Core Points - Quanta Services, Inc. has declared a quarterly cash dividend of $0.11 per share, which annualizes to $0.44 per share [1] - This represents an approximate 10.0% increase from the previous quarterly cash dividend paid in October 2025 [1] - The dividend is scheduled to be payable on January 12, 2026, to stockholders of record as of January 2, 2026 [1]

Core Viewpoint - Argent Trust Company, as Trustee of the Permian Basin Royalty Trust, announced a cash distribution of $0.019233 per unit, which reflects a decrease from the previous month due to lower natural gas volumes and prices, despite slightly higher oil volumes [1][2]. Distribution Details - The cash distribution is payable on December 12, 2025, to unit holders of record on November 28, 2025 [1]. - The distribution does not include proceeds from the Waddell Ranch properties, as production costs exceeded gross proceeds for September, leading to a continuing excess cost position [1][4]. Production and Revenue Insights - Production from Texas Royalty Properties was 16,337 barrels of oil and 10,723 Mcf of gas, with the Trust's allocated portion being 14,356 barrels of oil and 9,425 Mcf of gas [5]. - The average price for oil was $63.38 per barrel and for gas was $7.10 per Mcf, resulting in revenues of $1,111,632 for the Texas Royalty Properties after deducting taxes and expenses of $137,663, leading to a net profit of $973,969 for October [5][8]. Waddell Ranch Properties - No proceeds were received from the Waddell Ranch properties in October 2025 for inclusion in the November distribution, and all excess costs must be recovered by future proceeds before any distribution can occur [4][3]. - Blackbeard, the operator of the Waddell Ranch properties, provides production and pricing information quarterly, which will be disclosed in the Trust's quarterly and annual reports [4][7]. Special Meeting Announcement - A special meeting has been called for December 16, 2025, at the request of SoftVest Advisors, LLC and other unit holders, to vote on a proposal for judicial reformation of the Trust's Indenture [9]. - The Trustee intends to call the special meeting, with further details to be provided in a notice to unit holders [9].

Core Viewpoint - Taylor Morrison Home Corporation announced the expiration of its cash tender offer for its outstanding 5.875% Senior Notes due 2027, which took place from November 3 to November 7, 2025, with valid tenders amounting to approximately $479.155 million, representing 95.83% of the total outstanding amount of $500 million [1][3][4]. Group 1: Tender Offer Details - The cash tender offer was initiated by Taylor Morrison Communities, Inc., a wholly owned subsidiary of Taylor Morrison Home Corporation [1]. - The expiration time for the tender offer was set for 5:00 p.m. New York City time on November 7, 2025 [1]. - The purchase price for the validly tendered notes was set at $1,023.07 per $1,000 principal amount [3]. Group 2: Financial Implications - The Offeror plans to use a portion of the proceeds from a new issuance of $525 million aggregate principal amount of 5.750% senior notes due 2032 to fund the payment for the notes purchased in the tender offer [4]. - Payment for the validly tendered notes is expected to occur on November 10, 2025 [4]. Group 3: Future Actions - Following the settlement of the tender offer, the Offeror intends to redeem any outstanding notes that were not purchased [5]. - A conditional notice of redemption has been issued for any remaining notes, with a target redemption date around December 2, 2025, contingent upon receiving sufficient funds from the senior notes offering [5]. Group 4: Company Background - Taylor Morrison is recognized as one of the leading homebuilders and developers in the United States, serving a diverse range of consumers across various market segments [8].

Core Viewpoint - Taylor Morrison Home Corporation announced a cash tender offer to purchase all outstanding 5.875% Senior Notes due 2027, with pricing terms detailed in the Offer to Purchase and related documents [1][2]. Summary by Sections Offer Details - The cash tender offer is made by Taylor Morrison Communities, Inc., a wholly owned subsidiary of Taylor Morrison Home Corporation [1]. - The total amount of the outstanding Notes is $500 million [2]. - The purchase price for each $1,000 principal amount of Notes validly tendered is set at $1,023.07, based on a fixed spread of 50 basis points over the yield of a U.S. Treasury Reference Security [2][4]. Payment and Expiration - Holders of the Notes will receive accrued and unpaid interest from the last interest payment date up to the initial payment date, expected on November 10, 2025 [5]. - The offer is scheduled to expire at 5:00 p.m. New York City time on November 7, 2025, unless extended [6]. Conditions and Future Actions - The offer is not conditioned on a minimum amount of Notes being tendered, and the Offeror expects to finance the purchase with proceeds from a senior notes offering and cash on hand [7]. - If the Offer is completed but not all Notes are purchased, the Offeror intends to redeem any remaining outstanding Notes around December 2, 2025 [8]. Management and Contact Information - J.P. Morgan Securities LLC is serving as the exclusive dealer manager for the Offer, while D.F. King & Co., Inc. is the tender agent and information agent [10].

