Financial Data and Key Metrics Changes - For Q4 2025, the company reported net income of $3.7 million, or $0.27 per diluted share, on net sales of $62.6 million, reflecting a 2.2% decline in net sales compared to the previous year [11][3] - Gross margin improved by 280 basis points year-over-year to 27.7%, attributed to lower operational costs and the benefits from the Gold Tip acquisition [11][4] - Total cash flow from operations increased to $14.9 million from $12.3 million in the prior year, driven by a 10% decrease in inventory and improved profitability [12][13] Business Line Data and Key Metrics Changes - The decline in net sales was primarily driven by softer consumer demand in basketball and outdoor games, while archery and billiards experienced healthy growth due to recent acquisitions and new product introductions [3][4] - Selling, general, and administrative expenses rose by 6.8% to $11.6 million, mainly due to non-recurrent executive transition expenses [12] Market Data and Key Metrics Changes - The consumer environment remains mixed, with less affluent consumers being more price-sensitive, while affluent consumers are less affected by price changes [5] - The company is closely monitoring emerging tariff policy changes, indicating a proactive approach to market conditions [5] Company Strategy and Development Direction - The company is shifting focus from cost optimization to profitable growth, leveraging a leaner balance sheet and operational discipline established in 2025 [5][9] - M&A remains a priority for capital allocation, with recent acquisitions aimed at complementing existing product categories and strengthening market position [6][7] Management Comments on Operating Environment and Future Outlook - Management expects consumer conditions to remain mixed in 2026, influenced by moderating interest rates and persistent inflation [5] - The company is confident in its ability to meet financial commitments while investing in future growth, supported by strong free cash flow generation [9] Other Important Information - The company repaid nearly $2 million of long-term debt during the fourth quarter and increased cash levels to $11.9 million [9][13] - A new 110,000 sq ft facility was purchased to support growth in safety and fitness categories, initially intended for warehousing [8][16] Q&A Session Summary Question: Is the new facility production or distribution, and will it alleviate tariff pressure? - The facility is primarily for warehousing for fitness and safety businesses, with potential for future growth plans [16][17] Question: How does the product mix impact sales trends? - Higher value premium brands are showing favorable sales trends, while lower price point products are not performing as well [18][19] Question: What is the outlook on additional price increases due to tariffs? - The company does not foresee significant near-term price increases but remains vigilant about the dynamic tariff environment [20][21] Question: Is the potential refund of tariffs meaningful for the company? - Yes, the potential refund is meaningful, estimated in the $4 million-$5 million range [24][26]

Financial Data and Key Metrics Changes - The company reported same-store revenue growth of negative 0.1% for the fourth quarter, indicating stabilization compared to previous quarters [10] - Funds from Operations (FFO) per share was reported at $0.64 for the quarter, with a 1.9% increase in the quarterly dividend to an annualized $2.12 per share, representing a 5.3% dividend yield [11] - Leverage ended the year at 4.8x net debt to EBITDA, indicating a strong balance sheet [14] Business Line Data and Key Metrics Changes - The company experienced a positive trend in move-in rates, improving from -10% in Q4 2024 to +2.8% in Q4 2025 [5] - Same-store expenses grew by 2.9% in Q4, influenced by real estate taxes and property insurance, offset by increases in marketing and repairs [10] - Over 75% of the top 25 markets saw revenue growth accelerate from Q3 to Q4 2025 [8] Market Data and Key Metrics Changes - The occupancy gap improved to 88.7% by the end of January 2026, narrowing from year-end levels [6] - Only 19% of same-store assets are projected to face new supply impacts in 2026, the lowest percentage since 2017 [9] - The Northeast and Midwest urban markets continue to outperform, while Sun Belt and West Coast markets are beginning to show improvement [4][7] Company Strategy and Development Direction - The company is focused on capital allocation strategies, including a new joint venture with CBRE IM for $250 million to invest in high-growth markets [12] - The management team emphasizes maintaining a high-quality portfolio and is open to asset dispositions or joint ventures to enhance shareholder value [14][68] - The company aims to return to historical revenue growth levels by addressing occupancy gaps and improving pricing strategies [8][60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to growth in 2026, citing stabilized fundamentals and improved operating metrics [4] - The company anticipates gradual improvement in financial results, with expectations for FFO per share in 2026 ranging from $2.52 to $2.60 [14] - Management acknowledged the impact of external factors such as weather-related costs and inflation on operating expenses [28] Other Important Information - The company executed share repurchases during the quarter, with an expanded authorization allowing for approximately $475 million in capacity [13] - The management team is actively monitoring legislative changes affecting pricing and transparency in the self-storage market [22] Q&A Session Summary Question: Can you discuss the supply situation and its impact? - Management clarified that the 19% of stores impacted by supply in 2026 refers to those competing against new deliveries from 2024 to 2026, indicating a lessening impact compared to previous years [19][20] Question: How is the lawsuit in New York affecting operations? - The company is aware of the lawsuit and is focused on compliance and providing optimal customer experiences [22][23] Question: What is driving the higher operating expenses compared to peers? - Management noted that real estate taxes and weather-related costs are significant drivers of expense growth, alongside inflationary pressures on personnel costs [28] Question: What is the outlook for move-in rates? - Management expects steady improvement in move-in rates, with a focus on maximizing customer value rather than just volume [35][60] Question: Can you elaborate on the joint venture with CBRE? - The joint venture is aimed at investing in core plus and value-add opportunities in high-growth markets, with the potential for future collaborations [29][30] Question: How does the company view share buybacks versus acquisitions? - Management indicated that while share buybacks are attractive, they remain open to acquisitions if compelling opportunities arise [46][78] Question: What is the outlook for the New York MSA? - Management expects New York to continue being a top-performing market, benefiting from recovering supply headwinds and strong demand trends [42][43]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss attributable to common stockholders of $46 million, or $0.67 per diluted share, and an AFFO per diluted share of -$0.02 [13] - For the full year 2025, the net loss attributable to common stockholders was $72.7 million, or $1.07 per diluted share, with an AFFO per diluted share of $0.28 [13] - Adjusted EBITDAre for Q4 was $28.8 million, while for the full year it was $147 million [13] - Total assets at quarter end were $1.9 billion, with $1.1 billion in loans and a blended average interest rate of 6.7% [13][14] Business Line Data and Key Metrics Changes - Comparable total revenue growth for Q4 was 1.8%, while full-year growth was 2.8% [7][8] - Comparable Hotel EBITDA for Q4 increased by 6%, and for the full year, it grew by 3.1% [8][20] - The resort portfolio reported a comparable RevPAR of $536, a 4.1% increase over the prior year, and comparable Hotel EBITDA of $32.5 million, a 6% increase [10] Market Data and Key Metrics Changes - Comparable hotel RevPAR was flat for Q4, but ADR improved by 5.4% compared to the prior year [19] - Excluding properties under renovation, RevPAR increased by 4.6% and Total RevPAR increased by 6.3% for Q4 [19] - Group room revenue for the full year increased by 7.1%, with Q4 group room revenue up 0.4% [21] Company Strategy and Development Direction - The company has initiated a sale process and engaged financial advisors to explore options for creating shareholder value [6] - Renovations and strategic repositioning of properties, such as the conversion of Cameo Beverly Hills to Hilton's LXR brand, reflect the company's commitment to enhancing guest experiences [12][27] - The company plans to continue redeeming non-traded preferred stock to deleverage its platform and improve cash flow per share [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining operating momentum and delivering strong results despite a challenging hospitality environment [20][28] - The company anticipates continued benefits from recent renovations and strategic initiatives aimed at enhancing profitability [27][28] - Management highlighted the resilience of the diversified portfolio and the effectiveness of targeted sales strategies in capturing group demand [22][23] Other Important Information - The company sold the Clancy hotel in San Francisco for $115 million, which allowed for a significant debt paydown of approximately $65 million [11] - Capital expenditures in 2025 totaled approximately $78 million, with an anticipated spending of $25 million to $35 million in 2026 [27] Q&A Session Summary Question: What is the outlook for the company's sale process? - Management indicated that there is no definitive timetable for the sale process and that it is exploring all options to create shareholder value [6] Question: How are renovations impacting performance? - Renovation activities have significantly impacted portfolio results, with hotels not under renovation showing better RevPAR growth [7][10] Question: What are the expectations for group revenue? - Group room revenue has shown strong growth, particularly at standout properties like the Four Seasons Scottsdale, which achieved significant increases in both revenue and ADR [21][22]

