Velocity Financial (VEL) Q1 2025 Earnings Call May 01, 2025 05:00 PM ET Speaker0 Good day, and welcome to Velocity Financial Inc. First Quarter twenty twenty five Conference Call. All participants will be in listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Mr. Chris Altman, Treasurer. Please go ahead. Speaker1 Thanks, Kaylee. Hello, everyone, and Speaker2 thank you for joinin ...

PRESS RELEASE 30 APRIL 2025 PLACEMENT OF A 624 MILLION EURO SECURITIZATION BACKED BY GERMAN AUTO LOANS Mobilize Financial Services Group announces the placement of a securitization backed by auto loans originated by its German branch. The FCT Cars Alliance Auto Loans Germany v 2025-1 has placed 611m€ of Senior notes and 13m€ of subordinated notes. These notes are rated AAA(sf) / Aaa(sf) and AAA(sf) / Aa1(sf) respectively by DBRS and Moody’s. The Senior tranche, with a weighted average life of 2.95 yea ...

Shenandoah Telecommunications (SHEN) Q1 2025 Earnings Call April 30, 2025 08:30 AM ET Company Participants Kirk Andrews - Director of FP&AChristopher French - Chairman, President & CEOJames Volk - Senior VP of Finance & CFOEdward McKay - Executive VP & COOFrank Louthan - Managing DirectorHamed Khorsand - Principal Operator Good morning, everyone. Welcome to the Shenandoah Telecommunications First Quarter twenty twenty five Earnings Conference Call. Today's conference is being recorded. At this time, I will ...

Shenandoah Telecommunications (SHEN) Q1 2025 Earnings Call April 30, 2025 08:30 AM ET Company Participants Kirk Andrews - Director of FP&AChristopher French - Chairman, President & CEOJames Volk - Senior VP of Finance & CFOEdward McKay - Executive VP & COOFrank Louthan - Managing DirectorHamed Khorsand - Principal Operator Good morning, everyone. Welcome to the Shenandoah Telecommunications First Quarter twenty twenty five Earnings Conference Call. Today's conference is being recorded. At this time, I will ...

Financial Data and Key Metrics Changes - Revenues grew 27% to $87.9 million, with former Horizon markets contributing $15.2 million. Excluding Horizon, revenues increased by $3.5 million or 5% compared to Q1 2024 [11] - Adjusted EBITDA increased by 43% to $27.6 million, with former Horizon markets contributing $4.4 million. Excluding Horizon, adjusted EBITDA grew by $4 million or 21% year-over-year [12] - Adjusted EBITDA margins improved from 28% in Q1 2024 to 31% in Q1 2025, driven by high incremental margins from Glo Fiber subscribers and synergy savings [12] Business Line Data and Key Metrics Changes - Glo Fiber expansion markets added 5,400 new subscribers and 16,600 new passings, resulting in a 52% revenue increase compared to the same period in 2024 [6] - Legacy Glo Fiber markets revenue grew by $5.6 million or 47%, driven by subscriber increases, while incumbent broadband markets revenue declined by $2.2 million due to a 14% drop in video RGUs [11] - The commercial sales team achieved record sales bookings of just under $200,000 in monthly recurring revenues [8] Market Data and Key Metrics Changes - Glo Fiber's broadband data penetration reached 19.4%, up from 18% a year earlier, with monthly broadband data churn remaining low at 0.9% [19] - Incumbent broadband markets saw a 2.7% year-over-year increase in broadband data customers, ending Q1 with approximately 112,000 customers [20] - Overall broadband data penetration decreased to 46.5% due to the addition of acquired passings in the Horizon territory [21] Company Strategy and Development Direction - The company plans to complete the construction phase of Glo Fiber expansion and government grant projects by the end of 2026, targeting 550,000 total Glo Fiber passings [16] - The company aims to achieve free cash flow positivity by 2027, with significant growth expected in 2028 and beyond [30] - The company is focusing on a hybrid capital structure to lower the cost of debt, planning to access the ABS market for its fiber business [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth prospects in Glo Fiber markets, highlighting the potential for free cash flow generation as penetration rates increase [6] - The company noted a favorable response from customers to enhanced rate plans and value propositions introduced in the past year [7] - Management expects EBITDA margins to continue growing by 300 to 400 basis points annually as customer additions increase [33] Other Important Information - Liquidity as of March 31 was $335 million, including $88 million in cash and $143 million in available revolver capacity [13] - Capital expenditures in Q1 totaled $76 million, with full-year guidance set between $250 million and $280 million [22] - The company has not been significantly impacted by price increases due to tariffs, with most materials sourced domestically [23][24] Q&A Session Summary Question: Potential for ABS securities and optimal capital structure - Management expects ABS to save about 100 basis points in interest expense and plans to use investment-grade tranches [28] Question: Glo Fiber capital expenditure plans - The company anticipates completing Glo Fiber construction by the end of 2026, with capital intensity expected to drop to 20-25% of revenues starting in 2027 [30] Question: Subscriber growth challenges - Management indicated that they are not yet facing difficulties in adding subscribers, with continued growth observed even in mature markets [36] Question: Competitive pressures - There is minimal competition in Glo Fiber markets, with only a small overlap with BrightSpeed [37] Question: Refinancing process and cost implications - The internal restructuring for refinancing is expected to save approximately $7 million in annual interest expense [40]

