Financial Data and Key Metrics Changes - DXP sales grew 11.9% to $2 billion in fiscal 2025, with gross profit margins expanding 67 basis points to 31.5% [5][12] - Adjusted EBITDA reached a record $225.3 million, with an 11.2% margin, marking the first year of sustained 11%+ adjusted EBITDA margins [16][27] - Operating income increased 21.7% year-over-year to $176.9 million, and diluted earnings per share improved to $5.37, up from $4.22 in fiscal 2024 [5][27] Business Line Data and Key Metrics Changes - Innovative Pumping Solutions (IPS) sales grew 26.4% year-over-year to $390.3 million, driven by strength in energy and water-related project activity [9][19] - Service Centers delivered 11% total sales growth, including 9.8% organic growth, supported by diverse end markets [11][19] - Supply Chain Services experienced a modest decline of 1.4% year-over-year due to reduced activity at certain energy-related sites [12][22] Market Data and Key Metrics Changes - Energy represented 22% of DXP sales, followed by water and wastewater at 15%, general industry at 15%, chemical at 10%, and food and beverage at 7% [6][12] - Geographic regions with notable sales growth included Ohio River Valley, Southeast, Texas Gulf Coast, and California [12][21] Company Strategy and Development Direction - The company focuses on diversification of end market exposure while building scale in markets with a strong competitive position [6][14] - DXP completed 6 acquisitions in 2025, strengthening capabilities and expanding reach, while also executing a share repurchase program returning $17 million to shareholders [9][35] - The company aims to maintain margin discipline while driving organic growth and executing strategic acquisitions [14][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand across energy, water, and industrial markets, while remaining mindful of inflation dynamics and supply chain variability [14][30] - The company anticipates continued growth in 2026, with a focus on maintaining operational efficiency and leveraging recent acquisitions [14][30] Other Important Information - DXP generated $94.3 million in cash from operating activities, translating into $54 million of free cash flow during fiscal 2025 [13][32] - The company successfully refinanced its debt, improving flexibility and positioning for growth and acquisitions [9][30] Q&A Session Summary Question: Can you share daily sales trends by month for Q4 and Q1 thus far? - In Q4, daily sales were $7.5 million in October, $8.2 million in November, and $9.8 million in December, averaging $8.5 million per day [37] - January's daily sales were $6.9 million, typically the slowest month of the year [38] Question: Will there be a meaningful margin difference comparing Q4 with Q1? - Management indicated that water continues to be accretive to margins, and recent acquisitions should positively impact Q1 margins [40] Question: What are the positive dynamics developing in energy for the second half of the year? - Management noted a decline in Q4 energy-related backlog but observed increased quoting activity, suggesting potential for back-end weighted growth in 2026 [46][47]

Financial Data and Key Metrics Changes - In 2025, the company generated a GAAP return on equity of negative 0.7% and a total return on common stock of negative 15.2%, assuming reinvestment of distributions [5] - The company paid $1.98 per share in cash distributions, representing 15% of the average stock price during the year [5] - The net investment income for the fourth quarter was $0.35 per share, down from $0.39 per share in the prior quarter [7] - The GAAP net loss for the fourth quarter was $15 million or $0.60 per share, compared to a GAAP net income of $0.43 per share in the third quarter [18] Business Line Data and Key Metrics Changes - Paydowns within the CLO debt portfolio totaled $147 million during 2025, contributing to early repayments [5] - The company participated in 10 resets and 6 refinancings across its CLO equity portfolio, resulting in average CLO debt cost savings of 46 basis points [6] - Recurring cash flows for the fourth quarter totaled $19 million or $0.79 per share, an 18% increase quarter-over-quarter [8] Market Data and Key Metrics Changes - The trailing twelve-month default rate decreased from 1.5% at the end of September to 1.2% as of December 31st, below the long-term average of 2.6% [14] - CLO new issuance rose to $55 billion in the fourth quarter, totaling $209 billion for 2025, surpassing the previous year's record [15] - The S&P UBS Leveraged Loan Index posted a 1.2% return for the fourth quarter and a 5.9% return for the entirety of 2025 [13] Company Strategy and Development Direction - The company actively managed its portfolio, seeking opportunities across CLO debt and equity, as well as other asset classes beyond CLOs [4] - The company plans to continue its share repurchase program, viewing its stock as undervalued and an attractive use of capital [11] - The management believes the current market environment represents a compelling opportunity for patient, well-capitalized investors [24] Management's Comments on Operating Environment and Future Outlook - Management noted that the CLO market faced challenging conditions, with reduced SOFR levels impacting CLO debt investment income and ongoing loan spread compression affecting CLO equity [4] - The company remains constructive on CLO market fundamentals, with a robust pipeline of refinancings and resets expected to lower liability costs [24] - Management emphasized the importance of active portfolio management amid dynamic market conditions, focusing on relative value and disciplined capital allocation [22] Other Important Information - The company's NAV decreased to $13.31 per share as of December 31st, down from $14.21 per share at the end of September [8] - The company completed the full redemption of its 7.75% Series B Term Preferred Stock and announced plans to redeem the 8% Series C Term Preferred Stock [10] Q&A Session Summary Question: Follow-up on realized losses due to underperforming managers - Management indicated that underperforming collateral managers faced credit issues and loan spread compression, leading to a rotation into better-performing CLOs and other asset classes [26][28] Question: Source of funds for redeeming Series C Term Preferred Stock - Management confirmed that the redemption would be funded through a combination of cash on hand and the new revolving credit facility [29] Question: Non-recurring items in earnings - Management stated there were no non-recurring items in the earnings for the quarter [35] Question: Expectation of balance sheet investment portfolio shrinkage - Management clarified that while redeeming preferred stock, they have been opportunistically buying back stock and do not expect a significant shrinkage in the investment portfolio [36] Question: Focus on alternative credit assets - Management explained that investments in alternative credit assets are made across the Eagle Point platform, with dedicated teams focusing on these opportunities [37][39]