Financial Data and Key Metrics Changes - Energy Fuels reported a net loss of $86 million or $0.38 per share for fiscal year 2025, compared to a net loss of $47 million or $0.28 per share in fiscal 2024, reflecting higher ongoing costs due to global operations expansion [33] - The company ended the year with $1.4 billion in total assets and $927 million in working capital, including $862 million in cash and marketable securities [32] - The average month-end uranium spot prices were approximately 13.8% lower in 2025 compared to 2024, impacting revenue per pound and gross margin percentage, which was 31% in 2025 [34] Business Line Data and Key Metrics Changes - Energy Fuels mined over 1.7 million pounds of uranium and processed over 1 million pounds of finished U308 in 2025, with plans to materially increase uranium mining production and sales in 2026 [3][13] - The company sold 650,000 pounds of uranium at an average price of $74.20 per pound in 2025, an increase of 200,000 pounds year-over-year [34][16] - The White Mesa Mill produced about 1 million pounds of finished product, with production costs decreasing from $53 per pound to $43 per pound by the end of 2025 [15][34] Market Data and Key Metrics Changes - The company is positioned as the largest and lowest-cost U.S. uranium producer and is emerging as a large-scale, low-cost rare earth and critical mineral producer [5][2] - The rare earth segment made remarkable progress, with pilot production of Dysprosium and plans for Terbium oxides, and the NdPr and Dy products have been qualified for use by major automobile manufacturers [4][19] Company Strategy and Development Direction - Energy Fuels aims to build a globally significant critical materials company, leveraging its core uranium business to expand into rare earths and other critical minerals [6][2] - The company has plans for significant expansions, including the Donald joint venture project in Australia and the Vara Mada project in Madagascar, with combined net present values estimated at $3.7 billion [4][30] - The acquisition of Australian Strategic Materials (ASM) is expected to enhance margin capture and position the company to capitalize on the reshoring of U.S. manufacturing [25][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's financial, technical, and commercial capabilities to execute aggressive plans, highlighting a strong balance sheet and operational milestones achieved in 2025 [2][5] - The company anticipates a significant increase in uranium production and sales in 2026, with guidance for mined uranium increasing to between 2 million and 2.5 million pounds [37][38] - Management noted that the current market conditions for uranium are favorable, with expectations for stronger fundamentals and increased demand in the future [16][70] Other Important Information - The company completed a $700 million convertible note offering at a 7.75% coupon rate, providing substantial liquidity for ongoing operations and strategic projects [4][32] - The White Mesa Mill is the only operating conventional uranium mill in the U.S. and has been transformed into a critical mineral hub, capable of processing both uranium and rare earths [17][18] Q&A Session Summary Question: Timeline for heavy mineral sands projects - Management confirmed that the Donald Project is shovel-ready, with a focus on making a final investment decision soon, while progress on the Vara Mada project is ongoing with government support [49][50] Question: Government support and offtake discussions - Management indicated that the scale of the company's assets is gaining attention from government entities, and they are optimistic about future support [54][56] Question: Factors driving uranium production guidance - The production guidance is dependent on mill runtime and mining rates, with plans to build inventories of unprocessed uranium for flexibility [60][80] Question: Spot market sales strategy - The company aims to time spot sales strategically, focusing on higher prices while maintaining a balance between spot and term contracts [62][70]

