Financial Data and Key Metrics Changes - Total revenue increased from $29.3 million in Q4 2024 to $30.9 million in Q4 2025, representing a 5.6% annual growth [11] - FFO in Q4 2025 was $13.3 million, a 4.6% increase year-over-year compared to $12.7 million in Q4 2024 [13] - AFFO totaled $14.9 million in Q4 2025, a 2.1% increase year-over-year compared to $14.6 million in Q4 2024 [14] - Interest expense decreased slightly to $7 million in Q4 2025, primarily due to recent FOMC interest rate cuts [12] Business Line Data and Key Metrics Changes - Occupancy increased from 90.1% to 90.6% during the quarter [6] - Weighted average lease term increased from 6.7 to 7 years [6] - The company sold an inpatient rehab facility at a 7.9% cap rate, resulting in a gain of approximately $11.5 million [7] Market Data and Key Metrics Changes - The company acquired three properties totaling 113,000 sq ft for an aggregate purchase price of $64.5 million, which were 100% leased [8] - The company signed definitive purchase and sale agreements for five properties with an expected investment of $122.5 million [9] Company Strategy and Development Direction - The company aims to maintain modest leverage levels while evaluating the best uses of capital [9] - The company is focused on capital recycling and selective acquisitions, with plans to use 1031 like-kind exchanges for reinvestment [9][23] - The company anticipates significant growth from redevelopment projects expected to come online in mid-2026 and late 2026 [27] Management's Comments on Operating Environment and Future Outlook - Management noted that the transaction with the geriatric behavioral hospital operator is expected to occur all at once, with no plans for a staged closing [20] - Management expressed confidence in the leasing activity and expects leased occupancy to remain stable in the low nineties for the next couple of quarters, with potential growth in the second half of the year [32] - Management indicated that there are still great opportunities in the market, with a focus on maintaining relationships with brokers to identify potential acquisitions [34] Other Important Information - The company declared a dividend of $0.4775 per common share for Q4 2025, raising it to an annualized dividend of $1.91 per share [10] - The company did not issue any shares under its ATM last quarter, anticipating sufficient capital from asset sales to fund near-term acquisitions [9] Q&A Session Summary Question: Update on the Geriatric Behavioral Hospital operator transaction - Management indicated that the transaction is expected to happen all at once, with significant progress in the first quarter [20] Question: Balancing transactions and potential leverage increase - Management aims to sequence dispositions and acquisitions to avoid adding leverage, confident in capital recycling efforts [23] Question: Changes in cap rates for acquisitions or dispositions - Management noted a high level of demand for assets and expects similar pricing on other dispositions, with opportunities in the 9%-10% cap rate range [26] Question: Future occupancy expectations - Management expects occupancy to remain stable in the low nineties for the next couple of quarters, with potential growth in the second half of the year [32] Question: Investment pipeline and opportunities - Management confirmed that opportunities still exist, with a focus on supporting clients and potential acquisitions when stock prices allow [34] Question: Status of the dialysis term sheet pipeline - Management stated that the relationship is on the back burner, with no current focus on executing transactions under that deal [36]

Financial Data and Key Metrics Changes - The company converted 45% of its EBITDA to free cash flow, which is a higher percentage than many in the industry [8] - The company targeted $100 million in cost savings, achieved through headcount reductions and facility closures, with an expected $45 million in in-year savings for 2026 [21][22] Business Line Data and Key Metrics Changes - The aerospace business is expected to grow slightly better than the build rate, with a focus on wide-body aircraft [17][19] - The company anticipates growth in advanced materials, particularly in the Americas, driven by reindustrialization and recovery in construction [50] Market Data and Key Metrics Changes - Early signs of improved volumes and pricing in Europe were noted, although it is too early to confirm sustainability [9][14] - The company is seeing low inventory levels across the supply chain, which may lead to shortages if demand increases [68] Company Strategy and Development Direction - The company plans to focus on structural changes in operations to generate enough cash to cover dividends and pursue growth through new product development and innovation [10] - There is an expectation of further opportunities for mergers, joint ventures, and industry consolidation in 2026 [9][26] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about a gradual recovery in North American home building and durable goods, as well as improvements in the Chinese domestic market [8][11] - The company remains focused on controlling costs and adapting to market dynamics, with a strategic emphasis on innovation and efficiency [10][11] Other Important Information - The company is selectively using AI tools to reduce costs and