Financial Data and Key Metrics Changes - For the first quarter of 2025, the company reported core FFO of $0.19 per diluted share, with same store property cash NOI up 0.4% excluding nonrecurring revenue items from the previous year [26][27] - Expenses increased approximately 5% year over year, driven by real estate taxes, payroll costs, and repair and maintenance costs, partially offset by higher tenant reimbursement income and growth in rental revenue [27][28] Business Line Data and Key Metrics Changes - The Manhattan office portfolio is 93% leased, with a slight decrease from 94.2% in the previous quarter, and the company expects leasing and occupancy gains for the full year [12][19] - The Observatory generated NOI of approximately $15 million, with a 7% year-over-year change attributed to the shift of the Easter holiday to the second quarter and adverse weather conditions [28] - The multifamily portfolio achieved 99% occupancy and 8% year-over-year rent growth in the first quarter [15][16] Market Data and Key Metrics Changes - The leasing environment in New York City remains active, particularly for modernized buildings with good amenities, as evidenced by the company leasing approximately 230,000 square feet in the first quarter [6][12] - The company has seen a healthy pipeline of leasing activity, with 160,000 square feet of leases in negotiation and several proposals exchanged with tenant prospects across various industries [13][14] Company Strategy and Development Direction - The company focuses on five priorities: leasing space, selling tickets to the Observatory, managing the balance sheet, identifying growth opportunities, and achieving sustainability goals [11][24] - The company aims to maintain a strong balance sheet with no floating rate debt exposure and a well-laddered debt maturity schedule, positioning itself to weather economic uncertainties [23][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledges potential macroeconomic risks but emphasizes the company's strong position due to long-term leases, high lease percentages, and diverse income streams [5][6] - The company remains optimistic about its leasing and occupancy gains, with expectations for core FFO guidance of $0.86 to $0.89 for 2025 [28][29] Other Important Information - The company repaid $100 million in Series A unsecured notes and $120 million in revolving credit facility balance during the quarter, and it has been actively repurchasing shares [24] - The company is prepared to act on investment opportunities across retail, multifamily, and office sectors, focusing on New York City [25] Q&A Session Summary Question: How are leasing conversations unfolding with different tenant categories amid current economic conditions? - Management reported no changes in lease negotiations over the last sixty days, with strong activity across various industries [32][33] Question: What is the expected trend for CapEx in the coming years? - Management indicated a reduction in CapEx is expected as the portfolio stabilizes, with a good run rate established in the first quarter [35][39] Question: How is leasing activity in Williamsburg progressing? - Management noted strong activity in Williamsburg, with recognizable brand names showing interest in available spaces [41][43] Question: How does the company prioritize capital allocation opportunities? - The company balances capital allocation between maintaining operating runway, potential buybacks, and investment opportunities as they arise [44][46] Question: What is the company's perspective on tourism and potential impacts from geopolitical tensions? - Management has not detected significant shifts in demand and remains focused on operational discipline and marketing strategies to mitigate any potential downturns [56][58]

Financial Data and Key Metrics Changes - For Q1 2025, net income was $161 million, down from $172 million in Q4 2024 [11] - Adjusted EBITDA for Q1 2025 was $292 million, compared to $298 million in Q4 2024, primarily due to lower volumes and revenues [11] - Total revenues, excluding pass-through revenues, decreased by approximately $13 million, driven by lower throughput volumes [11] - Adjusted free cash flow for Q1 2025 was approximately $191 million [12] Business Line Data and Key Metrics Changes - Gas processing throughput averaged 424 million cubic feet per day, crude terminaling averaged 125,000 barrels per day, and water gathering averaged 126,000 barrels per day [5] - Processing revenues decreased by approximately $7 million, and gathering revenues decreased by approximately $6 million due to lower throughput volumes [11] Market Data and Key Metrics Changes - Hess reported first quarter net production for the Bakken averaged 195,000 barrels of oil equivalent per day, with expectations for Q2 production to be in the range of 210,000 to 215,000 barrels, reflecting