Financial Data and Key Metrics Changes - For Q4 2025, the company reported investment income of $5.9 million, or $0.86 per share, compared to $5.4 million in the previous quarter [15] - Total expenses for the quarter were $2.5 million, or $0.37 per share, up from $0.35 in the prior quarter [15] - Net investment income increased to $3.4 million, or $0.49 per share, from $3 million, or $0.44 per share in Q3 [15] - The net loss for the quarter was $12.4 million, or $1.81 per share [16] - Total assets as of December 31, 2025, were $141.3 million, with total net assets of $98.6 million, resulting in a net asset value per share of $14.42, down from $16.89 as of September 30 [16][21] Business Line Data and Key Metrics Changes - The portfolio generated strong recurring cash flows totaling $9.8 million, or $1.44 per share, exceeding distributions and expenses by $0.41 per share, an increase from $8.7 million, or $1.28 per share in the prior quarter [16] - The weighted average GAAP yield of the portfolio decreased slightly to 12.99% at quarter end from 13.07% as of September 30 [11] Market Data and Key Metrics Changes - The CLO equity market faced significant challenges in 2025, with industry returns estimated at -10% for the year [9] - The U.S. loan market experienced substantial spread tightening of approximately 34 basis points [9] - The company noted that tightening credit spreads occurred unevenly, with higher quality credits being bid up while stressed names faced difficulties [9] Company Strategy and Development Direction - The company remains optimistic about CLOs, viewing them as attractive investment opportunities compared to other asset classes, with high demand expected to continue [6] - The focus is on disciplined portfolio management, opportunistic investments, and driving long-term total returns [7] - The company aims to utilize a data-driven approach to CLO equity investing, leveraging machine learning and natural language processing technologies [12] Management's Comments on Operating Environment and Future Outlook - Management highlighted a resilient macro environment with improving inflation and healthy corporate earnings, which could provide opportunities for CLO equity investing [6][7] - The company expects refinancing activity to deliver less spread compression in 2026 compared to 2025, potentially stabilizing the market [10] - Management expressed cautious optimism regarding improving M&A activity and new loan issuance in specific sectors [27] Other Important Information - The company executed share issuances through its ATM equity issuance program, issuing 30,680 shares for net proceeds of approximately $0.5 million [17] - Dividends of $0.22 per common share were distributed in the last quarter and are planned for the upcoming months [18] Q&A Session Summary Question: Can you comment on the investment environment in the primary versus secondary market? - Management noted opportunities in both markets but is currently more overweight in the secondary market [24] Question: Can you comment on refinancing and reset opportunities in your portfolio? - Management indicated multiple positions exiting non-call periods, expecting upside in a tightening CLO liability spread environment [25] Question: What is the expected supply of new loans in 2026? - Management anticipates a marginal increase in M&A activity and new loan issuance, with certain sectors lagging [26] Question: Is the slowing loan repricing momentum specific to the portfolio or a larger market dynamic? - Management confirmed it is both a larger market dynamic and observable in their portfolio, with a gradual slowing in loan repricing speeds [30][32] Question: How does the company view the ATM share issuance relative to stock trading at NAV? - Management stated they continue to utilize the ATM when trading at a premium, but the stock was trading at NAV recently [34]

Kite Realty Group Trust (NYSE:KRG) Q4 2025 Earnings call February 17, 2026 11:00 AM ET Company ParticipantsBrian McCarthy - Senior Vice President, Corporate Marketing and CommunicationsHeath Fear - EVP and CFOJohn Kite - Chairman and CEOTom McGowan - President and COOConference Call ParticipantsAlexander Goldfarb - AnalystAndrew Reale. - Vice President and AnalystCooper Clark - AnalystCraig Mailman - Managing Director and REIT AnalystFloris van Dijkum - Managing Director and Senior Research AnalystHongliang ...