Essential Utilities (NYSE:WTRG) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsBrian Dingerdissen - VP of Financial Planning and Analysis, Treasury, and Investor RelationsChristopher Franklin - Chairman and CEODaniel Schuller - EVP and CFOConference Call ParticipantsPaul Zimbardo - Managing Director and Research AnalystTravis Miller - Senior Equity AnalystOperatorStanding by. My name is Jericho, and I'll be your conference operator today. At this time, I would like to welcome everyo ...

Chord Energy (NasdaqGS:CHRD) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsBob Bakanauskas - VP of Investor RelationsCarlos Escalante - Senior AssociateDanny Brown - CEODarrin Henke - EVP and Chief Operating OfficerDerrick Whitfield - Managing DirectorNoel Parks - Managing Director and Energy ResearchOliver Huang - Director and E&P Research HoustonConference Call ParticipantsNeal Dingmann - Energy AnalystNicholas Pope - Managing Director and Senior Research AnalystNoah Hungness - E ...

Financial Data and Key Metrics Changes - For Q4 2025, the company recorded revenue of $117 million and net income attributable to common stockholders of $37.2 million [14] - AFFO was $48.5 million, or $0.22 per share for Q4 2025, and $0.99 per share for the full year, exceeding the revised guidance range of $0.95-$0.97 [14][18] - The outstanding debt balance was $2.6 billion at the end of 2025, a reduction of $2.1 billion from the end of 2024, with a Net Debt to Adjusted EBITDA ratio of 6.7x [15][16] Business Line Data and Key Metrics Changes - The company executed a $1.8 billion multi-tenant retail portfolio sale, which was a significant milestone in its disposition program, contributing to a total of approximately $3.4 billion in asset sales [5][6] - The sale of the McLaren Campus generated approximately $108 million of value above its original acquisition price, increasing the proportion of investment-grade tenants among the top 10 tenants to 80% [6][7] - The portfolio's occupancy stood at 97%, with a weighted average remaining lease term of 6.1 years, and 66% of tenants had an investment-grade or implied investment-grade rating [10] Market Data and Key Metrics Changes - The company noted a strong performance in leasing, executing leases on more than 3.7 million sq ft during 2025, achieving renewal spreads of approximately 12% above expiring rents [11] - The average annual contractual rental increase was 1.4%, excluding the impact of 19.6% of the portfolio with CPI-linked leases that historically experienced higher increases [11] Company Strategy and Development Direction - The company is evolving from a strategy focused on deleveraging and dispositions to one centered on the accretive recycling of capital, with a focus on selective asset sales and redeploying proceeds into single-tenant, industrial, and retail acquisitions [9][21] - The management emphasized the importance of maintaining a disciplined approach to capital allocation, balancing share repurchases with strategic acquisitions [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for future growth, highlighting a clear path to earnings growth driven by disciplined capital recycling and continued deleveraging [20] - The company is currently evaluating multiple redeployment opportunities that can be funded within its existing capital framework [10][19] Other Important Information - The company repurchased 17.2 million shares for a total of $135.9 million at a weighted average price of $7.88, representing an implied AFFO yield of approximately 12% [8][18] - Initial guidance for 2026 is set at AFFO in the range of $0.80-$0.84 per share, with a focus on reducing office exposure [18][19] Q&A Session Summary Question: Perspective on the McLaren office sale - The sale was driven by a third-party inquiry rather than a highly marketed transaction, reflecting the asset's strong brand and quality [27] Question: Replicating pricing for additional office sales - Management believes the net lease office portfolio can achieve similar pricing to the McLaren sale and is actively marketing several office assets [28] Question: Capital allocation strategy - The buyback remains an important tool, and management will continue to evaluate opportunities for both share repurchase and acquisitions [30] Question: Strategy for office asset dispositions - The focus is on highlighting the implied value of the office portfolio while intentionally marketing properties to unlock value [39] Question: Transaction guidance breakdown - Management clarified that the guidance reflects a balance of continued deleveraging and earnings growth through opportunistic share repurchases and acquisitions [41] Question: Cap rates and acquisition targets - While specific cap rates were not disclosed, management emphasized a focus on accretion and maintaining strong relationships with developers and brokers for acquisition opportunities [44] Question: Office lease expirations and discussions - The majority of 2026 office lease expirations are concentrated in Europe, with ongoing positive discussions with tenants [82]