Core Insights - Pathward Financial, Inc. has announced a partnership with Upstart to provide personal loans through Upstart's AI-driven lending marketplace, aiming to enhance financial inclusion for more borrowers [1][3]. Company Overview - Pathward, N.A., a subsidiary of Pathward Financial, Inc. (Nasdaq: CASH), focuses on increasing financial access and availability through its Partner Solutions and Commercial Finance business lines [4]. Partnership Details - The collaboration with Upstart is designed to leverage Upstart's AI models and cloud applications, allowing lenders to approve more borrowers at lower rates while providing a superior digital experience [2][3]. - Upstart connects consumers to over 100 banks and credit unions, facilitating personal loans for various purposes, including debt consolidation and covering expenses like weddings and medical needs [2]. Leadership Statements - Pathward President Anthony Sharett expressed enthusiasm about the partnership, highlighting a shared mission to improve access to credit [3]. - Michael Lock, Senior Vice President of Lending Partnerships at Upstart, noted that the combination of Upstart's technology and Pathward's regulatory expertise will enable the delivery of industry-leading credit products [3].

Core Viewpoint - Taylor Morrison Home Corporation (TMHC) has initiated a cash tender offer to purchase all outstanding 5.875% Senior Notes due 2027, with the offer commencing on November 3, 2025, and set to expire on November 7, 2025, unless extended or terminated [1][5]. Offer Details - The total principal amount of the Notes outstanding is $500 million [3]. - The Offer includes accrued and unpaid interest from the last payment date up to the initial payment date, expected on November 10, 2025 [4]. - The Offer is not conditioned on a minimum amount of Notes being tendered, but is subject to certain conditions, including the issuance of senior notes yielding at least $525 million in gross cash proceeds [6]. Payment and Redemption - The Purchase Price for each $1,000 principal amount of Notes will be determined based on a fixed spread and the yield to maturity of the U.S. Treasury Reference Security [5][6]. - If the Offer is completed but not all Notes are purchased, the company plans to redeem any remaining outstanding Notes around December 2, 2025 [8]. Management and Contacts - J.P. Morgan Securities LLC is serving as the exclusive dealer manager for the Offer, while D.F. King & Co., Inc. is the tender agent and information agent [10].

Core Insights - Service Corporation International (SCI) reported adjusted earnings per share of $0.87 for Q3 2025, reflecting a 10% increase compared to $0.79 in Q3 2024 [3][7][8] - The company generated net cash from operating activities of $252.3 million in Q3 2025, a decrease from $263.8 million in the same quarter of the previous year, primarily due to an expected increase in cash taxes paid [3][7][8] - Revenue for Q3 2025 was $1,058.1 million, up 4.4% from $1,014.0 million in Q3 2024, driven by strong performance in the cemetery segment [5][7] Financial Performance - Operating income for Q3 2025 was $226.4 million, compared to $212.4 million in Q3 2024, indicating a year-over-year increase [5][14] - Net income attributable to common stockholders was $117.5 million in Q3 2025, slightly down from $117.8 million in Q3 2024 [5][14] - The diluted earnings per share (EPS) was $0.83 for Q3 2025, compared to $0.81 in Q3 2024, with adjusted diluted EPS at $0.87 [5][8] Segment Performance - The cemetery segment saw a 10% increase in preneed cemetery sales production, contributing to a 7% growth in comparable cemetery revenue and a 12% increase in cemetery gross profit [3][7] - Comparable core funeral average increased, but was offset by a decline in comparable core funeral services performed [3][7] - Non-funeral home sales average rose by 13.4%, significantly outpacing the slight decline in non-funeral home services performed [3][7] Guidance and Outlook - The company confirmed its 2025 guidance with a narrowed range for earnings per share expected between $3.80 and $3.90, and an increased cash flow outlook of $910 million to $950 million [6][9] - The anticipated long-term growth framework for diluted EPS from continuing operations, excluding special items, is projected to be within 8%-12% [6][9] Cash Flow and Capital Expenditures - Year-to-date net cash provided by operating activities increased by 7.2% to $729.9 million compared to $680.8 million in the prior year [7][14] - The company plans to allocate $315 million for maintenance, cemetery development, and other capital expenditures in 2025 [9][14]

