KKR & Co. press release ( KKR ): Q1 Non-GAAP EPS of $1.39 beats by $0.13 . Assets Under Management (“AUM”) of $758 billion, up 14% year-over-year Fee Paying Assets Under Management (“FPAUM”) of $615 billion, up 17% year-over-year Shares +1% PM. More on KKR & Co. KKR Round Two: Poised To Grow Earnings At A Double-Digit Rate KKR: A Compounding Machine Hidden Behind Private Markets Complexity KKR & C...
KKR & Co. press release ( KKR ): Q1 Non-GAAP EPS of $1.39 beats by $0.13 . Assets Under Management (“AUM”) of $758 billion, up 14% year-over-year Fee Paying Assets Under Management (“FPAUM”) of $615 billion, up 17% year-over-year Shares +1% PM. More on KKR & Co. KKR Round Two: Poised To Grow Earnings At A Double-Digit Rate KKR: A Compounding Machine Hidden Behind Private Markets Complexity KKR & Co. Inc. (KKR) Shareholder/Analyst Call - Slideshow KKR & Co. Q1 2026 Earnings Preview KKR bags over $10B financing for AI infrastructure developer launch - report
Aptiv press release ( APTV ): Q1 Non-GAAP EPS of $1.71 beats by $0.13 . Revenue of $5.1B (+6.3% Y/Y) beats by $70M . U.S. GAAP revenue of $5.1 billion, an increase of 5% Revenue increased 1% adjusted for currency exchange and commodity movements U.S. GAAP net income of $189 million Adjusted EBITDA of $752 million U.S. GAAP diluted earnings per share of $0.88; Excluding special items, diluted earni...
Aptiv press release ( APTV ): Q1 Non-GAAP EPS of $1.71 beats by $0.13 . Revenue of $5.1B (+6.3% Y/Y) beats by $70M . U.S. GAAP revenue of $5.1 billion, an increase of 5% Revenue increased 1% adjusted for currency exchange and commodity movements U.S. GAAP net income of $189 million Adjusted EBITDA of $752 million U.S. GAAP diluted earnings per share of $0.88; Excluding special items, diluted earnings per share of $1.71 (in millions, except per share amounts) New AptivQ2 2026 New Aptiv (Pro Forma)Full Year 2026 Net sales $3,200 - $3,400 $12,800 - $13,200 U.S. GAAP net income $140 - $180 $830 - $910 U.S. GAAP net income margin 4.8% 6.7% Adjusted EBITDA $555 - $605 $2,360 - $2,480 Adjusted EBITDA margin 17.6% 18.6% U.S. GAAP diluted net income per share $0.65 - $0.85 $3.85 - $4.25 Adjusted net income per share $1.30 - $1.50 $5.70 - $6.10 Click to enlarge FY revenue consensus of $14.84B ; FY EPS consensus of $6.18 Q2 revenue consensus of $ 3.30B; Q2 EPS consensus of $1.52 More on Aptiv Aptiv PLC - Attractive In A Problematic Sector Aptiv: Bullish About Valuation Discount And Growth Potential Aptiv PLC (APTV) Presents at Barclays 43rd Annual Industrial Select Conference Transcript Aptiv Q1 2026 Earnings Preview Versigent begins trading after its spinoff from Aptiv
Onity Group press release ( ONIT ): Q1 GAAP EPS of $0.74 misses by $1.61 . Revenue of $294.3M (+17.8% Y/Y) beats by $4.2M . $28 billion in total servicing additions, including $20 billion in MSR additions. $338 billion in ending servicing UPB, up 11% vs Q1 2025. Originations volume up 2x to $14 billion, compared to Q1 2025. Book value per share of $75, up $17 compared to Q1 2025. 2026 Outlook: Upd...
