Financial Data and Key Metrics Changes - For Q4 2025, the company reported a GAAP net loss of $32 million or $0.49 per share, with a book value of $13.04 as of December 31 [3] - Distributable earnings were $14 million or $0.22 per share, and a cash dividend of $0.25 was paid for Q4 [3] Business Line Data and Key Metrics Changes - New originations in Q4 totaled $424 million, surpassing repayments of $380 million, indicating a positive trend in loan origination [8] - Over 75% of new originations during the year were concentrated in multifamily and industrial loans, sectors with resilient fundamentals [5] Market Data and Key Metrics Changes - The company ended the year with over $880 million in liquidity, including $85 million in cash and $700 million in undrawn capacity on the corporate revolver [9] - Total financing capacity was $8.2 billion, with a debt-to-equity ratio of 2.2 times and a total leverage ratio of 3.9 times, consistent with target ranges [9] Company Strategy and Development Direction - The company aims to strengthen its liquidity position and has closed a $650 million Term Loan B, reducing the coupon to SOFR plus 250 basis points [4] - A focus on geographic diversification was highlighted, with the first loan in Europe closed, positioning the company to capitalize on relative value across the U.S. and Europe [5] - The company plans to implement an aggressive resolution strategy for watchlist assets and select office assets to compress the discount of stock price to book value [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market improving and highlighted the importance of executing business plans to unlock value in the REO portfolio [6][7] - The dividend policy is under active evaluation as part of broader capital allocation discussions, balancing near-term earnings visibility with long-term shareholder value [7] Other Important Information - The company downgraded certain loans to risk rating 5, resulting in total incremental CECL provisions of $44 million during the quarter [8] - The weighted average risk rating on the portfolio is 3.2, indicating a moderate level of risk across the loan portfolio [9] Q&A Session All Questions and Answers Question: Discussion on accelerating resolutions on watchlist and REO assets - Management acknowledged progress on REO and emphasized the goal of liquidating assets to create a cleaner portfolio, which could lead to better market recognition [12][14] Question: What does success look like by the end of 2026? - Success is defined as monetizing or liquidating the majority of the watchlist and addressing office portfolio issues, with a focus on clarity and resolution [16][18] Question: Concerns about loans that are under-earning in 2026 - Management indicated that while some assets are underperforming, contractual payments are being made, and there is potential upside from resolving REO assets [25][27] Question: Dividend policy and financial analysis - Management confirmed that dividend decisions will be based on empirical financial analysis rather than market sentiment [28][29] Question: Insights on commercial real estate credit demand - Management noted increased allocations to real estate credit and equity, with a shift towards opportunistic and value-add investments [48][50] Question: Impact of rate cuts on REO assets - Management observed that rate cuts are helping liquidity in the market, although the overall sentiment for real estate remains positive [54][55] Question: View on the office sector and attractive loan characteristics - Management emphasized a high bar for office loans, focusing on newer, high-quality assets with stable cash flows [58][59] Question: Expectations for originations and repayments - Management indicated that originations will align with repayments as they execute their resolution strategy, with REO sales potentially increasing portfolio size [60][61]

