Sila Realty Trust, Inc. Q4 2025 Earnings Call Summary - Moby Strategic Execution and Portfolio Resilience Transitioned shareholder base to approximately 70% institutional ownership following the first full year as a publicly traded company. Acquired six healthcare facilities in 2025 for $150 million, focusing on modern construction and high-quality tenant sponsorship in the 'Sila mold'. Achieved a 90% retention rate on expiring leases, with non-renewals representing only 0.5% of Annual Base Rent (AB ...

Key Takeaways Cencora will merge MWI with Covetrus in a deal valuing MWI at a $3.5 billion enterprise value.COR will receive $1.25B cash, $800M preferred equity and $1.45B common equity, keeping a 34.3% stake.The combined platform will integrate MWI's supply chain with Covetrus' tech to boost efficiency and growth.Cencora, Inc. (COR) recently announced that it has agreed to merge its wholly owned subsidiary, MWI Animal Health, with Covetrus in a transaction that values MWI at an enterprise value of $3.5 bil ...

Cencora's animal health unit to merge with Covetrus in $3.5 billion deal | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]- Companies[Cencora Inc]FollowFeb 18 (Reuters) - Drug distributor Cencora [(COR.N), opens new tab] will merge its MWI Animal Health with privately held Covetrus in a deal valuing the unit at $3.5 billion, the companies said on Wednesday, creating a combined animal-health distribution and technology company.Under ...

Core Viewpoint - Investors in Cencora, Inc. should closely monitor the stock due to significant movements in the options market, particularly the high implied volatility of the Mar 20, 2026 $130 Call option [1] Group 1: Implied Volatility - Implied volatility indicates the market's expectations for future stock movement, with high levels suggesting anticipation of a significant price change or an upcoming event that could trigger a rally or sell-off [2] - Options traders often seek high implied volatility options to sell premium, aiming to benefit from the decay of the option's value if the stock does not move as much as expected [4] Group 2: Analyst Sentiment - Cencora currently holds a Zacks Rank of 3 (Hold) within the Medical Services industry, which is positioned in the bottom 41% of the Zacks Industry Rank [3] - Over the past 30 days, the Zacks Consensus Estimate for Cencora's earnings per share for the current quarter has slightly decreased from $4.85 to $4.83 [3]

Core Viewpoint - Cencora, Inc. has successfully closed a public offering totaling $3.5 billion in senior notes with varying interest rates and maturity dates [1] Group 1: Offering Details - The company issued $500 million of 3.950% Senior Notes due February 13, 2029 [1] - An additional $500 million of 4.250% Senior Notes due November 15, 2030 was also offered [1] - The offering included $500 million of 4.600% Senior Notes due February 13, 2033 [1] - Lastly, the company issued $1.0 billion of 4.900% Senior Notes, although the maturity date for these notes is not specified in the provided text [1]

Core Viewpoint - Cencora, Inc. has successfully priced a total of $3.5 billion in senior notes with varying interest rates and maturity dates, indicating strong market demand for its debt offerings [1] Group 1: Debt Offerings - The company priced $500 million of its 3.950% Senior Notes due February 13, 2029 [1] - Additionally, $500 million of its 4.250% Senior Notes due November 15, 2030 was also priced [1] - The company further issued $500 million of its 4.600% Senior Notes due February 13, 2033 [1] - Lastly, Cencora priced $1.0 billion of its 4.900% Senior Notes due February [1]

