David Lukes, President & CEO of Curbline Properties Corp. (CURB 0.20%), disposed of 123,412 common shares through open-market sales and 126,000 common shares through a direct gift across two transactions on March 13 and March 16, 2026, according to an SEC Form 4 filing.Transaction summaryMetricValueShares sold (direct)123,412Shares gifted (direct)126,000Transaction value~$3.3 millionPost-transaction common shares (direct)506,597Post-transaction shares (indirect)126,000Post-transaction value (direct ownershi ...

Quick Read ProShares UltraPro QQQ (TQQQ) is down 15.5% year-to-date while its underlying Nasdaq-100 ETF QQQ (QQQ) is down only 4.3%, demonstrating how 3x leverage amplifies market declines through daily rebalancing that compounds losses during choppy or declining markets. Invesco QQQ Trust (QQQ) tracks a concentrated index dominated by mega-cap tech with top seven holdings representing 17.4% of the portfolio. The VIX near 27 and rising Treasury yields are creating the exact environment where TQQQ’s dai ...

Who's the audience for the speeches that you've been giving on this trip. Is it members of the administration. Americans broadly.Who are you hoping to convey that message to The latter. I think we need first of all, I believe in leverage. We're as a country going into the renewal of the USMCA, as you call it, Cosma, as we call it.And one of the greatest leverage points we have as Canadians is the goodwill of Americans. Poll after poll shows Americans like Canadians. They also understand that doing business ...

RT Nick Szabo (@NickSzabo4)A closed strait is not what gives Iran leverage.Their military veto power over commercial shipping through the strait is what gives them leverage. And they are certainly not going to give that up. Nor does any armed force in the world any longer have the ability to take away such a veto power. The military technology and tactics that give Iran this power were aptly demonstrated by their proxy the Houthis at the Bab-El-Mandeb a year ago.Iran is happy to open up the Strait of Hormuz ...

Financial Data and Key Metrics Changes - Recurring EBITDA for 2025 was BRL 7.3 billion, with total EBITDA reaching BRL 8.3 billion, reflecting a significant cash generation to support a record investment program [4][15] - The company reported a recurring net profit of BRL 4.2 billion and a non-recurring net profit of BRL 4.9 billion, influenced by adjustments in post-employment liabilities and increased financial expenses due to higher leverage [17][19] - The company achieved a credit rating upgrade to triple A from Moody's, marking a significant improvement in credit quality [6] Business Line Data and Key Metrics Changes - Investments in distribution amounted to BRL 6.6 billion in 2025, with 23 new substations and over 12,000 km of low and medium voltage networks added [13] - In generation, BRL 199 million was invested in the GSF auction, with a total of BRL 411 million allocated for expansion and maintenance [13] - Transmission investments totaled BRL 410 million, focusing on reinforcements and improvements [14] Market Data and Key Metrics Changes - The company experienced a 1.4% reduction in market performance, attributed to clients migrating to the base network [28] - The hydrological risk management led to increased energy purchases at higher prices, impacting overall costs [27][29] Company Strategy and Development Direction - The company aims to extend all concessions, successfully securing extensions for Irapé, Queimado, and Pai Joaquim [10] - A significant focus on regulated sectors with guaranteed profitability is evident, with nearly BRL 10 billion accumulated in the distribution area awaiting tariff review [5] - The investment strategy is designed to support the development of Minas Gerais, with a clear objective to enhance service quality and operational efficiency [10][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience and ability to navigate future challenges, emphasizing the importance of sustainable healthcare plans for retirees [18] - The company anticipates no impact from healthcare plan liabilities starting in 2026, which will improve financial balance [19] - Future energy prices are expected to rise, presenting opportunities for selling energy starting in 2029 [40] Other Important Information - The company maintained a dividend policy of distributing 50% of net profit, resulting in BRL 3.5 billion paid in dividends [9] - Cemig received multiple sustainability awards, including recognition in the Dow Jones Sustainability Index for 25 consecutive years [34][35] Q&A Session Summary Question: Trading result in Q4 and energy balance perspective - The trading result was positive at BRL 97 million, with cautious management of positions for 2026 and 2027, aiming to close open positions by 2029 [38][40] Question: Ideal leverage level and annual interest percentage - Current leverage is at 2.3, expected to increase during the investment cycle, with a nominal cost of 13% corresponding to 87% of the CDI [42][43] Question: Plans for shareholder bonuses in 2026 - Bonuses will be considered if profit reserves exceed capital stock, with updates to be provided as necessary [45]

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The European Central Bank is probing the use of leverage underpinning banks’ fast-growing significant risk transfer market, according to people familiar with the matter https://t.co/oxQE5DLdGc ...

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Core Viewpoint - Skyward Specialty Insurance Group, Inc. (SKWD) has underperformed the broader market despite strong operating results, with shares down 15.1% year to date, lagging behind both the industry and the S&P 500 [1][7]. Financial Performance - In Q4, SKWD reported a revenue growth of 26.7% year over year, reaching $385.6 million, and adjusted earnings increased by 46% to $1.17 per share [8][11]. - The combined ratio improved by 730 basis points from the prior-year quarter to 88.5%, and underwriting income surged to $41 million, up approximately 235% year over year [9]. Debt and Leverage - Following the Apollo acquisition, SKWD's debt-to-capital ratio is expected to rise to 28-29%, significantly above the industry average of 15.4% [4][7]. - The increase in leverage introduces near-term uncertainty, although the deal is considered strategically sound [4]. Valuation - SKWD's stock trades at about 9.24X forward 12-month earnings, which is lower than its three-year median of 12.92X and the industry average of 26.77X [5]. - Peers like Allstate and Heritage are trading at 8.12X and 5.89X forward earnings, respectively, indicating that SKWD appears inexpensive on the surface [5]. Earnings Mix and Future Outlook - Approximately half of SKWD's portfolio is positioned in areas less exposed to traditional property and casualty cycles, emphasizing risk-adjusted returns [10]. - The Zacks Consensus Estimate predicts revenue growth of 26.4% and 12.2% for 2026 and 2027, respectively, with earnings growth estimates of 18.3% and 14.8% for the same years [11]. Market Sentiment - The recent pullback in SKWD's stock reflects higher leverage and cautious industry expectations rather than a significant deterioration in fundamentals [12]. - Despite near-term sentiment being restrained, strong execution and a diversified earnings mix support a positive long-term outlook [12].

So where do we stand now. You've warned about underwriting. How poor does it look.Sure. So I think what we're starting to see is just a normalization in the space for far too long. There was lax underwriting standards in direct lending and with too much leverage put on companies that really didn't need that much leverage on them.What we're seeing is not really a crisis, though. What we're seeing is, is a cooling in this market. And what we're seeing is a move in default rates from low single digits, call it ...