Key Business Results - Net income for Q4 2025 was $301 million, translating to diluted EPS of $3.74, a 4% increase from Q4 2024 [3][7] - Adjusted EPS increased 23% year-over-year to $5.23 [3] - Gross profit rose 26% year-over-year to $1,542 million [3] - Total advisory and brokerage assets increased 36% year-over-year to $2.4 trillion [3] - Total organic net new assets were $23 billion, representing a 4% annualized growth [3] Key Financial Results - For the full year 2025, net income was $863 million, translating to diluted EPS of $10.92, down 22% from the previous year [3][23] - Adjusted EPS for the year increased 22% year-over-year to $20.09 [3] - Gross profit for the year increased 24% year-over-year to $5.60 billion [3] - Total organic net new assets for the year were $147 billion, representing an 8% growth rate [3] Key Capital and Liquidity Measures - Corporate cash stood at $470 million [3] - Leverage ratio was 1.95x [3] - Dividends paid in Q4 2025 were $24 million, with a total of $94 million for the year [3] M&A Updates - The company is on track to complete the conversion of Commonwealth Financial Network in Q4 2026, expecting asset retention of approximately 90% and run-rate EBITDA of approximately $425 million [3] Market Performance - The S&P 500 Index at the end of Q4 2025 was 6,846, a 2% increase from Q3 2025 [31] - Total advisory assets reached $1.4 trillion, a 46% increase year-over-year [3][31] - Client cash balances increased to $61 billion, up $5 billion sequentially and $6 billion year-over-year [3]

Key Financial Results - The company reported a net loss of $30 million, translating to a diluted loss per share of $0.37, compared to a net income of $255 million or $3.39 per share in Q3 2024 [5][8] - Adjusted EPS increased by 25% year-over-year to $5.20 [5] - Gross profit rose by 31% year-over-year to $1,479 million [5] - Core G&A expenses increased by 33% year-over-year to $477 million [5] - Adjusted pre-tax income increased by 35% year-over-year to $569 million [5] - Total advisory and brokerage assets increased by 45% year-over-year to $2.3 trillion [5] Key Business Results - Total net new assets were $308 billion, including $275 billion from the acquisition of Commonwealth [5] - Organic net new assets were $33 billion, representing a 7% annualized growth [5] - Recruited assets were $33 billion, up 27% from a year ago [5] - Client cash balances increased to $56 billion, up $10 billion year-over-year [5] Key Capital and Liquidity Measures - The company onboarded First Horizon with $18 billion of brokerage and advisory assets, of which $17 billion transitioned onto the platform in Q3 [3] - Corporate cash stood at $568 million, with a leverage ratio of 2.04x [5] - The company declared a dividend of $0.30 per share to be paid on December 1, 2025 [10] M&A - The acquisition of Commonwealth was closed, with an expected conversion completion in Q4 2026 [6] - The estimated run-rate EBITDA for Commonwealth increased from $415 million to $425 million [6] - The company is tracking towards a 90% retention target for Commonwealth advisors, with nearly 80% of assets signed to date [6]

Core Insights - LPL Financial (LPLA) experienced a significant increase in total brokerage and advisory assets, reaching $2.26 trillion in August 2025, marking a 16.7% month-over-month increase and a 45.1% year-over-year growth [1][10] Group 1: Asset Performance - Brokerage assets totaled $955.3 billion, reflecting a 10.8% increase from June 2025 and a 38.3% rise year over year [2] - Advisory assets reached $1.3 trillion, up 21.5% from the previous month and 50.5% from August 2024 [2] Group 2: Net New Assets (NNAs) - Total organic net new assets were $17.8 billion, which included $13.8 billion from First Horizon Bank and $2.2 billion in off-boarded assets due to a planned separation [3][10] - Excluding the aforementioned assets, organic NNAs stood at $6.2 billion [3] Group 3: Client Cash Balances - LPL Financial reported a total client cash balance of $52.7 billion in August, up 6.5% from the prior month and 21.7% from August 2024 [4] - The cash balance breakdown included $35 billion in insured cash and $12.2 billion in deposit cash [4] Group 4: Strategic Outlook - The company's acquisitions of Commonwealth Financial Network, Investment Center, and Atria Wealth are expected to bolster advisory revenues and support advisor productivity [5] - LPL Financial is anticipated to continue its inorganic expansion to diversify operations, although there are concerns regarding capital market performance and substantial goodwill on the balance sheet [5] Group 5: Market Performance - Over the past year, LPLA shares have increased by 52%, outperforming the industry growth of 50.7% [6]

