El yen japonés se desploma frente a sus principales divisas, ha bajado un 0,6% hasta cerca de 156,80 frente al dólar estadounidense (USD) durante la sesión de negociación europea del miércoles.
La Corte Suprema de Estados Unidos anuló el viernes la mayoría de los aranceles impuestos por el presidente Donald Trump a los productos importados, pero los expertos dijeron que los tejanos no deberían esperar que los precios bajen en el corto plazo a medida que surgen dudas sobre el tema.
La plataforma de seguridad empresarial líder fortalece las defensas contra las amenazas cibernéticas actuales mientras prepara a los clientes para la era de la computación cuántica CHICAGO, 25 de febrero de 2026 /PRNewswire/ -- Keeper Security, la seguridad de identidad y acceso privilegiado de confianza cero y conocimiento cero...
TRM Labs informa 141 mil millones de dólares en flujos ilícitos de monedas estables en 2025, lo que destaca el rápido crecimiento junto con los crecientes riesgos de evasión de sanciones y lavado. La publicación La actividad ilícita de las monedas estables alcanzó los 141 mil millones de dólares en 2025 a medida que el mercado florecía apareció por primera vez en CoinGeek.
Los lugareños expresaron su tristeza después de que Basildon Poundland fuera sorprendentemente cerrado en el centro comercial Eastgate.
Spring Valley Acquisition Corp. IV anuncia la negociación separada de sus acciones ordinarias y warrants Clase A, a partir del 2 de marzo de 2026 o alrededor de esa fecha
Angel Oak Mortgage REIT, Inc. (NYSE:AOMR) (la "Compañía", "nosotros" y "nuestro"), una compañía financiera de bienes raíces líder enfocada en adquirir e invertir en préstamos no QM y otros activos relacionados con hipotecas en el mercado hipotecario de EE. UU., informó hoy los resultados financieros para el año finalizado el 31 de diciembre de 2025. Aspectos destacados del cuarto trimestre de 2025 Los ingresos netos por intereses del cuarto trimestre de 2025 de $ 10,9 millones demuestran un aumento del 10% en comparación con los ingresos netos por intereses del cuarto trimestre de 2024 de $ 9,9 millones. Ingresos netos GAAP del cuarto trimestre de 2025 de $ 11,3 millones, o $ 0,45 por acción diluida de acciones comunes. 2026 a los accionistas comunes registrados al 20 de febrero de 2026. Aspectos destacados del año fiscal 2025 Los ingresos netos por intereses del año fiscal 2025 de $ 41,1 millones demuestran un aumento del 11% en comparación con los ingresos netos por intereses del año fiscal 2024 de $ 36,9 millones. Ganancias distribuibles de 14,6 millones de dólares, o 0,59 dólares por acción diluida de acciones ordinarias. Valor contable GAAP de 10,74 dólares por acción ordinaria al 31 de diciembre de 2025, un aumento del 5,6 % en comparación con el 31 de diciembre de 2024. Valor contable económico de 12,70 dólares por acción ordinaria al 31 de diciembre de 2025, una disminución del 3,1 % en comparación con diciembre 31 de diciembre de 2024.Sreeni Prabhu, director ejecutivo y presidente de Angel Oak Mortgage REIT, Inc., dijo: "2025 fue un año en el que la ejecución disciplinada impulsó el desempeño de AOMR. Logramos nuestro segundo año consecutivo de expansión porcentual de dos dígitos en los ingresos netos por intereses, que, combinado con reducciones sostenidas de los gastos operativos y vientos de cola en la valoración, impulsó el crecimiento de los ingresos netos y el valor contable, lo que demuestra los beneficios de nuestra estrategia de crecimiento metódica en medio de un entorno de tasas cambiantes. Además, participamos activamente en el mercado de capitales, ejecutamos cuatro titulizaciones además de ejercer la opción de compra y la posterior retitulización de dos de nuestras titulizaciones heredadas, emitimos notas sénior no garantizadas en mayo de este año y agregamos una nueva línea de financiación de préstamos. En el futuro, esperamos seguir teniendo un buen desempeño en entornos crediticios y de tasas en evolución mediante la implementación selectiva de capital, la ejecución de titulizaciones acumulativas y