Global Real Assets Trust Reports Q4 & Year End 2025 Results
Global Real Assets Trust reported a sharp contraction in net assets, ending 2025 with $245.4 million CAD (≈$181 million USD) versus $28.2 million CAD a year earlier, driven by a $4.6 million CAD net loss on investments. The Trust’s portfolio now includes $188.8 million CAD in private LP investments and $1.73 million CAD in liquid public‑equity real‑estate securities. Four quarterly cash distributions were declared, ranging from $0.1500 to $0.1575 per unit, and 14,297 Series F units were redeemed for $150,000 CAD. In October, Starlight Capital completed mergers that issued over 14 million Series B units at a $10 NAV, expanding the Trust’s capital base.
Azizan Abdul Aziz Named Bursa Malaysia's Islamic Capital Market Director
Bursa Malaysia appointed its CFO, Azizan Abdul Aziz, as director of its Islamic capital market (ICM) effective immediately. The move underscores the bourse’s strategy to strengthen its Islamic finance proposition as the sector expands from RM2.2 trillion ($484 billion) in 2020 to...
Japan Intervenes to Defend Yen and Warns of Further Action over Golden Week
Japan confirmed a foreign‑exchange intervention on Thursday, its first in almost two years, after the yen slipped past the 160 per dollar line. The move pushed the currency up roughly 3% to a low of 155.5 before settling near 157....
Record-Low Spreads on EM Asia High-Grade Debt Show Resilience
Emerging‑market Asian investment‑grade dollar bonds posted a record‑low spread of about 56 basis points on Thursday, the tightest level recorded since Bloomberg began tracking the index in 2009. The compression reflects a sharp drop in new issuance across the region...
SEC Approves Nasdaq Options Tied to Index-Based Prediction Contracts
The SEC gave Nasdaq MRX clearance to list cash‑settled binary options tied to the Nasdaq‑100 and its micro index. Each contract pays a fixed $100 if the index ends above a predetermined level, otherwise it expires worthless. The approval was...
Ropes & Gray on Bringing Public and Private Together Through Democratisation
Ropes & Gray’s Keith MacLeod, alongside Capital Group’s Erik Vayntrub and Clara Kang, argue that hybrid fund structures are emerging as a key pathway to democratise private‑equity exposure. By blending public‑market liquidity with private‑market returns, these vehicles aim to open...
Partners Group on Positioning to Capture Exit Opportunities
Partners Group’s Ben McLean argues that despite a volatile macro environment, private‑equity firms can still build, transform and exit businesses, but only those of high quality will succeed. He stresses that the current market rewards disciplined investment and robust cash‑flow...
Download PDI’s 2026 Europe Report
Private Debt Investor (PDI) has released its 2026 Europe report, spotlighting the five hottest private‑credit opportunities across the continent. The analysis details how European lenders are adapting their strategies to accommodate an influx of retail investors. Expert commentary from industry...
Fitch Has Dour View for Thai Banks
Fitch Ratings downgraded its outlook for Thailand's banking sector, warning that earnings and asset quality could weaken in 2026 despite solid first‑quarter results. The six systemically important banks posted a modest rise in return on assets to 1.28% and kept...
NH3 Clean Energy Strengthens Financing Case with Strong Public Benefits Forecast for WAH2 Clean Ammonia Project
NH3 Clean Energy secured a positive independent public‑benefits assessment from ACIL Allen, showing a Benefit‑Cost Ratio of 3.07 for its WAH2 clean‑ammonia project. The study forecasts the project will add roughly $4.8 bn to Australia’s GDP and generate $4.1 bn in real...
NVent Electric PLC (NVT) Q1 2026 Earnings Call Transcript
nVent Electric reported Q1 2024 revenue of $875 million, an 18% year‑over‑year increase, and adjusted earnings per share of $0.77, up 15% and beating the top of its guidance range. The company highlighted strong momentum in its data solutions segment, driven...
Brightspring Health Services Inc (BTSG) Q1 2026 Earnings Call Transcript
BrightSpring Health Services reported $12.9 billion in total revenue for 2025, a 28% year‑over‑year increase driven by 31% growth in Pharmacy Solutions and 11% growth in Provider Services. Adjusted EBITDA rose 34% to $618 million, with margins expanding thanks to procurement efficiencies...
