Financial Data and Key Metrics Changes - OR Royalties achieved record annual revenues of $277.4 million in 2025, with record operating cash flow of $246 million and earnings of $1.10 per share, reflecting a cash margin of nearly 97% [4][5][8] - The company ended 2025 with $142.1 million in cash and was completely debt-free after paying off its credit facility [5][33] - The company declared a quarterly dividend of $0.055, marking its 45th consecutive dividend, with over $279 million returned to shareholders to date [5][6] Business Line Data and Key Metrics Changes - In 2025, OR Royalties earned 80,775 gold equivalent ounces (GEOs), with 95% of these coming from precious metals, primarily gold (65%) and silver (31%) [4][9] - The company had 22 producing assets at the end of 2025, with a significant portion of royalties coming from Tier One mining jurisdictions, including Canada, the U.S., and Australia [9][10] Market Data and Key Metrics Changes - The company noted that 2025 was characterized by elevated precious metals prices, which significantly influenced revenue and earnings [4][8] - The breakdown of GEOs earned indicated a strong reliance on precious metals, with expectations for continued stability in production from key assets like Mantos Blancos and Canadian Malartic [9][10][19] Company Strategy and Development Direction - OR Royalties emphasized a disciplined approach to capital allocation, completing only $25 million in royalty and stream acquisitions in 2025, while prioritizing value over volume [7][34] - The company plans to continue focusing on accretive value creation and will not pursue growth for its own sake [34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting a strong cash position and the potential for growth through new acquisitions and existing asset ramp-ups [6][34] - The company expects marginal growth in GEOs for 2026, with significant increases anticipated in 2027 due to contributions from several key assets [25][26] Other Important Information - The company recently acquired a 1.5% NSR royalty at Buenaventura's San Gabriel Mine, which is expected to contribute significantly to GEOs from 2028 onwards [12][15] - The acquisition of the Gold Fields royalty portfolio is seen as a strategic move to enhance cash flow and long-term growth potential [14][34] Q&A Session Summary Question: Guidance for year-over-year performance - Management explained that the methodology for 2026 guidance is consistent with previous years, using a consensus price deck of 73-to-1 for gold to silver ratios, with potential upside if silver prices remain stable [39][40] Question: Mine ramp-ups and production profile - Management indicated that there are no significant new ramp-ups beyond what has been disclosed, with Mantos Blancos being a key contributor to silver deliveries [41][42] Question: M&A opportunities and asset acquisitions - Management confirmed that there are significant opportunities for acquiring familiar assets and new portfolios, with a focus on maintaining a strong geographical presence in Canada, the U.S., and Australia [43][44] Question: Expected GEOs from specific assets in 2030 - Management stated that the 2030 guidance includes minimum payments from Cascabel and anticipates an aggregate upside of 20,000-30,000 GEOs from various assets [51][52] Question: Mantos production expectations - Management confirmed that expectations for Mantos are effectively flat compared to 2025 and 2026 [55][57]

Financial Data and Key Metrics Changes - In Q4 2025, adjusted net investment income (NII) per share was $0.36, consistent with the previous quarter, resulting in a return on equity (ROE) of 9.7% [11] - Net asset value (NAV) per share decreased to $14.81 from $14.89 in the prior quarter, primarily due to write-downs on a few watchlist names, partially offset by share repurchases [24] - The company repurchased $148 million of stock, the largest repurchase in its history, which was accretive to NAV per share by approximately $0.05 [24] Business Line Data and Key Metrics Changes - OBDC had fundings of $820 million against $1.4 billion of repayments, resulting in lower net leverage at 1.19x [14] - The portfolio is broadly diversified across 30 industries, with average position sizes of approximately 40 basis points [16] - Revenue and EBITDA growth for borrowers in the software portfolio was 10% and 16% respectively in Q4, outpacing other sectors [17] Market Data and Key Metrics Changes - The company executed asset sales totaling $1.4 billion, including $400 million from OBDC, at book value and an average price of 99.7% [8] - Interest coverage ratios remained healthy at approximately 2x, with a non-accrual rate decreasing to 1.1% at fair value [19] - The company received a Moody's upgrade to Baa2, reflecting strong portfolio and liability management capabilities [25] Company Strategy and Development Direction - The company terminated the proposed merger with OBDC II and opted for a significant asset sale to provide liquidity to shareholders [7] - The strategy remains focused on disciplined capital allocation, with a buy-and-hold approach to lending [10] - The company aims to leverage its diversified lending strategy to create value for shareholders, with a focus on maintaining credit quality [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's credit quality, stating that losses remain low and borrower fundamentals are strong [27] - The company anticipates that lower base rates and tighter spreads will impact future earnings, but does not expect broad-based credit issues [28] - Management highlighted the importance of maintaining a stable dividend while evaluating the impact of market conditions on future payouts [29] Other Important Information - The board declared a first-quarter base dividend of $0.37, to be paid on April 15, 2026 [23] - The company has approximately $4 billion in total cash and capacity on its facilities, exceeding unfunded commitments [25] - The new share repurchase program of up to $300 million was authorized, replacing the previous $200 million plan [24] Q&A Session Summary Question: Is OBDC II halting redemptions permanently? - Management clarified that they are not halting redemptions but accelerating them, returning 30% of capital at book value to investors [34][35] Question: What is the most accretive use of capital today? - Management indicated that they are evaluating both stock buybacks and capital deployment into the market, given the stock price is trading below book value [40][42] Question: Why not sell all of OBDC II? - Management opted for a quick transaction to return capital to investors while maintaining a diversified and liquid remaining portfolio [64][66] Question: What is the appetite for new software loan purchases? - Management expressed confidence in their software investments and indicated a cautious approach to new purchases, focusing on high-quality companies [69][70] Question: How does the mark received on the loan sales compare with previous fair value marks? - Management stated that the loans were sold at their marks, consistent with previous valuations, reinforcing the integrity of their valuation process [86][88]

