Financial Data and Key Metrics Changes - For Q4 2025, the company reported a GAAP net loss of -$32 million or -$0.49 per share, with a book value of $13.04 as of December 31 [3] - Distributable earnings were $14 million or -$0.22 per share, and a cash dividend of $0.25 was paid for the quarter [3] Business Line Data and Key Metrics Changes - New originations in Q4 totaled $424 million, surpassing repayments of $380 million, indicating a positive trend in loan origination [8] - Over 75% of new originations were concentrated in multifamily and industrial loans, which are showing resilient fundamentals [5] Market Data and Key Metrics Changes - The company ended the year with over $880 million in liquidity, including $85 million in cash and $700 million in undrawn capacity on the corporate revolver [9] - The weighted average risk rating on the portfolio is 3.2, with a debt-to-equity ratio of 2.2 times and a total leverage ratio of 3.9 times, consistent with target ranges [9] Company Strategy and Development Direction - The company aims to strengthen its liquidity position and has successfully closed a $650 million term loan B, reducing the coupon to SOFR plus 250 basis points [4] - A focus on geographic diversification was highlighted, with the company closing its first loan in Europe, which is part of a strategic effort to build its real estate credit platform [4][5] - The company plans to implement an aggressive resolution strategy for watchlist assets and select office assets to compress the discount of its stock price to book value [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market improving and highlighted the importance of engaging with tenants to optimize asset monetization [7] - The dividend policy is under active evaluation as part of a broader capital allocation discussion, balancing near-term earnings visibility with long-term shareholder value [7] Other Important Information - The company downgraded certain loans to risk rating 5, resulting in total incremental CECL provisions of $44 million during the quarter [8] - The company repurchased over $9 million of common stock at a weighted average share price of $8.24 during the quarter, with a total of $43 million repurchased for the full year [10] Q&A Session Summary Question: Will KREF consider a complete overhaul of its business if the stock does not recover? - Management indicated that they are focused on executing their current business plan and believe that progress on REO will lead to better market recognition [12][13] Question: What does success look like for the company by the end of 2026? - Success is defined as monetizing or liquidating the majority of the watchlist and REO assets, with a focus on clarity in the office portfolio [16][18] Question: Will there be a significant portion of the portfolio under-earning in 2026? - Management noted that while some assets are underperforming, they expect contractual payments to continue and see potential upside from resolving REO assets [25][27] Question: How is the dividend policy being evaluated? - The company is taking a rational financial approach to the dividend, focusing on empirical data rather than market sentiment [28][29] Question: What is the outlook for commercial real estate credit demand? - There is an increasing allocation to real estate credit, with institutional investors shifting focus back to the sector, particularly in opportunistic and value-add areas [48][50] Question: How have recent rate cuts affected interest in REO assets? - Management believes that rate cuts are helping liquidity in the market, although the overall sentiment for real estate is positive due to a lack of sellers [54][55] Question: What makes an office loan attractive today? - The company is focused on lending to newer, high-quality assets with stabilized cash flows and long-term leases, minimizing leasing risk [58][59]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a GAAP net loss of $32 million or $0.49 per share, with a book value of $13.04 as of December 31 [3] - Distributable earnings were $14 million or $0.22 per share, and a cash dividend of $0.25 was paid for the quarter [3] Business Line Data and Key Metrics Changes - The company experienced $1.5 billion in repayments, consistent with 2024 levels, and $1.1 billion in new originations, with over 75% of new originations concentrated in multifamily and industrial loans [5] - The company is focused on maintaining and selectively growing the portfolio within on-theme asset classes and top-tier MSAs [6] Market Data and Key Metrics Changes - The company ended the year with over $880 million in liquidity, including $85 million in cash and $700 million in undrawn capacity on the corporate revolver [10] - The weighted average risk rating on the portfolio is 3.2, with a debt-to-equity ratio of 2.2 times and a total leverage ratio of 3.9 times [10] Company Strategy and Development Direction - The company aims to execute an aggressive resolution strategy for a significant portion of its watchlist assets and select office assets to compress the discount of its stock price to book value [6] - The company is strategically building its real estate credit platform in Europe, having closed its first loan in the region [4] Management's Comments on Operating Environment and Future Outlook - Management noted that 2026 will be a year of transition, with a focus on repositioning the loan portfolio for improved earnings [6] - The market is improving, and management remains engaged with tenants, particularly regarding the Mountain View asset [7] Other Important Information - The company repurchased over $9 million of common stock at a weighted average share price of $8.24 during the quarter, with a total of $43 million repurchased for the full year [10][11] - The board is actively evaluating the dividend as part of a broader capital allocation discussion [8] Q&A Session Summary Question: Will KREF consider a complete business revamp if the stock does not pull to par? - Management expressed optimism about the portfolio's recognition and emphasized the importance of executing their business plan [13][15] Question: What does success look like by the end of 2026? - Management indicated the goal is to liquidate the vast majority of the watchlist and clarify the office portfolio, with significant progress expected on REO assets [16][18] Question: Will there be a significant portion of the portfolio under-earning in 2026? - Management acknowledged some assets are dragging down earnings but emphasized the potential for near-term opportunities to convert REO assets into performing loans [24][25] Question: How is the company viewing the demand for commercial real estate credit? - Management noted increased allocations to real estate credit and equity, with a shift back into the sector observed among institutional allocators [46][48] Question: Have recent rate cuts increased interest in REO assets? - Management indicated that rate cuts are helping liquidity in the market, with a noted lack of sellers at opportunistic prices [53][54] Question: What makes an office loan attractive today? - Management stated that lending on newer, high-quality assets with stabilized cash flows is where they see attractive opportunities [56][57]

