Financial Data and Key Metrics Changes - In Q4 2025, the company reported distributable earnings of $37 million, or $0.26 per diluted share, while for the full year, distributable earnings totaled $139 million, or $0.98 per diluted share [4] - GAAP net income available to common stockholders was $26 million, or $0.18 per diluted share for Q4, and $114 million, or $0.81 per diluted share for the full year [4] - The total CECL allowance stood at $383 million at year-end, equating to 418 basis points of the loan portfolio's total amortized cost, down from 457 basis points a year ago [6] Business Line Data and Key Metrics Changes - The company committed $1.3 billion to new loans in Q4, with $1.1 billion funded at close, and completed approximately $200 million of gross add-on fundings for previously closed loans [6] - Loan repayments and sales totaled $852 million in Q4 and $2.9 billion for the full year, reflecting continued portfolio rotation [7] - The loan portfolio increased by approximately $1.6 billion year-over-year on an amortized cost basis, ending the year at approximately $8.8 billion [8] Market Data and Key Metrics Changes - Over 60% of the loan portfolio is now represented by post-2022 origination, indicating a shift in the company's lending strategy [7] - The portfolio has a weighted average unlevered all-in yield of 7.3%, with 99% first mortgages and 96% floating rate exposure [8] Company Strategy and Development Direction - The company is focused on managing its real estate owned portfolio to improve cash flow and maximize value at exit, particularly through leasing and cost-saving initiatives [2][3] - Management is exploring options to unlock additional value from adjacent land parcels and is evaluating strategies for the REO assets [2][18] - The company is considering various strategies for future growth, including potential investments in mezzanine and construction lending, or leveraging Apollo's access to business lines [27][29] Management's Comments on Operating Environment and Future Outlook - Management received positive feedback from investors regarding efforts to unlock value, but there are questions about future capital strategies [11] - The company is currently evaluating specific internal ideas for future strategies, while also engaging with external proposals [13] - Management indicated that the REO portfolio is not critical to the future direction of the company, allowing for independent decisions on asset monetization [20] Other Important Information - The company ended the year with $151 million of total liquidity and held over $430 million of unencumbered assets [8][9] - Book value per share was $12.14 at year-end, relatively flat compared to the prior quarter [9] Q&A Session Summary Question: Feedback from investors regarding the transaction value and stock trading - Management noted overwhelmingly positive feedback but acknowledged questions about future capital strategies and the disconnect between book value and stock price [11][12] Question: Marketing strategy for REO assets and timing for monetization - Management indicated that stabilization of The Brook is expected later this year, and the decision to monetize will depend on market conditions [17][18] Question: Dividend policy post-portfolio sale - Management envisions paying a Q1 dividend of $0.25 per share, subject to board approval, and will discuss future dividends as they approach Q2 [25][26] Question: Strategy for creating an entity that trades above book value - Management is considering various strategies, including a focus on earnings streams and potential investments that offer higher returns [27][29]

Core Insights - The presentation focuses on the 2025 results of International Petroleum, highlighting a strong performance in production and cost management [2]. Production Performance - The average production for Q4 was 45,600 barrels of oil equivalent per day, with a full year average of 44,900 BOEs per day, which is near the top end of the guidance range of 43,000 to 45,000 BOEs per day [2]. Cost Management - Operating costs for Q4 were $17.40 per barrel of oil equivalent, while the annual operating cost was $17.80 per BOE, aligning with the forecast range of $18 to $19 per BOE for the full year [3]. Capital Expenditure - The total capital expenditure for IPC, including decommissioning, was $344 million, consistent with the company's financial plans [3]. Project Development - The Blackrod Phase 1 development project was completed approximately a quarter earlier than initially guided, indicating efficient project management [3].

