Financial Data and Key Metrics Changes - First quarter 2025 revenue was $12.3 million, down from $15.5 million in the first quarter of 2024, primarily due to the sale of Nine Times Square in Q4 2024 [11] - GAAP net loss attributable to common stockholders was $8.6 million in Q1 2025, compared to a net loss of $7.6 million in Q1 2024 [11] - Adjusted EBITDA for Q1 2025 was negative $800,000, down from $2.9 million in Q1 2024 [11] - Cash net operating income was $4.2 million in Q1 2025, compared to $7 million in Q1 2024 [11] - At quarter end, net leverage was approximately 58%, with a weighted average interest rate of 4.4% and a weighted average debt maturity of 2.3 years [12] Business Line Data and Key Metrics Changes - The company focused on leasing available space and extending leases, achieving 120 basis points of occupancy growth to 82% compared to the previous quarter [6] - The portfolio's weighted average remaining lease term was 5.4 years, with 51% of leases extending beyond February 2030 [8] Market Data and Key Metrics Changes - The real estate portfolio is valued at $488 million and consists of 1 million square feet primarily located in Manhattan, benefiting from a strong tenant base including large investment-grade firms [8][9] Company Strategy and Development Direction - The company is actively marketing 123 William Street and 196 Orchard for sale to unlock value and diversify holdings, with plans to use proceeds to retire debt and invest in higher-yielding assets [7] - The strategy to divest select Manhattan assets aims to reduce leverage and pursue more profitable ventures, enhancing shareholder value [10][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing pipeline and expects to close additional leasing and renewals in Q2 2025 [6] - The focus on resilient industries and transit-oriented locations is believed to position the portfolio well for maximizing shareholder value [10] Other Important Information - The company will hold its annual meeting of shareholders virtually on May 29, 2025 [4] Q&A Session Summary - No specific questions and answers were provided in the content.