Shenandoah Telecommunications Co (SHEN) Q1 2026 Earnings Call Transcript
Shentel reported Q4 2025 revenue of $91.6 million, up 7.2% year‑over‑year, propelled by a 39% surge in Glo Fiber expansion market revenue. Adjusted EBITDA rose 31.3% to $33.5 million, expanding the margin by 670 basis points to 36.5%. The company completed a...
NextDecade Corp (NEXT) Q1 2026 Earnings Call Transcript
Nextracker reported Q1 FY2026 revenue of $864 million, a 20% year‑over‑year increase, and adjusted EBITDA of $215 million, up 23%, lifting the adjusted EBITDA margin to 25%. The company posted a record $4.75 billion backlog, marking fifteen straight quarters of growth, and generated...
Moderna Inc (MRNA) Q1 2026 Earnings Call Transcript
Moderna reported Q1 2026 revenue of $108 million, a 35% year‑over‑year decline, while posting a $1 billion net loss. Cost of sales rose to 104% of product sales, reflecting lower volume and an adverse mix, but combined R&D, SG&A and cost‑of‑sales fell...
Gates Industrial Corporation PLC (GTES) Q1 2026 Earnings Call Transcript
Gates Industrial reported Q1 2026 revenue of $851 million, a 2.9% core sales decline driven by an ERP transition and two fewer working days. Adjusted EBITDA fell to $177 million with a 20.8% margin, down 130 basis points, while adjusted...
GrafTech International Ltd (EAF) Q1 2026 Earnings Call Transcript
GrafTech International reported a 6% rise in full‑year sales volume, driven by a 48% surge in U.S. shipments, while average selling price fell 9% to roughly $4,000 per metric ton. The company achieved an 11% reduction in cash cost to...
Newell Brands Inc (NWL) Q1 2026 Earnings Call Transcript
Newell Brands reported a 7.2% drop in net sales and a 7.4% decline in core sales for Q3 2025, driven by retailer destocking, international slowdowns, and aggressive tariff‑related pricing. Incremental tariff exposure rose to $180 million, compressing gross margin by 90...
AutoNation Inc (AN) Q1 2026 Earnings Call Transcript
AutoNation reported Q1 2026 revenue of $6.9 billion, a 4% decline year‑over‑year, driven by a 9% drop in new‑vehicle sales and a 60% plunge in battery‑electric units. Despite the revenue dip, the company posted full‑year revenue growth of 3% to $27.6 billion,...
Affiliated Managers Group Inc (AMG) Q1 2026 Earnings Call Transcript
Affiliated Managers Group reported a record Q2 2025, with economic earnings per share rising 15% year‑over‑year to $5.39 and net client cash inflows exceeding $8 billion, driven primarily by alternative strategies. The firm added roughly $55 billion of alternative assets under management...
Upland Software Inc (UPLD) Q1 2026 Earnings Call Transcript
Upland Software reported flat Q4 organic growth but improved profitability, delivering $15.3 million adjusted EBITDA at a 31% margin, up from 22% a year earlier. Free cash flow reached $24.4 million, surpassing its $20 million target, while net dollar retention...
Terex Corp (TEX) Q1 2026 Earnings Call Transcript
Terex Corp completed its merger with REV Group, forming a dedicated specialty vehicle segment led by legacy REV managers while keeping corporate functions unchanged. Management targets $75 million of run‑rate EBITDA synergies by 2028, with roughly half expected within the next...
Linde PLC (LIN) Q1 2026 Earnings Call Transcript
Industrial gas leader Linde reported record Q1 2026 results, with sales of $8.8 billion up 6% YoY and operating profit of $2.6 billion, delivering a 29.5% margin. EPS rose 6% to $4.20 and the company generated over $3 billion in operating cash flow...
WisdomTree Inc (WT) Q1 2026 Earnings Call Transcript
WisdomTree reported record‑high assets under management of $144.5 billion, a 30% year‑over‑year increase, driven by strong net inflows and the Ceres Partners acquisition. Revenue rose 33% YoY to $147.4 million, while operating margin expanded 300 basis points to 36.5% on an adjusted...
Universal Logistics Holdings Inc (ULH) Q1 2026 Earnings Call Transcript
Universal Logistics Holdings reported Q2 2025 revenue of $393.8 million, a 15% decline year‑over‑year, with net income falling to $8.3 million. All three segments saw margin pressure, but the intermodal division narrowed its loss to $5.7 million and improved its...
