Financial Data and Key Metrics Changes - The company reported GAAP net income for the quarter of $1.2 billion, with distributable earnings increasing nearly 50% year-on-year to $1.9 billion or $1.52 per common share [5][8] - A dividend of $1.29 per share was declared, payable to holders of record as of November 3 [5] - Total assets under management (AUM) rose 12% year-over-year to $1.24 trillion, while fee-earning AUM grew 10% to $906 billion [32] Business Line Data and Key Metrics Changes - Fee-related earnings increased 26% year-over-year to $1.5 billion, driven by strong growth in fee revenues [34] - The private credit market saw AUM cross the $500 billion milestone, up 18% year-over-year, while the infrastructure and asset-based credit business grew 29% year-over-year to $107 billion [19][20] - The private wealth channel's AUM grew 15% year-over-year to nearly $290 billion, with over $11 billion raised in the third quarter, more than doubling year-over-year [24][25] Market Data and Key Metrics Changes - Inflows reached $54 billion, marking the fourth consecutive quarter in excess of $50 billion, totaling $225 billion for the last 12 months [8] - The company executed three successful IPOs in the last three months, with a robust pipeline for the next 12 months [10][35] - Commercial real estate values are showing signs of recovery, with transaction activity increasing by 25% year-over-year in U.S. logistics [30] Company Strategy and Development Direction - The company aims to leverage structural tailwinds in the alternative sector, focusing on private market solutions and expanding into digital and energy infrastructure, private credit, and Asia [8][9] - The firm is positioned to capture opportunities in the defined contribution market as it opens to alternatives over time [8] - The company emphasizes a long-term approach to investing, focusing on sectors with strong fundamentals such as data centers, logistics, and rental housing [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's growth prospects, citing a resilient economy and declining cost of capital as positive indicators for capital markets activity [10][39] - The company anticipates a resurgence in capital markets activity, which should lead to greater realizations and support fundraising and deployment [10][39] - Management acknowledged potential increases in defaults as the cycle progresses but believes their structural advantages will continue to yield superior results [12] Other Important Information - The company celebrated its 40th anniversary, highlighting its growth from a startup to the largest alternative asset manager in the world [14][17] - The firm has achieved significant organic growth, distinguishing itself from competitors who often rely on acquisitions [14] Q&A Session Summary Question: Changes in credit quality across the portfolio - Management clarified that recent credit issues were related to bank-led credits and do not reflect the private credit market, with minimal realized losses currently [41][42] Question: Plans for the defined contribution business - Management indicated a focus on building capabilities in this area and plans to work with existing partners while awaiting regulatory frameworks [44][45] Question: Brand strategy and marketing evolution - Management discussed targeted marketing efforts, including a recent launch in Japan, and emphasized the importance of expanding their footprint in private wealth [47][49] Question: Feedback on BCRED's dividend cut - Management noted that the reaction in the wealth channel has been understanding, with expectations for strong flows in BCRED moving forward [78]

Packaging Corporation of America (NYSE:PKG) Q3 2025 Earnings Call October 23, 2025 09:00 AM ET Company ParticipantsMark Kowlzan - CEO and ChairmanTom Hassfurther - PresidentKent Pflederer - CFOConference Call ParticipantsGeorge Staphos - AnalystPhilip Ng - AnalystAnthony Pettinari - AnalystGabe Hajde - AnalystMark Weintraub - AnalystMike Roxland - AnalystOperatorGood day and welcome to the Packaging Corporation of America third quarter 2025 earnings conference call. All participants will be in listen-only m ...

Euronet Worldwide (NasdaqGS:EEFT) Q3 2025 Earnings Call October 23, 2025 09:00 AM ET Company ParticipantsAdam Godderz - General Counsel and Corporate SecretaryRick Weller - CFOVasu Govil - Managing DirectorCharles Nabhan - Managing DirectorDaniel Krebs - Senior AssociateMike Brown - Chairman and CEOConference Call ParticipantsAnthony Cyganovich - Executive Director and Equity Research AnalystGus Galá - Senior Equity Research AnalystMike Grondahl - Head of Equities and Senior Research AnalystAdam GodderzGood ...