Onity Group press release ( ONIT ): Q1 GAAP EPS of $0.74 misses by $1.61 . Revenue of $294.3M (+17.8% Y/Y) beats by $4.2M . $28 billion in total servicing additions, including $20 billion in MSR additions. $338 billion in ending servicing UPB, up 11% vs Q1 2025. Originations volume up 2x to $14 billion, compared to Q1 2025. Book value per share of $75, up $17 compared to Q1 2025. 2026 Outlook: Updated adjusted ROE* guidance range to 10% - 15% from 13% - 15%, in light of ongoing rate volatility due to geopolitical events Reaffirming previous guidance on servicing UPB growth, MSR hedge effectiveness, and operating efficiency More on Onity Group Onity Group Inc. (ONIT) Presents at J.P. Morgan 2026 Global Leveraged Finance Conference - Slideshow Onity Group Inc. 2025 Q4 - Results - Earnings Call Presentation Onity Group Inc. (ONIT) Q4 2025 Earnings Call Transcript Onity Group Q1 2026 Earnings Preview Onity Group targets 13%-15% adjusted ROE for 2026 as it advances record origination growth and repositions MSR portfolio
Healthcare Realty Trust ( HR ) said its operating partnership priced a $600M offering of 3.00% exchangeable senior notes due 2032 in a private placement to institutional investors. The offering was increased from a previously announced $500M. Healthcare Realty will fully guarantee the notes. The deal is expected to close on May 7, 2026, subject to customary conditions. The company also granted und...
Healthcare Realty Trust ( HR ) said its operating partnership priced a $600M offering of 3.00% exchangeable senior notes due 2032 in a private placement to institutional investors. The offering was increased from a previously announced $500M. Healthcare Realty will fully guarantee the notes. The deal is expected to close on May 7, 2026, subject to customary conditions. The company also granted underwriters an option to purchase up to an additional $100M of notes within 13 days. The notes will accrue interest at 3.00% per annum and mature on January 15, 2032, unless earlier repurchased, redeemed, or exchanged. The notes can initially be exchanged for about 43.47 shares per $1,000, implying a conversion price of around $23.01 per share—about a 17.5% premium to the stock’s last close of $19.58 on May 4, 2026. Healthcare Realty L.P. expects net proceeds of about $582.6M (or up to $680.1M if additional notes are sold). The company plans to use net proceeds for capped call transactions, about $75M to repurchase ~3.83M shares, and the remaining proceeds, along with credit facility borrowings, to repay debt under its 3.500% Senior Notes due 2026. More on Healthcare Realty Healthcare Realty Trust Incorporated (HR) Q1 2026 Earnings Call Transcript Healthcare Realty: Mispriced High-Yield Bargain Healthcare Realty Trust Incorporated (HR) Q4 2025 Earnings Call Transcript Healthcare Realty proposes $500M exchangeable senior notes offering due 2032 Healthcare Realty plans $500M exchangeable senior notes offering due 2032
Earnings Call Insights: BWX Technologies (BWXT) Q1 2026 Management View CEO Rex Geveden said BWXT began 2026 with “very strong first quarter results,” citing revenue growth of 26%, adjusted EBITDA growth of 14%, and EPS growth of 22%, and added that outperformance was “driven by improved throughput, favorable pacing of work and exceptional operational execution across our business lines.” Geveden ...
