London-based Sagil Capital fully exited its position in Compañía de Minas Buenaventura S.A.A. (NYSE:BVN) during the fourth quarter, selling 447,516 shares for an estimated $10.89 million, according to a February 12 filing. What happened According to an SEC filing dated February 12, Sagil Capital reported selling its entire holding of 447,516 shares in Compañía de Minas Buenaventura S.A.A. The quarter-end value of the stake decreased by $10.89 million, capturing both the trade and any price changes over t ...

Financial Data and Key Metrics Changes - NNN REIT reported a 2.7% growth in AFFO per share for 2025, reaching $3.44, and core FFO per share also increased by 6.1% year-over-year to $0.87 [10][11] - The company maintained a high occupancy rate of 98.3%, up 80 basis points from the previous quarter, aligning with its long-term average [12] - Annualized base rent increased by approximately 8% year-over-year to $928 million, driven by strong acquisition activity [12] Business Line Data and Key Metrics Changes - The company completed over $900 million in acquisitions, marking the highest annual volume in its history [3] - During the fourth quarter, NNN invested over $180 million across 55 properties at an initial cash cap rate of 7.4% [6] - The company sold 18 income-producing and 42 vacant properties in the fourth quarter, generating $82 million in proceeds [9] Market Data and Key Metrics Changes - The initial cap rates stabilized in the fourth quarter, remaining in line with the third quarter, with slight compression anticipated as the year progresses [5][6] - The company expects to fund its 2026 strategy through $210 million of retained free cash flow and $130 million of planned dispositions, maintaining leverage neutral [5] Company Strategy and Development Direction - NNN's strategy focuses on a disciplined bottom-up investment approach, aiming for mid-single-digit AFFO per share growth over the long term while aligning acquisitions and balance sheet management to support these objectives [4] - The company emphasizes proactive portfolio management to maintain high occupancy and renewal rates, with a goal of improving future performance [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a more uncertain macroeconomic environment in 2026, supported by a solid financial footing and a self-funding business model [4][5] - The company anticipates a slight increase in occupancy and a continued focus on resolving vacancies throughout 2026 [52][74] Other Important Information - NNN maintained a highly flexible balance sheet with no encumbered assets and $1.2 billion in total available liquidity [4][15] - The company announced a quarterly dividend of $0.60, representing a 3.4% year-over-year increase [15] Q&A Session Summary Question: Can you provide an update on proactive portfolio management and occupancy levels? - Management indicated that proactive portfolio management involves monitoring tenant renewals and addressing potential issues early, with an ideal occupancy slightly above 98% [20] Question: Why is the bad debt assumption set at 75 basis points? - The company explained that 75 basis points is a prudent starting point, reflecting no significant changes in the watchlist and historical performance [24] Question: What segments of clients are looking to grow more aggressively? - Management noted that auto services and convenience stores are currently the biggest opportunities for growth [33] Question: What is the expected trend for lease termination fees in 2026? - Management anticipates a return to more normalized levels of lease termination fees, estimating around $3 million to $4 million for the year [37] Question: How does the company view competition in the acquisition market? - Management stated that while competition exists, it has not seen significant changes, and it continues to rely on strong relationships to secure deals [39] Question: What is the expected trend for occupancy throughout the year? - Management expects occupancy to trend slightly higher, with ongoing efforts to resolve vacancies [52] Question: Can you discuss the anticipated cap rate compression? - Management believes slight cap rate compression is likely due to competitive pressures in the market [81]

