Federal Agricultural Mortgage (NYSE:AGM) Q4 2025 Earnings call February 19, 2026 04:30 PM ET Company ParticipantsBrad Nordholm - CEOJalpa Nazareth - Senior Director of Investor RelationsMatt Pullins - CFOZach Carpenter - President and COOConference Call ParticipantsBill Ryan - AnalystBose George - AnalystBrendan McCarthy - AnalystNone - AnalystOperatorGood day, ladies and gentlemen, and thank you all for joining us for today's Farmer Mac 2025 earnings results conference call. As a reminder, all phone lines ...

Core Viewpoint - Gran Tierra Energy Inc. has entered into a purchase and sale agreement to sell its remaining working interest in the Simonette asset for a total cash consideration of C$62.5 million, effective January 1, 2026, marking the company's exit from Simonette and focusing on financial strengthening through deleveraging and capital reallocation [1] Financial Transaction - The sale of the Simonette asset will generate cash proceeds of C$62.5 million, which will be used to deleverage the company's balance sheet [1] - The transaction is expected to close in the first quarter of 2026, pending customary closing conditions [1] Strategic Focus - The divestiture aligns with Gran Tierra's strategy of portfolio optimization, emphasizing free cash flow, disciplined capital allocation, and reallocating capital towards higher-return opportunities in core operating areas [1]

DT Midstream, Inc. Q4 2025 Earnings Call Summary - Moby Strategic Performance and Market Dynamics Achieved record 2025 adjusted EBITDA with 17% year-over-year growth, primarily driven by the strategic expansion of the high-margin Pipeline segment. Successfully integrated the Midwestern pipeline acquisition within one year, shifting the business mix to 70% pipeline-based revenue to enhance cash flow stability. Expanded the 5-year organic project backlog by 50% to $3.4 billion, reflecting a 'generatio ...

PoolCorp (NasdaqGS:POOL) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsDavid MacGregor - CEO, President and Director of ResearchEthan Roberts - Research AssociateGarik Shmois - Managing DirectorMelanie Hart - CFOPete Arvan - CEORyan Merkel - Co-Group Head–IndustrialsConference Call ParticipantsDaniel Hultberg - Associate AnalystDavid Manthey - Senior Research AnalystSusan Maklari - Senior Equity Research AnalystOperatorGood day, and welcome to the Pool Corporation Fourth Quarter 20 ...

PoolCorp (NasdaqGS:POOL) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Speaker6Good day, and welcome to the Pool Corporation Fourth Quarter 2025 conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star ...

Financial Data and Key Metrics Changes - For the full year 2025, the company reported Adjusted EBITDAre of $1.757 billion, a 4.6% increase over 2024, and Adjusted FFO per share of $2.07, a 3.5% increase year-over-year [5][6] - Comparable hotel total RevPAR grew 4.2%, and comparable hotel RevPAR grew 3.8% compared to 2024 [6] - The fourth quarter delivered Adjusted EBITDAre of $428 million and Adjusted FFO per share of $0.51 [6] Business Line Data and Key Metrics Changes - Comparable hotel EBITDA margin was 28.9%, down 40 basis points year-over-year, influenced by $21 million of business interruption proceeds received in 2024 [6][27] - Transient revenue grew by 6% in the fourth quarter, driven primarily by rate increases, with luxury properties seeing over 10% growth [7][23] - Comparable hotel food and beverage revenue grew approximately 6%, with outlet revenue growing 9% [22] Market Data and Key Metrics Changes - Strong transient performance was noted in markets such as Maui, New York, and San Francisco, with Maui contributing over one-third of the transient revenue growth in the fourth quarter [7][8] - The company expects Maui to contribute approximately $120 million of EBITDA in 2026, up from $111 million in 2025 [8][58] - Group revenue for the fourth quarter was up approximately 1% year-over-year, driven by rate increases despite declines in group room nights [8] Company Strategy and Development Direction - The company is focused on capital allocation through dispositions, portfolio reinvestment, share repurchases, and dividends, maintaining an investment-grade balance sheet [5][12] - The recent sale of the Four Seasons properties for $1.1 billion reflects the company's strategy to monetize assets at attractive returns [10][41] - The company plans to evaluate the best use of capital based on market conditions, which may include returning capital to shareholders or pursuing acquisitions [12][74] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the travel environment, particularly at the upper end of the chain scale, and confidence in the company's ability to capitalize on future opportunities [20] - The guidance for 2026 anticipates comparable hotel total RevPAR growth of between 2.5% and 4%, with EBITDA margins expected to be stable [28][30] - Management highlighted the importance of the World Cup in 2026, expecting a 60 basis point benefit to RevPAR from the event [85] Other Important Information - The company repurchased 13.1 million shares at an average price of $15.68 per share in 2025, returning nearly $860 million of capital to shareholders [14][33] - The company completed approximately $644 million in capital expenditures in 2025, focusing on resiliency initiatives and hurricane restoration [15][18] - The 2026 capital expenditure guidance is set between $525 million and $625 million, with a focus on redevelopment and ROI projects [17] Q&A Session Summary Question: Insights on the Four Seasons sales and future high-value dispositions - Management confirmed a deep buyer pool for luxury assets and indicated that they are open to selling top assets if it maximizes shareholder value [36][40] Question: Details on the Transformational Capital Program - Management explained that the program targets great assets needing repositioning, with expectations of mid-teens cash on cash returns [48][49] Question: Outlook for Maui's EBITDA and growth potential - Management expressed confidence in the $120 million EBITDA forecast for Maui, citing significant growth expected from the Hyatt Regency [58][59] Question: Future capital allocation strategies - Management stated that they will take a measured approach to the remaining proceeds from asset sales, considering market conditions before making decisions [74][75] Question: Expense outlook and labor availability - Management indicated that total expense growth is expected to be 3.3%, with wage rates anticipated to increase by 5% [78][79]