Earnings Call Insights: BWX Technologies (BWXT) Q1 2026 Management View CEO Rex Geveden said BWXT began 2026 with “very strong first quarter results,” citing revenue growth of 26%, adjusted EBITDA growth of 14%, and EPS growth of 22%, and added that outperformance was “driven by improved throughput, favorable pacing of work and exceptional operational execution across our business lines.” Geveden highlighted backlog strength, saying BWXT “ended the quarter with a backlog of $8.7 billion,” which he said was up 77% year-over-year and 19% sequentially, with “robust bookings in government and consistent backlog in commercial.” Geveden framed commercial nuclear manufacturing as a near-term strategic priority, stating: “As projects launched, we believe that localized manufacturing capacity will increasingly differentiate BWXT,” and said BWXT is prioritizing “the establishment of U.S. commercial manufacturing footprint to complement our Canadian operations.” Geveden detailed the Precision Components Group deal: “in April, we announced the acquisition of Precision Components Group, PCG,” describing it as “our first step toward building domestic U.S. commercial nuclear manufacturing capacity,” while noting “most of PCG's current revenue and backlog is related to naval programs” but with “immediately available capacity” for commercial components. Quote (Senior VP & CFO Michael Fitzgerald): “First quarter revenue was $860 million, up 26% year-over-year with 11% organic growth.” Outlook Quote (Senior VP & CFO Fitzgerald): “We expect revenue of at least $3.75 billion.” Quote (Senior VP & CFO Fitzgerald): “For adjusted EBITDA, we are increasing the guidance range by $5 million on each end, resulting in revised adjusted EBITDA guidance of $650 million to $665 million.” Quote (Senior VP & CFO Fitzgerald): “These assumptions lead to non-GAAP earnings per share guidance of $4.60 to $4.75.” Quote (Senior VP & CFO Fitzgerald): “We expect free cash flow of $315 million to $330 million.”...
Appeal launched to buy Nottinghamshire cottage, where tree was planted in 19th century, and turn it into heritage centre Campaigners have launched an appeal to try to save for the nation the mother tree of perhaps the most popular cooking apple in the world. The original bramley apple tree , which grows in the garden of a cottage in Southwell, Nottinghamshire, is for sale, with the cottage put on ...
Appeal launched to buy Nottinghamshire cottage, where tree was planted in 19th century, and turn it into heritage centre Campaigners have launched an appeal to try to save for the nation the mother tree of perhaps the most popular cooking apple in the world. The original bramley apple tree , which grows in the garden of a cottage in Southwell, Nottinghamshire, is for sale, with the cottage put on the market by its owners, Nottingham Trent University. Continue reading...
Ferguson Enterprises Inc. press release ( FERG ): Q1 Non-GAAP EPS of $2.28 beats by $0.09 . Revenue of $7.47B (+3.6% Y/Y) beats by $60M . 2026 Guidance January 1 - December 31, 2026 Net sales Low to mid-single digit growth Adjusted operating margin* 9.4% - 9.8% Interest expense ~$200 million Capital expenditures $350 - $400 million Adjusted effective tax rate* ~26% Click to enlarge Shares +1% PM. ...
Ferguson Enterprises Inc. press release ( FERG ): Q1 Non-GAAP EPS of $2.28 beats by $0.09 . Revenue of $7.47B (+3.6% Y/Y) beats by $60M . 2026 Guidance January 1 - December 31, 2026 Net sales Low to mid-single digit growth Adjusted operating margin* 9.4% - 9.8% Interest expense ~$200 million Capital expenditures $350 - $400 million Adjusted effective tax rate* ~26% Click to enlarge Shares +1% PM. More on Ferguson Enterprises Inc. Ferguson: More Appreciative Of A Long-Term Growth Story Ferguson Enterprises Inc. (FERG) Q4 2025 Earnings Call Transcript Ferguson Enterprises Inc. 2025 Q4 - Results - Earnings Call Presentation Ferguson targets $40B revenue milestone and 10%+ margin as market outperformance continues Ferguson Enterprises slips on soft residential outlook, muted 2026 guidance
PM Images/DigitalVision via Getty Images This year, M&A has been heating up the world of real estate as REITs like National Storage Affiliates Trust ( NSA ) and Sila Realty Trust, Inc. ( SILA ) are scooped up by hungry buyers. The trend has continued, and Global Net Lease ( GNL ) just announced their intent to acquire Modiv Industrial ( MDV ). I recently wrote about both of these companies. Global...
