Core Viewpoint - Ready Capital Corporation (RC) is a real estate finance company focusing on small to medium-sized commercial loans, operating in a competitive market with peers like Blackstone Mortgage Trust and Starwood Property Trust [1] Group 1: Stock Performance - RC's stock is currently priced at $2.23, reflecting a slight decrease of 0.89% today, with a trading range between $2.15 and $2.26 [4] - Over the past year, RC's stock has experienced significant volatility, with a high of $7.41 and a low of $2.09 [4] - The market capitalization of RC is approximately $369.9 million, with a trading volume of 7,176,501 shares [5] Group 2: Dividends - The Board of Directors declared a quarterly cash dividend of $0.01 per share for the quarter ending December 31, 2025, to be paid on January 30, 2026 [2] - In addition to the common stock dividend, dividends were declared on the 6.25% Series C Cumulative Convertible Preferred Stock and the 6.50% Series E Cumulative Redeemable Preferred Stock, demonstrating the company's commitment to rewarding investors [3][6] Group 3: Analyst Insights - Piper Sandler set a price target of $2.50 for RC, indicating a potential upside of 12.11% from the current trading price [1][6]

Core Viewpoint - Kewaunee Scientific Corporation experienced a decline in share price despite significant revenue growth, indicating potential challenges in profitability and operational efficiency [1][2][10]. Earnings & Revenue Performances - For the quarter ended October 31, 2025, Kewaunee reported net sales of $70.1 million, a 46.8% increase from $47.8 million in the same period last year [2]. - Net earnings attributable to Kewaunee decreased to $2.4 million from $3 million year-over-year, with diluted earnings per share falling to 82 cents from $1.01 [2]. Profitability Metrics - Pre-tax earnings declined 12.2% year-over-year to $3.5 million, while EBITDA increased to $5.8 million from $4.9 million, reflecting improved operating scale despite margin pressures [3][10]. Key Business Metrics - Order backlog was $192.9 million as of October 31, 2025, up from $184.4 million a year earlier but down from $214.6 million at the end of fiscal 2025 [4]. - Total cash on hand decreased to $13.7 million from $17.2 million at April 30, 2025, while working capital improved to $67.8 million from $60 million year-over-year [4]. Debt and Balance Sheet - Long-term debt decreased to $58.2 million from $60.7 million, and the debt-to-equity ratio improved to 0.88-to-1 from 0.99-to-1, indicating a strengthening balance sheet [5]. Segment Performance - Domestic sales increased 51.7% year-over-year to $55.2 million, driven by the acquisition of Nu Aire, Inc., although net earnings in the domestic segment fell to $3.6 million from $4.5 million due to lower manufacturing volumes [6]. - International sales rose 31% year-over-year to $14.9 million, with net earnings improving to $0.6 million from $0.4 million [6]. Management Commentary - Management noted volatility in project delivery timing but emphasized strong quoting and booking activity, which supports a robust backlog [7][11]. - The performance of Nu Aire was highlighted as a key factor offsetting weaknesses in the legacy construction-driven business [8]. Factors Influencing Results - Revenue growth was attributed to higher sales volumes in both Domestic and International segments, with the Nu Aire acquisition contributing significantly [9]. - Profitability pressures stemmed from lower manufacturing volumes in the Domestic business and increased operating expenses related to integration and corporate investments [10]. Future Outlook - Management expects continued volatility in project delivery timing but remains confident in strong backlog levels and sustained demand into fiscal 2027 [11]. - Early repayment of seller notes was noted as a positive development for the balance sheet and potential future acquisitions [11]. Other Developments - The quarter reflected ongoing integration of Nu Aire, with related fees impacting results but at lower levels than the previous year [12].

