Core Insights - The company announced a 7% increase in its quarterly base dividend to $0.16 per share, achieving a 40% CAGR since its inception in 2022 [1] - The company reported record operational performance in Q4, including the highest oil production and lowest drilling and completion costs in its history [2][5] - The 2026 plan aims for a 5% production growth to 415,000 BOE/d while reducing CapEx to $1.85 billion [4][13] Financial Performance - In Q4, the company achieved an adjusted free cash flow of $403 million and free cash flow per share of $1.94, marking an 18% year-over-year increase [5] - The company reduced its debt by over $600 million during the year [1][5] Operational Metrics - The company set records in Q4 for oil production at 188.6 kbpd and total production at 401.5 kBOE/d [5] - The company achieved a 5% increase in oil production compared to its original 2025 guidance, aided by bolt-on acquisitions and structural cost reductions [6] Gas Marketing Strategy - Management is reducing Waha exposure to approximately 10% of volumes by exiting around 400 mmcf/d in 2026, with expectations to realize a $0.50 premium to Waha pricing [3][8] - The company anticipates a potentially "bumpy road" for Waha pricing in 2026 but expects conditions to improve by 2027 [9] M&A Activity - The company closed about 140 transactions totaling $240 million in Q4, adding 7,700 net acres and 1,300 net royalty acres [10] - For the full year 2025, the company completed approximately $1.1 billion in acquisitions, adding about 250 locations and 13,000 BOE per day [11] Capital Allocation and Future Guidance - The company prioritizes its base dividend, with additional free cash flow directed towards acquisitions, debt reduction, and opportunistic share repurchases [15] - The 2026 guidance includes a target for production growth while reducing D&C costs to about $675 per foot, which is roughly 20% cheaper than 2024 [14]

Core Insights - The company reported a 2% decline in CORE organic net sales and a $4 million decrease in CORE operating income for the fourth quarter, with CORE EPS at $0.76, down $0.02 year over year [1] - For the full year 2025, all-in operating income grew by 2% and EPS increased by 7% to $2.75, while on a CORE basis, operating income rose by 7% and CORE EPS increased by 14% [1][4] Financial Performance - Management presented results through two lenses: "all-in" (historical operations) and "CORE Perrigo," which excludes infant formula and announced divestitures [2] - The company reported a non-cash $1.3 billion goodwill impairment in 2025, which does not affect cash flow, but is expected to create a $0.60 EPS headwind in 2026 [6][8] - The company ended 2025 with $532 million in cash and generated fourth-quarter operating cash flow of $175 million, totaling $239 million for the full year [20] Strategic Initiatives - The CEO highlighted the "Three-S plan" aimed at simplifying, streamlining, and strengthening the business, with evidence of market share gains and over $100 million in new U.S. store-brand distribution [3][7] - A two-year program targeting annualized pre-tax savings of $80–$100 million was launched, involving a workforce reduction of approximately 7% [5][15] - The company is pursuing a sale of its dermacosmetics business and conducting a strategic review of its infant formula segment to reduce debt and improve margins [5][21] Market Trends and Outlook - The company gained market share across most U.S. OTC categories, reversing years of decline, and noted positive momentum in Europe despite a soft market environment [9] - Looking ahead, management anticipates a difficult start to 2026 for category consumption, with U.S. OTC dollar sales down 5.1% over the last 13 weeks compared to the previous year [10] - Management expects low- to mid-single-digit revenue growth in infant formula in 2026, which is anticipated to help deplete higher inventory levels [22] Future Guidance - For 2026, management guided CORE EPS to be in the range of $2.25 to $2.55, with all-in EPS expected to be between $2.00 and $2.30 [19] - The company described 2026 as a "transition year," with an unfavorable EPS impact of approximately $0.60 due to manufacturing under-absorption [14] - Management reiterated capital allocation priorities of investing in the business, reducing debt, and returning value through dividends, with expectations of achieving net leverage below 3x in the next two to three years [21]