Financial Data and Key Metrics Changes - In Q4 2025, adjusted net investment income (NII) per share was $0.36, consistent with the previous quarter, resulting in a return on equity (ROE) of 9.7% [11] - Net asset value (NAV) per share decreased to $14.81 from $14.89 in the prior quarter, primarily due to write-downs on a few watchlist names, partially offset by share repurchases [24] - The company repurchased $148 million of stock, the largest repurchase in its history, which was accretive to NAV per share by approximately $0.05 [24] Business Line Data and Key Metrics Changes - OBDC had fundings of $820 million against $1.4 billion of repayments, resulting in lower net leverage at 1.19x [14] - The portfolio is broadly diversified across 30 industries, with average position sizes of approximately 40 basis points [16] - Revenue and EBITDA growth for borrowers in the software portfolio was 10% and 16% respectively in Q4, outpacing other sectors [17] Market Data and Key Metrics Changes - The company executed asset sales totaling $1.4 billion, including $400 million from OBDC, at book value and an average price of 99.7% [8] - Interest coverage ratios remained healthy at approximately 2x, with a non-accrual rate decreasing to 1.1% at fair value [19] - The company received a Moody's upgrade to Baa2, reflecting strong portfolio and liability management capabilities [25] Company Strategy and Development Direction - The company terminated the proposed merger with OBDC II and opted for a significant asset sale to provide liquidity to shareholders [7] - The strategy remains focused on disciplined capital allocation, with a buy-and-hold approach to lending [10] - The company aims to leverage its diversified lending strategy to create value for shareholders, with a focus on maintaining credit quality [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's credit quality, stating that losses remain low and borrower fundamentals are strong [27] - The company anticipates that lower base rates and tighter spreads will impact future earnings, but does not expect broad-based credit issues [28] - Management highlighted the importance of maintaining a stable dividend while evaluating the impact of market conditions on future payouts [29] Other Important Information - The board declared a first-quarter base dividend of $0.37, to be paid on April 15, 2026 [23] - The company has approximately $4 billion in total cash and capacity on its facilities, exceeding unfunded commitments [25] - The new share repurchase program of up to $300 million was authorized, replacing the previous $200 million plan [24] Q&A Session Summary Question: Is OBDC II halting redemptions permanently? - Management clarified that they are not halting redemptions but accelerating them, returning 30% of capital at book value to investors [34][35] Question: What is the most accretive use of capital today? - Management indicated that they are evaluating both stock buybacks and capital deployment into the market, given the stock price is trading below book value [40][42] Question: Why not sell all of OBDC II? - Management opted for a quick transaction to return capital to investors while maintaining a diversified and liquid remaining portfolio [64][66] Question: What is the appetite for new software loan purchases? - Management expressed confidence in their software investments and indicated a cautious approach to new purchases, focusing on high-quality companies [69][70] Question: How does the mark received on the loan sales compare with previous fair value marks? - Management stated that the loans were sold at their marks, consistent with previous valuations, reinforcing the integrity of their valuation process [86][88]