a 9% increase at the midpoint compared to Q1 [5] Company Strategy and Development Direction - The company remains focused on disciplined, low-risk investments to meet basin demand while maintaining reliable operations and strong financial performance [7] - Capital expenditures for 2025 are expected to total approximately $300 million, unchanged from previous guidance [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a strong recovery in volumes following challenging weather conditions in January and February [42] - The company anticipates adjusted EBITDA in the second half of 2025 to be approximately 11% higher than in the first half [13] Other Important Information - The company has returned $1.95 billion to shareholders since the beginning of 2021 through share repurchases and has increased distributions per Class A share by approximately 57% since 2021 [9] - The company expects to generate over $1.25 billion of financial flexibility through 2027 for incremental shareholder returns [10] Q&A Session Summary Question: Bakken outlook in light of ongoing macroeconomic volatility - Management noted that activity levels remain stable, with no changes in Hess's plans to run four rigs for the rest of the year, supported by established MVCs through 2027 [19][20] Question: Volumes in excess of MVCs and performance against MVCs - Management indicated that MVCs are set at approximately 80% of nomination, with third parties expected to represent about 10% of total volume [24] Question: Risk of rig reduction in the current macro environment - Management reaffirmed that they are looking past short-term volatility and expect consistent activity levels in the Bakken [30][31] Question: Buybacks and secondaries - Management clarified that there is no specific plan for secondaries and expects to continue multiple repurchases per year, with flexibility for $1.25 billion through 2027 [36][37] Question: Gas processing volumes recovery - Management reported a strong recovery in volumes and expressed optimism about meeting guidance for the year [42][43] Question: Impact of oil prices on rig count - Management stated that they are prepared for price volatility and expect to maintain the four-rig program, with improved well economics reducing breakeven costs [45][48] Question: Gas growth in the basin and egress - Management anticipates gas volumes to continue increasing over time, supported by existing export agreements [55][66]

Financial Data and Key Metrics Changes - For Q1 2025, Amerisafe reported net income of $8.9 million or $0.47 per diluted share, down from $16.9 million or $0.88 per diluted share in Q1 2024 [11] - Operating net income decreased to $11.4 million or $0.60 per diluted share from $13.3 million or $0.69 per diluted share year-over-year [11] - Gross written premiums increased by 4.6% to $83.8 million compared to $80.1 million in Q1 2024 [11] - Net premiums earned rose by 60 basis points to $68.9 million from $68.4 million in the prior year [12] - The expense ratio increased to 29.9% from 27.3% due to higher expenses related to business investments [12][13] Business Line Data and Key Metrics Changes - Premiums on policies written in the quarter grew by 7.1% over the prior year quarter, with a retention rate of 93.1% [7][8] - The company experienced $5 million from payroll audits and other premium adjustments, down from $6.4 million in the previous year [8] Market Data and Key Metrics Changes - The competitive environment remains strong, driven by declining workers' compensation rates and challenges in other property and casualty lines [5][6] - The company noted a favorable frequency trend in claims, with a current accident year loss ratio of 71, consistent with the prior year [8] Company Strategy and Development Direction - Amerisafe continues to focus on incremental growth within its existing geographic footprint and risk appetite, leveraging relationships with agents and policyholders [5] - The company is investing in business growth despite a competitive market, aiming to maintain profitability [12] Management Comments on Operating Environment and Future Outlook - Management expressed caution regarding economic uncertainties such as tariffs, inflation, and interest rates, which could impact payrolls and premiums [6] - The company anticipates favorable frequency trends to continue, with modest severity trends expected [9] Other Important Information - The investment portfolio is of high quality, with a tax-equivalent book yield of 3.85% and a strong capital position [14][15] - Book value per share was reported at $13.69, with a statutory surplus of $243.6 million, up 3.6% from the previous year [15] Q&A Session Summary Question: Audit premium impact on previous quarters - Management provided audit premium figures for the previous year: Q1 was $6.4 million, Q2 was $7.3 million, Q3 was $4 million, and Q4 was $2.5 million [22][24] Question: Impact of recent hurricanes on work activity - There was a slight increase in audit premiums for rebuilding classifications in North Carolina and Georgia, but not as much in Florida [26] Question: Potential tariff impacts on business - Tariffs could impact medical costs, particularly in pharmacy and durable medical equipment, which account for about 15% of medical costs in workers' compensation [29] Question: Changes in competitive dynamics - There has been no significant change in the competitive landscape during the first quarter [35] Question: Expense ratio and future expectations - The increase in the expense ratio was approximately $1.9 million, and costs are expected to moderate as the year progresses [37] Question: State loss cost updates - The trend remains a decline in rates, with average decreases between 6% to 8% across states [39] Question: Medical inflation trends - There are increases in physician care costs, likely due to labor costs rather than tariffs [41] Question: Large losses in the quarter - The company reported two large losses in the quarter, which is below trend [56]

Financial Data and Key Metrics Changes - The company reported first quarter adjusted EBITDA of $57.5 million, up 12% year over year [5][10] - Adjusted net income for the quarter was $19.3 million, or $0.84 per diluted share, representing a 32% increase compared to $14.7 million, or $0.64 per diluted share, in the prior year [7][9] - Cash from operations was $6.9 million, while free cash flow was negative at $25.8 million, down $37.2 million year over year [10][16] Business Line Data and Key Metrics Changes - Surfactants and specialty products delivered double-digit adjusted EBITDA growth, while polymers adjusted EBITDA decreased slightly year over year [6][12] - Surfactant net sales were $430.3 million for the quarter, a 10% increase year over year, with sales volume growing 3% [12][13] - Polymer net sales were flat at $146.1 million, with a 7% increase in sales volume but a 7% decrease in selling prices [14][15] - Specialty product net sales increased by 11% to $16.8 million, primarily due to higher selling prices [15] Market Data and Key Metrics Changes - The company experienced double-digit volume growth in agricultural and oilfield end markets, while North American and European rigid polyol volume grew in low single digits [6][19] - Foreign currency translation negatively impacted net sales by 5% [13] Company Strategy and Development Direction - The company remains focused on customer acquisition, particularly in Tier two and Tier three markets, with over 400 new customers added in the first quarter [18][19] - The company is committed to developing next-generation rigid polyol technologies to enhance energy efficiency and cost performance [20] - The new Pasadena, Texas site is now operational, with expectations for full contribution in the second half of 2025 [21][23] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about delivering adjusted EBITDA and adjusted net income growth, as well as positive free cash flow in 2025 despite market uncertainties [22][23] - The company noted that the high interest rate environment continues to restrain growth in rigid polyol markets [6][19] Other Important Information - The effective tax rate was 20%, lower than the normal range of 24% to 26%, primarily due to favorable discrete items from a tax audit settlement [10][11] - The company paid $8.7 million in dividends during the first quarter and has increased its dividend for 57 consecutive years [8] Q&A Session Summary Question: Contribution of Pasadena facility - Management confirmed that the Pasadena facility is currently producing six products, with plans to produce over 60 products, and full contribution expected in 2026 [27][28] Question: Earnings contribution from Pasadena - Management indicated that Q2 is expected to show improvement but will still be negative, with positive contributions anticipated in Q3 and Q4 [32] Question: Decline in commodity consumer products - Management clarified that the decline is not due to intentional shifts but rather sluggish demand from consumer product customers [34][35] Question: Polymer business inventory costs - Management stated that high inventory costs were a drag on margins but are expected to improve in Q2 as those costs are cleared [36][37] Question: Down channel inventory levels - Management reported no significant overstocking in Q1 and noted strong volume growth continuing into April [43][44] Question: Customer mix and growth - Management confirmed that growth is coming from both Tier two and Tier three customers, as well as end market diversification [47][48] Question: Tariff impacts - Management indicated that while tariffs are a concern, most products are sourced and sold within regions, mitigating direct impacts [65][66] Question: Collaboration with customers - Management affirmed that collaborative work with customers continues without significant changes due to tariff announcements [68][70]