Invesco Conference Call Summary Company Overview - Invesco is a $2.1 trillion asset management firm with capabilities across various asset classes including equities, fixed income, ETFs, private markets, and multi-asset solutions [1][4] Key Points on Organic Growth - Invesco reported approximately $75 billion of net long-term flows in the first 11 months of 2025, indicating strong and broad asset flows across geographies and asset classes [5][6] - Focus areas for driving organic growth include: - Personalization in wealth management, particularly through SMAs (separately managed accounts), which have grown from $17.5 billion to $35 billion in assets over three to four years [6] - Income-oriented strategies, with a fixed income franchise of about $680 billion and $30 billion in positive net flows this year [6][7] - Expansion into private markets, with $130 billion in assets and partnerships to enhance offerings [7][21] - International growth, with 40% of long-term assets held by clients outside North America, contributing to 70% of this year's flows [8] Fee Structure Changes - Invesco is in the process of converting a fund structure from UIT to ETF, with over 92% of voting fundholders in favor of the proposal [10][11] - The new management fee is set at 18 basis points, with a projected net revenue yield of 6 basis points after expenses [14][15] Private Markets Strategy - Invesco's private markets solutions include $130 billion in assets, with $85 billion in private real estate and $45 billion in private credit [20] - Partnerships with Barings and LGT Capital are aimed at expanding private credit strategies and enhancing income offerings [21][22] Fundamental Equities Realignment - Invesco has consolidated its international, global, and emerging market fundamental equity strategies to improve investment quality [31] - Approximately half of the assets in fundamental equity are now in the top quartile over a three-year basis, with positive flows noted in Europe and Asia [33] Fixed Income Positioning - The fixed income platform is close to $700 billion, with a broad range of strategies from money market funds to private credit [46] - There is significant capacity for growth, particularly as cash balances remain high in wealth and retail sectors [48] Expense Management and Operating Margins - Invesco aims to improve operating margins, targeting a return to mid-30s and eventually high 30s [52] - The firm has been managing expenses effectively, with a focus on unlocking costs while driving organic revenue growth [53][60] Capital Management and Shareholder Returns - Invesco announced a $500 million repurchase of preferred shares, following a $1 billion repurchase earlier in the year [66][67] - The company is targeting a 60% payout ratio for capital returns to shareholders, including dividends and buybacks [71] M&A and Strategic Partnerships - Invesco is open to M&A but sees significant opportunities through strategic partnerships, particularly in enhancing product capabilities [72][73] 2026 Priorities - Key initiatives for 2026 include improving investment quality in fundamental equities, scaling capabilities in ETFs and fixed income, and completing the Alpha technology implementation [76][79] Additional Insights - The firm has seen a notable increase in flows from the Chinese market, with over $125 billion in assets and $15 billion in flows through the first nine months of 2025 [39][40] - Digital engagement is significant, with about one-third of client interactions occurring through digital platforms [44]

American Axle & Manufacturing (NYSE:AXL) 2025 Conference December 02, 2025 10:50 AM ET Company ParticipantsChris May - CFOConference Call ParticipantsDoug Karson - Financial AnalystDoug KarsonPerfect. I'm Doug Karson. Thank you for coming to the conference. We couldn't do a great conference without great investors, or we certainly need great management teams as well. This year, we have about 1,000 investors and 250 management teams. When I started 20 years ago at BofA, I think this conference was like a thi ...

Core Insights - Barrick Mining Corporation successfully completed the divestiture of the Hemlo Gold Mine for a total consideration of $1.09 billion, which includes $875 million in cash, $50 million in shares, and a potential cash payment structure linked to gold prices of up to $165 million [1][4][7] - The company also divested the Alturas Project in Chile, receiving an upfront cash payment of $50 million and a 0.5% net smelter return royalty on gold and silver produced, which will terminate after 2 million ounces of production [2][7] - The proceeds from these divestitures are expected to strengthen Barrick's balance sheet and facilitate capital returns to shareholders [3][7] Financial Performance - The Hemlo mine produced 143,000 ounces of gold last year and was Barrick's last operating mine in Canada, a significant region for the company [4] - Barrick's shares have increased by 138.5% over the past year, outperforming the industry average rise of 110% [4] Strategic Outlook - With the closure of the Hemlo operations, Barrick aims to explore new opportunities in Canada through early-stage projects and exploration targets [4] - The divestment allows Barrick to focus on operating world-class gold and copper mines in the country [4]