PM Images/DigitalVision via Getty Images This year, M&A has been heating up the world of real estate as REITs like National Storage Affiliates Trust ( NSA ) and Sila Realty Trust, Inc. ( SILA ) are scooped up by hungry buyers. The trend has continued, and Global Net Lease ( GNL ) just announced their intent to acquire Modiv Industrial ( MDV ). I recently wrote about both of these companies. Global Net Lease: It's A Long Way Home Modiv Industrial: Throwing In The Towel This coverage will bridge the gap and explain my perspective on the acquisition’s benefits and drawbacks. Where Do We Stand? It has been a wild ride with both REITs over the years. Looking at GNL, my musings detailed the REIT's fall over a period of five years. More recently, my time has been spent highlighting the company's turnaround, including significant portfolio dispositions and work to recapitalize their balance sheet into something more consistent with the net lease market. After years of going headfirst into a highly levered growth strategy, the company changed just about everything, including foregoing their diversified portfolio strategy, internalizing their management structure, and replacing the management team. Over the past year, things have been going notably better, but it's a long way home . On the other hand, MDV is a much younger REIT. The company took a specialized approach to investing in net lease, focusing on niche manufacturing assets acquired via sale leaseback. From my perspective, this looked like an effort to replicate the success of a company like Essential Properties Realty Trust ( EPRT ) while also diving into the industrial tailwinds over the past five years. This more recently led the company’s CEO to begin inviting offers, citing that his company was trading at one of the steepest discounts to net asset value in the entire sector. It was either time for the market to take note, or the time had come to throw in the towel . We have one REIT that is looking for every lev...
Nvidia stock broke out from its monthslong trading range of $165-$195 amid wider enthusiasm about the semiconductor sector last week but subsequently fell back.
Nvidia stock broke out from its monthslong trading range of $165-$195 amid wider enthusiasm about the semiconductor sector last week but subsequently fell back.
benedek/iStock via Getty Images Introduction After a challenging 2025, shares in RLJ Lodging Trust ( RLJ ) are off to a strong start in 2026, boosted by resilient operating performance amid a packed event calendar for 2026, most notably including the upcoming FIFA World Cup, as discussed in my previous coverage of RLJ . RLJ reported solid Q1 2026 results, hiking its full-year 2026 outlook, which n...
benedek/iStock via Getty Images Introduction After a challenging 2025, shares in RLJ Lodging Trust ( RLJ ) are off to a strong start in 2026, boosted by resilient operating performance amid a packed event calendar for 2026, most notably including the upcoming FIFA World Cup, as discussed in my previous coverage of RLJ . RLJ reported solid Q1 2026 results, hiking its full-year 2026 outlook, which nevertheless envisages a relative slowdown in growth for the remainder of 2026. I rate RLJ a Buy, down from my previous Strong Buy rating. My still optimistic investment thesis can be summarized as: RLJ trades at only 6.1x its 2026 adjusted FFO outlook, only marginally higher than the 5.7x multiple available in December 2025. RLJ's market-implied cap rate remains attractive at 7.4% even after accounting for ongoing capex spending. Oil futures point to lower prices in 2027, providing a tailwind for discretionary spending. AI & automation should likewise increase leisure time and reduce work hours over the long term, supporting upside for hotel REITs. Q1 2026 Results Overview RLJ reported an adjusted FFO of $0.33/share , up 6.5% Y/Y. This was principally driven by stronger revenue per available room (RevPAR), which increased 4.8% Y/Y—a result of a 1.8% Y/Y increase in occupancy to 70.8%, complemented by a 2.1% Y/Y increase in the average daily rate (ADR). At the same time, a lower share count contributed 1% to the adjusted FFO increase. During the quarter, the company was also busy on the refinancing front, addressing all maturities up to 2029 . As the refinancing occurred prior to the spike in rates following the outbreak of the war in Iran, the overall impact on interest costs in 2026 is negligible, with RLJ forecasting an interest expense of $101-103 million this year. Given the strong operating performance and stable financing costs, RLJ was able to increase its full-year outlook, as I will discuss in the next section. Updated 2026 Outlook RLJ now expects to achieve an adj...
Getty Images The AI investment opportunity is shifting from software to physical infrastructure. Semiconductors, data centers, energy, and automation are where durable value may be building. Is the Market Still Thinking About AI Like a Software Story? Most investors still reach for AI exposure through software and application companies. That framing made sense in the early hype phase, but it may b...