Core Points - McDonald's Board of Directors declared a quarterly cash dividend of $1.86 per share, reflecting a 5% increase from the previous dividend, demonstrating confidence in the company's growth strategy [1][2] - The new quarterly dividend translates to an annual dividend of $7.44, marking 49 consecutive years of dividend increases since 1976 [2] - The company's capital allocation philosophy includes investing in growth opportunities, prioritizing dividends, and repurchasing shares with remaining free cash flow [2] Company Overview - McDonald's is the leading global foodservice retailer with over 44,000 locations in more than 100 countries, with approximately 95% of its restaurants operated by independent local business owners [4]

Core Insights - Pathward Financial (CASH) reported quarterly earnings of $1.69 per share, exceeding the Zacks Consensus Estimate of $1.39 per share, and up from $1.35 per share a year ago, representing an earnings surprise of +21.58% [1] - The company posted revenues of $186.71 million for the quarter ended September 2025, which missed the Zacks Consensus Estimate by 5.22%, compared to year-ago revenues of $167.93 million [2] - Pathward has surpassed consensus EPS estimates four times over the last four quarters and topped consensus revenue estimates three times during the same period [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.55 on revenues of $193.9 million, and for the current fiscal year, it is $8.55 on revenues of $874.6 million [7] - The estimate revisions trend for Pathward was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Zacks Industry Rank for Banks - Northeast, to which Pathward belongs, is currently in the top 27% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - The company reported earnings per diluted share of $7.87 for the year, representing a year-over-year growth of 9% [5] - Net income for the year was $185.9 million, driven primarily by a 10% increase in non-interest income compared to last year [5] - The full-year net interest margin was 7.34%, and the adjusted net interest margin was 5.92% [5] - Return on average assets for the year was 2.46%, and return on average tangible equity was 38.75% [5][22] Business Line Data and Key Metrics Changes - In the consumer segment, the company announced three new agreements, including partnerships with Trustly and Stripe, enhancing their product offerings [6] - In credit solutions, the company partnered with Upstart to offer personal loans, aligning with their goal of financial inclusion [7] - The commercial finance segment saw total loans and leases grow by 14%, with significant improvements in origination dollars per FTE and a decrease in days to fund [8] Market Data and Key Metrics Changes - Deposits held on the company's balance sheet totaled $5.9 billion, a modest increase of $12 million year-over-year [18] - Loans and leases at September 30 were $4.7 billion, compared to $4.1 billion last year, with growth primarily from commercial finance verticals [19] - Non-performing loans increased in the quarter, but the company believes they are well collateralized and manageable [21] Company Strategy and Development Direction - The company is focused on maintaining an optimized balance sheet and investing in technology to facilitate growth and scalability [9][10] - The 2026 strategy emphasizes the importance of people and culture, with a commitment to building a talent pipeline and enhancing collaboration [11] - The company aims to mature its risk and compliance framework to support partner success and ensure regulatory adherence [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the groundwork laid in 2025 for future growth, despite challenges faced [4] - The company reiterated its fiscal year 2026 guidance for earnings per diluted share of $8.25 to $8.75, assuming no rate cuts and an effective tax rate of 18% to 22% [23] - Management acknowledged the potential impact of tax code changes on consumer behavior in the tax preparation market [8] Other Important Information - The company repurchased approximately 181,000 shares at an average price of $82.95 during the quarter, bringing full-year repurchases to almost 2.1 million shares [22] - The liquidity position remains strong with $2.3 billion available, higher than the previous year [22] Q&A Session Summary Question: Details on the Upstart program and its financial impact - The Upstart program is similar to other marketplace lending products, with credit indemnifications in place and a short hold period of 30 days or less [28][30] Question: Demand for early wage access loans and impact of government shutdown - Management does not expect significant impact from the government shutdown, but anticipates increased volume from the Claire's contract with Intuit [39] Question: Growth expectations in the tax business due to tax law changes - Management expects a solid tax year but does not have huge growth expectations due to a strong prior year [40][41] Question: Non-performing loans and their correlation with past-due loans - Management clarified that non-performing loans do not correlate with past-due loans, as they manage collateral effectively [42][43] Question: Future pace of share repurchases - The buyback ratio is expected to return to historic norms, targeting an 80% to 90% payout ratio [47]