Core Points - Waldencast plc has sold its rights to the "Obagi" trademark in Japan to Rohto Pharmaceutical Co., Ltd. for USD $82.5 million [1] - The transaction is part of Waldencast's strategy to improve its capital structure and maximize shareholder value [5][6] Financial Transactions - Rohto has been licensing the "Obagi" mark since 2002, and royalties from this arrangement accounted for 3% of net revenue for the Obagi Medical business for the fiscal year ended December 31, 2024 [2] - Waldencast has entered into a new credit agreement with Lumina Capital Management for a secured first-lien term loan facility of $225 million, aimed at improving liquidity and supporting brand growth [3][4] - Proceeds from the sale to Rohto will be used to repay a significant portion of the new loan facility, further deleveraging the company's balance sheet [4] Strategic Focus - The company is currently reviewing a range of strategic alternatives to enhance shareholder value, with the recent transactions reflecting this ongoing focus [5] - The CEO of Waldencast expressed that these transactions will substantially strengthen the company's balance sheet while exploring strategic options [6]

Core Insights - Great Elm Capital Corp. (GECC) reported a decline in net asset value (NAV) per share from $12.10 to $10.01, primarily due to losses on First Brands investments [2][4] - The company maintained a quarterly dividend of $0.37 per share, reflecting a 19.8% annualized yield based on the closing price of $7.48 on November 3, 2025 [4][16] - GECC raised approximately $27 million in equity and refinanced its highest cost debt, resulting in lower borrowing costs and improved balance sheet strength [2][4] Financial Performance - Total investment income (TII) for Q3 2025 was $10.6 million, down from $14.3 million in Q2 2025, impacted by lower cash distributions from CLO investments [4][12] - Net investment income (NII) for Q3 2025 was $2.4 million ($0.20 per share), a decrease from $5.9 million ($0.51 per share) in Q2 2025, affected by elevated interest expenses and lower TII [4][12] - The company experienced net realized and unrealized losses of approximately $24.4 million ($1.98 per share) in Q3 2025 [12][29] Capital and Investment Activity - As of September 30, 2025, GECC held total investments valued at $325.1 million, with a significant portion in corporate credit and CLO investments [8][10] - The company utilized its at-the-market program to issue 1.1 million shares for net proceeds of approximately $13 million and completed a private placement for $14 million [8] - GECC's asset coverage ratio was 168.2% as of September 30, 2025, slightly down from 169.5% in the previous quarter [8] Shareholder Returns and Repurchase Program - The Board of Directors approved a quarterly cash distribution of $0.37 per share for Q4 2025, payable on December 31, 2025 [15] - A new share repurchase program was authorized, allowing the company to repurchase up to $10 million of its outstanding common shares [17]

