Company Announcement - Bimini Capital Management, Inc. will release its fourth quarter 2025 results on March 12, 2026, after the market closes, rescheduling from the original date of March 5, 2026 [1] Earnings Conference Call - An earnings conference call and live audio webcast is scheduled for March 13, 2026, at 10:00 AM ET, with registration available online [2] Company Overview - Bimini Capital Management, Inc. primarily invests in residential mortgage-related securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae [3] - The company serves as the external manager for Orchid Island Capital, Inc., a publicly-traded real estate investment trust, earning management fees and expense reimbursements [4] - Bimini also manages Royal Palm Capital, LLC, with a similar investment strategy to that of Orchid [5]

Financial Data and Key Metrics Changes - In 2025, the company achieved record financial results with Distributable Earnings before realizations of $5.4 billion, representing an 11% increase over the prior year, and total Distributable Earnings of $6 billion [7][15] - The total net income for the year was $3.2 billion, with Distributable Earnings per share of $2.27 before realizations and $2.54 including realizations [15] - The company raised $112 billion of capital during the year, with fee-bearing capital increasing by 12% to over $600 billion, driving a 22% increase in Fee-Related Earnings to $3 billion [15][16] Business Line Data and Key Metrics Changes - The Asset Management business generated $2.8 billion of Distributable Earnings, or $1.17 per share, reflecting strong investor demand for fund offerings [15] - The Wealth Solutions business delivered $1.7 billion of Distributable Earnings, a 24% increase over the prior year, driven by $20 billion of annuity sales and improved profitability in the P&C business [16][24] - Operating businesses generated Distributable Earnings of $1.6 billion, supported by strong fundamentals across the platform, with Renewable Power and Transition and Infrastructure businesses seeing a 14% increase in Operating Funds from Operations [17] Market Data and Key Metrics Changes - The market environment showed strong business fundamentals, with improved capital markets and increased transaction activity, leading to expectations that real assets will continue to outperform [8][11] - In the real estate sector, nearly 17 million square feet of office leases were signed globally, with net rents averaging 18% higher than expiring leases [18] - The company’s Super Core and Core Plus portfolios finished the year with over 95% occupancy, poised for robust NOI growth in 2026 [19] Company Strategy and Development Direction - The company is focused on streamlining and consolidating its market capitalizations, with plans to merge Brookfield Corporation with its sister insurance entity, BNT, to enhance growth potential [12][13] - The strategic initiatives advanced in 2025 are expected to fuel meaningful momentum, with a strong capital base of $180 billion and significant access to capital [22][14] - The company aims to maintain a long-term focus on value creation, emphasizing the importance of avoiding disruption to the compounding process [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver financial results and compound value for shareholders, anticipating 2026 to be another strong year [14] - The company highlighted the importance of maintaining excess capital to navigate market cycles and capitalize on investment opportunities [10] - Management noted that the current market sentiment is beginning to realign with strong underlying fundamentals, particularly in real estate [11] Other Important Information - The company returned $1.6 billion to shareholders in 2025 through dividends and share buybacks, repurchasing over $1 billion of Class A shares at a significant discount to intrinsic value [21] - A 17% increase in the quarterly dividend to $0.07 per share was declared, reflecting a commitment to returning capital to shareholders while maintaining a low payout ratio [23][66] Q&A Session Summary Question: Scaling the P&C business and its profitability - Management discussed the repositioning of the P&C business to generate strong profits and the potential for M&A opportunities as markets soften, with a target of $20 billion-$25 billion of float by the end of the decade [32][35] Question: Decision to simplify the structure and collapse BNT - Management explained that the decision to streamline and simplify the structure is based on the evolution of public markets and the growth potential of the insurance business, aiming to fully benefit from the broader capital base [38][41] Question: Outlook for the Carry into 2026 - Management indicated a strong pipeline for monetizations and expects an increase in Carry realizations in the second half of the year, with good valuations for assets being brought to market [62][63] Question: Dividend increase and its implications - Management clarified that the 17% dividend increase is not a shift in strategy but a result of share splits and a low payout ratio, maintaining a focus on reinvesting capital back into the business [66][67]

