Hycroft Mining Holding Corporation (NASDAQ:HYMC) shares climbed Monday as silver extended a historic rally to record highs, benefiting the Nevada-based gold and silver developer.Silver jumped more than 5% to above $108 per ounce on Monday, reaching all-time highs on strong safe-haven and investment demand, coupled with prolonged tightness in the physical market. Geopolitical Tensions And Commodity SupercycleMarkets have been rattled by the Trump administration’s abrupt threats to impose heavy tariffs on Eur ...

Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q4 2025 was $0.81, unchanged from the prior quarter, while full-year EPS increased to $3.09 from $2.93 in 2024 [4][5] - Revenue for Q4 increased by 2% sequentially to $143.8 million, and full-year revenue rose by 6.9% to $554 million [4][5] - Operating income for Q4 increased by 3% to $52.4 million, with full-year operating income up 6.3% to $195.1 million [6][5] - The effective fee rate for Q4 was stable at 59 basis points, consistent with the prior quarter [5] Business Line Data and Key Metrics Changes - Ending assets under management (AUM) in Q4 was $90.5 billion, slightly down from Q3, but average AUM was higher compared to the prior quarter [6][19] - Net inflows during Q4 were $1.2 billion, primarily from advisory and closed-end funds, offset by market depreciation and distributions [6][19] - The institutional pipeline strengthened, ending the year with $1.72 billion across 20 mandates [22] Market Data and Key Metrics Changes - U.S. REITs returned just 3.2% in 2025, ranking last among the 11 GICS sectors in the S&P 500 [20] - Natural resource equities performed well, with a return of nearly 30%, while global listed infrastructure saw returns ranging from 14% to 22% [21] - Global real estate stocks were flat in Q4, with gains in Asia-Pacific markets countered by weakness elsewhere [11] Company Strategy and Development Direction - The company aims to focus on harvesting returns on investments made in new strategies and vehicles over the past years [25] - There is an expectation for REIT earnings to accelerate above trend to roughly 8% in 2026 and 2027 due to lower supply and increasing demand [16] - The company plans to increase coverage in the RIA channel and expand its institutional presence outside the U.S. [25] Management's Comments on Operating Environment and Future Outlook - Management noted that economic activity and market returns are expected to broaden in 2026, with above-consensus global growth anticipated [14] - The company is optimistic about the return of investor interest in private real estate, driven by improving market conditions [36] - There is a belief that the combination of broadening economic growth and relative valuation attractiveness will benefit the company's asset classes in 2026 [18] Other Important Information - The company reported liquidity of $403 million at year-end, a $39 million increase from the prior quarter [8] - The effective tax rate for the quarter was 25.7%, consistent with the previous year [8] - The company celebrated its 40th anniversary in 2026, highlighting its evolution and commitment to listed markets [31][32] Q&A Session Summary Question: Signs of improving demand for private real estate - Management noted early signs of increasing interest in private real estate, with expectations for it to become a more significant contributor in 2026 [36][38] Question: Progress in the institutional channel - Management indicated a strong pipeline for the institutional channel, with improved conversations and a broader range of mandates [45][46] Question: Dynamics driving the won and unfunded pipeline - Management confirmed that the recent increase in the won and unfunded pipeline reflects broader market dynamics and improved allocator confidence [48][50] Question: Regional demand for advisory and sub-advisory - Management observed expanding demand in non-U.S. markets, with allocators from various countries showing interest [53][54] Question: Areas of demand for active ETFs - Management reported strong interest from RIAs and existing holders of open-end funds converting to active ETFs, indicating a positive trend for future growth [61][62]

Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q4 2025 was $0.81, unchanged from the prior quarter, while full-year EPS increased to $3.09 from $2.93 in 2024 [4] - Revenue for Q4 increased by 2% sequentially to $143.8 million, and full-year revenue rose by 6.9% to $554 million [5] - Operating income for Q4 increased by 3% to $52.4 million, and for the full year, it rose by 6.3% to $195.1 million [5] - The effective tax rate was 25.7% for Q4 and 25.3% for the year, consistent with 2024 [8] Business Line Data and Key Metrics Changes - Ending assets under management (AUM) in Q4 was $90.5 billion, slightly down from Q3, but average AUM was higher compared to the prior quarter [5] - Net inflows during Q4 were $1.2 billion, primarily from advisory and closed-end funds [5] - The compensation ratio decreased to 39% for the quarter, below the guidance of 40.5% [6] Market Data and Key Metrics Changes - Natural resource equities rose more than 6% in Q4, driven by strength in metals and mining stocks [11] - Global real estate stocks were flat in Q4, with significant disparities in returns by property type [11] - Private real estate had a total return of 0.9%, marking the sixth consecutive quarter of increasing total returns [11] Company Strategy and Development Direction - The company aims to focus on harvesting returns on investments made in new strategies and vehicles over the past years [25] - There is an expectation for REIT earnings to accelerate above trend to roughly 8% in 2026 and 2027 due to lower supply and increasing demand [16] - The company plans to increase coverage in the RIA channel and grow its institutional presence outside the U.S. [25] Management's Comments on Operating Environment and Future Outlook - The management anticipates a broadening of economic activity and market returns in 2026, moving away from a historically narrow growth pattern [13] - There is a belief that the economic and market rotation is underway, with real assets expected to outperform equities [13] - The company is optimistic about the potential for natural resource equities and listed infrastructure to play a larger role in portfolios [18] Other Important Information - The company reported liquidity of $403 million at year-end, a $39 million increase from the prior quarter [8] - The company celebrated its 40th anniversary in 2026, highlighting its evolution and the importance of listed markets [31] Q&A Session Summary Question: Signs of improving demand for private real estate - Management noted early signs of increasing interest in private real estate, driven by issues in private credit markets [34] Question: Scaling of active ETFs - Active ETFs are expected to scale quickly due to established strategies and market acceptance [36] Question: Progress in the institutional channel - Conversations have improved, with a strong pipeline and increased interest from allocators [40] Question: Regional demand for advisory and sub-advisory - There is expanding demand from non-U.S. markets, with allocators from various countries showing interest [44] Question: Dynamics that could change global real estate performance - A re-acceleration in demand from global institutions and improved performance of international real estate are expected to be positive factors [46]

Group 1 - The article highlights the potential of the ongoing commodity supercycle, emphasizing the importance of discovering high-impact investment opportunities in the natural resources sector [1] - Wall Street predicts a significant supply surplus in the oil market next year, with oil prices currently trading below $60 per barrel, suggesting a need to explore undervalued opportunities in the oil and gas sector [2] - Laurentian Research, a veteran in the resource industry, aims to assist members in uncovering undervalued opportunities in energy and mining sectors, focusing on multi-bagger potential and dividend growth opportunities [2] Group 2 - Members of The Natural Resources Hub receive various benefits, including weekly newsletters, in-depth analyses, trade alerts, model portfolios, and access to a community of investors for sharing ideas [2]

Core Viewpoint - The article highlights three high-yield ETFs that offer over 5% returns through unique investment strategies, which can be beneficial for diversifying portfolios alongside lower-yield options [3][4]. Group 1: ETF Summaries - The Amplify Natural Resources Dividend Income ETF (NDIV) yields 5.72% monthly from 41 natural resource dividend stocks, with potential for a commodity supercycle driven by geopolitical events and green energy demand [5][7][8]. - The Alternative Access First Priority CLO Bond ETF (AAA) provides a yield of 5.19% monthly by investing exclusively in AAA-rated senior CLO debt tranches, offering a safer alternative to government bonds [5][9]. - The Columbia Research Enhanced Real Estate ETF (CRED) yields 5.56% and employs a rules-based system to select REITs with stronger growth and income potential [5]. Group 2: Market Context - Higher yields are expected to gain importance as the Federal Reserve shows a willingness to cut interest rates, potentially leading to increased interest in high-yield dividend ETFs [6]. - The current Fed Chair, Jerome Powell, is expected to be replaced by a more dovish appointee, which may further lower Treasury yields and enhance the appeal of high-yield investments [6].

Group 1 - The Natural Resources Hub aims to help investors discover high-impact investment opportunities in the ongoing commodity supercycle [1] - Laurentian Research, a veteran in the resource industry, leads The Natural Resources Hub, focusing on undervalued opportunities in the energy and mining sectors [2] - Members of The Natural Resources Hub receive weekly newsletters, in-depth analyses, trade alerts, model portfolios, and access to a community of investors [2] Group 2 - The investment strategy emphasizes finding multi-bagger potential and dividend growth opportunities in long-term growth industries [2] - The article highlights the importance of joining The Natural Resources Hub to capitalize on investment opportunities alongside experienced analysts [1][2]

Group 1 - Freeport-McMoRan Inc. (FCX) is a leading international metals company focused on mining and selling copper, gold, and molybdenum with significant assets in Indonesia, North America, and South America [1] - The Grasberg minerals district in Indonesia is highlighted as one of the world's largest mining operations [1] Group 2 - The company has a strong emphasis on fundamental analysis and disciplined market research, indicating a robust approach to investment strategy [1] - FCX's portfolio includes a mix of small cap companies with strong fundamentals, large cap companies facing temporary setbacks, and stable companies with solid dividend yields and growth potential [1]