Bain Capital Specialty Finance (NYSE:BCSF) Q4 2025 Earnings call February 27, 2026 08:00 AM ET Company ParticipantsAmit Joshi - CFOKatherine Schneider - Managing Director of Investor RelationsMichael Ewald - CEOMike Boyle - PresidentOperatorThank you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press star zero and a member of our team will be happy to help you. All sites on hold, we appreciate your patience and ask that you please continue to stand ...

Financial Data and Key Metrics Changes - The company reported a consolidated GAAP net loss of $177 million for full year 2025, an improvement from a net loss of $447 million in 2024, indicating a significant reduction in losses [15] - For the fourth quarter of 2025, the consolidated GAAP net loss was $51 million, consistent with the loss reported in the fourth quarter of 2024, but the adjusted net loss improved to $12 million from $22 million year-over-year [13][14] - The adjusted net income for full year 2025 was $23 million, a turnaround from an adjusted net loss of $184 million in 2024 [16] Business Line Data and Key Metrics Changes - National's gross par amount outstanding declined by approximately $3 billion from year-end 2024 to about $22 billion at the end of 2025, with a leverage ratio of 24 to 1, down from 28 to 1 [11] - National reported statutory net income of $88 million for full year 2025, compared to a statutory net loss of $133 million in 2024, driven by a loss in LAE benefit of $35 million in 2025 [19] - MBIA Insurance Corp. reported a statutory net loss of $26 million for full year 2025, an improvement from a net loss of $64 million in 2024, primarily due to lower losses in LAE [21][22] Market Data and Key Metrics Changes - As of December 31, 2025, National had total claims-paying resources of $1.4 billion and statutory capital surplus in excess of $900 million [12] - MBIA Insurance Corp.'s insured gross par outstanding was approximately $2 billion as of December 31, 2025, down about 13% from year-end 2024 [22] Company Strategy and Development Direction - The company continues to prioritize resolving National's PREPA exposure, with ongoing discussions regarding potential special dividends as the portfolio runs off [10][25] - Management indicated that all options are on the table regarding potential sales, whether of the entire company or just National, depending on what is best for shareholders [28][29] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about potential developments in the PREPA restructuring, although no substantive progress has been made recently due to ongoing legal issues [11][49] - The company is comfortable with its portfolio and has not identified any specific credits that would necessitate additional reserves, despite political pressures in various states [41] Other Important Information - The corporate segment had total assets of approximately $653 million as of December 31, 2025, with unencumbered cash and liquid assets totaling $357 million [18] - The company has received approval for a special dividend and has distributed it to the holding company, indicating improved circumstances for potential future dividends [26] Q&A Session Summary Question: Did the company explore the potential for a special dividend in the fourth quarter? - Management stated that while there is nothing specific for the fourth quarter, they are continuously evaluating the possibility of a special dividend as the portfolio runs off and PREPA exposure decreases [25][26] Question: What is the latest update on the strategic process regarding a potential sale of the company? - Management indicated that all options are on the table, and they are focused on what would be best for shareholders, whether that involves selling the entire company or just National [27][28][29] Question: Is there a bid to sell the rest of the PREPA exposure? - Management clarified that there is limited exposure left and that the remaining $425 million is not something that can be sold like previous custodial receipts [32][36] Question: Are there pressures from auditors regarding higher valuation reserves related to non-Puerto Rican credits? - Management confirmed that they are comfortable with the current portfolio and have not identified any specific credits that would require additional reserves [41] Question: What needs to happen for MBIA Insurance to wrap up its operations? - Management noted that the runoff is occurring as expected, and once the major restructuring related to Zohar is resolved, there may be ways to accelerate the runoff of MBIA Insurance Corp [43][46]