Financial Data and Key Metrics Changes - Voya Financial reported over $1 billion of pre-tax adjusted operating earnings for the full year 2025, which is $168 million higher than the previous year, and increased earnings per share by 22% to $8.85 [17][28] - The company generated $775 million of excess cash, exceeding its target, with approximately $175 million generated in the fourth quarter [17][28] - Adjusted return on equity expanded by over 200 basis points to 18.6% [28] Business Line Data and Key Metrics Changes - In the retirement segment, adjusted operating earnings reached nearly $1 billion, a 17% increase from 2024, with defined contribution net flows surpassing $28 billion, the highest in Voya's history [18][20] - Investment management achieved record net revenues exceeding $1 billion, with 4.8% organic growth, significantly above the long-term target [13][22] - Employee benefits saw adjusted operating earnings improve to $152 million from $40 million in the prior year, driven by improvements in Stop Loss [24][28] Market Data and Key Metrics Changes - Combined retirement and investment management assets surpassed $1 trillion, reflecting the scale and integrated business model of Voya [7][8] - The company reported a record $360 billion in assets under management (AUM) due to strong net flows [14] Company Strategy and Development Direction - Voya's strategic priorities for 2026 include growing excess cash generation, maintaining balance sheet strength, driving commercial momentum in retirement and investment management, and improving margins in employee benefits [32][33] - The integration of OneAmerica exceeded financial targets and expanded client capabilities, contributing to the growth strategy [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate excess capital in 2026, supported by strong performance across all business segments [30][63] - The company anticipates continued strong defined contribution net inflows and margin expansion in employee benefits, particularly in Stop Loss [21][24] Other Important Information - The company plans to repurchase $150 million of shares in the first quarter of 2026, with similar plans for the second quarter, subject to macro conditions [30] - Voya is actively assessing opportunities for mergers and acquisitions in the retirement space while maintaining a high bar for such activities [95] Q&A Session Summary Question: Details on Stop Loss reserves - Management indicated that the reserve increase was due to a wider range of outcomes in claims experience, particularly related to cancer and high-cost therapies [35][82] Question: Future pricing for Stop Loss - Management believes the 24% rate increase for January 2026 is sufficient, given the current demand and supply dynamics in the market [40][41] Question: Outlook for retirement business growth - The company expects strong organic growth in retirement, building on the $28 billion in net flows from 2025 and a participant base of approximately 10 million [91][92] Question: Strategic rationale for Stop Loss - Management highlighted the importance of Stop Loss in controlling volatile medical expenses for self-insured employers, which complements other offerings in the employee benefits portfolio [75][78] Question: AI opportunities and risks - Management sees AI as an opportunity to improve client experience and operational efficiency, while also being aware of potential disintermediation risks [106][107]

Eli Lilly and Company (NYSE:LLY) Q4 2025 Earnings call February 04, 2026 10:00 AM ET Company ParticipantsAdrienne Brown - President of Lilly ImmunologyAkash Tewari - Global Head of Biopharmaceutical ResearchDan Skovronsky - Chief Scientific and Product OfficerDave Ricks - Chair and CEOEvan Seigerman - Managing Director and Head of Healthcare ResearchIlya Yuffa - President of Lilly USA and Global Customer CapabilitiesKen Custer - President of Lilly Cardiometabolic HealthLucas Montarce - CFOMichael Yee - Glob ...

Eli Lilly and Company (NYSE:LLY) Q4 2025 Earnings call February 04, 2026 10:00 AM ET Company ParticipantsAdrienne Brown - President of Lilly ImmunologyDan Skovronsky - Chief Scientific and Product OfficerDave Ricks - Chair and CEOIlya Yuffa - President of Lilly USA and Global Customer CapabilitiesKen Custer - President of Lilly Cardiometabolic HealthLucas Montarce - CFOMike Czapar - SVP of Investor RelationsPatrik Jonsson - President of Lilly InternationalConference Call ParticipantsAsad Haider - Stock Anal ...

KKR Real Estate Finance Trust (NYSE:KREF) Q4 2025 Earnings call February 04, 2026 10:00 AM ET Company ParticipantsJack Switala - Head of Investor RelationsMatt Salem - CEOPatrick Mattson - President and COOThomas Catherwood - Managing DirectorConference Call ParticipantsChristopher Muller - AnalystGabriel Poggi - AnalystJade Rahmani - AnalystRichard Shane - AnalystOperatorGood morning and welcome to the KKR Real Estate Finance Trust Incorporated 4th Quarter 2025 Financial Results Conference Call. All partic ...

