Financial Data and Key Metrics Changes - Jackson Financial reported adjusted operating earnings of $455 million for Q4 2025, reflecting continued strength across spread-based products and a 12% growth in adjusted operating earnings for the full year [5][13] - The company achieved over $1 billion in free capital generation for the second consecutive year, with free cash flow totaling $838 million for the full year [6][36] - Adjusted operating earnings per share increased by 33% to $6.43, driven by strong spread income growth and a lower diluted share count [16][18] Business Line Data and Key Metrics Changes - Retail annuity sales reached nearly $20 billion for the full year, the highest level since 2019, with a record $2.3 billion in RILA sales for Q4, up 53% year-over-year [6][10] - The retail annuity segment delivered 27% growth over last year's fourth quarter, with RILA assets under management growing to over $20 billion [18][22] - Fixed index annuity sales contributed $812 million during the quarter, indicating strong momentum in the product lineup [19][22] Market Data and Key Metrics Changes - Total retail annuity account values increased by 7% to $269 billion at year-end 2025, supported by strong sales in RILA and fixed index annuities [7][10] - Variable annuity net outflows remained elevated, reflecting an aging policyholder base and market conditions, but were offset by strong investment performance generating over $28 billion [20][21] - The RBC ratio stood at 567%, indicating a strong capital position above the minimum target [7][41] Company Strategy and Development Direction - Jackson Financial closed a strategic partnership with TPG to support accelerated growth in its spread-based business, enhancing capital efficiency and product offerings [5][12] - The company aims to leverage its diversified product suite to meet various consumer needs, focusing on income, protection, growth, and legacy benefits [61] - Future growth targets include free capital generation of at least $1.2 billion for 2026 and a capital return target of $900 million to $1.1 billion [12][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining a balanced approach to capital management, focusing on financial strength, growth, and capital return to shareholders [6][8] - The partnership with TPG is expected to enhance profitability and support the growth of the spread-based business, with a positive outlook for retail annuity sales [62][64] - Management anticipates that surrender activity will remain closely tied to equity market performance, with expectations for improved actual-to-expected results in 2026 [21][78] Other Important Information - The company returned over $862 million to common shareholders in 2025, exceeding its capital return target range [7][38] - Jackson's annual actuarial assumptions review resulted in a favorable impact on operating earnings, reflecting improved mortality trends [17][30] - The establishment of Hickory Re as a subsidiary is expected to contribute to future cash flows and enhance the capital profile of Brook Re [48][50] Q&A Session Summary Question: Can you provide more details on capital levels and tracking? - Management discussed the progress of Brook Re and its diversified liability profile, highlighting recent reinsurance transactions that enhance stability [47][48] Question: What is the expected impact of the TPG partnership on growth? - Management indicated that the partnership will support strong retail annuity sales and enhance product offerings, with expectations for growth in the coming years [56][62] Question: How will cash flow from Hickory Re be managed? - It was clarified that dividends from Hickory Re would flow up to Brook Re and then to the holding company, supporting ongoing capital return strategies [65][66]

Investor Presentation Fourth Quarter 2025 Results TRUST • TEAMWORK • HEART • EVOLUTION 1 February 17, 2026 Cautionary Statements The Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that a company anticipates as of a given date to be economically and legally producible and deliverable by application of development projects to known accumulations. This presentation contains certain terms and estima ...