Financial Data and Key Metrics Changes - For Q1 2025, Logan Ridge generated $4.6 million in investment income, a decrease of $800,000 or $0.29 per share compared to $5.4 million in Q4 2024 [10] - Net investment income for Q1 2025 was $900,000 or $0.35 per share, down from $1.5 million or $0.50 per share in Q4 2024, representing a decrease of $600,000 or $0.21 per share [11] - The net asset value (NAV) as of March 31, 2025, was $78.8 million, a decrease of $6.3 million or 7.4% from $85.1 million in the previous quarter [12] Business Line Data and Key Metrics Changes - The fair value of Logan's portfolio was approximately $169.6 million, down from $172.3 million in the prior quarter, with exposure to 59 portfolio companies [6] - The company deployed approximately $15.1 million into new and existing investments, with repayments and sales totaling approximately $12.5 million, resulting in a net deployment of approximately $2.7 million for the quarter [7] - The equity portfolio was reduced to 12% from 10.8% of the portfolio on a cost and fair value basis, reflecting the exit of the second largest non-yielding equity position in GA Communications [9] Market Data and Key Metrics Changes - As of March 31, 2025, 70.1% of the investment portfolio at fair value was invested in assets originated by the BC Partners Credit platform, up from 66.7% at the end of the last quarter [7] - The debt investment portfolio represented 86.6% of the total portfolio at fair value, with a weighted average annualized yield of approximately 10.7% [8] Company Strategy and Development Direction - The company is focused on rotating out of its legacy equity portfolio, which has been reduced to 10.8% of the portfolio at fair value, down from 13.8% in the prior quarter [4] - The merger with Fort McMurray is expected to provide increased scale, improved liquidity, and enhanced operational efficiencies, strengthening the company's ability to deliver greater value to shareholders [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's positioning to grow earnings and increase long-term shareholder value despite market volatility and geopolitical uncertainties [4] - The management team does not expect significant recovery from the non-accrual assets, particularly the legacy investment in Sequoia, which has been on non-accrual since 2021 [23] Other Important Information - As of March 31, 2025, the company had $5.1 million in cash and cash equivalents, along with $31.5 million of unused borrowing capacity available for new investments [12] Q&A Session Summary Question: Will the pending merger with Portman entail a full valuation review of Logan's investments? - Yes, a new NAV for both Portman and Logan will be established within 48 hours of share issuance [16] Question: How will the valuation be conducted? - The valuation will be done consistent with regular practices, including third-party marks and internal models [17] Question: What is the prospect for recovering non-accruals? - There is not much expectation for meaningful recovery from non-accrual assets, particularly from Sequoia [23] Question: Are any BC loans in non-accrual status? - Yes, there are three loans in non-accrual status, including one BC name [26] Question: What is the discount to par for the BC sourced book? - Specific numbers will be provided later, but generally, most of the BC sourced book is performing well [28]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2025 was $20.1 million, over 30% higher compared to the same period last year [7] - Revenue for the quarter was $85.4 million, compared to $64.9 million in Q1 2024 [14] - Net income increased to $1.3 million from $0.7 million in Q1 2024 [14] Business Segment Data and Key Metrics Changes - Fuel Station Services segment EBITDA was approximately $12.5 million, 80% higher versus Q1 2024 [7] - RNG fuel production for the quarter was 1.1 million MMBtus, up nearly 40% compared to the same period last year [8] - The company maintains its 2025 RNG production guidance of 5 million to 5.4 million MMBtus, a 37% increase versus 2024 [12] Market Data and Key Metrics Changes - The company is experiencing delays in investment decisions from customers due to recent trade policy uncertainties, but these delays are not expected to materially impact guidance [9] - The regulatory outlook is shifting positively for RNG CNG powered heavy-duty trucking, which could expand adoption [11] Company Strategy and Development Direction - The company continues to execute on strategic and operational objectives, focusing on vertical integration to maximize the value of RNG produced [8] - There are ongoing construction projects for four landfill RNG projects, with a total annual design capacity of 2.1 million MMBtus [12] - The company is maintaining guidance for Fuel Station Services adjusted EBITDA growth of 30% to 50% versus 2024 [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the uncertain macro and regulatory environments but remains confident in the long-term fundamentals supporting growth [9] - There is strong bipartisan support for American biofuels and investment in RNG, which is expected to bolster future growth [11] - The company is monitoring regulatory developments, including the implementation of 45Z and final EPA rulings [11] Other Important Information - Capital expenditures for the quarter totaled $17 million, including $5.4 million related to equity method investments [15] - The company expects to monetize approximately $50 million in total ITC sales in 2025, enhancing operating cash flow [16] Q&A Session Summary Question: Can you discuss the production trajectory for the year? - Management indicated that production was affected by cold weather and availability issues but expects sequential growth through the year as projects ramp up [22][24] Question: Are you experiencing any inflation associated with tariffs? - Management stated that there are no current cost increases due to tariffs, as equipment for construction projects has already been ordered [25][27] Question: What are the drivers behind the RIN pricing achieved in Q1? - The average realized RIN price was about $271 in Q1, with expectations for a lower price in Q2 [32] Question: How much of the expected EBITDA growth in Fuel Station Services is from higher volumes versus stronger margins? - Growth is driven by new stations coming online, higher utilization, and anticipated margins from service contracts [36] Question: What are the company's thoughts on returning capital to shareholders? - The company is focused on maximizing shareholder value through various means, including potential share buybacks and capital deployment in growth projects [40] Question: Can you provide an update on the renewable power segment? - Revenue in the renewable power segment decreased due to the termination of contracts related to the ISCC pathway [67] Question: What was the substantial income tax benefit in Q1? - The $8 million benefit was from the sale of ITC Section 48 tax credits, which is not included in EBITDA guidance but affects net income [73]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2025 was $5.7 million, down from $53 million in Q4 2024 [11] - Tons shipped in Q1 2025 were 3.8 million, a decrease from 4.1 million tons in Q4 2024 [11] - Average realization for metallurgical coal sales in Q1 was $122.08 per ton, down from $132.63 per ton in Q4 [12] - Cost of coal sales for the metallurgical segment increased to $110.34 per ton in Q1, up from $108.82 per ton in Q4 [12] - Total liquidity as of March 31, 2025, was $485.8 million, down from $519.4 million at the end of Q4 2024 [13] Business Line Data and Key Metrics Changes - Metallurgical coal segment realizations decreased quarter over quarter, with export met tons priced against Atlantic indices realizing $119.39 per ton in Q1, down from $122.24 in Q4 [11][12] - Incidental thermal portion of the metallurgical segment saw an increase in realization to $79.39 per ton in Q1 from $75.39 in Q4 [12] - CapEx for Q1 was $38.5 million, down from $42.7 million in Q4 [13] Market Data and Key Metrics Changes - Metallurgical coal markets remained under pressure with pricing levels deteriorating due to weak steel demand [22] - All four indices monitored by the company fell 8% or more during Q1, with the Australian Premium Low Vol Index dropping 15.5% [22] - As of May 8, 2025, the Australian premium low vol index increased to $190.5 per metric ton from its quarter-end level [24] Company Strategy and Development Direction - The company is focused on liquidity and safeguarding its financial position amid challenging market conditions [6][9] - Adjustments to sales volume guidance were announced, with expected shipments for the year now at 15.3 million tons, down from 16.7 million tons [8] - The Kingston Wildcat project is expected to continue on schedule despite the downward revision to planned development CapEx [9][20] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious outlook for the rest of the year due to weak steel demand and increased uncertainty from tariffs and trade policies [6][8] - The company has taken difficult actions, including cutting production at higher-cost operations and reducing wages across the enterprise [7][19] - Management remains optimistic about the Kingston Wildcat project, which is expected to ramp up to a full run rate of approximately 1 million tons per year by 2026 [20] Other Important Information - The company has secured an amendment to its asset-based lending facility, increasing its size from $155 million to $225 million [10] - The company did not repurchase any shares in Q1 under its share buyback program due to market conditions [15] Q&A Session Summary Question: Recent cost-cutting measures and cost guidance - Management confirmed that recent cost-cutting measures have helped offset the loss of fixed cost absorption, maintaining guidance relatively firm despite production cuts [34][35] Question: CapEx reductions and growth projects - Most capital reductions are related to closures and reallocating assets, with no significant impact on future business [38][39] Question: Realization side and market conditions - In a weak market, discounting against indices is common, but not universal; some recent business concluded at a premium to the index [48] Question: Shipment guidance and domestic vs export - The reduction in shipment guidance primarily affects export tons, with confidence in maintaining overall guidance despite operational changes [46][47] Question: Opportunities in the marketplace - Management is cautious about pursuing M&A opportunities, focusing on internal projects like Kingston Wildcat for strengthening the portfolio [50][51] Question: Domestic market considerations - The domestic market is currently among the higher pricing, but management will evaluate customer needs over the summer [56][57] Question: Potential for small competitors exiting the market - There is still potential for small competitors to exit the market, with liquidity concerns affecting less well-capitalized companies [60][61]

