Financial Data and Key Metrics Changes - The fourth quarter operating results exceeded expectations, with total RevPAR growth of 7.4%, or 12.5% including contributions from Andaz Miami Beach [8][31] - Adjusted EBITDAre for the fourth quarter was reported at $57 million, with Adjusted FFO of $0.20 per diluted share [32] - Full-year earnings were ahead of the midpoint of guidance, with comparable portfolio margin growth of 40 basis points on total RevPAR growth of 3.5% [17][32] Business Line Data and Key Metrics Changes - Resorts led the portfolio with a 19% RevPAR growth in Maui, while Andaz Miami Beach outperformed expectations [9][10] - Urban hotels showed mixed results, with Marriott Long Beach Downtown achieving 12% RevPAR growth, but Boston and New Orleans faced challenges [12][13] - Convention hotels reported RevPAR growth of 2.8%, with San Francisco being a standout performer [13] Market Data and Key Metrics Changes - The Wailea Beach Resort saw a significant recovery, with a RevPAR index increase of 17 points sequentially into the fourth quarter [26] - Group revenue production in Orlando increased over 10% last year, indicating a positive trend for future performance [15] - The D.C. market faced headwinds from government spending cuts and a government shutdown, impacting overall performance [16][102] Company Strategy and Development Direction - The company is focused on three strategic objectives: recycling capital, investing in the portfolio, and returning capital to shareholders [5][23] - The management team is committed to maximizing shareholder value through asset sales and stock repurchases [43][65] - The company anticipates continued growth from operations and investment projects, despite a cautious outlook for certain markets [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, expecting rooms RevPAR to increase between 4% and 7% [35] - The company noted potential headwinds from softer transient demand in San Diego and uncertainty in D.C. [20] - Positive signs of market recovery were highlighted, particularly in Northern California and Maui [19][20] Other Important Information - The company has over $200 million in cash and cash equivalents, with total liquidity exceeding $700 million [33][34] - A common dividend of $0.09 per share has been authorized for the first quarter, alongside a repurchase program reauthorized up to $500 million [40][41] Q&A Session Summary Question: Can you discuss the 1.5% midpoint of 2026 RevPAR growth ex-Andaz? - Management noted that Maui is showing growth, with a stabilization in the Kaanapali market, and transient demand is up [47][48] Question: What is the expense growth implied in guidance? - Expense growth is expected around 3%, with labor costs decreasing slightly and energy prices increasing [52][56] Question: Are you expecting to be a net seller of assets? - Management indicated a pickup in transactions and a focus on realizing private market values for assets [62][65] Question: Why is total RevPAR guidance lower than RevPAR outlook? - The impact of renovations and group business limitations in D.C. and San Diego were cited as factors [70][71] Question: What is the outlook for the San Diego market? - Management reported positive signs of recovery in transient demand, particularly from government contractors [75] Question: Can you elaborate on the operating environment's impact on guidance? - Management highlighted potential headwinds from government-related events and positive signs from transient demand recovery [101][102]

Core Insights - Fortinet (FTNT) stock experienced a significant increase of 5.2%, but Microsoft (MSFT) is presented as a more favorable investment option due to superior revenue growth, profitability, and lower valuation [2] - MSFT's quarterly revenue growth is reported at 18.4%, while FTNT's is at 14.4%, and over the last 12 months, MSFT's growth is 15.6% compared to FTNT's 14.8% [2] - MSFT boasts a last twelve months (LTM) margin of 46.3% and a three-year average margin of 44.6%, outperforming FTNT [2] Financial Comparison - A side-by-side analysis of FTNT and MSFT highlights differences in growth, margins, momentum, and valuation multiples, indicating MSFT's stronger financial position [3] - Historical market performance metrics show cumulative total returns since the beginning of 2021, with MSFT likely outperforming FTNT [4] Investment Strategy - A portfolio approach is suggested for investors uncertain about choosing between FTNT and MSFT, emphasizing the benefits of diversification [5] - The Trefis High Quality (HQ) Portfolio, which includes 30 stocks, has consistently outperformed benchmarks like the S&P 500, indicating a smoother investment journey with lower risk [7]