C3is (NasdaqCM:CISS) Q4 2025 Earnings call February 19, 2026 10:00 AM ET Company ParticipantsDiamantis Andriotis - CEONina Pyndiah - CFOOperatorGood day, and thank you for standing by. Welcome to the C3is Q4 2025 Financial and Operating Results webcast and conference call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Dr. Diamantis Andriotis. Please go ahead.Diam ...

Deere & Company (NYSE:DE) Q1 2026 Earnings call February 19, 2026 10:00 AM ET Company ParticipantsChris Seibert - Manager, Investor CommunicationsJosh Beal - Director of Investor RelationsJosh Jepsen - Chief Financial OfficerRyan Campbell - President, Worldwide Construction, Forestry, and Power SystemsConference Call ParticipantsAngel Castillo - AnalystChad Dillard - AnalystDavid Raso - AnalystEvan McCall - AnalystJairam Nathan - AnalystJamie Cook - Research AnalystKristen Owen - AnalystMike Shlisky - Analy ...

Sprott (NYSE:SII) Q4 2025 Earnings call February 19, 2026 10:00 AM ET Company ParticipantsJohn Ciampaglia - CEOKevin Hibbert - CFOWhitney George - CEOConference Call ParticipantsBart Jerszynski - Managing Director and Equity Research AnalystEtienne Ricard - Equity Research AnalystGraham Ryding - Equity Research AnalystMatt Lee - Equity Research AnalystMike Kozak - Equity Research AnalystOperatorGood morning, ladies and gentlemen, and thank you for standing by. Welcome to Sprott Inc's 2025 fourth quarter res ...

Nutrien (NYSE:NTR) Q4 2025 Earnings call February 19, 2026 10:00 AM ET Company ParticipantsBen Isaacson - Managing Director of Equity ResearchChris Reynolds - Executive Vice President and President, Nutrien Ag SolutionsJeff Holzman - SVP of Investor Relations and FP&AJustin Pellegrino - Equity Research AssociateKen Seitz - President and CEOMark Thompson - CFOConference Call ParticipantsAndrew Wong - Equity Research AnalystBen Theurer - Equity Research AnalystChris Parkinson - Managing Director and Senior Re ...

Deere & Company (NYSE:DE) Q1 2026 Earnings call February 19, 2026 10:00 AM ET Speaker10Good morning, and welcome to Deere & Company first quarter earnings conference call. Your lines have been placed in listen-only until the question and answer session of today's conference. I would now like to turn the call over to Mr. Josh Beal, Director of Investor Relations. Thank you. You may begin.Speaker6Hello. Welcome, and thank you for joining us on today's call. Joining me on the call today are Josh Jepsen, Chief ...

