Financial Performance & Guidance - Q3 2025 Adjusted EBITDA was $68 million[6], which annualizes to a run rate of $272 million[6] - Q4 2025 Adjusted EBITDA guidance is $65-70 million[13] - Q1 2026 Adjusted EBITDA guidance is $70-75 million[13] - Power Solutions Adjusted EBITDA for Q3 2025 was $58 million[13], with Q4 2025 guidance of $56-60 million[13] - Logistics Solutions Adjusted EBITDA for Q3 2025 was $17 million[13], with Q4 2025 guidance of $18-20 million[13] Capital Expenditures & Debt - Consolidated Capex for Q3 2025 was $63 million[9] - Remaining consolidated capex spend reflects standalone SEI needs as JV has its own third-party financing[9] - Pro Forma Potential Gross Debt with Fully Deployed JV Capacity is approximately $1403 million[6, 15] - Net to SEI Debt with Convertible Notes considered as Debt is approximately $1153 million[6, 15] - Net to SEI Debt with Convertible Notes considered as Shares is approximately $250 million[6, 15] Fleet & Capacity - Pro Forma Adjusted EBITDA at 2200 MW Operated is projected at $575-625 million Net SEI and $700-750 million Consolidated SEI[6] - The company expects to grow to a 2200 MW operated fleet by early 2028[9]

Core Viewpoint - Sintana Energy, Inc. has reached a significant milestone in its proposed all-share acquisition of Challenger Energy Group plc, with a Scheme Document published for Challenger shareholders [1] Transaction Rationale - The acquisition is driven by three main factors: diversification, exposure to emerging high-impact geographies, and the opportunity to strengthen existing partnerships [4] - Diversification is crucial as Sintana has significant exposure to Namibia, and the acquisition will help mitigate risks associated with being singularly focused on one environment [5] - The acquisition provides access to Uruguay's offshore licenses, which have seen increased interest from major players like Shell and Chevron, indicating potential for significant geological and commercial outcomes [6] - The partnership with Chevron is expected to expand, enhancing opportunities for collaboration in both Namibia and Uruguay [7] - The transaction uniquely allows Sintana to diversify its portfolio while deepening its relationship with a major industry player [8] Management of Conflicts - Sintana's board has taken proactive measures to ensure independence in the acquisition process, including forming a special committee of disinterested directors [10][11] - External counsel from both the UK and Canada has been involved to oversee the process and ensure compliance with regulatory requirements [10][11] Shareholder Interests - Charlestown holds approximately 21 million shares of Sintana, representing about 5.7% of the outstanding shares, along with additional options and warrants [12] - The total value of Charlestown's positions in Sintana is estimated at around C$15 million based on recent share prices [12] - Charlestown has also committed a US$4 million working capital facility to support the combined entity's liquidity needs [13] Regulatory Compliance - Sintana is navigating Canadian securities regulations regarding shareholder votes, with a detailed analysis conducted to ensure compliance with Multilateral Instrument 61-101 [15] - The company is committed to adhering to all relevant regulatory requirements throughout the transaction process [16]

