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Today we're in a where we're in a moment where the banks are doing well and we're not starting out with interest rates of zero. Interest rates are going down. The balance sheets are not great in banking, but for us, it's lower than it has been.So in other words, the official sector has a lot of tools it could use to remedy a bad economy to work on. It doesn't mean it'll be instantaneous, but there are a lot of tools that could be put into service and and the banks themselves are in much better shape. So I'm ...

Economic Outlook - The overall economy has been characterized as healthy and brightening, with businesses expressing optimism and plans for increased investments [2][4] - The labor market is stabilizing, with unemployment rates hovering around 4.3% to 4.4%, although the headline jobless number has shown some weakness [3][4] Inflation Concerns - Inflation has remained above the target for five years, currently around 3%, with little progress made in the last two years [4][5] - There are ongoing pricing pressures from various sectors, particularly energy and insurance costs, which are affecting businesses' margins [24][25][26] Business Sentiment - Companies are no longer hesitant to invest, recognizing the need to operate despite uncertainty, with many actively seeking to hire skilled labor [22][23] - Businesses are cautious about passing on increased costs to consumers due to concerns over demand, indicating a delicate balance between pricing and consumer sentiment [27][29] Monetary Policy - The current monetary policy is viewed as being around neutral, with discussions on whether it is tight enough to address inflation while supporting the labor market [6][7] - The upcoming leadership transition in the Federal Reserve is expected to bring fresh ideas and discussions regarding monetary policy and balance sheet management [10][12][16]

₿ulletproof Your Balance Sheet. ...

Core Viewpoint - SM Energy has outlined its 2026 outlook focusing on maximizing free cash flow and enhancing shareholder returns through a 10% increase in its quarterly dividend policy [1] Group 1: Strategic Priorities - The 2026 plan emphasizes three strategic priorities: strengthening the capital structure, maximizing free cash flow, and enhancing returns to shareholders [1] - The company plans to allocate approximately 80% of free cash flow to debt reduction and 20% to share repurchases, with $488 million remaining under its $500 million repurchase program [1] Group 2: 2026 Guidance - Full-year 2026 guidance includes an average of 11 operated rigs and 4.5 completion crews, with expectations to drill approximately 245 net wells and turn-in-line approximately 295 net wells [1] - The company anticipates total production between 146 million and 153 million barrels of oil equivalent (MMBoe) for the full year, with an oil mix of approximately 54% [1] - Capital expenditures are projected to be between $2.65 billion and $2.85 billion, net of expected synergies [1] Group 3: Dividend Declaration - The Board of Directors has approved a quarterly cash dividend of $0.22 per share, payable on March 23, 2026, to shareholders of record as of March 9, 2026 [1] Group 4: Conference Call and Events - A conference call is scheduled for February 26, 2026, to discuss the outlook, with participation details available on the company's website [1]

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved same-store NOI growth of 2.3%, driven by 2.4% core revenue growth and 2.6% core expense growth [14] - In the fourth quarter, same-store NOI grew 0.7% year-over-year, supported by 1.7% growth in core revenues and a 4% increase in core expenses [14] - Core FFO for the fourth quarter increased 1.3% year-over-year to $0.48 per share, while Core FFO for the full year was up 1.7% to $1.91 per share [19] - AFFO for the fourth quarter was generally flat year-over-year at $0.41 per share, while AFFO for the full year grew by 1.8% to $1.63 per share [20] Business Line Data and Key Metrics Changes - Same-store average occupancy for the year was 96.8%, landing at the high end of the 2025 guidance [14] - Fourth quarter blended rent growth was 1.8%, reflecting strong renewal rent growth of 4.2%, which more than offset a 4.1% decline in new lease rates [15] - The company expects to achieve $0.14-$0.20 of incremental AFFO per share growth over the next three years, with operational enhancements expected to provide roughly half of the projected AFFO growth [16] Market Data and Key Metrics Changes - The company noted that supply levels in core markets, particularly Florida, Texas, and Arizona, have been slightly elevated but are beginning to come down [26] - The company is seeing healthy demand, with lead volume remaining strong compared to last year [25] Company Strategy and Development Direction - The company is focused on delivering attractive same-store NOI growth, allocating capital thoughtfully across growth opportunities and share repurchases, and using scale and technology to drive efficiencies [10] - The acquisition of ResiBuilt Homes enhances in-house development capabilities and aims to add more homes to the markets served, addressing housing affordability [12][13] - The company plans to maintain a strong balance sheet while expanding housing choice and flexibility in communities [11] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of housing affordability and the commitment to providing well-maintained, high-quality homes for residents [7][8] - The company is optimistic about the upcoming peak leasing season, noting healthy demand and a strong lead volume [25][26] - Management acknowledged the challenges posed by elevated supply levels in certain markets but expressed confidence in the fundamentals of supply and demand [26] Other Important Information - The company ended the year with $1.7 billion in total liquidity and maintained a conservative leverage profile [18] - The Board of Directors authorized a $500 million share repurchase program, with 3.6 million shares repurchased totaling approximately $100 million [19] Q&A Session Summary Question: Expectations for same-store blended rent growth - Management indicated that it is premature to draw conclusions about the peak leasing season, but lead volume feels healthy compared to last year [24] Question: Comments on institutional investor ban - Management is engaged with policymakers and is hopeful for clarity on regulations affecting affordability and homeownership pathways [29] Question: Commentary on expense growth assumptions - Management noted that property tax growth was favorable in 2025, but they expect some challenges in 2026 due to tougher comps and rising insurance costs [41][42] Question: Supply-demand balance in key markets - Management acknowledged that while supply is elevated, they expect demand to catch up as peak deliveries are in the past [90]

TIME TO EXPLAIN HOW YOU ARE THINKING ABOUT AN INCOMING CHAIR WARSH AND WHAT MIGHT CHANGE AT THE INSTITUTION YOU WORKED OUT FOR SO LONG. RICHARD: THANK YOU FOR THAT. KEVIN WARSH I HAVE KNOWN FOR A DOZEN YEARS.HE IS ACCOMPLISHED, RESPECTED. HE HAS A PAPER TRAIL AND HAS BEEN QUITE SPECIFIC IN HIS ASSESSMENT AND IN MANY CASES CRITICISM OF FED PRACTICE. THE BALANCE SHEET HE THINGS IS TOO BIG.THE FED HAS GOTTEN INTO CREDIT ALLOCATION AND MORTGAGES. HE HAS BEEN CRITICAL OF FORWARD GUIDANCE INFORMATION THE FED PROV ...

Here is the full press release explaining what we have done to delever and strengthen the balance sheet.https://t.co/d3VeKZArZV ...

LATEST: ⚡ Strategy CEO Phong Le says the price of Bitcoin would need to collapse all the way down to $8,000 and stay there for five to six years before the company would face any balance sheet issues. https://t.co/sDisw3DgZW ...

President Trump’s new Fed pick has been vocal about his desire to shrink the central bank’s balance sheet. Doing so will require a more “interventionist” Fed during day-to-day money market operations, according to Mizhuo. https://t.co/NDvUmeQXjb ...