Financial Data and Key Metrics Changes - In 2025, the company achieved record financial results with distributable earnings before realizations of $5.4 billion, representing an 11% increase over the prior year, and total distributable earnings of $6 billion [7][15] - The total net income for the year was $3.2 billion, with a fee-related earnings increase of 22% to $3 billion [15][21] - The company raised $112 billion of capital during the year, reflecting continued investor demand for its fund offerings [15][21] Business Line Data and Key Metrics Changes - The asset management business generated $2.8 billion of distributable earnings, or $1.17 per share, while the wealth solutions business delivered $1.7 billion of distributable earnings, representing a 24% increase over the prior year [15][16] - The operating businesses generated distributable earnings of $1.6 billion, or $0.68 per share, supported by strong underlying fundamentals [17] - The insurance asset base grew to $145 billion, with $20 billion of annuity sales during the year [6][16] Market Data and Key Metrics Changes - The market environment showed strong business fundamentals, with improved capital markets and a return of liquidity in both debt and equity markets [8] - The company signed nearly 17 million square feet of office leases globally, with net rents averaging 18% higher than expiring leases [18] - In major global markets, tenant demand has continued to grow, translating into strong leasing activity and meaningful rent growth for high-quality assets [19] Company Strategy and Development Direction - The company is focused on streamlining and consolidating its market capitalizations, with plans to merge Brookfield Corporation with its paired sister insurance entity, BNT [12][13] - The strategic initiatives advanced in 2025 are expected to fuel meaningful momentum, with a strong liquidity position and multiple avenues for growth [22] - The company aims to maintain excess capital to navigate market cycles and focus on long-term value creation [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to continue delivering financial results and compounding value for shareholders, anticipating 2026 to be another strong year [14] - The company highlighted the importance of avoiding disruption to the compounding process and maintaining a long-term investment mindset [9][10] - Management noted that the real estate market is beginning to realign with fundamentals, with muted new supply and growing demand [11] Other Important Information - The company returned $1.6 billion to shareholders in 2025 through dividends and share buybacks, repurchasing more than $1 billion of Class A shares [21] - A 17% increase in the quarterly dividend to $0.07 per share was declared, reflecting a commitment to returning capital to shareholders [23] Q&A Session Summary Question: Scaling the P&C business and its profitability - Management discussed the challenges of acquiring businesses in a hard market and the strategy to reposition them for future growth, indicating a strong outlook for the protection business [32][34] Question: Decision to simplify the structure and collapse BNT - Management explained that the decision to streamline was based on the evolution of public markets and the growth potential of the insurance business, aiming for a single listed entity [38][41] Question: Outlook for the P&C business and its size relative to life and annuity - Management indicated a path to significantly increase the float of the protection business, projecting growth to $20 billion-$25 billion by the end of the decade [35] Question: Dividend increase and its implications - Management clarified that the dividend increase was not a shift in strategy but a result of share splits and a low payout ratio, maintaining a focus on reinvesting capital [66][67] Question: Growth initiatives in Asia and Europe - Management highlighted ongoing efforts in Japan and other Asian markets, while noting the regulatory challenges in Europe that would require a cautious approach [59][60]

Financial Data and Key Metrics Changes - In 2025, the company raised $112 billion of capital and generated record financial results with distributable earnings before realizations of $5.4 billion, representing an 11% increase over the prior year [5][13] - Total distributable earnings reached $6 billion, or $2.54 per share, with total net income of $3.2 billion for the year [13] - Fee-bearing capital increased by 12% to over $600 billion, driving a 22% increase in fee-related earnings to $3 billion [14] Business Line Data and Key Metrics Changes - The asset management business generated $2.8 billion of distributable earnings, or $1.17 per share, while the wealth solutions business delivered $1.7 billion of distributable earnings, representing a 24% increase over the prior year [14][22] - Operating businesses generated distributable earnings of $1.6 billion, or $0.68 per share, supported by strong underlying fundamentals [15] Market Data and Key Metrics Changes - The real estate business saw strong leasing activity, signing nearly 17 million sq ft of office leases globally, with net rents averaging 18% higher than expiring leases [16] - In major markets like New York, Canada, and London, leasing activity resulted in rents significantly