Financial Data and Key Metrics Changes - BKV reported a net loss of $79 million or a loss of $0.93 per diluted share for Q1 2025, while adjusted net income was $35 million or a positive $0.41 per diluted share [30] - Combined adjusted EBITDAX was just over $100 million, with $90 million from upstream operations and $10 million from the power segment [29] - Cash and cash equivalents at the end of Q1 were approximately $15 million, with net leverage standing at less than 0.7 times net debt to adjusted EBITDAX [32] Business Line Data and Key Metrics Changes - The upstream business produced 761 million cubic feet equivalent per day, exceeding guidance, with development CapEx at $48 million, 26% below the midpoint of guidance [15][16] - Power joint venture adjusted EBITDA was $20 million, with BKV's share at $10 million, driven by higher pricing due to cold weather [27] - The carbon capture business is on track with significant milestones, including a partnership with Comstock Resources and a $500 million investment commitment from Copenhagen Infrastructure Partners [11][12] Market Data and Key Metrics Changes - ERCOT revised its 2031 load forecast higher by 68 gigawatts, a 45% increase from 2024 projections, primarily driven by data centers [26] - The demand for low carbon gas is expected to grow, supported by decarbonization efforts and the increasing need for power driven by cloud computing and AI [4][5] Company Strategy and Development Direction - BKV is focused on vertical integration across its four business lines: upstream, midstream, carbon capture, and power generation, aiming to create premium margins and differentiated products [5] - The company is leveraging its position in the Barnett Shale, which has over 15 years of inventory and is strategically located near LNG export markets and data centers [8][15] - BKV aims to deliver decarbonized energy solutions and capitalize on the growing demand for carbon capture and storage [12][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the robustness of the 45Q tax credit and the bipartisan support for carbon capture initiatives [45] - Despite macroeconomic headwinds, BKV's proactive supply chain management is expected to minimize disruptions and cost impacts [5] - The company anticipates a ramp-up in production in the second half of 2025, with natural gas pricing remaining elevated [18] Other Important Information - BKV's CCUS strategy is validated by recent partnerships and project advancements, with a goal of achieving a 1 million ton per year CO2 injection rate by the end of 2027 [23][60] - The company has a disciplined capital investment framework, with expectations for total CapEx in Q2 2025 between $75 million and $100 million [31] Q&A Session Summary Question: Thoughts on the resiliency of the 45Q tax credit and momentum in CCUS projects - Management believes the 45Q tax credit is robust and enjoys bipartisan support, which is critical for energy competitiveness in the U.S. [45][46] - There is strong momentum in carbon capture, particularly in natural gas processing, with several projects in the pipeline [49] Question: Clarification on CapEx for CCUS and project timing - Management indicated that while the overall CapEx for CCUS remains robust, the timing may shift as they optimize capital spending with their JV partner [58][60] Question: Upstream production growth inclination - Management remains committed to disciplined capital investment, with a focus on commodity price ranges, and anticipates production growth in the latter half of 2025 [65][66] Question: Details on the Comstock partnership and project development - Management explained that the partnership with Comstock will follow a phased approach, capturing CO2 from their plants as production grows [73] Question: Macroeconomic conditions affecting the power segment - Management highlighted inflation in construction costs and bullish sentiment for data center investments as key factors influencing the power business [75][77] Question: Funding mechanisms for the new JV with CIP - Management confirmed that there is an upfront capital component to the JV, which will be drawn down as projects are deployed over the next 12 to 24 months [84]