enhance R&D capabilities [10] - Management highlighted the need for European policymakers to take action to improve competitiveness in the chemical industry [44][56] Q&A Session Summary Question: What is driving the improvement in Europe? - Management noted price increases across the board and a slight pickup in construction and automotive demand [14] Question: What are the expected cost savings for 2026? - The company targeted $100 million in cost savings, with $45 million expected in 2026 [21] Question: What is the outlook for MDI margins? - Management indicated that margins depend on industry volumes and pricing initiatives to offset rising costs [36] Question: How is the company addressing potential industry consolidation? - Management sees opportunities for mergers and joint ventures, particularly in chaotic market conditions [26] Question: What is the status of inventory levels in the industry? - Management reported low inventory levels across the supply chain, which could lead to shortages if demand increases [68] Question: What is the outlook for polyurethanes EBITDA in Q1 2026? - Management indicated a need for price increases to offset rising natural gas costs, with a range of $25 million to $40 million expected [93][94]

Financial Data and Key Metrics Changes - As of December 31, 2025, the company surpassed $1.1 billion in total assets, achieving record quarterly and annual earnings, with full-year net income of approximately $16.65 million, reflecting a nearly 27% increase compared to 2024 [2][9][18] - The return on average equity reached nearly 15% on a GAAP basis and 21.6% on a core basis, indicating strong profitability metrics [9][10] - Net income for the fourth quarter was $4.85 million, an increase of about $500,000 from the third quarter and over $900,000 from the prior year's quarter [10][11] - Earnings per share grew from $0.18 in the fourth quarter of the previous year to $0.21 in the latest quarter [11][17] Business Line Data and Key Metrics Changes - Net interest income rose by more than $800,000 quarter-over-quarter to $11.87 million, supported by higher loan balances and improved funding costs [11][16] - Non-interest income totaled $1.73 million for the quarter, remaining well above year-ago levels despite lower loan prepayment activity [12][16] - Total non-interest income for the year was $6.77 million, representing a 46.5% year-over-year growth [20] Market Data and Key Metrics Changes - Gross loans ended the year at $958.79 million, reflecting a year-over-year growth of $154.55 million or 19.2% [19] - Total deposits reached $931.75 million, representing year-over-year growth of 20.7% [19] - The allowance for credit losses to loans ratio stood at 1.07%, with non-performing assets to total assets ratio at 0.32%, indicating strong credit quality [21][22] Company Strategy and Development Direction - The company aims to roll out a new subsidiary for HUD and FHA-insured financing solutions in early 2026, targeting multifamily and healthcare properties to diversify revenue [3][4] - The strategy includes maintaining disciplined loan growth and enhancing client relationships, particularly in the skilled nursing and senior housing sectors [3][4][32] - The company is focused on prudent capital deployment and investing in infrastructure to support sustainable long-term value for shareholders [26][57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining profitability and growth, with expectations of loan portfolio growth of 25% or higher [40][43] - The company anticipates that its operational efficiency will improve as it scales, with no significant increase in the cost of doing business expected [57] - Management highlighted the importance of relationships with clients, which contribute to stable loan performance and growth [54] Other Important Information - The company celebrated its 25th anniversary in 2025, marking a significant milestone in its history [2][3] - The capital structure has been simplified to enhance transparency for investors, allowing for clearer modeling of earnings power [6][49] Q&A Session Summary Question: Opportunities in bridge to HUD financing - Management discussed the potential for significant growth in the skilled nursing and senior housing sectors, with expectations to reach $250 million in two to three years [31][33] Question: EPS guidance assumptions - Management indicated that the EPS guidance of $0.18-$0.21 is based on current performance and expectations of loan growth and stable margins [40][41] Question: Long-term loan growth rate without compromising credit quality - Management expects sustainable loan growth of 25% or higher, supported by strong relationships with loyal customers [43] Question: AllianceBernstein's increased economic exposure - Management clarified that the preferred stock structure is designed to simplify ownership for insiders and that conversions to common stock are anticipated [44][45] Question: Sectors driving loan growth and potential stress - Management emphasized that strong relationships with clients mitigate stress in their portfolios, contributing to stable loan performance [54] Question: Regulatory thresholds influencing growth - Management reassured investors that the infrastructure is in place to support growth without significant additional costs, indicating readiness for scaling beyond $1 billion in assets [57][58]

