Financial Data and Key Metrics Changes - Victory Capital achieved record-high gross flows and net flows finished just under flat for the quarter, with total assets reaching $313 billion [4] - Adjusted EBITDA set a new all-time quarterly high at $191 million, resulting in an adjusted EBITDA margin of 52.7% [4][22] - Adjusted earnings per diluted share rose to a record $1.63, up 4% from the second quarter and 20% higher than the quarter immediately preceding the Amundi transaction [4][22] Business Line Data and Key Metrics Changes - Long-term gross flows rose 10% quarter over quarter to $17 billion, reflecting the expanded U.S. distribution team and strong sales outside the U.S. [4] - The ETF business, Victory Shares, saw year-to-date positive net flows of $5.4 billion, representing a 53% organic growth rate through the first nine months of the year [12] - Nearly half of the mutual fund and ETF AUM ranks in the top quartile based on Morningstar's three-year rankings [14] Market Data and Key Metrics Changes - 17% of total AUM was from investors outside the United States, indicating meaningful diversification into non-U.S. geographies [23] - The company currently manages $52 billion of AUM from clients outside the U.S. from 60 countries, where net flows remain positive [6] Company Strategy and Development Direction - The company aims to be a trillion-dollar firm, focusing on strategic acquisitions that enhance its competitive position and satisfy growth objectives [30][31] - The integration process at Pioneer Investments is ahead of plan, with approximately $86 million of net expense synergies achieved on a run-rate basis [5][25] - The company is investing in expanding its distribution capacity outside the U.S. and launching new UCITS products [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the distribution opportunities outside the U.S., particularly in Asia and the Middle East, where there is high demand for U.S. dollar-denominated products [10][11] - The company anticipates that the integration of Pioneer Investments will lead to significant growth in the non-U.S. segment starting in 2026 [38] Other Important Information - The company repurchased 1.8 million shares during the quarter and has $355 million of capacity remaining on its existing repurchase authorization [5][22] - The balance sheet remains strong with $116 million of cash and a net leverage ratio of 1.1 times, providing financial flexibility for growth initiatives [27] Q&A Session Summary Question: M&A Strategy and Focus - Management emphasized that all acquisitions will be strategic, aiming for size and scale to compete effectively in the long term [30][31] Question: Pioneer Acquisition Synergies - The company is ahead of synergy targets due to conservative planning and the identification of operational efficiencies [32][34] Question: Non-U.S. Business Performance - Positive net sales have primarily come from the Pioneer franchise, with expectations for increased flows into legacy Victory products in 2026 [38] Question: Inorganic Pipeline and Opportunities - The inorganic pipeline is full, with active discussions ongoing, and the environment for acquisitions has improved [50][51] Question: Integration Challenges with Alternatives - Management acknowledged the cultural differences between traditional and alternative investments and emphasized a careful approach to integration [52]