el enfoque en las oportunidades de riesgo-recompensa más sólidas para impulsar el largo plazo. crecimiento de ingresos y valor para los accionistas." Cartera y actividad de inversión En 2025, la Compañía participó en cuatro transacciones de titulización, contribuyendo con un total de $ 704 millones de saldo de capital impago de préstamos hipotecarios residenciales. En el cuarto trimestre de 2025, la Compañía emitió AOMT 2025-10, una titulización de saldo de capital impago de aproximadamente $274,3 millones respaldada por un conjunto de préstamos hipotecarios residenciales, al cual contribuimos con el saldo completo como único participante. Además, en el cuarto trimestre de 2025, la Compañía contribuyó con préstamos con un saldo de capital impago de $58,6 millones a AOMT 2025-HB2, una titulización de saldo de principal impago de aproximadamente $281,4 millones respaldada por líneas de crédito renovables sobre el valor de la vivienda ("HELOC") en propiedades residenciales de una a cuatro familias. préstamos hipotecarios con gravamen y HELOC, con un cupón promedio ponderado del 7,79%, una relación préstamo-valor combinada ("CLTV") promedio ponderada del 65,4% y una puntuación crediticia promedio ponderada de 756. Al 31 de diciembre de 2025, la tasa de interés promedio ponderada de nuestra cartera de préstamos residenciales totales fue del 7,38%. Actividad de los mercados de capitales Al 31 de diciembre de 2025, la Compañía era parte de cuatro líneas de financiamiento de préstamos que permiten préstamos por un monto total de hasta $1.3 mil millones de dólares, de los cuales se retiran aproximadamente $219 millones, lo que deja una capacidad de aproximadamente $1.0 mil millones para nuevas compras de préstamos. En el cuarto trimestre de 2025, la Compañía y una de sus subsidiarias celebraron una línea de recompra de $200.0 millones con un banco de inversión global ("Global Investment Bank 4") mediante la ejecución de un Acuerdo Maestro de Recompra y un Contrato de Valores. El monto que se espera que Global Investment Bank 4 anticipe generalmente está en línea con otros acuerdos similares que la Compañía ha celebrado. La tasa de interés es igual a la suma de (1) un diferencial del 1,60% y (2) Plazo SOFR. Los activos de Target totalizaron $ 2,7 mil millones al 31 de diciembre de 2025, un aumento del 22 % en comparación con el 31 de diciembre de 2024. La Compañía tenía préstamos hipotecarios residenciales completos con un valor razonable de $ 294,1 millones al 31 de diciembre de 2025. Al 31 de diciembre, 2025, la relación deuda con recurso a capital de la Compañía fue de aproximadamente 1,4 veces. Dividendo El 5 de febrero de 2026, la Compañía declaró un dividendo de $ 0,32 por acción común, que se pagará el 27 de febrero de 2026 a los accionistas comunes registrados al 20 de febrero de 2026. Conferencia telefónica e información de transmisión web La Compañía organizará una conferencia telefónica en vivo y una transmisión web hoy, 25 de febrero. 2026 a las 8:30 a. m., hora del este. Para escuchar la transmisión web en vivo, vaya a la sección de Inversores del sitio web de la Compañía en www.angeloakreit.com al menos 15 minutos antes de la hora de inicio programada para registrarse e instalar el software de audio necesario. Para participar en la conferencia telefónica: Marque al menos 15 minutos antes de la hora de inicio. Nacional: 1-844-826-3033 Internacional: 1-412-317-5185 Para la conferencia telefónica reproducción (a la que se puede acceder hasta el 11 de marzo de 2026), marque uno de los siguientes números: Nacional: 1-844-512-2921 Internacional: 1-412-317-6671 Código de acceso: 10205856 Métricas no GAAP Las ganancias distribuibles son una medida no GAAP y se define como ingreso (pérdida) neto asignable a los accionistas comunes según lo calculado de acuerdo con los principios de contabilidad generalmente aceptados en los Estados Unidos de América ("GAAP"), excluyendo (1) ganancias y pérdidas no realizadas en nuestra cartera agregada, (2) pérdidas por deterioro, (3) extinción de deuda, (4) gastos de