
The Lost Elms by Mandy Haggith review – cultural history of a noble tree
Just as the Spanish flu pandemic of 1918 did not originate in Spain, so Dutch elm disease is no fault of the Netherlands. It acquired the name thanks to the pioneering efforts of three Dutch scientists – Marie Beatrice Schol-Schwarz, Christine Buisman and Johanna Westerdijk – who identified the beetle-transported fungus that causes it in the 1920s. Nor is the so-called 'English elm' (Ulmus minor) really English, inasmuch as it is thought to have been transferred here from Italy, so Reform UK party enthusiasts should probably agitate to repatriate all such specimens. More confidently thought native to these isles is the wych elm (from the Old English for 'supple') or Scots elm, which has long been thought to have healing and protective qualities. Our scholarly guide to this noble plant, Mandy Haggith, delves enthusiastically into such lore. The 17th-century English herbalist Nicholas Culpeper said that elm was connected to the planet Saturn and that its leaves could fix broken bones. Modern 'healers' promise that drinking a decoction of elm bark can purge phlegm and stop diarrhoea. Haggith cites a present-day 'Massachusetts-based herbalist and druid' who claims that slippery elm milk is good for insomnia. It would be unkind to call this sort of thing merely barking. The author insists that 'a western scientific worldview' (in other words, a scientific worldview, shared by scientists in China and India) 'is absolutely not the only way forests can be thought about', which is fair enough. But the fake cures of the 'wellness' industry are not without their own ecological downsides: as Haggith writes later, fashionable pseudo-remedies gone viral on TikTok or whatever can inspire the stripping of bark from healthy trees at injurious scale. Happily, elmwood was not only the preserve of quacks; it was also a sought-after material in shipbuilding (most of the hull of the fast clipper Cutty Sark was made of rock elm), and long before that for making spears and bows: an iron age Celtic tribe was known as 'the ones who vanquish by the elm' (Lemovices). Medieval London, Bristol and other cities had running water delivered by mains pipes of elm. And elm is also the source of a famous insult: when the great Samuel Johnson claimed that there was no Gaelic literature, a poet responded with the Gaelic for 'your head is made entirely of elm, especially your tongue and your gums'. Luckily, although Dutch elm disease has killed hundreds of millions of trees since the early 20th century, the species is not lost, or even on the brink of extinction. Brighton, Haggith sees, is managing the blight well through city-wide surveillance and timely surgery. And the fossil record suggests that elms have previously suffered waves of pandemic disease before bouncing back. There will be time for more poetic mentions of elms of the kind the author rather exhaustively collects towards the end. ('Robert Frost was a big fan of elm trees …') But the greater part of this book's devotion, and its delight, is reserved for living specimens in their habitats. Two rows of elms, Haggith notes, can form a 'corridor for wildlife, dog walkers and feral children', or 'a church-like nave, an arch-shaped cloister that draws the eye' towards a monastery in Beauly. A cheerfully self-described 'tree-hugger', she is inspired to her best writing by close observation of the trees themselves. On an elm growing horizontally out of the rock near a Scottish loch: 'I stand beneath it, neck craned in awe, looking up into the lush green profusion of its living community. It is winter, so all this greenery isn't the tree's own leaves, but photosynthesising life using it as a climbing frame'. Elsewhere she finds beauty even in a diseased log, happily noting the 'beautiful doily pattern made by the brood-chamber and feeding passages of the grubs'. And her enthusiasm is contagious. As someone who began this book with literally no idea what an elm looks like, I was inspired to download the Woodland Trust tree-ID app and resolve to pay more attention to our ligneous friends. Sign up to Bookmarks Discover new books and learn more about your favourite authors with our expert reviews, interviews and news stories. Literary delights delivered direct to you after newsletter promotion The Lost Elms: A Love Letter to Our Vanished Trees by Mandy Haggith is published by Headline (£22). To support the Guardian buy a copy at Delivery charges may apply.