Financial Data and Key Metrics Changes - In Q4 2025, Delek reported an adjusted EPS of $0.44 and adjusted EBITDA of approximately $226 million, excluding SREs, indicating strong performance and momentum [3][11] - The net income for the fourth quarter was $78 million or $1.26 per share, with adjusted net income at $143 million or $2.31 per share [11] - For the full year 2025, adjusted EBITDA, excluding SREs, was approximately $763 million [11] Business Line Data and Key Metrics Changes - The refining segment saw a decline in adjusted EBITDA by $91 million due to seasonality, while supply and marketing contributed approximately $23 million, with wholesale marketing generating about $35 million [12] - The logistics segment delivered approximately $142 million in adjusted EBITDA, maintaining strong performance [12] Market Data and Key Metrics Changes - DKL achieved a record year with approximately $536 million in adjusted EBITDA and announced 2026 EBITDA guidance in the range of $520 million to $560 million [4] - DKL is expected to have over 80% of its third-party EBITDA in 2026, reflecting strong growth in the Delaware Basin [5] Company Strategy and Development Direction - The company is focused on enhancing its Enterprise Optimization Plan (EOP), raising its target to at least $200 million in annual run rate cash flow improvement [4][8] - The strategy includes a proactive approach to monetizing RINs and maintaining a strong balance sheet while being shareholder-friendly through dividends and share buybacks [10][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing strength of the EOP and its impact on cash flow generation, emphasizing a culture of continuous improvement [3][54] - The management highlighted the importance of SREs in supporting local communities and maintaining high-paying jobs, indicating a commitment to energy dominance policies [22][23] Other Important Information - Cash flow from operations in Q4 was $503 million, with a significant improvement of $211 million compared to the previous year [13] - The company paid approximately $15 million in dividends and repurchased about $20 million of its shares during the quarter [10][14] Q&A Session Summary Question: Inquiry about cash inflow from SREs and future risks - Management discussed the cash inflow from monetizing RINs and the importance of SREs for the industry, emphasizing their critical role in energy policy [20][22] Question: Consolidation of DKL and performance improvement initiatives - Management outlined the ongoing efforts to enhance the value of DKL and the focus on improving reliability and performance at the Big Spring refinery during its turnaround [42][47] Question: Drivers of raised cash flow guidance - Management attributed the raised cash flow guidance to the success of the EOP and indicated a balanced approach to capital allocation, including dividends and buybacks [55]

Summary of FirstSun Capital Bancorp's Extraordinary General Meeting Company Overview - **Company**: FirstSun Capital Bancorp (NasdaqGS: FSUN) - **Meeting Date**: February 27, 2026 - **Type of Meeting**: Extraordinary General Meeting of Stockholders Key Proposals and Votes 1. **FirstSun Merger Proposal** - Proposal to adopt the Agreement and Plan of Merger with First Foundation Inc. - The board recommends a vote in favor of this proposal. - **Outcome**: Approved [12] 2. **FirstSun Authorized Common Increase Proposal** - Proposal to amend the certificate of incorporation to increase the number of authorized shares of FirstSun common stock. - The board recommends a vote in favor of this proposal. - **Outcome**: Approved [12] 3. **FirstSun Non-Voting Common Stock Proposal** - Proposal to create a class of non-voting common stock for issuance to certain First Foundation stockholders in connection with the merger. - The board recommends a vote in favor of this proposal. - **Outcome**: Approved [12] 4. **Adjournment Proposal** - Proposal to adjourn the meeting if necessary to permit further solicitation of proxies for the above proposals. - The board recommends a vote in favor of this proposal, but it became moot as the previous proposals were approved. - **Outcome**: Withdrawn [12] Meeting Procedures and Attendance - **Quorum**: More than 89% of FirstSun's issued and outstanding shares entitled to vote were present, either virtually or by proxy, confirming a quorum [5]. - **Voting Process**: Online voting was open until the polls were closed after the proposals were presented [6][11]. - **Inspector of Election**: Laura Cisneros was appointed to oversee the voting process and certify the results [5]. Additional Information - **Record Date**: January 9, 2026, was set as the record date for determining stockholders entitled to vote [4]. - **Proxy Materials**: Joint proxy statement and notice of the special meeting were mailed starting January 15, 2026 [4]. - **Final Results Filing**: The final voting results will be filed on a Form 8-K with the SEC [13]. Conclusion - The meeting concluded with all key proposals being approved, indicating a positive direction for FirstSun Capital Bancorp and its merger with First Foundation Inc. The leadership expressed appreciation to stockholders for their participation [13].

