Talos Energy (NYSE:TALO) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Speaker2Good morning, ladies and gentlemen, and welcome to the Talos Energy fourth quarter and full year 2025 earnings conference call. At this time, all lines are in a listen-only mode. Following the presentation, we'll conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press *0 for the operator. This call is being recorded today, February 25, 2026. I would now like to t ...

MGP Ingredients (NasdaqGS:MGPI) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Speaker6Good day, welcome to the MGP Ingredients Fourth Quarter 2025 Financial Results Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the Star key followed by 0. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press Star, then 1 on a touch-tone phone. To withdraw your question, ...

AptarGroup (NYSE:ATR) 2026 Conference February 25, 2026 09:45 AM ET Company ParticipantsGeorge Staphos - Managing DirectorMary Skafidas - Head of Investor RelationsStephan Tanda - President and CEOGeorge StaphosStephan Tanda, CEO for the company, and Mary Skafidas, who does a wonderful job on Investor Relations. Here for Aptar, they unfortunately ran the gauntlet and ultimately could not be here live, but we are grateful that they're here virtually. That, you know, all the great work that our conference pla ...

CF Industries (NYSE:CF) 2026 Conference February 25, 2026 09:45 AM ET Company ParticipantsBert Frost - EVP and CCO in Sales, Market Development, and Supply ChainMartin Jarosick - VP in Treasury and Investor RelationsConference Call ParticipantsNone - AnalystModeratorWelcome back, everybody. We'll get started. I'm sure people will continue to file in. With me today, we have Bert Frost, the EVP and Chief Commercial Officer of CF, and Martin Jarosick, VP Treasury and Investor Relations. Bert, you know, you're ...

Evolve Royalties (OTCPK:CPEF.D) Conference February 25, 2026 09:40 AM ET Company ParticipantsJoseph de la Plante - Co-founder and CEOModeratorWelcome back, everyone. Next, we have Evolve Royalties, a royalty and streaming company focused on providing capital to strategic element and base metal mines through innovative royalty and stream contracts. They are traded on the CSE under the ticker EVR. Happy to welcome Co-founder and CEO, Joseph de la Plante. Welcome to the conference today, Joseph.Joseph de la Pl ...

Financial Data and Key Metrics Changes - BXSL reported a net investment income (NII) of $0.80 per share, representing an 11.8% annualized return on equity, primarily from interest income [7] - The distribution of $0.77 per share was 104% covered by NII, yielding an 11.4% annualized distribution yield on NAV [7] - The net return for the year was 9.6%, outperforming the leveraged loan market by 360 basis points [7] - The net asset value (NAV) per share decreased to $26.92 from $27.15 in the previous quarter, impacted by net unrealized losses [20][21] Business Line Data and Key Metrics Changes - BXSL's portfolio increased to 316 companies across 40 industries, with 13 new credits funded and 15 add-ons completed [8] - The average loan-to-value (LTV) at underwriting was 41%, with an average spread near 500 basis points [8] - Non-accruals in the fourth quarter were 0.6% at cost and 0.5% at fair market value, up from 0.3% and 0.2% respectively in the previous year [22] Market Data and Key Metrics Changes - The U.S. leveraged finance market is approximately $5 trillion, with the institutional non-BDC channel being about $1.5 trillion [30] - BXSL's board approved a discretionary share repurchase plan for up to $250 million, indicating confidence in the market despite trading below NAV [24] Company Strategy and Development Direction - The company is focused on capitalizing on the AI and digital infrastructure investment cycle, which is expected to support growth across multiple sectors [6] - BXSL aims to maintain a defensive investment strategy by focusing on first lien, larger, private equity-owned businesses [17] - The company is exploring various capital allocation options, including new loans, share buybacks, and deleveraging [35][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the economic backdrop, citing resilient corporate earnings growth and strong consumer demand [5] - The company anticipates continued robust capital inflows into private credit strategies, particularly from institutional channels [6] - Management noted that the credit quality of deals remains stable, with no significant signs of spread widening [41] Other Important Information - BXSL's total portfolio investments at fair value were over $14.2 billion, with outstanding debt of $8.1 billion [20] - The company has a diverse liability profile, with an all-in cost of debt for the fourth quarter at 4.93%, down from 5.24% [26] Q&A Session Summary Question: Impact of potential slowdown in non-traded channel - Management acknowledged the importance of institutional capital and expressed confidence in remaining active in the market despite potential headwinds [30][32] Question: Considerations for share repurchase versus new investments - Management indicated that they are evaluating all options, including share buybacks and new loans, based on market conditions and liquidity [35][54] Question: Recovery rates for software companies - Management stated that software businesses in their portfolio are performing well, with strong coverage despite public market markdowns [61] Question: Strategic decisions in a discount environment - Management emphasized a preference for new primary loans over secondary market purchases, focusing on deep underwriting processes [84]

Medline (NasdaqGS:MDLN) Q4 2025 Earnings call February 25, 2026 09:30 AM ET Company ParticipantsAndrew Obin - Managing DirectorDavid Larsen - Managing DirectorDavid Roman - Managing DirectorElizabeth Anderson - Senior Managing DirectorEric Coldwell - Managing DirectorGlen Santangelo - Managing DirectorJim Boyle - CEOKaren King - Global Head of Investor RelationsLisa Gill - Managing DirectorMichael Cherny - Senior Managing DirectorMike Drazin - CFOPatrick Donnelly - Managing DirectorPatrick Wood - Managing D ...