Financial Data and Key Metrics Changes - The company achieved a record AUM of $2.1 trillion, with net long-term inflows of nearly $29 billion, representing an 8% annualized organic growth, the best flow quarter since 2021 [13][24] - Total AUM increased by $123 billion, or 6%, from the previous quarter, and by $329 billion, or 18%, year-over-year [24] - Adjusted diluted earnings per share for the third quarter was $0.61, with a significant improvement in operating margin to 34.2% [25][36] Business Line Data and Key Metrics Changes - The ETF platform reached a milestone of $1 trillion in AUM, with an annualized organic growth of 15% [14] - Fundamental fixed income garnered over $4 billion in net long-term inflows, with total fixed income inflows reaching nearly $13 billion when including ETFs [16] - The company recorded net outflows of $5 billion in fundamental equities, primarily due to a broader secular outflow trend in actively managed equities [21] Market Data and Key Metrics Changes - Nearly 40% of long-term AUM is now from clients outside the U.S., with two-thirds of net inflows this quarter coming from EMEA and Asia-Pacific regions [13] - The China joint venture reached a record high AUM of $122 billion, reflecting a 16% increase over the last quarter, with $8.1 billion in net long-term inflows [17] - The company launched 12 new products in its China JV, including its first fixed income ETF, indicating strong demand for innovative products [19] Company Strategy and Development Direction - The company is focused on capital management and has repaid approximately 25% of the term loans used for a $1 billion preferred stock repurchase, enhancing earnings accretion [5][26] - A hybrid investment platform is being implemented, expected to be completed by the end of 2026, aimed at simplifying operations and improving investment performance [7][32] - The company is pursuing growth through partnerships, such as the Barings private markets partnership, which has already launched its first joint product [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted strong momentum in the market, with key indices reaching new highs and increased investor confidence following a Fed rate cut [12] - The company is optimistic about future growth, particularly in fixed income and private markets, despite some volatility in the credit space [56][57] - Management emphasized the importance of investment performance, with over half of funds performing in the top quartile of peers on a three-year basis [23] Other Important Information - The company is in the process of selling a majority interest in its Indian business, expecting cash proceeds of $140 million to $150 million [35] - A non-cash impairment charge of $36 million was recorded related to the sale of intelliflo, which is expected to close in the fourth quarter [33][34] - The effective non-GAAP tax rate for the third quarter was significantly impacted by a favorable resolution of a tax matter, resulting in an effective rate of 11.2% [34] Q&A Session Summary Question: Update on QQQ shareholder vote and marketing expenses - Management is pleased with the progress of the QQQ shareholder vote, noting overwhelming support for the fee change, but cannot disclose specific quorum details [40][41] - The reclassification of marketing expenses does not impact operating income or the proposal's approval likelihood [42] Question: Use of proxy voting firm and expense classification - The proxy solicitation firm's expenses are considered marketing expenses of the fund and are not expected to affect Invesco's operating expenses [45][46] Question: Fixed income flows and market outlook - Management reported strong fixed income performance and organic growth, with no material implications from recent market events [55][56] Question: Details on divestitures and capital return priorities - Proceeds from the India sale are expected to enhance balance sheet flexibility, while the intelliflo sale is anticipated to have negligible impact on overall results [61][63] Question: Expense growth and Alpha platform integration - Implementation costs for the Alpha platform are expected to remain high through 2026, with a focus on managing fixed expenses [67][68] Question: Variable expenses and operating leverage - Variable expenses are expected to fluctuate with revenue, while fixed expenses will be closely managed to drive operating leverage [75][76]