Brandywine Realty Trust (NYSE:BDN) Q3 2025 Earnings Call October 23, 2025 09:00 AM ET Company ParticipantsManus Ebbecke - Senior AssociateTom Wirth - EVP and CFOGeorge Johnstone - EVP, OperationsJerry Sweeney - President and CEOConference Call ParticipantsUpal Rana - Senior Equity Research Analyst US REITsDylan Burzinski - Senior Analyst, Equity ResearchNone - AnalystOperatorThank you for standing by and welcome to the Brandywine Realty Trust third quarter 2025 earnings call. At this time, all participants ...

First Bank (NasdaqGM:FRBA) Q3 2025 Earnings Call October 23, 2025 09:00 AM ET Company ParticipantsPeter Cahill - Chief Lending OfficerDarleen Gillespie - Chief Retail Banking OfficerPatrick Ryan - CEOAndrew Hibshman - CFOConference Call ParticipantsJustin Crowley - AnalystOperatorThank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Bank Earnings Conference Call, Third Quarter 2025. All lines have been placed on ...

Financial Data and Key Metrics Changes - The company reported a total revenue of $7 billion for Q3 2025, an increase of 7% year-over-year on both total store and same-store basis [12] - Adjusted EPS grew by 25% year-over-year to $5.01, benefiting from share repurchases and strong cash flow [10][15] - Adjusted net income increased by 18% to $191 million compared to $162 million a year ago [15] Business Line Data and Key Metrics Changes - Same-store sales of new vehicles increased by 4.5%, with domestic segment leading at 11% growth [6] - Used vehicle gross profit increased by 3%, with unit sales up 4% overall [7][18] - Customer financial services gross profit reached a record high, increasing by 12% year-over-year [8][19] Market Data and Key Metrics Changes - Year-to-date light vehicle sales averaged 16.3 million units, with retail sales averaging around 13.6 million [5] - New vehicle inventory amounted to 47 days of supply, down five days from the previous year [17] - The industry inventory of new and used vehicles remains below pre-pandemic levels, with approximately 2.6 million units available [4] Company Strategy and Development Direction - The company is focused on expanding its presence in key markets through acquisitions, including stores in Denver and Chicago [11] - There is an emphasis on optimizing vehicle acquisition and maintaining higher inventory levels to support sales growth [41][68] - The company aims to continue growing its used car business above industry averages while managing inventory levels and depreciation [41][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall market conditions for new and used vehicles, noting reasonable inventory levels and expected improvements in supply-demand dynamics for BEVs [4][30] - The company anticipates challenges in Q4 due to tougher year-over-year comparisons but remains optimistic about maintaining growth [5][63] - Management highlighted the importance of technician recruitment and retention to support aftersales growth [9][22] Other Important Information - The company has maintained a strong cash flow, with adjusted free cash flow being 1.7 times that of 2023 [10] - Capital allocation strategies include significant share repurchases and prudent CapEx management, totaling over $1 billion deployed year-to-date [24][25] Q&A Session Summary Question: Can you quantify the variable gross per unit changes from Q2 to Q3? - Management noted that the decrease was primarily due to a significant increase in BEV mix and pressure on domestic combustion sales, with expectations for improvement in Q4 [29][30] Question: Is there any reason the record level of finance and insurance per unit won't continue? - Management expressed confidence in the continued growth of finance and insurance contributions, driven by value-added products and strong team performance [32] Question: Any concerns regarding auto credit trends and consumer health? - Management reassured that the portfolio remains strong, with no significant concerns regarding delinquencies or losses, and trends are in line with expectations [38][39] Question: Update on used car business initiatives and growth expectations? - Management indicated that while growth is above industry averages, they are maintaining higher inventory levels to support sales, with plans to balance inventory as needed [41][45] Question: What is driving the gross margin expansion in service and parts? - Management attributed the expansion to increased volume and pricing, alongside effective technician hiring and training initiatives [49][51] Question: How is the company viewing competition in the used car market? - Management sees opportunities for consolidation in the fragmented used car market and is confident in their sourcing strategy to maintain inventory levels [66][68] Question: Changes in demand for luxury vehicles? - Management noted a more muted demand in the luxury space compared to last year but expects a seasonal uptick in December [73] Question: Is the pressure on domestic internal combustion GPUs brand-specific? - Management acknowledged some self-inflicted pressure on domestic sales but expects corrections moving forward [75][76]