Blackstone Secured Lending Fund (NYSE:BXSL) Q4 2025 Earnings call February 25, 2026 09:30 AM ET Company ParticipantsBrad Marshall - Global Head of Private Credit Strategies, Chairman, and Co-CEOEthan Kay - VP of Equity ResearchKenneth Lee - VPRobert Dodd - Director of Specialty FinanceStacy Wang - Managing Director and Head of Stakeholder RelationsTeddy Desloge - Senior Managing DirectorConference Call ParticipantsAaren Cyganovich - Senior Analyst of Specialty FinanceDoug Carter - AnalystFinian O'Shea - Dir ...

Medline (NasdaqGS:MDLN) Q4 2025 Earnings call February 25, 2026 09:30 AM ET Company ParticipantsAndrew Obin - Managing DirectorDavid Larsen - Managing DirectorDavid Roman - Managing DirectorElizabeth Anderson - Senior Managing DirectorEric Coldwell - Managing DirectorGlen Santangelo - Managing DirectorJim Boyle - CEOKaren King - Global Head of Investor RelationsLisa Gill - Managing DirectorMichael Cherny - Senior Managing DirectorMike Drazin - CFOPatrick Donnelly - Managing DirectorPatrick Wood - Managing D ...

Financial Data and Key Metrics Changes - BXSL reported a net investment income (NII) of $0.80 per share, representing an 11.8% annualized return on equity, primarily from interest income [6][18] - The distribution of $0.77 per share was 104% covered by NII, yielding an 11.4% annualized distribution yield on NAV [6][18] - The net return for the year was 9.6%, outperforming the leveraged loan market by 360 basis points [6] - Net asset value (NAV) per share decreased to $26.92 from $27.15 in the previous quarter, impacted by net unrealized losses [19][25] Business Line Data and Key Metrics Changes - BXSL's portfolio increased to 316 companies across 40 industries, with 13 new credits funded and 15 add-ons completed [7][10] - The average loan-to-value (LTV) at underwriting was 41%, with an average spread near 500 basis points [7] - Non-accruals rose to 0.6% at cost and 0.5% at fair market value, up from 0.3% and 0.2% respectively in the previous year [20] Market Data and Key Metrics Changes - The U.S. leveraged finance market is approximately $5 trillion, with private credit in the institutional non-BDC channel around $1.5 trillion [29] - BXSL's credit business totals $520 billion, with investments in about 5,000 companies globally [30] Company Strategy and Development Direction - The company is focused on capital expenditure build-out in AI and digital infrastructure, which is expected to support growth across multiple sectors [5] - BXSL aims to maintain a defensive investment strategy by focusing on first lien, larger, private equity-owned businesses [16] - The company is actively evaluating capital allocation decisions between new opportunities and share repurchases [23][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a fundamentally healthy economic backdrop, with resilient corporate earnings growth and strong consumer demand [4] - The company anticipates continued robust capital inflows into private credit strategies, particularly from institutional channels [5] - Management noted that the credit quality of deals remains stable, with high single-digit EBITDA growth across the portfolio [20][68] Other Important Information - BXSL's board approved a discretionary share repurchase plan for up to $250 million of outstanding common shares [23] - The company has $2.5 billion in total liquidity, including unrestricted cash and undrawn debt [25] Q&A Session Summary Question: Impact of potential slowdown in non-traded channel - Management indicated that the U.S. leveraged finance market remains institutional-driven, and they expect to remain active in corporate lending despite potential headwinds [29][32] Question: Consideration of share repurchase versus special dividends - Management highlighted that they have options to reinvest in new loans, buy back shares, or deleverage, with a focus on maximizing returns for investors [34] Question: Sponsor conversations and market activity - Management noted that sponsors are cautious and observing market conditions before bringing assets to market, but they expect continued M&A activity due to economic growth [48] Question: Recovery rates for software companies - Management expressed confidence in the coverage of their software business, noting that it is performing well despite public market re-ratings [60] Question: Evaluation of share repurchase program - Management stated they will be opportunistic with share repurchases, considering the discount to NAV and the potential for capital allocation decisions [63]