The Guardian
5 days ago
- Health
- The Guardian
The Lost Elms by Mandy Haggith review – cultural history of a noble tree
Just as the Spanish flu pandemic of 1918 did not originate in Spain, so Dutch elm disease is no fault of the Netherlands. It acquired the name thanks to the pioneering efforts of three Dutch scientists – Marie Beatrice Schol-Schwarz, Christine Buisman and Johanna Westerdijk – who identified the beetle-transported fungus that causes it in the 1920s. Nor is the so-called 'English elm' (Ulmus minor) really English, inasmuch as it is thought to have been transferred here from Italy, so Reform UK party enthusiasts should probably agitate to repatriate all such specimens. More confidently thought native to these isles is the wych elm (from the Old English for 'supple') or Scots elm, which has long been thought to have healing and protective qualities. Our scholarly guide to this noble plant, Mandy Haggith, delves enthusiastically into such lore. The 17th-century English herbalist Nicholas Culpeper said that elm was connected to the planet Saturn and that its leaves could fix broken bones. Modern 'healers' promise that drinking a decoction of elm bark can purge phlegm and stop diarrhoea. Haggith cites a present-day 'Massachusetts-based herbalist and druid' who claims that slippery elm milk is good for insomnia. It would be unkind to call this sort of thing merely barking. The author insists that 'a western scientific worldview' (in other words, a scientific worldview, shared by scientists in China and India) 'is absolutely not the only way forests can be thought about', which is fair enough. But the fake cures of the 'wellness' industry are not without their own ecological downsides: as Haggith writes later, fashionable pseudo-remedies gone viral on TikTok or whatever can inspire the stripping of bark from healthy trees at injurious scale. Happily, elmwood was not only the preserve of quacks; it was also a sought-after material in shipbuilding (most of the hull of the fast clipper Cutty Sark was made of rock elm), and long before that for making spears and bows: an iron age Celtic tribe was known as 'the ones who vanquish by the elm' (Lemovices). Medieval London, Bristol and other cities had running water delivered by mains pipes of elm. And elm is also the source of a famous insult: when the great Samuel Johnson claimed that there was no Gaelic literature, a poet responded with the Gaelic for 'your head is made entirely of elm, especially your tongue and your gums'. Luckily, although Dutch elm disease has killed hundreds of millions of trees since the early 20th century, the species is not lost, or even on the brink of extinction. Brighton, Haggith sees, is managing the blight well through city-wide surveillance and timely surgery. And the fossil record suggests that elms have previously suffered waves of pandemic disease before bouncing back. There will be time for more poetic mentions of elms of the kind the author rather exhaustively collects towards the end. ('Robert Frost was a big fan of elm trees …') But the greater part of this book's devotion, and its delight, is reserved for living specimens in their habitats. Two rows of elms, Haggith notes, can form a 'corridor for wildlife, dog walkers and feral children', or 'a church-like nave, an arch-shaped cloister that draws the eye' towards a monastery in Beauly. A cheerfully self-described 'tree-hugger', she is inspired to her best writing by close observation of the trees themselves. On an elm growing horizontally out of the rock near a Scottish loch: 'I stand beneath it, neck craned in awe, looking up into the lush green profusion of its living community. It is winter, so all this greenery isn't the tree's own leaves, but photosynthesising life using it as a climbing frame'. Elsewhere she finds beauty even in a diseased log, happily noting the 'beautiful doily pattern made by the brood-chamber and feeding passages of the grubs'. And her enthusiasm is contagious. As someone who began this book with literally no idea what an elm looks like, I was inspired to download the Woodland Trust tree-ID app and resolve to pay more attention to our ligneous friends. Sign up to Bookmarks Discover new books and learn more about your favourite authors with our expert reviews, interviews and news stories. Literary delights delivered direct to you after newsletter promotion The Lost Elms: A Love Letter to Our Vanished Trees by Mandy Haggith is published by Headline (£22). To support the Guardian buy a copy at Delivery charges may apply.
CNBC
07-07-2025
- Business
- CNBC
BlackRock keeps its foot on the private-markets pedal with another acquisition
BlackRock's new acquisition pushes the asset manager one step deeper into private markets. The news The asset management giant on Monday announced an agreement to buy ElmTree Funds, a real estate investment firm that manages roughly $7.3 billion in assets. ElmTree, which leases commercial properties to single-tenant renters, will be integrated into BlackRock's new group called Private Financing Solutions. The PFS unit is home to private credit manager HPS Investment Partners, which officially became part of BlackRock last week following the closure of the $12 billion acquisition . "Our specialized bricks-and-mortar expertise will be augmented by HPS's ability to provide financing and other solutions that fuel the corporations and developers driving the economy forward," ElmTree founder and CEO James Koman said in a statement. HPS CEO Scott Kapnick added that, "Structural shifts in the real estate sector are creating new opportunities for private capital." The acquisition is expected to close in the third quarter of 2025 and is subject to regulatory approval. BlackRock shares rose modestly Monday, hitting an intraday record high of almost $1,087 apiece, following the news. The stock was bucking the broader market, which dropped Monday after finishing last week at a record. Big picture This is BlackRock's latest attempt to broaden its portfolio of private assets, one of the