Financial Data and Key Metrics Changes - For the year 2025, the company reported diluted earnings per share of $6.55, a decrease of 9% from the previous year [5] - The company ended 2025 with a strong balance sheet, holding $386 million in cash, and a return on equity of 16% [20] - The 2026 diluted earnings per share guidance range is set at $5.22 to $5.62, with a midpoint indicating a continued above-average return on equity of 12% [23][24] Business Line Data and Key Metrics Changes - Electric segment earnings increased over 7% year-over-year, driven by recovery of increased rate base investments and higher sales volumes [18] - Manufacturing segment earnings decreased by 16% year-over-year, primarily due to lower sales volumes and higher SG&A expenses [19] - Plastic segment earnings decreased by 15% year-over-year, largely due to lower average sales prices [21] Market Data and Key Metrics Changes - The residential electric rates for 2025 were reported to be 34% below the national average and 19% below regional peers [13] - The company anticipates a 3% to 4% compounded annual growth rate in customer bills over the current five-year planning period [13] Company Strategy and Development Direction - The company is committed to a customer-focused growth plan, with a reaffirmed five-year capital spending plan totaling $1.9 billion, expected to produce a rate-based compound annual growth rate of 10% [24][25] - The company is pursuing additional investments in renewable generation and battery storage, including a battery storage project with a capacity of 75 megawatts [10][24] - The company aims to maintain low-cost electric service while exploring opportunities to add new large loads to its system [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the strong performance of Otter Tail Power and the ability to convert rate-based growth into earnings per share growth [28] - The company acknowledged challenges in the manufacturing segment due to end market demand and inventory management but noted improvements in certain areas [14][15] Other Important Information - The company increased its dividend by 10%, marking the second consecutive year of double-digit increases [5] - The company expects to retire $80 million in parent-level debt later this year, resulting in no outstanding parent-level debt [26] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded without any inquiries from participants [30][31]

Financial Data and Key Metrics Changes - The consolidated adjusted EBITDA for Q4 2025 was $56.7 million, down $9.4 million compared to the prior year, primarily due to lower coke sales volumes and market conditions [9][10] - Full year adjusted EBITDA for 2025 was $219.2 million, a decrease of $53.6 million from the previous year, driven by changes in contract and spot coke sales and lower economics on the Granite City contract extension [9][10] - The net loss attributable to SunCoke for Q4 2025 was $1 per share, down from $1.28 in Q4 2024, influenced by one-time items totaling $0.85 per share [8][9] Business Line Data and Key Metrics Changes - The domestic coke business delivered full-year adjusted EBITDA of $170 million, down $64.7 million from the prior year, impacted by contract and spot coke sales mix and the Algoma breach [10][11] - The industrial services segment, including Phoenix Global, reported full-year adjusted EBITDA of $62.3 million, an increase of $11.9 million year-over-year, primarily due to the addition of Phoenix Global [11] - Corporate and other expenses increased by $800,000 year-over-year to $13.1 million, reflecting costs from legacy operations [11] Market Data and Key Metrics Changes - The domestic coke segment is expected to deliver adjusted EBITDA between $162 million and $168 million in 2026, with sales of approximately 3.4 million tons [17][19] - Industrial services adjusted EBITDA is projected to be between $90 million and $100 million in 2026, reflecting expectations for improved market conditions [20][22] Company Strategy and Development Direction - The company plans to utilize free cash flow to support capital allocation priorities, including paying down revolver balance and maintaining dividends [24][25] - SunCoke aims to continue integrating Phoenix Global and assess new growth opportunities across its business [25] - The company has extended key contracts, including the Granite City and Haverhill Two contracts, to ensure stable revenue streams [6][19] Management's Comments on Operating Environment and Future Outlook - Management anticipates a meaningful recovery in 2026, supported by an optimized coke fleet and improved market conditions [16][24] - The company expects to generate positive free cash flow in 2026, with gross leverage targeted around 2.45x, below the long-term target of 3x [16][24] - Management highlighted the impact of recent weather conditions and operational challenges, including a turbine failure, on first-quarter results [47][48] Other Important Information - The company returned approximately $41 million to shareholders via dividends in 2025 and plans to continue this practice in 2026 [6][24] - The integration of Phoenix Global is progressing well, with expected synergies contributing to future earnings [33][20] Q&A Session Summary Question: Status of litigation with Algoma regarding contract breach - Management confirmed ongoing arbitration with Algoma, expecting to recover losses from the breach, which could amount to up to $70 million [30][31] Question: Expected EBITDA contribution from Phoenix Global - Management