Core Insights - Cencora, Inc. (NYSE:COR) is a significant player in the healthcare distribution sector, known for its extensive network and efficient supply chain solutions, competing with major distributors like McKesson and Cardinal Health [1][6] - Wells Fargo has maintained an "Overweight" rating for Cencora, raising its price target from $405 to $429, indicating optimism about the company's future performance [1][5][6] Investment Activity - BI Asset Management Fondsmaeglerselskab A S increased its holdings in Cencora by 17.9% during the third quarter, now owning 144,287 shares valued at approximately $45 million, representing about 0.07% of Cencora's total market value [2][6] - Other investors, including Ameritas Advisory Services LLC and Simplicity Wealth LLC, have also made new investments in Cencora, with stakes valued at around $157,000 and $555,000 respectively [3][6] - Grimes and Company Inc. increased its holdings by 3.6%, now owning 1,272 shares valued at $381,000 [3] Stock Performance - Cencora's stock is currently priced at $363.27, reflecting a price change of $4.02, or a 1.119% increase, with fluctuations between a low of $358.94 and a high of $367.28 on the day [4][6] - Over the past year, the stock has reached a high of $377.54 and a low of $237.71, indicating significant volatility [4][6] - Cencora's market capitalization stands at approximately $70.67 billion, with a trading volume of 946,209 shares, highlighting the company's strong position in the industry [5]

Core Viewpoint - Cardinal Health, Inc. is recognized as one of the 12 unstoppable dividend stocks to buy according to analysts, reflecting strong market confidence in the company's performance and growth potential [1]. Financial Performance - Morgan Stanley raised its price target for Cardinal Health from $245 to $255, maintaining an Overweight rating, following strong second-quarter results that improved the stock's risk-reward profile [2]. - Cardinal Health raised its 2026 profit outlook after reporting quarterly results that exceeded expectations, driven by solid demand for specialty medicines, resulting in a stock price increase of over 9% [3]. - The company reported quarterly revenue of $65.63 billion, surpassing analysts' average estimate of $64.14 billion, with adjusted profit at $2.63 per share, exceeding estimates of $2.36 [6]. Industry Trends - Drug distributors, including Cardinal Health, are benefiting from increased demand for higher-margin treatments for complex conditions such as cancer and autoimmune diseases, supported by the rollout of biosimilars linked to blockbuster drugs that have lost patent protection [4]. - Companies in this sector are expanding into specialty medicines through acquisitions of cancer center operators, diversifying beyond traditional drug distribution while strengthening core operations [5]. Company Strategy - Cardinal Health's CEO Jason Hollar indicated that while GLP-1 drugs contribute to revenue, they are not expected to significantly impact earnings in the near term, with adoption remaining slow but anticipated to accelerate over time [5].

Financial Data and Key Metrics Changes - TPG reported GAAP net income attributable to TPG Inc. of $77 billion and after-tax distributable earnings of $304 million, or $0.71 per share of Class A common stock [4] - Full-year fee-related revenue reached $2.1 billion, including $628 million for the fourth quarter, which grew 36% year-over-year [31] - After-tax distributable earnings increased 17% year-over-year to $304 million, marking the highest level since becoming a public company [35] - Total AUM increased 23% year-over-year to $303 billion, driven by $51 billion of capital raised and $24 billion of value creation [35] Business Line Data and Key Metrics Changes - Software represents 11% of total AUM, with 18% in private equity and approximately 2% in credit [8] - The credit platform raised a record $21 billion during the year, up 67% from 2024, with a record $9 billion raised in the fourth quarter alone [17] - Private equity fundraising grew over 80% to $28 billion in 2025, while overall industry fundraising for PE declined 11% [20] - The real estate platform appreciated 9% in 2025, with $6 billion of capital deployed [25] Market Data and Key Metrics Changes - The company experienced double-digit value creation across nearly all platforms in 2025, with private equity strategies appreciating 11% over the last twelve months [37] - The credit platform also appreciated 11% over the last twelve months, maintaining strong credit quality with non-accruals just over 1% [38] - The real estate portfolios appreciated more than 9% for the year, driven by robust value creation in data center holdings and other sectors [39] Company Strategy and Development Direction - TPG aims to continue driving outsized growth by scaling existing and newer strategies, deepening integration of capital markets capabilities, and selectively capitalizing on inorganic opportunities [28] - The company is focused on expanding its private wealth strategy and enhancing its insurance solutions business, with a strategic partnership with Jackson Financial expected to close soon [12][42] - TPG plans to begin fundraising for several new funds in 2026, including TPG Real Estate's next fund and various Asia-focused funds [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's ability to sustain growth and deliver differentiated value for stakeholders, citing a strong performance in 2025 as a foundation for future success [47] - The company anticipates another robust year of capital formation in 2026, expecting aggregate capital raising to exceed $50 billion [41] - Management highlighted the importance of maintaining strong relationships with borrowers and sponsors to ensure credit quality and performance [50][54] Other Important Information - TPG's new and emerging strategies attracted over $7 billion of commitments in 2025, indicating effective identification and scaling of high-potential opportunities [16] - The company ended 2025 with $72 billion of dry powder, representing 43% of fee-earning AUM, positioning it well for future investments [35] Q&A Session Summary Question: Concerns about direct lending performance sustainability - Management acknowledged the market's skepticism regarding direct lending performance but emphasized the unique characteristics of their lower middle market focus, which differs from upper middle market dynamics [50][51] Question: Inquiry about transaction fees and revenue outlook - Management noted that transaction fees in Q4 were driven by increased deployment and diversification across various platforms, indicating a long-term growth opportunity in capital markets [65][66] Question: Outlook for net deployment in credit business - Management highlighted the significant growth in the credit business and the expected upward trend in deployment opportunities due to increased capital formation and synergies from the Angelo Gordon acquisition [76][77]

