Mike Pyle, CEO of EIC, commented, “The receipt of an investment grade rating is a significant milestone for the Corporation and recognition of the stability our business model provides. Our disciplined attitude towards leverage since our inception and prudent management of our balance sheet put us in a position to achieve this milestone. The recent extension and upsize of our credit facility, along with the potential to access the corporate bond market in Canada, provides the access to capital to execute on ...

Welcome back to the halftime report. I'm Dominic Chu with today's ETF edge. Now, we've got a new Fed nominee for the chairman.Key jobs data on tap. Riskoff trading in some areas of the market. So, is this a setup to start playing a new kind of long game.Joining me now is Joanna Gyos, the co-founder and COO of Bond Blocks. You guys specialize in a lot of different option strategies with regard to how the fixed income markets move, right. How exactly is the current environment visa v.Kevin Morris is our new F ...

S&P Global Ratings raised Renault to investment grade, saying the carmaker can sustain its recovery despite Europe’s industry challenges https://t.co/eQ9RLEPku6 ...

[music] [music] Good morning and welcome to Opening Bid. I'm Yahoo [music] Finance executive editor Brian Sazi and I'm joining you live from Apollo Global Management Headquarters in the heart of New York City. Paulo is the parent company of [music] Yahoo Finance, but it's also one of the largest private equity firms in the world [music] and a major player in the retirement market. All day, I'll be taking you behind the scenes of this financial powerhouse, showing you how a [music] top Wall Street firm like ...

Core Insights - Permian Resources Corporation (PR) has outperformed both the U.S. Oil & Gas Exploration & Production sub-industry and the broader Zacks Oil and Energy Sector with a growth of 7.6% over the past three months, while its sub-industry declined by 1.6% and the sector increased by 3.3% [1][4][8] Stock Performance - The Zacks Consensus Estimate for PR's earnings per share has increased by 5.43% for 2025 but decreased by 1.65% for 2026 over the past 60 days [3] Operational Performance - PR reported a 6% sequential increase in oil output to 186.9 MBbls/d in Q3 2025, leading to an increase in full-year production guidance, marking the 12th consecutive quarter of strong operational performance [5][8] Financial Position - The company reduced its total debt by 11% in Q3 to $3.6 billion, achieving a low leverage ratio of 0.8x, and received an investment-grade rating from Fitch with a positive outlook from Moody's [6][9] Acquisition Strategy - PR executed 250 transactions in Q3 2025, enhancing its high-quality acreage in the Delaware Basin, and management claims the acquisition pipeline is the strongest ever, supporting low-cost inventory growth [10][11] Asset Quality - PR owns approximately 475,000 net acres in the core Delaware Basin, recognized for its high-quality oil resources, which supports durable, high-margin production [11] Challenges - The company faces risks related to oil and gas price volatility, execution and integration risks from its aggressive acquisition strategy, and geographic concentration in the Permian Basin, which exposes it to region-specific risks [12][13][14] Cost Pressures - Although currently benefiting from lower service costs, potential rebounds in commodity prices could lead to increased drilling and completion costs, impacting capital efficiency [15] Overall Assessment - PR has shown consistent operational outperformance and a solid balance sheet, positioning it for long-term success, but investors may consider waiting for a more favorable entry point due to existing challenges [16][17]

Core Insights - Mercado Libre successfully issued USD 750 million in senior unsecured notes due in 2033, marking its first issuance since achieving Investment Grade status [1] - The transaction was met with strong demand, being oversubscribed by 3.6 times with participation from over 150 institutional investors, indicating robust confidence in the company's strategy and execution [1] - Proceeds from the issuance will be allocated for general corporate purposes, reflecting the company's ongoing cash generation capacity [1]

Portfolio Overview - The company's Manhattan-focused real estate portfolio features an underlying tenant base in core commercial businesses, with 69% of the top 10 tenants being Investment Grade rated[2] - The portfolio occupancy rate is 80.9%, with a weighted-average remaining lease term of 6.2 years[5] - Over 56% of the leases expire after 2030[5] - The real estate investments are valued at $382.5 million[11] - The annualized straight-line rent is $28.8 million[11] Tenant Profile - The top 10 tenants are 69% Investment Grade rated, with 43.6% being actual Investment Grade and 25.4% being implied Investment Grade[3, 15] - The top 10 tenants have a remaining lease term of 7.1 years[5] - Government/Public Administration represents 27% of the tenant industry diversity[14] Financial Highlights - The company has a 100% fixed-debt capital structure with a weighted-average interest rate of 5.33%[5] - Net Leverage is 58.6%[5, 40] - Total debt is $251.0 million[35] - Revenue from tenants is $12.3 million for Q3 2025[35] - Net income is $35.8 million for Q3 2025[35] Active Portfolio Management - The company entered into an agreement for the consensual foreclosure of 1140 Avenue of the Americas, eliminating a $99 million debt maturity[5] - The company continued the marketing process for the dispositions of 123 William St and 196 Orchard St[5, 7]

The Philippines’ credit profile is expected to be unaffected under the new finance minister with rating agencies, which rank the nation as investment grade, expecting policy continuity https://t.co/vgVv5i5k0g ...

