Frontier Group Holdings operates a streamlined fleet serving around 120 airports, focusing on low-fare air travel across the Americas.On February 17, 2026, Ancient Art, L.P. reported selling 700,000 shares of Frontier Group Holdings (ULCC 5.22%), an estimated $3.10 million trade based on quarterly average pricing.What HappenedAccording to a SEC filing dated February 17, 2026, Ancient Art, L.P. reduced its position in Frontier Group Holdings by 700,000 shares in the fourth quarter. The estimated value of the ...

Financial Data and Key Metrics Changes - The company reported fourth quarter AFFO of $0.38 per share, slightly ahead of expectations, marking a year-over-year increase [6][22] - For the full year, AFFO was $1.43 per share, in line with expectations, with a year-over-year increase in fourth quarter core EBITDA and total company NOI [22] - Economic occupancy improved by 280 basis points sequentially in the fourth quarter, primarily due to seasonal harvest impacts and portfolio management [22] Business Line Data and Key Metrics Changes - The company achieved approximately 60% of rent and storage revenues from fixed commitment contracts, up from less than 40% previously [8][9] - Services revenue per pallet increased by 2.4%, while storage revenue per pallet rose by 0.3%, reflecting competitive market pressures [23] - Operationally, service margins were nearly 14% in the fourth quarter, with a full-year margin of 12.7%, up nearly 1,000 basis points over the past two years [10] Market Data and Key Metrics Changes - The company noted that the food distribution node has seen the most speculative development, impacting revenue [12] - The U.S. market is experiencing excess supply, particularly from new market entrants, while the European and Asia Pacific markets are performing well [71][72] - The company expects continued pressure on revenue due to demand and supply headwinds, particularly in the food distribution sector [12][20] Company Strategy and Development Direction - The company is focused on five key priorities for 2026, including deleveraging the balance sheet, maximizing profitability through portfolio management, and driving organic growth in underpenetrated sectors [12][19] - The company aims to maintain its investment-grade profile by evaluating opportunities for joint ventures or selling non-strategic assets [13][24] - The company is also exploring new sectors, such as convenience store distribution, to expand its customer base and revenue streams [39][16] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about customer demand, noting that many customers are focused on driving volume through innovation and new product launches [20][39] - The company expects AFFO for 2026 to be between $1.20 and $1.30 per share, reflecting a pragmatic view of the market environment [21][27] - Management acknowledged that while physical occupancy has stabilized, customers are managing inventory tightly and evaluating space requirements closely [20][27] Other Important Information - The company successfully exited or idled 10 sites in North America during 2025, generating cash proceeds and removing over 22 million cubic feet of capacity [25] - The company has identified nine sites for potential closure in 2026, with two already acted upon in the first quarter [26][77] - The company is committed to unlocking $30 million in annualized cost savings and reducing Project Orion-related cash spend by approximately $50 million [19][31] Q&A Session Summary Question: Customer demand outlook - Management noted that customers are experiencing flattish net sales growth, with price increases not expected to drive significant volume growth in 2026 [36][37] Question: Economic occupancy expectations - Management clarified that the expectation for economic occupancy is flat to down 300 basis points, with recent portfolio management activities contributing positively [42][44] Question: International presence and portfolio review - Management stated that international assets are performing well and are under thorough review to ensure long-term viability [50][52] Question: Deleveraging initiative details - Management emphasized the importance of achieving a leverage level below six to maintain an investment-grade rating, with ongoing evaluations of potential transactions [54][55] Question: Fixed contract retention rates - Management reported a high retention rate for fixed commitment contracts, with customers tightening their space requirements rather than stepping away from fixed commitments [56][58]