higher than those expiring, indicating strong demand from credit-worthy tenants [17] Company Strategy and Development Direction - The company is focused on streamlining its structure by merging Brookfield Corporation with its paired sister insurance entity, BNT, to enhance growth potential and simplify access for investors [11][12] - The strategy emphasizes long-term value creation, maintaining excess capital to navigate market cycles, and investing in high-quality real estate and other assets [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted that business fundamentals are strong, with improved capital markets and liquidity, leading to increased transaction activity [7] - The company is confident in its ability to deliver financial results and compound value for shareholders, projecting 2026 to be another strong year [12] Other Important Information - The company returned $1.6 billion to shareholders in 2025 through dividends and share buybacks, repurchasing over $1 billion of Class A shares at a significant discount to intrinsic value [19] - The board declared a 17% increase in the quarterly dividend to $0.07 per share, reflecting confidence in future cash flow growth [21] Q&A Session Summary Question: Scaling the P&C business and its profitability - Management discussed the strong outlook for the protection business, emphasizing the potential for M&A and organic growth as markets soften [31][34] Question: Decision to simplify the structure and collapse BNT - Management explained that the decision to streamline was based on the evolution of public markets and the growth potential of the insurance business, which has become more integrated with the corporation [37][40] Question: Outlook for the protection franchise and ROE - Management highlighted the focus on diversifying product types and geographic expansion to maintain strong returns on equity [41][42] Question: Implications of P&C growth on the overall platform - Management noted that while the P&C business requires capital to grow, it does not have the same operating leverage as the annuity business, allowing for strategic capital allocation [46][48] Question: Performance of the North American residential portfolio - Management indicated that Q4 performance was influenced by seasonality and a one-time gain, with expectations for improved performance as housing shortages persist [70][72] Question: Dividend increase and its implications - Management clarified that the dividend increase was not a shift in strategy but a result of share splits and a low payout ratio [63][64]

Core Insights - Affiliated Managers Group Inc. (AMG) reported fourth-quarter 2025 economic earnings of $9.48 per share, exceeding the Zacks Consensus Estimate of $8.75 and reflecting a 45.2% increase year over year [1][7] - Economic net income for the quarter was $271.7 million, a 32% year-over-year increase, surpassing the estimate of $235.3 million [2] - Total revenues for the fourth quarter rose 6.2% year over year to $556.6 million, beating the Zacks Consensus Estimate of $551.5 million [3] Financial Performance - For 2025, economic earnings per share were $26.05, exceeding the consensus estimate of $25.45 and growing 22% year over year [2] - Total revenues for 2025 reached $2.07 billion, a 1.6% increase, slightly below the Zacks Consensus Estimate of $2.08 billion [3] - Adjusted EBITDA for the fourth quarter was $378.1 million, up 34.2%, surpassing the projected $326.3 million [3] Assets Under Management (AUM) - As of December 31, 2025, total AUM was $813.3 billion, a 14.9% increase, although below the estimate of $854.1 billion [4] - Average AUM for the quarter was $821.3 billion, reflecting a 14.5% year-over-year growth [4] - Net client cash inflows during the reported quarter amounted to $12.1 billion [4] Capital and Liquidity - As of December 31, 2025, AMG had $586 million in cash and cash equivalents, down from $950 million a year earlier [5] - The company's debt increased to $2.69 billion from $2.62 billion as of December 31, 2024 [5] - Stockholders' equity decreased to $3.24 billion from $3.35 billion year over year [5] Share Repurchase and Acquisitions - During the fourth quarter, AMG repurchased shares worth $350 million and announced an additional buyback authorization of approximately 6 million shares [6] - AMG also announced the acquisition of a minority equity stake in HighBrook Investors, a real estate investment manager, to diversify its business [8] Market Position and Outlook - AMG is positioned for growth due to successful partnerships, a focus on alternative strategies, and a diverse product mix [9] - However, concerns remain regarding substantial intangible assets and elevated expense levels [9]

PERFORMANCE UPDATE 2025 Full Year Highlights We generated $1.6 billion ($0.67/share) of Distributable Earnings ("DE") during the quarter and $6.0 billion ($2.54/share) for the year. Record Deployable Capital $6B 11% $188B Annual Growth in DE Before Realizations Distributable Earnings ("DE") DE before realizations were $1.5 billion ($0.63/share) for the quarter and $5.4 billion ($2.27/share) for the year, representing growth of 11% per share over the prior year. Asset Management Wealth Solutions Operating Bu ...

