Financial Data and Key Metrics Changes - For Q4 2025, the company reported GAAP net income of $0.2 million and distributable earnings of $18.5 million, or $0.24 per common share [10] - For the full year 2025, GAAP net income was $45.5 million, or $0.57 per share, with distributable earnings of $76.8 million, or $0.97 per common share, achieving a coverage ratio of 1.01x on the annual dividend of $0.96 per share [10] - Book value per common share decreased to $11.07 from $11.25 quarter-over-quarter [10] Business Line Data and Key Metrics Changes - The company originated 20 loans with total commitments of $1.9 billion in 2025, with a weighted average credit spread of 2.82% [11] - The loan portfolio was 100% performing at year-end, with a weighted average risk rating unchanged at 3.0 [11] - The company upgraded 2 multifamily loans and downgraded 1 multifamily loan based on operational performance [12] Market Data and Key Metrics Changes - The company increased its exposure to multifamily and industrial collateral from 30% at the beginning of 2022 to over 72% of the current balance sheet [7] - The cost of funds declined by 18 basis points year-over-year, from 2.0% to 1.82% [13] - Total leverage increased to 3.02x from 2.64x quarter-over-quarter due to substantial loan origination volume [13] Company Strategy and Development Direction - The company aims to continue net asset growth through prudent investment and risk management, targeting a leverage ratio of 3.5-3.75x [8][25] - The focus remains on multifamily and industrial sectors, with plans to increase industrial exposure to 25%-30% [42] - The company is committed to maximizing shareholder value and exploring opportunities for growth, both organic and inorganic [36] Management's Comments on Operating Environment and Future Outlook - The broader economic backdrop is favorable for investment activity in the real estate sector, with increased capital allocation towards real estate credit [4] - The company anticipates a very active year for borrowers and lenders, driven by clarity around interest rates and favorable credit spreads [17] - Management expressed confidence in the ability to deliver strong performance in 2026, supported by a stable balance sheet and attractive investment opportunities [8] Other Important Information - The company ended the quarter with near-term liquidity of $143 million, including $72.6 million in cash available for investment [12] - The liability structure is 82% non-mark-to-market, an increase from 77% at the end of 2024 [13] Q&A Session Summary Question: Expectations for origination pace in Q1 2026 - Management indicated that the pipeline is robust, with significant activity across all property types and regions, suggesting a positive outlook for origination pace in 2026 [15] Question: Target leverage and REO assets - The target leverage is set at 3.5-3.75x, with plans to sell down REO assets throughout the year as market conditions improve [25][26] Question: Appropriate ROE target - Management believes that an ROE in excess of SOFR + 5% is achievable, reflecting the health of the back leverage market [30] Question: Closing the value gap in stock price - Management is focused on maximizing shareholder value and is actively seeking opportunities to close the valuation gap [35] Question: Industrial exposure growth - Industrial exposure has increased significantly, with a target level of 25%-30% anticipated as the company continues to assess market conditions [42]

ProPetro (NYSE:PUMP) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsArun Jayaram - Executive DirectorCaleb Weatherl - CFOEddie Kim - VP of Equity ResearchJeff LeBlanc - Director in Equity ResearchJohn Daniel - Founder and PresidentMatt Augustine - VP of Finance and Investor RelationsSam Sledge - CEOStephen Gengaro - Managing DirectorTravis Simmering - PresidentConference Call ParticipantsDerek Podhaizer - Director and Senior Research AnalystScott Gruber - Managing Director and Senio ...

Celanese (NYSE:CE) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsBill Cunningham - VP of Investor RelationsChuck Kyrish - CFOScott Richardson - President and CEOConference Call ParticipantsAdam Samuelson - Equity Research AnalystAleksey Yefremov - Managing Director and Equity Research AnalystAziza Osinaike - Equity Research AnalystDavid Begleiter - Managing Director and Senior Equity Research AnalystGhansham Panjabi - Senior Research AnalystHassan Ahmed - Equity Research AnalystJef ...

OGE Energy (NYSE:OGE) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsAditya Gandhi - VP, Equity Research - UtilitiesCasey Strange - Senior Manager of Investor RelationsCharles Walworth - CFOChris Hark - Equity Research AssociateSean Trauschke - Chairman, President and CEOWhitney Mutalemwa - VP, Equity ResearchConference Call ParticipantsBrian Russo - Managing Director and Senior Equity Research AnalystMichael Brown - Associate Analyst Equity ResearchStephen D'Ambrisi - Utilities Ana ...

Dana (NYSE:DAN) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsBruce McDonald - Chairman and CEOByron Foster - SVP and President of Light Vehicle Systems GroupCraig Barber - Senior Director of Investor Relations and Corporate CommunicationsJames Mulholland - Research AssociateThomas Ito - Global Equity Research Autos Senior AssociateTimothy Kraus - SVP and CFOConference Call ParticipantsColin Langan - Director and Senior Equity AnalystEmmanuel Rosner - Managing Director and Senior E ...