Core Viewpoint - ZTO Express has announced the pricing of US$1.5 billion in convertible senior notes due 2031, aimed at refinancing and share repurchase programs, reflecting the company's strategy to manage capital effectively and enhance shareholder value [1][2]. Group 1: Notes Offering Details - The Notes will bear an interest rate of 0.925% per year, payable semiannually, and will mature on March 1, 2031 [3]. - The initial conversion rate is set at 32.3130 Class A ordinary shares per US$1,000 principal amount of Notes, representing a conversion premium of approximately 35.0% above the closing price on February 4, 2026 [4]. - Holders can convert the Notes after a compliance period, with the company having the option to pay in cash, shares, or a combination upon conversion [5]. Group 2: Use of Proceeds - The net proceeds from the Notes Offering will be allocated as follows: up to US$1,000 million for share repurchases and approximately US$500 million for a concurrent share repurchase and other corporate purposes [2][12]. - The Concurrent Share Repurchase involves repurchasing 18,254,400 Class A ordinary shares at the closing price of HK$179.10 per share on February 4, 2026 [12]. Group 3: Redemption and Repurchase Rights - The company may redeem the Notes under specific conditions, including a Cleanup Redemption if less than 10% of the original principal remains outstanding [6]. - Holders have the right to require the company to repurchase their Notes in the event of a fundamental change or on March 1, 2029, at 100% of the principal amount plus accrued interest [7]. Group 4: Capped Call Transactions - The company has entered into capped call transactions to mitigate potential dilution upon conversion of the Notes, with an initial cap set at US$35.9906, representing a 57.0% premium over the last reported sale price [8][9]. - These transactions are expected to influence the market price of the Class A ordinary shares and the Notes, depending on various market conditions [10]. Group 5: Company Overview - ZTO Express is a leading express delivery company in China, providing extensive logistics services through a scalable network partner model [16][17]. - The company aims to support the growth of e-commerce in China by leveraging its network partners for delivery services while maintaining control over critical transportation and sorting operations [17].

Core Insights - Newmont Corporation (NEM) is enhancing shareholder value through significant dividends and share repurchases, distributing over $5.7 billion in the past two years [1][7] Financial Performance - Newmont generated a record free cash flow of $1.6 billion in Q3, with net cash from operating activities increasing by 40% year-over-year to $2.3 billion [2][7] - The company reduced its debt by approximately $2 billion in Q3, achieving a near-zero net debt position by the end of the quarter [3][7] Capital Allocation - Newmont has doubled its share repurchase authorization to $6 billion, executing $3.3 billion of this buyback as of October 23, 2025 [2] - The company is following a disciplined capital allocation policy, using its cash generation to return capital to shareholders, fund growth projects, and pay down debt [3] Market Position - Newmont's shares have increased by 79.2% over the past six months, outperforming the Zacks Mining – Gold industry, which rose by 64.8% [6] - The company is currently trading at a forward 12-month earnings multiple of 15.23, which is a 15% premium to the industry average of 13.24 [9] Earnings Outlook - The Zacks Consensus Estimate for NEM's earnings implies a year-over-year increase of 81.9% for 2025 and 21.1% for 2026, with EPS estimates trending higher over the past 60 days [10]

Core Viewpoint - CLPS Incorporation has announced a share repurchase program to buy back up to 1,000,000 shares when the price is below US$2.00, aiming to enhance shareholder value and protect long-term interests [1][2]. Group 1: Share Repurchase Program - The repurchase program will start on February 5, 2026, and end on November 4, 2026 [2]. - The company may utilize various methods for repurchases, including open market purchases and privately negotiated transactions, adhering to SEC regulations [3]. - The timing, price, and size of the repurchases will depend on market conditions and the company's capital allocation strategy, with no obligation to purchase a specific amount of shares [3]. Group 2: Company Overview - CLPS Incorporation, established in 2005 and based in Hong Kong, focuses on digital transformation and operational efficiency through innovations in AI, cloud computing, and big data [4]. - The company operates in multiple sectors, including fintech, e-commerce, education, and global tourism, with a presence in 10 countries and regional hubs in Shanghai, Singapore, and California [4]. - CLPS aims to empower traditional industries to evolve into data-driven ecosystems through its global service network [4].

