4Q25 EARNINGS PRESENTATION IMPORTANT DISCLOSURE IN REVIEWING THE INFORMATION CONTAINED IN THIS PRESENTATION, YOU ARE AGREEING TO ABIDE BY THE TERMS OF THIS DISCLAIMER. THIS INFORMATION IS BEING MADE AVAILABLE TO EACH RECIPIENT SOLELY FOR ITS INFORMATION AND IS SUBJECT TO AMENDMENT. This presentation is prepared by XP Inc. (the "Company," "we" or "our"), is solely for informational purposes. This presentation does not constitute a prospectus and does not constitute an offer to sell or the solicitation of an ...

Core Viewpoint - AllianceBernstein Holding L.P. demonstrated strong financial performance in its latest earnings report, surpassing revenue and earnings estimates while managing a significant amount of assets despite facing net outflows [1][2][6] Financial Performance - The company reported an earnings per share (EPS) of $0.96, exceeding the estimated $0.92 [1][6] - Revenue was approximately $957.3 million, slightly above the forecast of $956.1 million [2][6] - The GAAP diluted net income was $0.90 per unit, with an adjusted diluted net income of $0.96 per unit [2] Assets Under Management - AllianceBernstein closed the year with a record $867 billion in assets under management [3][6] Net Outflows - The company faced $9.4 billion in net outflows, primarily due to $22.5 billion in net redemptions [4][6] Growth Areas - Despite the outflows, the company achieved targeted organic growth in areas such as ultra-high-net-worth, insurance, separately managed accounts (SMAs), active ETFs, and private markets [4] Financial Metrics - The company has a price-to-earnings (P/E) ratio of approximately 14.80, a price-to-sales ratio of about 12.84, and an enterprise value to sales ratio of 12.84 [5] - The enterprise value to operating cash flow ratio is around 12.73, and the earnings yield is approximately 6.76% [5]

Core Insights - First Western Financial, Inc. reported a net income of $3.3 million for Q4 2025, an increase from $3.2 million in Q3 2025 and $2.7 million in Q4 2024, with diluted earnings per share rising to $0.34 from $0.32 in the previous quarter [2][6]. Financial Performance - Net interest income for Q4 2025 was $20.6 million, up 5.6% from $19.5 million in Q3 2025 and 21.9% from $16.9 million in Q4 2024 [11][12]. - The net interest margin increased by 17 basis points to 2.71% in Q4 2025, compared to 2.54% in Q3 2025, primarily due to a decrease in the cost of funds [9][10]. - Total income before non-interest expense was $25.7 million, a 7.1% increase from $24.0 million in Q3 2025, driven by higher net interest income [8]. Loan and Deposit Trends - Total loans held for investment rose to $2.65 billion, an increase of $59 million or 2.3% from Q3 2025, with growth in commercial real estate portfolios [17]. - Total deposits decreased by 3.5% to $2.75 billion from $2.85 billion in Q3 2025, primarily due to fluctuations in higher-cost money market accounts [18]. Expense Management - Non-interest expense increased to $21.3 million, a 6.0% rise from $20.1 million in Q3 2025, mainly due to a write-down of other real estate owned [14][15]. - The efficiency ratio improved to 74.9% in Q4 2025 from 76.4% in Q3 2025, indicating better cost management [15]. Asset Quality - Non-performing assets decreased to $19.6 million, or 0.62% of total assets, down from $22.7 million or 0.70% in Q3 2025, reflecting improved asset quality [23]. - Non-accrual loans totaled $16.6 million, a decrease from $18.3 million in Q3 2025, indicating a positive trend in credit quality [24]. Capital Position - As of December 31, 2025, the company maintained strong capital ratios, with Tier 1 capital to risk-weighted assets at 9.75% and the bank classified as "well capitalized" [26][46]. - Book value per common share increased by 1.4% to $27.30 from $26.92 in Q3 2025, and tangible book value per common share rose by 1.6% to $24.07 [26][27].