Company Overview - Globalstar, Inc. operates a global satellite network providing mobile communications and IoT connectivity across various industries and remote environments, leveraging spectrum assets and strategic partnerships to enhance 5G and advanced connectivity offerings [6] - The company generates revenue through subscription-based communications services, equipment sales, wholesale minutes, and engineering services, serving enterprise and government clients in sectors such as oil and gas, utilities, maritime, transportation, public safety, and recreation [8] Financial Performance - As of February 13, 2026, Globalstar's market capitalization is $7.62 billion, with a revenue of $262.20 million and a net income of -$49.92 million for the trailing twelve months [4] - The company reported record third-quarter revenue of $73.8 million, an increase from $72.3 million a year earlier, with service revenue of $69.6 million, and reaffirmed full-year revenue guidance of $260 million to $285 million [10] Recent Transactions - Ashford Capital Management sold 410,326 shares of Globalstar for an estimated transaction value of $22.66 million, reducing its position to 998,995 shares valued at $60.98 million [2] - Following the sale, Globalstar accounts for 6.79% of Ashford's reportable assets, down from 9.32%, and remains the fund's largest holding [7] Stock Performance - Globalstar's shares were priced at $60.06 as of February 13, 2026, reflecting a 171.8% increase over the past year, significantly outperforming the S&P 500 by 159.97 percentage points [7] - The net position change for Ashford Capital Management reflects an increase of $9.69 million, indicating both a reduction in shares and stock price fluctuations [2] Strategic Insights - The recent sale by Ashford Capital Management is viewed as a disciplined capital allocation strategy following a significant stock price increase, emphasizing risk management rather than a loss of conviction in the company [9] - For long-term investors, the focus should remain on execution and the company's ability to sustain revenue growth, infrastructure expansion, and cash generation despite market volatility [11]

Core Insights - Sagil Capital has fully exited its position in Compañía de Minas Buenaventura S.A.A., selling 447,516 shares for approximately $10.89 million during the fourth quarter [1][2] Company Overview - Compañía de Minas Buenaventura S.A.A. is a Peruvian mining company with a diversified portfolio of precious and base metal assets, operating multiple mining units and by-product streams [6][9] - As of February 11, the company's shares were priced at $40.48, reflecting a significant increase of 220.51% over the past year, outperforming the S&P 500's 14% gain [3][10] - The company has a market capitalization of $10.28 billion, with a trailing twelve months (TTM) revenue of $1.41 billion and a net income of $432.45 million [4] Recent Performance - The company's stock has experienced extraordinary growth, reaching $40.48 as of February 11, driven by stronger production and improved realized metal prices [10] - The mining sector is characterized by cyclical trends and capital intensity, making it sensitive to commodity price fluctuations [10] Investment Implications - The decision to exit the position may reflect a strategic move to manage portfolio risk, especially given the significant gains in the mining stock [7][11] - For long-term investors, the focus should be on cycle exposure, as Buenaventura's earnings are closely linked to global pricing trends and operational conditions in Peru [12]

Financial Data and Key Metrics Changes - NNN REIT reported a 2.7% growth in AFFO per share for 2025, reaching $3.44, and core FFO per share also increased by 6.1% year-over-year to $0.87 [10][11] - The company maintained a high occupancy rate of 98.3%, up 80 basis points from the previous quarter, aligning with its long-term average [12] - Annualized base rent increased by approximately 8% year-over-year to $928 million, driven by strong acquisition activity [12] Business Line Data and Key Metrics Changes - The company completed over $900 million in acquisitions, marking the highest annual volume in its history [3] - During the fourth quarter, NNN invested over $180 million across 55 properties at an initial cash cap rate of 7.4% [6] - The company sold 18 income-producing and 42 vacant properties in the fourth quarter, generating $82 million in proceeds [9] Market Data and Key Metrics Changes - The initial cap rates stabilized in the fourth quarter, remaining in line with the third quarter, with slight compression anticipated as the year progresses [5][6] - The company expects to fund its 2026 strategy through $210 million of retained free cash flow and $130 million of planned dispositions, maintaining leverage neutral [5] Company Strategy and Development Direction - NNN's strategy focuses on a disciplined bottom-up investment approach, aiming for mid-single-digit AFFO per share growth over the long term while aligning acquisitions and balance sheet management to support these objectives [4] - The company emphasizes proactive portfolio management to maintain high occupancy and renewal rates, with a goal of improving future performance [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a more uncertain macroeconomic environment in 2026, supported by a solid financial footing and a self-funding business model [4][5] - The company anticipates a slight increase in occupancy and a continued focus on resolving vacancies throughout 2026 [52][74] Other Important Information - NNN maintained a highly flexible balance sheet with no encumbered assets and $1.2 billion in total available liquidity [4][15] - The company announced a quarterly dividend of $0.60, representing a 3.4% year-over-year increase [15] Q&A Session Summary Question: Can you provide an update on proactive portfolio management and occupancy levels? - Management indicated that proactive portfolio management involves monitoring tenant renewals and addressing potential issues early, with an ideal occupancy slightly above 98% [20] Question: Why is the bad debt assumption set at 75 basis points? - The company explained that 75 basis points is a prudent starting point, reflecting no significant changes in the watchlist and historical performance [24] Question: What segments of clients are looking to grow more aggressively? - Management noted that auto services and convenience stores are currently the biggest opportunities for growth [33] Question: What is the expected trend for lease termination fees in 2026? - Management anticipates a return to more normalized levels of lease termination fees, estimating around $3 million to $4 million for the year [37] Question: How does the company view competition in the acquisition market? - Management stated that while competition exists, it has not seen significant changes, and it continues to rely on strong relationships to secure deals [39] Question: What is the expected trend for occupancy throughout the year? - Management expects occupancy to trend slightly higher, with ongoing efforts to resolve vacancies [52] Question: Can you discuss the anticipated cap rate compression? - Management believes slight cap rate compression is likely due to competitive pressures in the market [81]