Core Viewpoint - F/m Investments has launched a dual share class fund for its TBIL U.S. Treasury 3-Month Bill strategy, allowing investors to access the same portfolio through both ETF and mutual fund structures without compromising on investment quality or vehicle type [1]. Group 1: Product Innovation - The dual share class structure enables both ETF and mutual fund investors to hold the same investment strategy, simplifying the investment process [1]. - This launch is the first instance of an ETF issuer operating a dual share class fund under a modern SEC exemptive order, marking a significant innovation in the ETF market [1]. - The mutual fund share class is currently accepting new shareholders, expanding distribution access for investors [1]. Group 2: Regulatory Framework - F/m Investments received exemptive relief from the SEC, allowing the fund to operate under the Investment Company Act of 1940, which ensures compliance with existing regulatory frameworks [1]. - The dual share class structure was designed to function within the current ETF framework without requiring new rules or interpretations, making it a sustainable model for other issuers [1]. Group 3: Market Impact - The implementation of the dual share class fund is expected to benefit financial advisors by allowing clients in different account types to invest in the same strategy without the need for separate product management [1]. - The initiative is seen as a proof of concept for the broader industry, potentially influencing future fund structures and offerings [1].

Financial Data and Key Metrics Changes - As of the end of Q4 2025, fee-paying assets under management (AUM) reached $29.4 billion, reflecting a 15% year-over-year increase [19] - Fee-related revenues (FRR) for 2025 were $297.3 million, a 13% increase from 2024, excluding direct and secondary catch-up fees [22] - Adjusted net income (ANI) for Q4 was $30.2 million, a 14% decrease from the previous year, primarily due to high catch-up fee revenue in Q4 2024 [26] Business Line Data and Key Metrics Changes - The company raised and deployed a record $5.1 billion in organic gross new fee-paying AUM in 2025, exceeding initial guidance by over $1 billion [11] - Private equity strategies raised and deployed $325 million, venture capital solutions raised and deployed $178 million, and private credit strategies added $338 million to fee-paying AUM in Q4 [24] - The average core fee rate was 109 basis points in Q4 and 104 basis points for 2025, with expectations of 103 basis points for 2026 [23] Market Data and Key Metrics Changes - The company has expanded its product set to meet investor demand for private markets, including launching its first evergreen product and a fund directed at European investors [13] - The acquisition of Qualitas Funds established the company's presence outside the U.S., complemented by the opening of a new office in Dubai [14] Company Strategy and Development Direction - The company aims to double fee-paying AUM to $50 billion by the end of 2029, primarily through organic growth [15] - The strategic acquisition of Stellus is expected to enhance direct lending capabilities and align with the company's focus on the middle and lower middle market [9] - The company is committed to returning capital to shareholders, having repurchased nearly 11 million shares since the beginning of 2024 [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory and the potential for further expansion in the middle and lower middle market [18] - The company anticipates strong fundraising in 2026 and 2027, targeting at least $10 billion in gross fee-paying AUM [16] - Management highlighted the importance of strong fund performance and product innovation to sustain growth [12] Other Important Information - The company appointed two new independent directors to enhance governance and broaden its brand reach [14] - Operating expenses decreased in 2025 to $231.8 million from $235.8 million in 2024, reflecting adjustments related to prior acquisitions [25] Q&A Session Summary Question: AI's impact on private markets - Management noted a meaningful exposure to AI through its venture portfolio, with investments performing well, while maintaining modest exposure to SaaS and software [30][31] Question: Private markets wealth strategy - Management clarified that while private wealth was not a primary focus, they are leveraging existing products and partnerships, such as with CAIS, to enhance distribution in the private wealth channel [33][37] Question: Details on Stellus acquisition - Management indicated that Stellus's acquisition would be modestly accretive and that more detailed guidance would be provided closer to the closing date [41][42] Question: Stellus's sourcing funnel and growth acceleration - Management emphasized the strong fit between Stellus and the company's existing sponsor ecosystem, with plans to enhance sourcing and accelerate growth post-acquisition [49][52] Question: Capital management and M&A strategy - Management stated intentions to balance stock buybacks with debt reduction post-acquisition, while remaining focused on strategic M&A opportunities in private credit and real assets [55][58]

Financial Data and Key Metrics Changes - AMG reported full-year economic earnings per share of $26.05, a 22% increase year over year, driven by strong organic growth and capital allocation strategy [4][27] - Adjusted EBITDA for the fourth quarter was $378 million, growing 34% year over year, while full-year Adjusted EBITDA reached $1.1 billion, up 11% from 2024 [25][26] - Economic earnings per share for the fourth quarter were $9.48, reflecting a 45% year-over-year growth [27] Business Line Data and Key Metrics Changes - AMG's affiliates generated approximately $29 billion in annual net client cash flows, representing an organic growth rate of 4% [4] - The company added approximately $97 billion in alternative assets under management (AUM), a 35% increase, with $74 billion in net inflows from existing affiliates and $23 billion from new partnerships [5][11] - Fee-related earnings grew 20% year over year for the fourth quarter and 8% for the full year, driven by investment performance and organic growth [26] Market Data and Key Metrics Changes - AMG's alternative AUM reached $373 billion, contributing approximately 60% of EBITDA on a run rate basis [9] - In liquid alternatives, AMG posted record net inflows of $51 billion for the year, representing a 36% annualized organic growth rate [17] - Private markets affiliates raised $24 billion in total for the year, with an annualized organic growth rate of 18% [18] Company Strategy and Development Direction - AMG's strategy focuses on expanding its footprint in private markets and liquid alternatives, with a commitment to high-quality affiliate partnerships [6][12] - The company aims to continue investing in areas of secular growth and product innovation to enhance affiliate success and drive organic growth [12][36] - AMG plans to repurchase at least $400 million in shares in 2026, reflecting its commitment to returning capital to shareholders while pursuing growth investments [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the business, highlighting the strong momentum entering 2026 [13][36] - The company anticipates ongoing growth from existing affiliates, particularly AQR and Pantheon, which are expected to contribute significantly to earnings [30][31] - AMG's reputation and capital flexibility are at an all-time high, positioning the company well for future opportunities [13] Other Important Information - AMG repurchased approximately $700 million of its shares in 2025, representing 11% of shares outstanding [5][24] - The company announced a new partnership with Highbrook and a follow-on investment in Garda, both expected to be accretive to earnings in 2026 [7][35] - AMG's global wealth AUM now totals over $100 billion, growing organically at more than 100% in 2025 [23] Q&A Session Summary Question: Outlook for AQR in 2026 - Management noted that AQR is expected to be a more meaningful contributor in 2026, with strong organic growth and diverse flows across various strategies [38][66] Question: Pipeline for Private Markets in 2026 - Management highlighted Pantheon’s expertise in secondaries and the ongoing innovation in private markets products, which are expected to drive growth [47][49] Question: Growth in Global Wealth Management - Management acknowledged significant growth in the U.S. wealth management platform while also recognizing opportunities for growth outside the U.S. [57][60] Question: Performance Fees Outlook - Management indicated that AQR was a double-digit contributor to EBITDA in 2025 and is expected to grow further in 2026, with a stable and predictable earning stream from performance fees [64][68]

