Financial Data and Key Metrics Changes - The company reported a net loss attributable to common stockholders of $69 million, or $11.35 per diluted share for Q3 2025 [10] - Adjusted EBITDA RE for the quarter was $45.4 million, with a year-to-date decline in corporate-adjusted EBITDA RE of just $10.1 million despite a $65.5 million decline in total hotel revenue [6][10] - Cash and cash equivalents at the end of the quarter were $81.9 million, with restricted cash increasing by $12 million from the previous quarter [10] Business Line Data and Key Metrics Changes - Comparable hotel EBITDA grew by 2% year-over-year, while comparable hotel RevPAR decreased by 1.5% [12] - Total revenue increased by 0.2% compared to the prior year period, with ancillary revenue streams growing by approximately $1.7 million [12][16] - The company achieved a hotel EBITDA margin expansion of 46 basis points compared to the prior year period [12][16] Market Data and Key Metrics Changes - Government room nights declined approximately 18.8% during the third quarter compared to the prior year period [13] - Excluding the Washington, D.C. market, comparable hotel RevPAR was down only 0.3%, outperforming the broader U.S. upper-upscale segment [14] - Group room revenue decreased 0.4% compared to the prior year period, but increased 1.3% when excluding the Washington, D.C. market [14] Company Strategy and Development Direction - The company is focused on its GROW-AHT initiative aimed at driving $50 million in run-rate EBITDA improvement through enhanced property-level performance and cost-saving measures [5][6] - Strategic dispositions are ongoing, with recent sales generating a blended cap rate of 5.3% on trailing 12-month net operating income [8] - The company anticipates benefiting from potential interest rate cuts, with each 25 basis point cut expected to save over $6 million in annual interest expense [9] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the resilient operating performance despite economic headwinds affecting RevPAR and margins [5] - The company expects strong group demand in 2026, supported by events like the FIFA World Cup, with 42% of its portfolio located in host cities [15][16] - Management remains focused on driving performance and enhancing long-term shareholder value through disciplined capital investment strategies [22] Other Important Information - The company does not anticipate reinstating a common dividend in 2025, while preferred dividends are being paid [11] - The consolidated portfolio consisted of 70 hotels with 16,876 net rooms as of September 30, 2025 [11] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating a lack of engagement during the Q&A segment [23][24]

Financial Data and Key Metrics Changes - The company reported record third quarter core EPS of $1.36, a 64% increase over the prior year [4] - Trailing 12-month core return on equity increased to 13.8% [4] - Total revenues for the quarter were up 6% over the prior year, with net premiums and contract charges earned up over 7% [4][15] - Tangible book value per share increased more than 9%, reflecting strong underlying profitability [15] Business Line Data and Key Metrics Changes - In the Property and Casualty (P&C) segment, core earnings were $32 million, tripling year-over-year, with net written premiums of $232 million, a 9% increase [15][16] - The P&C reported combined ratio improved to 87.8%, reflecting much lower catastrophe costs [16] - In the Life and Retirement segment, core earnings were $15 million, in line with the prior year, and net written premiums and contract deposits rose to $170 million [17] - Supplemental and Group Benefits contributed $18 million to core earnings, with individual supplemental sales up 40% for the quarter [19][21] Market Data and Key Metrics Changes - The company experienced oversized growth in the supplemental and group benefits segment, with individual supplemental sales up 40% and group benefits nearly doubling [4][9] - Policyholder retention remained strong, with property retention nearly 89% and life persistency near 96% [17][18] Company Strategy and Development Direction - The company is focused on increasing its share of the education market and driving future growth through strategic partnerships and enhanced distribution [7][8] - Investments are being made in growth while maintaining expense discipline, with a goal to reduce the expense ratio by about one and a half points over the next three years [10][34] - The company is leveraging GenAI to enhance productivity and efficiency across operations [10][11] Management's Comments on Operating Environment and Future Outlook - Management raised full-year core EPS guidance to a range of $4.50-$4.70, reflecting strong year-to-date performance [5][14] - The company expects to continue to meet and exceed strategic objectives, delivering sustained market-leading growth and accelerating shareholder value creation [12][24] - Management noted that while this year has been favorable for catastrophe losses, it would not be prudent to assume similar conditions will repeat in the future [59][60] Other Important Information - The company plans to make a significant donation to the Horace Mann Educators Foundation in the fourth quarter, reflecting its commitment to supporting educators [14] - The company has returned $20 million to shareholders through share repurchases and $43 million through dividends [12] Q&A Session Summary Question: Organic policy account growth trajectory in P&C operations - Management noted that sales momentum is up across all business lines, with retention steady and individual supplemental sales up 41% [26][27] Question: EPS guidance and moving pieces - Management explained that the updated guidance reflects known expenses and the intent to continue investing in growth, with a normalized fourth quarter expected [30][31] Question: Supplemental and group benefits capabilities - Management indicated that they are making investments in lead generation and expanding distribution for group benefits, which is a newer area for the company [39][40] Question: Catastrophe losses and mitigation efforts - Management confirmed that this year has seen lower catastrophe losses due to effective mitigation efforts and a favorable weather year, but they do not expect this trend to continue into 2026 [53][54]