Financial Data and Key Metrics Changes - The company reported a fourth quarter occupancy rate of 68.7%, an average daily rate (ADR) of $199, and revenue per available room (RevPAR) of $137, reflecting a 1.5% decline in RevPAR year-over-year, driven by a 0.9% decline in occupancy and a 0.7% decline in ADR [17][18] - Total revenues grew by 0.2%, supported by a 7.2% increase in non-room revenues, which outperformed RevPAR by nearly 900 basis points [11][18] - Adjusted EBITDA for the fourth quarter was $80.4 million, with hotel EBITDA margins at 27%, only 44 basis points lower than the previous year [19][22] Business Line Data and Key Metrics Changes - Urban markets outperformed the overall portfolio, with notable RevPAR growth in Northern California (18.5%), Denver CBD (10.1%), and New York City (4.7%) [18] - Non-government related business transient revenues increased by 5%, while group revenues declined by 3% due to the government shutdown impacting demand [9][10] - Leisure segment revenue grew by 1%, with urban leisure outperforming the portfolio, driven by strong holiday demand [10][11] Market Data and Key Metrics Changes - The company noted a strong recovery in San Francisco, with RevPAR growth of 52% in the fourth quarter, supported by various demand segments and events like the Dreamforce conference [8][9] - The overall lodging industry is expected to achieve slightly positive RevPAR growth in 2026, driven by increased leisure demand and ongoing positive trends in non-government business travel [14][15] Company Strategy and Development Direction - The company is focused on urban markets, anticipating that these will continue to outperform the broader industry due to favorable geographic exposure and high-impact capital investments [15][16] - The company plans to continue executing on high-occupancy renovations and conversions, with an average of two conversions per year, including the upcoming Boston conversion to Hilton's Tapestry Collection [12][41] - Capital allocation strategies include opportunistic asset sales and share repurchases, with a focus on maintaining a strong balance sheet while driving shareholder value [32][33][23] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, citing potential tailwinds from moderating interest rates and tax cuts, which could positively impact travel demand [13][14] - The company expects the first quarter of 2026 to be the softest due to challenging year-over-year comparisons, with expectations for improved performance in the latter half of the year [25][26] - Management highlighted the importance of urban leisure demand and special events, such as the World Cup, in driving future growth [30][31] Other Important Information - The company successfully addressed all near-term debt maturities and executed refinancing transactions to extend debt maturities through 2028, enhancing financial flexibility [20][21][22] - The company returned $120 million to shareholders through dividends and share repurchases during 2025 [13][23] Q&A Session Summary Question: How much benefit is expected from the World Cup and easier comps due to the government shutdown? - Management indicated that they expect a balanced contribution from rate and occupancy growth, with specific events like the World Cup contributing approximately 45 basis points to RevPAR growth [30][31] Question: How is capital allocation prioritized between asset sales and share repurchases? - Management stated that they are actively recycling capital from asset sales and share repurchases while maintaining a strong balance sheet, with a focus on balancing near-term opportunities and long-term resilience [32][33] Question: What are the expectations for operating costs and EBITDA margins in 2026? - Management anticipates overall expenses to grow about 3%, with variable expenses at 2% and fixed expenses at 4%, excluding tax benefits [37] Question: What is the expected impact of the Wyndham Boston conversion to Tapestry? - Management believes the conversion will yield a 40% increase in EBITDA, driven by the asset's location and demand drivers, with returns well above 50% relative to incremental capital [78][79]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $94.8 million, down from $97.8 million in Q4 2024 [8] - Net income for Q4 2025 increased to $25.1 million from $23.9 million [8] - Distributable Cash Flow for Q4 2025 was $38.4 million, compared to $45.7 million in Q4 2024 [8] - Adjusted DCF for Q4 2025 was $38.8 million, down from $46.1 million in Q4 2024 [8] - Distribution coverage remained solid at 1.56 times as of December 31 [9] Business Line Data and Key Metrics Changes - GDSO product margin increased by $17.7 million to $231.3 million in