Financial Data and Key Metrics Changes - NNN REIT reported a 2.7% growth in AFFO per share for 2025, reaching $3.44, and core FFO per share increased by 6.1% year-over-year to $0.87 [10][11] - The company maintained a high occupancy rate of 98.3%, up 80 basis points from the previous quarter, aligning with its long-term average [12] - Annualized base rent increased by nearly 8% year-over-year to $928 million, driven by strong acquisition activity [12] Business Line Data and Key Metrics Changes - The company completed over $900 million in acquisitions, marking the highest annual volume in its history [3] - During the fourth quarter, NNN invested over $180 million across 55 properties at an initial cash cap rate of 7.4% [6] - The company sold 18 income-producing and 42 vacant properties in the fourth quarter, generating $82 million in proceeds [9] Market Data and Key Metrics Changes - The initial cap rates stabilized in the fourth quarter, remaining in line with the third quarter, with slight compression anticipated as the year progresses [5][6] - The company reported that its portfolio of 3,692 freestanding single-tenant properties is performing well, with no concerns raised by tenants regarding their ability to meet rent obligations [7] Company Strategy and Development Direction - NNN's strategy focuses on a disciplined bottom-up investment approach, aiming for mid-single-digit AFFO per share growth over the long term while maintaining a top-tier payout ratio [4] - The company plans to fund its 2026 strategy through retained free cash flow and planned dispositions, maintaining leverage neutrality [5][16] - NNN aims to continue its proactive portfolio management to enhance renewal rates and address potential future issues [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a more uncertain macroeconomic environment in 2026, supported by a solid financial footing and a flexible balance sheet [4][16] - The company anticipates a slight increase in occupancy and a continued focus on resolving vacancies throughout 2026 [52][74] - Management noted that the bad debt assumption for 2026 is set at 75 basis points, reflecting a prudent approach given the current economic conditions [24][53] Other Important Information - NNN's balance sheet remains strong, with no encumbered assets and $1.2 billion in available liquidity [15] - The company announced a quarterly dividend of $0.60, representing a 3.4% year-over-year increase [15] Q&A Session Summary Question: Can you provide an update on proactive portfolio management and occupancy levels? - Management indicated that proactive portfolio management involves monitoring tenant renewals and addressing potential issues early, with an ideal occupancy slightly above 98% [20] Question: Why is the bad debt assumption set at 75 basis points? - The management explained that this figure is a conservative approach based on historical performance and current tenant stability, with no significant changes on the watchlist [24] Question: What are the current tenant rent coverage levels? - Management stated that the overall rent coverage is stable, with most tenants reporting strong financials, although it varies by industry [29][30] Question: What segments of clients are looking to grow aggressively? - Management noted that auto services and convenience stores are currently the biggest opportunities in their pipeline [33] Question: What is the expected trend for lease termination fees in 2026? - Management anticipates a return to more normalized levels of lease termination fees, consistent with historical averages [37] Question: How does the company view competition in the acquisition market? - Management acknowledged ongoing competition but emphasized their strong relationships and ability to source deals effectively without being significantly impacted by market changes [39][70] Question: What is the expected cap rate trend for 2026? - Management expects slight cap rate compression due to competitive pressures in the market [81] Question: How does the company plan to manage its debt structure? - Management highlighted the importance of matching debt duration with lease duration, allowing for flexibility in financing options [68]