Financial Data and Key Metrics Changes - In 2025, the company achieved record revenue of $1.4 billion, net income applicable to shareholders of $321 million ($0.49 per share), and record Adjusted EBITDA of $670 million [7][12] - Total debt decreased to $276 million, with a gross debt to Adjusted EBITDA ratio of 0.4 times [7][12] - Operating cash flow was $563 million, resulting in $310 million in free cash flow, with each mine generating positive free cash flow [7][12] Business Line Data and Key Metrics Changes - Silver production guidance was met with 17 million ounces produced, while gold production exceeded guidance with 150,000 ounces [8] - Lucky Friday produced a record 5.3 million ounces of silver, a nearly 50% increase from 2021 [8] - Keno Hill achieved over 3 million ounces of silver production, marking its first year of profitability under Hecla's ownership [8] Market Data and Key Metrics Changes - The realized silver price in Q4 was nearly $70 per ounce, exceeding the quarterly average by over $14 per ounce [14] - The all-in sustaining cost for silver was $18.11 per ounce, resulting in a silver margin of $51 per ounce or 74% of the realized price [14] Company Strategy and Development Direction - The company aims to be recognized as the premier silver company in North America, focusing on silver as the strategic anchor of its business [4][5] - The pending sale of Casa Berardi is part of a strategy to optimize the portfolio and redirect capital towards silver assets [9][10] - The company is committed to operational excellence, investment discipline, and organic growth through disciplined exploration programs [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a debt-free balance sheet by 2026, with a focus on financial strength and growth [12] - The company anticipates silver production of 15.1-16.5 million ounces in 2026, with a credible pathway to 20 million ounces over the medium term [28][30] - Management highlighted the importance of safety and environmental excellence as foundational to operational success [16][18] Other Important Information - The company reported a 13% reduction in total reportable injury frequency rate, reflecting a commitment to safety culture [18] - Significant exploration results were reported at Midas, with high-grade mineralization supporting potential near-term production [25][26] Q&A Session Summary Question: Exploration at Keno Hill - Management noted intercepting a new high-grade ore shoot and plans to focus on expanding this area, with a budget of $13 million for exploration [35][36] Question: Accounting Treatment for Casa Berardi - Management clarified that cash flows from Casa will continue through the closing date, with potential accounting impacts expected in Q1 [45][50] Question: Strategy for Silver Production Growth - Management emphasized the need to grow the silver portfolio and mentioned plans for a new project generation group to identify new silver districts [61][62]

Constellium (NYSE:CSTM) Q4 2025 Earnings call February 18, 2026 10:00 AM ET Company ParticipantsCorinne Blanchard - DirectorIngrid Joerg - CEOJack Guo - CFOTimna Tanners - Managing Director of Equity ResearchConference Call ParticipantsBill Peterson - Equity Research AnalystKatja Jancic - Metals and Mining AnalystIngrid JoergConstellium achieved strong results in 2025 that were ahead of our own expectations coming into the year, and despite the uncertain macroeconomic and end market environment. I want to t ...

Financial Data and Key Metrics Changes - The company reported a fourth quarter GAAP net loss attributable to common stockholders of $14.4 million, or $0.12 per share [3] - Distributable earnings loss was $35.5 million or $0.28 per share, while adjusted distributable earnings were $19.3 million or $0.15 per share [4][19] - Current liquidity stands at $168 million, including $98 million in unrestricted cash [4][23] - GAAP net book value decreased to $7.30 per share from $7.53 in the previous quarter, and undepreciated book value decreased to $8.44 from $8.68 [20] Business Line Data and Key Metrics Changes - The loan portfolio increased by $315 million to $2.7 billion, representing a 13% increase from the third quarter [7] - The company closed 32 new loans for $941 million of total commitments since restarting originations, with 13 loans of $416 million closed in the fourth quarter [7][13] - The average loan balance in the portfolio is $27 million, with a risk ranking consistent with the previous quarter [13] Market Data and Key Metrics Changes - The commercial real estate debt capital markets are experiencing a surge in new issuance, particularly for CRE CLOs, driven by strong historical credit performance [10] - There is significant demand for loan originations, particularly in the multifamily sector, as property equity investors seek to monetize legacy assets [11][52] Company Strategy and Development Direction - The company aims to grow the loan book to approximately $3.5 billion by year-end 2026 [12] - Key strategies include resolving remaining watchlist loans, monetizing REO assets, and executing a fifth CLO in the second half of the year [12] - The company is focused on improving portfolio quality by addressing challenged investments and increasing new loan originations [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for loan originations in 