compensación de capital no monetarios, (5) la tarifa de incentivo ganada por Falcons I, LLC, nuestro administrador externo (nuestro "Administrador"), (6) ganancias o pérdidas realizadas en terminaciones de swaps y (7) ciertas otras ganancias o pérdidas no recurrentes. Creemos que la presentación de Ganancias Distribuibles proporciona a los inversores una medida útil para facilitar las comparaciones del desempeño financiero entre nuestros pares de fideicomisos de inversión inmobiliaria ("REIT"), pero tiene limitaciones importantes. Creemos que las ganancias distribuibles, como se describe anteriormente, ayudan a evaluar nuestro desempeño financiero sin el impacto de ciertas transacciones, pero tienen una utilidad limitada como herramienta analítica. Por lo tanto, las ganancias distribuibles no deben considerarse de forma aislada y no sustituyen a los ingresos netos calculados de acuerdo con los GAAP. Nuestra metodología para calcular las ganancias distribuibles puede diferir de las metodologías empleadas por otros REIT para calcular medidas de desempeño complementarias iguales o similares y, como resultado, nuestras ganancias distribuibles pueden no ser comparables con medidas similares presentadas por otros REIT. El rendimiento de las ganancias distribuibles sobre el capital promedio es una medida no GAAP y se define como ganancias distribuibles anuales o anualizadas divididas por el capital contable total promedio. Creemos que la presentación del rendimiento de las ganancias distribuibles sobre el capital promedio proporciona a los inversores una medida útil para facilitar las comparaciones del desempeño financiero entre nuestros pares REIT, pero tiene limitaciones importantes. Además, creemos que el rendimiento de las ganancias distribuibles sobre el capital promedio proporciona a los inversores detalles adicionales sobre las ganancias distribuibles generadas por nuestro capital social invertido. Creemos que el rendimiento de las ganancias distribuibles sobre el capital promedio, como se describe anteriormente, ayuda a evaluar nuestro desempeño financiero sin el impacto de ciertas transacciones, pero tiene una utilidad limitada como herramienta analítica. Por lo tanto, el rendimiento de las ganancias distribuibles sobre el capital promedio no debe verse de forma aislada y no sustituye el ingreso neto calculado de acuerdo con los GAAP. Nuestra metodología para calcular el rendimiento de las ganancias distribuibles sobre el capital promedio puede diferir de las metodologías empleadas por otros REIT para calcular medidas de desempeño complementarias iguales o similares y, como resultado, nuestro rendimiento de las ganancias distribuibles sobre el capital promedio puede no ser comparable con medidas similares presentadas por otros REIT. El valor contable económico es una medida financiera no GAAP de nuestra posición financiera. Para calcular nuestro valor económico en libros, las partes de nuestra obligación de financiamiento sin recurso mantenidas al costo amortizado se ajustan al valor razonable. Estos ajustes también se reflejan en nuestro capital contable total de fin de período. La administración considera el valor económico en libros para brindar a los inversionistas una medida complementaria útil para evaluar nuestra posición financiera, ya que refleja el impacto de los cambios en el valor razonable de nuestros bonos retenidos legalmente, independientemente del modelo contable aplicado para propósitos de informes GAAP. El valor económico contable no representa ni debe considerarse como un sustituto del valor contable por acción común o capital contable, según lo determinado de acuerdo con los GAAP, y nuestro cálculo de esta medida puede no ser comparable con medidas con títulos similares informadas por otras compañías. Declaraciones prospectivas Este comunicado de prensa contiene ciertas declaraciones prospectivas que están sujetas a diversos riesgos e incertidumbres, incluidas, entre otras, declaraciones relacionadas con el desempeño de las inversiones de la Compañía. Las declaraciones prospectivas