Financial Data and Key Metrics Changes - At year-end 2025, the company achieved new per-share highs for adjusted book value at $186.43, adjusted operating shareholders' equity at $126.78, and shareholders' equity at $125.32 [5] - Adjusted operating income per share increased to $9.08 in 2025 from $7.10 in 2024, representing a 28% increase [19][20] - Fourth quarter 2025 adjusted operating income was $109 million or $2.32 per share, an 83% increase from $66 million or $1.27 per share in the fourth quarter of 2024 [19] Business Line Data and Key Metrics Changes - The present value of new business production (PVP) totaled $286 million in 2025, with significant contributions from all three financial guarantee underwriting groups [5] - The company guaranteed over $27 billion of municipal par, a 16% increase from 2024, and achieved a 15-year high in new issue insured par sold, representing 58% of the market [11] - The U.S. public finance segment originated $206 million in PVP, with a 19% increase in the second half of 2025 compared to the same period in 2024 [10] Market Data and Key Metrics Changes - The U.S. municipal market experienced a second consecutive year of record issuance, driving strong demand for municipal bond insurance [10] - The company saw a 240% year-over-year increase in U.S. public finance secondary insured par written, totaling approximately $2 billion [11] - Non-U.S. public finance and global structured finance originations contributed $80 million in PVP for 2025, with strong performance in the U.K. and European markets [16] Company Strategy and Development Direction - The company is focused on sustainable long-term growth and has successfully expanded its U.S. municipal secondary market business [5] - The acquisition of Warwick Re Limited, renamed Assured Life Reinsurance, diversifies revenue sources and leverages the company's strengths in credit and structured finance [8] - The company aims to enhance its investment returns and has seen significant growth in alternative investments, achieving a fair value of over $1 billion by year-end 2025 [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the U.S. public finance market and the potential for continued growth in 2026 [26] - The company remains optimistic about its position in the annuity reinsurance market and is actively pursuing new business opportunities [24] - Management highlighted the resilience of the business model, which has been demonstrated during financial crises and other challenging economic conditions [9] Other Important Information - The company repurchased 12% of its common shares outstanding at the end of 2024, totaling $500 million, and increased its quarterly dividend per share by 12% [6][24] - The alternative investments segment generated a year-over-year increase of 33% in pre-tax adjusted operating income for 2025 [22] Q&A Session Summary Question: Update on issuance in triple B credits and outlook for 2026 - Management noted a positive trend in the fourth quarter and a strong start in the first quarter of 2026, with several transactions already closed in U.S. public finance and infrastructure finance in Europe [26] Question: Outlook on U.K. utilities and Brightline - Management provided an update on U.K. utilities, indicating a focus on Thames as the only problematic exposure, and expressed confidence in the recovery of Brightline due to strong subordination below their position [28][30] Question: Exposure in alternative investments and private credit - Management clarified that while they are invested in the CLO market, they do not have direct exposure to private credit and remain confident in the health of their portfolio [35] Question: Capital allocation between annuity reinsurance and stock buybacks - Management indicated that capital management opportunities, including stock buybacks, will be assessed based on market conditions and opportunities in the life and annuity sector [37]

Companhia Paranaense de Energia (NYSE:ELP) Q4 2025 Earnings call February 27, 2026 08:00 AM ET Company ParticipantsDaniel Slaviero - CEOFelipe Gutterres - CFORodolfo Lima - General DirectorConference Call ParticipantsBruno Amorim - Equity Research AnalystMaria Carolina Carneiro - Equity Research AnalystOperatorGood morning, ladies and gentlemen. Welcome to the Companhia Paranaense de Energia Copel video conference call to discuss the results for the fourth quarter and full year 2025. This video conference i ...

FTAI Infrastructure (NasdaqGS:FIP) Q4 2025 Earnings call February 27, 2026 08:00 AM ET Company ParticipantsAlan Andreini - Head of Investor RelationsKen Nicholson - CEO and PresidentConference Call ParticipantsBrian McKenna - Managing Director, and Equity Research AnalystCraig Shere - Director of Research, and Senior Equity AnalystGiuliano Anderes Bologna - Managing Director, and Equity Research AnalystSherif Elmaghrabi - Equity Research Analyst, and Vice PresidentOperatorGood day, and thank you for standin ...

ANI Pharmaceuticals (NasdaqGM:ANIP) Q4 2025 Earnings call February 27, 2026 08:00 AM ET Company ParticipantsBrandon Folkes - Managing DirectorChristopher Mutz - SVP and Head of Rare DiseaseCourtney Mogerley - Managing DirectorGlen Santangelo - Managing DirectorLeszek Sulewski - VP of Spec Pharma and Biotech Equity ResearchNikhil Lalwani - President and CEOStephen Carey - SVP and CFOVamil Divan - Managing DirectorConference Call ParticipantsDavid Amsellem - Managing Director and Senior Research AnalystThomas ...

Companhia Paranaense de Energia (NYSE:ELP) Q4 2025 Earnings call February 27, 2026 08:00 AM ET Speaker0Good morning, ladies and gentlemen. Welcome to the Companhia Paranaense de Energia Copel video conference call to discuss the results for the fourth quarter and full year 2025. This video conference is being recorded. The replay will be available on the company's website at ri.copel.com. The presentation is also available for download. Please note that all participants will be in listen-only mode during th ...