2026, anticipating a solid demand as more assets change hands [11][52] - The company plans to achieve positive dividend coverage by mid-year and grow earnings by year-end [9][12] - Management noted that the resolution of watchlist and REO assets is a critical source of capital for new loan originations [8][12] Other Important Information - The company repurchased approximately 1.1 million shares of stock at an average price of $5.39, resulting in book value accretion [20] - Specific CECL reserves recorded during the fourth quarter were approximately $54.9 million [19][22] Q&A Session Summary Question: How do you think about the amount of leverageable capital? - Management indicated that approximately $200 million of equity is tied up in REO assets, which are currently a drag on the portfolio [28] Question: Can you provide an update on the San Jose property? - Management reported that the San Jose property performed well during the Super Bowl and is undergoing upgrades, with expectations of reaching approximately $9 million in NOI [36][37] Question: What is the plan for the net lease and other real estate portfolio in 2026? - Management stated that there is currently no significant activity in the net lease portfolio and they are not looking to grow it at this time [40] Question: How are you thinking about the pace of originations in 2026? - Management expects to maintain a pace of $300 million to $400 million in originations per quarter going forward [44] Question: How are you thinking about spreads and competition in the market? - Management noted that while competition is typical, the demand for CRE CLOs has been strong, and they do not anticipate significant tightening in loan spreads [56][58]

Financial Data and Key Metrics Changes - In 2025, the company achieved record revenue of $1.4 billion and net income applicable to shareholders of $321 million, translating to $0.49 per share [7][12] - Adjusted EBITDA reached $670 million, with total debt reduced to $276 million and a gross debt to Adjusted EBITDA ratio of 0.4 times [7][12] - Operating cash flow was $563 million, resulting in free cash flow of $310 million, with each mine generating positive free cash flow [7][12] Business Line Data and Key Metrics Changes - Silver production guidance was met with 17 million ounces produced, while gold production exceeded guidance with 150,000 ounces [8] - Lucky Friday mine produced a record 5.3 million ounces of silver, a nearly 50% increase from 2021 [8] - Keno Hill achieved over 3 million ounces of silver production, marking its first year of profitability under Hecla's ownership [8] Market Data and Key Metrics Changes - The realized silver price in Q4 was nearly $70 per ounce, exceeding the quarterly average by over $14 per ounce [14] - The all-in sustaining cost for silver was $18.11 per ounce, resulting in a silver margin of $51 per ounce or 74% of the realized price [14] Company Strategy and Development Direction - The company aims to be recognized as the premier silver company in North America, focusing on silver as the strategic anchor of its business [4][5] - The pending sale of Casa Berardi is part of a strategic portfolio optimization to redirect capital towards silver assets [9][10] - The company is committed to operational excellence, investment discipline, and organic growth through disciplined exploration programs [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a debt-free balance sheet by 2026, with a substantial reduction in risk [12] - The company anticipates silver production of 15.1-16.5 million ounces in 2026, with a credible pathway to 20 million ounces over the medium term [28][30] - Management highlighted the importance of safety and environmental excellence as foundational to operational success [16][18] Other Important Information - The company reported a 13% reduction in total reportable injury frequency rate, reflecting a commitment to safety culture [18] - The surface cooling project at Lucky Friday is 79% complete and on track for mid-2026 completion, aimed at improving workforce health and safety [8][22] Q&A Session Questions and Answers Question: Exploration at Keno Hill - Management noted intercepting a new high-grade ore shoot at Keno Hill, with a budget of $13 million for exploration this year [35][36] Question: Accounting Treatment for Casa Berardi - Management clarified that cash flows from Casa will continue until the closing date, with potential accounting impacts expected in Q1 [45][50] Question: Strategy for Silver Production Growth - Management emphasized the need to grow the silver portfolio and mentioned the establishment of a project generation group to explore new silver districts [61][62]