Core Insights - LPL Financial reported a significant increase in total advisory and brokerage assets, reaching $2.26 trillion at the end of August 2025, which is an increase of $324.1 billion or 16.7% compared to July 2025 [1][5]. Group 1: Asset Growth - Total net new assets for August amounted to $292.8 billion, with $275.0 billion attributed to the acquisition of Commonwealth Financial Network [2]. - Organic net new assets for August were $17.8 billion, reflecting an annualized growth rate of 11.0%. This included $13.8 billion from First Horizon Bank and a $2.2 billion off-boarding due to a planned separation [3]. - Prior to the impacts from First Horizon Bank and the off-boarding, organic net new assets were $6.2 billion, translating to a 3.9% annualized growth rate [3]. Group 2: Client Cash Balances - Total client cash balances at the end of August were $52.7 billion, an increase of $3.2 billion from July 2025, which included $3.9 billion from the Commonwealth acquisition [4][5]. - Net buying activity in August was reported at $14.2 billion, showing an increase from previous months [6]. Group 3: Market Performance - The S&P 500 Index closed at 6,460 at the end of August, reflecting a 1.9% increase from July and a 14.4% increase year-over-year [6]. - The Russell 2000 Index increased by 7.0% month-over-month, closing at 2,366 [6].

Company Overview - Highwoods Properties, Inc. is a publicly-traded real estate investment trust (REIT) focused on owning, developing, acquiring, leasing, and managing properties in major business districts across several cities including Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond, and Tampa [4] Financial Update - Highwoods Properties has recast a $200 million unsecured bank term loan, extending its maturity from May 2026 to January 2029, with an option to extend for an additional two years if no defaults occur [1] - The interest rate on the new term loan is set at SOFR plus 95 basis points, with potential adjustments of up to 2.5 basis points based on the achievement of specific sustainability goals related to greenhouse gas emissions reduction [2] Loan Arrangement Details - The new term loan was arranged by several financial institutions, including BofA Securities, Wells Fargo Securities, and PNC Capital Markets, with Bank of America acting as the Administrative Agent [3]

Key Financial Results - Net income for Q1 2025 was $319 million, translating to diluted earnings per share (EPS) of $4.24, an 11% increase from the previous year [5] - Adjusted EPS increased 22% year-over-year to $5.15 [5] - Gross profit rose 19% year-over-year to $1,273 million [5] - Core general and administrative (G&A) expenses increased 14% year-over-year to $413 million [5] - Adjusted pre-tax income grew 23% year-over-year to $509 million [5] - Total advisory and brokerage assets increased 25% year-over-year to $1.8 trillion [5] Key Business Results - Total organic net new assets were $71 billion, representing 16% annualized growth [5] - Recruited assets were $39 billion, up 91% from a year ago, with a record of $167 billion over the trailing twelve months [5] - Advisory assets increased 23% year-over-year to $977 billion, while advisory assets as a percentage of total assets decreased to 54.5% from 55.0% a year ago [5] Key Capital and Liquidity Results - Corporate cash stood at $621 million, with a leverage ratio of 1.82x [5] - Share repurchases amounted to $100 million, and dividends paid were $22.4 million [5] M&A Activity - The company announced a definitive purchase agreement to acquire Commonwealth Financial Network, which manages $285 billion of brokerage and advisory assets [4] - The acquisition is expected to close in the second half of 2025, subject to regulatory approvals [4][7] Strategic Updates - The onboarding of Prudential Advisors was completed, adding $67 billion of brokerage and advisory assets [6] - Wintrust Investments was onboarded with $16 billion of assets [6] - A strategic relationship agreement with First Horizon Bank was announced, expected to transition support to LPL's platform by mid-2026 [6][7]