Gray Media (NYSE:GTN) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsAlan Gould - VP, of Investor RelationsHilton Howell - Chairman and CEOJeff Gignac - CFOKevin Latek - EVP, Chief Legal and Development OfficerPat LaPlatney - President and Co-CEOSandy Breland - EVP and COOConference Call ParticipantsAaron Watts - Equity Research AnalystCraig Huber - Equity Research AnalystDan Kurnos - Senior Research AnalystSteven Cahall - Equity Research AnalystOperatorGood day, everyone, and thank ...

Financial Data and Key Metrics Changes - In Q4 2025, Chord Energy reported adjusted free cash flow of $175 million, significantly exceeding expectations, with approximately 50% returned to shareholders [9] - Oil volumes in 2025 exceeded original guidance by over 1,000 barrels per day, while capital spending was approximately $60 million lower than anticipated [6][9] - The company achieved a $160 million improvement in free cash flow from controllable items, representing 23% of estimated free cash flow in 2026 [7] Business Line Data and Key Metrics Changes - Chord has successfully lowered its capital spending by nearly $100 million since merging with Enerplus in 2024 while increasing oil production by 6,000 barrels per day [6] - The company achieved its goal of converting 80% of its inventory to long laterals by the end of 2025, which has significantly reduced the cost of supply [10][11] Market Data and Key Metrics Changes - Chord's operational improvements and shift to longer laterals have resulted in a 22% reduction in future finding and development costs over the past few years [12] - The company anticipates generating approximately $700 million in free cash flow in 2026, based on benchmark prices of $64 per barrel of oil and $3.75 per MMBtu of natural gas [13] Company Strategy and Development Direction - Chord is focused on disciplined capital allocation and delivering strong returns on capital, with a commitment to organic well activity, lease acquisition, and selective M&A [8] - The company aims to maintain a low to no oil growth program in 2026, with average volumes projected between 157,000 and 161,000 barrels of oil per day and capital expenditures of $1.4 billion [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience to weather commodity price cycles while generating meaningful free cash flow and shareholder returns [16][17] - The company is optimistic about its ability to continue improving its cost structure and operational efficiency, with a focus on margins and capital efficiency [19][20] Other Important Information - Chord has returned $6.7 billion of capital to shareholders since 2021, which is higher than its current market capitalization [8] - The company has a substantial inventory of low breakeven locations, with over 10 years of low-cost inventory available [11] Q&A Session Summary Question: Long-term plan consistency despite oil price fluctuations - Management indicated that the company has built a resilient organization capable of weathering commodity price cycles while maintaining its long-term plan [16][17] Question: Fixed cost mitigation strategies - Management highlighted an organization-wide effort to drive down costs through capital efficiency improvements and operational expense reductions [19] Question: Organic inventory improvements across the basin - Management noted improvements in inventory across the basin, with a focus on refining and enhancing the break-even costs of previously considered inventory [24][25] Question: Water disposal optimization and midstream spending - Management explained that increased spending on water disposal is due to moving into areas with slightly higher water production, which necessitates investment in water systems [71][73] Question: Impact of lateral length extensions on reserves - Management confirmed that the expectations for lateral length extensions have been captured in the reserves, with ongoing improvements expected [78] Question: Infill drilling implications from longer laterals - Management acknowledged potential benefits for infill drilling as longer laterals improve cost structures and reservoir drainage effectiveness [81][84]

Banco Macro (NYSE:BMA) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsBrian Flores - VP of Equity ResearchCarlos Gomez-Lopez - Head of EM and LatAm FinancialsErnesto Gabilondo - Director of LatAm FinancialsJorge Scarinci - CFOJuan Parma - CEOLindsey Shema - Equity Research AssociateNicolás Torres - Director of Investor RelationsYuri Fernandes - Executive DirectorConference Call ParticipantsKaio Prato - Stock AnalystMarcos Seru - Equity Research AnalystMatías Cattaruzzi - Senior Equi ...