Group 1 - Constellation Energy Corporation (CEG) has underperformed in the stock market over the past year, showing lower operating margins and negative free cash flow compared to many competitors, despite moderate revenue growth [2][3] - CEG's operating margin stands at 12.1%, the lowest among its peers, while NextEra Energy (NEE) boasts a significantly higher margin of 28.2%, indicating NEE's stable regulated utility and renewable energy framework compared to CEG's exposure to a competitive power market [3] - The valuation of CEG appears elevated, with a price-to-earnings (PE) ratio of 33.0, which is higher than most of its peers, reflecting market caution regarding the volatility of merchant power despite increasing demand for its nuclear assets driven by AI [3][8] Group 2 - CEG's revenue growth is at 3.6%, which is lower than several competitors like Duke Energy (DUK), Southern Company (SO), Vistra (VST), and Exelon (EXC), which benefit from rate base growth and mergers and acquisitions; however, CEG outperforms NEE, which experienced a revenue decline of 6.9% due to project cycles [8]

Core Insights - Micron Technology has experienced significant stock volatility, with declines exceeding 30% in less than two months on multiple occasions, resulting in substantial market capitalization losses [2] Risk Factors - Executive leadership has been cashing out shares during peak excitement, indicating potential concerns about future performance and shareholder trust [3][9] - Intense price competition in the High Bandwidth Memory (HBM) market is expected as rivals like Samsung and SK Hynix ramp up production, which may lead to a decrease in gross margins [4][9] Historical Performance - Micron's stock has shown extreme vulnerability during market downturns, with declines of 88% during the 2008 Financial Crisis, 82% during the Dot-Com crash, and approximately 54% during the 2018 correction [5] - Recent downturns, including the pandemic and inflation surge, have also caused declines of about 42-50% [5] Financial Metrics - Micron reported a revenue growth of 45.4% over the last twelve months and a 28.3% average growth over the last three years [10] - The company has a free cash flow margin of approximately 11.0% and an operating margin of 32.5% for the last twelve months [10] - The stock is currently trading at a P/E ratio of 31.9 [10]

Company Overview - Main Street Capital Corporation has completed a new portfolio investment of $50.8 million in UBM ParentCo, LLC, facilitating UBM's merger with Mystic Logistics Holdings, LLC [1] - UBM specializes in "marketing mail" commingle services, optimizing postage, transportation, and delivery performance for large-scale mailers through a nationwide logistics network [2] - Mystic focuses on marketing mail consolidation and logistics solutions, supporting precise, date-driven in-home delivery performance [3] Investment Details - Main Street's investment in UBM includes a combination of first lien, senior secured term debt, and direct minority equity [1] - Main Street has fully exited its debt and equity investments in Mystic, becoming a lender and minority equity owner in UBM [1] Financial Performance - Main Street realized a gain of $23.8 million from the exit of its equity investment in Mystic, along with total dividends of $22.1 million over the investment's life [5] - The cumulative annual internal rate of return (IRR) for Main Street's equity investment in Mystic is 32.9%, with a total money invested (TMI) return of 17.9 times [5] - Including both debt and equity investments, Main Street achieved a cumulative IRR of 22.9% and a TMI return of 5.1 times [5] Historical Context - Main Street initially partnered with Mystic's management team for a majority recapitalization in August 2014, with an initial investment of $10 million in a first lien, senior secured term loan and $2.7 million in equity [4] - Following the initial investment, Mystic experienced significant growth, expanding its customer base and strengthening postal and commercial partnerships [4]

Core Insights - Delaying retirement until age 70 can provide financial benefits, especially for those who enjoy their work and have less stressful jobs [1] Group 1: Social Security - Individuals retiring at 70 should claim Social Security benefits immediately, as there is no financial incentive to delay beyond this age [3] - Those who have delayed claiming Social Security may see increased monthly checks, reducing pressure on their savings [5] Group 2: Withdrawal Strategy - A sustainable withdrawal strategy is crucial for retirees, particularly those starting retirement with a healthy IRA or 401(k) balance [4] - The 4% rule, which allows for withdrawals adjusted for inflation, may not be necessary for those retiring at 70, potentially allowing for larger withdrawals [6] - It is important to determine a withdrawal rate that supports the desired lifestyle while preserving the nest egg [7] Group 3: Investment Portfolio - Retirement does not eliminate the need for a growth-oriented investment portfolio; maintaining some exposure to the stock market is essential for generating returns [8]