Lear Corp (LEA) Q1 2026 Earnings Call Transcript
Lear Corp reported $23.3 billion revenue, up 5%, and core operating earnings of $1.1 billion for 2025, with adjusted EPS of $12.80 marking a fifth consecutive increase. The company highlighted record new‑business wins, including a historic complete‑seat award for General Motors’ full‑size...
Chevron Corp (CVX) Q1 2026 Earnings Call Transcript
Chevron reported $2.8 billion quarterly earnings and $3 billion adjusted earnings, with operating cash flow of $10.8 billion. The company repurchased $3 billion of shares, raised the quarterly dividend 4% and posted record worldwide production, including over 1 million barrels per day in the Permian....
Cinemark Holdings Inc (CNK) Q1 2026 Earnings Call Transcript
Cinemark posted first‑quarter 2024 revenue of $579.2 million, delivering $70.7 million of adjusted EBITDA and a 12.2% margin. The exhibitor welcomed nearly 40 million guests worldwide, with 23.6 million domestic attendees and a modest 1% rise in average ticket price. It retired the remaining...
HF Sinclair Corp (DINO) Q1 2026 Earnings Call Transcript
HF Sinclair reported a record $2.3 billion adjusted EBITDA for 2025 and an annual throughput of 652,000 barrels per day, while cutting refining operating costs by $87 million. The company returned $230 million to shareholders in the fourth quarter and over $724 million for...
Portland General Electric Co (POR) Q1 2026 Earnings Call Transcript
Portland General Electric reported GAAP net income of $62 million ($0.56 per share) and non‑GAAP earnings of $73 million ($0.66 per share) for Q2 2025, highlighted by a 16.5% surge in industrial load driven largely by data‑center customers. The company...
Atmus Filtration Technologies Inc (ATMU) Q1 2026 Earnings Call Transcript
Atmus Filtration Technologies posted Q4 2025 revenue of $447 million, a 9.8% year‑over‑year rise, and full‑year sales of $1.764 billion, up 5.7%. Adjusted EBITDA margin held steady at 19.1% in the quarter and reached 20% for the year, delivering adjusted EPS of...
First American Data & Analytics’ FraudGuard® Solution Enhances Warehouse Lending Speed and Confidence in Forta Solutions’ Agility ™ Platform
First American Data & Analytics announced that its FraudGuard® fraud‑detection solution is now integrated into Forta Solutions’ Agility™ warehouse‑lending platform. The embedded tool uses advanced analytics to flag borrower identity fraud, undisclosed liabilities, occupancy misrepresentation and valuation anomalies at the...
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Cash Basis Accounting: Definition, Example, Vs. Accrual
Cash basis accounting records revenue and expenses only when cash is received or paid, making it the simplest method for many small businesses and independent contractors. While it reduces bookkeeping costs and provides a clear view of cash on hand,...
C&I Loan Growth Is Surging. Are Private Credit Woes the Driver?
Commercial‑and‑industrial (C&I) loans at U.S. banks jumped 12.7% quarter‑over‑quarter in Q1, the Fed’s H.8 data shows, and are up 4.3% year‑over‑year for 2025. Pantheon Macroeconomics’ Samuel Tombs attributes the surge primarily to stress in the private‑credit market, which is forcing...
Rising Fuel Costs Put Budget Airlines Under Pressure as Spirit Faces Bankruptcy
Rising jet fuel prices driven by the Iran war have forced U.S. low‑cost carriers to seek a $2.5 billion federal bailout, with Spirit Airlines separately requesting $500 million to avoid liquidation. The airlines argue that fuel cost spikes have doubled, eroding thin...
VantageScore Impact on MBS Market Likely Minimal
VantageScore’s influence on the mortgage‑backed securities (MBS) market is expected to remain marginal. Despite a 2023 model upgrade and limited pilot programs, Fannie Mae and Freddie Mac continue to require FICO scores for loan eligibility, keeping VantageScore adoption under 5%...
UTF: Discount Stuck, Returns Delivered - The New Reality
Cohen & Steers Infrastructure Fund (UTF) retains a Buy rating, but the investment thesis has shifted from total‑return to income‑focused amid heightened macro uncertainty. The fund continues to trade at a 6‑7% discount to NAV, offering a solid 7‑8% yield that...
5 Tech Trends to Watch in 2026
The accounting and tax sector is entering a transformative phase as artificial intelligence, automation, unified cloud platforms, and new skill demands become mainstream tools. A newly released ebook outlines five technology trends that will dominate firms in 2026, from AI‑driven...