Financial Data and Key Metrics Changes - The company achieved a record AUM of $2.1 trillion, reflecting a $123 billion increase or 6% from the previous quarter and a $329 billion increase or 18% year-over-year [24] - Average long-term AUM rose to $1.46 trillion, a 9% increase from the last quarter and a 16% increase from the same quarter last year [24] - Net revenues for the third quarter reached $1.2 billion, an increase of $82 million compared to the same quarter last year, primarily driven by higher investment management fees [31] Business Line Data and Key Metrics Changes - The company reported strong net long-term inflows of nearly $29 billion, marking an 8% annualized organic growth, the best flow quarter since 2021 [12] - In the ETF and indexed offerings, the company reached $1 trillion in AUM, with an annualized organic growth of 15% [13] - Fundamental fixed income saw over $4 billion in net long-term inflows, while total fixed income inflows across all products reached nearly $13 billion [15] Market Data and Key Metrics Changes - Nearly 40% of long-term AUM now comes from clients outside the U.S., with two-thirds of net inflows this quarter from AMEA and Asia-Pacific regions [12] - The China joint venture reached a record high AUM of $122 billion, reflecting a 16% increase over the last quarter, with $7.3 billion of net long-term inflows [16] - The company experienced a significant increase in demand for fixed income products, particularly in Asia, with strong institutional interest in investment-grade bonds [15] Company Strategy and Development Direction - The company is focused on capital management and has repaid approximately 25% of the term loans used for a $1 billion preferred stock repurchase, enhancing earnings accretion [4] - A hybrid investment platform is being implemented, expected to be completed by the end of 2026, aimed at simplifying operations and improving investment performance [5][6] - The company is pursuing growth through partnerships, such as the Barings Private Markets partnership, and is in the final stages of selling a majority interest in its Indian business [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted strong momentum in the market, with key indices reaching new highs and increased investor confidence following a Fed rate cut [11] - The company is optimistic about future growth opportunities, particularly in private markets and fixed income, as it continues to innovate and meet client demand [19][20] - Management expressed confidence in the ongoing initiatives to enhance investment performance and reduce redemption rates in fundamental equities [22] Other Important Information - The company recorded a non-cash impairment charge of $36 million related to the sale of IntelliFlow, which is expected to close in the fourth quarter [33] - The effective non-GAAP tax rate for the third quarter was significantly impacted by a favorable resolution of a tax matter, resulting in an 11.2% effective tax rate [34] - The company plans to continue common share repurchases, with a total payout ratio expected to be near 60% this year [38] Q&A Session Summary Question: Update on QQQ shareholder vote and marketing expenses - Management indicated strong participation and momentum in favor of the fee change proposals, but could not disclose specific quorum details [41][42] - The reclassification of marketing expenses does not impact operating income or the proposal's approval likelihood [43] Question: Clarification on proxy voting expenses - Proxy solicitation expenses are considered marketing expenses of the fund and are not expected to affect Invesco's operating expenses [45][46] Question: Insights on fixed income flows and future expectations - The company has seen strong fixed income performance and expects continued strength, despite some recent volatility [51][52] Question: Details on divestitures and capital return priorities - Proceeds from the sale of the Indian business are expected to be $140 to $150 million, with negligible impact on overall operating results [57][58] - The company remains focused on improving its balance sheet and returning capital to shareholders while investing in growth [59] Question: Future expense growth related to the Alpha platform - Implementation costs for the Alpha platform are expected to remain high through 2026, with a focus on managing fixed expenses [63][64] Question: Variable expenses outlook for 2026 and 2027 - Variable expenses are expected to fluctuate with revenue, while fixed expenses will be closely managed to drive operating leverage [70][71]

Financial Performance & Forecast - The company reported a net loss of $36 million, but an adjusted net loss of $23 million for Q3 2025[31] - Diluted loss per common share was $(0.11), with an adjusted diluted loss of $(0.07)[31] - The forecast for 2025 includes a net interest income of $1.7 billion to $1.75 billion and an adjusted diluted EPS of ($0.41) to ($0.36)[33] - The company anticipates a return to profitability in the fourth quarter of 2025[30] Commercial Banking & Loan Portfolio - Commercial & Industrial (C&I) loans held for investment totaled $14.874 billion as of September 30, 2025, with a quarterly increase of $448 million, or 3.1%[10] - Specialized Industries & Corporate/Regional Commercial Banking saw a $1.108 billion increase, or 27.5% QoQ, reaching $5.142 billion[10] - Multi-family loans held-for-investment decreased by $1.5 billion, or 4.6% QoQ[9] - CRE (Commercial Real Estate) decreased by $0.5 billion, or 4.4% QoQ[9] Asset Quality & Capital - Net charge-offs decreased by $44 million, reducing the net charge-off ratio by 26 basis points to 0.46%[9] - The Common Equity Tier 1 (CET1) ratio stands at 12.45%[47] - Deposits decreased by $0.6 billion, or 0.9% quarter over quarter, primarily driven by a $2.0 billion decrease in brokered deposits[53]