ANI Pharmaceuticals (NasdaqGM:ANIP) Q4 2025 Earnings call February 27, 2026 08:00 AM ET Speaker8Thank you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press star zero and a member of our team will be happy to help you. Thank you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press star zero and a member of our team will be happy to help you. Thank you for your continued patience. Your meetin ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 reached a record $80.2 million, up from $70.9 million in Q3 2025 and $29.2 million in Q4 2024 [5][6] - For the full fiscal year 2025, adjusted EBITDA was $232.3 million, significantly higher than $127.6 million in fiscal 2024 [6] - The company exited 2025 with an EBITDA run rate of over $320 million annually, indicating strong future performance [7] Business Line Data and Key Metrics Changes - Rail segment adjusted EBITDA was $41.3 million in Q4, with $22 million from Transtar and $19.3 million from Wheeling [7][8] - Long Ridge generated $36.2 million in EBITDA for Q4, a slight increase from $35.7 million in Q3 [19] - Jefferson terminal reported $13.6 million in adjusted EBITDA for Q4, up from $11 million in Q3 [21] Market Data and Key Metrics Changes - Wheeling's Q4 revenue was $43.8 million, an 8% year-over-year increase, with adjusted EBITDA up 34% year-over-year [15] - Gas production at Long Ridge averaged approximately 105,000 MMBtu per day, setting a new record [9] - Jefferson terminal volumes averaged 210,000 barrels per day, driven by the new ammonia export contract [21] Company Strategy and Development Direction - The company is focused on integrating Transtar and Wheeling, with a target of $20 million in annual cost savings [12] - Plans to monetize Long Ridge are progressing, with expectations for a sale announcement in the first half of 2026 [12][56] - The company is pursuing four M&A opportunities in the rail sector, aiming to enhance its freight rail business [40][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong macro environment for power generation, anticipating continued growth for Long Ridge [20] - The company is optimistic about the demand for services at Jefferson, expecting significant revenue contributions from new contracts [22] - Management highlighted the importance of deleveraging and optimizing operations while exploring strategic acquisitions [40] Other Important Information - A new term loan of approximately $1.3 billion was closed, used to repay a bridge loan related to the Wheeling acquisition [11] - The company is advancing construction on phase two of the Repauno project, with expectations for operational commencement in early 2027 [35][36] Q&A Session Summary Question: Expansion of business development opportunities at Jefferson - Management noted increased commercial interest at Jefferson, with potential for $10 million-$15 million in incremental EBITDA from ammonia contracts and additional refined products [28][30] Question: Updates on Repauno phase two and three - Management clarified that phase two is on track for early 2027, with significant demand driving the need for phase three [35][36] Question: M&A opportunities in the rail segment - Management confirmed active pursuit of four actionable M&A opportunities, focusing on smaller properties that fit well with existing operations [46][48] Question: Impact of Long Ridge asset sales on data center discussions - Management indicated no impact on data center developments, with a goal to announce a transaction for Long Ridge in the first half of 2026 [56]

Financial Data and Key Metrics Changes - At year-end 2025, the company achieved new per-share highs for adjusted book value at $186.43, adjusted operating shareholders' equity at $126.78, and shareholders' equity at $125.32 [5] - Adjusted operating income per share increased to $9.08 in 2025 from $7.10 in 2024, representing a 28% increase [21] - Fourth quarter 2025 adjusted operating income was $109 million or $2.32 per share, an 83% increase from $66 million or $1.27 per share in the fourth quarter of 2024 [21] Business Line Data and Key Metrics Changes - The present value of new business production (PVP) totaled $286 million in 2025, with significant contributions from all three financial guarantee underwriting groups [5] - The company guaranteed over $27 billion of municipal par, a 16% increase from 2024, and achieved a 15-year high in new issue municipal par sold, representing 58% of the market [12] - The U.S. public finance segment originated $206 million in PVP, with a 19% increase in the second half of 2025 compared to the same period in 2024 [11] Market Data and Key Metrics Changes - The U.S. municipal market experienced a second consecutive year of record issuance, driving strong demand for municipal bond insurance [11] - Non-U.S. public finance and global structured finance originations contributed $80 million in PVP for 2025, with notable transactions in the U.K. and European Union [18] Company Strategy and Development Direction - The company is focused on sustainable long-term growth, having successfully expanded its U.S. municipal secondary market business, which saw a more than tripling in performance compared to the previous year [6] - The acquisition of Warwick Re Limited, renamed Assured Life Reinsurance, diversifies revenue sources and leverages the company's strengths in credit and structured finance [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the U.S. public finance market and infrastructure finance in Europe, anticipating continued strong performance in 2026 [27] - The company highlighted the strength of its underwriting and the successful resolution of previously troubled exposures, which contributed positively to financial results [22] Other Important Information - The company repurchased 12% of its common shares outstanding at the end of 2024, meeting its target of $500 million in share repurchases [6] - A 12% increase in the quarterly dividend per share was announced, marking 14 consecutive years of dividend growth [6] Q&A Session Summary Question: Update on issuance in triple B credits and outlook for 2026 - Management noted a positive trend in the fourth quarter and a strong start in the first quarter of 2026, with several transactions already closed in U.S. public finance and infrastructure finance in Europe [27] Question: Outlook on U.K. utilities and Brightline - Management provided an update on U.K. utilities, indicating an upgrade for Southern Water and focusing on Thames as the only problematic exposure, with active engagement in finding a market-based solution [28] - Regarding Brightline, management expressed confidence in the recovery and highlighted a strong position in the capital stack [30] Question: Exposure in alternative investment portfolio and private credit - Management clarified that while they are invested in the CLO market, they do not take direct exposure to private credit and remain confident in the health of their portfolio [35] Question: Capital allocation between annuity reinsurance and stock buyback - Management indicated that capital management opportunities, including stock buybacks, will be assessed based on market conditions and opportunities in the life and annuity space [36]