Financial Data and Key Metrics Changes - The company reported fourth quarter Core FFO of $1.25 per diluted share, reflecting a 4.8% year-over-year increase in Q4 same-store NOI [12] - Revenues from same-store communities increased by 1% compared to the same quarter in 2024, driven by a 1.5% increase in average monthly revenue per occupied home, despite a 40 basis point decline in occupancy [12] - Same-store expenses decreased by 5.1% year-over-year, with improvements in both controllable and non-controllable expenses [12] Business Line Data and Key Metrics Changes - Same-store NOI growth was 3.5%, outpacing peers due to steady occupancy and expense discipline [5] - Blended leasing spreads increased by 10 basis points, with renewal spreads showing the highest growth of the year at 3.9% [6] - Retention for the full year was 58.2%, indicating relative affordability for residents [6] Market Data and Key Metrics Changes - Favorable absorption in Minneapolis, the largest market, led to positive blended increases of 1.1%, while North Dakota led the portfolio with blended increases of 4.5% in the quarter [7] - In Denver, blended rent trade outs decreased by 4.3% due to supply pressures, although absorption rates remained above historical norms [8] Company Strategy and Development Direction - The company is undergoing a strategic review to evaluate alternatives for maximizing shareholder value, initiated from a position of strength after transforming into a pure-play multifamily REIT [4][5] - The company executed $493 million in transaction activity in 2025, including entering new markets and pruning holdings, aimed at improving portfolio diversification and cash flow [9] Management's Comments on Operating Environment and Future Outlook - Management expects 2026 to be a year of stability and growth, particularly in Minneapolis, while acknowledging ongoing pressures in Denver due to new deliveries and slow job growth [10][11] - The company anticipates Core FFO per diluted share to remain stable year-over-year, with same-store NOI expected to increase by 75 basis points [13] Other Important Information - The company expanded its unsecured credit facility by $150 million and repurchased 3.5 million common shares, reinforcing confidence in its stock value [10] - The leverage profile improved to 7.5x net debt to EBITDA following a disposition in Minneapolis [15] Q&A Session Summary Question: Can you talk us through some of your assumptions within the 2026 revenue guide? - Management expects blended rent growth to be in the mid-1% range, with renewals leading the way and new lease trade outs improving in most Midwest markets [19] Question: How do you see the Denver market playing out in 2026? - Management anticipates continued concessionary pressure in the first half of 2026, with expectations for improvement as supply dynamics normalize [21][22] Question: Is the underlying plan for the company continuing while the strategic review is ongoing? - Management confirmed that strategic initiatives executed in 2025 are still in effect, while the strategic review focuses on capital allocation [27] Question: Do you have any January or quarter-to-date leasing stats? - Management reported that overall blends were flat to slightly negative, with renewals remaining strong in the mid-3% range [28] Question: What is driving the lower retention rate forecast for 2026? - Management indicated that the lower retention rate is a conservative estimate based on recent performance and market conditions [52] Question: How has the experience in Denver and Minneapolis affected assessments of other markets? - Management noted that business friendliness and regulatory environments are key considerations for new market assessments, with no significant changes in current markets [38]

Financial Data and Key Metrics Changes - In 2025, EQT generated $2.5 billion of free cash flow, significantly outperforming both consensus and internal expectations, with NYMEX natural gas prices averaging approximately $3.40 per million BTU for the year [9][17] - The company exited the year with net debt of just under $7.7 billion, including $425 million of working capital usage during the quarter [17] - Free cash flow in the fourth quarter was nearly $750 million, approximately $200 million above consensus expectations, marking the sixth consecutive quarter of exceeding consensus free cash flow estimates [17] Business Line Data and Key Metrics Changes - Production consistently exceeded expectations throughout 2025, driven by compression project outperformance and robust well productivity, with compression projects generating a 15% greater than expected base production uplift [7][8] - Average well cost per lateral foot was 13% lower year-over-year and 6% below internal forecasts, while per unit lease operating expenses (LOE) were nearly 15% below expectations and approximately 50% lower than the peer average [8][9] Market Data and Key Metrics Changes - The natural gas market has tightened significantly, with winter to date being 5% colder than normal, driving significant demand and reducing inventories below the 5-year average [21] - Eastern storage levels are now 13% below the 5-year average, indicating a structural demand growth in the power sector, particularly with increasing natural gas turbine orders [22][23] Company Strategy and Development Direction - EQT's strategy focuses on capital efficiency and cost structure while making selective, high-return growth investments, with a 2026 production forecast of 2.275-2.375 TCFE [14][15] - The company plans to allocate the first $600 million of post-dividend free cash flow to high-return growth projects, including compression projects and strategic leasing [15][24] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of natural gas infrastructure, advocating for more pipeline construction to ensure reliable and affordable energy for U.S. consumers [11] - The company expressed confidence in its ability to capture an outsized share of incremental demand due to its resource