For investors seeking momentum, the Vanguard Mortgage-Backed Securities ETF (VMBS) is probably on the radar now. The fund just hit a 52-week high and is up 6% from its 52-week low price of $44.85 per share.  But are there more gains in store for this ETF? Let’s take a quick look at the fund and its near-term outlook to get a better sense of where it might head.VMBS in FocusThe fund provides exposure to U.S. large-cap equities while attempting to lower volatility by avoiding sectors that are currently in a d ...

Group 1 - EQT Corporation (NYSE:EQT) is identified as one of the 10 undervalued growth stocks for the next 5 years, with a potential acquisition interest in AES Corporation by EQT and BlackRock's Global Infrastructure Partners [1] - Ongoing discussions between EQT and BlackRock regarding the acquisition of AES could lead to a finalized agreement within weeks, although no final decision has been made yet [2] - EQT Corporation is engaged in the transportation, gathering, and production of natural gas, providing services to utilities, marketers, and industrial customers in the Appalachian Basin [4] Group 2 - RBC Capital analyst Scott Hanold has reaffirmed a Hold rating on EQT Corporation with a price target of $62, indicating an 11.6% upside potential from current levels [3]

Welcome to Yahoo Finance's special coverage of the January consumer price index report. We are getting the numbers and month- over-month inflation 0.2% a little bit more subdued than the 0.3% month overmonth gain that economists had expected. Core CPI month overmonth 0.3% that is a little bit of an acceleration.That's in line with analyst estimates. And then just as we saw the month overmonth coming in a little lower, we see it for year-over-year 2.4%. 4% the headline consumer inflation number year-over-yea ...

Financial Data and Key Metrics Changes - Adjusted net investment income for Q4 was $0.52 per share, with an annualized operating return on equity of 12% [6] - Full year 2025 adjusted net investment income per share was $2.18, representing an operating return on equity of 12.7% [8] - Net asset value per share at year-end was $16.98, down from $17.11 in Q3 and $17.09 at year-end 2024 [22] Business Line Data and Key Metrics Changes - In Q4, 97% of investments were in first lien loans, indicating a focus on the top of the capital structure [29] - Total commitments in Q4 were $242 million, with total fundings of $197 million across five new portfolio companies [28] - Weighted average yield on debt and income-producing securities decreased from 11.7% to 11.3% quarter-over-quarter [30] Market Data and Key Metrics Changes - The weighted average loan-to-value (LTV) within the portfolio was approximately 41%, stable year-over-year [16] - LTM revenue growth rate for core portfolio companies was approximately 9%, with EBITDA growth at approximately 12% [17] - The portfolio's exposure to enterprise software was approximately 40% by fair value, with consistent credit statistics [19] Company Strategy and Development Direction - The company emphasizes a thematic investment approach, focusing on durable business models and the impact of AI on the market [10][12] - The formation of a joint venture, Structured Credit Partners, aims to invest in newly issued broadly syndicated loan CLOs, enhancing diversification and investment flexibility [40] - The company is positioned to capitalize on market dislocations and has significant liquidity to support investment activities [21][46] Management's Comments on Operating Environment and Future Outlook - Management believes the market is in the early stages of a gradual rebalancing, with capital reallocating towards managers who can consistently earn their cost of capital [46] - The anticipated returns from the newly established joint venture are expected to support the earnings profile [42] - The company expects to target a return on equity on net investment income for 2026 of 11%-11.5% [42] Other Important Information - The company reported a base quarterly dividend of $0.46 per share and a supplemental dividend of $0.01 per share [23] - Total repayments in Q4 were $235 million, contributing to the highest annual repayment activity since inception [31] - The company maintains a disciplined approach to credit selection, focusing on businesses with robust unit economics [26] Q&A Session Summary Question: How much of the portfolio has turned over since 2022? - The company has about 20%-25% of NAV from pre-2022 vintages, with the majority of the portfolio originated in 2023 and 2024 [49] Question: How do you see the deployment environment evolving with AI? - The company is thematic investors and is rotating capital to businesses that will benefit from AI, focusing on those with strong moats [52][54] Question: Will the joint venture focus on BSL CLOs? - The joint venture will primarily involve broadly syndicated loans, with no management fees at the CLO or joint venture level, enhancing shareholder returns [58] Question: What is the impact of unrealized losses on the portfolio? - Unrealized losses were driven by credit spread reversals and specific portfolio company events, with a minor impact on NAV [72] Question: What is the current state of the investment pipeline? - The company has had good activity in Q4 and is encouraged by the pipeline, particularly if market dislocations continue [71]