affirmed the anticipated annual EBITDA contribution of approximately $60 million from Phoenix Global, along with expected synergies of $5 million to $10 million [33] Question: Future of Haverhill One facility - Management indicated that Haverhill One could be restarted but would require significant capital investment and is currently not economically viable [42][43] Question: Impact of Middletown turbine failure and weather on operations - Management noted that the turbine failure and severe weather have resulted in an estimated $10 million impact on first-quarter results [48][49] Question: Drivers of expected improvement in industrial segment handling volumes - Management attributed the expected improvement to a full year of the new KRT contract and modest recovery across both KRT and CMT [52]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported net sales of $567 million, EBITDA of $50 million, and adjusted diluted earnings per share of $0.03 [5][16] - For the full year, net sales reached $2.7 billion, with EBITDA of $436 million and adjusted earnings per share of $2.65 [16] - The EBITDA margin for the siding business improved to 26%, up 1 percentage point from 2024, while the OSB segment faced significant price declines, resulting in a low EBITDA margin [14][16] Business Line Data and Key Metrics Changes - The siding business grew by 8% in 2025, with a 4% increase in net selling prices and a 4% increase in sales volumes [5][16] - ExpertFinish product line saw a remarkable 35% growth in Q4, while prime volumes declined by 5% [12] - OSB segment faced a revenue decrease of $129 million and EBITDA decline of $95 million due to unfavorable supply-demand dynamics [14] Market Data and Key Metrics Changes - Single-family housing starts were down approximately 10% in Q3 2025, with further weakness expected in Q4 [5] - The company noted a stronger market presence in the Upper Midwest, while being modestly insulated from softer markets in the Southeast [7] - OSB prices reached their lowest levels in 20 years, significantly impacting the segment's performance [9] Company Strategy and Development Direction - The company aims to drive growth, gain market share, and deliver product innovation while generating shareholder value [4] - Integration of operations under a chief commercial officer and chief operating officer structure is expected to enhance sales synergies and operational efficiency [10] - The company plans to invest approximately $400 million in capital expenditures for 2026, focusing on sustaining maintenance and strategic growth [22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged affordability challenges due to tariffs, economic policy uncertainty, and deteriorating consumer confidence [4] - The company anticipates a difficult first quarter in 2026, with expected volume declines of 15%-20% and a weaker order file [20] - Despite current challenges, management remains confident in the long-term growth potential of the SmartSide product line and its market share gains [23] Other Important Information - The company achieved a total incident rate of 0.62 in 2025, earning the APA's Safest Company Award for the third consecutive year [11] - The company has over $1 billion in liquidity, with a cash balance of $292 million and an undrawn revolver of $750 million [17] Q&A Session Summary Question: What factors are influencing LP siding revenue guidance? - Management expects improvement in shed demand to be the dominant factor, alongside overall housing normalization [26][27] Question: Are there risks of a shift to lower-cost siding materials? - Affordability remains a headwind, with some movement towards vinyl, but the company believes in the value of its SmartSide offerings [28][29] Question: What is the demand outlook for the ExpertFinish product? - ExpertFinish continues to outperform due to macro trends, and the company has come off allocation due to operational improvements [31][32] Question: How is the competitive environment in siding evolving? - The company is gaining share across segments and remains optimistic about opportunities in new construction and repair remodel [40][41] Question: What is the outlook for OSB demand and capacity management? - The company is focused on matching supply with demand and is optimistic about a favorable pricing environment due to competitor mill closures [67]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported investment income of $5.9 million, an increase from $5.4 million in the prior quarter, with net investment income rising to $3.4 million, or $0.49 per share, up from $3 million, or $0.44 per share in Q3 [15][17] - The net loss for the quarter was $12.4 million, or $1.81 per share, with net unrealized losses on investments amounting to $15.7 million, or $2.3 per share [16][17] - Total assets as of December 31, 2025, were $141.3 million, with total net assets of $98.6 million, resulting in a net asset value per share of $14.42, down from $16.89 as of September 30 [17][22] Business Line Data and Key Metrics Changes - The company's portfolio generated strong recurring cash flows totaling $9.8 million, or $1.44 per share, exceeding distributions and expenses by $0.41 per share, an increase from $8.7 million, or $1.28 per share in the prior quarter [17] - The weighted average gap yield of the portfolio decreased slightly to 12.99% at quarter end, compared to 13.07% as of September 30 [11] Market Data and Key Metrics Changes - The CLO equity market faced challenges in Q4 2025 due to tight spreads, with industry