Financial Data and Key Metrics Changes - The company reported strong same-property NOI growth of nearly 5%, driven primarily by base rent growth of 4.7% [10] - Full-year earnings growth outlook has been raised, with anticipated same-property NOI growth of 5.25%-5.5% and mid-7% growth for NAREIT FFO [17][20] - The company has increased its dividend by more than 7% this quarter, reflecting strong performance [8][17] Business Line Data and Key Metrics Changes - The same-property percent lease rate stands at 96.4%, with expectations to exceed prior peak levels due to strong demand and limited new supply [10] - Cash-free leasing spreads were strong at 13% in Q3, while gap rent spreads reached near record high levels at 23% [12] - The company signed three new grocer leases in Q3, enhancing foot traffic and merchandising at key assets [11] Market Data and Key Metrics Changes - The company has a robust leasing pipeline, with 1 million sq ft of leases in negotiation, indicating continued strong leasing activity [12][68] - The tenant base remains healthy, with historically low bad debt levels and strong sales performance [7][10] Company Strategy and Development Direction - The company emphasizes ground-up development as a key differentiator, being the only national developer of grocery-anchored shopping centers at scale [8] - The development pipeline is expected to reach approximately $300 million in starts for 2025, with a total of $800 million over the past three years [14][15] - The company is focused on maintaining a strong balance sheet and generating significant free cash flow to fund external growth [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the competitive advantages that position the company well for sustainable cash flow growth [9] - The outlook for 2026 anticipates same-property NOI growth in the mid-3% area, with continued contributions from development projects [19][30] - Management highlighted the importance of tenant health and strong demand in the retail environment, which supports future growth [10][20] Other Important Information - The company has successfully integrated acquisitions, including a five-property portfolio valued at $350 million [15][16] - The balance sheet remains strong, with leverage within the target range of 5x-5.5x and nearly full availability on a $1.5 billion credit facility [18] Q&A Session Summary Question: Can you provide some color on the 11 asset distribution transaction with your JV partner? - Management indicated that the transaction allowed for better capital recycling and alignment of interests with their long-term partner [22] Question: What's changing from the environment that you're seeing for 2026? - Management expects credit loss provisions to remain similar to 2025, with a healthy tenant roster contributing to stable growth [26][28] Question: How should we think about the potential on development and redevelopment starts into next year? - Management expressed confidence in finding investment opportunities, with a shift towards ground-up development [34][36] Question: Can you provide more color on the mix of new leasing being done on the anchor side versus shops? - Management noted that the increase in anchor transactions was coincidental and not development-driven [40] Question: What are you seeing in the market regarding cap rates or IRRs? - Management indicated that cap rates are trending lower due to increased capital flow into the sector, with a focus on maintaining quality investments [44][46] Question: Can you give a sense of where you're underwriting rents for anchor and small shop versus current market rents? - Management emphasized the importance of relationships with grocers and the expertise in underwriting to ensure successful developments [76][78]

Core Insights - Barrick Mining Corporation has agreed to sell its interests in the Tongon gold mine and certain exploration properties in Côte d'Ivoire for total consideration of up to $305 million, including $192 million in cash [1][10] Group 1: Transaction Details - Barrick holds an 89.7% interest in the Tongon mine, which produced 148,000 ounces of gold in 2024 and has contributed over $2 billion to the Ivorian economy since 2010 [2] - The transaction is expected to be completed in late 2025, subject to customary closing conditions [2] Group 2: Strategic Focus - Barrick has been divesting non-core assets to concentrate on Tier 1 assets, having sold its 50% interest in the Donlin Gold Project in Alaska and the Alturas Project in Chile, among others [3] - The sale of the Hemlo Gold Mine in Canada for up to $1.09 billion is also part of this strategy, expected to conclude in Q4 2025 [4] Group 3: Financial Implications - Proceeds from these asset sales will support Barrick's capital allocation strategy, aimed at strengthening its balance sheet and funding key growth initiatives [5] - Barrick's shares have increased by 111.2% year to date, slightly underperforming the Zacks Mining – Gold industry's rise of 115.1% [8] Group 4: Earnings and Valuation - The Zacks Consensus Estimate for Barrick's earnings in 2025 and 2026 indicates a year-over-year rise of 67.5% and 13.8%, respectively, with EPS estimates trending higher [11] - Barrick is currently trading at a forward 12-month earnings multiple of 14.02, which is approximately 12.8% lower than the industry average of 16.07 [12]

Core Viewpoint - Reliance Global Group, Inc. has declared a special cash dividend of $0.03 per common share, reflecting the company's commitment to rewarding shareholders while executing its growth strategy [1][2]. Financial Performance - The company has made significant progress in strengthening its financial performance and balance sheet over the past several quarters [2]. - The dividend payment is scheduled for December 2, 2025, to stockholders of record as of October 30, 2025 [1][4]. Shareholder Value - The special dividend is intended to deliver near-term value to shareholders, demonstrating the company's confidence in the sustainability of its business model [2]. - The disciplined approach to capital allocation includes a recently announced strategy for investing in digital assets, specifically Ethereum and Cardano, aimed at enhancing long-term treasury management and overall shareholder value [2]. Growth Strategy - The company remains focused on driving long-term growth through its Insurtech platform and agency network [2][4]. - Future capital allocation strategies, including potential dividends or other returns of capital, will be at the discretion of the Board [4].

