Financial Data and Key Metrics Changes - Core FFO per share for Q4 and full year 2025 was $0.32 and $1.17 respectively, aligning with guidance [9] - Same-store NOI grew 1.8% in Q4 and 2.4% for the full year, driven by a 2% increase in same-store revenue [9][10] - Average effective monthly rents increased by 60 basis points in Q4 and 80 basis points for the full year [11][12] Business Line Data and Key Metrics Changes - Same-store revenue growth in Q4 was supported by a 124 basis point improvement in bad debt and a 60 basis point increase in average effective monthly rents [10] - For 2025, same-store operating expenses were modestly higher due to increased advertising and contract service costs, offset by lower insurance and real estate taxes [11] Market Data and Key Metrics Changes - Job growth in major markets is forecasted to average 60 basis points, double the national average of 30 basis points [8] - The majority of NOI is generated from communities in high in-migration states, with nearly 70% of NOI from seven of the ten highest in-migration states [8] Company Strategy and Development Direction - The company plans to renovate between 2,000 and 2,500 units in 2026, with a focus on value-add programs [7] - The strategy includes maintaining operational stability and efficiency to maximize revenue growth while capitalizing on market recovery [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of market fundamentals, driven by job and population growth exceeding national averages [23] - The company anticipates same-store NOI growth of 1.7% and a 3.4% increase in total same-store operating expenses for 2026 [18][20] Other Important Information - The company sold a 356-unit community for $50 million and entered a new joint venture for a 318-unit community [14] - A $350 million unsecured term loan was secured to improve liquidity and manage debt maturities [16] Q&A Session Summary Question: How does the new lease rate growth assumption incorporate market rent growth? - The new lease growth starts negative in January and improves throughout the year, with first half guidance at -2.25% and second half at +75 basis points [25] Question: Can you discuss the performance of non-same-store properties? - Non-same-store properties are performing in line with expectations, but two development deals are behind schedule due to higher concessions [27] Question: What impact do concessions have on rent growth projections? - Lower concessions are expected in the second half of the year, which should improve rental rate growth [31] Question: What are the expectations for occupancy stabilization at the Flatirons development? - Occupancy is expected to stabilize at about 90% by June, which is a quarter behind expectations due to market supply pressures [80] Question: What is the strategy regarding fixed and floating rate debt? - The company plans to maintain a more floating rate debt strategy in the current environment, with a focus on managing interest rate expenses [87]

Financial Data and Key Metrics Changes - FBRT reported GAAP net income of $18.4 million, or $0.13 per fully converted common share, with distributable earnings of $17.9 million, or $0.12 per fully converted share [13] - The company decided to reset the quarterly dividend to $0.20 per common share starting Q1 2026 to stabilize book value and better match current earnings to dividends [7][8] - Book value per share ended the quarter at $14.15, reflecting dividends outpacing earnings [15] Business Line Data and Key Metrics Changes - The core portfolio finished Q4 at approximately $4.4 billion, with 77% of loans backed by multifamily assets [19] - During Q4, the company originated 37 loans at a weighted average spread of 284 basis points, with multifamily representing 76% of new loan originations [20] - Agency volume reached $1.1 billion in new loan originations for the quarter, with expectations of $4.5 billion to $5.5 billion in 2026 [16] Market Data and Key Metrics Changes - Market conditions are improving, with abundant liquidity and tighter spreads, the tightest seen since pre-GFC days [11] - Regional banks are slowly returning to the market, particularly in the multifamily space, but the company is cautious about chasing current market spreads [11] Company Strategy and Development Direction - The company has transitioned from being a pure play mortgage REIT to a commercial real estate investment platform, focusing on sustainable dividend coverage and book value growth [8][10] - The acquisition of NewPoint is expected to provide steadier recurring servicing and fee revenue, contributing to long-term growth [9][10] - The company aims to balance attractive current income with disciplined book value growth, positioning itself differently from traditional mortgage REITs [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow earnings, despite current challenges and a reset in dividend [29] - The company is navigating a rate-sensitive environment, with expectations that lower rates could significantly increase market volume [58] - Management believes that the disconnect between book value and share price is not reflective of the company's underlying asset quality [62] Other Important Information - The company completed a $1 billion CLO, increasing non-recourse financing capacity and lowering financing costs in 2026 [14] - Share buybacks totaled $14.4 million in Q4, contributing $0.05 to book value, with a reauthorized share repurchase program of $50 million available through December 2026 [15] Q&A Session Summary Question: How should we think about capital allocation this quarter? - Management indicated that they are focused on origination and have a $1.7 billion under-application pipeline, adjusting the mix of origination to avoid chasing tight spreads [26][27] Question: Should we expect the dividend reset to be a good baseline for run rate earnings going forward? - Management expects to grow earnings over the next several quarters and aims to return to a higher earnings level, indicating that the current earnings are not a steady state [28][30] Question: Will the company have some percentage of capital in direct real estate investments going forward? - Management confirmed that they have multiple equity investments and expect to allocate a slightly higher percentage of capital to equity investments over the next few years [34][37] Question: How is the multifamily volume progressing year to date in 2026? - Management noted that the business is highly sensitive to rates, and a slight change could significantly impact volume, indicating uncertainty in the near term [58] Question: Are most of the repayments behind the company? - Management stated that they are cycling through the legacy portfolio and expect to continue addressing legacy positions, with confidence in the quality of the loan portfolio [60][62]