Financial Data and Key Metrics Changes - In 2025, normalized adjusted EBITDA increased by 10% year-on-year, with the normalized adjusted EBITDA margin expanding by 166 basis points to 19% [25][9] - Total revenue for 2025 was $2.8 billion, up 1% year-on-year, driven primarily by growth in distribution revenue [25][22] - Pro forma free cash flow for the fourth quarter was $116 million, a year-on-year increase of $45 million [24][9] - The company ended the year with a strong cash balance of $910 million, which includes $98 million in restricted cash for debt repayments in the first quarter of 2026 [10][25] Business Line Data and Key Metrics Changes - Air distribution bookings grew by 4% year-on-year in the fourth quarter, with a total growth of 7% in December [12][22] - Hotel distribution bookings increased by 5% year-on-year to 42 million, with gross hotel booking value exceeding $20 billion annually [13][12] - Sabre Payments was one of the fastest-growing businesses, with gross spend on the platform increasing by more than 35% year-on-year [11] Market Data and Key Metrics Changes - The company recorded double-digit year-on-year growth in normalized adjusted EBITDA and generated positive pro forma free cash flow [9] - NDC (New Distribution Capability) represented approximately 4% of total air distribution bookings, with expectations for acceleration in 2026 [12][22] - The company expects mid-single-digit volume growth for both 2026 and 2027, driven by continued share gains and growth in NDC bookings [28][32] Company Strategy and Development Direction - The company is transitioning from a GDS-focused model to an AI-native technology leader, emphasizing the importance of AI in the travel ecosystem [6][7] - Recent executive leadership changes were announced to align talent and investments with the AI strategy [8] - The company aims to leverage its extensive travel data and proprietary logic to become essential in an AI-first world [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for strong, sustained performance despite challenges in 2025 [5] - The outlook for 2026 includes expectations for mid-single-digit revenue growth and continued improvements in operational efficiency [28][32] - Management highlighted the importance of maintaining operational delivery and R&D while managing costs through an inflation offset program [56][57] Other Important Information - The company paid off over $1 billion in debt in 2025, reducing pro forma net leverage by approximately 25% compared to year-end 2024 [9][26] - The company has no large debt maturities until 2029, with over 90% of its debt maturing in 2029 or later [10][26] Q&A Session Summary Question: What still needs to be done on the AI front, and what upside opportunities from AI might evolve? - Management indicated that the next stage involves demonstrating the end-to-end experience of conversational commerce in travel, with partnerships like Mindtrip and PayPal enhancing the customer experience [40][41] Question: Does the introduction of GenAI change the economic equation for direct connects? - Management explained that Sabre's scalable marketplace allows for faster response times compared to direct connects, making it a valuable partner for AI companies [49][50] Question: Can you elaborate on the inflation offset program? - The program aims to keep key cost items flat while driving efficiency, with a focus on leveraging geographical advantages and embedding AI into the workforce [56][57]

ProPetro (NYSE:PUMP) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company Participants Derek Podhaizer - Director and Senior Research Analyst Scott Gruber - Managing Director and Senior Analyst Operator Good day, and welcome to the ProPetro Holding Corp Fourth Quarter and Full Year 2025 conference call. Please note that this event is being recorded. I would now like to turn the call over to Matt Augustine, ProPetro's Vice President of Finance and Investor Relations. Please go ahead. Matt Augustine Th ...

Celanese (NYSE:CE) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsAziza Gazieva - VP and Co-FounderBill Cunningham - VP of Investor RelationsChuck Kyrish - CFOHassan Ahmed - Partner and Head of ResearchJosh Spector - Executive Director of Chemicals Equity ResearchKevin Estok - VP of Equity ResearchKevin McCarthy - PartnerMichael Sison - Managing DirectorScott Richardson - President and CEOConference Call ParticipantsAleksey Yefremov - Managing Director and Equity Research AnalystDav ...

FirstEnergy (NYSE:FE) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsAndrew Weisel - Manang DirectorAnthony Crowdell - Manang DirectorBrian Tierney - CEO and PresidentCarly Davenport - VP in Equity ResearchJon Taylor - SVP and CFOKaren Sagot - VP of Investor RelationsShahriar Pourreza - Manang DirectorConference Call ParticipantsDavid Arcaro - Equity AnalystJeremy Tonet - AnalystNick Campanella - Senior AnalystPaul Patterson - AnalystRyan Levine - AnalystSteve Fleishman - Managing D ...

FirstEnergy (NYSE:FE) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsAndrew Weisel - Manang DirectorAnthony Crowdell - Manang DirectorBrian Tierney - CEO and PresidentCarly Davenport - VP in Equity ResearchJon Taylor - SVP and CFOKaren Sagot - VP of Investor RelationsShahriar Pourreza - Manang DirectorConference Call ParticipantsDavid Arcaro - Equity AnalystJeremy Tonet - AnalystNick Campanella - Senior AnalystPaul Patterson - AnalystRyan Levine - AnalystSteve Fleishman - Managing D ...