Financial Data and Key Metrics Changes - NNN REIT reported a 2.7% growth in AFFO per share for 2025, reaching $3.44, and core FFO per share increased by 6.1% year-over-year to $0.87 [10][11] - The company maintained a high occupancy rate of 98.3%, up 80 basis points from the previous quarter, aligning with its long-term average [12] - Annualized base rent increased by nearly 8% year-over-year to $928 million, driven by strong acquisition activity [12] Business Line Data and Key Metrics Changes - The company completed over $900 million in acquisitions, marking the highest annual volume in its history [3] - During the fourth quarter, NNN invested over $180 million across 55 properties at an initial cash cap rate of 7.4% [6] - The company sold 18 income-producing and 42 vacant properties in the fourth quarter, generating $82 million in proceeds [9] Market Data and Key Metrics Changes - The initial cap rates stabilized in the fourth quarter, remaining in line with the third quarter, with slight compression anticipated as the year progresses [5][6] - The company reported that its portfolio of 3,692 freestanding single-tenant properties is performing well, with no concerns raised by tenants regarding their ability to meet rent obligations [7] Company Strategy and Development Direction - NNN's strategy focuses on a disciplined bottom-up investment approach, aiming for mid-single-digit AFFO per share growth over the long term while maintaining a top-tier payout ratio [4] - The company plans to fund its 2026 strategy through retained free cash flow and planned dispositions, maintaining leverage neutrality [5][16] - NNN aims to continue its proactive portfolio management to enhance renewal rates and address potential future issues [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a more uncertain macroeconomic environment in 2026, supported by a solid financial footing and a flexible balance sheet [4][16] - The company anticipates a slight increase in occupancy and a continued focus on resolving vacancies throughout 2026 [52][74] - Management noted that the bad debt assumption for 2026 is set at 75 basis points, reflecting a prudent approach given the current economic conditions [24][53] Other Important Information - NNN's balance sheet remains strong, with no encumbered assets and $1.2 billion in available liquidity [15] - The company announced a quarterly dividend of $0.60, representing a 3.4% year-over-year increase [15] Q&A Session Summary Question: Can you provide an update on proactive portfolio management and occupancy levels? - Management indicated that proactive portfolio management involves monitoring tenant renewals and addressing potential issues early, with an ideal occupancy slightly above 98% [20] Question: Why is the bad debt assumption set at 75 basis points? - The management explained that this figure is a conservative approach based on historical performance and current tenant stability, with no significant changes on the watchlist [24] Question: What are the current tenant rent coverage levels? - Management stated that the overall rent coverage is stable, with most tenants reporting strong financials, although it varies by industry [29][30] Question: What segments of clients are looking to grow aggressively? - Management noted that auto services and convenience stores are currently the biggest opportunities in their pipeline [33] Question: What is the expected trend for lease termination fees in 2026? - Management anticipates a return to more normalized levels of lease termination fees, consistent with historical averages [37] Question: How does the company view competition in the acquisition market? - Management acknowledged ongoing competition but emphasized their strong relationships and ability to source deals effectively without being significantly impacted by market changes [39][70] Question: What is the expected cap rate trend for 2026? - Management expects slight cap rate compression due to competitive pressures in the market [81] Question: How does the company plan to manage its debt structure? - Management highlighted the importance of matching debt duration with lease duration, allowing for flexibility in financing options [68]

Financial Data and Key Metrics Changes - Sales of continuing operations in FY 2025 Q3 increased by 1% year-on-year to JPY 3,713.7 billion, while operating income rose by 22% to JPY 515 billion, both record highs for the third quarter [3] - Net income increased by 11% to JPY 377.3 billion [3] - The full-year sales forecast was upwardly revised by 3% to JPY 12,300 billion, operating income forecast by 8% to JPY 1,540 billion, and net income forecast by 8% to JPY 1,130 billion [3] Business Segment Data and Key Metrics Changes - G&NS segment sales decreased by 4% year-on-year, but operating income increased by 19% due to favorable foreign exchange rates and increased sales in network services and first-party software [4] - Music segment sales increased by 13% year-on-year, with operating income rising by 9%, reaching a record high for the third quarter [9] - I&SS segment sales increased by 21% year-on-year, and operating income increased by 35%, both record highs for the segment [15][16] Market Data and Key Metrics Changes - User engagement for PlayStation increased, with monthly active users rising by 2% to a record high of 132 million accounts [5] - The global interchangeable lens camera market demand remained strong year-on-year, particularly in Asia, despite a decline in sales in China [14] Company Strategy and Development Direction - The company plans to enhance its music, video, and event business by leveraging Peanuts IP, aiming for long-term growth [12][13] - A strategic partnership with TCL aims to strengthen the home entertainment business through a joint venture, focusing on optimizing management and leveraging both companies' strengths [15][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertain business environment but expressed confidence in the company's ability to manage and produce results as the fiscal year-end approaches [18] - Concerns regarding memory supply and pricing were noted, but management believes the impact on high-end products will be limited [17][28] Other Important Information - The company increased its share repurchase facility from JPY 100 billion to JPY 150 billion, reflecting confidence in its business fundamentals [18][69] - The introduction of a lower-priced PlayStation model in Japan aims to enhance market presence and is expected to have a mid to long-term positive impact [48] Q&A Session Summary Question: About the game "Marathon" and its strategic significance - Management explained that user feedback led to modifications before the release, emphasizing the importance of live service games for recurring revenue [22][24] Question: Concerns about stock price performance - Management acknowledged market concerns regarding memory supply and the entertainment sector's performance but emphasized a focus on improving fundamentals and profitability [26][28] Question: ET&S structural reform and home entertainment partnership - Management clarified that the partnership with TCL aims to optimize the home entertainment business, including TV and audio [31][32] Question: Impact of rising memory prices on PS5 - Management indicated that while there may be some impact on new hardware sales due to cost increases, the established software and network service revenue will continue to contribute significantly [34][36] Question: Music streaming revenue growth prospects - Management expects continued growth in the music business driven by increasing average revenue per user and user numbers [39] Question: Generative AI's impact on game development - Management views generative AI as a tool that can enhance creativity in game development, emphasizing the importance of integrating AI with artistic sensitivity [80]