Financial Data and Key Metrics Changes - Reported net income available to common shareholders was $89.2 million, with earnings per common share at $0.63. Adjusted operating earnings available to common shareholders were $119.7 million or $0.84 per common share, resulting in an adjusted operating return on tangible common equity of 20.1% and an adjusted operating return on assets of 1.3% [16][17] - The total allowance for credit losses decreased to $320 million, down approximately $22.4 million from the second quarter, with net charge-offs increasing to $38.6 million or 56 basis points annualized [17][18] - Tax equivalent net interest income was $323.6 million, a decrease of $2.1 million from the second quarter, while the reported net interest margin remained steady at 3.83% [20][21] Business Line Data and Key Metrics Changes - Quarterly loan growth was approximately 0.5% annualized, with average loan growth quarter over quarter at 4.3% annualized. The company expects loan balances to end the year between $27.7 billion and $28 billion [8][27] - Non-interest income decreased to $51.8 million, primarily due to a $15.7 million preliminary pretax gain on the CRE loan sale in the prior quarter compared to a $4.8 million pretax loss in the current quarter [22] - Adjusted operating non-interest income increased to $56.6 million, driven by a $4.2 million increase in loan-related interest rate swap fees [23] Market Data and Key Metrics Changes - The company maintains a well-diversified portfolio, with approximately 23% of total loans in the Washington metro area and the remaining 77% across a broader footprint [12] - The unemployment rate in the greater Washington, D.C. region stood at 3.6%, well below the national average of 4.3% [14] - The company is monitoring the impact of government employment reductions and the government shutdown, but believes the economic data indicates resilience in the market [11][14] Company Strategy and Development Direction - The integration of the Sandy Spring acquisition is progressing smoothly, with expectations to achieve cost-savings targets and enhanced earnings power by 2026 [7][15] - The company aims to deliver sustainable growth and top-tier financial performance, leveraging strategic advantages gained from the acquisition and continued organic growth opportunities [7][15] - The focus remains on disciplined execution and the integration of Sandy Spring, with plans to capitalize on expanded markets and pursue new growth opportunities in North Carolina [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in asset quality, reaffirming the forecast for the full year 2025 net charge-off ratio to be between 15 and 20 basis points [11] - The company anticipates some increases in unemployment rates across its markets but expects these to remain manageable and below the national average [14] - Management highlighted the resilience of government contractors and essential services during government shutdowns, indicating a positive outlook for the government contractor finance portfolio [13][89] Other Important Information - The company paid a common stock dividend of $0.34 per share, an increase of 6.3% from the previous year's third quarter dividend amount [26] - The full-year financial outlook for 2025 includes preliminary estimates of purchase accounting adjustments related to the Sandy Spring acquisition [27][30] Q&A Session Summary Question: Loan growth outlook and sustainability - Management expects mid-single-digit loan growth for next year, with potential for high single-digit growth in a more normalized environment, emphasizing strength in specialty lines [36][37] Question: Expense outlook and efficiency ratio - The efficiency ratio is expected to be in the mid-40s, inclusive of investments in North Carolina, with a focus on maintaining a flat expense base [40][41] Question: Credit trends and health of the portfolio - Overall credit trends appear strong, with low non-performing assets and past dues, despite two specific charge-offs [70][72] Question: Impact of government shutdown on operations - Management believes government contractors will remain resilient, drawing on lines of credit during shutdowns, and does not foresee significant issues arising from the current situation [89][90]

Packaging Corporation of America (NYSE:PKG) Q3 2025 Earnings Call October 23, 2025 09:00 AM ET Company ParticipantsKent Pflederer - CFOMark Kowlzan - CEO and ChairmanTom Hassfurther - PresidentConference Call ParticipantsPhilip Ng - AnalystAnthony Pettinari - AnalystMark Weintraub - AnalystGeorge Staphos - AnalystMike Roxland - AnalystGabe Hajde - AnalystOperatorGood day and welcome to the Packaging Corporation of America third quarter 2025 earnings conference call. All participants will be in listen-only m ...