Plains All American Pipeline (PAA) Q1 2025 Earnings Call May 09, 2025 10:00 AM ET Company Participants Blake Fernandez - Vice President - Investor RelationsWillie Chiang - Chairman, Director & CEOAl Swanson - EVP and CFOHarry Pefanis - President & Director of Plains All American GP LLCGabriel Moreen - Managing DirectorManav Gupta - Executive DirectorChris Chandler - EVP and COOJeremy Goebel - EVP and CCONone - ExecutiveSunil Sibal - Managing DirectorAJ O’Donnell - Director - Equity ResearchJohn Mackay - VP ...

Financial Data and Key Metrics Changes - The company reported a cash balance of $775 million as of the end of Q1 2025, extending its runway into the first half of 2028 [9][29][34] - The company has dosed over 300 patients across its pipeline, achieving more than 90% degradation with the desired efficacy and safety profile in all programs [10][29] Business Line Data and Key Metrics Changes - The company has introduced a new program, IRAF5, which is expected to deliver transformative activity in several rheumatic and autoimmune diseases [47][49] - The STAT6 program is positioned as the first in-class oral STAT6 degrader, with plans for Phase Ib data to be reported by the end of the year [25][36] Market Data and Key Metrics Changes - The company identified a significant market opportunity in immunology, estimating over 160 million patients affected by common immune inflammatory diseases, with only about 5 million currently accessing advanced systemic therapies [12][14] - The potential market for the oral drugs being developed is estimated to exceed $100 billion, with a focus on expanding access to patients currently untreated [14][24] Company Strategy and Development Direction - The company aims to build an industry-leading pipeline using targeted protein degradation, focusing on immunology to deliver oral drugs with biologics-like efficacy [6][8] - The strategy includes prioritizing high-return activities and optimizing resource allocation, leading to the decision not to advance the TYK2 degrader into clinical development [31][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current volatile market environment, highlighting the strength of their oral immunology pipeline and upcoming catalysts [28][29] - The company is focused on achieving multiple clinical data readouts that are expected to validate their approach and strategy [36][45] Other Important Information - The company achieved a preclinical milestone resulting in a $20 million payment expected in the second quarter, validating their strategy and collaborative efforts [27] - The IRAF5 program is currently in IND enabling studies, with Phase I testing expected to begin in early 2026 [49] Q&A Session Summary Question: What is the status of the STAT6 program? - The STAT6 program is on track with upcoming data expected in June, and Phase Ib trials are set to start by the end of the year [25][36] Question: How does the company plan to address the current market volatility? - The company believes it is well-positioned to navigate the uncertain environment with a strong balance sheet and a focus on high-potential programs [28][29] Question: What are the expected timelines for the IRAF5 program? - The IRAF5 program is in IND enabling studies, with Phase I testing anticipated to start in early 2026 [49]

Alliant Energy (LNT) Q1 2025 Earnings Call May 09, 2025 10:00 AM ET Company Participants Susan Gille - Manager of Investor RelationsLisa Barton - Director, President & CEORobert Durian - EVP and CFOJames Schaefer - Senior Managing DirectorNicholas Campanella - DirectorPaul Fremont - Managing DirectorAndrew Weisel - DirectorPaul Zimbardo - Managing Director Conference Call Participants Rinny S - Equity Research Analyst Operator Thank you for holding, and welcome to Alliant Energy Energy's First Quarter twent ...

KLX Energy Services (KLXE) Q1 2025 Earnings Call May 09, 2025 10:00 AM ET Company Participants Ken Dennard - Investor RelationsChristopher Baker - President & CEOKeefer Lehner - EVP & CFOJohn Daniel - Founder & CEO Conference Call Participants Steve Ferazani - Senior Equity Analyst - Diversified Industrials & Energy Operator Greetings, and welcome to the KLX Energy Services twenty twenty five first quarter earnings conference call. At this time, all participants are in a listen only mode. A question and ans ...

VAALCO Energy (EGY) Q1 2025 Earnings Call May 09, 2025 10:00 AM ET Company Participants Chris Delange - Investor RelationsGeorge Maxwell - Chief Executive Officer and DirectorJeffrey Robertson - Managing DirectorStephane Foucaud - Founding PartnerChris Wheaton - Managing DirectorRonald Bain - Chief Financial Officer Operator Good morning, and welcome to VAALCO Energy's First Quarter twenty twenty five Conference Call. All participants will be in listen only mode. After today's presentation, there will be an ...