Core Viewpoint - Equinor has agreed to divest its entire onshore portfolio in Argentina's Vaca Muerta basin to Vista Energy for approximately $1.1 billion, as part of its strategy to streamline its international upstream operations [1]. Group 1: Transaction Details - The deal includes Equinor's non-operated stakes in two shale assets: a 30% interest in Bandurria Sur and a 50% interest in Bajo del Toro [2]. - Equinor will receive $550 million in upfront cash at closing, along with shares from Vista Energy, with additional contingent payments linked to future production levels and oil prices over a five-year period [3]. - The transaction is effective from July 1, 2025, and is subject to regulatory and customary approvals [3]. Group 2: Strategic Rationale - The sale reflects Equinor's value-driven approach to portfolio management, prioritizing capital allocation towards core international markets [4]. - The divestment supports Equinor's broader effort to high-grade its portfolio and enhance financial flexibility [4]. Group 3: Historical Context - Equinor has been involved in Argentina's upstream sector since 2017, entering Vaca Muerta through a joint exploration agreement with YPF at Bajo del Toro [5]. - The company expanded its onshore presence in 2020 by acquiring a stake in Bandurria Sur, which is one of the basin's more advanced development areas [5]. Group 4: Production Insights - Production from Bandurria Sur has significantly contributed to Equinor's output in Argentina, averaging about 24,400 barrels of oil equivalent per day in the third quarter of 2025 [6]. - Bajo del Toro is still in the early development stage, producing approximately 2,100 net barrels of oil equivalent per day [6]. Group 5: Industry Context - Vista Energy, a major independent operator in Argentina's shale sector, is consolidating its position in Vaca Muerta as international players reassess capital deployment in higher-cost or non-core regions [7]. - The acquisition enhances Vista's operated footprint in the basin, recognized as one of the largest unconventional oil and gas resources globally [7]. Group 6: Future Outlook - While exiting onshore operations, Equinor retains its offshore exploration exposure in Argentina, holding eight offshore licenses across various basins acquired in 2019 [8]. - Ongoing subsurface studies are being conducted, with no current drilling commitments associated with those licenses [8].

Company Overview - Cogent Communications Holdings is a global provider of internet access and network services, operating 54 data centers and connecting thousands of commercial buildings [6] - The company focuses on recurring service revenue and has a broad geographic reach, which underpins its competitive position in the telecommunications sector [6] - Revenue for the trailing twelve months (TTM) is $987.53 million, with a net income of -$194.71 million, and a dividend yield of 12.6% [4] Recent Developments - Taylor Frigon Capital Management fully exited its position in Cogent Communications Holdings in the fourth quarter, selling 73,271 shares valued at approximately $2.81 million [1][2] - As of January 23, shares of Cogent were priced at $24.29, reflecting a significant decline of 65.4% over the prior year, underperforming the S&P 500's gain of roughly 14% during the same period [3] Financial Performance - Cogent's latest results indicated some progress, with wavelength revenue increasing sharply year over year and EBITDA growing, leading to margins expanding to just over 20% in the third quarter [11] - However, core service revenue experienced a sequential decline, operating cash flow remained thin, and the stock continued to slide, indicating investor skepticism about the company's ability to generate durable free cash flow [11] Market Position and Strategy - Cogent operates a network-centric business model, generating income through recurring service contracts and colocation fees for bandwidth-intensive organizations [9] - The company serves small and medium-sized businesses, communications service providers, and enterprises that require reliable, high-capacity data connectivity [9] - The exit by Taylor Frigon Capital Management reflects a growing mismatch between the demands of Cogent's business and the portfolio's design, highlighting the challenges faced by capital-heavy network operators [10][12]

Inovalis Real Estate Investment Trust Announces Closing of the Disposition of the Trio PropertyJan 30, 2026 5:30 PM Eastern Standard Time# Inovalis Real Estate Investment Trust Announces Closing of the Disposition of the Trio PropertyShare---TORONTO--([BUSINESS WIRE])--Inovalis Real Estate Investment Trust (the "REIT†) (TSX: INO.UN) announced today that it has completed the disposition of its Trio property.The disposition follows the execution of a preliminary exchange agreement that was signed on October ...

