Core Insights - Greystone Capital Management reported a Median Account return of +0.3% for Q4 2025, bringing the full year net returns to +2.8% [1] - The Fund has achieved a cumulative return of +197.7% or +21.9% per year since its inception in Q4 2019 [1] - The firm's performance in Q4 2025 and for the full year lagged behind the S&P 500 and Russell 2000 indices, which returned +2.7% and +2.2% for the quarter, and +17.4% and +13.5% for the year, respectively [1] - The firm attributes its underperformance to poor stock selection, valuation compression of strong performers, and a lack of AI-themed investments [1] Company Focus: Shift4 Payments, Inc. - Shift4 Payments, Inc. (NYSE:FOUR) is highlighted as a key investment, with a market capitalization of $4.82 billion [2] - The stock closed at $47.23 on March 11, 2026, with a one-month return of -13.45% and a 52-week decline of 43.95% [2] - Greystone initiated a position in Shift4 Payments during Q4 2025, noting its strong operational execution and disciplined capital allocation [3] - Despite a significant decline in share price, the underlying business of Shift4 Payments has shown solid organic growth and expanding gross margins, alongside the completion of its largest acquisition, Global Blue, in 2025 [3]

Financial Data and Key Metrics Changes - Adjusted Operating Income increased by 31% year-over-year for Q4 2025, marking the highest level in four years, with full-year Adjusted Operating Income exceeding $1.5 billion, a 23% improvement compared to 2024 [5][25][26] - Net income available to common stockholders for Q4 was $745 million, or $3.80 per diluted share, driven by favorable market conditions [26] - The company reported a strong alternative investments portfolio return of nearly 12% for the quarter [25][42] Business Line Data and Key Metrics Changes - Annuities delivered operating income of $311 million for Q4, with total sales volumes up 25% year-over-year, driven by a shift towards spread-based products [10][31] - Group Protection achieved operating earnings of $493 million for the full year, up 16% from 2024, with a margin improvement to 9% [28][30] - Life insurance operating earnings improved significantly to $77 million for Q4, compared to an operating loss of $15 million in the prior year [36][38] Market Data and Key Metrics Changes - RILA sales increased by 35% in 2025, while Fixed Annuity sales rose by 11%, reflecting strong market demand [11][12] - Group Protection's full-year premium growth was nearly 7%, with strong sales across all products and segments [19][30] - Retirement Plan Services reported average account balances increasing nearly 9% year-over-year to $124 billion, despite net outflows of approximately $1 billion for the quarter [35][36] Company Strategy and Development Direction - The company is focused on improving risk-adjusted returns on capital, reducing volatility, and growing its franchise through strategic realignment and operational enhancements [6][7] - There is an emphasis on products with higher risk-adjusted margins and stable cash flows to strengthen business resilience [8][9] - The company aims to maintain disciplined expense management while investing strategically to support long-term priorities [7][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value, despite potential market volatility and economic changes [9][23] - The company is committed to enhancing capital efficiency and optimizing its operating model to support sustainable growth [22][48] - Looking ahead to 2026, management expects continued earnings growth and a focus on profitable growth over top-line sales growth [12][16] Other Important Information - The company completed the consolidation of several life insurance captive entities, which is expected to improve GAAP earnings by approximately $25 million to $30 million in 2026 [71] - Holding company liquidity ended the year at approximately $1.1 billion, providing financial flexibility for future capital returns to shareholders [44][49] Q&A Session Summary Question: Capital return expectations for 2026 - Management indicated that capital deployment priorities include maintaining excess capital in operating entities and preparing for optimal handling of preferred securities [52][54] Question: Excess cash management at the holding company - Management confirmed that excess cash would primarily be used for managing preferred securities and increasing capital return to shareholders [56][57] Question: Life insurance business improvements - Management discussed the benefits of captive consolidation and ongoing efforts to enhance the free cash flow profile of the legacy life block, projecting further improvements in earnings [70][71]