Financial Data and Key Metrics Changes - The company reported a stable production profile throughout the year, with first-half capital expenditures (CapEx) expected to account for about 60% of the total annual CapEx [9] - Current production levels are generating approximately $30 million annually under the proposed guidance for the 45Z program [11] - The average drilling cost for Utica wells is approximately $1,700 per foot, with performance aligned with expectations [27] Business Line Data and Key Metrics Changes - The RNG business line is experiencing stable pricing in the PA Tier 1 REC market, with a long-term bullish outlook contingent on increased renewable energy contributions to the grid [10] - Coal mine methane volumes have seen a modest year-over-year decline, primarily driven by underlying mining activity, with expectations of stability moving forward [30] Market Data and Key Metrics Changes - The company is currently over 60% hedged for 2027, targeting a weighted average NYMEX price of about $4, which is favorable for business performance [33][34] - The company is not seeing significant price activity beyond February contracts, which influences their decision-making regarding increased frac activity [25] Company Strategy and Development Direction - The company is focused on maintaining production levels while being responsive to material changes in gas prices, with a cautious approach to increasing activity based on long-term demand visibility [39] - There is an emphasis on the importance of infrastructure projects and AI demand for future growth, although current production remains at maintenance levels due to regulatory constraints [39][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational preparedness during extreme cold weather events, indicating no expected disruptions to operations or volumes [19] - The company is optimistic about the deep Utica program, with ongoing evaluations of well spacing and performance [17] Other Important Information - The company has internalized and adopted the AutoSep technology, which is expected to provide cost savings and environmental benefits, although it has not yet materially impacted financial results [21] - The company is planning to provide updated acreage counts and inventory runway details by the end of Q1 [46] Q&A Session Summary Question: Inquiry about capital and TIL program translating to production profile - Management indicated that first-half CapEx would be about 60% of the total, allowing flexibility for potential acceleration in the second half [9] Question: Outlook on RNG business line and AEC pricing - Management noted that the PA Tier 1 REC market has stabilized, with long-term pricing expected to improve as renewable energy standards tighten [10] Question: Clarification on Utica program size and timing - Management clarified that the smaller program size is due to timing, with confidence in the deep Utica program and plans for future fracking activity [16][17] Question: Expectations for operational disruptions due to weather - Management confirmed that they do not expect any disruptions, as the team has been well-prepared [19] Question: Update on new tech business and AutoSep - Management reported that AutoSep technology has been adopted internally, with positive early results, but no material financial impact yet [21] Question: Hedging strategy for 2027 - Management stated they are over 60% hedged for 2027, targeting a favorable NYMEX price [33][34] Question: Incremental takeaway and infrastructure projects - Management noted that while some low-hanging fruit has been taken, there are still proposed projects that need approval, and current production remains at maintenance levels [42]

Financial Data and Key Metrics Changes - The company has not provided specific financial data or key metrics changes in the call [2][3] Business Line Data and Key Metrics Changes - The capital expenditure (Capex) for the first half of the year is expected to be about 60% of the total annual Capex, with production remaining flat throughout the year [10] - The RMG business line's pricing outlook is stable, with a long-term expectation for prices to increase as renewable energy standards tighten [11] - Current production levels for the 45Z initiative are generating about $30 million annually, with potential adjustments pending final guidance [12] Market Data and Key Metrics Changes - The coal mine methane volumes have seen a modest year-over-year decline, primarily driven by mining activity at specific sites [29] Company Strategy and Development Direction - The company is focused on maintaining production levels while being responsive to changes in gas prices, with plans to potentially add frac activity in the second half of 2026 [24][38] - There is a strategic emphasis on long-term demand growth, particularly in relation to new infrastructure and power projects, rather than short-term production increases [38] Management's Comments on Operating Environment and Future Outlook - Management has expressed confidence in their operational preparedness for extreme weather events, indicating no expected disruptions to operations or volumes [19] - The company is optimistic about the Utica program, clarifying that the current lower number of turn-in-lines is a timing issue rather than a lack of confidence in the project [16][17] Other Important Information - The company is currently over 60% hedged for 2027, targeting an 80% hedge as they approach that year [30][31] Q&A Session Summary Question: Inquiry about capital and production profile - The company expects first-half Capex to be about 60% of the total, with a flat production profile throughout the year, allowing flexibility for potential acceleration in the second half [10] Question: Outlook on RMG business line pricing - The RMG pricing has stabilized, with long-term expectations for increases tied to renewable energy standards [11] Question: Clarification on Utica program size - The smaller program size is attributed to timing, with confidence in the Utica program remaining strong [16][17] Question: Impact of weather on operations - Management does not anticipate any disruptions from weather events, as preparations have been made [19] Question: Update on new technology business - The AutoStep technology has been adopted internally, with expectations for increased adoption in 2026, though it has not yet materially impacted financials [21] Question: Hedging strategy for 2027 - The company aims to be approximately 80% hedged for 2027, with a current average NYMEX price of about $4 [30][31]