Financial Data and Key Metrics Changes - The combined adjusted EBITDA for the third quarter was $245 million, compared to $237 million in Q3 2024 and $250 million in the previous quarter [10] - Total net sales for the quarter were $1.6 billion, up from $1.4 billion year-over-year [10] - Gross margins improved to 24.7% for the quarter, compared to 22.1% last year [10][15] - Overall net income was $19.4 million for the quarter, or $0.12 per diluted share, compared to $16.9 million, or $0.11 per diluted share for Q3 2024 [16] Business Line Data and Key Metrics Changes - In the feed segment, EBITDA improved to $174 million from $132 million a year ago, with total sales of $1 billion versus $928 million [10] - The food segment saw total sales of $381 million, higher than $357 million in Q3 2024, with gross margins at 27.5% compared to 23.9% a year ago [11] - The fuel segment, specifically Diamond Green Diesel (DGD), reported a negative EBITDA of $3 million for the quarter, down from positive $39 million in Q3 2024 [12] Market Data and Key Metrics Changes - Global rendering volumes and margins were up both sequentially and year-over-year, driven by strong demand for fats and proteins [6] - In the U.S., robust demand for domestic fats supported by strong agriculture and energy policy helped boost revenue and margins [8] - Export protein demand is showing signs of recovery, with slightly firmer pricing trends emerging [8] Company Strategy and Development Direction - The company is focused on its core ingredients business, expecting EBITDA for 2025 to be in the range of $875 to $900 million, excluding DGD [17] - The management believes that the integrated model of Darling Ingredients provides a competitive advantage that is unmatched in the industry [5] - The company anticipates a shift in public policy that will strengthen American agriculture and energy leadership, which is expected to enhance DGD's earnings potential [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the core ingredients business despite short-term challenges in the renewables market [5] - There is optimism regarding the resolution of regulatory uncertainties, particularly around the Renewable Volume Obligation (RVO) [22] - The management highlighted that the current uncertainty around public policy impacts the fuel segment, leading to a cautious outlook [17][64] Other Important Information - The company recorded an income tax benefit of $1.2 million for the quarter, yielding an effective tax rate of -6.3% [16] - Total debt net of cash was $4.01 billion, with expectations for a decrease by year-end as cash is generated from the core business [15] Q&A Session Summary Question: Timeline for clarity on regulatory items like RVO - Management expects clarity on RVO and related regulatory items by December, despite the government shutdown [22] Question: Outlook for feed segment in Q4 - Management indicated that while waste fat prices have dipped, they expect the food segment to be stronger in Q4, potentially meeting guidance [24] Question: Benefits of REMS policy protectionism on feed side - Management noted that the treatment of foreign feedstocks is still unclear, and the overall supply and demand for fats and oils will influence the feed business [28] Question: Factors driving improvement in feed segment margins - Management highlighted improved feedstock prices and strong demand for protein products as key drivers for margin improvement [42] Question: RIN pricing scenarios and industry outlook - Management indicated that RIN prices may need to increase by approximately $0.40 to incentivize production to meet mandates for 2026 [50] Question: Restarting DGD1 - Management stated that DGD1 will only restart when soybean oil margins are profitable enough to justify the costs [79] Question: Outlook for food segment - Management expects a stronger Q4 for the food segment, driven by a rebound in hydrolyzed collagen business and new product launches [82]

Annaly Capital Management (NYSE:NLY) Q3 2025 Earnings Call October 23, 2025 09:00 AM ET Company ParticipantsSean Kensil - Director of Investor RelationsSerena Wolfe - CFOJason Weaver - Managing DirectorBose George - Managing DirectorTrevor Cranston - Managing DirectorV.S. Srinivasan - Head of AgencyDavid Finkelstein - CEO and Co-Chief Investment OfficerKen Adler - Head of Mortgage Servicing RightsKenneth Lee - VPMike Fania - Co-Chief Investment Officer and Head of Residential CreditEric Hagen - Managing Dir ...