Core Insights - Interactive Brokers has a competitive edge in the brokerage industry, but the durability of this edge is questioned as the industry evolves [1][19][20] Pricing Pressure - The brokerage industry faces structural pricing pressure due to the prevalence of zero-commission trading, impacting revenue per contract [4][5] - Interactive Brokers must rely on operating leverage to protect margins amidst industry-wide pricing declines, although its automated infrastructure provides a cost advantage [6][8] - The core clients of Interactive Brokers, including active traders and institutions, are less price-sensitive, which helps maintain loyalty [7] Technological Shifts - The rise of AI in trading and financial services is changing platform expectations, with a focus on user experience rather than just execution quality [10][11][12] - Interactive Brokers must integrate intelligent tools while maintaining its disciplined architecture, balancing innovation with stability [13][14] Retail vs. Institutional Focus - Interactive Brokers has expanded its retail client base, which enhances liquidity and balances but poses challenges due to differing behaviors between retail and institutional clients [15][16] - The company must navigate the tension between appealing to retail clients and maintaining its institutional strengths, as this will define its competitive trajectory [17][18] Investor Implications - The brokerage industry is evolving towards lower pricing, AI-enhanced tools, and retail-centric experiences, requiring Interactive Brokers to adapt while preserving its core strengths [19][20]

Group 1 - Lionsgate Studios Corp. (NYSE:LION) experienced a significant stock increase of 9.09 percent, closing at $9, marking its fifth consecutive day of gains as investors anticipate upcoming business updates [1][6] - The company's Chief Financial Officer, Jimmy Barge, will participate in a fireside chat at the 2026 Morgan Stanley Technology, Media, and Telecom Conference on March 4, where investors expect insights into the company's outlook [2] - In the third quarter of the fiscal year ending December 31, Lionsgate reported a widened net loss attributable to shareholders of $46.2 million, a 111 percent increase from $21.9 million year-on-year, while revenues rose by 15 percent to $724.3 million from $628.2 million [3] Group 2 - Over the nine-month period, Lionsgate's attributable net loss increased by 9.7 percent to $268.5 million from $244.7 million, with revenues remaining flat at $1.7 billion [3] - The company recently appointed former Treasury Secretary Steven Mnuchin to its board of directors, bringing valuable financial and regulatory expertise along with experience in the entertainment industry [4][6]

Core Insights - Crescent Energy Company (NYSE:CRGY) experienced a significant stock price increase of 7.76%, closing at $11.66, following its return to profitability in the previous year [1][8]. Financial Performance - The company reported an attributable net income of $132.9 million, a turnaround from a net loss of $114.6 million in 2024, with revenues increasing by 22% to $3.58 billion from $2.93 billion year-on-year [2]. - In the fourth quarter, Crescent Energy recorded an attributable net loss of $8.66 million, which is a 93% improvement from the $118 million net loss in the same quarter the previous year. Total revenues slightly decreased by 1% to $865 million from $875 million [3]. - Average total production for the year was 260 MBoe/d, including 104 MBo/d of oil, exceeding the company's guidance. For the current year, the production target is set between 320 and 335 MBoe/d [2][3]. Shareholder Returns - The company announced a dividend distribution of $0.12 per share to shareholders on record as of March 11, 2026, payable on March 25 [4]. - Crescent Energy has raised and extended its share repurchase program to $400 million from a previous $150 million, with $33 million already repurchased [5].

Core Viewpoint - The article discusses the potential implications of the reported death of Iranian Supreme Leader Ali Khamenei, suggesting that investors should avoid hasty reactions to the news, particularly in relation to safe-haven assets like gold and treasuries [1]. Group 1: Market Reactions - Following the reported death of Khamenei, it is anticipated that safe assets such as gold and U.S. Treasuries will see an increase in value as investors seek refuge amid geopolitical uncertainty [1]. - The article emphasizes that the U.S. and Israel are actively pursuing regime change in Iran, which could lead to further instability in the region and impact global oil markets [1]. Group 2: Oil Market Implications - The Strait of Hormuz is a critical chokepoint for oil exports, with over 14.5 million barrels of crude condensate passing through daily in 2025, highlighting the strategic importance of the region in global energy supply [1]. - The potential for increased military action in Iran could disrupt oil exports, leading to volatility in oil prices and affecting energy markets worldwide [1].