Q4 2025 [9] - Gasoline distribution product margin rose by $19.9 million to $165.6 million, reflecting higher fuel margins [9] - Station operations product margin decreased by $2.2 million to $65.7 million due to a lower site count [10] - Wholesale segment product margin decreased by $21.5 million to $58.3 million [11] - Commercial segment product margin decreased by $2.6 million to $6 million [11] Market Data and Key Metrics Changes - Fuel margins increased by $0.09 to $0.45 per gallon in Q4 2025 from $0.36 in Q4 2024 [9] - The company experienced a decline in volumes and lower station operations contribution due to site optimization efforts [4] Company Strategy and Development Direction - The company focuses on acquiring strategic assets, investing in its existing network, and optimizing its portfolio [4] - The East Providence Terminal exceeded expectations, enhancing storage and service capabilities [5] - Expansion into the Houston market for bunkering is seen as a significant growth opportunity [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage through uneven markets and capitalize on growth opportunities [14] - Early year cold weather in the Northeast is expected to support strong wholesale fuel demand [14] Other Important Information - The board approved a quarterly cash distribution of $0.76 per common unit, marking the 17th consecutive increase [8] - The company maintains a strong balance sheet with leverage at 3.59 times Funded Debt to EBITDA [12] Q&A Session Summary Question: Is the site optimization process completed? - Management indicated that site optimization is an ongoing process aimed at efficiency [16] Question: Can you break down the CapEx between terminals and GDSO? - Management noted an uptick in maintenance CapEx related to terminals and highlighted expansion opportunities in terminal capabilities [17][18] Question: What are the growth prospects in the Houston bunkering market? - Management believes they have found a niche in the Houston market and are well-positioned to meet local demand [20] Question: How does data analytics contribute to cost savings and revenue gains? - Management stated that data analytics is expected to provide efficiencies and enhance decision-making, with potential cost savings in the future [21][24] Question: What is the outlook for Q1 given favorable weather conditions? - Management acknowledged that cold weather in the Northeast could provide a tailwind for the wholesale segment [25]

Financial Data and Key Metrics Changes - The company reported distributable earnings of $46.3 million or $0.22 per share for Q4 2025, excluding one-time realized losses of $12.4 million and $7.3 million from reduced tax expenses [24][26] - Total non-performing assets were approximately $1.1 billion, down by over $130 million or 11% from the previous quarter [5][6] - The company estimates that resolving non-performing loans could add back as much as $100 million of income to the annual run rate, equating to about $0.48 per share [4][27] Business Line Data and Key Metrics Changes - The agency platform had a strong fourth quarter with $1.6 billion in origination volume, totaling $5 billion for the year, a 13.5% increase from 2024 [13] - The servicing portfolio grew by 8% in 2025 to over $36 billion, generating predictable annual income of over $128 million [14][31] - The balance sheet lending operation's investment portfolio grew to $12.1 billion, with an all-in yield of 7.08% [32][33] Market Data and Key Metrics Changes - The company is optimistic about the origination volume for 2026, targeting similar levels to 2025, contingent on interest rates and GSE caps [37] - The company noted that the interest rate environment has improved compared to the previous year, which is expected to support growth in origination volume [21] Company Strategy and Development Direction - The company is focused on resolving non-performing and sub-performing loans to improve income rates, with a goal to reduce REO assets to around $250 million-$300 million by the end of 2026 [7][11] - The strategy includes resetting interest rates on current loans to market spreads to ensure positive coverage of debt service [9][10] - The company plans to utilize proceeds from liquidating non-performing assets to buy back stock at a significant discount to book value [11][12] Management's Comments on Operating Environment and Future Outlook - Management believes the worst is behind them regarding delinquencies and is seeing steady progress in asset performance [9][21] - The company is experiencing some additional delinquencies but is optimistic about resolving more than are being added [25][53] - Management expressed confidence in the performance