Getty Images The AI investment opportunity is shifting from software to physical infrastructure. Semiconductors, data centers, energy, and automation are where durable value may be building. Is the Market Still Thinking About AI Like a Software Story? Most investors still reach for AI exposure through software and application companies. That framing made sense in the early hype phase, but it may be missing where the durable value is building now. The more useful parallel is the internet buildout of the late 1990s, where the companies laying fiber and building data centers generated more durable returns than most of the apps built on top of them. We are in a similar transition today. The AI application layer is real and growing, but it runs entirely on physical infrastructure. The companies that build and supply that infrastructure are the ones facing structural demand that does not depend on which AI application wins. Why Is AI an Industrial System, Not Just a Software Layer? AI at scale is a system of interdependent physical and digital components that must all expand together. Training a large model can require as many as 100,000 or more chips running in parallel for the largest models, connected by high-speed networking, cooled by industrial systems, and powered by reliable electricity. Inference, the process of running the model to generate outputs, multiplies those requirements across every user and every query. Each of those components is a physical bottleneck. You cannot train faster models by writing better code alone. You need more and better chips, more power, more cooling, and more data center space. That is an industrial problem, and in our view it is generating industrial-scale demand. Is the AI CapEx Cycle Just Beginning? The first wave of AI infrastructure spending focused on compute and data centers. That wave is not over, but it is expanding. The next phase is pulling in energy infrastructure, power management, networking equipment, and physical aut...
TopBuild press release ( BLD ): Q1 Non-GAAP EPS of $3.75 beats by $0.11 . Revenue of $1.45B (+17.9% Y/Y) beats by $40M . More on TopBuild QXO And TopBuild Tie The Knot But Don't Earn The Upgrade TopBuild's Plunge Isn't Time For An Upgrade TopBuild Corp. 2025 Q4 - Results - Earnings Call Presentation TopBuild Q1 2026 Earnings Preview Key deals this week: Helix Energy, Tesla, QXO, USA Rare Earth and...
TopBuild press release ( BLD ): Q1 Non-GAAP EPS of $3.75 beats by $0.11 . Revenue of $1.45B (+17.9% Y/Y) beats by $40M . More on TopBuild QXO And TopBuild Tie The Knot But Don't Earn The Upgrade TopBuild's Plunge Isn't Time For An Upgrade TopBuild Corp. 2025 Q4 - Results - Earnings Call Presentation TopBuild Q1 2026 Earnings Preview Key deals this week: Helix Energy, Tesla, QXO, USA Rare Earth and more
MPLX press release ( MPLX ): Q1 GAAP earnings per unit of $0.90 misses by $0.15 . Revenue of $3.04B (-2.6% Y/Y) misses by $50M . Delivering mid-single digit growth strategy through expansions of Permian sour gas treating capacity, natural gas and NGL pipelines, and progressing Harmon Creek III processing plant in the Marcellus First-quarter net income attributable to MPLX of $912 million and net c...
MPLX press release ( MPLX ): Q1 GAAP earnings per unit of $0.90 misses by $0.15 . Revenue of $3.04B (-2.6% Y/Y) misses by $50M . Delivering mid-single digit growth strategy through expansions of Permian sour gas treating capacity, natural gas and NGL pipelines, and progressing Harmon Creek III processing plant in the Marcellus First-quarter net income attributable to MPLX of $912 million and net cash provided by operating activities of $1.3 billion Adjusted EBITDA attributable to MPLX of $1.7 billion, reflecting execution of strategic priorities Distributable cash flow of $1.4 billion, enabling the return of $1.1 billion of capital More on MPLX MPLX: Boasting Strong ROIC As Distribution Growth Could Accelerate MPLX: A Sound Growth Story Irrespective Of Iran Headlines MPLX: Upgrading To Bullish As The Gulf Coast Build-Out Meets The AI Power MPLX Q1 2026 Earnings Preview MPLX LP prices two-part $1.5B debt offering via issuance of senior notes
JHVEPhoto/iStock Editorial via Getty Images Investment Thesis Micron ( MU ) stock is still showing explosive growth in market value, proving my point that the memory market isn’t oversaturated. If you’ve ever worried that this growth might be about to end, check out this article. I have important news for you: it is not just a speculative spike, nor is it a reflection of a fundamental shift occurr...