Core Insights - Barrick Mining Corporation has agreed to sell its Hemlo Gold Mine in Canada to Carcetti Capital Corp for gross proceeds of up to $1.09 billion, including $875 million in cash [1][9] - The divestment is expected to conclude within the fourth quarter of 2025 and aims to strengthen Barrick's balance sheet and return capital to shareholders [1][4] Company Operations - Hemlo has been operated by Barrick for over three decades, producing more than 21 million ounces of gold, with 143,000 ounces produced last year [2] - This sale marks Barrick's exit from its last operating mine in Canada, a significant region for the company, which plans to pursue new opportunities through early-stage projects and exploration targets in the country [2] Strategic Focus - Barrick has divested several non-core assets to concentrate on Tier 1 assets, including the sale of its 50% interest in the Donlin Gold Project in June 2025 and the Alturas Project in Chile, expected to close in the third quarter of 2025 [3] - Combined with the sales of Donlin and Alturas, Barrick anticipates generating over $2 billion from non-core asset divestments this year, supporting its capital allocation strategy [4] Industry Context - Among Barrick's peers, Newmont Corporation completed its non-core divestiture program in April 2025, expecting to generate $3 billion in after-tax cash proceeds from its divestiture program [5] - Kinross Gold Corporation also streamlined its portfolio through the sale of its Russian assets and other operations, resulting in a strong production profile anchored by its major assets [6] Financial Performance - Barrick's shares have gained 87.3% year to date, compared to a 101.6% rise in the Zacks Mining – Gold industry, driven by a rally in gold prices [7] - The Zacks Consensus Estimate for Barrick's earnings in 2025 and 2026 implies year-over-year increases of 56.4% and 21.8%, respectively, with EPS estimates trending higher over the past 60 days [10] Valuation Metrics - Barrick is currently trading at a forward 12-month earnings multiple of 12.81, which is approximately 17.8% lower than the industry average of 15.59 [11]

Core Viewpoint - CareRx Corporation has announced the initiation of a quarterly dividend, reflecting its commitment to strong cash generation and disciplined capital allocation strategy [2][3]. Group 1: Dividend Announcement - The Board of Directors declared a dividend of $0.02 per Common Share, payable on October 15, 2025, to shareholders of record as of September 23, 2025 [3]. - This dividend is classified as an "eligible dividend" for Canadian income tax purposes, with specific tax implications for non-residents and U.S. residents [3]. Group 2: Company Strategy and Financial Performance - The initiation of the dividend is part of CareRx's balanced approach to return capital to shareholders while maintaining financial flexibility for growth initiatives [2]. - The company is committed to investing in both organic and inorganic growth opportunities, including capital expenditures for capacity expansion and selective acquisitions [2]. Group 3: Company Overview - CareRx is Canada's leading provider of pharmacy services to seniors living and other congregate care communities, with a national network of pharmacy fulfillment centers [4]. - The company utilizes advanced technology for medication management, ensuring safety and adherence for individuals with complex medication regimens [4].

Core Viewpoint - CareRx Corporation has announced the initiation of a quarterly dividend and received regulatory approval for a normal course issuer bid to repurchase outstanding common shares, reflecting its commitment to robust cash generation and disciplined capital allocation [1][2]. Dividend Initiation - The Board of Directors declared a dividend of $0.02 per Common Share, payable on October 15, 2025, to holders of record as of September 23, 2025. This dividend is classified as an "eligible dividend" for Canadian income tax purposes [3]. Normal Course Issuer Bid (NCIB) - The TSX has approved CareRx's NCIB to repurchase up to 1,500,000 Common Shares, representing approximately 2.4% of the 62,925,219 Common Shares outstanding as of September 4, 2025. The NCIB aims to return capital to shareholders as part of the company's capital management strategy [4][5]. - The NCIB is expected to commence on September 17, 2025, and conclude on September 16, 2026, or earlier if completed or terminated by the company. The average daily trading volume for the six months ending August 31, 2025, was 39,300 Common Shares, allowing the company to purchase up to 9,825 Common Shares on any trading day [5][6]. Previous NCIB Performance - In the previous NCIB period from September 7, 2024, to September 6, 2025, CareRx purchased 672,984 Common Shares at a weighted average price of $2.49 per share [9]. Automatic Repurchase Plan - CareRx has established an automatic repurchase plan with its designated broker to facilitate share purchases under the NCIB, allowing purchases during periods when the company would not typically be active in the market [10].