Financial Data and Key Metrics Changes - In Q4 2025, adjusted net investment income (NII) per share was $0.36, consistent with the previous quarter, resulting in a return on equity (ROE) of 9.7% [10] - Net asset value (NAV) per share decreased to $14.81 from $14.89 in the prior quarter, primarily due to write-downs on a few watchlist names, partially offset by share repurchases [21][22] - The company repurchased $148 million of stock, the largest repurchase in its history, which was accretive to NAV per share by approximately $0.05 [22] Business Line Data and Key Metrics Changes - OBDC had fundings of $820 million against $1.4 billion of repayments, resulting in lower net leverage at 1.19 times [13] - The company executed a sale of a portfolio of assets totaling $1.4 billion, including $400 million from OBDC, at book value, reflecting strong demand from institutional investors [6][9] Market Data and Key Metrics Changes - The company reported that interest coverage ratios remain healthy at approximately 2 times, with a non-accrual rate decreasing to 1.1% at fair value [17][18] - Revenue and EBITDA growth across the portfolio accelerated in the second half of the year, with overall revenue and EBITDA increasing 8% and 11% year-over-year in Q4 [16][17] Company Strategy and Development Direction - The company plans to continue its buy-and-hold lending philosophy while optimizing its capital structure to reduce costs and enhance flexibility [8][11] - The recent asset sales are seen as a strategic move to provide liquidity to shareholders and improve portfolio diversity, while also positioning the company to capitalize on attractive risk-adjusted opportunities [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the quality and resilience of the portfolio, despite anticipated impacts from lower base rates and tighter spreads on new and repriced assets [27][28] - The company does not expect broad-based credit issues in its portfolio, contrasting with market skepticism reflected in stock prices [28][29] Other Important Information - The board declared a first-quarter base dividend of $0.37, to be paid on April 15, 2026, supported by healthy spillover income of $0.36 per share [21][22] - The company received a Moody's upgrade to Baa2, reflecting strong portfolio and liability management capabilities [24][25] Q&A Session Summary Question: Is OBDC II halting redemptions permanently? - Management clarified that they are not halting redemptions but are accelerating the return of capital to investors, with a 30% distribution planned [32][33] Question: What is the most accretive use of capital today? - Management indicated that they are evaluating capital deployment opportunities while also considering stock buybacks due to the stock trading below book value [37][40] Question: What is the appetite for new software loan purchases? - Management expressed confidence in their software investments and indicated a discriminating approach to new purchases, expecting the software percentage in the portfolio to modestly decline [66][68] Question: How does the mark received on the asset sale compare with previous fair value marks? - Management stated that the assets were sold at their marks, consistent with previous valuations, reinforcing the integrity of their valuation process [82][83] Question: What considerations will the board take into account for setting the common dividend going forward? - Management noted that the board will evaluate earnings, credit performance, and market conditions when discussing future dividends, maintaining a stable base dividend approach [87][89]

Financial Data and Key Metrics Changes - In 2025, the company achieved record revenue of $1.8 billion, a 34% increase from 2024, and record free cash flow of over $350 million [4][11] - The average realized price for gold sold in Q4 was $3,998 per ounce, with total cash costs of $1,077 per ounce and all-in sustaining costs of $1,524 per ounce, which were above annual guidance [11][12] - Operating cash flow before changes in non-cash working capital increased 27% to a record $924 million for the full year [12][14] - The company returned $81 million to shareholders in 2025, doubling the amount returned in 2024 [14] Business Line Data and Key Metrics Changes - Production from the Island Gold District totaled 250,400 ounces in 2025, a 33% increase year-over-year, but slightly below the low end of revised annual guidance [16] - Young-Davidson produced 153,400 ounces for the full year, below revised guidance due to lower mining rates and grades [24] - The Mulatos District produced 141,600 ounces, in line with revised annual guidance [26] Market Data and Key Metrics Changes - The company expects a 12% increase in production for 2026, driven by ramp-up at Island Gold and Young-Davidson [5] - The three-year guidance indicates a 46% increase in production by 2028 at approximately 20% lower all-in sustaining costs [6][9] Company Strategy and Development Direction - The company plans to nearly double annual production to over 1 million ounces by the end of the decade, with a focus on internal funding for growth [5][10] - The expansion of the Island Gold District is expected to create one of the largest and most profitable gold operations in Canada, with an after-tax NPV of $12 billion at a gold price of $4,500 per ounce [9][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a meaningful improvement in operational performance in 2026, driven by increased mining rates and lower costs [5][10] - The company highlighted the strong outlook for free cash flow generation and the potential for further dividend increases [14][48] Other Important Information - The company has increased its exploration budget to nearly $100 million for 2026, a 37% increase from 2025, reflecting ongoing growth in mineral reserves [29][30] - The Island Gold District's reserves increased by 32% to 16 million ounces, marking the seventh consecutive year of growth [29][30] Q&A Session Summary Question: Exploration targets at Young-Davidson - Management discussed the potential for higher-grade mineralization in the hanging wall and different lithologies, indicating ongoing drilling efforts [39][40] Question: Key deliverables for PDA project in 2026 - Management outlined the establishment of portal entrances and preparation for commissioning the mill complex as critical path items for 2026 [42][45] Question: Market reward for increased dividend - Management indicated that while the dividend has been increased by 60%, there is room for further growth, and investors should expect more dividends in the future [46][48]

Jackson Financial (NYSE:JXN) Q4 2025 Earnings call February 19, 2026 10:00 AM ET Speaker5Hello, everyone, and welcome to the Jackson Financial 4Q25 Earnings Call. My name is Charlie, and I'll be coordinating the call today. You will have the opportunity to ask a question at the end of the presentation. If you'd like to register a question, please press star followed by one on your telephone keypad. I'll now hand over to our host, Liz Werner, Head of Investor Relations. Again, Liz, please go ahead.Speaker3Go ...