Financial Data and Key Metrics Changes - Third quarter net sales were $461 million, a 17% increase year-over-year [4] - Consolidated gross margin for the quarter was 44.3%, with an adjusted gross margin of 45.1% [4][13] - Adjusted diluted EPS was $3.04, representing a 30% improvement from $2.34 a year ago [4] - EBITDA increased to $149.6 million, up 22% from $122.6 million last year [4][16] - Free cash flow for the period was $99.1 million, with a conversion rate of 147% [16] Business Line Data and Key Metrics Changes - Aerospace & Defense (A&D) sales increased by 41.5% year-over-year, with commercial aerospace expanding by 21.5% and defense by 86.2% [5][13] - Industrial business grew by 3.1%, with industrial distribution up 1.5% and OEM sector up 7% [10][11] - A&D gross margins were 40.1%, or 42.2% on an adjusted basis, while industrial margins were 47.5% [14] Market Data and Key Metrics Changes - 56% of revenues were from industrial sectors, while 44% came from A&D [5] - The company has exceeded a $2 billion backlog, indicating strong demand across A&D sectors [5] - The semiconductor industry showed significant demand growth, contributing positively to order trends [11] Company Strategy and Development Direction - The company is focused on expanding its A&D revenues by adding machinery and staff to support growth [10] - A five-year plan is in place to enhance production capabilities across existing sites [10] - The company aims to maintain a capital allocation strategy focused on deleveraging and paying off debt [16] Management's Comments on Operating Environment and Future Outlook - Management described the A&D sector's outlook as extremely robust, driven by national defense priorities and commercial aircraft build rates [6][10] - The company expects continued margin improvement in A&D due to increased efficiencies and better pricing on contracts [14] - For the fourth quarter, revenue guidance is set at $495 million to $505 million, representing year-over-year growth of 13.1% to 15.4% [17] Other Important Information - The company paid down an additional $81 million of debt during the third quarter [5][16] - Interest expense decreased by 8.5% year-over-year, reflecting improved leverage and lower interest rates [15] Q&A Session Summary Question: Can you provide details on the industrial business outlook for Q4 and 2027 growth? - Management expects Q4 growth to be similar to Q3, with positive PMI trends indicating a bullish sign for the business [20] Question: What is the composition of the backlog and its relationship with revenue? - Over 90% of the backlog is from the A&D market, with some contracts extending beyond 12-24 months [28] Question: How do you view the growth potential for the missile business relative to commercial aerospace? - Management indicated that while missile business growth is significant, it is not expected to surpass the commercial aircraft business [48] Question: Can you clarify the production rates for Boeing and Airbus programs? - Boeing is increasing production rates, with the 737 aiming for 60 units per month in the near future [57] Question: What is the expected capital expenditure for the upcoming periods? - Capital expenditures are expected to remain around 3.5% of revenue, with modest investments to meet demand [75]

Financial Data and Key Metrics Changes - Fourth quarter net income totaled $10.2 million, or $0.59 per share, stable from the third quarter but more than double the earnings from the same quarter a year ago [3] - Return on Assets (ROA) and Net Interest Margin (NIM) were stable from the third quarter while increasing sharply from a year ago [3] - For the year, net interest income increased by 13% to $112 million due to loan growth and a 38 basis point decline in funding costs [8] Business Line Data and Key Metrics Changes - Loans grew at a solid 8.6% for the year, with fourth quarter originations at $145 million, 32% higher than in 2024 [4] - Non-performing loans decreased by 45% and non-performing assets decreased by 34% since the end of the previous year [6] - Fourth quarter pre-tax, pre-provision income was $2.3 million, 21% higher than a year ago [7] Market Data and Key Metrics Changes - Total deposits increased by 8.6% compared to the fourth quarter a year ago, with strong growth in interest-bearing non-maturity deposits [5] - Average demand deposits remained stable in 2025, comprising 16% of total deposits [5] - The average interest-bearing deposit rate declined by 55 basis points from the fourth quarter of 2024 [6] Company Strategy and Development Direction - The company aims to return to historic performance levels, focusing on resolving remaining non-performing assets [3] - There is an emphasis on maintaining pricing and structuring discipline in loan originations [4] - The company plans to be more active in buyback programs after addressing sub-debt [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that credit performance will continue to improve in future quarters [3] - The competitive landscape for deposits remains