Core Insights - Targa Resources Corp. (TRGP) has outperformed its industry with a 12.9% stock gain over the past year, while the broader Oil-Energy sector declined by 1.9% [1][4] - The company is a leading player in the midstream energy sector, providing essential services across the natural gas and natural gas liquids (NGL) value chain [5] Performance Comparison - Other midstream companies like CrossAmerica Partners (CAPL) increased by only 1.8%, while Western Midstream Partners (WES) and Sunoco (SUN) saw declines of 1.2% and 1.7%, respectively [4] - TRGP's strong performance has attracted investor interest and discussions about its future potential [4] Growth Drivers - Targa Resources is positioned to benefit from growing global demand for NGLs and LPG exports, with its Galena Park terminal operating near full capacity [7] - The company plans to expand its LPG export capacity to approximately 19 million barrels per month by Q3 2027, capitalizing on long-term international demand growth [8] - Approximately 90% of TRGP's revenues come from fee-based contracts, providing stability against commodity price fluctuations [9] Capital Allocation and Tax Benefits - Targa Resources employs a disciplined capital allocation strategy, targeting a return of 40-50% of adjusted cash flow to shareholders through dividends and buybacks [10] - Recent tax legislation allows TRGP to defer cash tax payments beyond 2027, enhancing liquidity for growth projects [11] Market Position - Targa Resources is the largest gas processor in the Permian Basin, with a 17% CAGR in Permian volumes over the past five years, outpacing basin-wide production growth [12] Challenges and Risks - The midstream sector faces potential overcapacity in NGL infrastructure, which could impact utilization rates and margins [13] - Execution risks in expansion projects could hinder growth if delays or cost overruns occur [14] - Competitive pressures in the Permian Basin may affect Targa Resources' market share and profitability [15] - Macroeconomic uncertainties and exposure to commodity price volatility could add further challenges to the company's outlook [16][17]

Financial Data and Key Metrics Changes - The company completed the sale of its U.S. Cellular wireless business and certain spectrum assets to T-Mobile for $4.3 billion, which strengthens the balance sheets of both Array and TDS [5][12] - Following the transaction, approximately $364 million remains on Array's balance sheet, with $1.7 billion in debt assumed by T-Mobile [12] - A special dividend of $23 per share was declared, with TDS receiving approximately $1.63 billion [13] - The company expects to achieve annual interest savings of about $80 million, reducing the average cost of debt to just over 6% [13][15] - S&P raised TDS' credit rating to BBB- from BB, reflecting a strong balance sheet and growth outlook [18] Business Line Data and Key Metrics Changes - Array's tower business consists of approximately 4,400 towers, with a new master license agreement (MLA) with T-Mobile expected to significantly increase revenue and profitability [6][26] - Third-party tower revenues increased by 12%, and the number of third-party colocations rose by 6% year-over-year [26] - Distributions from noncontrolling investment interests increased from $58 million to $77 million [29] Market Data and Key Metrics Changes - The company anticipates receiving $2 billion from previously announced spectrum sales, with a portion expected later this year [15] - The AT&T and Verizon transactions are expected to close in 2025 and 2026, respectively, subject to regulatory approval [21][22] Company Strategy and Development Direction - The company aims to focus on its tower and fiber businesses, believing it is well-positioned for growth in these areas [6][10] - Key strategic priorities include closing pending spectrum transactions and optimizing ground lease agreements [24] - The company plans to develop a capital allocation strategy focusing on fiber investments, M&A opportunities, and shareholder returns [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of colocations and margins due to increasing demand for data and communication services [6] - The company is optimistic about its future as an independent tower company, with a strong management team in place [19][24] - Management acknowledged the challenges of transitioning from a wireless service provider to an independent tower company, expecting wind-down costs to impact profitability in the near term [30] Other Important Information - The company is developing a regular dividend policy once spectrum transactions are completed [16] - The transition to an independent tower company is expected to enhance focus and operational efficiency [19][24] Q&A Session Summary Question: Update on TDS Telecom's fiber expansion - Management indicated that there is significant opportunity to expand the fiber footprint and will provide updates in upcoming quarters [54][55] Question: Long-term leverage stabilization for TDS Telecom - Management expects to maintain leverage under 1.5 times while evaluating opportunities for growth [56] Question: Access to construction resources for fiber expansion - Management remains confident in achieving the target of 150,000 new fiber service addresses for the year, with ramping construction efforts [59] Question: Cohort analysis for fiber penetration - Management is working on providing cohort penetration reporting and expects high presales penetration in new markets [63][66] Question: Update on mobile launch and pricing strategy - The company launched TDS Mobile in select markets and is testing various pricing strategies to optimize customer acquisition [85][86] Question: M&A opportunities - Management is beginning to consider M&A opportunities focused on fiber assets that synergize with existing properties [88]