Financial Data and Key Metrics Changes - In 2025, Medallion Financial Corp reported record performance with increases in net interest income, net income, originations, and portfolio size compared to 2024 [4] - Net interest income grew 8% to $56.4 million for Q4 and 7% to $216.9 million for the full year [17] - Net income attributable to shareholders was $12.2 million for Q4, an increase of $2.1 million from the prior year, and $43 million for the full year, up $7.2 million [23] Business Line Data and Key Metrics Changes - Consumer lending, the largest business line, reported interest income of $74.5 million for Q4 and $289.9 million for the year, growing 5% and 8% respectively [5] - Home improvement loans stood at $810.2 million, with Q4 originations of $61.7 million, down from $82.5 million a year ago [7] - Commercial lending originations were $4.1 million for Q4, compared to $7.3 million the previous year, but total originations for the year increased to $40.6 million from $14.3 million [8] Market Data and Key Metrics Changes - Total loans reached $2.567 billion, with total originations of $421 million for Q4 and $1.5 billion for the full year, reflecting growth from the previous year [4] - The average interest rate on the total loan portfolio increased to 12.26% from 12.01% a year ago [19] - Delinquencies of ninety-plus days were 0.82% for recreational loans and 0.16% for home improvement loans, indicating strong credit quality [6][7] Company Strategy and Development Direction - The company aims to build on its strong foundation while refining strategic priorities, focusing on growth in the recreation and home improvement segments [13] - A disciplined origination strategy and prudent balance sheet management are prioritized to ensure sustainable growth [12] - The strategic partnership program has seen significant growth, with originations reaching a record level of $258.3 million [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate changing environments and deliver consistent returns for shareholders [16] - The focus for 2026 includes targeting sustained growth in core business lines and expanding the home improvement segment [13] - Management acknowledged the potential for market conditions to evolve but emphasized a clear and consistent strategy [16] Other Important Information - The provision for credit loss was $27.7 million for Q4, reflecting an increase from previous quarters due to portfolio growth and adjustments in allowance coverage [20] - The company collected $2.5 million from its legacy Taxi Medallion business during Q4, with net recoveries and gains of $1.4 million [11] - The adjusted tangible book value per share increased to $12.12, up from $10.50 a year ago [24] Q&A Session Summary Question: How would you characterize the provision expense of $27.7 million? - Management explained that the increase was due to moving loans from held for sale to held for investment and adjustments in allowance coverage [26][27] Question: What were the nature of the equity gains recognized? - Management detailed that the $8.8 million in equity gains came from several exits, including gains on warrants and equity investments [32][34] Question: What is the growth outlook for the home improvement segment? - Management indicated a focus on mid-teens growth for home improvement, supported by new talent and improved capital availability [36][38] Question: Should we expect a growth in the reserve ratio in 2026? - Management stated that while the allowance will grow with the loan book, significant changes in the reserve ratio are not expected [46] Question: What were the net charge-offs for Q4? - Management provided details on net charge-offs, indicating $107 for home improvement and $441 for the recreational portfolio [48]