intense, impacting deposit costs [6] - Management expects to see incremental improvement in deposit costs in the first quarter of 2026 [9] Other Important Information - Tangible book value per share increased by 7.8% during 2025, ending the year at $26.42 [14] - The effective tax rate in 2026 is expected to be between 27% and 28% [10] Q&A Session Summary Question: What is the outlook for deposit beta going forward? - Management indicated that the deposit beta is expected to continue increasing due to a large portion of the funding base maturing over the next year [16] Question: Any updates on sub-debt refreshes in April? - Management is looking at opportunities to rightsize the sub-debt for the balance sheet and capital stack [17] Question: How should we think about the buyback this year? - Management expects to be more active in buyback programs after addressing sub-debt [18] Question: Can you discuss the margin outlook for 2026? - Management believes there is an opportunity for deposit costs to continue to come down, which could lead to margin expansion [26] Question: What is the competition like for commercial real estate loans? - Management noted that competition remains intense, but they are focused on maintaining strong relationships with clients [52]

Core Viewpoint - Delta Airlines will continue operations in Binghamton, New York, due to a $32 million investment from Governor Kathy Hochul, which will modernize the Greater Binghamton Airport and allow Delta to resume daily service in Spring [1][2]. Group 1: Investment and Operations - The $32 million investment is aimed at modernizing the Greater Binghamton Airport, enabling Delta to operate its sole route connecting to Detroit Metropolitan Wayne County Airport (DTW) [2]. - Delta was initially set to cancel the route in February 2026, but will now restart service following a review of its fleet allocation strategy [3]. Group 2: Financial Performance - In the previous quarter, Delta reported revenue of $16.67 billion, exceeding analysts' expectations by 3.8%, and showing a 6.4% year-over-year increase [4]. - The company reported adjusted EPS of $1.60 to $1.90 per share and an operating cash flow of $1.8 billion [4]. Group 3: Analyst Ratings - Analysts have a positive outlook on Delta, with Goldman Sachs, Bank of America, and Deutsche Bank maintaining a 'Buy' rating, while Wells Fargo initiated an 'Overweight' rating with a price target of $87 [3]. Group 4: Additional Services - Delta is adding over 2,600 additional seats to facilitate travel for passengers affected by airspace restrictions related to Venezuela [5]. - The Transport Secretary announced the lifting of flight restrictions, allowing airlines to operate in the Caribbean region [6]. Group 5: Stock Performance - Delta's stock gained 1.43% to $72.31 at market close, with a further increase to $72.45 per share [7].

Financial Data and Key Metrics Changes - Copa Holdings achieved a net profit of $173 million, or $4.20 per share, representing an 18.7% increase year-over-year [10] - Operating income reached $212 million, with an operating margin of 23.2%, up 2.9 percentage points year-over-year [10] - Unit revenues (RASM) increased by 1% to 11.1 cents, while unit costs (CASM) decreased by 2.7% to 8.5 cents [6][10] Business Line Data and Key Metrics Changes - Capacity in Available Seat Miles (ASMs) increased by 5.8% compared to Q3 2024, with a load factor of 88%, up 1.8 percentage points [5] - Passenger yields decreased by 2.6% year-over-year [5] - The operational performance included an on-time performance of 89.7% and a flight completion factor of 99.8% [6] Market Data and Key Metrics Changes - The company noted a healthy demand environment in Latin America, with load factors holding up despite increased capacity [45] - Brazil's market is recovering slowly, with improved load factors and pricing, while Argentina's market remains strong but competitive due to increased capacity [45][70] Company Strategy and Development Direction - The company plans to strengthen its position as a connecting hub in the Americas, with new routes and fleet expansion [7][9] - Copa Holdings anticipates adding eight more 737 MAX 8s in 2026, ending the year with a total projected fleet of 132 aircraft [8] - The focus remains on maintaining low unit costs and delivering strong financial results through disciplined execution [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in future performance, reaffirming guidance for an operating margin between 22%-23% for 2025 [12] - The company highlighted that demand remains healthy, with expectations for continued growth in the coming years [49][50] - Management acknowledged potential volatility in fuel prices but maintained a positive outlook on margins and profitability [32][72] Other Important Information - The company will make its fourth dividend payment of $1.61 per share on December 15th [11] - An investor day is scheduled for December 11th at the New York Stock Exchange [13] Q&A Session Summary Question: Could you talk about the timing and nature of the