Core Viewpoint - Torrent Capital Ltd. reported preliminary, unaudited financial results for Q4 2025, indicating a Net Asset Value (NAV) of approximately $32.4 million, or $0.85 per share, reflecting growth from $20.3 million, or $0.80 per share, at the end of 2024 [1][2]. Financial Highlights - The NAV as of December 31, 2025, was $32.4 million, an increase from $20.3 million at the end of 2024 [2]. - The most recent interim NAV reported as of November 30, 2025, was approximately $33.3 million [2]. Cash Position - The company had $1.7 million in cash and cash equivalents at December 31, 2025, unchanged from December 31, 2024 [3]. - Cash and cash equivalents decreased by $6.9 million from November 2025 due to capital deployment into new and existing investments, primarily in technology and artificial intelligence sectors [3]. Portfolio Management - Torrent utilized option writing strategies on select equity positions to generate incremental cash flows during the period [4]. - The company continued optimizing its portfolio by exiting underperforming holdings and realizing gains on investments that reached their targeted upside [4]. Performance Drivers - The change in NAV during December reflects short-term valuation movements across the portfolio amid broader market volatility and year-end rebalancing [5]. Management Commentary - The CEO of Torrent Capital Ltd. stated that the year-end results were marked by steady execution of portfolio management and capital deployment strategies, with a focus on equities in technology and artificial intelligence sectors [6]. Company Overview - Torrent Capital is a publicly traded Investment Issuer that actively manages a portfolio of public equities and private investments, aiming for above-market returns while providing transparency and daily liquidity [8].

Group 1 - The primary goal of the "High Income DIY Portfolios" service is to provide high income with low risk and capital preservation for DIY investors [1] - The service offers seven portfolios, including three buy-and-hold, three rotational portfolios, and a conservative NPP strategy portfolio, aimed at income investors such as retirees [1] - The portfolios are designed to create stable, long-term passive income with sustainable yields, featuring two high-income portfolios and two dividend growth investment (DGI) portfolios [1] Group 2 - The "Financially Free Investor" focuses on investing in dividend-growing stocks with a long-term horizon, applying a unique 3-basket investment approach [2] - This approach aims for 30% lower drawdowns, 6% current income, and market-beating growth over the long term [2] - The service includes a total of 10 model portfolios with varying income targets and risk levels, along with buy and sell alerts and live chat support [2]

Company Overview - Western Alliance Bancorporation is a leading regional bank holding company with a diversified portfolio of lending and deposit products, serving commercial and consumer clients through 36 branch locations and specialized loan production offices [6] - The company reported a revenue of $3.4 billion and a net income of $914.3 million for the trailing twelve months (TTM) [4] Recent Transaction - Vaughan Nelson Investment Management, L.P. disclosed a sale of 1,788,953 shares of Western Alliance, valued at approximately $145.27 million, resulting in a reduction of the fund's position to 0.33% of its 13F assets under management (AUM) from 1.7% in the previous quarter [2][8] - The fund's quarter-end position value dropped by $156.2 million due to the share sale and price movement [2] Market Context - There are concerns surrounding regional banks, particularly regarding the future interest rate environment, but optimism exists for anticipated results in 2026 [7] - Other regional banks have reported strong performance, such as Bank of New York Mellon with a 28% year-over-year earnings per share growth and M&T Bank achieving record net income in 2025 [11] Asset Quality - The quality of Western Alliance's assets appears to be improving, with a decline in the ratio of nonperforming loans and repossessed assets to total assets in Q3 [11] - The bank focuses on the western and southwestern regions of the U.S., which may raise specific concerns for investors [12] Investment Strategy - Maintaining a diversified portfolio is recommended, as it can help mitigate risks associated with individual companies [13] - The banking sector is generally positioned well heading into 2026, making it sensible to hold some banking stocks for income-producing dividends [13]