Financial Data and Key Metrics Changes - In Q4 2025, net interest income grew 8% to $56.4 million from $52 million in the same quarter a year ago, and for the full year, it increased 7% to $216.9 million from $202.5 million in 2024 [16][22] - Net income attributable to shareholders was $12.2 million, or $0.50 per diluted share, an increase of $2.1 million or $0.07 per share over the prior year quarter, and for the full year, net income was $43 million, or $1.78 per share, an increase of $7.2 million or $0.26 per share from 2024 [22] - Total loans reached $2.567 billion, with total originations of $421 million for Q4 and $1.5 billion for the full year, reflecting increases from both the same quarter last year and year-over-year [4][18] Business Line Data and Key Metrics Changes - Consumer lending, the largest business line, reported interest income of $74.5 million for Q4 and $289.9 million for the year, growing 5% compared to the same period last year and 8% year-over-year [5] - The recreational loan book grew 5% to $1.6 billion, representing 63% of total loans, with Q4 originations of $97.2 million compared to $72.2 million a year ago [5][18] - The home improvement loan book stood at $810.2 million, representing 32% of total loans, with Q4 originations of $61.7 million versus $82.5 million last year [6] - The commercial segment had new originations of $4.1 million during Q4, compared to $7.3 million the same quarter a year ago, but total originations for the year were $40.6 million, up from $14.3 million in 2024 [7] Market Data and Key Metrics Changes - The average interest rate on the total loan portfolio increased to 12.26% from 12.01% a year ago, with the average interest rate on commercial loans at 14.22% compared to 12.97% a year ago [18] - Delinquencies of ninety-plus days were 0.82% of gross recreational loans and 0.16% of gross home improvement loans, with allowances for credit losses at 5.32% and 2.41% respectively [6][19] Company Strategy and Development Direction - The company aims to build upon its strong foundation while refining strategic priorities, focusing on sustained growth in the recreation and home improvement segments [12] - The strategic partnership program has seen record levels of originations, reaching $258.3 million in Q4, indicating diversification of income sources [9] - The company is committed to disciplined growth, operational excellence, and prudent capital allocation, with a focus on optimizing returns and improving margins [14][57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate changing environments and deliver consistent, attractive returns for shareholders [14] - The company recognizes the potential for market conditions to evolve but remains focused on sustainable value creation [14] - Management highlighted the importance of maintaining a strong balance sheet to support future investments and growth opportunities [14] Other Important Information - The provision for credit loss was $27.7 million for Q4, reflecting an increase from $18.6 million in Q3 and $20.6 million in the prior year quarter [19] - The company collected $2.5 million in cash from its legacy Taxi Medallion business during Q4, resulting in net recoveries and gains of $1.4 million [10] Q&A Session Summary Question: How would you characterize the provision expense of $27.7 million? - Management explained that the increase was due to moving loans from held for sale to held for investment, which accounted for a $2.2 million provision hit, and an increase in allowance coverage from 5% to 5.32% [26][27] Question: What were the nature of the equity gains of $8.7 million? - Management indicated that the gains were related to several exits, with about $8.5 million coming from three specific portfolio companies [31][32] Question: Should we expect a growth in the reserve ratio in 2026? - Management stated that while the allowance will grow with the loan book, they do not expect significant changes in the reserve ratio [45] Question: What is the growth outlook for the home improvement segment? - Management highlighted that they added experienced talent to support growth in the home improvement line and expect mid-teens growth, significantly above previous levels [36][38]

Core Insights - The restaurant industry is facing challenges, but the company has shown resilience with steady revenue and improved operational metrics [1][4][25] - The company achieved record annual revenue and adjusted diluted earnings per share, supported by strong operational execution and culinary innovation [4][14][25] - The company plans to open up to 26 new restaurants in 2026, reflecting confidence in its development pipeline and commitment to long-term growth [6][24] Financial Performance - Total revenues for the fourth quarter were $961.6 million, with adjusted diluted earnings per share at $1, finishing toward the higher end of expectations [14][19] - Comparable sales for The Cheesecake Factory declined by 2.2% in the fourth quarter, while North Italia saw an 8% increase in sales [10][15] - Adjusted restaurant-level profit margins for The Cheesecake Factory increased to 17.6%, with North Italia at 17.5% and Flower Child at 18.5% [12][14] Operational Highlights - The company opened seven new restaurants in the fourth quarter, contributing to a total of 25 new openings for the year, achieving approximately 7% unit growth [5][24] - Labor productivity and guest satisfaction improved, supported by high retention rates among staff [7][11] - The introduction of new menu items has resonated well with guests, enhancing the overall dining experience [8][33] Market Trends - Industry sales decelerated in the fourth quarter, with the Black Box Casual Dining Index declining by 40 basis points [10] - The company’s off-premise sales mix was 22%, indicating a stable demand for delivery and takeout options [10][76] - The company anticipates total revenues for fiscal 2026 to be approximately $3.9 billion, with inflation across commodities and labor expected to be in the low to mid-single digits [21][22] Strategic Initiatives - The company plans to launch a dedicated rewards app to enhance guest experience and engagement, expected in the second quarter [61][66] - There is a focus on menu innovation, particularly with the introduction of bites and bowls, which have shown strong attachment rates [9][33] - The company is committed to disciplined capital allocation, increasing share repurchase authorization and raising quarterly dividends [6][25]