Copa and credit card renewal? - The renewal of the Visa agreement occurred in Q3, contributing to a 30% year-over-year growth in the loyalty program [16][17] Question: What are the growth projections for next year? - The projected growth of 11%-13% in ASMs is primarily driven by the full-year effect of backloaded aircraft and increased frequencies to current destinations [18] Question: How do you view unit revenue trends with the expected growth? - Management indicated that the impact on unit revenues should be less than expected due to adding frequencies in high-demand routes [25] Question: What is the current competitive environment in the region? - The company has faced increased competition, particularly in Argentina and Brazil, but remains confident in its competitive advantages [55][70] Question: How does the company plan to address potential fuel price volatility? - Management does not plan to change its hedging strategy, as it has been effective in the past [72] Question: Can you provide an update on the densification plan? - Approximately half of the planned densification has been completed, with further plans for 2026 [77] Question: How much conservatism is built into your guidance? - Management is comfortable with the narrowed guidance for operating margins between 22%-23% [82]

Core Insights - L.B. Foster's Q3 results fell short of Wall Street expectations, with revenue at $138.3 million, missing estimates by 10.4% [1][6] - The company reported a GAAP EPS of $0.40, which was a 35% miss compared to analyst expectations of $0.62 [1][6] - Management attributed flat sales to timing-related deferrals in the Rail segment and ongoing downsizing in the U.K. business [1] Financial Performance - Revenue: $138.3 million vs analyst estimates of $154.4 million, flat year on year [6] - EPS (GAAP): $0.40 vs analyst expectations of $0.62, a 35% miss [6] - Adjusted EBITDA: $11.36 million vs analyst estimates of $14.55 million, representing an 8.2% margin and a 21.9% miss [6] - Operating Margin: 6%, consistent with the same quarter last year [6] - Market Capitalization: $281.7 million [6] Guidance and Backlog - The company lowered its full-year revenue guidance to $540 million from $545 million, a 0.9% decrease [6] - EBITDA guidance for the full year remains at $41 million, in line with analyst expectations [6] - Backlog increased to $247.4 million at quarter end, up 18.4% year on year [6] Analyst Insights - Concerns were raised about the company's ability to meet fourth-quarter sales and EBITDA guidance due to the ongoing government shutdown, but management expressed confidence in sufficient backlog [6] - Questions regarding the sustainability of total track monitoring sales growth were addressed, with management citing strong customer adoption of new products [6] - The impact of product mix and U.K. operations on profit margins was discussed, highlighting weaknesses in the U.K. business [6] - Management confirmed active pursuit of precast acquisitions while focusing on ramping up organic volumes in new facilities [6] - The rationale behind lowering full-year guidance was attributed to realistic assessments of delivery capacity rather than a lack of demand [6]

Financial Data and Key Metrics Changes - The company reported third quarter earnings per share of $1.65, a 6% increase year over year [5] - Total marine revenues decreased by $1.2 million compared to Q3 2024, with operating income down by 11% sequentially [12] - Operating margins for the inland marine transportation business were in the high teens for the fourth quarter, while coastal marine operating margins were around 20% [10][12] Business Line Data and Key Metrics Changes - In the inland marine transportation business, barge utilization averaged in the mid-80% range, down from previous quarters, with revenues declining 3% year over year [7][14] - Coastal revenues increased 13% year over year, supported by improved pricing and fewer planned shipyard activities [15] - Power generation revenues surged 56% year over year, driven by strong demand from data centers and industrial customers [9][17] Market Data and Key Metrics Changes - The inland market faced near-term softness due to favorable weather and lower demand, while coastal marine fundamentals remained strong with utilization in the mid to high 90% range [6][8] - Spot market rates for inland transportation declined in the low to mid-single digits both sequentially and year over year [7][14] - The company expects barge utilization to improve entering the fourth quarter, now running in the high 80% range [25] Company Strategy and Development Direction - The company aims to navigate near-term challenges while focusing on long-term growth, particularly in power generation and maintaining strong operational execution [5][24] - The management emphasizes a balanced capital allocation approach, planning to return capital to shareholders while pursuing strategic investments [22][23] - The company is committed to enhancing its service offerings in power generation, leveraging its