Group 1: Industry Trends and Developments - Optimal Blue is hosting a webinar on January 27 to discuss the benefits of mandatory delivery in hedging strategies, emphasizing the importance of data-driven decisions in secondary marketing execution [1] - Planet has enhanced its correspondent sales team by hiring Scott Henley, who brings over 30 years of experience in the mortgage industry, to support correspondent partners in several states [2] - APB Wholesale's One-Time Close Construction loans are innovating construction financing by combining construction and permanent financing into a single loan, streamlining the process for borrowers [3] - Citi Correspondent Lending is focusing on growth for 2026, introducing enhancements to its Non-Agency Jumbo program, including increased loan amounts and cash-out limits [3] - ICE is providing comprehensive property data covering 99.99% of U.S. properties, which is crucial for lenders to make informed decisions in a competitive mortgage market [3] Group 2: Operational Readiness and Customer Experience - STRATMOR emphasizes the need for lenders to be operationally ready for a potential increase in loan volume, highlighting the importance of consistent processes and real-time feedback for strong borrower experiences [5][6] - Lenders are encouraged to integrate customer experience into their operating models to enhance scalability and protect business during demand fluctuations [6] Group 3: Market Insights and Economic Indicators - The mortgage market is seeing sub-6 percent rates, with mandatory loan sale delivery potentially offering a 10-50 basis point advantage over best efforts when managed effectively [11] - Recent economic data shows construction spending declined by 0.6% in September but rebounded by 0.5% in October, indicating a flat overall activity since August, with private residential improvements contributing to the October gain [14] - Ginnie Mae II 30-year aggregate speeds increased by 3% to a 12.4 one-month CPR, with varying prepayment speeds across different loan types, highlighting the importance of servicer behavior in prepayment risk [15]

Core Insights - The article focuses on analyzing Rithm Capital Corp.'s (RITM) recent performance metrics in comparison to 17 mortgage real estate investment trust (mREIT) peers, highlighting investment composition, leverage, hedging coverage, and economic returns [1][3][54] Investment Composition and Portfolio Overview - As of September 30, 2025, RITM's investment portfolio consisted of 21% fixed-rate agency MBS, 0% variable-rate agency MBS, 32% mortgage servicing rights (MSR), and 47% non-agency MBS and other mortgage-related investments [19][28] - RITM's diverse investment strategy includes subsidiaries like Newrez, SCU, Crestline, and RPT, which contribute to a broad range of financial investments [28][39] Leverage and Hedging Coverage - RITM's on-balance sheet leverage ratio was 2.4x, with an at-risk leverage ratio of 1.0x as of September 30, 2025, indicating a slight decrease in on-balance sheet leverage and a slight increase in at-risk leverage compared to the previous quarter [20][21] - The hedging coverage ratio for RITM decreased to 58% as of September 30, 2025, reflecting the company's strategy to prepare for lower mortgage interest rates [51] Economic Returns and Valuation - RITM reported a book value (BV) of $12.83 per share at the end of Q3 2025, representing a quarterly increase of 0.94% and an economic return of 2.91% for the same period [22][23] - The trailing 24-month economic return for RITM was 20.37%, ranking it as the 4th best performer among the analyzed mREIT peers, significantly outperforming the average returns of other mREIT categories [55] Comparative Analysis with Peers - RITM's economic return and leverage metrics indicate it operates with lower average leverage compared to its closest peer, PMT, and the broader mREIT sector, which helps mitigate book value volatility [56] - The stock price of RITM was trading at a 13.44% discount to the estimated current BV as of December 5, 2025, suggesting potential undervaluation [52][53]

Core Insights - Vistra Corp. (VST) is anticipated to show an increase in revenues but a significant decline in earnings per share (EPS) for Q3 2025, with revenues expected to reach $7 billion, reflecting an 11.28% year-over-year growth, while EPS is projected to drop by 77.14% to $1.20 per share [1][2][6] Revenue and Earnings Estimates - The Zacks Consensus Estimate for VST's Q3 revenues is $7 billion, indicating an 11.28% increase from the previous year [1] - The estimated EPS for Q3 is $1.20, which represents a 77.14% decline compared to the same quarter last year [2] - Year-over-year growth estimates for the current year and next year are -2.86% and 23.46%, respectively [3] Earnings Performance History - Vistra has surpassed earnings expectations in two of the last four quarters, with an average surprise of 69.75% [4][5] Factors Influencing Q3 Performance - Increased demand for clean electricity from data centers and the Permian Basin is expected to positively impact Q3 performance [6][10] - The company's hedging strategy has secured generation volumes, contributing to its stock performance, which has outperformed the industry [6][12] Shareholder Value and Capital Allocation - Vistra's share repurchase program has enhanced shareholder value, executing $5.4 billion in buybacks since November 2021, with plans for an additional $1.4 billion between 2025 and 2026 [11] - The company maintains a disciplined capital allocation strategy, focusing on high-return projects to ensure consistent cash flow generation [18] Market Position and Valuation - VST's shares have increased by 32.7% over the past six months, outperforming the industry average of 7.4% [13] - The stock is currently trading at a premium compared to its industry on a forward 12-month P/E basis [15] Growth Strategy - Vistra is expanding its generation capacity through both organic initiatives and strategic acquisitions, leveraging its integrated business model for competitive advantage [17][21]