Group 1 - Skyward Specialty Insurance Group, Inc. will hold its first quarter 2025 earnings call on May 2 at 9:30 a.m. EDT, following a time change from the previously announced schedule [1] - The earnings results will be released after market close on May 1 and will be accessible on the company's investor website [2] - Investors can participate in the earnings call via a live audio webcast or conference call, with a replay available two hours after the call [3] Group 2 - Skyward Specialty is a growing specialty insurance company offering commercial property and casualty products through nine underwriting divisions [4] - The company's subsidiary insurance companies are rated A (Excellent) with a stable outlook by A.M. Best Company [5]

Financial Data and Key Metrics Changes - Net income for Q1 2025 was $25 million or $0.81 per diluted share, while core net income was $27.1 million or $0.88 per diluted share, reflecting the sustainability of earnings [17] - Core earnings per share was $0.88 supported by net interest income of $70.6 million, which was within the guidance range [10][17] - Total deposits increased by $446 million to $7.6 billion, with a significant portion attributed to political deposits growing by 11% [21][11] Business Line Data and Key Metrics Changes - Net loans receivable increased by $7 million or 0.2% to $4.6 billion, driven by increases in multifamily and commercial loans, while consumer solar and residential loans decreased [24][25] - Core non-interest income decreased to $9.1 million from $9.5 million in the previous quarter, primarily due to lower commercial banking fees [27] - Core non-interest expense increased to $41.5 million, mainly due to higher professional fees related to digital transformation [28] Market Data and Key Metrics Changes - Political deposits increased by $103 million to $1.1 billion, following historical patterns post-election [11] - The not-for-profit deposit segment grew significantly, increasing from $285 million at year-end 2020 to $1.37 billion at the end of Q1 2025, reflecting a 29% increase over the last twelve months [24] Company Strategy and Development Direction - The company plans to maintain a conservative approach while focusing on capital strength and liquidity to navigate uncertain environments [12][6] - A new $40 million share repurchase program was authorized, indicating a commitment to returning capital to shareholders [20] - The company is expanding its commercial PACE franchise to diversify volume and increase originations [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the bank's ability to adapt to changing market conditions and emphasized the importance of a strong balance sheet [6][7] - The outlook for C&I loan growth is expected to remain muted in Q2, with reacceleration anticipated in the latter half of the year [13] - Management remains optimistic about net interest margin expansion and revenue growth for the remainder of the year [32] Other Important Information - The allowance for credit losses on loans decreased to $57.7 million, with a ratio of 1.23% of total loans [30] - Non-performing assets totaled $33.9 million or 0.41% of total assets, reflecting an increase primarily due to commercial and industrial non-accrual loans [29] Q&A Session Summary Question: Any color on the $8.3 million loan that went on non-accrual this quarter? - Management indicated that the loan had been classified for some time and there is sufficient collateral value, allowing them to maintain no increase in reserve coverage [34][35] Question: Are you seeing funding dry up for clean energy projects? - Management confirmed that there is no observed decline in funding for clean energy projects and demand for electricity continues to rise [37][39] Question: What is the outlook for the political deposit franchise? - Management expressed optimism about the political deposit growth and noted strong performance across all sectors [52][53] Question: Where are you willing to take the capital ratios down to? - Management stated that they are comfortable maintaining a Tier 1 leverage ratio above 9% while being aggressive with the buyback program [44][47] Question: Have you seen any tangible impact from the new administration on lending or deposits? - Management reported no significant impact on lending or deposits, maintaining a strong deposit base across all segments [66][67]