Core Viewpoint - Enact Holdings, Inc. has announced a new share repurchase program authorizing the purchase of up to $500 million of its common stock, reflecting confidence in its long-term performance and commitment to returning capital to shareholders [1][3]. Share Repurchase Program - The new share repurchase program is in addition to the existing $350 million program, with $30 million remaining as of January 30, 2026 [1]. - The program allows for various methods of repurchase, including open market purchases and privately negotiated transactions, and may utilize Rule 10b5-1 and Rule 10b-18 trading plans [3]. - The timing and amount of repurchases will be opportunistic, influenced by factors such as share price, capital availability, and market conditions [4]. Dividend Declaration - The Board of Directors declared a quarterly dividend of $0.21 per common share, payable on March 19, 2026, to shareholders of record on February 26, 2026 [2]. Company Overview - Enact Holdings, Inc. is a leading provider of private mortgage insurance in the U.S., operating through its subsidiary Enact Mortgage Insurance Corporation since 1981 [5]. - The company focuses on helping individuals achieve homeownership by partnering with lenders to provide service, underwriting expertise, and risk management [5].

Core Insights - PepsiCo, Inc. shares rose over 4% intraday following fourth-quarter results that surpassed analyst expectations for both earnings and revenue [1] - The company reported adjusted earnings per share of $2.26, exceeding the consensus estimate of $2.24, and revenue of $29.34 billion, above the expected $28.98 billion [1] Financial Performance - Organic revenue increased by 2.1% during the quarter, indicating a sequential acceleration in both reported and organic growth, driven by improvements in North American and international operations [2] - Reported revenue grew by 5.6% year over year, while core constant-currency EPS rose by 11% [2] Future Outlook - PepsiCo reaffirmed its 2026 outlook, projecting organic revenue growth of 2% to 4% and core constant-currency EPS growth of 4% to 6% [3] - The company announced a 4% increase in its annualized dividend to $5.92 per share, marking the 54th consecutive annual dividend increase [3] Regional Performance - Regional performance varied, with Europe, the Middle East, and Africa achieving 12% revenue growth, while PepsiCo Foods North America grew by 1.5% [4] - The company introduced a new $10 billion share repurchase program, which will extend through February 2030 [4]

Group 1 - The Board of Directors of MBAK Energy Solutions, Inc. has authorized a stock repurchase program of up to $500,000, which will be funded through existing cash reserves and recent order fulfillment payments [1][2] - The company expects to initiate the buyback immediately and continue throughout Calendar Year 2026 until the target amount is reached [1] - CEO Dietmar Schweizer emphasized that the current valuation does not reflect the aggressive growth anticipated in the 2026 guidance, and the buyback demonstrates a commitment to shareholder value [2] Group 2 - The stock repurchase program follows several operational milestones, including a ticker symbol change, new board leadership, and an expanded focus on energy storage and management products [2] - The company has fulfilled production orders worth $65 million in the order pipeline for 2026, indicating strong operational performance [2] - The $500,000 buyback target represents a significant percentage of the company's current issued and outstanding shares, adding price support and stability [2][3]

Core Insights - J & J Snack Foods Corp. reported a decrease in net sales by 5.2% year-over-year, totaling $343.8 million, primarily due to challenges in the bakery business and strategic portfolio rationalization efforts [2][4] - Despite the decline in sales, the company achieved a 7% increase in adjusted EBITDA, reaching $27 million, and a gross margin expansion of 200 basis points to 27.9% [3][5] - The company announced a new $50 million share repurchase authorization, reflecting confidence in its long-term value and strong liquidity position [1][13] Financial Performance - Net sales for the first quarter were $343.8 million, down from $362.6 million in the prior year, with a decline attributed mainly to the bakery segment [2][4] - Gross profit increased to $96 million from $93.9 million, with gross margin improving from 25.9% to 27.9% [5][23] - Operating income fell significantly to $0.6 million from $6.2 million in the prior year, while adjusted operating income was $8 million, slightly down from $8.2 million [9][35] Segment Performance - The Food Service segment saw net sales decrease by 8.3%, while the Retail Supermarket segment experienced a 2.6% increase in net sales [7][16] - The Frozen Beverage segment's net sales remained approximately flat compared to the previous year [7][16] Cost Management - Total operating expenses were $95.4 million, which included $6.1 million in non-recurring plant closure costs [6][23] - Selling and marketing expenses rose by 9.9% to $31.5 million, driven by higher commissions and investments for the upcoming peak summer season [6][15] Share Repurchase and Future Outlook - The company repurchased approximately 458,467 shares for $42 million during the quarter, completing its previous $50 million authorization [12][13] - The new $50 million share repurchase authorization is effective for approximately two years, indicating a strategic focus on enhancing shareholder returns [1][13]

Group 1 - The company, Kanzhun Limited, announced the execution of its share repurchase program, utilizing over RMB 20 million to repurchase 321,276 ordinary shares [1] - Over the past two weeks, the company has spent more than RMB 113 million on share repurchases, indicating a strong commitment to shareholder returns [1] - Under the existing repurchase program, Kanzhun Limited may repurchase up to USD 250 million worth of its shares by the end of August 2026 [1]