Financial Performance - Third quarter 2025 revenue reached $167 million, a 12% increase sequentially from the second quarter 2025[4] - Net income for the third quarter 2025 was $25 million, translating to $0.31 per diluted Class A common share[4] - Total Adjusted EBITDA for the third quarter 2025 was $68 million, also a 12% sequential increase from the second quarter 2025[4] - Total revenues for the three months ended September 30, 2025, were $166,843,000, a significant increase from $75,018,000 in the same period of 2024, representing a growth of 122%[22] - Adjusted EBITDA for the three months ended September 30, 2025, was $67,961,000, compared to $22,231,000 for the same period in 2024, reflecting an increase of 205%[30] - The company reported a net income of $24,814,000 for the three months ended September 30, 2025, compared to a net loss of $2,210,000 in the same period of 2024[30] - Net income attributable to Solaris for the three months ended September 30, 2025, was $14.55 million, compared to a net loss of $0.968 million for the same period in 2024[38] - Adjusted pro forma net income for the nine months ended September 30, 2025, was $60.625 million, significantly up from $17.381 million in 2024, reflecting a growth of approximately 248%[38] - Adjusted pro forma earnings per share (diluted) for the three months ended September 30, 2025, was $0.32, compared to $0.08 in the same period of 2024, indicating a 300% increase[38] Segment Performance - Third quarter 2025 revenue for the Power Solutions segment was $105 million, a 39% sequential increase from the second quarter 2025[8] - Segment Adjusted EBITDA for the Power Solutions segment was $58 million, a 27% increase from the second quarter 2025[8] - Solaris Power Solutions segment generated revenues of $104,939,000 for the three months ended September 30, 2025, up from $4,739,000 in the same period of 2024[22] - Solaris Logistics Solutions segment reported revenues of $61,904,000 for the three months ended September 30, 2025, compared to $70,279,000 in the previous quarter, indicating a decrease of 12%[22] Capital and Investments - The company increased its fourth quarter 2025 Total Adjusted EBITDA guidance to $65-70 million, up from the previous guidance of $58-63 million[4] - Solaris ordered approximately 500 MW of additional generation capacity, expecting consolidated pro forma capacity to reach about 2,200 MW by early 2028[4] - In October 2025, Solaris issued approximately $748 million of 0.25% senior convertible notes due 2031 to enhance financial flexibility and fund growth[4] - Capital expenditures for Solaris Power Solutions were $61,205,000 for the three months ended September 30, 2025, compared to $55,957,000 in the same period of 2024, an increase of 9%[22] - The company plans to continue expanding its market presence through strategic acquisitions and investments in new technologies[20] Debt and Cash Position - Cash and cash equivalents attributable to Solaris as of September 30, 2025, were $106,704,000, down from $114,255,000 as of December 31, 2024[33] - Total consolidated debt and convertible notes attributable to Solaris increased to $532,274,000 as of September 30, 2025, from $315,730,000 as of December 31, 2024[33] Corporate Actions - The acquisition of HVMVLV was completed in the third quarter, enhancing capabilities in voltage distribution and regulation equipment[4] - The board approved a fourth quarter 2025 dividend of $0.12 per share, marking Solaris' 29th consecutive dividend[4] Shareholder Information - The diluted weighted average shares of Class A common stock outstanding increased to 43.77 million for the three months ended September 30, 2025, from 28.38 million in 2024[38] - The total number of potentially dilutive shares increased to 30.831 million for the three months ended September 30, 2025, compared to 19.903 million in the same period of 2024[38] Tax and Other Expenses - Incremental income tax expense for the three months ended September 30, 2025, was $(5.646) million, compared to $(1.102) million in the same period of 2024[38] - The company recognized a change in tax receivable agreement liability of $3.024 million for the nine months ended September 30, 2025[38] - Transaction and acquisition costs for the three months ended September 30, 2025, were $0.278 million, down from $3.065 million in the previous quarter[38] - The company incurred a loss on extinguishment of debt of $4.085 million during the three months ended June 30, 2025[38] - The net loss attributable to Stateline non-controlling interest was $2.432 million for the three months ended September 30, 2025[38]

Core Points - Sintana Energy Inc. is acquiring Challenger Energy Group plc through a Court-sanctioned scheme of arrangement under the Isle of Man Companies Act 1931 [1] - The Scheme Document has been published, detailing the terms and conditions of the acquisition, including a timetable of principal events [3][4] - The Independent Challenger Directors have recommended that shareholders vote in favor of the Scheme, with irrevocable undertakings for approximately 7.25% of Challenger's ordinary share capital [7] Acquisition Details - The acquisition will be implemented via a Court-sanctioned scheme, requiring majorities at both the Court Meeting and General Meeting [5][14] - The Court Meeting is scheduled for 26 November 2025 at 12:00 p.m., followed by the General Meeting at 12:15 p.m. [5] - Gneiss Energy has advised that the terms of the Acquisition are fair and reasonable [6][8] Shareholder Actions - Shareholders are required to vote in favor of the resolution at the Court Meeting and the Special Resolution at the General Meeting [9] - Hard copies of the Scheme Document and Forms of Proxy are being sent to Challenger Shareholders [4] Timetable of Events - Key dates include the publication of the Scheme Document on 3 November 2025 and the last day of dealings in Challenger Shares on 10 December 2025 [31][16] - The Effective Date of the Scheme is expected to be 11 December 2025, with the admission of New Sintana Shares on 24 December 2025 [33][31] Legal and Advisory Information - Clyde & Co LLP and SW Legal Limited are acting as legal advisers to Challenger, while Pinsent Masons LLP and Fogler Rubinoff LLP are advising Sintana [19] - Pareto has been engaged as the independent financial adviser for Sintana's Special Committee [12]

Core Insights - SEI has launched a streamlined implementation model and scalable platform specifically designed for community banks and trust companies managing less than $1 billion in assets, with Clermont Trust USA being the first to utilize this platform [1][3]. Company Overview - SEI (NASDAQ:SEIC) is a leading global provider of financial technology, operations, and asset management services, focusing on helping clients effectively deploy their capital [6][7]. - As of September 30, 2025, SEI manages, advises, or administers approximately $1.8 trillion in assets [7]. Strategic Partnership - Clermont Trust USA aims to deliver customized trust and advice solutions, leveraging SEI's Wealth Platform to enhance operational efficiency and client service [2][3]. - The partnership emphasizes the need for scalable, integrated solutions to address complex wealth management challenges [2][4]. Platform Features - The SEI Wealth Platform offers a comprehensive suite of services, including advanced reporting and analytics tools, business process outsourcing, and access to SEI's asset management offerings [3][6]. - The platform is designed for quick implementation, allowing firms to enhance technology and user experience with minimal disruption [3][5]. Market Context - SEI has been serving trust companies and community banks for over 55 years, recognizing the challenges they face in a competitive wealth management landscape [4]. - The new model aims to reduce costs and improve access to modern solutions, addressing the limitations posed by high technology costs and complex implementations [4][5].

