Pan American Silver (NYSE:PAAS) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsCosmos Chiu - Executive Director of Institutional Equity ResearchFrancesco Costanzo - Associate Director of Equity ResearchIgnacio Couturier - CFOMichael Steinmann - President and CEOSean McAleer - SVP of Strategic Initiatives and EnvironmentSiren Fisekci - VP of Investor RelationsConference Call ParticipantsDon DeMarco - Director of Equity Research AnalystOperatorThank you for standing by. This is the co ...

Broadstone Net Lease (NYSE:BNL) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsAnthony Paolone - Executive DirectorBrent Maedl - Director of Corporate Finance and Investor RelationsJohn Moragne - CEOKevin Fennell - CFORonald Kamdem - Managing DirectorRyan Albano - President and COOConference Call ParticipantsBrian Caviola - Equity Research AnalystCaitlin Burrows - Equity Research AnalystEric Borden - Equity Research AnalystJohn Kim - Equity Research AnalystMichael Goldsmith - Equity ...

Pan American Silver (NYSE:PAAS) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsCosmos Chiu - Executive Director of Institutional Equity ResearchFrancesco Costanzo - Associate Director of Equity ResearchIgnacio Couturier - CFOMichael Steinmann - President and CEOSean McAleer - SVP of Strategic Initiatives and EnvironmentSiren Fisekci - VP of Investor RelationsConference Call ParticipantsDon DeMarco - Director of Equity Research AnalystOperatorThank you for standing by. This is the co ...

Oceaneering International (NYSE:OII) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsHilary Frisbie - Senior Director of Investor RelationsKeith Beckman - VPMike Sumruld - SVP and CFORod Larson - President and CEOConference Call ParticipantsJosh James - AnalystNone - AnalystOperatorHello, and welcome to Oceaneering's fourth quarter and full year 2025 earnings conference call. My name is Sarah, and I will be your conference operator. All lines have been placed on mute to prevent any b ...

Reliance (NYSE:RS) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsArthur Ajemyan - SVP and CFOKarla Lewis - President and CEOKim Orlando - Senior Managing DirectorSteve Koch - EVP and COOConference Call ParticipantsBennett Moore - VP and Equity Research AnalystKatja Jancic - Equity Research AnalystMartin Englert - Senior Equity Research AnalystMatt Dushkin - VP and Equity Research AnalystPhil Gibbs - Managing Director and Senior Equity Research AnalystOperatorGreetings, and welcome ...

PoolCorp (NasdaqGS:POOL) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsDavid MacGregor - CEO, President and Director of ResearchEthan Roberts - Research AssociateGarik Shmois - Managing DirectorMelanie Hart - CFOPete Arvan - CEORyan Merkel - Co-Group Head–IndustrialsConference Call ParticipantsDaniel Hultberg - Associate AnalystDavid Manthey - Senior Research AnalystSusan Maklari - Senior Equity Research AnalystOperatorGood day, and welcome to the Pool Corporation Fourth Quarter 20 ...

Teck Resources (NYSE:TECK) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsCrystal Prystai - CFOEmma Chapman - VP of Investor RelationsJonathan Price - CEOKarla Mills - SVP, Project DevelopmentLiam Fitzpatrick - Director of Equity ResearchMyles Allsop - Managing Director and Head of European Mining ResearchNone - Company RepresentativeOperatorLadies and gentlemen, thank you for standing by. Welcome to Teck's Fourth Quarter 2025 Earnings Release Conference Call. At this time, all part ...

Radian Group (NYSE:RDN) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsBob Lally - VP of FinanceBose George - Managing DirectorDan Kobell - Senior Executive Vice President and Interim CFORick Thornberry - CEOConference Call ParticipantsMihir Bhatia - Director and Senior Equity Research AnalystTerry Ma - Director and Equity Research AnalystOperatorToday, and thank you for standing by. Welcome to the Q4 2025 Radian Group conference call. At this time, all participants are in a listen- ...

Oceaneering International (NYSE:OII) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsHilary Frisbie - Senior Director of Investor RelationsKeith Beckman - VPMike Sumruld - SVP and CFORod Larson - President and CEOConference Call ParticipantsJosh James - AnalystNone - AnalystOperatorHello, and welcome to Oceaneering's fourth quarter and full year 2025 earnings conference call. My name is Sarah, and I will be your conference operator. All lines have been placed on mute to prevent any b ...

Financial Data and Key Metrics Changes - Distributable Earnings for Q4 2025 were reported at $4.6 million, or $0.28 per share, with an adjusted figure of $0.31 per share when accounting for the rights offering dilution [4][16] - The company raised $61.5 million in net proceeds from a rights offering, increasing investment capacity by over $200 million [4][5] - For the full year of 2025, distributable earnings were $1.21 per share, with a run rate annual dividend of $1.12 per share, representing a 93% payout ratio [16][19] Business Line Data and Key Metrics Changes - The loan portfolio increased by $83 million year-over-year, reaching total commitments of $724.5 million across 24 floating-rate first mortgage loans [8] - The weighted average all-in yield was reported at 7.92%, with a weighted average risk rating improving to 2.8 [8] - The company invested in three new loans totaling $101.3 million during Q4 2025, including loans secured by student housing, a hotel, and an industrial property [5][7] Market Data and Key Metrics Changes - Market conditions improved in Q4 2025, with two additional 25 basis point rate cuts, bringing the target Fed funds rate to 350-375 basis points [11] - Office transaction volume increased by 25% year-over-year, indicating a recovery in the market [12] - Demand for short-term floating rate bridge loans remains strong, with a broad range of transactions being evaluated [13][14] Company Strategy and Development Direction - The company aims to capitalize on middle-market lending opportunities with enhanced liquidity following the rights offering [9] - There is a focus on deploying capital selectively into attractive opportunities across various property types and geographies [13] - The strategy remains centered on senior secured positions, avoiding riskier junior tranches for the time being [26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about transaction activity continuing to increase in 2026, driven by improving market conditions and increased financing activity [12][13] - The company expects first quarter distributable earnings to be in the range of $0.22 to $0.24 per share, with a temporary drag on earnings due to the rights offering [18] - The expectation is to reach close to $1 billion in total loan portfolio size by year-end 2026, with quarterly new originations targeted at $200 million [34] Other Important Information - The company ended Q4 2025 with $123 million in cash and extended the maturities of two secured financing facilities, increasing capacity to $377 million [19][20] - The CECL reserve remains modest at 130 basis points of total loan commitments, indicating a conservative risk profile [19] Q&A Session Summary Question: How is the company finding pockets of inefficiency in the current competitive environment? - Management noted that while multifamily contributes significantly to activity, they are focusing on sectors like storage, industrial, and medical office for better risk-adjusted returns [24][25] Question: Are there opportunities outside of the first lien space being evaluated? - Management confirmed that the focus remains on senior secured positions, with no current plans to explore mezzanine or preferred equity [26] Question: Does the distributable EPS guidance assume full deployment of the rights offering capital? - Management clarified that the guidance does not assume full deployment by the end of Q1, but expects earnings to recover by year-end [29] Question: Is the current dividend secure through the end of 2026? - Management affirmed commitment to the $0.28 per quarter dividend, despite temporary earnings drag from the rights offering [33] Question: What is the expected portfolio growth following the rights offering? - Management anticipates reaching close to $1 billion in total loan portfolio size by year-end, with significant new originations expected in the coming quarters [34]