Financial Data and Key Metrics Changes - Adjusted net investment income for Q4 was $0.52 per share, with an annualized operating return on equity of 12% [6] - Full year 2025 adjusted net investment income per share was $2.18, representing an operating return on equity of 12.7% [8] - The company reported a net income per share of $0.32 for Q4 and $1.81 for the full year [35] Business Line Data and Key Metrics Changes - In Q4, 97% of investments were in first lien loans, indicating a focus on the top of the capital structure [29] - Total commitments in Q4 amounted to $242 million, with total fundings of $197 million across five new portfolio companies [28] - The weighted average yield on debt and income-producing securities at amortized cost decreased from 11.7% to 11.3% quarter-over-quarter [30] Market Data and Key Metrics Changes - The weighted average loan-to-value (LTV) within the portfolio was approximately 41%, remaining stable year-over-year [16] - The portfolio companies demonstrated LTM revenue and earnings growth rates of approximately 9% and 12%, respectively [17] - The company’s exposure to enterprise software comprises approximately 40% of the total portfolio by fair value [19] Company Strategy and Development Direction - The company emphasizes a thematic investment approach, focusing on durable business models and the impact of AI on the market [10][12] - The formation of a joint venture, Structured Credit Partners, aims to invest in broadly syndicated loan CLOs, enhancing diversification and investment flexibility [40] - The company is positioned to capitalize on market dislocations and has significant liquidity to support investment activities [21][46] Management's Comments on Operating Environment and Future Outlook - Management believes the market is in the early stages of a gradual rebalancing of capital, with opportunities arising from market volatility [45] - The anticipated returns from the newly established joint venture are expected to support the earnings profile [42] - The company expects to target a return on equity on net investment income for 2026 of 11%-11.5% [42] Other Important Information - The company declared a base quarterly dividend of $0.46 per share and a supplemental dividend of $0.01 per share [23] - The net asset value per share at year-end was $16.98, down from $17.11 in Q3 [22] - The company maintains a disciplined credit selection process, with a focus on businesses with robust unit economics [26] Q&A Session Summary Question: How much of the portfolio has turned over since 2022? - The company has about 20%-25% of NAV from pre-2022 vintages, with the majority of the portfolio originated in 2023 and 2024 [49] Question: How do you see the deployment environment evolving with AI? - The company is thematic investors and is rotating capital to businesses that will benefit from AI, focusing on those with strong moats [52][54] Question: Will the joint venture focus on BSL CLOs? - The joint venture will primarily involve broadly syndicated loans, with no management fees at the CLO or joint venture level, enhancing shareholder returns [58] Question: What is the current investment pipeline and its impact from public software space disruptions? - The company has had many conversations with sponsors and is well-positioned to take advantage of any dislocation in the market [70] Question: What was driving the unrealized losses in the portfolio? - Unrealized losses were driven by credit spread impacts and specific reversals from portfolio companies [72]

Core Insights - The recent macroeconomic data, influenced by a temporary government shutdown, has provided mixed signals to market observers, particularly regarding employment figures and equity performance [1] Group 1: Employment Data - A better-than-expected jobs report was released earlier in the week, indicating a stronger labor market than anticipated [1] Group 2: Market Reaction - Despite the positive jobs report, equities remained under pressure, primarily driven by concerns related to artificial intelligence (AI) developments [1]