Financial Data and Key Metrics Changes - Getty Realty reported an annualized base rent (ABR) of approximately $199 million, reflecting an increase of 11.2% compared to $179 million in the prior year [7][18] - The company generated adjusted funds from operations (AFFO) per share of $0.59, marking a 3.5% increase from the previous year's quarterly result [17][23] - General and administrative expenses (G&A) as a percentage of total revenue improved by 40 basis points to 13.2% [18] Business Line Data and Key Metrics Changes - The convenience and automotive retail sectors showed resilience, with strong performance from tenants despite macroeconomic challenges [7][8] - Rent coverage for convenience store assets remained consistent, while car wash sector rent coverage increased [8] - The company invested $10.9 million across six properties with an initial cash yield of 7.8% during the quarter [13] Market Data and Key Metrics Changes - The portfolio included 1,115 net leased properties with an occupancy rate of 99.7% and a weighted average lease term of ten years [12] - Approximately 61% of ABR came from the top 50 metropolitan statistical areas (MSAs) [12] Company Strategy and Development Direction - Getty Realty remains committed to a disciplined acquisition strategy, focusing on high-density metro areas and creditworthy operators under long-term leases [11] - The company aims to increase its investment pipeline, which currently exceeds $110 million, with a focus on development funding transactions [10][15] - The strategic focus includes diversifying into new sectors such as quick-service restaurants (QSR) while maintaining a small percentage of the overall portfolio [75] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the macroeconomic uncertainty affecting transaction and capital markets but expressed confidence in sourcing opportunities that align with their investment thesis [10][23] - The company reaffirmed its AFFO per share guidance for 2025, anticipating a range of $2.38 to $2.41 [23] Other Important Information - The company has no debt maturities until June 2028, with a weighted average debt maturity of 5.4 years and a weighted average cost of debt at 4.5% [21][22] - The company has received all rent due through April 2025 from Zips, which filed for bankruptcy in February [22] Q&A Session Summary Question: Can you describe the cadence of capital deployment in the next nine to twelve months for the $110 million investment pipeline? - Management indicated that about two-thirds of the pipeline consists of development funding, typically taking nine to twelve months from signing to completion [25][26] Question: Given the macro uncertainty, what is the current development demand? - Management noted ongoing discussions with operators looking to accelerate new store growth programs in 2025, but clarity is still needed as the year progresses [27] Question: How should we think about the timing of ZiPS rent income hitting the income statement? - Management expects the resolution of ZiPS to be completed by the end of the second quarter, with continuity of rent for sites remaining with ZiPS [36][37] Question: What impact have tariffs had on the existing tenant base? - Management stated that the impact of tariffs is still uncertain, but discussions with tenants are ongoing to assess potential effects [41] Question: What is the credit profile of new car wash tenants? - Management confirmed that the new tenants are established operators familiar with the markets of the properties [49][50] Question: How does the outcome of the ZiPS situation compare to underwriting new investments? - Management expressed confidence in their underwriting process, stating that the recovery from the ZiPS event does not alter their approach to future investments [80][82]

Financial Data and Key Metrics Changes - The company reported an adjusted net operating loss of $40.8 million or $0.99 per share for Q4 2024, and a net loss from continuing operations of $92.7 million or $2.25 per share, largely attributed to retroactive reinsurance structures [22][23] - The investment portfolio generated $93.1 million of net investment income from continuing operations, a 10.8% increase over 2023 [8] - The accident year combined ratio for the E&S segment was 91.8%, while excluding legacy structure purchases, it would have been 89.3% [11][25] Business Line Data and Key Metrics Changes - The E&S business grew by 2% in Q4, but if excluding the excess casualty unit, growth would have been 11.2% across the remaining divisions [14] - The Specialty Admitted segment generated a combined ratio of 95.3% for Q4 and 92.2% for the full year, with underwriting profit growth of 68.6% over the prior year [18][19] Market Data and Key Metrics Changes - Submission growth reached 9% for Q4 2024, with record highs in new and renewal submissions over the last four years [9][40] - The company experienced a positive renewal rate change of 9% in 2024, reflecting strong market momentum [12] Company Strategy and Development Direction - The company aims to focus on its insurance business following the divestiture of its Bermuda reinsurance operation