Core Insights - AirBoss of America Corp. reported its third quarter 2025 results, highlighting a strong performance in its defense products business while facing challenges in the rubber solutions segment due to market softness and economic uncertainties [1][3][15]. Financial Performance - Consolidated net sales for Q3 2025 increased by 4.4% to $100,420 compared to Q3 2024, driven by higher volumes in the AirBoss Manufactured Products segment [7]. - Adjusted EBITDA for Q3 2025 rose by 13.9% to $7.3 million from $6.4 million in Q3 2024, with year-to-date adjusted EBITDA increasing by 52.2% to $25.6 million compared to $16.8 million in 2024 [4][9]. - The company reported a net loss of $2,902 thousand for Q3 2025, an improvement from a loss of $3,279 thousand in Q3 2024 [4][28]. Segment Performance - The AirBoss Manufactured Products (AMP) segment saw net sales increase by 27.7% to $58,134 thousand in Q3 2025, primarily due to improved sales in the defense products business [14]. - In contrast, the AirBoss Rubber Solutions (ARS) segment experienced a 5.5% decrease in net sales to $51,513 thousand in Q3 2025, attributed to volume declines across most customer sectors [12][16]. Operational Highlights - The company maintained a disciplined approach to debt reduction, reducing borrowings under its revolving credit facility by $11.4 million since the beginning of the year, resulting in a net debt to adjusted EBITDA ratio of 2.70x [4][10]. - AirBoss declared a quarterly dividend of CAD$0.035 per common share, reflecting a commitment to returning value to shareholders [11]. Strategic Focus - The company is focused on operational execution and cost management to navigate economic and geopolitical challenges, including tariffs and inflationary pressures [3][15]. - AirBoss is committed to expanding its AirBoss Rubber Solutions segment and enhancing its technical capabilities and geographic reach [3][19].

Financial Data and Key Metrics Changes - Baytex Energy Corp. reported adjusted funds flow of CAD 422 million, or CAD 0.55 per basic share, with net income for the quarter at CAD 32 million [5] - The company generated CAD 143 million in free cash flow after CAD 270 million in exploration and development expenditures, and reduced net debt by CAD 50 million to CAD 2.2 billion [5][6] - The company expects to generate approximately CAD 300 million in free cash flow for 2025, a decrease from the previous forecast of CAD 400 million due to lower commodity prices [6] Business Line Data and Key Metrics Changes - Pembina Dubernet achieved record production, averaging just over 10,000 BOE per day, driven by strong well performance [3] - Heavy oil production grew by 5% quarter over quarter, averaging 47,300 BOE per day, while Eagleford production remained steady at 82,800 BOE per day, with a 3% increase [8] Market Data and Key Metrics Changes - Commodity prices remained soft, with WTI averaging approximately CAD 65 per barrel during the third quarter [4] Company Strategy and Development Direction - The company is focused on capital discipline and operational execution, with 100% of free cash flow directed to debt repayment after funding dividends [5][11] - Baytex aims to accelerate full commercialization of the Pembina Dubernet asset, targeting 18 to 20 wells per year by 2027 and ramping production to 20,000 BOE per day by 2029 [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to create value across commodity price cycles, highlighting strong operational execution and cash flow generation [11] - The company remains focused on maximizing value and consistent operational execution despite speculation regarding U.S. Eagleford assets [12] Other Important Information - The company has significant financial liquidity with over CAD 1.3 billion in undrawn credit capacity and no maturing notes until April 2030 [5] Q&A Session Summary Question: Regarding the CAD 24 million acquisitions in Q3 - The acquisitions were focused on undeveloped land in the Ardmore area and Peace River Oil Sands, with no material production coming from these transactions [14] Question: On heavy oil production growth - The growth in heavy oil production is attributed to steady execution of the 2025 plan and improved performance across all assets [15] Question: Expectations for asset performance over the next three to five years - Future performance will depend on commodity pricing, with a conservative plan expected if prices remain low, while higher prices would allow for more aggressive growth [18] Question: Details on Dubernet well performance and issues - An isolated casing issue was encountered with one well, but management believes it will be resolved for future programs [21]

Core Insights - Dutch Bros Inc. is enhancing its focus on digital convenience and operational execution, with order-ahead and throughput initiatives becoming key traffic drivers [1] Digital Convenience - In Q2 2025, order-ahead transactions accounted for 11.5% of total transactions, with adoption in newer markets exceeding this level [2] - Strong uptake of order-ahead has been noted particularly in the morning segment, indicating potential for growth in this area [2] Operational Execution - Improvements in throughput are supporting digital gains, with the company implementing enhanced dashboards for speed-based KPIs and refined labor deployment models [3] - These operational changes contributed to a 6.1% growth in same-shop sales, driven by a 3.7% increase in transactions during Q2 [4] Expansion Strategy - Dutch Bros opened 31 new shops in Q2, increasing the total to over 1,040, with plans to add at least 160 locations in 2025 [5] - The company aims for a long-term goal of 2,029 shops by 2029, viewing order-ahead and throughput as key growth levers [6] Industry Comparison - Starbucks is focusing on operational initiatives to regain transaction momentum, with pilots improving order accuracy and reducing handoff times [7] - Sweetgreen is also enhancing throughput through store-level execution and format innovation, linking throughput improvements directly to same-store sales performance [8] Financial Performance - Dutch Bros shares have increased by 11.9% year-to-date, contrasting with an 8% decline in the industry [9] - The company has a forward price-to-sales ratio of 5.15X, higher than the industry average of 3.59X [13] - Earnings per share (EPS) estimates for fiscal 2025 and 2026 indicate year-over-year increases of 38.8% and 27.5%, respectively [14]