Financial Data and Key Metrics Changes - In Q3 2025, the company achieved oil production of 187,000 barrels per day, a 6% increase from Q2, and total production of 410,000 barrels of oil equivalent per day [3][4] - Adjusted operating cash flow reached $949 million, with record adjusted free cash flow of $469 million, despite $480 million in cash capital expenditures [4][5] - Controllable cash costs were reduced by 6% quarter over quarter, with lease operating expenses (LOE) decreasing to $5.07 per BOE and drilling and completion (D&C) costs averaging $7.25 per foot [4][6] Business Line Data and Key Metrics Changes - The company closed 250 deals in Q3, primarily in New Mexico, adding 5,500 net leasehold acres and 2,400 net royalty acres for approximately $180 million [11] - The company raised its full-year production guidance to 181.5 thousand barrels of oil per day and 394 thousand barrels of oil equivalent per day, reflecting a 5% increase from the original guidance [6][7] Market Data and Key Metrics Changes - The company has agreements to sell approximately 330 million cubic feet per day of gas out of the basin in 2026, increasing to 700 million cubic feet per day in 2028, which is expected to realize approximately $1 per MCF higher pricing net of fees in 2026 [12] - The company has reduced its Waha exposure to approximately 25% of total gas volumes in 2026, positioning itself to benefit from growing natural gas demand and higher realized prices [12] Company Strategy and Development Direction - The company emphasizes a flexible capital allocation strategy, allowing it to pursue acquisitions, buybacks, and debt repayment simultaneously [13] - The management highlighted a strong focus on maintaining a competitive cost structure in the Delaware Basin, which is seen as a key advantage [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, indicating it could be the most capital-efficient year, with expectations of better realizations and continued strong productivity [17][18] - The management acknowledged a slowdown in activity in the Permian Basin but noted the resilience of the region historically [48] Other Important Information - The company received its first investment-grade credit rating from Fitch and a positive outlook upgrade from Moody's, enhancing its financial standing [5][45] - The company has been actively reducing debt, with over $450 million in debt reduction during the quarter [5] Q&A Session Summary Question: Thoughts on activity pace and oil production for 2026 - Management indicated that they will provide guidance for 2026 in February, emphasizing flexibility to adapt to macro conditions [16] Question: Opportunities across acreage and performance of the Haley pad - Management noted that the Haley pad outperformed expectations and highlighted the overall performance consistency across their portfolio [19][20] Question: Gas marketing agreements and optionality between markets - Management confirmed flexibility to shift gas volumes between DFW and Gulf Coast markets, expecting a balanced distribution [25][27] Question: Dividend growth and capital allocation strategy - Management stated that growing the dividend is a priority, with expectations for continued growth in the future [82][83] Question: M&A activity and deal pipeline - Management reported a robust M&A pipeline, with more transactions completed this year than any previous year, indicating a strong ground game [39][40] Question: Investment-grade status and implications - Management expressed confidence in achieving investment-grade status soon, which would lower the cost of capital and enhance financial flexibility [45][46] Question: Maintenance CapEx and dividend break-even - Management indicated maintenance CapEx is around $1 billion, with expectations for improved dividend break-even over time [97][98]

Financial Data and Key Metrics Changes - Ladder generated distributable earnings of $32.1 million or $0.25 per share, achieving a return on equity of 8.3% with adjusted leverage of 1.7 times [4][12] - The loan portfolio grew by approximately $354 million to $1.9 billion, representing 40% of total assets [5][17] - The company maintained $879 million in liquidity, including $49 million in cash and $830 million of undrawn capacity on its unsecured revolver [10][14] Business Line Data and Key Metrics Changes - Loan origination activity accelerated with $511 million of new loans across 17 transactions, marking the highest quarterly origination volume in over three years [5][6] - The securities portfolio totaled $1.9 billion, with a weighted average yield of 5.7%, of which 99% was investment grade and 96% was AAA rated [19] - The real estate portfolio generated $15.1 million in net operating income during the third quarter, primarily consisting of net lease properties with long-term leases [7][19] Market Data and Key Metrics Changes - Office loan exposure was reduced to $652 million, or 14% of total assets, following the full payoff of a $63 million office loan [5][6] - The company closed its inaugural $500 million investment grade bond offering at a rate of 5.5%, which was the tightest new issuance spread in Ladder's history [8][9] Company Strategy and Development Direction - Ladder aims to capitalize on investment opportunities while maintaining prudent credit risk management, with expectations for fourth quarter loan originations to exceed third quarter production [10][11] - The company plans to position itself alongside high-quality peers, including equity REITs, rather than solely within the commercial mortgage REIT space [11][12] - The focus will be on organic growth of the loan portfolio, with expectations of significant growth in the coming year [23][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the balance sheet and the ability to deliver strong, stable returns for shareholders across market cycles [11][12] - The company anticipates that the yield curve will steepen next year, which could lead to more regular contributions to securitizations [23] - Management noted that the quality of borrowers remains strong, with no new loans added to nonaccrual in the third quarter [18][51] Other Important Information - The company repurchased $1.9 million of common stock in the third quarter, with a total of $9.3 million repurchased year-to-date [14][15] - The dividend declared was $0.23 per share, with a current dividend yield of approximately 8.5% [15][16] Q&A Session Summary Question: Are there any changes in origination strategy since obtaining the investment grade rating? - Management indicated they are looking at slightly larger transactions and noted improved stability in financing [26][27] Question: Is there growth expected in the $1.9 billion loan portfolio? - Management expects the loan portfolio to grow by approximately $1 billion, driven by a strong origination quarter and a larger revolver [41][42] Question: Will improving ROE be part of the strategy in the next one to two years? - Management confirmed that the plan is to write more loans and improve ROE through better capital allocation [45][46] Question: What is the outlook for the office equity investment made? - Management expressed satisfaction with the investment, noting it has performed well and is expected to be a long-term hold [78][80]