returns estimated at -10% for the year [9] - The U.S. loan market experienced substantial spread tightening of approximately 34 basis points, impacting CLO equity performance [9] Company Strategy and Development Direction - The company remains optimistic about CLOs, viewing them as attractive investment opportunities compared to other asset classes, with a focus on disciplined portfolio management and opportunistic investments [6][20] - The strategy includes managing exposure to individual credits and sectoral weaknesses, with nearly the entire portfolio composed of CLOs with reinvestment period end dates of 2026 and later [7][14] Management's Comments on Operating Environment and Future Outlook - Management highlighted a resilient macro environment with inflation reducing to central bank targets and a low leveraged loan default rate, indicating potential opportunities for CLO equity investing [6] - The company expects refinancing activity to deliver less spread compression in 2026, with improved new loan issuance activity supporting wider CLO equity spreads [10][11] Other Important Information - The company executed share issuances through its at-the-market equity issuance program, issuing 30,680 shares for net proceeds of approximately $0.5 million during the quarter [18] - Dividends of $0.22 per common share were distributed in October, November, December, and January, with plans for the same in February, March, April, and May [19] Q&A Session Summary Question: Can you comment on the investment environment in the primary versus secondary market? - Management noted opportunities in both markets but indicated a current overweight in the secondary market [24][25] Question: What are the refinancing and reset opportunities in your portfolio over the next few quarters? - Management mentioned multiple positions exiting their non-call periods, expecting upside from tightening CLO liability spreads [26] Question: Can you comment on the supply of new loans expected in 2026? - Management expressed cautious optimism for improving M&A activity and new loan issuance from specific sectors, while monitoring central bank rate cutting impacts [27][28] Question: Is the slowing loan repricing momentum specific to your portfolio or a larger market dynamic? - Management indicated it is both a larger market dynamic and observable in their portfolio, with a gradual slowing in loan pricing [31][32] Question: How does the company view the ATM share issuance relative to current stock trading? - Management stated they continue to utilize the ATM when trading at a premium, noting the stock was trading at NAV [33][34]

Financial Data and Key Metrics Changes - For the year 2025, the company reported diluted earnings per share of $6.55, a decrease of 9% from the previous year [5][18] - The company ended 2025 with $386 million in cash and a return on equity of 16% [20][22] - The 2026 diluted earnings per share guidance range is set at $5.22-$5.62, with a midpoint indicating a continued above-average return on equity of 12% [23][24] Business Line Data and Key Metrics Changes - Electric segment earnings increased over 7% year-over-year, driven by recovery of increased rate base investments and higher sales volumes [18][19] - Manufacturing segment earnings decreased by 16% year-over-year, primarily due to lower sales volumes and higher SG&A expenses [19] - Plastic segment earnings decreased by 15% year-over-year, largely due to lower average sales prices [20] Market Data and Key Metrics Changes - The company’s electric rates remained 34% below the national average and 19% below regional peers [13] - The residential electric rates are projected to increase between 3% and 4% on a compounded annual growth rate over the current five-year planning period [14] Company Strategy and Development Direction - The company is committed to a customer-focused growth plan, with a five-year capital spending plan totaling $1.9 billion and a projected rate-based compound annual growth rate of 10% [24][25] - The company is pursuing additional investments in renewable generation and battery storage, including a 75 MW battery storage project expected to be operational by 2028 [11][24] - The company aims to maintain its strategic diversification to provide benefits to customers and investors over the long term [29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the electric segment's growth, expecting a 14% increase in earnings in 2026 due to higher returns from increased average rate base [21] - The manufacturing segment is anticipated to see a 7% increase in earnings, driven by improved sales outlook [22] - The plastic segment is expected to face challenges, with earnings projected to decrease by 36% in 2026 due to declining average PVC pipe prices [23][27] Other Important Information - The company has a strong balance sheet capable of funding its growth plan without external equity through at least 2030 [20][29] - The company has received approval in Minnesota to add up to 200 megawatts of additional wind generation [25] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded without any inquiries from participants [31][33]

Knife River (NYSE:KNF) Q4 2025 Earnings call February 17, 2026 11:00 AM ET Speaker9Good morning, ladies and gentlemen, and welcome to the Knife River Corporation fourth quarter and full year 2025 results conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you need assistance, please press star zero for the operator. This call is being recorded on Tuesday, February 17th, 2026. I would now ...