Core Viewpoint - Nutanix (NTNX) stock has experienced a significant decline of 29.7% in less than a month, dropping from $67.71 on November 12, 2025, to $47.58 currently, with potential for further decline to $33 based on historical performance [2] Historical Performance - Historically, NTNX has met the criteria for a significant dip (30% or more decline within 30 days) on 9 occasions since January 1, 2010 [4] - The median return for NTNX stock in the 12 months following significant dips is 0.4%, with a median peak return of 34% [3][7] - The median time to reach peak return after a dip event is 189 days, while the median maximum drawdown within one year of the dip event is -46% [7] Investment Strategy - A portfolio-based approach is recommended for those uncertain about investing in NTNX stock, as individual stocks can be unpredictable [5][4] - The Trefis High Quality (HQ) Portfolio, which includes 30 stocks, has historically outperformed benchmarks like the S&P 500, S&P mid-cap, and Russell 2000 indices, providing better returns with less risk [6]

Core Insights - Oracle (ORCL) shares are presented as a more attractive investment option compared to Synopsys (SNPS) due to better revenue growth, enhanced profitability, and lower valuation metrics [2]. Financial Performance Comparison - ORCL's revenue growth over the last 12 months was 9.7%, while SNPS reported 8.0% [2]. - Over the past three years, ORCL's average revenue growth was 10.2%, exceeding SNPS's 9.7% [2]. - ORCL's last twelve months (LTM) profit margin was 31.6%, compared to SNPS's performance [2]. - The three-year average profit margin for ORCL was 30.3%, again outperforming SNPS [2]. Valuation Metrics - A side-by-side analysis of financials indicates that ORCL has superior growth, margins, momentum, and valuation multiples compared to SNPS [3].

Core Viewpoint - Allstate has reported strong third-quarter financial results, leading to an increase in stock price and positive investor sentiment [1][2]. Financial Performance - Revenue for the third quarter reached $17.26 billion, a 4% increase year over year, surpassing Wall Street's forecast of $16.87 billion [2]. - Net income was $3.75 billion, three times higher than the previous year, with adjusted net income also tripling to $3 billion. Earnings per share were $11.17, significantly exceeding the expected $7.55 [3]. - Premiums written increased by 6.3% compared to the same quarter last year, driven by higher average premiums for auto and homeowners insurance [4]. Premiums and Policies - Total premiums in force rose 6.1% from the prior year to $14.5 billion, indicating strong growth in the insurance business [4]. - Allstate has partnerships with major retailers such as Walmart, Costco Wholesale, and Target to sell insurance policies [4]. Catastrophe Losses - Catastrophe losses decreased by $752 million to $479 million, largely due to favorable weather conditions without major hurricanes or tropical storms [6]. Underwriting Profitability - The property-liability combined ratio improved from 96.4% a year ago to 80.1% in the third quarter, reflecting better underwriting profitability [7]. Investment Income - Allstate's investment portfolio grew to $82.3 billion from $77.4 billion in the previous quarter, generating approximately $950 million in investment income, an increase of $166 million year over year [9]. Investment Consideration - The company offers a quarterly dividend of $1 per share, resulting in a forward yield of about 1.9%, and trades at a low valuation of 7 times trailing earnings, presenting a potential investment opportunity [10].

Core Insights - Super Micro Computer (SMCI) shares have declined by 31.0% over the last 21 trading days due to intensified competition in the AI server market and shrinking margins following an earnings miss, raising concerns among investors about the sustainability of this weakness [2] - The company has a market capitalization of $20 billion and reported $21 billion in revenue, with current trading at $33.32 [2] Operational Performance - SMCI has shown moderate operational performance with a revenue growth of 11.9% over the past 12 months and an operating margin of 4.4% [5] - The company has a Debt to Equity ratio of 0.24 and a Cash to Assets ratio of 0.29, indicating a stable liquidity position [5] Valuation Metrics - The stock is currently trading at a P/E multiple of 25.0 and a P/EBIT multiple of 20.1, positioning it as fairly priced [3][5] Market Resilience - Historical performance indicates that SMCI stock has experienced significant declines during economic downturns, such as a 34.5% drop from a peak of $35.33 on August 7, 2023, to $23.15 on September 21, 2023, compared to a 25.4% decline for the S&P 500 [6] - The stock has shown resilience, fully recovering to its pre-crisis high by January 19, 2024, and reaching $118.81 by March 13, 2024 [6] Historical Declines - SMCI stock has faced multiple significant declines in the past, including a 45.8% drop during the 2020 COVID-19 pandemic and a 66.3% decline during the 2008 global financial crisis, but has consistently recovered to pre-crisis highs [7]