capabilities in EFRAC technologies [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the inland barge cycle, anticipating years of growth despite current market challenges [24] - The company noted early signs of improvement in market conditions for the fourth quarter, with expectations for higher barge utilization and improved pricing [25][26] - Management remains cautious about potential softness in demand for refined products and chemicals but sees positive momentum in the inland market [25][26] Other Important Information - The company had $47 million in cash and total debt of around $1.05 billion as of September 30, 2025, with a debt to capital ratio of 23.8% [19] - Free cash flow improved to $160 million for the quarter, with expectations to unwind working capital in the fourth quarter [20][22] - The company plans capital expenditures between $260 and $290 million for the year, focusing on maintenance and growth capital [22] Q&A Session Summary Question: Insights on Power Generation Growth - Management acknowledged that while there will be some lumpiness in revenue, the backlog is at a record level, indicating robust demand [34][35] Question: Update on Inland Market Conditions - Management noted that the inland market faced challenges in Q3 but is seeing improvements in Q4, with barge utilization currently at 87.6% [36][40] Question: Spot Market Rates Trends - Management indicated that spot pricing has started to firm up, with expectations for a constructive pricing environment moving forward [46][48] Question: Guidance on Earnings - Management confirmed that they expect to be around the low end of their earnings guidance due to ongoing market conditions [51][52] Question: Fleet and Contract Renewals - Management stated that approximately 40% of the term contract portfolio renews in Q4, which is critical for revenue stability [88] Question: Strategic Opportunities in Inland Market - Management acknowledged that some operators may be reevaluating their positions, creating potential acquisition opportunities [96][97] Question: Coastal Market Sensitivity - Management clarified that the coastal market is less sensitive to crude slate changes compared to inland, with a stable supply-demand balance [98][99]

Financial Data and Key Metrics Changes - Revenues for Q1 2025 were $84 million, with operating income at $23.4 million and net income at $7.6 million. Adjusted EBITDA was £52.2 million [4] - The company closed Q1 with $101 million in available liquidity, consisting of £67 million in cash and cash equivalents, plus £34 million in undrawn capacity on credit facilities [4] - The company operated with a 99.5% utilization rate, accounting for the start of two drydockings, resulting in an overall utilization of 96.9% [4] Business Line Data and Key Metrics Changes - The partnership has a strong contracted revenue position of $854 million at the end of Q1, with fixed contracts averaging 2.3 years in duration [6] - The economic rationale for exercising transfer options has strengthened, with expectations for these options to be taken up due to market tightness [6] Market Data and Key Metrics Changes - Significant growth is anticipated in production fields relying on shuttle tankers, particularly in Brazil and the North Sea [5] - The company noted a continued shortage of shuttle tanker capacity projected in the coming years, necessitating newbuild orders [5] Company Strategy and Development Direction - The company aims to pursue long-term charter visibility and accretive dropdowns to support long-term cash flow generation [14] - The strategy includes increasing revenue backlog while lowering the average fleet age through dropdowns from the sponsor [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding industry dynamics and the partnership's positioning to benefit from market conditions [4] - The company is cautiously optimistic about securing additional coverage in the current tight market, either through extensions or new charters [12] Other Important Information - The company has a typical pattern of refinancing debt facilities on comparable terms, with a good track record of refinancing success [10] - The average maturity of interest rate hedges is one and a half years, with new hedges being put in place as suitable terms arise [29] Q&A Session Summary Question: Timing of potential dropdowns from the sponsor - Management stated that each potential transaction is reviewed individually, and there is no clear timing for dropdowns as it depends on when vessels are offered [22] Question: Anticipated refinancing terms - Management indicated they are working towards refinancing at similar or better terms, with ongoing discussions with lenders [24] Question: Impact of interest rate hedges expiring - Management noted that while interest rate hedges will expire, new hedges are put in place on a rolling basis when attractive terms are available [30] Question: Long-term debt increase explanation - The increase in long-term debt was primarily due to a vessel swap transaction that involved assuming $73 million of debt, but the net increase was only $47 million due to debt repayments [72] Question: Future charter rates and renewals - Management could not comment on specific charter rates but indicated that there is typically a small escalation in option terms at renewals [86] Question: Market conditions and demand for shuttle tankers - Management acknowledged that the market is currently tight, which positions the company favorably for future contracts [92] Question: Comparison of dropdowns versus share buybacks - Management emphasized that the board's focus is on fleet growth and capital value rather than share buybacks, although they consider both options [105]