hottest areas of finance. For years, BlackRock has been known for its popular index business, which manages trillions of dollars and makes up a significant portion of its revenues. The firm has profited immensely as an industry leader for ETFs through its iShares family of funds, but management has been trying to reinvent BlackRock and diversify its revenues into other areas. Deals have been a big part of that. The company has spent over $28 billion on private-markets acquisitions since the start of 2024. In addition to HPS, BlackRock also bought alternatives data provider Preqin and infrastructure investment firm Global Infrastructure Partners . With HPS now finalized, all three firms are now part of BlackRock. During BlackRock's investor day, President Rob Kapito described 2024 as one of the most "transformative" periods in the firm's history. He also struck an optimistic tone about its future growth drivers such as private markets. "The best of BlackRock is still ahead of us," Kapito told investors in June. By 2030, BlackRock aims for its private markets and technology businesses to account for at least 30% of its revenue, up from less than a fifth at the end of last year. BLK YTD mountain BlackRock (BLK) year-to-date performance Bottom line Acquiring ElmTree Funds isn't a needle-moving deal for BlackRock's bottom line yet — but we like what it says about the firm's strategic focus. Consider: BlackRock manages over $11.5 trillion in assets, compared to ElmTree's $7.3 billion in assets. (On the flip side, that means we're not worried about any dilution from the all-stock deal either, given the size of the transaction.) Nevertheless, the venture underscores management's push into the fast-growing world of private markets and, in particular, targets commercial real estate. We like the private market expansion because it diversifies BlackRock's revenue streams further. It will be nice to see when BlackRock's not quite as reliant on its ETF business, which is heavily influenced by stock market's volatility. There are already signs that its other acquisitions are starting to pay off. Preqin, for example, added around $20 million to revenue in the first quarter of 2025 — in less than a month of ownership — and contributed to BlackRock's 30% year-over-year increase in annual contract values. Investors will get an updated look at Preqin's performance and BlackRock as a whole on July 15, when the asset manager reports second-quarter earnings before the opening bell. (Jim Cramer's Charitable Trust is long BLK. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Business Wire
07-07-2025
- Business
- Business Wire
BlackRock to Acquire ElmTree Funds
NEW YORK & ST. LOUIS--(BUSINESS WIRE)--BlackRock, Inc. (NYSE: BLK) announced today that it has entered into a definitive agreement to acquire ElmTree Funds ('ElmTree'), a net-lease real estate investment firm with $7.3 billion in total assets under management as of March 31, 2025. Upfront consideration will be paid primarily in stock, with the potential for additional consideration subject to ElmTree performance over the next five years. Additional financial details were not disclosed. Founded in 2011, ElmTree is a recognized leader in the commercial net-lease sector, with a focus on single tenant, build-to-suit real estate assets that are mission critical to corporate tenants' core operations and growth. ElmTree is a best-in-class owner-operator, with significant corporate and developer relationships and a broad geographic footprint, including six office locations and investments in 122 properties across 31 U.S. states. Upon closing, ElmTree will be integrated into Private Financing Solutions ('PFS'), the new platform created through BlackRock's combination with HPS Investment Partners, a part of BlackRock ('HPS'). The combination with ElmTree will position PFS to scale its real estate offering, while expanding into new markets as an owner-operator. As part of PFS, ElmTree will help accelerate the long-term growth of the platform, combining its deep expertise and strong relationships in commercial real estate with HPS's market expertise and existing capabilities as a leading credit investor. Together, the platform will be positioned to deliver attractive risk-adjusted returns with favorable structures, offering clients the long-term, stable income investment solutions they seek for their portfolios, while meeting the operational needs of investment-grade companies that drive the economy. Scott Kapnick, Chairman of PFS Executive Office and CEO of HPS, said, 'Structural shifts in the real estate sector are creating new opportunities for private capital. The combination of a premier triple-net investor with our leading private financing solutions platform will position us to capture these opportunities for our clients. ElmTree has the team, expertise, and relationships that will help drive growth and deliver differentiated investment solutions, and we are thrilled to welcome Jim and his entire team.' ElmTree CEO and Founder James Koman said, 'The net lease market is estimated at $1 trillion, and our continued belief in the industrial build-to-suit model is rooted in the mission-critical nature of this asset class. Our specialized bricks-and-mortar expertise will be augmented by HPS's ability to provide financing and other solutions that fuel the corporations and developers driving the economy forward. By joining HPS and BlackRock, we are better positioned to meet market demand and serve our partners by growing alongside them for the long term.' The inclusion of long-term performance incentives is designed to align the interests of BlackRock and ElmTree leadership, with Mr. Koman continuing to lead the ElmTree investment strategies. The transaction is expected to close in the third quarter of 2025 subject to regulatory approvals and customary closing conditions. Skadden, Arps, Slate, Meagher & Flom LLP, Fried, Frank, Harris, Shriver & Jacobson LLP, and Sidley Austin LLP are acting as legal counsel to BlackRock and HPS. Goldman Sachs & Co. LLC