Financial Data and Key Metrics Changes - The total shares present at the meeting were over 80 million, representing more than 50% of the company's outstanding common stock [2][3] - All nominees for election to the board of directors received a majority vote, indicating strong shareholder support [8] Business Line Data and Key Metrics Changes - The proposals for amendments to the company's articles of incorporation were approved by more than two-thirds of the outstanding shares entitled to vote, reflecting a consensus on governance changes [9] Market Data and Key Metrics Changes - No specific market data or key metrics were discussed in the provided content Company Strategy and Development Direction - The company is focused on governance improvements, as evidenced by multiple proposals to amend articles of incorporation, including increasing the number of authorized shares and clarifying indemnification provisions [5][9] Management Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook in the provided content Other Important Information - The independent auditor for the meeting was Ernst & Young, indicating a commitment to transparency and accountability [4] - The meeting included a non-binding advisory vote on executive compensation, known as Say-on-Pay, which was approved by a majority [8] Q&A Session Summary - No shareholder questions were submitted prior to the meeting, and therefore no Q&A session occurred [1]

The Hanover Insurance Group (NYSE:THG) Q4 2025 Earnings call February 04, 2026 10:00 AM ET Company ParticipantsBryan Salvatore - President of Specialty LinesDick Lavey - COO and President of Agency MarketsJack Roche - President and CEOJeff Farber - CFOMeyer Shields - MDOksana Lukasheva - Head of Investor RelationsConference Call ParticipantsDaniel Lee - AnalystMichael Phillips - MD and Senior AnalystMike Zaremski - MD and Senior Equity Research AnalystPaul Newsome - MD and Senior Research AnalystRoland Meye ...

Financial Data and Key Metrics Changes - Old Dominion's revenue for Q4 2025 was $1.31 billion, a 5.7% decrease from the prior year, driven by a 10.7% decrease in LTL tons per day, partially offset by a 5.6% increase in LTL revenue per hundredweight [11][12] - The operating ratio increased to 76.7% for Q4 2025, reflecting a 80 basis points increase compared to the previous quarter [13][14] - Cash flow from operations totaled $310.2 million for Q4 and $1.4 billion for the year, with capital expenditures of $45.7 million for Q4 and $415 million for the year [15][16] Business Line Data and Key Metrics Changes - LTL revenue per hundredweight, excluding fuel surcharges, increased by 4.9% compared to Q4 2024 [11] - The company maintained a disciplined approach to yield management, which helped offset cost inflation over the long term [8] Market Data and Key Metrics Changes - The company reported a 99% on-time service rate and a cargo claims ratio of 0.1% in Q4, indicating strong service performance [7] - The average weight per shipment increased from 1,450 lbs in September to 1,520 lbs in December, suggesting positive trends in demand [20][21] Company Strategy and Development Direction - Old Dominion is focused on delivering superior service at a fair price, which has helped the company gain market share over the long term [7] - The company plans to continue investing in capacity, technology, and personnel to support future growth, despite short-term increases in overhead costs [8][9] - Management expressed confidence in the company's ability to capitalize on improving economic conditions and generate profitable revenue growth [10] Management's Comments on Operating Environment and Future Outlook - Management is cautiously optimistic about a potential recovery in demand within the industry as they begin 2026 [9][10] - The company has seen positive signs in demand trends and anticipates that the ISM index could indicate improving volumes in the coming months [19] - Management emphasized the importance of maintaining a disciplined approach to yield management and cost control to navigate the current economic environment [30][31] Other Important Information - The effective tax rate for Q4 2025 was 24.8%, up from 21.5% in Q4 2024, with an expected rate of 25.0% for Q1 2026 [16] - The board approved a quarterly cash dividend of $0.29 per share for Q1 2026, representing a 3.6% increase from the previous year [15] Q&A Session Summary Question: Demand outlook and customer feedback - Management noted positive signs in demand and an increase in weight per shipment, indicating potential volume recovery [19][20] Question: Operating ratio and revenue expectations for Q1 - Management expects revenue for Q1 to be between $1.25 billion and $1.3 billion, with an anticipated increase in operating ratio of about 150 basis points [25][26] Question: Factors driving average shipment weight increase - The increase in average shipment weight is attributed to improved performance from both contract and smaller customers, alongside changes in the truckload market [30] Question: Impact of headcount and cost management - Management indicated that headcount reductions were anticipated and that they are prepared to flex hours to meet increased demand as it arises [44] Question: Capital expenditures and fleet management - The company plans to maintain a lower capital expenditure relative to revenue, focusing on right-sizing the fleet and managing costs effectively [50][51] Question: Competitive dynamics in the industry - Management expressed confidence in their ability to outperform competitors due to their asset ownership and capacity management strategies [95][96]