Core Viewpoint - SM Energy Company (NYSE:SM) has shown strong performance recently, driven by a significant increase in its quarterly dividend and strategic asset sales, despite a decline in net income for the fourth quarter and full year 2025 [1][4]. Group 1: Dividend and Shareholder Value - SM Energy announced a 10% increase in its quarterly dividend, raising it to $0.22 per share, effective for shareholders on record as of March 9, 2026, with payment scheduled for March 23 [2]. - The company is also executing a share buyback program worth $500 million, with $12 million already repurchased, expected to continue until December 31, 2027 [3]. Group 2: Financial Performance - For the full year 2025, SM Energy's net income decreased by 15.8% to $648 million from $770 million in 2024, while total operating revenues increased by 17% to $3.15 billion from $2.69 billion year-on-year [4]. - In the fourth quarter of 2025, net income fell by 42% to $109 million from $188 million in the same period a year earlier, and total operating revenues declined by 17% to $705 million from $852 million year-on-year [5].

Core Viewpoint - Rosen Law Firm has filed a class action lawsuit on behalf of purchasers of securities of Franklin BSP Realty Trust, Inc. for the period between November 5, 2024, and February 11, 2026, due to alleged misleading statements regarding the company's prospects and dividend maintenance [1][5]. Group 1: Lawsuit Details - The class action lawsuit claims that defendants made false and/or misleading statements about Franklin BSP Realty Trust's business and operations, including overstating its prospects and ability to maintain a $0.355 dividend [5]. - Investors who purchased securities during the class period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. Group 2: Next Steps for Investors - Investors wishing to join the class action can do so by visiting the provided link or contacting the law firm directly [3][6]. - A lead plaintiff must be appointed by April 27, 2026, to represent other class members in the litigation [1][3]. Group 3: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved significant settlements, including the largest securities class action settlement against a Chinese company [4]. - The firm has been consistently ranked among the top firms for securities class action settlements and has recovered hundreds of millions of dollars for investors [4].

Company Overview - Akre Focus ETF is an actively-managed fund that offers a diversified portfolio of U.S. equities, including common and preferred stocks, REITs, partnership interests, and convertible securities [4] - The fund employs a disciplined, quality-focused investment strategy, concentrating on U.S. companies with strong shareholder returns and proven management [5] - As of February 27, 2026, the fund's price was $56.14, with an AUM of $8.42 billion [3] Recent Developments - Cross Staff Investments Inc established a new position in Akre Focus ETF by purchasing 289,630 shares valued at approximately $18.97 million, representing 10.45% of the fund's 13F reportable AUM as of December 31, 2025 [1][2] - The top five holdings after the filing include significant investments in companies like Costco, Apple, Berkshire Hathaway, and Amazon [8] Performance Metrics - As of February 28, 2026, shares of Akre Focus ETF were priced at $56.14, reflecting a decline of 20.61% over the past year and underperforming the S&P 500 by 37.97 percentage points [2][10] - The fund has historically outperformed the S&P 500 since its launch in 2009, but has faced challenges in recent years, with a price drop of over 20% in the last 12 months [10] Investment Strategy - The ETF's competitive edge lies in its rigorous selection process and dynamic capital allocation, allowing for the sale of positions when valuations become excessive or better opportunities arise [6] - The fund requires that no more than 25% of assets be allocated to a single stock and no more than 35% to international stocks, although it remains concentrated with under 20 holdings [9]

Core Insights - As of February 25, only three companies have a market capitalization exceeding $3 trillion: Nvidia, Apple, and Alphabet, with Microsoft recently falling below this threshold [1] - Meta Platforms is currently valued at approximately $1.6 trillion and is exploring the potential to reach a $3 trillion market cap within the next two years [2] Meta's AI Strategy - Meta's AI roadmap includes a new machine learning product called Advantage+, which automates ad campaigns and enhances demographic targeting for marketers [4] - Advantage+ enables advertisers to better understand which ads resonate with different customer segments, allowing for strategic budget allocation across Meta's platforms, including Facebook, Instagram, and WhatsApp [5] Performance Metrics - In Q3, Meta's CFO reported that Advantage+ achieved a $60 billion annual revenue run rate, indicating strong performance [7] - In Q4, Meta's video generation tools under Advantage+ reached a $10 billion annual revenue run rate, with growth in this segment outpacing overall ad revenue growth by three times quarter over quarter [8] - A new attribution tool introduced by Meta led to a 24% increase in incremental conversions compared to the standard model, achieving a multi-billion-dollar annual run rate within seven months of its launch [9] Capital Expenditures - In 2024, Meta's capital expenditures (capex) are projected to be $39 billion, with a significant increase in spending from the previous year, which totaled $72 billion [10] - Management indicated that capex could reach up to $135 billion this year, nearly double the amount compared to 2025 levels [10]