generalmente se identifican mediante el uso de terminología prospectiva como "puede", "podrá", "debería", "potencial", "pretende", "espera", "esfuerza", "busca", "anticipa", "estima", "cree", "podría", "proyecta", "predice", "continúa" o por el carácter negativo de estas palabras y frases u otras palabras o expresiones similares. Las declaraciones a futuro se basan en ciertas suposiciones, analizan expectativas futuras, describen planes y estrategias existentes o futuros, contienen proyecciones de resultados de operaciones, liquidez y/o situación financiera, o establecen otra información a futuro. La capacidad de la Compañía para predecir eventos o condiciones futuros o su impacto o el efecto real de planes o estrategias existentes o futuros es inherentemente incierta. Aunque la Compañía cree que dichas declaraciones prospectivas se basan en suposiciones razonables, los resultados y el desempeño reales en el futuro podrían diferir materialmente de aquellos establecidos o implícitos en dichas declaraciones prospectivas. Se le advierte que no confíe indebidamente en estas declaraciones prospectivas, que reflejan las opiniones de la Compañía únicamente a la fecha de este comunicado de prensa. De vez en cuando, se incluye información adicional sobre factores que podrían causar que los resultados y el desempeño reales difieran materialmente de estas declaraciones prospectivas en las presentaciones de la Compañía ante la Comisión de Bolsa y Valores. Salvo que lo exija la ley aplicable, ni la Compañía ni ninguna otra persona asumen responsabilidad por la exactitud e integridad de las declaraciones prospectivas. La Compañía no asume ninguna obligación de actualizar ninguna declaración prospectiva contenida en este comunicado de prensa como resultado de nueva información, eventos futuros o de otro tipo. Acerca de Angel Oak Mortgage REIT, Inc. Angel Oak Mortgage REIT, Inc. es una compañía financiera de bienes raíces enfocada en adquirir e invertir en préstamos no QM y otros activos relacionados con hipotecas en el mercado hipotecario de EE. UU. El objetivo de la Compañía es generar retornos atractivos ajustados al riesgo para sus accionistas a través de distribuciones de efectivo y apreciación del capital a lo largo de los ciclos crediticios y de tasas de interés. La Compañía está administrada y asesorada externamente por una filial de Angel Oak Capital Advisors, LLC, que, junto con sus filiales, es un administrador de crédito alternativo líder con liderazgo en el mercado de crédito hipotecario que incluye gestión de activos, préstamos y mercados de capital. Información adicional sobre la Compañía está disponible en www.angeloakreit.com.Angel Oak Mortgage REIT, Inc.Estados consolidados condensados de operaciones e ingresos (pérdidas) integrales (no auditados) (en miles, excepto datos por acción y por acción) Tres meses terminados Doce meses terminados el 31 de diciembre de 2025 31 de diciembre de 2024 31 de diciembre de 2025 31 de diciembre de 2024 INGRESOS POR INTERESES, NETOS Ingresos por intereses$39,034 $31,869 $143,655 $110,427 Gastos por intereses 28,142 22,007 102,555 73,502 INGRESOS NETOS POR INTERESES$10,892 $9,862 $41,100 $36,925 REALIZADOS Y NO REALIZADOS GANANCIAS (PÉRDIDAS), NETAS Ganancia (pérdida) neta realizada en préstamos hipotecarios, contratos de derivados, RMBS y CMBS $ 1,374 $ 5,300 $ (10,863) $ (9,228) Ganancia (pérdida) neta no realizada en valores para negociar, préstamos hipotecarios, parte de la deuda a la opción de valor razonable y contratos de derivados 4,429 (24,753) 30,758 23,761 TOTAL REALIZADO Y GANANCIAS (PÉRDIDAS) NO REALIZADAS, NETO$5,803 $(19,453) $19,895 $14,533 GASTOS Gastos operativos$1,351 $1,505 $5,004 $6,786 Gastos operativos incurridos con la afiliada 522 402 1,901 1,845 Compensación en acciones 423 177 1,354 Historia completa disponible en Benzinga.com
NUEVA YORK, 25 de febrero de 2026 (GLOBE NEWSWIRE) -- ODDITY Tech Ltd. (NASDAQ: ODD) anunció hoy sus resultados financieros para el cuarto trimestre y el año completo que finalizó el 31 de diciembre de 2025.