Financial Data and Key Metrics Changes - The company generated over $90 million in free cash flow during the quarter, with nearly $600 million year-to-date [22] - The free cash flow yield is locked in at 6% to 9% at natural gas prices between $2 and $3, with a break-even at $1.75 per MCF for 2026 [25][26] - The company paid down approximately $180 million in debt and repurchased $163 million in stock year-to-date [22] Business Line Data and Key Metrics Changes - The company achieved a record completion performance, averaging 14.5 stages per day and nearly 5,000 feet on the completion side [8] - The Marcellus Core Fairway expansion is driven by strong well performance and ongoing organic leasing efforts [9] - The company has hedged 24% of expected natural gas volumes in 2026 at $3.82 per MMBtu [25] Market Data and Key Metrics Changes - NGL production growth in the U.S. is expected to slow due to low oil prices and reduced rig counts, particularly in the Permian Basin [11][12] - Propane exports have increased by over 120,000 barrels a day year-to-date, averaging 1.85 million barrels a day [13] - LNG export demand is projected to increase by 4.5 Bcf from the beginning of 2025 to the end of 2025, driven by the Plaquemines LNG facility [17] Company Strategy and Development Direction - The company is focused on expanding its core Marcellus position in West Virginia through bolt-on transactions and organic leasing [6] - The strategic initiatives aim to capitalize on structural demand changes in the natural gas market, particularly from LNG exports and power generation [5][6] - The company plans to maintain a disciplined approach to transactions, focusing on accretive opportunities that enhance free cash flow and net asset value per share [22][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the natural gas market, citing significant demand growth driven by LNG exports and new data centers [5] - The company is well-positioned to respond to regional demand increases and has a substantial inventory for future growth opportunities [26] - Management emphasized the importance of patience in capitalizing on market opportunities, particularly in the context of LNG and regional demand [58] Other Important Information - The company has a dominant position in West Virginia, producing over 40% of the state's natural gas [64] - The company is exploring opportunities for data center cooling and natural gas-fired power generation in the region [56][58] Q&A Session Summary Question: What was the catalyst for commencing drilling in Harrison County? - The catalyst was increased local demand related to data centers and power deals [30] Question: How does the higher production level impact maintenance CapEx? - A 3% increase in production is expected to lead to a similar increase in maintenance capital, approximately $20 million [37] Question: What are the expectations for average lateral length in 2026? - Average lateral length is expected to increase to 14,000 feet, up from the low 13,000 feet this year [44] Question: What is the strategy regarding hedging? - The strategy involves locking in above 5% free cash flow yields while maintaining exposure to upside [50] Question: What are the expectations for the proof-of-concept pad in Harrison County? - The expectation is for a 50% improvement in well performance compared to historical averages [55] Question: What is the company's approach to M&A and asset sales? - The company is evaluating opportunities for bolt-on transactions and is encouraged by the market for its Ohio assets [66][90]