Financial Data and Key Metrics Changes - The company reported net income of $0.52 per diluted share for Q4 2025, an increase from $0.43 in Q4 2024, driven by unrealized gains on preferred stock and stock warrant investments [4] - Earnings available for distribution (EAD) was $0.48 per diluted share, down from $0.83 in Q4 2024, while cash available for distribution (CAD) increased to $0.53 per diluted share from $0.47 in the prior quarter [4] - For the full year, net income was $2.09 per diluted share, more than double the $1.02 reported in 2024, primarily due to higher net interest income [6] - Interest income rose to $89.9 million in 2025 from $72.5 million in 2024, while interest expense decreased from $44.4 million to $42.8 million [6] Business Line Data and Key Metrics Changes - The portfolio consists of 92 investments with a total outstanding balance of $1.2 billion, allocated as follows: 47% multifamily, 30% life sciences, 17% single-family rental, and the remainder across storage, marina, and industrial [7] - The collateral on the portfolio is 82.5% stabilized, with a loan-to-value ratio of 63.6% and a weighted average debt service coverage ratio of 1.24 times [8] - The NexPoint storage portfolio finished 2025 at 91.7% occupancy, exceeding its NOI budget by 3.2% and growing NOI by 13% over 2024 [19] Market Data and Key Metrics Changes - Geographically, collateral is concentrated in Massachusetts (24%), Texas (16%), and California (7%), with significant exposure to life sciences in Massachusetts and California [7] - The self-storage industry is experiencing occupancy pressure, with the average ending 2025 at 89%, down 210 basis points from the start of the year [18] Company Strategy and Development Direction - The company is focused on recession-resilient property types such as residential and self-storage, avoiding investments in AI scare trade assets [11] - The strategy includes actively managing the B-Pieces portfolio to unlock value and improve capital efficiency, with plans to refinance remaining unsecured notes in the first half of 2026 [10][9] - The company is optimistic about the multifamily sector, expecting positive rent inflection in the second half of 2026 due to structural demand and a decline in new market rate deliveries [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in dividend sustainability, noting that CAD is a better indicator of dividend coverage than EAD [27] - The company anticipates a leveling off of credit loss provisions in 2026, with no significant problem areas in the portfolio [38] - There is optimism regarding life sciences leasing activity, driven by demand from AI companies needing purpose-built lab spaces [42] Other Important Information - The board declared a dividend of $0.50 per share for Q1 2026, which is 1.06 times covered by cash available for distribution [4] - The company raised $60.5 million in gross proceeds from a Series B preferred stock offering [5] Q&A Session Summary Question: Dividend sustainability and confidence in current level - Management indicated that while EAD is below CAD, they believe CAD is a better indicator for dividend coverage and sustainability, and they feel well-positioned for future dividend sustainability [26][28] Question: Areas of portfolio excitement and impact of regulations - Management is particularly focused on life sciences and build-to-rent assets, believing there will be continued demand for capital in these areas despite proposed regulations [30][32] Question: Provision for credit loss and expectations - Management explained that one-third of the $12 million provision was a general reserve, with expectations for it to level off in 2026 [38] Question: Characteristics driving positive performance in life science projects - The Alyfe Park project is noted for its purpose-built characteristics and strategic location, which have driven leasing activity despite broader market challenges [39][41] Question: Details on loans made in the quarter - Management provided details on loans funded, including a $22.5 million loan at an 11% coupon, emphasizing a selective approach to investment opportunities [47]

Crescent Energy (NYSE:CRGY) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsBrandi Kendall - CFOClay Rynd - EVP of InvestmentsDavid Rockecharlie - CEOJarrod Giroue - Senior Research AssociateJoey Hall - COOJohn Abbott - VP of E&P ResearchJonathan Mardini - Equity Research Senior AssociateLloyd Byrne - Managing Director of Equity ResearchMichael Furrow - VP on the Research TeamReid Gallagher - Investor RelationsConference Call ParticipantsBert Donnes - Financial AnalystCharles Meade - ...