Core Insights - Post Holdings (NYSE: POST) is enhancing its M&A strategy, indicating a distinctive approach to capital allocation that prioritizes share repurchase over dividends and exhibits a higher tolerance for leverage [1]. Group 1: M&A Strategy - Post Holdings is adding an interesting chapter to its M&A strategy, reflecting its commitment to growth through acquisitions [1]. Group 2: Capital Allocation - The company has a unique capital allocation strategy that emphasizes share repurchase rather than dividends, showcasing its focus on returning value to shareholders [1]. - Post Holdings demonstrates a higher tolerance for leverage, which may indicate a willingness to take on more debt to finance its growth initiatives [1].

Market Trends - The Asian market is perceived as having untapped potential for capital allocation and fundraising in the DAT (Digital Asset Trading) space [1] - The Asian market is expected to be the next major market for creating DAT vehicles and raising capital from high-net-worth individuals and funds [1] - There is speculation that the DAT trade may still have opportunities despite previous assessments [1] Company News - Huobi founder Li Lin is reportedly launching a $1 billion Ethereum treasury company [1]

Financial Data and Key Metrics Changes - Third quarter core FFO was $0.60 per share, up one penny from last quarter, driven by higher occupancy and accretive capital recycling from dispositions and share repurchases [11] - Total portfolio occupancy, including repositioning and redevelopment, was up 260 basis points sequentially [11] - The company raised its full-year 2025 core FFO per share midpoint to $2.40, up $0.01 compared to last quarter [11][12] - Same property cash NOI midpoint increased to 4%, up 150 basis points from last quarter [12] Business Line Data and Key Metrics Changes - Executed 3.3 million square feet of leasing, nearly double last quarter, with healthy leasing spreads [4] - Same property ending occupancy reached 96.8%, a 60 basis point increase compared to the prior quarter [5] - Leasing spreads for comparable leases were 26% and 10% on a net effective and cash basis, respectively [6] Market Data and Key Metrics Changes - Net absorption in the overall 1.8 billion square foot infill Southern California market was nominally positive at 400,000 square feet, while Rexford's portfolio saw a positive net absorption of 1.9 million square feet [5] - Market rents for Rexford's portfolio experienced a decline of 1% sequentially, compared to an overall market decline of 2% [6] Company Strategy and Development Direction - The company focuses on driving long-term value through a high-quality infill Southern California portfolio, strategic asset management, and creative capital allocation [4] - The strategic approach includes evaluating each property for optimal value creation strategies, such as repositioning, redevelopment, or leasing as is [7] - The company is committed to capital allocation that drives the highest risk-adjusted returns while maintaining a low-lever, flexible balance sheet [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving tenant sentiment and strong new leasing activity, despite uncertainties in the macroeconomic environment [5] - The company highlighted strong demand from key growth sectors, which will support favorable long-term industrial fundamentals [7] - Management acknowledged the unpredictability of future demand due to macroeconomic factors but remains encouraged by current market signs [18] Other Important Information - The company executed $150 million of share repurchases funded by disposition proceeds, capturing a 200 basis point spread between the weighted average exit cap rate and implied FFO yield [12] - Approximately $65 million of projected annualized NOI is tied to repositioning and redevelopment projects, with $41 million related to projects that stabilized during the quarter [13] Q&A Session Summary Question: How should we think about the run rate of the 3.3 million square feet leased? - Management noted that this was the highest leasing quarter in their history, with strong retention levels and activity on about 80% of vacant spaces [18] Question: How should we think about the trade-off of boosting occupancy at the expense of elevated concessions? - The focus remains on driving occupancy and cash flow, with proactive demand generation contributing to leasing success [21] Question: How much of the redevelopment pipeline could be sold off? - Management indicated ongoing assessments for dispositions to strengthen quality and growth profiles, with $160 million currently under contract [24] Question: Can you talk about credit and bad debt relative to expectations? - Tenant health remains resilient, with negligible bad debt levels and a watchlist of about 20 tenants [31] Question: What is the occupancy of the assets sold during the quarter? - The occupancy on sold assets was about 67%, with market cap rates assumed for vacant assets [34] Question: How have you adjusted assumptions for assets currently in the pipeline? - The company has stabilized properties at an average yield of 5.8%, with adjustments based on current market conditions [38] Question: How quickly can we pivot from a flat market to growth? - Management highlighted strong tenant health and demand drivers, but noted that macroeconomic uncertainties make it difficult to predict the timing of recovery [42]

