Annaly Capital Management (NLY) Q1 2025 Earnings Call May 01, 2025 09:00 AM ET Company Participants Sean Kensil - Director of Investor RelationsDavid Finkelstein - CEO & Co-Chief Investment OfficerSerena Wolfe - CFOBose George - Managing DirectorV.S. Srinivasan - Head of AgencyEric Hagen - Managing DirectorMike Fania - Co-Chief Investment Officer & Head of Residential CreditJason Weaver - Managing Director - Equity ResearchTrevor Cranston - Managing Director Conference Call Participants Doug Harter - Equity ...

Annaly Capital Management (NLY) Q1 2025 Earnings Call May 01, 2025 09:00 AM ET Speaker0 Please note this event is being recorded. I would now like to turn the conference over to Sean Kensal of Investor Relations. Please go ahead. Speaker1 Good morning and welcome to the first quarter twenty twenty five earnings call for Annaly Capital Management. Any forward looking statements made during today's call are subject to certain risks and uncertainties, which are outlined in the Risk Factors section in our most ...

Core Points - The Annual General Meeting (AGM) of Husqvarna AB was held on April 29, 2025, where shareholders could attend physically or via advance voting [1] - The profit and loss statements and balance sheets were adopted, with a dividend of SEK 1.00 per share approved, to be paid in two installments [1] - The Board of Directors' proposal for the composition of the Board was approved, with nine members elected, including new members Claes Boustedt, Marlies Gebetsberger, and Magnus Jarlegren [2] - The total remuneration for the Board was set at SEK 8,490,000, with specific amounts allocated to the Chair and other members [3] - KPMG was elected as the auditor for the period until the next AGM, with fees based on approved invoices [4] - The AGM approved the renewal of remuneration guidelines for Group Management and the Remuneration Report [5] - A performance-based long-term incentive program for 2025 was approved, along with authorization for equity swap arrangements to hedge obligations [6] - The Board was authorized to issue up to approximately 57.6 million new B-shares for acquisitions, with pricing based on market value [7] Company Overview - Husqvarna Group is a global leader in innovative solutions for managing forests, parks, and gardens, as well as cutting equipment and diamond tools for construction and stone industries [9] - The company reported net sales of SEK 48.4 billion in 2024 and employs approximately 12,300 people in 40 countries [9]

Financial Data and Key Metrics Changes - For Q1, the company earned $0.18 per share compared to $0.07 in Q4 [5] - Book value at March 31 was $7.94 per share compared to $8.09 at December 31 [5] - Total return for the quarter was 2.6% unannualized compared to 0.6% for Q4 [5] - Liquidity at March 31 was 52.2% compared to 52.9% at December 31 [7] Business Line Data and Key Metrics Changes - The average portfolio was just under $6 billion compared to $5.3 billion in Q4 [6] - The leverage ratio at March 31 was 7.8 compared to 7.3 at December 31 [6] - Prepayment speeds were 7.8% in Q1 compared to 10.5% for Q4 [6] Market Data and Key Metrics Changes - The market moved to price in three or more Fed cuts by the end of the year [11] - Swap spreads moved meaningfully negative late in the quarter and into April [14] - The spread of the current coupon mortgage to the ten-year has widened significantly [16] Company Strategy and Development Direction - The company raised capital during the quarter and deployed it into higher coupon, shorter duration assets [24] - The strategy includes using longer duration hedges to mitigate exposure to declining swap spreads [24] - The company is focused on maintaining liquidity and is prepared to raise capital if necessary [76] Management's Comments on Operating Environment and Future Outlook - The management expressed uncertainty due to market volatility driven by tariffs and inflation [55] - The expectation is for slower growth and potential Fed eases, which could lead to a steeper yield curve [58] - The company is positioned with a skew towards higher coupon, shorter duration assets, which should work well in the current environment [59] Other Important Information - The company declared and paid dividends of $0.36 per share for each quarter [5] - The management acknowledged a mistake in the initial earnings release regarding the breakdown of earnings per share [9] Q&A Session Summary Question: What is the duration gap at the end of the quarter and to date? - The duration gap is very narrow, with a DV01 basis of $13, remaining about the same as of now [62][63] Question: Where do you see gross ROE sitting today? - The gross ROE is estimated to be around 20%, with high volatility in swaps [73] Question: How are you looking at dividend issuance and buybacks? - The company is cautious about buybacks due to stock trading close to book value and may consider raising capital for liquidity [76][78] Question: Will the 2025 dividend be 100% taxable income? - It is uncertain at this point, but the taxable income has been right on top of the distribution year to date [91][93] Question: Thoughts on the Rocket Mortgage and Nationstar deal? - The deal may increase prepayment speeds and impact the convexity of the mortgage universe negatively [99][100]

Agree Realty (ADC) Q1 2025 Earnings Call April 23, 2025 09:00 AM ET Company Participants Reuben Treatman - Senior Director of Corporate FinanceJoey Agree - President & Chief Executive OfficerPeter Coughenour - CFO, Secretary & Investor Relations ProfessionalKi Bin Kim - Managing DirectorSmedes Rose - DirectorRJ Milligan - Managing DirectorRonald Kamdem - Managing Director & Head of US REITs and CRE ResearchSpenser Glimcher - Managing DirectorJana Galan - DirectorJames Kammert - Managing DirectorRich Hightow ...