base and infrastructure investments [24][25] Other Important Information - EQT's integrated operations and commercial alignment were showcased during Winter Storm Fern, where the company maintained operational uptime and captured peak cash market pricing [10][27] - The company is investing in additional interests in the MVP Mainline and MVP Boost, expected to deliver a low-risk 12% IRR to EQT [13] Q&A Session Summary Question: Can you give us an idea of your portfolio breakeven and sustaining capital for 2026? - Management indicated that the levered breakeven cost structure is around $2.20, which is rapidly decreasing as debt is repaid [32] Question: Can you quantify the uplift associated with Winter Storm Fern and lessons learned? - Management noted that uptime during the storm was 97.2%, outperforming Appalachian peers, and emphasized the importance of being opportunistic during volatility [36][37] Question: How do you see your strategic growth CapEx evolving over the next couple of years? - Management highlighted a focus on Mountain Valley projects and emphasized the importance of creating structural demand for volumes before considering upstream growth [50][54] Question: When do you expect to see growth emerge in your production? - Management suggested that sustainable upstream growth discussions may begin around 2027, contingent on infrastructure projects and demand visibility [79][80]

Financial Data and Key Metrics Changes - As of December 31, 2025, the company surpassed $1.1 billion in total assets, achieving record quarterly and annual earnings, with full-year net income of approximately $16.65 million, reflecting a nearly 27% increase compared to 2024 [2][9][18] - The return on average equity reached nearly 15% on a GAAP basis and 21.6% on a core basis, indicating strong profitability metrics [9][10] - Net income for the fourth quarter was $4.85 million, an increase of about $500,000 from the third quarter and over $900,000 from the prior year's quarter [10][11] Business Line Data and Key Metrics Changes - Net interest income rose by more than $800,000 quarter-over-quarter to $11.87 million, supported by higher loan balances and improved funding costs [11][16] - Non-interest income totaled $1.73 million for the quarter, remaining well above year-ago levels despite lower loan prepayment activity [12][16] - Gross loans ended the year at $958.79 million, reflecting a year-over-year growth of 19.2% [19] Market Data and Key Metrics Changes - Total deposits reached $931.75 million, representing year-over-year growth of 20.7% [19] - Non-interest income for 2025 was $6.77 million, showing a 46.5% year-over-year growth [20] - The allowance for credit losses to loans ratio stood at 1.07%, with non-performing assets to total assets ratio at 0.32%, indicating strong credit quality [21][22] Company Strategy and Development Direction - The company aims to roll out a new subsidiary for HUD and FHA-insured financing solutions in early 2026, targeting multifamily and healthcare properties to diversify revenue [3][4] - The focus remains on disciplined growth, conservative risk management, and building long-term relationships with customers [26] - The company is positioned for the next phase of disciplined growth, with expectations to maintain profitability while expanding its asset base [15][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining a quarterly earnings per share range of $0.18-$0.21, driven by loan growth and stable funding costs [40][41] - The company anticipates loan growth of 25% or higher, supported by strong relationships with loyal customers [43][56] - Management highlighted that the infrastructure is in place to support growth without significantly increasing costs, indicating a positive outlook for scaling operations [57][58] Other Important Information - The company celebrated its 25th anniversary in 2025, marking a milestone in its evolution into a high-performing institution [2][3] - The largest institutional investor, AllianceBernstein, increased its economic ownership in the company, reflecting confidence in its strategy and governance [4][5] Q&A Session Summary Question: Opportunities for bridge to HUD financing - Management discussed the potential for growth in the skilled nursing and senior housing sectors, expecting to reach $250 million in two to three years, with long-term goals of $1 billion to $2 billion [31][33] Question: EPS guidance assumptions - Management indicated that the EPS guidance of $0.18-$0.21 is based on current performance, with expectations for loan growth and stable margins [40][41] Question: Loan growth sustainability - Management expects sustainable loan growth of 25% or higher, supported by strong customer relationships [43] Question: AllianceBernstein's increased exposure - Management clarified that the preferred equity structure is designed to simplify ownership and that further conversions to common stock are anticipated [44][45] Question: Sectors driving loan growth - Management emphasized that strong relationships with customers mitigate stress in portfolios, driving consistent loan growth [54][56] Question: Regulatory thresholds impacting growth - Management reassured investors that the infrastructure is in place to support growth without significant cost increases, indicating readiness for scaling beyond $1 billion in assets [57][58]