Financial Data and Key Metrics Changes - TPG reported GAAP net income attributable to TPG Inc. of $77 billion and after-tax distributable earnings of $304 million, or $0.71 per share of Class A common stock [4][35] - Full-year fee-related revenue reached $2.1 billion, including $628 million for the fourth quarter, which grew 36% year-over-year [31] - The company finished 2025 with $303 billion of total AUM, up 23% from 2024, driven by $51 billion of capital raised and $24 billion of value creation [35] Business Line Data and Key Metrics Changes - In credit, TPG raised a record $21 billion of credit capital during the year, up 67% from 2024, with a record $9 billion raised in the fourth quarter alone [17] - Private equity fundraising grew over 80% to $28 billion in 2025, while overall industry fundraising for PE declined 11% [20] - The real estate platform appreciated 9% in 2025, with $6 billion of capital deployed [25] Market Data and Key Metrics Changes - Software represents 11% of total AUM, with 18% in private equity and approximately 2% in credit [8] - The company ended 2025 with $72 billion of dry powder, representing 43% of fee-earning AUM [35] Company Strategy and Development Direction - TPG aims to continue driving outsized growth by scaling existing and newer strategies, deepening integration of capital markets capabilities, and selectively capitalizing on inorganic opportunities [28][29] - The company is focused on expanding its private wealth strategy and enhancing its insurance solutions business [12][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to sustain growth and deliver differentiated value for stakeholders, expecting 2026 to be another robust year of capital formation with aggregate capital raising expected to exceed $50 billion [40][41] - The company highlighted the importance of avoiding capital loss and managing exposures in the lending markets, particularly in the lower middle market [56] Other Important Information - TPG announced a long-term strategic partnership with Jackson Financial, which is expected to provide predictable fee revenue and enhance credit capabilities [12] - The company launched several new products in 2025, including Tika, a growth equity strategy, and Advantage Direct Lending, a new core middle market direct lending strategy [15] Q&A Session Questions and Answers Question: Concerns about direct lending performance sustainability - Management emphasized the differences between lower middle market lending and upper middle market lending, highlighting their unique position and rigorous monitoring of borrower performance [50][51][54] Question: Inquiry about transaction fees and revenue outlook - Management noted that transaction fees in Q4 were driven by increased deployment and diversification across various platforms, indicating a long-term growth opportunity in capital markets [66][67] Question: Outlook for net deployment in credit business - Management discussed the significant growth in credit capital and the synergies from the TPG and Angelo Gordon collaboration, which are expected to enhance deployment opportunities [78]