Core Insights - Kinross Gold Corporation (KGC) is leveraging its strong financial position and free cash flow to enhance shareholder value through dividends and share repurchases [1][2][4] Financial Performance - KGC reactivated its share buyback program in April 2025, repurchasing approximately $225 million in shares by July 30, 2025, including $170 million in the second quarter [1][8] - The company plans to return at least $650 million to shareholders through dividends and repurchases in 2025 [2][8] - KGC ended the second quarter with robust liquidity of around $2.8 billion, including cash and cash equivalents exceeding $1.1 billion [3] - Second-quarter free cash flow increased by approximately 87% year over year and 74% from the previous quarter, driven by strong gold prices and operational performance [3][8] Capital Allocation Strategy - KGC is executing a well-defined capital allocation policy, utilizing its cash generation to fund growth projects, pay down debt, and drive shareholder value [4] - The company’s two largest assets, Tasiast and Paracatu, are key contributors to cash flow generation and production [3] Market Position - KGC's shares have increased by 173% year to date, outperforming the Zacks Mining – Gold industry, which rose by 120.2% [7] - The Zacks Consensus Estimate for KGC's earnings in 2025 and 2026 indicates a year-over-year rise of 110.3% and 8.1%, respectively [9] Valuation - KGC is currently trading at a forward 12-month earnings multiple of 16.69, which is a modest 1.4% premium to the industry average of 16.46 [10]

Summary of Alliance Resource Partners Conference Call (October 08, 2025) Company Overview - **Company**: Alliance Resource Partners (NasdaqGS:ARLP) - **Market Capitalization**: Approximately $3.5 billion - **Structure**: Master Limited Partnership (MLP) which is tax-advantaged and yield-oriented, primarily focused on energy infrastructure and natural resource activities [2][3][5] Business Segments 1. **Coal Operations**: - Generates 80% to 85% of cash flow - Second largest coal producer in the Eastern United States - Operates seven underground mining complexes across several states - 92% of sales in 2024 directed to domestic electric power generation markets [5][6][10] 2. **Oil and Gas Mineral Interests**: - Represents 15% to 20% of cash flows - Generated approximately $115 million in segment-adjusted EBITDA in 2024, up from $40 million in 2020 - Focused on passive investments in royalty interests, primarily in the Permian Basin [6][19][20] 3. **Other Growth Investments**: - Includes investments in energy technology (Matrix) and digital asset technology (BitTiki for Bitcoin mining) - Recent investment in Gavin Coal-Fired Power Plant, representing a 5.5% equity stake [7][22][24] Industry Outlook - **Coal Industry**: - Positive outlook supported by current administration policies emphasizing coal's role in grid reliability - Anticipated increase in U.S. electricity demand driven by data centers, onshoring, and AI [8][10][13] - Shift towards domestic markets with 92% of sales expected to be domestic in 2025, compared to an average of 86% from 2021 to 2024 [10][11] - **Government Support**: - Recent actions from the administration include extending compliance timelines for environmental regulations and funding for modernizing coal plants [15][16][17] Capital Allocation Priorities 1. **Strengthening Balance Sheet**: - Low leverage with gross debt to trailing 12 months adjusted EBITDA at 0.8 times [26][27] 2. **Investments in Coal Operations**: - Planned capital investment of $285 million to $320 million in mining operations for 2025 [27][28] 3. **Oil and Gas Royalties**: - Approximately $100 million allocated for reinvestment in oil and gas minerals [28] 4. **Distributions to Unitholders**: - Focus on providing attractive yields through cash distributions rather than stock buybacks [29][30] Additional Insights - **Growth Potential**: - The oil and gas minerals segment is expected to potentially double in size over the next eight years [21] - Investments in technology and diversification into non-fossil fuel sectors are seen as growth opportunities [23][24] - **Market Dynamics**: - Domestic pricing for coal is currently more attractive than export pricing, leading to a strategic focus on domestic markets [11][12] This summary encapsulates the key points discussed during the conference call, highlighting the company's structure, business segments, industry outlook, capital allocation strategies, and additional insights into growth potential and market dynamics.