Financial Data and Key Metrics Changes - Revenues for Q1 2025 were $130.4 million, with EBITDAR at $20.2 million, maintaining operating margins consistent with Q1 of the previous year despite challenges [4][5] - The impact of weather, leap year, and lower sports betting revenue in Colorado was estimated to reduce EBITDAR by approximately $2 million compared to Q1 of last year [5][25] - Carded gaming revenue increased by 1%, while uncarded gaming revenue decreased by 2.5% across all U.S. properties [5] Business Line Data and Key Metrics Changes - In Missouri, the new Caradasil property saw carded gaming revenue grow by 12% and uncarded revenue increase by 23%, leading to a total gaming revenue increase of 17% or $2.1 million compared to Q1 of last year [6][7] - The Century Casino and Hotel in Cape Girardeau experienced a 5% increase in patrons and a 2% increase in trips, although gaming win was flat due to lower hold [10][11] - In Colorado, carded revenue grew by 7% in Central City, while uncarded revenue decreased by 36% [12][13] Market Data and Key Metrics Changes - Total visitor volume decreased by 3%, with a notable reduction in visits from the 50 age group, partially offset by a 1% increase from younger guests [6] - The number of patrons living more than 75 miles from the new Caradasil property increased by 34%, contributing to a 23% increase in total visitors [8] - In the East segment, gaming revenue from upper-tier customers increased by 10%, while lower-tier customers saw a decline [15][16] Company Strategy and Development Direction - The company is focusing on expanding its market presence, particularly in Missouri, by targeting customers living 75 miles or more from its properties [12][54] - There is an emphasis on operational discipline and cost management to improve profitability, with plans to enhance marketing initiatives to attract higher net worth guests [11][54] - The company is also finalizing partnership agreements for sports betting in Missouri, expected to provide high-margin EBITDAR [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving consumer behavior and spending patterns since mid-March, with April showing an estimated 5% increase in EBITDA compared to last year [25][26] - Despite economic uncertainties, management is confident in the long-term prospects of the company, noting no significant competitive supply issues anticipated for this year or next [26][27] - The company plans to balance its capital expenditures with shareholder returns, indicating a cautious approach to stock buybacks in light of market conditions [27] Other Important Information - The company reported a cash position of approximately $85 million and no debt maturities until 2029, with expectations for net debt to EBITDA ratios to decrease significantly by year-end [23][24] - The company is committed to divesting its operations in Poland, with ongoing discussions with interested parties [22] Q&A Session Summary Question: Have you noticed any softening in consumer behavior for your Canadian assets? - Management indicated that lower revenue is not significant and attributed it to weather and one less gaming day, expressing no concerns [31][33] Question: Can you provide an update on initiatives at Rocky Gap? - Management confirmed completed renovations and marketing initiatives targeting Baltimore and Washington DC areas to attract higher net worth guests [35] Question: What has changed regarding year-end leverage targets? - Management acknowledged a positive trend since mid-March but remained cautious about projecting this trend for the full year [41][43] Question: Are you looking to monetize your casino database in Alberta? - Management mentioned potential partnerships with the Alberta Gaming Commission for database sharing but did not foresee other opportunities [44][47] Question: Are you focusing on revenue growth or maintaining EBITDA levels in Missouri? - Management aims for both revenue growth and cost discipline, particularly targeting the 75-mile customer base [52][54] Question: What is the timeline for divesting Polish assets? - Management believes divestment could occur in 2025 but acknowledged previous misestimations [55][56] Question: What is the capacity for stock buybacks? - Management plans to initiate stock buybacks with a single-digit million dollar volume between now and the next earnings release [57][58]