and has executed several transactions to validate its balance sheet [7] - Plans for redomestication and improvements in technology and processes are expected to enhance organizational efficiency [9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about profitability in 2024 while monitoring loss emergence as the accident year seasons [17] - The company anticipates a mid-teen operating return on tangible common equity for 2025, underpinned by a similar accident year loss ratio to 2024 [28] Other Important Information - The company completed a strategic review and reaffirmed its rating, which is expected to provide additional tailwinds into 2025 [42] - The company did not experience any net losses due to California wildfires and maintains a conservative property stance [34] Q&A Session Summary Question: What is the trend looking like for submission growth in 2025? - Management noted an increase in submissions and healthy growth across several divisions, with a reported 9% submission growth for Q4 2024 [40][42] Question: Can you provide insights on the loss picks and trends? - Management indicated a slight increase in loss trends, particularly in excess casualty and general casualty, but overall loss trends remain in the low single-digit range for 2025 [44]

Financial Data and Key Metrics Changes - The company reported an AFFO per share of $1.16 for 2024, marking an increase of 8.4% year over year and exceeding the Street consensus by over 9% at the start of 2024 [7] - Funds from operations (FFO) for Q4 was $0.30 per diluted share, while adjusted funds from operations (AFFO) was $0.35 per diluted share [22] - The board approved a quarterly dividend of $0.2425 per share, a 1% increase from Q4 2023, marking the seventh consecutive year of dividend increases [23] - The net debt to annualized adjusted EBITDA ratio was 5.2 times at the end of the year, reflecting a deleveraging from the end of 2023 [25] Business Line Data and Key Metrics Changes - In 2024, the company acquired 197 properties for $91 million at a weighted average cap rate of 7.6% [11] - The company anticipates acquisition volume in 2025 to be between $80 million and $90 million, targeting a weighted average cap rate at or above 7.5% [11] - The total net lump sum catch-up payment received during Q4 was $1.5 million, with an additional $400,000 received in 2025 [18] Market Data and Key Metrics Changes - The company reported a current occupancy rate of 99.8% and an average lease retention rate of 99% with the Postal Service over the past ten years [13] - The Postal Service's lease expenses represent only 1.5% of its total operating budget, indicating a stable relationship with the company [13][34] Company Strategy and Development Direction - The company aims to drive internal growth while pursuing an acquisition-driven external growth plan [7] - The management emphasized the importance of maintaining strong relationships with postal property owners to expand the portfolio [16] - The company is focused on executing leases for 2025 expirations and negotiating rents for 2026 expirations [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Postal Service's continued tenancy and the stability of their lease agreements despite changes in leadership [33] - The Postal Service's recent cost-cutting measures are not expected to disrupt the company's operations or the facilities they invest in [39] - The company is optimistic about its acquisition pipeline and internal growth story, projecting AFFO for 2025 to be between $1.20 and $1.22 per share [10][27] Other Important Information - The company completed its first meaningful dispositions as a public company, selling two properties for total gross proceeds of $6.3 million [12] - The company has a $150 million senior unsecured revolving credit facility with $136 million undrawn, maintaining low leverage and minimizing exposure to variable rate debt [24] Q&A Session Summary Question: Impact of new postmaster general on lease agreements - Management indicated that the new postmaster general is not expected to change existing lease documents, as the company has a strong process in place for lease execution [33] Question: Postal Service's cost-cutting measures and facility eliminations - Management believes that the cost-cutting measures will not affect the infrastructure related to the facilities they invest in, as the Postal Service has stated there will be no disruption to their retail network [39] Question: Same-store NOI growth and G&A expenses - Management confirmed that the same-store NOI growth for 2025 is projected to be between 4% and 6%, with G&A expenses expected to increase slightly [46] Question: Catch-up rent payments in Q4 - Management clarified that the catch-up rent payments were part of the top-line revenue, and they are now caught up with the expiration schedule for leases [54]