The Mosaic Company (NYSE:MOS) Q4 2025 Earnings call February 25, 2026 11:00 AM ET Speaker1Good morning, and welcome to The Mosaic Company's fourth quarter and full year 2025 earnings conference call. At this time, all participants have been placed in a listen-only mode. After the company completes their prepared remarks, the lines will be open to take your questions. Please note, this conference is being recorded. Now I'll turn it over to Jason Tremblay.Speaker7Thank you. Welcome to our fourth quarter 2025 ...

LTC Properties (NYSE:LTC) Q4 2025 Earnings call February 25, 2026 11:00 AM ET Speaker9Welcome to the LTC Properties, Inc. fourth quarter 2025 earnings conference call and webcast. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. You may be placed in the question queue at any time by pressing star one on your telephone keypad. As a reminder, this conference is being recorded. If anyone should require operator assistance, please press s ...

Sun Communities (NYSE:SUI) Q4 2025 Earnings call February 25, 2026 11:00 AM ET Speaker12Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Sun Communities fourth quarter and year-end 2025 earnings conference call. At this time, management would like for me to inform you that certain statements made during this call, which are not historical facts, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the c ...

Pinnacle West Capital (NYSE:PNW) Q4 2025 Earnings call February 25, 2026 11:00 AM ET Speaker6Welcome to the Pinnacle West Capital Corporation 2025 fourth quarter earnings conference call. At this time, all participants are placed on a listen-only mode, and we'll open the floor for your questions and comments after the presentation. It is now my pleasure to hand the floor over to your host, Amanda Ho. Ma'am, the floor is yours.Speaker0Thank you, Matthew. I would like to thank everyone for participating in th ...

HNI (NYSE:HNI) Q4 2025 Earnings call February 25, 2026 11:00 AM ET Speaker4Hello. Thank you for standing by. My name is Bella. I will be your conference operator today. At this time, I would like to welcome everyone to HNI Corporation Fourth Quarter and Fiscal Year End 2025 conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star, then ...

Matador Resources Company (NYSE:MTDR) Q4 2025 Earnings call February 25, 2026 11:00 AM ET Speaker6Good morning, ladies and gentlemen, welcome to the fourth quarter and full year 2025 Matador Resources Company earnings conference call. My name is Marvin, and I'll be serving as the operator for today. At this time, all participants are in listen-only mode. We will facilitate a question-and-answer session at the end of the company's remark. As a reminder, this conference is being recorded for replay purposes, ...

TJX Companies (NYSE:TJX) Q4 2026 Earnings call February 25, 2026 11:00 AM ET Speaker8Ladies and gentlemen, thank you for standing by. Welcome to The TJX Companies' fourth quarter fiscal 2026 financial results conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. At that time, if you do have a question, you may press star one. As a reminder, this conference is being recorded February 25, 2026. I would like to turn the conference over ...

Dine Brands Global (NYSE:DIN) Q4 2025 Earnings call February 25, 2026 11:00 AM ET Speaker7Good day, thank you for standing by. Welcome to the Dine Brands fourth quarter and fiscal year 2025 conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during this session, you'll need to press star one one on your telephone. You will hear an automated message advising your hand is raised. To withdraw ...

Inter Parfums (NasdaqGS:IPAR) Q4 2025 Earnings call February 25, 2026 11:00 AM ET Speaker5Greetings, welcome to the Inter Parfums fourth quarter 2025 conference call and webcast. At this time, all participants are in a listen-only mode. A question and answer session will follow a formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Devin Su ...

Financial Data and Key Metrics Changes - Total investment income for Q4 2025 was $67 million, consistent with the prior quarter, as an increase in average portfolio size was offset by a decrease in total portfolio yields due to lower base rates and lower spreads [17] - Net investment income for Q4 was $24 million, or $0.33 per share on a GAAP basis, and $0.36 per share after adjustments [18] - The board declared a first-quarter 2026 dividend of $0.40 per share, with an estimated $0.74 per share of spillover income to support the dividend [18] Business Line Data and Key Metrics Changes - CGBD deployed over $1.2 billion and closed over $7 billion of commitments at the platform level in 2025, with Q4 being a record quarter for CGBD with over $400 million of investment fundings [9] - Total investments at CGBD increased from $2.4 billion to $2.5 billion during the quarter, while total investments at the MMCF joint venture increased to over $950 million [9] Market Data and Key Metrics Changes - CGBD's net asset value as of December 31 was $16.26 per share, down from $16.36 per share as of September 30 [10] - The company reported a total aggregate realized and unrealized net loss for the quarter of about $7 million, primarily due to unrealized markdowns on select underperforming investments [20] Company Strategy and Development Direction - The core investment strategy remains focused on stable, high-quality credits in the core and upper middle market, with an emphasis on enhancing origination capabilities [7][8] - The formation of a new joint venture, Structured Credit Partners (SCP), aims to increase diversification and portfolio yield at CGBD, focusing on investing in broadly syndicated first lien, senior secured loans [14][21] Management's Comments on Operating Environment and Future Outlook - Management expects earnings to trough in the first half of 2026 due to base rate cuts, with an anticipated increase in earnings thereafter as portfolios ramp up [19] - The company remains confident in the quality and stability of its portfolio despite market volatility, particularly in the software sector, which has shown strong performance metrics [10][12] Other Important Information - CGBD's software exposure as a percentage of the portfolio is below that of its peer group, with a strong track record of no defaults in software deals over the last five years [11] - The company has nearly exhausted its existing $200 million share repurchase program and has approved an increase to $300 million [19] Q&A Session Summary Question: Who will CGBD take market share from? - CGBD plans to take market share from the BSL market, other private credit funds, and banks, leveraging its strong credit culture and industry expertise [28][29] Question: What is driving borrowing demand? - The middle market provides a consistent flow of opportunities, with increased activity in sectors like industrials, aerospace, and healthcare contributing to strong pipeline flow [32][33] Question: Rationale for the SCP joint venture? - The SCP joint venture aims to maximize non-qualifying asset buckets and leverage the broader Carlyle network for strong expected returns based on a no-fee structure [35][36] Question: How significant is interest expense for borrowers? - Interest coverage ratios are improving, and borrowers are adopting more conservative leverage profiles, which is beneficial for overall credit quality [53][55] Question: Is share repurchase or new investment the best use of capital? - A balanced approach is being taken, with ongoing share repurchases while also investing in joint ventures that are expected to be accretive [58][60]