served as financial advisor to HPS. Berkshire Global Advisors served as financial advisor and Kirkland & Ellis LLP acted as legal counsel to ElmTree Funds. About BlackRock BlackRock's purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit About ElmTree Funds ElmTree Funds, LLC, headquartered in St. Louis, Missouri, is a real estate private equity firm that manages capital on behalf of institutional and private investors. ElmTree's investment philosophy focuses on making strategic investments in the commercial real estate net-lease and build-to-suit sectors with a focus on industrial properties. Since its founding in 2011, ElmTree has acquired, developed, or financed an extensive portfolio of commercial real estate. ElmTree targets investments in primary and secondary markets across the U.S. that are net-leased to investment grade tenants on a long-term basis. To learn more, visit Forward-Looking Statements This press release, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock's future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as 'trend,' 'potential,' 'opportunity,' 'pipeline,' 'believe,' 'comfortable,' 'expect,' 'anticipate,' 'current,' 'intention,' 'estimate,' 'position,' 'assume,' 'outlook,' 'continue,' 'remain,' 'maintain,' 'sustain,' 'seek,' 'achieve,' and similar expressions, or future or conditional verbs such as 'will,' 'would,' 'should,' 'could,' 'may' and similar expressions. BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and may contain information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. BlackRock has previously disclosed risk factors in its Securities and Exchange Commission reports. These risk factors and those identified elsewhere in this release, among others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management ("AUM"); (3) the relative and absolute investment performance of BlackRock's investment products; (4) BlackRock's ability to develop new products and services that address client preferences; (5) the impact of increased competition; (6) the impact of recent or future acquisitions or divestitures, including the acquisitions of Global Infrastructure Management, LLC, Preqin Holding Limited and HPS Investment Partners (collectively, the 'Transactions'); (7) BlackRock's ability to integrate acquired businesses successfully, including the Transactions; (8) the unfavorable resolution of legal proceedings; (9) the extent and timing of any share repurchases; (10) the impact, extent and timing of technological changes and the adequacy of intellectual property, data, information and cybersecurity protection; (11) the failure to effectively manage the development and use of artificial intelligence; (12) attempts to circumvent BlackRock's operational control environment or the potential for human error in connection with BlackRock's operational systems; (13) the impact of legislative and regulatory actions and reforms, regulatory, supervisory or enforcement actions of government agencies and governmental scrutiny relating to BlackRock; (14) changes in law and policy and uncertainty pending any such changes; (15) any failure to effectively manage conflicts of interest; (16) damage to BlackRock's reputation; (17) increasing focus from stakeholders regarding environmental and social-related matters; (18) geopolitical unrest, terrorist activities, civil or international hostilities, and other events outside BlackRock's control, including the Middle East conflicts, wars, global trade tensions, tariffs, natural disasters and health crises, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (19) climate-related risks to BlackRock's business, products, operations and clients; (20) the ability to attract, train and retain highly qualified professionals; (21) fluctuations in the carrying value of BlackRock's economic investments; (22) the impact of changes to tax legislation, including income, payroll and transaction taxes, and taxation on products, which could affect the value proposition to clients and, generally, the tax position of BlackRock; (23) BlackRock's success in negotiating distribution arrangements and maintaining distribution channels for its products; (24) the failure by key third-party providers to fulfill their obligations to BlackRock; (25) operational, technological and regulatory risks associated with BlackRock's major technology partnerships; (26) any disruption to the operations of third parties whose functions are integral to BlackRock's exchange-traded funds platform; (27) the impact of BlackRock electing to provide support to its products from time to time and any potential liabilities related to securities lending or other indemnification obligations; and (28) the impact of problems, instability or failure of other financial institutions or the failure or negative performance of products offered by other financial institutions.
BBC News
11-03-2025
- Business
- BBC News
Elm Tree Inn: Campaigners' offer to buy village pub accepted
Campaigners fighting to save a village pub say their offer to buy it has been in Langton Herring, Dorset, posted Gen Z-themed Tik Tok videos as part of their fundraising efforts to buy the Elm Tree Inn, which closed in November group has raised more than £500,000 and is still working to reach its £650,000 for prospective tenant landlords will be held in the coming weeks. A spokesperson said: "We are pleased to say that we have been able to make an offer for the freehold of the Elm Tree, and the current owner has accepted the offer, subject to contract."The campaign by Friends of the Elm Tree Inn earned worldwide support after its Gen Z-themed Tik Tok videos went videos saw residents adopt youth slang in a bid to get their message across to younger one clip, villager Hilary Warren urges viewers to "be an Elm Tree stan and help these boomers save their pub".The videos have clocked up millions of views and generated support and donations from as far afield as Brazil, Singapore, Australia and South Africa. You can follow BBC Dorset on Facebook, X (Twitter), or Instagram.