BKV Corporation (NYSE:BKV) ("BKV" or the "Company"), today reported financial and operational results for the fourth quarter and full year 2025, as well as provided guidance for the first quarter and full year 2026.Fourth Quarter 2025 HighlightsNet income attributable to BKV of $70.4 million, or $0.75 per diluted shareAdjusted Net Income of $26.6 million, or $0.29 per diluted shareCombined Adjusted EBITDAX attributable to BKV of $109.3 million (includes implied 50% proportionate share of Power JV Adjusted EBITDA of $15.3 million)Net cash provided by operating activities of $69.4 millionNet cash provided by operating activities before working capital of $53.0 millionAccrued capital expenditures of $102.1 millionAdjusted Free Cash Flow attributable to BKV of $(18.2) millionAverage net production of 939.7 MMcfe/dTotal power generation of 1,864 GWh from the Power JV's Temple Plants; capacity factor of 57.2%Barnett Zero quarterly sequestration of approximately 25,100 metric tons of CO2Announced agreement to acquire incremental 25% ownership of Power JV, which closed January 30, 2026Completed a public offering of 6.9 million shares of common stock for net proceeds of $170.1 million.Full Year 2025 HighlightsNet income attributable to BKV of $173.1 million, or $1.98 per diluted shareAdjusted Net Income of $121.6 million, or $1.40 per diluted shareCombined Adjusted EBITDAX attributable to BKV of $390.0 million (includes implied 50% proportionate share of Power JV Adjusted EBITDA of $63.3 million)Net cash provided by operating activities of $242.7 millionNet cash provided by operating activities before working capital of $230.0 millionAccrued capital expenditures of $318.5 millionAdjusted Free Cash Flow attributable to BKV of $1.3 millionAverage net production of 835.5 MMcfe/dTotal power generation of 7,611 GWh from the Power JV's Temple Plants; capacity factor of 59.0%Barnett Zero annual sequestration of approximately 138,300 metric tons of CO2"2025 marked our first full year as a public company and a pivotal step forward in executing BKV's closed-loop strategy," said Chris Kalnin, Chief Executive Officer of BKV. "We delivered on our promises by achieving several key milestones, including closing our CCUS joint venture with Copenhagen Infrastructure Partners, completing the Bedrock acquisition, expanding our ownership in the Power JV, and strengthening our balance sheet through our inaugural bond offering and first follow-on equity issuance.""As we look ahead to 2026, we remain focused on delivering disciplined growth across our platform, with an emphasis on continued meaningful progress toward a power purchase agreement," continued Kalnin. "By leveraging our assets across the energy value chain, we are well positioned to capitalize on key energy megatrends, deliver differentiated solutions to our customers, and create risk-adjusted, long-term value for our shareholders."Financial ResultsFourth Quarter 2025For the three months ended December 31, 2025, total revenues and other operating income for BKV were $330.1 million (including realized hedging losses of $18.8 million and unrealized hedging gains of $89.0 million) and losses from the Power JV were $5.7 million. Net income attributable to BKV for the period was $70.4 million, or $0.75 per diluted share. For the three months ended December 31, 2025, Adjusted Net Income was $26.6 million, Adjusted EBITDAX was $94.8 million, Combined Adjusted EBITDAX attributable to BKV was $109.3 million and Adjusted Free Cash Flow attributable to BKV was negative $18.2 million.Average realized natural gas price for the fourth quarter of 2025 was $2.86/MMBtu, excluding the impact of derivatives. Including the impact of cash settled hedges, average realized price was $2.56/MMBtu. Average realized NGL price for the fourth quarter of 2025 was $17.51/Bbl, excluding the impact of derivatives. Including the impact of cash settled hedges, average realized NGL price was $18.36/Bbl. On a natural gas equivalent basis, average realized price in the fourth quarter of 2025 was $2.88/Mcfe, excluding the impact of derivatives. Including the impact of cash settled hedges, average natural gas equivalent realized price was $2.67/Mcfe.Full Year 2025For the year ended December 31, 2025, total revenues and other operating income for BKV were $1.0 billion (including realized hedging losses of $8.1 million and unrealized hedging gains of $113.2 million) and earnings from the Power JV were $14.9 million. Net income attributable to BKV for the period was $173.1 million, or $1.98 per diluted share. For the year ended December 31, 2025, Adjusted Net Income was $121.6 million, Adjusted EBITDAX was $328.9 million, Combined Adjusted EBITDAX