Financial Data and Key Metrics Changes - Adjusted net investment income for Q4 2025 was $0.52 per share, exceeding the base dividend of $0.46 per share, resulting in a base dividend coverage of 113% [5][6] - Full year 2025 adjusted net investment income per share was $2.18, representing an operating return on equity of 12.7%, exceeding the top end of guidance [7][8] - Reported net asset value per share at year-end was $16.98, down from $17.11 in Q3 and $17.09 at year-end 2024 [20][34] Business Line Data and Key Metrics Changes - In Q4, 97% of investments were in first lien loans, indicating a commitment to investing at the top of the capital structure [27] - Total commitments in Q4 were $242 million, with total fundings of $197 million across five new portfolio companies and upsizes to four existing investments [26] - The weighted average yield on debt and income-producing securities at amortized cost decreased from 11.7% to 11.3% quarter-over-quarter [28] Market Data and Key Metrics Changes - The weighted average loan-to-value (LTV) within the portfolio was approximately 41%, remaining stable year-over-year [15] - The core portfolio companies demonstrated LTM revenue and earnings growth rates of approximately 9% and 12%, respectively [16][17] - The company’s liquidity represented approximately 33% of total assets, with nearly 6 times coverage on unfunded commitments [18][19] Company Strategy and Development Direction - The company is focused on maintaining a disciplined investment strategy, particularly in a tighter spread environment, and aims to capitalize on market volatility [24][25] - The establishment of a joint venture, Structured Credit Partners, aims to invest in newly issued broadly syndicated loan CLOs, enhancing diversification and expanding investment flexibility [40][41] - The company emphasizes a thematic investment approach, rotating capital to businesses with strong moats that can benefit from technological advancements, particularly in AI [50][52] Management's Comments on Operating Environment and Future Outlook - Management believes the investment environment for 2026 will be characterized by an imbalance between the supply of private capital and the demand for financing, leading to sustained competition and tight spreads [24] - The company anticipates a gradual market-correcting rebalancing as capital migrates towards managers that can consistently earn their cost of capital [44] - Management expressed confidence in the resilience of the portfolio and the ability to generate differentiated risk-adjusted returns during periods of market instability [46] Other Important Information - The company reported total investment income of $108.2 million for Q4, slightly down from $109.4 million in the prior quarter [38] - The company’s average debt-to-equity ratio was 1.17x for the full year 2025, down from 1.19x in 2024 [35] - The company has a spillover income of $1.21 per share at year-end, which will be monitored closely as part of the distribution strategy [42] Q&A Session Summary Question: How much of the portfolio has turned over since 2022? - The company indicated that about 20%-25% of NAV is from pre-2022 vintages, with the majority of the portfolio originated post the rate hiking cycle in 2023 and 2024 [48] Question: How does the company see the deployment environment evolving with AI? - The company views itself as thematic investors, rotating capital to businesses that will benefit from AI advancements, focusing on those with strong moats [50][52] Question: Will the joint venture focus on BSL CLOs? - The joint venture will primarily involve broadly syndicated loans, with no management fees at the CLO or joint venture level, enhancing returns for shareholders [56][57] Question: What is the impact of unrealized losses on the portfolio? - Unrealized losses were primarily driven by credit spread impacts and specific reversals from portfolio companies, with a noted impact from a restructuring at IRG [73] Question: What is the company's outlook on spreads for new investments? - The company has seen stable spreads throughout 2025 and anticipates this stability to continue into 2026, with hopes for widening as capital reallocates in the sector [80]

Core Insights - Essex Property Trust, Inc. (NYSE:ESS) is recognized as one of the 13 cheapest Dividend Aristocrats for investment opportunities [1] Financial Performance - Essex reported its Q4 2025 results, with full-year same-store revenue growth reaching the top end of the company's guidance range. FFO per share exceeded the midpoint of expectations, attributed to effective coordination between on-site property teams and corporate operations [3] - Other income showed solid growth, and delinquency recovery rates improved to pre-pandemic levels [3] Regional Performance - Northern California outperformed expectations, driven by technology sector expansion, steady migration trends, and limited housing supply. Rent growth in most of Essex's markets surpassed the national average [4] - Occupancy rates increased by 20 basis points from the previous quarter to 96.3%, with concessions averaging about one week. Los Angeles experienced the largest occupancy gain, rising 70 basis points sequentially [4] Capital Allocation - Non-portfolio institutional multifamily transactions reached $12.6 billion in 2025, marking a 43% increase from 2024. Essex has been the largest investor in Northern California over the past two years [5]

Mustafa Suleyman, CEO of Microsoft AI, made a bold prediction about the future of professional tasks, suggesting that “most, if not all, professional tasks” for lawyers, accountants, project managers, and marketing professionals “will be fully automated by AI within the next 12 to 18 months.”Software Engineers Already Experiencing Role TransformationIn a recent interview with the Financial Times, Suleyman pointed to software engineering as evidence that the shift is already underway.“Many software engineers ...

Core Insights - Amazon has become the largest company in the world by sales, surpassing Walmart with nearly $717 billion in revenue for 2025 [3][5] - The company continues to report double-digit sales growth across various segments, with total sales increasing by 14% [5] - Amazon's growth is driven by multiple areas, including a 10% increase in online store sales, a 23% rise in advertising sales, and a 24% increase in AWS sales [5] Company Performance - Amazon's market capitalization stands at $2.1 trillion, with a current stock price of $199.60 [6] - The company's gross margin is reported at 50.29% [6] - Despite its size, Amazon is still investing in e-commerce and experimenting with new store formats, while also closing some physical stores [5] Competitive Landscape - Walmart would need an additional $14 billion, or a 7.7% increase, in revenue to match Amazon's sales, which seems unlikely given its recent sales growth rates [7] - Walmart's sales growth over the last four quarters has been relatively modest, with year-over-year growth rates of 4.2%, 2.5%, 4.8%, and 5.8% [7] - The outlook suggests that Walmart is likely to remain in second place, indicating strong ongoing opportunities for Amazon [8]