Core Insights - Third Coast Bancshares, Inc. reported a net income of $13.6 million for Q1 2025, nearly unchanged from $13.7 million in Q4 2024, resulting in basic and diluted EPS of $0.90 and $0.78 respectively [1][7] - The stability in net income was primarily due to higher net interest income, supported by steady loan growth and strong asset quality, although this was partially offset by increased provisions for credit losses and rising operational expenses [1][7] - The company is expected to continue focusing on operational efficiency through a 1% improvement initiative, despite anticipated impacts from securitization [1] Financial Metrics - The net interest margin for Q1 2025 was reported at 3.80%, an increase from 3.71% in Q4 2024 [7] - Gross loans reached $3.99 billion as of March 31, 2025 [7] - The efficiency ratio for the quarter was 61.23%, up from 58.80% in the previous quarter [7]

Financial Data and Key Metrics Changes - In Q1 2025, the company generated distributable earnings of $25.5 million, or $0.20 per share, with a return on equity of 6.6% and adjusted leverage of 1.4 times [5][21] - As of March 31, 2025, the company's liquidity stood at $1.3 billion, including $480 million in cash and cash equivalents, with 83% of total assets unencumbered [10][21] - The company's total gross leverage was 1.83 times, with 72% of debt comprised of unsecured corporate bonds [22][24] Business Line Data and Key Metrics Changes - The company originated $329 million in new loans and acquired $521 million in AAA securities in Q1 2025, totaling over $800 million in investment activity [7][12] - The loan portfolio as of March 31, 2025, was $1.7 billion, representing 38% of total assets, with a weighted average yield of 8.7% [11][28] - The real estate portfolio generated $12.2 million of net operating income during Q1 2025, primarily consisting of net leased properties [15][30] Market Data and Key Metrics Changes - 74% of new loan originations in Q1 2025 were backed by multi-family or industrial assets [13][50] - The company expects muted payoffs for the remainder of the year due to strong payoffs achieved in 2024 [13] Company Strategy and Development Direction - The company aims to redeploy liquidity generated from loan payoffs into new loans that better reflect current market conditions [6][9] - The strategy includes a shift towards unsecured debt as the primary funding source, with a focus on maintaining a robust balance sheet and high credit ratings [10][11][24] - The company is prepared to navigate market volatility and capitalize on opportunities with the best risk-adjusted returns [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the potential for market volatility and uncertainty but remains optimistic about the company's liquidity and balance sheet strength [8][9] - The company anticipates attractive opportunities arising from the current economic environment, particularly in conduit securitizations [40] Other Important Information - The company has a CECL reserve of $52 million, which is deemed sufficient to cover potential losses in the loan portfolio [14][28] - The company repurchased $20 million in principal value of unsecured bonds during Q1 2025 and declared a $0.23 per share dividend [26][27] Q&A Session Summary Question: Regarding origination activity and spreads - The company noted that the blended spread of 394 basis points was influenced by market volatility, with expectations for continued opportunities in the high 300s range [44][49] Question: Expectations for origination pace - Management expects origination to exceed the pace set in Q1 2025, despite some slowdown in securitizations due to market volatility [56][61] Question: Long-term views on the net lease portfolio - The company is open to holding or selling properties based on market conditions, with no active attempts to sell but willing to grow the portfolio [63][67] Question: Outlook on interest rates and their impact - Management anticipates a steeper yield curve, with expectations for the 10-year treasury yield to rise, which could create opportunities for the company [72][77] Question: Asset allocation and future mix - The company does not have a fixed game plan for asset allocation but aims to maintain liquidity while adjusting to market conditions [90][92]

Ladder Capital (LADR) Q1 2025 Earnings Call April 24, 2025 10:00 AM ET Company Participants Pamela McCormack - PresidentPaul Miceli - Chief Financial OfficerBrian Harris - Founder, CEO & DirectorRandy Binner - Managing DirectorJade Rahmani - Managing DirectorSteve Delaney - Director of MortgageJohn Nickodemus - Vice President, Equity Research Operator Good morning, and welcome to Ladder Capital Corp. Earnings Call for the First Quarter of twenty twenty five. As a reminder, today's call is being recorded. Th ...

PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2025 Earnings Conference Call April 22, 2025 6:00 PM ET Company Participants David Spector - Chairman & Chief Executive Officer Dan Perotti - Chief Financial Officer Conference Call Participants Bose George - KBW Jason Weaver - Jones Trading Doug Harter - UBS Trevor Cranston - Citizens JMP Eric Hagen - BTIG Operator Good afternoon, and welcome to PennyMac Mortgage Investment Trust First Quarter 2025 Earnings Call. Additional earnings materials, including the ...

MIAMI, April 15, 2025 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (the “Company”) (NYSE: PFLT) today announced that PennantPark Senior Secured Loan Fund I LLC (“PSSL”) through PSSL’s wholly-owned and consolidated subsidiary, PennantPark CLO 12, LLC (“CLO 12”) has closed a four-year reinvestment period, twelve-year final maturity $301 million debt securitization in the form of a collateralized loan obligation (“CLO” or “Securitization”). The debt issued in this Securitization (the “Debt”) is s ...