attributable to BKV was $390.0 million and Adjusted Free Cash Flow attributable to BKV was $1.3 million.Average realized natural gas price for the year ended December 31, 2025 was $2.78/MMBtu, excluding the impact of hedges. Including the impact of cash settled hedges, average realized price was $2.75/MMBtu. Average realized NGL price for the year ended December 31, 2025 was $17.00/Bbl, excluding the impact of derivatives. Including the impact of cash settled hedges, average realized NGL price was $16.84/Bbl. On a natural gas equivalent basis, average realized price for the year ended December 31, 2025 was $2.81/Mcfe, excluding the impact of derivatives. Including the impact of cash settled hedges, average natural gas equivalent realized price was $2.79/Mcfe. Three Months EndedDecember 31, Year EndedDecember 31,($ Millions, except EPS and Adjusted Free Cash Flow Margin)(1) 2025 2024 2025 2024 Net income (loss) attributable to BKV$70.4 $(57.5) $173.1 $(142.9)Adjusted Net Income (Loss), non-GAAP$26.6 $(4.9) $121.6 $(24.1)Adjusted EBITDAX, non-GAAP$94.8 $71.9 $328.9 $231.8 Combined Adjusted EBITDAX attributable to BKV, non-GAAP$109.3 $72.4 $390.0 $265.7 Net income (loss) per common share attributable to BKV, diluted$0.75 $(0.68) $1.98 $(2.00)Adjusted EPS, non-GAAP$0.29 $(0.06) $1.40 $(0.34)Adjusted Free Cash Flow attributable to BKV, non-GAAP$(18.2) $5.4 $1.3 $91.6 Adjusted Free Cash Flow Margin attributable to BKV, non-GAAP (7.0)% 3.1% 0.1% 14.9%Net income (loss)$71.1 $(57.5) $174.8 $(142.9)Net cash provided by operating activities$69.4 $43.8 $242.7 $118.5 Adjusted Free Cash Flow, non-GAAP$(25.0) $5.4 $(21.9) $91.6 Adjusted Free Cash Flow Margin, non-GAAP (9.6)% 3.1% (2.4)% 14.9%Earnings (losses) from the Power JV$(11.3) $(34.1) $29.8 $21.1 Capital expenditures (accrued) Development (2)$78.4 $43.4 $244.6 $82.0 CCUS and other$23.7 $16.9 $73.9 $35.6 Total capital expenditures (accrued)$102.1 $60.3 $318.5 $117.6 ____________________________________________________(1) Adjusted Net Income (Loss), Adjusted EBITDAX, Combined Adjusted EBITDAX attributable to BKV, Adjusted EPS, Adjusted Free Cash Flow attributable to BKV, and Adjusted Free Cash Flow Margin attributable to BKV are each non-GAAP financial measures. For a definition of each of these non-GAAP financial measures and reconciliations of such non-GAAP financial measures to their most directly comparable GAAP metrics, please see "Supplemental Non-GAAP Financial Measures" below.(2) Excludes asset retirement obligation expenditures of $0.2 million and $0.7 million for the three months ended December 31, 2025 and 2024, respectively, and $1.0 million and $1.7 million for the years ended December 31, 2025 and 2024, respectively."2025 was a year of disciplined growth for BKV, as we grew production, advanced our CCUS platform, and funded our strategic priorities while maintaining a strong balance sheet," said David Tameron, Chief Financial Officer of BKV. "We exited the year with substantial liquidity and healthy leverage, reflecting both strong operational execution and prudent capital management.""During the year, we also successfully executed two major capital markets transactions—our inaugural $500 million bond offering and our first follow-on equity issuance—further strengthening our capital structure and expanding our float," continued Tameron. "These actions position us well as we enter 2026 with the capacity to support continued growth and long-term value creation."Operational ResultsFourth Quarter and Full Year 2025Power JVBKV-BPP Power's Income Statement (1)Three Months EndedDecember 31, Year EndedDecember 31,($ Millions) 2025 2024 2025 2024 Total revenues, net$110.3 $67.0 $523.5 $459.9 Depreciation and amortization 9.6 9.5 38.3 38.0 Operating expenses 98.0 74.8 399.2 331.4 Income (loss) from operations 2.7 (17.4) 86.1 90.5 Interest expense (15.3) (17.5) (63.3) (72.9)Other income (loss) 1.2 0.8 7.0 3.5 Net income (loss)$(11.3) $(34.1) $29.8 $21.1 Power JV Adjusted EBITDA$30.6 $0.9 $126.5 $67.9 ______________________________________________________(1) This table reflects the financial information of the Power JV. Amounts are obtained from or based on its unaudited financial statements for the three months ended December 31, 2025 and 2024, or its audited financial statements for the years ended December 31, 2025 and 2024, as applicable. As of December 31, 2025, BKV owned a 50% interest in the Power JV.On January 30, 2026, BKV closed the acquisition of an additional 25% interest in the Power JV, increasing its ownership in the JV to 75%. The increased ownership position will allow BKV to consolidate the Power JV's financial results providing enhanced visibility to investors. The