John Tumazos Very Independent Research Virtual Metals Conference October 2025 NYSE: CDE NYSE: CDE JC 2016 1 Cautionary Statements This presentation contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements involving strategic priorities and company strategies, growth, anticipated production, costs and expenses, exploration and development efforts, operations, expectations and initiatives at Las Chispas, Palmarejo, Rochester, Kensin ...

Your overall role in the market is to nudge capital toward its best uses, even if sometimes you trade the opposite way to make a quick buck. (via @opinion) https://t.co/HOO3DktimG ...

Core Insights - Boardwalk Real Estate Investment Trust has reported strong leasing performance and capital allocation initiatives, maintaining high occupancy rates and increasing occupied rents [1][5]. Occupancy and Rent Performance - The same property portfolio occupancy rates have remained stable, with a preliminary occupancy of 97.8% as of October 2025 [2]. - Occupied rent has shown a consistent upward trend, increasing from $1,485 in August 2024 to $1,583 in August 2025, reflecting a steady growth in rental revenue [2]. Capital Allocation Initiatives - In September 2025, the Trust purchased and cancelled 11,800 trust units for approximately $0.8 million at a weighted average price of $68.48, totaling about 486,000 trust units purchased in the first nine months of 2025 at an average price of $63.29 [3]. - The Trust finalized the acquisition of the 639 Main Street community in Saskatoon for $39 million, which includes 106 suites and commercial space, with a projected cap rate of 5.5% in the first year [4][7]. Market Conditions and Strategic Positioning - The Trust's largest market, Alberta, continues to experience population growth, with an increase of over 19,000 residents (+0.4% quarter-over-quarter) in the most recent quarter [6]. - The acquisition of 639 Main Street is expected to enhance the Trust's portfolio in a robust market, providing a competitive price point of approximately $2.43 per square foot per month [7]. Future Outlook - Boardwalk REIT plans to release its financial results for the third quarter on November 4, 2025, with a teleconference scheduled for November 5, 2025, to discuss these results [8][9].

Core Insights - UnitedHealth Group has returned a total of $76 billion to shareholders over the past decade through dividends and buybacks, showcasing its commitment to shareholder value despite facing challenges in 2025 [2][7] - The company has recently increased its quarterly dividend by 5% to $2.21 per share, marking the 16th consecutive year of dividend increases, yielding approximately 2.59% at current levels [3] - UnitedHealth executed $5.5 billion in share buybacks in the first half of 2025, with $3.02 billion in Q1 and $2.48 billion in Q2, and has renewed its buyback program to repurchase up to 16 million additional shares [4] Financial Performance - UnitedHealth has re-established its full-year 2025 revenue outlook at $445.5-$448.0 billion and earnings guidance of at least $14.65 per share, indicating a strong financial foundation for continued capital returns [5] - The company has demonstrated revenue growth of 9.7% over the last twelve months and an average of 11.3% over the past three years, with a free cash flow margin of nearly 6.0% and an operating margin of 7.3% [13] - UnitedHealth is currently trading at a P/E ratio of 15.3, offering lower valuation compared to the S&P while providing higher revenue growth and lower margins [13]

Core Viewpoint - The acquisition of Chart Industries by Baker Hughes has been approved by Chart's shareholders, marking a significant advancement in Baker Hughes' strategy to enhance its position as a leading energy and industrial technology company [1][4]. Group 1: Acquisition Details - The acquisition is expected to be completed by mid-year 2026, pending regulatory approvals [1]. - This acquisition is part of a broader strategy that includes the sale of the Precision Sensors & Instrumentation product line and the Surface Pressure Control joint venture with Cactus, as well as the acquisition of Continental Disc Corporation [2]. Group 2: Strategic Impact - The acquisition will enhance Baker Hughes' Industrial & Energy Technology (IET) segment, expanding its capabilities across various energy and industrial applications [3]. - It will increase Baker Hughes' presence in high-growth markets such as LNG, data centers, and clean energy, which is anticipated to support resilient earnings and cash flow [3]. Group 3: Financial Performance - The company has achieved total shareholder returns of 340% over the past five years, 150% over the past three years, and 38% in the last 12 months, significantly outperforming its peers [4]. - The company reaffirms its third-quarter and full-year 2025 guidance as previously provided [4].