Financial Data and Key Metrics Changes - Sales of continuing operations in FY 2025 Q3 increased by 1% year-on-year to JPY 3,713.7 billion, while operating income rose by 22% to JPY 515 billion, both record highs for the third quarter [3] - Net income increased by 11% to JPY 377.3 billion [3] - The full-year sales forecast was upwardly revised by 3% to JPY 12,300 billion, operating income forecast by 8% to JPY 1,540 billion, and net income forecast by 8% to JPY 1,130 billion [3] Business Segment Data and Key Metrics Changes - G&NS segment sales decreased by 4% year-on-year, but operating income increased by 19% due to favorable foreign exchange rates and increased sales in network services and first-party software [4] - Music segment sales increased by 13% year-on-year, with operating income rising by 9%, reaching a record high for the third quarter [9] - I&SS segment sales increased by 21% year-on-year, and operating income increased by 35%, both record highs for the segment [15][16] Market Data and Key Metrics Changes - User engagement for PlayStation increased, with monthly active users rising by 2% to a record high of 132 million accounts [5] - The global interchangeable lens camera market demand remained strong year-on-year, particularly in Asia, despite a decline in sales in China [14] Company Strategy and Development Direction - The company plans to enhance its music, video, and event business by leveraging Peanuts IP, aiming for long-term growth [12][13] - A strategic partnership with TCL aims to strengthen the home entertainment business through a joint venture, focusing on optimizing management and leveraging both companies' strengths [15][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertain business environment but expressed confidence in the company's ability to manage and produce results as the fiscal year-end approaches [18] - Concerns regarding memory supply and pricing were noted, but management believes the impact on high-end products will be limited [17][28] Other Important Information - The company increased its share repurchase facility from JPY 100 billion to JPY 150 billion, reflecting confidence in its business fundamentals [18][69] - The introduction of a lower-priced PlayStation model in Japan aims to enhance market presence and is expected to have a mid to long-term positive impact [48] Q&A Session Summary Question: About the game "Marathon" and its strategic significance - Management explained that user feedback led to modifications before the release, emphasizing the importance of live service games for recurring revenue [22][24] Question: Concerns about stock price performance - Management acknowledged market concerns regarding memory supply and the entertainment sector's performance but emphasized a focus on improving fundamentals and profitability [26][28] Question: ET&S structural reform and home entertainment partnership - Management clarified that the partnership with TCL aims to optimize the home entertainment business, including TV and audio [31][32] Question: Impact of rising memory prices on PS5 - Management indicated that while there may be some impact on new hardware sales due to cost increases, the established software and network service revenue will continue to contribute significantly [34][36] Question: Music streaming revenue growth prospects - Management expects continued growth in the music business driven by increasing average revenue per user and user numbers [39] Question: Generative AI's impact on game development - Management views generative AI as a tool that can enhance creativity in game development, emphasizing the importance of integrating AI with artistic sensitivity [80]