Financial Data and Key Metrics Changes - Core FFO improved to $0.69 from $0.68, primarily due to an increase in SHOP NOI and a decrease in interest expense [5][6] - Core FAD improved by $0.04 to $0.72 compared to $0.68 last year, influenced by similar factors affecting core FFO [5] - Pro forma debt to annualized adjusted EBITDA for real estate was 4.7 times, and annualized adjusted fixed charge ratio was 4.6 times [7] - Pro forma liquidity stands at nearly $500 million [7] - Full year 2025 core FFO guidance increased by $0.01, now standing at $2.69-$2.71 [8] Business Line Data and Key Metrics Changes - SHOP segment closed about 85% of the projected $460 million investment pipeline, with over $290 million in SHOP segment investments [3] - SHOP portfolio now includes 21 properties with five operators, three of which are new to LTC, with a gross book value of $447 million [9] - SHOP NOI guidance for 13 properties increased to $10.9-$11.3 million, up from $9.4-$10.3 million [10] - Expected fourth quarter NOI for the remainder of the SHOP portfolio is $4.8-$5.2 million [10] Market Data and Key Metrics Changes - The current opportunity set stands at roughly $1 billion, with nearly $110 million under LOI targeted to close in January 2026 [12] - The average vintage of SHOP acquisitions in 2025 is 2019, indicating a focus on newer assets [39] Company Strategy and Development Direction - The company is focused on expanding its SHOP platform, deepening operator partnerships, and driving long-term accretive returns [16] - The strategy includes recycling capital from non-core assets and adding new operators to enhance portfolio quality [9] - The company aims to build a portfolio of newer assets with competitive advantages as the industry evolves [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting strong momentum and a solid foundation for growth [16] - The company is positioned to capitalize on favorable demand fundamentals and supply constraints in the senior housing market [3] - Management expects continued strong SHOP NOI growth due to the competitive position of SHOP assets [10] Other Important Information - The company completed the sale of a portfolio of seven skilled nursing assets, generating net proceeds of approximately $120 million and a gain of $78 million [11] - A non-cash write-off of $41.5 million was taken related to Prestige's straight-line effective interest receivable balance [6] Q&A Session Summary Question: Guidance assumptions for core FFO range - Management clarified that the low range includes all closed investments, while the high range includes expected closings within the next 60 days [20] Question: Focus on SHOP deals versus other opportunities - The primary focus is on SHOP deals, although other opportunities will be considered [21] Question: Expected yields and growth for pipeline deals - Initial yields for the $110 million deal are guided at 7% [25] Question: Funding incremental capital - Proceeds from loan payoffs and equity from the ATM will fund investments, with a disciplined approach to equity issuance [28] Question: Growth profile after SHOP investments - Management expects more than 3% growth with targeted low double-digit IRRs due to supply-demand imbalances [37][38] Question: Transitioning operators and potential disruptions - Most acquisitions have retained existing operators, with careful planning to avoid disruptions [50] Question: Prestige's prepayment option and performance - Prestige needs to improve performance to exercise the purchase option, with positive indications for future outcomes [54][57] Question: Opportunities for earnings growth in skilled nursing - The company remains selective in skilled nursing, focusing on transitional care and newer assets [64]