Financial Data and Key Metrics Changes - AMG reported full-year economic earnings per share of $26.05, a 22% increase year-over-year, driven by strong organic growth and capital allocation strategy [4][27] - Adjusted EBITDA for the fourth quarter was $378 million, growing 34% year-over-year, while full-year Adjusted EBITDA reached $1.1 billion, up 11% from 2024 [25][26] - Economic earnings per share for the fourth quarter were $9.48, reflecting a 45% year-over-year growth [27] Business Line Data and Key Metrics Changes - AMG's affiliates generated approximately $29 billion in annual net client cash flows, representing an organic growth rate of 4% [4] - The company added approximately $97 billion in alternative assets under management (AUM), a 35% increase, with $74 billion in net inflows from existing affiliates and $23 billion from new partnerships [5][11] - Fee-related earnings grew 20% year-over-year for the fourth quarter and 8% for the full year, driven by investment performance and organic growth [26] Market Data and Key Metrics Changes - AMG's private markets affiliates raised $9 billion in the fourth quarter, bringing full-year fundraising to $24 billion, representing an 18% annualized organic growth rate [18] - In liquid alternatives, AMG posted record net inflows of $15 billion in the fourth quarter and $51 billion for the full year, reflecting a 36% annualized organic growth rate [17] - The company experienced net outflows of approximately $12 billion in equities for the quarter and $45 billion for the year, indicating industry headwinds [20] Company Strategy and Development Direction - AMG's strategy focuses on expanding its footprint in private markets and liquid alternatives, with a commitment to invest in high-quality affiliates and innovative product development [12][19] - The company aims to enhance its U.S. wealth platform, which has reached approximately $8 billion in alternative AUM, and continues to innovate in product offerings [21][22] - AMG plans to repurchase at least $400 million in shares in 2026, reflecting its commitment to return capital to shareholders while pursuing growth investments [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the business, highlighting the strong momentum in alternatives and the ongoing demand for liquid alternative strategies [12][16] - The company anticipates continued growth from existing affiliates, particularly AQR and Pantheon, which are expected to contribute significantly to earnings in 2026 [30][66] - AMG's reputation and capital flexibility are at an all-time high, positioning the company for further success in the coming years [13] Other Important Information - AMG repurchased approximately $700 million of its shares in 2025, representing 11% of shares outstanding [5] - The company has committed over $1 billion in capital across five new investments, indicating a strong pipeline for growth [6][33] - The departure of Tom Wojcik, the CFO, was acknowledged, with management expressing confidence in the leadership team's ability to continue executing the company's strategy [14][15] Q&A Session Summary Question: Outlook for AQR in 2026 - Management noted that AQR is expected to be a more meaningful contributor in 2026, with strong organic growth and diverse flows across various strategies [38][40] Question: Pipeline for Private Markets in 2026 - Management highlighted Pantheon's expertise in secondaries and the ongoing innovation in private markets products, which are expected to drive organic growth [47][49] Question: Global Wealth Management Growth - Management discussed the significant growth in the U.S. wealth management platform and the potential for growth in international markets, emphasizing a holistic approach to wealth distribution [58][61] Question: Performance Fees Outlook - Management indicated that AQR contributed a double-digit percentage to EBITDA in 2025 and is expected to exceed 20% in 2026, with a stable and predictable earning stream from performance fees [64][66]