Morningstar DBRS Finalizes Provisional Credit Ratings on Towd Point Mortgage Trust 2026-FIX2
Morningstar DBRS finalized provisional ratings for Towd Point Mortgage Trust’s 2026‑FIX2 HELOC securitization, assigning AAA to the $285.8 million Class A1A, $3.6 million Class A1B and $289.4 million Class A1 tranches, and AA to multiple $16.6 million Class A2 series. The transaction pools 3,601...
NYC Comptroller: Pied-À-Terre Tax Could Fall Far Short of $500 Million Goal
Governor Kathy Hochul proposes a pied‑à‑terre surcharge on second homes valued at $5 million or more, aiming to raise $500 million annually to help close New York City’s $5.4 billion budget gap. City Comptroller Mark Levine’s report estimates the tax would generate $340‑$380 million,...
Rakovina Therapeutics Inc. Announces 2025 Financial Results and Provides Corporate Update
Rakovina Therapeutics reported FY 2025 results, posting a C$8.68 million (≈US$6.4 million) net loss and ending the year with C$0.30 million (≈US$0.22 million) in cash. The company closed a C$1 million (≈US$0.74 million) convertible debenture placement and restructured C$1.59 million (≈US$1.2 million) of existing debt, bolstering its balance sheet....
Fairfax India Holdings Corporation: First Quarter Financial Results
Fairfax India Holdings reported a first‑quarter 2026 net loss of $370.8 million, or $2.76 per diluted share, widening from $211.2 million a year earlier. The loss was driven primarily by $345.4 million of unrealized declines in public equity positions, notably IIFL Finance, IIFL...
Fairfax Financial Holdings Limited: Financial Results for the First Quarter
Fairfax Financial reported Q1 2026 net earnings of $695.7 million, down from $945.7 million a year earlier, while adjusted operating income surged to $1.213 billion. The property‑and‑casualty segment posted a combined ratio of 94.1% and underwriting profit of $381.6 million, reflecting disciplined underwriting and higher...
Windward AI Appoints Ron Kraitsman as CFO
Windward AI announced the appointment of Ron Kraitsman as chief financial officer, effective immediately. Kraitsman arrives as the company accelerates growth driven by heightened geopolitical tension and expanding demand for maritime intelligence. He brings over 25 years of financial leadership...
Morningstar DBRS Finalizes Its Provisional Credit Ratings on Chase Home Lending Mortgage Trust 2026-4
Morningstar DBRS finalized provisional credit ratings for Chase Home Lending Mortgage Trust 2026‑4 series. The agency assigned AAA (sf) ratings to senior classes representing roughly $2.5 billion of mortgage pass‑through certificates. The underlying pool comprises 428 prime jumbo mortgages with a...
ExGen Signs Purchase Agreement to Acquire Lithium Properties in Nevada
ExGen Resources Inc. has signed a purchase agreement to acquire three lithium projects in Nevada – Spark South, Libra, and Augusta – along with associated claims and a royalty. The transaction will be funded with 21 million ExGen shares, a cash...
Morningstar DBRS Releases Updated Monthly Canadian ABCP Report and Launches Issuer Performance Analytics Reports for Canadian ABCP
Morningstar DBRS has refreshed its Monthly Canadian ABCP Report, adding deeper insight into collateral trends and credit‑enhancement levels for publicly rated asset‑backed commercial paper. The firm also launched Performance Analytic Reports (PARs) that provide a visual snapshot of each ABCP note’s...
Microsoft CFO Flags Workforce Cuts as AI Spending Surges
Microsoft CFO Amy Hood announced that the company will continue to shrink its workforce in the upcoming fiscal year, following a year‑over‑year headcount decline to about 228,000 employees. The move coincides with a $900 million one‑time retirement charge and a plan...
What It’s Like Inside the Budget Bubble
The article uses a meteorological metaphor to describe the U.S. government’s budget process, which begins a year in advance with a wide‑open set of possibilities. As fiscal year approaches, policy options are trimmed through cabinet deliberations, narrowing the scope like...
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Thomson Reuters Corporation announced a share‑consolidation and cash distribution plan that will convert each existing TRI share into a proportionate number of new TRI1 shares and approximately $1.36 cash per share, less any Canadian withholding tax. The arrangement was approved...