Sendas Distribuidora (NYSE:ASAI) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsAymar Giglio Jr. - CFOBelmiro Gomes - CEODanniela Eiger - Head of Equity ResearchIrma Sgarz - Managing DirectorConference Call ParticipantsAndrew Ruben - Research AnalystJoseph Giordano - Stock AnalystJoão Soares - Senior AnalystLucas Steves - Senior Equity AnalystRodrigo Gastim - Equity Research AnalystTales Granello - Equity AnalystNone - AnalystOperatorHi, everyone. Good morning, ladies and gentlemen. ...

US Foods (NYSE:USFD) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsDave Flitman - CEODirk Locascio - CFOJacob Aiken-Phillips - Director of Equity ResearchJohn Heinbockel - Managing DirectorKaren Holthouse - VPLauren Silberman - DirectorMargaret-May Binshtok - VP of Equity ResearchMark Carden - Executive Director of Equity ResearchMichael Neese - SVP of Investor RelationsConference Call ParticipantsAlex Slagle - SVP and Equity Research AnalystDanilo Gargiulo - Senior AnalystEdward K ...

Sendas Distribuidora (NYSE:ASAI) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsAymar Giglio Jr. - CFOBelmiro Gomes - CEODanniela Eiger - Head of Equity ResearchIrma Sgarz - Managing DirectorConference Call ParticipantsAndrew Ruben - AnalystJoseph Giordano - Stock AnalystJoão Soares - Senior AnalystRodrigo Gastim - Equity Research AnalystOperatorHi, everyone. Good morning, ladies and gentlemen. Thank you for participating in our earnings call for the fourth quarter and the year of 2 ...

Piedmont Office Realty Trust (NYSE:PDM) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsBrent Smith - President and CEOChris Kollme - EVP of InvestmentsGeorge Wells - COOLaura Moon - Chief Accounting OfficerSherry Rexroad - CFOConference Call ParticipantsDylan Burzinski - Senior AnalystNick Thillman - Senior Research AnalystOperatorGreetings, and welcome to the Piedmont Realty Trust Inc fourth quarter 2025 earnings conference call. At this time, all participants are on a listen-only ...

Financial Data and Key Metrics Changes - Adjusted revenue for full year 2025 was $3.04 billion, down 4.2% from $3.18 billion in 2024 [15] - Adjusted EBITDA for the year was $164 million, compared to $124 million in 2024, with an adjusted EBITDA margin of 5.4%, up 150 basis points year-over-year [15][16] - Adjusted free cash flow was -$130 million for the year, with Q4 adjusted free cash flow being positive at $28 million [19][20] Business Line Data and Key Metrics Changes - Government Segment adjusted revenue was down 6.3% at $922 million, but grew 1.8% in Q4 year-over-year [17] - Transportation Segment adjusted revenue was $609 million for the year, an increase of 3.9%, with adjusted EBITDA margin up 300 basis points versus 2024 [18] - Commercial Segment adjusted revenue was $1.5 billion, down 5.9% compared to 2024, with adjusted EBITDA margin of 10.2%, down 30 basis points year-over-year [16][17] Market Data and Key Metrics Changes - New business Annual Contract Value (ACV) signed in Q4 was $152 million, up 11% versus Q4 2024, with full year 2025 new business ACV at $517 million, up 6% versus 2024 [12] - Government Segment new business ACV was up 50%, and Transportation Segment was up 14% versus 2024 [12] - Commercial Segment new capability ACV increased by 60% this year [13] Company Strategy and Development Direction - The company aims for consistent year-over-year revenue and EBITDA growth, supported by strong free cash flow generation [5][6] - Key priorities include faster decision-making, financial discipline, lowering cost structure, rationalizing the portfolio, and improving conversion rates of the ACV pipeline [9][10][11] - The company is focused on organic revenue growth and will categorize businesses as fix, sell, or grow [10] Management's Comments on Operating Environment and Future Outlook - The CEO emphasized the need for transparency and accountability in executing the turnaround strategy [7][22] - Management is optimistic about the government and transportation segments, while acknowledging challenges in the commercial segment [43] - The CEO highlighted the importance of adapting to technological changes, particularly in AI, to maintain competitive advantage [64] Other Important Information - The company plans to host an Analyst Day in New York City to discuss strategy and execution plans [7] - The qualified ACV pipeline stands at $3.2 billion, up 4% year-over-year, driven by the government segment [14] Q&A Session Summary Question: Metrics for evaluating business units for fix, sell, or grow - The CEO mentioned factors such as growth metrics, predictable EBITDA margins, capital allocation needs, and competitive moats as key considerations [25][26] Question: Philosophy on keeping related business units - The CEO stated the importance of focusing on core competencies and avoiding being everything to everyone, emphasizing the need for discipline in service offerings [31][35] Question: Evidence of revamped go-to-market strategy in commercial segment - Management acknowledged the need for improvement in the commercial segment but noted positive momentum in government and transportation segments [42][43] Question: Exposure to AI disruptors - The CEO estimated that 15%-20% of the business may be exposed to AI disruptors, emphasizing the need for partnerships with technology providers [64] Question: Free cash flow expectations for 2026 - The CEO expressed optimism about turning around free cash flow but did not provide specific guidance [75]