Core Insights - SEI Investments Company has approved an increase in its stock repurchase program by an additional $650 million, raising the total authorization to approximately $773.2 million, which includes $123.2 million remaining as of October 20, 2025 [1] Company Overview - SEI (NASDAQ: SEIC) is a prominent global provider of financial technology, operations, and asset management services within the financial services industry, managing, advising, or administering approximately $1.8 trillion in assets as of September 30, 2025 [2]

Core Insights - SEI Investments Company reported strong financial results for Q3 2025, with EPS increasing by 9% year-over-year, and revenue and operating income growing by 8% and 11%, respectively, leading to an operating margin of 28% [1][6]. Financial Performance - Revenues for Q3 2025 reached $578.5 million, up from $537.4 million in Q3 2024, marking an 8% increase [1][10]. - Operating income rose to $160.0 million, an 11% increase from $143.8 million in the same quarter last year [1][10]. - Net income attributable to SEI Investments was $164.2 million, a 6% increase from $154.9 million in Q3 2024 [1][10]. - Diluted earnings per share (EPS) for Q3 2025 were $1.30, compared to $1.19 in Q3 2024, reflecting a 9% increase [1][10]. Business Segment Performance - **Investment Managers**: Revenues increased by 12% to $207.1 million, with operating profit rising by 15% to $81.1 million, maintaining an operating margin of 39% [2][3]. - **Private Banks**: Revenues grew by 4% to $144.0 million, but operating profit declined by 2% to $23.2 million, resulting in a 16% operating margin [2][3]. - **Investment Advisors**: Revenues surged by 16% to $147.5 million, with operating profit increasing by 21% to $68.3 million, achieving a 46% operating margin [2][3]. - **Institutional Investors**: Revenues remained flat at $71.8 million, with operating profit also stable at $33.8 million, maintaining a 47% operating margin [2][3]. Sales and Market Activity - SEI achieved record net sales events totaling $30.5 million for Q3 2025, bringing the year-to-date total to $106.3 million [6][4]. - The growth in sales was primarily driven by strong demand in the Investment Managers segment, particularly in outsourcing and client expansions [6][4]. Asset Management - Assets under administration increased by 7%, while assets under management rose by 5% from Q2 to Q3 2025 [6][4]. - The majority of growth in assets under administration was attributed to alternatives, which do not benefit from market appreciation [6][4]. Shareholder Returns - SEI repurchased 1.6 million shares for $141.6 million during Q3 2025, with an average price of $90.02 per share, totaling 9.3 million shares repurchased over the trailing 12 months [6][4].

Core Viewpoint - Sintana Energy Inc. is progressing with its acquisition of Challenger Energy Group PLC through an all-share transaction, with significant shareholder support and upcoming court meetings to facilitate the process [1][6][8]. Acquisition Details - Sintana intends to acquire all issued and to be issued ordinary shares of Challenger Energy Group PLC [1]. - The Board of Challenger has filed a Claim Form in the Isle of Man High Court to convene a Court Meeting on November 26, 2025, for shareholders to consider the proposed acquisition [2][3]. - A hearing for the Claim is scheduled for October 29, 2025, with a subsequent hearing for sanctioning the Scheme expected on December 9, 2025 [4]. Shareholder Support - Independent directors of Challenger recommend that shareholders vote in favor of the acquisition, with irrevocable commitments from certain shareholders representing approximately 34.2% of Challenger's issued ordinary share capital as of October 8, 2025 [6]. Regulatory and Approval Process - The completion of the acquisition is contingent upon customary regulatory, stock exchange, and shareholder approvals, anticipated to close by the end of Q4 2025 [8]. Company Background - Sintana Energy is engaged in petroleum and natural gas exploration and development in Namibia and Colombia, focusing on acquiring and developing high-potential assets [9].

Core Insights - Solaris Energy Infrastructure, Inc. (NYSE:SEI) experienced a significant share price increase of 14.21% from October 10 to October 17, 2025, ranking among the top gaining energy stocks for the week [1] - The company specializes in designing and manufacturing equipment for oil and natural gas operators in the United States [2] - An analyst update from Citi on October 13 raised the stock's price target from $38 to $56 while maintaining a 'Buy' rating, citing the doubling of the company's power capacity and potential for further growth [3] - The appointment of Amanda Brock as co-CEO, effective October 16, marks a significant leadership change within the company, bringing in expertise from the oil, gas, and water sectors [4]

Core Points - Sintana Energy Inc. has filed Forms 51-101F1 and 51-101F3 as of September 30, 2025, following a continuous disclosure review by the Ontario Securities Commission (OSC) [1] - The company will be placed on the OSC's public list of Refiling and Errors for a period of three years due to the corrective disclosure [2] - Sintana is engaged in petroleum and natural gas exploration and development activities in Namibia and Colombia's Magdalena Basin [3]