Financial Data and Key Metrics Changes - The company generated $0.37 per share of net investment income on a GAAP basis and $0.38 after adjusting for asset acquisition accounting [6][11] - The net asset value as of September 30 was $16.36 per share, a slight decrease from $16.43 per share as of June 30 [6][7] - Total investment income for the third quarter was $67 million, consistent with the prior quarter [10] - Total expenses increased slightly to $40 million, primarily due to higher interest expenses [11] Business Line Data and Key Metrics Changes - CGBD funded $260 million of investments into new and existing borrowers, resulting in net investment activity of $117 million after accounting for repayments [7] - Total investments increased from $2.3 billion to $2.4 billion during the quarter [7] - The average exposure to any single portfolio company was less than 1% of total investments, with 95% of investments in senior secured loans [9] Market Data and Key Metrics Changes - Year-over-year deal flow at the top of the funnel increased nearly 30% over the last two months [7] - The weighted average spread for the third quarter was slightly over 500 basis points, down from previous quarters [33] Company Strategy and Development Direction - The company remains focused on providing first lien loans to quality companies and maintaining a diversified portfolio [9][30] - The strategy emphasizes defensive positioning in a tight spread environment, with a continued trend towards first lien debt [30] - The company is building out the Carlyle Direct Lending team to enhance origination capabilities [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the credit quality of the portfolio, noting below-average non-accruals compared to the public BDC average [9] - The company anticipates earnings will trough in the next couple of quarters, with a gradual recovery expected in the second half of 2026 into 2027 [53][55] - Management highlighted the potential for increased deal flow and activity supported by declining base rates and resilient economic growth expectations [8][15] Other Important Information - The board declared a fourth-quarter dividend of $0.40 per share, representing an attractive yield of over 12% based on recent share price [11] - The company has $0.86 per share of spillover income generated over the last five years to support the quarterly dividend [11] Q&A Session Summary Question: Can you provide a bridge on the top line this quarter? - The top line remained at $67 million, with a modest decline primarily due to OID accretion on repaid investments [20] Question: Was the 10 basis points change in borrowing spreads due to the baby bond or other factors? - The change was primarily due to post-quarter end items, including the repayment of the legacy CSL3 facility and the issuance of a new institutional deal [22] Question: Can you elaborate on the $0.40 dividend declaration? - Management is comfortable with the $0.40 dividend in the near term, anticipating earnings to trough in the next couple of quarters [24] Question: Will the concentration of first lien debt continue to increase? - The company does not see compelling opportunities in second liens and expects the portfolio to continue trending towards first lien debt [30] Question: What is the quality of the pipeline in terms of yields and terms? - The pipeline consists of high-quality borrowers, with loan-to-value ratios typically around 38-42%, indicating significant coverage [50] Question: How do the potential second JV and existing JV impact earnings power? - The JVs are expected to take time to scale up and will not have a near-term impact on earnings power [53]

PPL (NYSE:PPL) Q3 2025 Earnings Call November 05, 2025 11:00 AM ET Speaker0Good day and welcome to the PPL Corporation Third Quarter 2025 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star the ...

Select Water Solutions (NYSE:WTTR) Q3 2025 Earnings Call November 05, 2025 11:00 AM ET Speaker2Greetings and welcome to the Select Water Solutions 2025 third-quarter earnings conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. Should anyone require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to ...

Jackson Financial (NYSE:JXN) Q3 2025 Earnings Call November 05, 2025 11:00 AM ET Speaker3Hello everyone, and welcome to the Jackson Financial 3Q 2025 earnings call. My name is Charlie, and I'll be coordinating the call today. You'll have the opportunity to ask a question at the end of the presentation. If you'd like to register a question, please press star followed by one on your telephone keypads. I'll now hand the call over to our host, Liz Werner, Head of Investor Relations, to begin. Liz, please go ahe ...