JHVEPhoto/iStock Editorial via Getty Images Investment Thesis Micron ( MU ) stock is still showing explosive growth in market value, proving my point that the memory market isn’t oversaturated. If you’ve ever worried that this growth might be about to end, check out this article. I have important news for you: it is not just a speculative spike, nor is it a reflection of a fundamental shift occurring in AI infrastructure architecture and hyperscalers’ transition to NBM4. Meanwhile, as South Korean competitors report record margins exceeding 70%, Micron is building a robust manufacturing base within the U.S., positioning itself as indispensable to that sector. I would like to focus in this article on a detailed analysis of the market’s economic conditions and the impact of the memory shortage. I will review the key financial metrics of the main competitors and compare the companies’ valuation multiples. The Micron stock continues to trade at a massive 62% discount, so I'm sticking with my "Strong Buy" rating. Here are some reasons why this isn’t just optimism; it’s a mathematical inevitability based on the facts. Previous Points The main points I’ve made about Micron in my previous articles come down to its indispensable role in the U.S. AI industry. In today’s climate of geopolitical instability, the U.S. economy needs a reliable, large-scale producer of critical products such as memory chips. As scaling continues through the implementation of major projects to build production capacity, the future potential of Micron will be even more immense, which will allow it to capture over 40% of the U.S. market share. At the same time, today's AI supercycle is creating a supply-demand imbalance, as hyperbolic growth in order volumes collides with a memory shortage in the market. But has anything changed in this regard over the past few months? The answer is no, since Micron continues to receive support for its market value growth from the factors listed above. Even more note...
JHVEPhoto/iStock Editorial via Getty Images Investment Thesis Micron ( MU ) stock is still showing explosive growth in market value, proving my point that the memory market isn’t oversaturated. If you’ve ever worried that this growth might be about to end, check out this article. I have important news for you: it is not just a speculative spike, nor is it a reflection of a fundamental shift occurr...
JHVEPhoto/iStock Editorial via Getty Images Investment Thesis Micron ( MU ) stock is still showing explosive growth in market value, proving my point that the memory market isn’t oversaturated. If you’ve ever worried that this growth might be about to end, check out this article. I have important news for you: it is not just a speculative spike, nor is it a reflection of a fundamental shift occurring in AI infrastructure architecture and hyperscalers’ transition to NBM4. Meanwhile, as South Korean competitors report record margins exceeding 70%, Micron is building a robust manufacturing base within the U.S., positioning itself as indispensable to that sector. I would like to focus in this article on a detailed analysis of the market’s economic conditions and the impact of the memory shortage. I will review the key financial metrics of the main competitors and compare the companies’ valuation multiples. The Micron stock continues to trade at a massive 62% discount, so I'm sticking with my "Strong Buy" rating. Here are some reasons why this isn’t just optimism; it’s a mathematical inevitability based on the facts. Previous Points The main points I’ve made about Micron in my previous articles come down to its indispensable role in the U.S. AI industry. In today’s climate of geopolitical instability, the U.S. economy needs a reliable, large-scale producer of critical products such as memory chips. As scaling continues through the implementation of major projects to build production capacity, the future potential of Micron will be even more immense, which will allow it to capture over 40% of the U.S. market share. At the same time, today's AI supercycle is creating a supply-demand imbalance, as hyperbolic growth in order volumes collides with a memory shortage in the market. But has anything changed in this regard over the past few months? The answer is no, since Micron continues to receive support for its market value growth from the factors listed above. Even more note...