Financial Data and Key Metrics Changes - Adjusted EBIT increased by 1% to $583 million, with an EBIT margin of 5.5%, up 20 basis points year over year despite a 40 basis point negative impact from tariffs [6][20] - Adjusted diluted EPS rose by 7% to CAD 1.44, reflecting higher net income and a reduction in diluted shares outstanding [18][25] - Free cash flow improved by $178 million year over year, totaling $301 million for the quarter [7][26] Business Line Data and Key Metrics Changes - North American and European light vehicle production decreased by 62%, while production in China increased by 5%, resulting in a net global production increase of 1% [21] - Consolidated sales were $10.6 billion, down 3% compared to the previous year, primarily due to lower production volumes and program changes [20][22] - The decline in total sales was partially offset by new program launches and favorable foreign exchange impacts [22][24] Market Data and Key Metrics Changes - North American production forecast was adjusted to 14.7 million units, reflecting a reduction of about 300,000 units [14] - China production was raised to 30.8 million units, attributed to adjustments in estimated Q1 production and Q2 performance [15] - The company expects a higher euro and slightly higher Canadian dollar and RMB for 2025 compared to previous forecasts [16] Company Strategy and Development Direction - The company is focused on innovation and high-quality delivery to differentiate itself in the industry, with recent awards highlighting its operational excellence [10][11] - The strategy includes working closely with customers to mitigate tariff impacts and exploring share repurchases once conditions stabilize [9][28] - The company is advancing automotive technologies, including hybrid transmission programs and integrated vehicle safety innovations [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the outlook for the remainder of the year, supported by strong Q2 execution and ongoing operational discipline despite industry challenges [19][27] - The company anticipates a less than 10 basis point impact on EBIT margin from tariffs and expects to generate approximately 35% of full-year EBIT in Q4 [13][17] - Management noted that while macroeconomic conditions remain uncertain, they are focused on controllable factors and adapting to evolving situations [12][88] Other Important Information - The company returned $137 million to shareholders in dividends during Q2, with a year-to-date return of capital totaling $324 million [9][26] - The adjusted effective income tax rate decreased to 20.5% from approximately 26% due to favorable FX adjustments and changes in tax reserves [18][24] - The company reduced its capital spending range by $100 million compared to previous outlooks, reflecting a disciplined approach to capital allocation [19][96] Q&A Session Summary Question: Were there any one-time items affecting the BES segment margins? - Management confirmed that the strong margin result was primarily driven by operational excellence and a better program mix, with no significant one-time items [30][31] Question: What is the expectation for tariff recoveries by Q4? - Management indicated that they expect a cadence of recovery, with some tariffs still coming in Q4, but they feel comfortable with the outlook [32][34] Question: How have recent production changes by major customers affected North American assets? - Management noted that increased production in U.S. plants has not negatively impacted Canadian operations, as a significant portion of sales are already directed to the U.S. [35][38] Question: What is the visibility into the second half of the year regarding EBIT? - Management stated that they have good visibility on the outlook, with expectations for a significant portion of earnings to come in Q4 due to commercial recoveries and lower engineering spend [41][43] Question: How does the company view the impact of tariffs on margins? - Management expects tariffs to have a positive impact in the second half of the year, with recoveries anticipated based on signed agreements with customers [64][71] Question: How is the company approaching capital allocation and buybacks? - Management emphasized a focus on capital discipline and free cash flow generation, with potential buybacks contingent on improved visibility in the market [95][96]