of the SFR book, noting it has not seen any delinquent loans [46] Other Important Information - The company has approximately $120 million left in its buyback plan and has already purchased about $20 million of stock at an average price of $7.40 [12] - The company expects to maintain its dividend in 2026, contingent on the resolution of delinquencies and the return to a stronger run rate of income [55][56] Q&A Session Summary Question: How are you thinking about 2026 GSE originations relative to the $5 billion number? - Management indicated that origination levels will depend on interest rates and GSE caps, expressing comfort in targeting similar levels to 2025 if conditions remain stable [37] Question: Do you expect servicing fee compression to continue into 2026? - Management explained that servicing fee compression is driven by the shift to shorter-term products and the normalization of fees post-COVID, with expectations that compression will level off by the end of the year [38][40] Question: Have you seen any credit issues in your build-to-rent borrowers? - Management reported that the SFR book is performing exceptionally well, with no delinquent loans, and highlighted strong returns on this business [45][46] Question: Can you provide geographic color on delinquent/REO book performance? - Management noted softness in markets like Houston and Atlanta, attributing issues to historical boom-bust cycles and immigration-related factors [48][49] Question: What are your thoughts on maintaining the dividend in 2026? - Management stated that the dividend is evaluated from a long-term perspective, with a focus on resolving delinquencies to restore earnings [55][56]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $94.8 million, down from $97.8 million in Q4 2024 [8] - Net income for Q4 increased to $25.1 million from $23.9 million [8] - Distributable Cash Flow for Q4 was $38.4 million, compared to $45.7 million in the previous year [8] - Distribution coverage remained solid at 1.56x as of December 31 [9] Business Line Data and Key Metrics Changes - GDSO product margin increased by $17.7 million to $231.3 million in Q4 2025 [9] - Gasoline distribution product margin rose by $19.9 million to $165.6 million, driven by higher fuel margins [9] - Station operations product margin decreased by $2.2 million to $65.7 million due to a lower site count [10] - Wholesale segment product margin decreased by $21.5 million to $58.3 million, reflecting less favorable market conditions [11] Market Data and Key Metrics Changes - Fuel margins increased by $0.09 to $0.45 per gallon in Q4 2025, compared to $0.36 in Q4 2024 [9] - The commercial segment product margin decreased by $2.6 million to $6 million, primarily due to unfavorable market conditions in bunkering [11] Company Strategy and Development Direction - The company focuses on acquiring strategic assets, investing in its existing network, and optimizing its portfolio [4] - Expansion into the Houston market for bunkering is seen as a growth opportunity [5] - Continuous optimization of operations is a priority to enhance efficiency and performance [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage through uneven markets and capitalize on growth opportunities [14] - The company is well-positioned to meet increased wholesale fuel demand due to favorable weather conditions in early 2026 [14] Other Important Information - The board approved a quarterly cash distribution of $0.76 per common unit, marking the 17th consecutive increase [8] - Full-year 2025 maintenance CapEx was $54 million, with expectations for 2026 maintenance CapEx in the range of $60 million to $70 million [12] Q&A Session Summary Question: Is the site optimization process completed? - Management indicated that site optimization is an ongoing process aimed at achieving operational efficiency [16] Question: Can you break down the CapEx between terminals and GDSO? - Management noted that maintenance CapEx is expected to increase slightly due to terminal acquisitions, with significant expansion CapEx planned for terminal capabilities [17][18] Question: What are the growth prospects in the Houston bunkering market? - Management highlighted a niche opportunity in Houston, with a focus on leased assets to minimize CapEx [20] Question: How does data analytics contribute to cost savings? - Management explained that data analytics is expected to enhance operational efficiencies and decision-making, with potential cost savings in the future [21][24] Question: What is the outlook for Q1 given favorable weather conditions? - Management acknowledged that cold weather in the Northeast is expected to provide a tailwind for the wholesale segment [25]