Financial Data and Key Metrics Changes - Revenue for Q2 2026 was $116,000, compared to $0 in the same period last year, attributed to cost reimbursements from a collaboration with Boehringer Ingelheim [7] - Total operating expenses increased to $7.4 million from $2.6 million in the prior year, primarily due to higher investments in obesity development programs and increased compensation costs [7] - Net loss for the quarter was $7.3 million, or $2.86 per share, compared to a net loss of $2.4 million, or $5.92 per share in the prior year [8] - Cash and cash equivalents as of December 31, 2025, were $14.5 million, up from $1.3 million at September 30, 2025 [10] Business Line Data and Key Metrics Changes - The company is advancing its melanocortin-4 receptor-based obesity pipeline, focusing on rare syndromic and genetic obesity disorders [11] - The lead oral small molecule MC4R agonist, PL7737, is progressing through IND-enabling toxicology studies, with plans to submit an IND in the first half of 2026 [12] - A next-generation selective melanocortin-4 receptor peptide agonist is also in development, with an IND submission planned for the second half of 2026 [12] Market Data and Key Metrics Changes - The company regained compliance with NYSE American listing standards, allowing its common stock to resume trading under the symbol PTN [6][14] - The focus remains on rare neuroendocrine obesity disorders, including hypothalamic obesity and Prader-Willi syndrome, which represent significant unmet medical needs [12] Company Strategy and Development Direction - The company aims to deliver differentiated product profiles with a focus on enhancing patient tolerability and minimizing side effects [12] - A strategic sub-licensing of PL9643 for dry eye disease has allowed the company to sharpen its focus on core obesity programs while retaining potential future financial participation [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's financial position and pipeline, indicating that the successful public offering has provided the necessary capital to advance obesity programs [11][14] - The company anticipates a cash runway extending beyond March 31, 2027, based on current operating plans [10] Other Important Information - The company received approximately $3.8 million in upfront consideration from the sublicensing transaction, which will be recognized as licensed revenue in the quarter ending March 31, 2026 [10] Q&A Session Summary Question: What preclinical or translational signals give confidence in differentiation for PL7737? - The compound is designed to be more selective for the melanocortin-4 receptor, which should reduce hyperpigmentation and control GI side effects through its administration [17][18] Question: How will patient selection and endpoints be approached in the phase one study? - The phase one studies will primarily focus on safety, with the multiple-ascending dose study looking for reductions in body weight and control of hyperphagia [19][20] Question: Is there an increased emphasis on Prader-Willi syndrome? - Prader-Willi syndrome has always been in the background, but the company is focusing on larger indications with substantial patient populations [22] Question: How will the oral small molecule and weekly injection be positioned? - Both products are seen as complementary, with each suited for different patient populations [24][26] Question: What is the anticipated impact of GLP-1 therapies on product development? - The company is exploring combination therapies with GLP-1s to optimize treatment for patients with severe hyperphagia [49]

Kite Realty Group Trust (NYSE:KRG) Q4 2025 Earnings call February 17, 2026 11:00 AM ET Speaker10Good day, and thank you for standing by. Welcome to the Kite Realty Group Fourth Quarter 2025 Earnings Conference Call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one, one on your telephone. You will then hear an automated message advising your hand is rai ...