Financial Data and Key Metrics Changes - The company reported attractive free cash flow of over $90 million for the quarter, with year-to-date free cash flow reaching almost $600 million [22][24] - The production level increased by 3%, which is expected to result in a proportional increase in maintenance capital by approximately $20 million from the previous $675 million level [37][38] Business Line Data and Key Metrics Changes - The company achieved a record average of 14.5 completion stages per day, with significant improvements in drilling and completion results [8][10] - The company is expanding its Marcellus Core position through both bolt-on transactions and organic leasing, with strong well performance driving this expansion [9][10] Market Data and Key Metrics Changes - NGL production growth in the U.S. is forecasted to slow down due to low oil prices and reduced rig counts, particularly in the Permian Basin [11][12] - Propane exports have increased by over 120,000 barrels per day year-to-date, averaging 1.85 million barrels per day compared to 1.72 million barrels per day for the same period last year [13][14] Company Strategy and Development Direction - The company is focused on capitalizing on structural demand changes in the natural gas market, driven by increasing U.S. LNG exports and natural gas power generation [5][6] - The strategic initiatives include returning to West Virginia dry gas development and using hedging to lock in attractive free cash flow yields [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming demand surge for natural gas, particularly from new LNG capacity additions and power demand increases [19][20] - The company is well-positioned to respond to regional demand increases and has significant dry gas inventory for future growth opportunities [26][27] Other Important Information - The company has hedged 24% of its expected natural gas volumes in 2026 at a price of $3.82 per MMBtu, with additional hedges in place to protect free cash flow [24][25] - The company is actively evaluating accretive opportunities for transactions and share repurchases, maintaining a disciplined approach to capital allocation [22][26] Q&A Session Summary Question: What was the catalyst for resuming drilling in Harrison County? - Management indicated that discussions related to local demand and opportunities in the eastern portion of their acreage were the catalysts for this decision [29][30] Question: How does the increase in production impact maintenance CapEx? - Management stated that a 3% increase in production logically leads to a similar increase in maintenance capital, approximately $20 million more than the previous level [37][38] Question: What are the expectations for average lateral lengths in 2026? - Management expects average lateral lengths to increase to approximately 14,000 feet in 2026, up from the low 13,000 feet range this year [44] Question: What is the strategy regarding hedging? - Management indicated a dual approach, aiming to replicate a model with wide collars and a portion unhedged to maximize free cash flow yield while protecting against downside risks [49][50] Question: What are the expectations for the dry gas acreage in Harrison County? - Management anticipates a 50% improvement in well performance compared to historical averages, expecting deliverability of around 2 Bcf per thousand feet [55] Question: What is the company's approach to potential asset sales in Ohio? - Management confirmed they are in the middle of the marketing process for Ohio assets, which are considered highly desirable due to their contiguous acreage and midstream access [66][67]

Financial Data and Key Metrics Changes - The company reported a free cash flow of over $90 million for the quarter, with nearly $600 million generated year-to-date [15][16] - The company paid down approximately $180 million in debt and repurchased $163 million in stock year-to-date [15][16] - The average natural gas price hedged for 2026 is $3.82 per MMBtu, with 24% of expected volumes hedged [17] Business Line Data and Key Metrics Changes - The company achieved a record completion stage average of 14.5 stages per day, with significant improvements in drilling and completion results [4][5] - The Marcellus Core Fairway expansion has been driven by strong well performance and organic leasing efforts, leading to increased acreage acquisitions [5][6] Market Data and Key Metrics Changes - U.S. propane exports increased by over 120,000 barrels a day year-to-date, averaging 1.85 million barrels a day compared to 1.72 million barrels a day for the same period last year [9] - The projected NGL supply growth in the Permian is expected to slow dramatically in 2026, with total U.S. C3+ production growth nearly flat [8][9] Company Strategy and Development Direction - The company is focused on enhancing its position in the Marcellus region through strategic initiatives, including organic leasing and bolt-on acquisitions [3][4] - The company aims to capitalize on structural demand changes in the natural gas market driven by increasing U.S. LNG exports and natural gas power generation [2][3] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the natural gas market, anticipating a significant demand surge due to new LNG capacity additions and power demand increases [12][13] - The company is positioned to respond to regional demand increases and is evaluating opportunities for growth while maintaining a disciplined approach to capital expenditures [18][36] Other Important Information - The company has hedged 28% of its expected natural gas volumes in 2026 with wide collars between $3.22 and $5.83 per MMBtu [17] - Management highlighted the importance of being countercyclical in share repurchases and transactions, especially in a low commodity price environment [45] Q&A Session Summary Question: What was the catalyst for resuming drilling in Harrison County? - The catalyst was the increasing local demand related to data centers and power deals, prompting the company to return to gas drilling in the area [19][20] Question: How does the recent production increase impact maintenance CapEx? - The production increase is expected to lead to a proportional increase in maintenance capital, estimated at an incremental $20 million [23] Question: What is the outlook for the 2026 program? - The company is maintaining a production level around 3.5 to 3.525 Bcf per day, with decisions on drilling partnerships still to be determined [22] Question: How does the company view its acquisitions? - The company sees acquisitions as opportunities that arise based on its dominant position in the West Virginia Marcellus, evaluating them as they come [24] Question: What are the expectations for the uplift in dry gas production? - The company expects about a 50% improvement in production from historical type curves, anticipating 2 Bcf per thousand feet [30] Question: What is the strategy regarding hedging? - The company has adopted a more aggressive hedging strategy, locking in above 5% free cash flow yields while maintaining exposure to rising prices [27][28] Question: What is the status of the Ohio asset sales process? - The company is in the middle of the process and is encouraged by the desirability of the assets due to their contiguous acreage and midstream infrastructure [36][38]