Table of Contents | | Page | | --- | --- | | Executive Summary | 3 | | Corporate Information | 6 | | Consolidated Balance Sheets | 8 | | Consolidated Statements of Operations | 9 | | Funds from Operations & Adjusted Funds from Operations | 10 | | Consolidated Same-Store Property Performance | 11 | | NOI Detail | 12 | | Debt Summary & Debt Metrics | 13 | | Debt Maturities, Composition & Hedging Instruments | 14 | | Debt Covenant Compliance | 15 | | Existing Portfolio Summary | 16 | | Office Properties by Loc ...

Financial Data and Key Metrics Changes - For Q3 2025, cash NOI was $42.8 million, a 4.9% increase from $40.8 million in Q3 2024, driven by acquisition activity and same-store cash NOI growth of 1.2% [15] - AFFO per share decreased by 0.8% compared to Q3 2024, primarily due to increased interest expense, but increased by 4.2% compared to Q2 2025 [16] - The percentage of reporting obligors increased by 2.4% to 75.8%, with an EBITDA rent coverage ratio of 6.19 times, up from 5.31 times in Q2 2025 [16][17] Business Line Data and Key Metrics Changes - Significant acquisitions included the $16.3 million Southlake portfolio and the $70.5 million Reunion Novus portfolio, totaling approximately $87 million [4][6] - The company successfully renewed 90% of its 2025 lease expirations, with three lease renewals accounting for approximately 58,000 sq ft [11] Market Data and Key Metrics Changes - The company is focused on acquiring healthcare assets in markets with strong and growing demographics, particularly in Texas and Arizona [5][6] - The anticipated cap rate is expected to tighten due to looser central bank monetary policy [10] Company Strategy and Development Direction - The company aims to grow strategically and accretively, focusing on high-performing triple net lease healthcare assets [20] - Expansion opportunities are being pursued to meet the ongoing demand for high-quality healthcare services [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding tenant credit and rent collection, highlighting strong coverage ratios [30] - The company remains focused on maintaining a robust balance sheet and low leverage while exploring acquisition opportunities [18][19] Other Important Information - The board authorized a share repurchase program of up to $75 million over three years, with no shares purchased during the quarter [18] - An at-the-market equity offering sales agreement was established, but no shares have been issued under this program to date [19] Q&A Session Summary Question: Was the CHS termination payment in Q3 or Q4, and how much was it? - The CHS termination payment is expected in Q4, approximately a couple hundred thousand dollars [23] Question: What other factors might impact the income statement in Q4? - Continued decreased carry costs for Stoughton and lower G&A expenses are expected to positively impact the income statement [24][25] Question: How much additional capacity exists for deals without needing to issue equity? - The company estimates around $200 to $220 million capacity to stay within targeted leverage ranges [27] Question: How is the tenant credit watch list evolving? - The watch list is stable, with cautious optimism regarding tenant performance and lease renewals [29] Question: How does the company evaluate development or expansion projects? - Most opportunities arise from tenant requests, with the company monitoring tenant financials and operational performance [48] Question: How does the company view the risk of potential changes in ACA subsidies? - The company believes it is insulated from risks associated with ACA subsidy changes due to its focus on outpatient and lower-cost patient settings [50] Question: Is the company closer to utilizing the ATM program or the buyback program? - The company prefers not to issue equity at current levels due to dilution concerns and is focused on thoughtful capital deployment [51]

Avista (NYSE:AVA) Q3 2025 Earnings Call November 05, 2025 10:30 AM ET Company ParticipantsKevin Christie - CFOHeather Rosentrater - CEOStacey Walters - Investor Relations ManagerConference Call ParticipantsBrian Roussillon - AnalystNone - AnalystOperatorGood day, and thank you for standing by. Welcome to the Avista Corporation Q3 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a que ...