These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement of the corresponding GAAP measures. Reconciliations between GAAP and non-GAAP measures included in Exhibit B of today's press release can be found in the Financials and Filings section of our Investor Relations website under the Supplemental Information heading and in our quarterly earnings presentation also posted on our Investor Relations website. The content of thi ...

Core Insights - Zuckerman Investment Group has increased its stake in Henry Schein by purchasing an additional 72,040 shares, raising its total position to 281,339 shares valued at $18.67 million as of September 30 [2][3] - The purchase reflects a strategic move by the fund, which focuses on capital-efficient, cash-generating businesses, and aligns with Henry Schein's improving earnings profile and aggressive stock buybacks [10][12] Company Overview - Henry Schein, Inc. is a leading global distributor of healthcare products and services, primarily in the dental and medical markets, leveraging a vast distribution network and technology-enabled services [6][9] - The company reported a trailing twelve months (TTM) revenue of $12.94 billion and a net income of $391 million [4] Financial Performance - In the third quarter, Henry Schein's revenue increased by 5% to $3.3 billion, with adjusted EBITDA rising to $295 million and non-GAAP EPS increasing by 13% year over year to $1.38 [10] - Management has raised its full-year non-GAAP EPS guidance to a range of $4.88 to $4.96 and lifted its sales growth outlook to 3% to 4% [10] Market Position - As of the latest trading, Henry Schein's shares were priced at $76.33, reflecting an 8% increase over the past year, although this performance lags behind the S&P 500, which has risen by approximately 15.5% in the same period [3] - The company's stock buyback program included $229 million in repurchases during the quarter, with an additional $980 million authorized for future buybacks [12] Growth Initiatives - Henry Schein's global technology sales grew nearly 10%, and specialty products increased close to 6%, with management expecting over $200 million in operating income improvement from value creation initiatives in the coming years [11]

Financial Performance - Sempra reported third-quarter 2025 GAAP earnings of $77 million or $0.12 per diluted share, a significant decrease from $638 million or $1.00 per diluted share in the same quarter of 2024 [1][3] - Adjusted earnings for the third quarter of 2025 were $728 million or $1.11 per diluted share, compared to $566 million or $0.89 per diluted share in 2024 [1][3] - For the first nine months of 2025, GAAP earnings were $1.444 billion or $2.21 per diluted share, down from $2.152 billion or $3.38 per diluted share in the same period of 2024 [1][3] Strategic Initiatives - Sempra announced a strategic transaction to sell a 45% equity interest in Sempra Infrastructure Partners to affiliates of KKR, aimed at simplifying the business model and improving financial strength [4] - The sale is expected to close in Q2 – Q3 2026, pending regulatory approvals [4] Capital Investments - Oncor Electric Delivery Company anticipates a more than 30% increase in its capital spending for the 2026-2030 period, building on a $36 billion base capital plan for 2025-2029 [5] - In the third quarter of 2025, Oncor upgraded approximately 660 circuit miles of transmission and distribution lines, reflecting ongoing growth in North Texas [6] Regulatory Developments - Oncor's base rate review is progressing, with a settlement agreement approved for interim rates, allowing for potential surcharges or refunds if the proceeding is still pending by January 1, 2026 [7] - California enacted Senate Bill 254, establishing an up to $18 billion continuation account to enhance the wildfire fund's stability, benefiting investor-owned electric utilities [8] Future Guidance - Sempra updated its full-year 2025 GAAP EPS guidance range to $3.05 to $3.45 and affirmed its adjusted EPS guidance range of $4.30 to $4.70 [10][30]

Core Points - Portman Ridge Finance Corporation will be renamed to BCP Investment Corporation and will trade under the new ticker symbol "BCIC" following the merger with Logan Ridge Finance Corporation [1][2] - The company plans to transition from quarterly base distributions to monthly distributions starting in 2026, while maintaining the potential for quarterly supplemental distributions [3] - The company, along with its management and affiliates, intends to acquire up to 20% of its outstanding common stock over the next 24 months if shares trade below 80% of net asset value (NAV) [4] Company Initiatives - The rebranding to BCP Investment Corporation reflects the company's integration into the BC Partners Credit Platform, which manages nearly $9.0 billion in assets [2] - The transition to monthly distributions is expected to enhance liquidity and be valued by investors, with supplemental distributions approximating 50% of incremental net investment income [3] - The company has authorized a stock repurchase program of up to $10 million from March 12, 2025, to March 31, 2026, to address the discount to NAV [4] Management Commentary - The President and CEO of Portman Ridge emphasized that the rebranding signifies the company's importance within the BC Partners Credit Platform and the commitment to its success [5] - The management remains focused on aligning interests with shareholders and enhancing long-term value creation through these initiatives [6]