以下文章来源于GTJAI宏观研究 ，作者张潇子骄、詹春立 GTJAI宏观研究 . 国泰君安国际首席经济学家 来源 | 张潇子骄 詹春立 来源 | GTJAI宏观研究 编辑 | 杨兰 审核 | 浦电路交易员 美债市场4月初遭遇显著抛售，基差交易（Basis Trade）平仓成为关键推动因素。该策略通过做多美债现货同时做空利率互换（IRS） 或国债期货的衍生品，利用两者收益率价差的历史收敛性获利。在"现券-互换"基差交易中，交易者构建久期中性组合，依托回购市场 20倍以上杠杆，以接近SOFR的成本获取融资，通过国债与互换固定利率间的价差实现较高年化收益。但该策略高度依赖市场流动性并 需押注掉期利差正向扩大预期，在宏观冲击下利差反向走阔可能引发本金大幅亏损，凸显其系统性脆弱特征。 高杠杆基差交易出现非线性溃败，引发美债市场抛售危机。在特朗普政府升级关税、主权减持预期、通胀担忧及拍卖疲软等多重利空 下，长端国债收益率快速攀升，而利率互换市场因银行资本约束反应滞后，导致Swap Spread反向扩大，与基差交易方向形成致命背 离。在20倍以上杠杆下，对冲基金面临保证金追缴被迫抛售国债并平仓互换空头，致10年期收益率两日 ...

Core Viewpoint - Universal Health Realty Income Trust (UHT) demonstrated strong earnings growth in Q4 2024, outperforming the S&P 500 Index during the same period, driven by increased income from properties and reduced operating expenses [1][2][8]. Financial Performance - UHT reported a net income of $4.7 million, or $0.34 per diluted share, for Q4 2024, a 29.7% increase from $3.6 million, or $0.26 per diluted share, in Q4 2023 [2]. - For the full year 2024, net income rose 24.9% to $19.2 million, or $1.39 per diluted share, compared to $15.4 million, or $1.11 per diluted share, in 2023 [3]. - Adjusted net income for Q4 2024 increased by $836,000, or $0.06 per diluted share, supported by a $1.2 million rise in income from various properties [2][3]. Funds from Operations (FFO) - FFO for Q4 2024 increased by 3.3% to $11.8 million, or $0.85 per diluted share, compared to $11.4 million, or $0.82 per diluted share, in the prior year [4]. - For the full year, FFO grew 7.4% to $47.9 million, or $3.46 per diluted share, from $44.6 million, or $3.23 per diluted share, in 2023 [4]. Revenue Breakdown - Lease revenue from Universal Health Services (UHS) facilities remained stable at $8.3 million in Q4 2024, while lease revenue from non-related parties increased by 3.1% to $14.5 million [5]. - For the full year 2024, lease revenue from UHS facilities increased by 3.1% to $33.6 million, and lease revenue from non-related parties rose by 4.8% to $57.7 million [6]. Operating Expenses - Operating expenses in Q4 2024 totaled $15.4 million, down 4.8% from $16.2 million in Q4 2023, aided by reduced depreciation and amortization [7]. - For the full year, operating expenses were $62.2 million, down 3.1% from $64.2 million in 2023 [7]. Management Commentary - The company attributed its earnings growth to increased income from various properties and lower property-related expenses, particularly in Chicago, where previous demolition costs had negatively impacted results [8]. Liquidity and Debt Management - To enhance liquidity, UHT amended its credit agreement in September 2024, increasing its borrowing capacity to $425 million and extending the maturity date to September 30, 2028 [9]. - At year-end, the company had $348.9 million in outstanding borrowings and $76.1 million in available borrowing capacity [9]. Interest Rate Management - UHT entered into a new interest rate swap agreement in October 2024, locking in a fixed rate of 3.2725% on $85 million of debt through September 2028, replacing two expired swaps with a lower combined rate [11]. Future Outlook - Management did not provide specific financial guidance for 2025 but indicated that macroeconomic conditions, particularly interest rates and property-related expenses, will continue to influence performance [12]. Other Developments - The company completed the construction of Sierra Medical Plaza I in Reno, NV, in March 2023, which is currently 68% leased [13]. - UHT sold a vacant specialty facility in Corpus Christi, TX, in December 2023 for $3.9 million, recording a $232,000 loss on divestiture [14].