Core Viewpoint - Equinor has agreed to divest its entire onshore portfolio in Argentina's Vaca Muerta basin to Vista Energy for approximately $1.1 billion, as part of its strategy to streamline its international upstream operations [1]. Group 1: Transaction Details - The deal includes Equinor's non-operated stakes in two shale assets: a 30% interest in Bandurria Sur and a 50% interest in Bajo del Toro [2]. - Equinor will receive $550 million in upfront cash at closing, along with shares from Vista Energy, with additional contingent payments linked to future production levels and oil prices over a five-year period [3]. - The transaction is effective from July 1, 2025, and is subject to regulatory and customary approvals [3]. Group 2: Strategic Rationale - The sale reflects Equinor's value-driven approach to portfolio management, prioritizing capital allocation towards core international markets [4]. - The divestment supports Equinor's broader effort to high-grade its portfolio and enhance financial flexibility [4]. Group 3: Historical Context - Equinor has been involved in Argentina's upstream sector since 2017, entering Vaca Muerta through a joint exploration agreement with YPF at Bajo del Toro [5]. - The company expanded its onshore presence in 2020 by acquiring a stake in Bandurria Sur, which is one of the basin's more advanced development areas [5]. Group 4: Production Insights - Production from Bandurria Sur has significantly contributed to Equinor's output in Argentina, averaging about 24,400 barrels of oil equivalent per day in the third quarter of 2025 [6]. - Bajo del Toro is still in the early development stage, producing approximately 2,100 net barrels of oil equivalent per day [6]. Group 5: Industry Context - Vista Energy, a major independent operator in Argentina's shale sector, is consolidating its position in Vaca Muerta as international players reassess capital deployment in higher-cost or non-core regions [7]. - The acquisition enhances Vista's operated footprint in the basin, recognized as one of the largest unconventional oil and gas resources globally [7]. Group 6: Future Outlook - While exiting onshore operations, Equinor retains its offshore exploration exposure in Argentina, holding eight offshore licenses across various basins acquired in 2019 [8]. - Ongoing subsurface studies are being conducted, with no current drilling commitments associated with those licenses [8].

Company Overview - Cogent Communications Holdings is a global provider of internet access and network services, operating 54 data centers and connecting thousands of commercial buildings [6] - The company focuses on recurring service revenue and has a broad geographic reach, which underpins its competitive position in the telecommunications sector [6] - Revenue for the trailing twelve months (TTM) is $987.53 million, with a net income of -$194.71 million, and a dividend yield of 12.6% [4] Recent Developments - Taylor Frigon Capital Management fully exited its position in Cogent Communications Holdings in the fourth quarter, selling 73,271 shares valued at approximately $2.81 million [1][2] - As of January 23, shares of Cogent were priced at $24.29, reflecting a significant decline of 65.4% over the prior year, underperforming the S&P 500's gain of roughly 14% during the same period [3] Financial Performance - Cogent's latest results indicated some progress, with wavelength revenue increasing sharply year over year and EBITDA growing, leading to margins expanding to just over 20% in the third quarter [11] - However, core service revenue experienced a sequential decline, operating cash flow remained thin, and the stock continued to slide, indicating investor skepticism about the company's ability to generate durable free cash flow [11] Market Position and Strategy - Cogent operates a network-centric business model, generating income through recurring service contracts and colocation fees for bandwidth-intensive organizations [9] - The company serves small and medium-sized businesses, communications service providers, and enterprises that require reliable, high-capacity data connectivity [9] - The exit by Taylor Frigon Capital Management reflects a growing mismatch between the demands of Cogent's business and the portfolio's design, highlighting the challenges faced by capital-heavy network operators [10][12]

Core Insights - Inovalis Real Estate Investment Trust has completed the disposition of its Trio property, which had been negatively impacting cash flow due to approximately 40% occupancy [1] - The proceeds from the sale were used to repay the mortgage loan secured by the Trio property, resulting in a reduction of the loan-to-value (LTV) ratio by approximately 5% to 61.5% [1] - This transaction aligns with the REIT's ongoing portfolio management strategy and disciplined asset management approach [1] Company Overview - Inovalis REIT is a real estate investment trust listed on the Toronto Stock Exchange, focusing on office properties in primary markets of France, Germany, and Spain [1] - The REIT was founded in 2013 and currently holds 11 assets, acquiring properties indirectly through CanCorpEurope, an authorized Alternative Investment Fund [1] - Inovalis Group, the parent company, manages approximately EUR 7 billion in assets under management and operates in major financial centers globally [1]