Intercorp Financial Services (NYSE:IFS) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsAlonso Aramburu - Associate PartnerCarlos Gomes - Managing DirectorCarlos Tori - CEODaniel Mora - Equity Research AssociateDaniela Miranda - Legal ManagerErnesto Gabilondo - DirectorGonzalo Basadre - CEOIvan Peill - Managing DirectorLuis Felipe Castellanos - CEOMichela Casassa - CFOConference Call ParticipantsYuri Fernandes - Equity Research AnalystOperatorThank you for standing by, and welcome to ...

Financial Performance and Key Metrics - The company achieved fourth quarter 2025 operating earnings of $1.19 per share, bringing full year 2025 operating earnings to $5.97 per share, exceeding the top end of the guidance range [9] - Total shareholder return for 2025 was 29%, one of the highest in the industry [9] - The company reaffirmed its 2026 full-year operating earnings guidance range of $6.15-$6.45 per share, with a long-term earnings growth rate of 7%-9% for 2026-2030 [10] Business Line Performance - Retail sales grew 7.5% in 2025 compared to 2024, driven by significant commercial and industrial sales growth of nearly 10%, primarily from data centers in Indiana, Texas, and Ohio [23] - The generation and marketing segment saw meaningful performance, driven by favorable energy margins and benefits from contract optimization [21] Market Data and Key Metrics - The company reported a historic load growth, with total system sales exceeding 200 million MWh for the first time [22] - The company now has 56 GW of firm incremental contracted load additions, doubling the previous figure of 28 GW [11] Company Strategy and Industry Competition - The company is focused on significant infrastructure investment to meet unprecedented customer demand across its 11-state regulated service territory [5] - AEP is deepening engagement with customers, regulators, and suppliers to align long-term goals and achieve favorable outcomes [6] - The company has secured over 10 GW of capacity from major gas turbine manufacturers and entered a long-term partnership with Quanta Services for transmission infrastructure [7] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of scale in mitigating supply chain risks and meeting massive system demand [6] - The company is committed to maintaining a healthy balance sheet, with an FFO to debt target of 14%-15%, currently exceeding this target [31] - Management expressed confidence in the execution of their robust plan, emphasizing the importance of affordability for customers [32] Other Important Information - The company is exploring generation solutions, including small modular reactors (SMRs) and plans to purchase $2.65 billion of fuel cells for a generation facility in Wyoming [12][13] - AEP operates nearly 90% of the 765 kV infrastructure in the U.S., positioning it as a preferred utility partner for large load customers [14] Q&A Session Summary Question: Insights on the impact of doubled signed contract load on CAGR - Management indicated that the $72 billion five-year capital plan does not include the incremental load growth and will provide more definitive ideas on financing and growth rate in future calls [38][40] Question: Confidence in ESAs amid local pushback - Management expressed confidence in the financial commitments backing the ESAs and highlighted the importance of community relations in supporting economic development [42][46] Question: Details on transmission projects and associated investments - Management provided a breakdown of approximately $5 billion associated with transmission projects across various regions, emphasizing their leadership in the 765 kV system [59][61] Question: Conversion rates from LOA to finalized customers - Management noted the quality of counterparties making financial commitments and expressed confidence in the strong backlog supporting future load [104] Question: Expectations for 2026 EPS guidance - Management reaffirmed the 2026 EPS guidance range, emphasizing a cautious approach to forecasting while remaining confident in execution [83][89]

US Foods (NYSE:USFD) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsDave Flitman - CEODirk Locascio - CFOJacob Aiken-Phillips - Director of Equity ResearchJohn Heinbockel - Managing DirectorKaren Holthouse - VPLauren Silberman - DirectorMargaret May - VP of Equity ResearchMark Carden - Executive Director of Equity ResearchMichael Neese - SVP of Investor RelationsConference Call ParticipantsAlex Slagle - SVP and Equity Research AnalystDanilo Gargiulo - Senior AnalystEdward Kelly - Ma ...