Financial Data and Key Metrics Changes - Old Dominion's revenue for Q4 2025 was $1.31 billion, a 5.7% decrease from the previous year, driven by a 10.7% decrease in LTL tons per day, partially offset by a 5.6% increase in LTL revenue per hundredweight [11][12] - The operating ratio increased to 76.7%, reflecting a 80 basis points rise compared to the previous quarter [13][14] - Cash flow from operations totaled $310.2 million for Q4 and $1.4 billion for the year, with capital expenditures of $45.7 million for Q4 and $415 million for the year [15][16] Business Line Data and Key Metrics Changes - LTL revenue per hundredweight, excluding fuel surcharges, increased by 4.9% compared to Q4 2024 [11] - Direct operating costs as a percentage of revenue remained consistent at 53%, despite a decline in network density [14] Market Data and Key Metrics Changes - The company reported a 99% on-time service rate and a cargo claims ratio of 0.1% in Q4, indicating strong service performance [7] - The average weight per shipment increased from 1,450 pounds in September to 1,520 pounds in December, suggesting a positive trend in shipment quality [20][21] Company Strategy and Development Direction - The company is focused on maintaining a disciplined approach to yield management to offset cost inflation while investing in capacity, technology, and personnel [8] - Old Dominion aims to leverage its superior service standards and increased network capacity to capture market share as the economy improves [10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about a potential recovery in demand within the industry, supported by positive trends in weight per shipment and ISM data [19][21] - The company anticipates revenue for Q1 2026 to be between $1.25 billion and $1.3 billion, with an expected increase in operating ratio of about 150 basis points [25][26] Other Important Information - The effective tax rate for Q4 2025 was 24.8%, up from 21.5% in Q4 2024, with an expected rate of 25.0% for Q1 2026 [16] - The board approved a quarterly cash dividend of $0.29 per share for Q1 2026, a 3.6% increase from the previous year [15] Q&A Session Summary Question: Insights on demand and customer feedback - Management noted positive signs in demand, particularly an increase in weight per shipment, which is a key indicator of recovery [19][20] Question: Operating ratio and revenue expectations for Q1 - Revenue per day is expected to improve, with a target operating ratio increase of about 150 basis points [25][26] Question: Drivers behind average shipment weight increase - The increase in average shipment weight is attributed to improved performance from both contract and smaller customers, indicating a normalization in the truckload market [30] Question: Impact of truckload market on LTL - Management indicated that the truckload market's capacity rationalization could lead to a return of volumes to LTL as demand improves [38] Question: Employee headcount and cost management - The company is managing headcount in line with shipment volumes, anticipating that employee hours will increase as demand recovers [44] Question: Capital expenditures and fleet management - Capital expenditures are lower due to the current volume environment, but the company is prepared for growth with a well-managed fleet [49][51] Question: Competitive dynamics in the industry - Old Dominion remains confident in its competitive position, citing a structural advantage in capacity and service center ownership [95][96]

Brookfield Asset Management (NYSE:BAM) Q4 2025 Earnings call February 04, 2026 10:00 AM ET Speaker4Welcome to the Brookfield Asset Management fourth quarter 2025 earnings 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 then hear an automated message advising your hand is raised. To withdraw your question, please pr ...