transaction aligns with BKV's power growth aspirations, strategically positioning the company to take advantage of significant power demand growth in the ERCOT market.During the quarter, the Power JV remained focused on optimizing operations at Temple I and II to enhance cash flow and improve capacity utilization. The Company has engaged an advisor and is actively evaluating potential power purchase agreement proposals, with discussions ongoing with multiple prospective counterparties.For the fourth quarter 2025, the Temple I and II power plants reported capacity factors of 56.1% and 58.4%, respectively, with total power generation of 1,864 GWh. Average power pricing was $49.69/MWh and average natural gas cost was $3.55/MMBtu, resulting in an average spark spread of $24.54/MWh.For the full year ended December 31, 2025, the Temple I and II power plants reported total power generation of 7,611 GWh, for a combined annual capacity factor of 59.0%. Average power pricing was $48.86/MWh and average natural gas cost was $3.31/MMbtu, resulting in an average spark spread of $25.36/MWh for the year.The fourth quarter 2025 weather in Texas was characterized by moderate October and November temperatures, as expected for the shoulder season, but strong cold weather events in December drove favorable pricing as compared to forecast. Outperformance in December resulted in Power JV Adjusted EBITDA above the high end of the guidance range for the quarter.BKV's implied proportionate share of the Power JV's net losses for the three months ended December 31, 2025 was $5.7 million, compared to loss of $17.2 million for the three months ended December 31, 2024, and earnings of $14.9 million for the year ended December 31, 2025, compared to earnings of $10.4 million for the year ended December 31, 2024.BKV's implied proportionate share of Power JV Adjusted EBITDA was $15.3 million for the three months ended December 31, 2025 compared to $0.5 million for the three months ended December 31, 2024, and $63.3 million for the year ended December 31, 2025, compared to $34.0 million for the year ended December 31, 2024.BKV remains confident in long-term power market fundamentals, driven by accelerating demand from AI and data center development, and views execution of a power purchase agreement as a natural next step following the consolidation of the Power JV into its financial results in the first quarter of 2026.Three Months EndedDecember 31, Year EndedDecember 31, 2025 2024 2025 2024 Temple I capacity factor 56.1% 44.0% 59.2% 58.1%Temple II capacity factor 58.4% 30.9% 58.7% 55.1%Total power generation (GWh) 1,864 1,228 7,611 7,360 Average power price ($/MWh)$49.69 $36.90 $48.86 $37.76 Average natural gas cost$3.55 $2.50 $3.31 $2.26 Average spark spread$24.54 $19.37 $25.36 $21.96 Carbon Capture Utilization and Sequestration ("CCUS")The Barnett Zero Project sequestered approximately 25,100 and 138,300 metric tons of CO2 during the three months ended December 31, 2025 and the year ended December 31, 2025, respectively. Since start-up in November 2023, the project has sequestered approximately 311,600 metric tons of CO2 through December 31, 2025.The Eagle Ford and Cotton Cove Projects remain on schedule, with first injection still targeted for 1Q26 and 1H26 respectively. These projects are expected to achieve sequestration rates of approximately 90,000 and 32,000 metric tons per year of CO2, respectively, and have received EPA approval of their monitoring, reporting, and verification (MRV) plans. For additional information regarding key assumptions and risks associated with our CCUS business, please see the "Risk Factors" section of our Annual Report on Form 10-K.The East Texas Project reached an internal final investment decision (FID) on December 11, 2025. This milestone reflects completion of key commercial, technical, and internal alignment work and positions the project to advance into execution planning. BKV forecasts that approximately 70,000 metric tons per year of CO2 could be captured from the project. The East Texas Project is the second CCUS project BKV is developing with a leading diversified midstream company and would represent the fourth project in the Company's current modular line of identified potential natural gas processing-related CCUS projects, following the previously announced Eagle Ford Project, subject to execution of definitive agreements on acceptable terms and timelines.In addition, on February 24, 2026, BKV executed definitive agreements with Comstock Resources to advance the previously announced CCUS projects at Comstock's Bethel and Marquez natural gas processing facilities in the Western Haynesville. The projects are expected to include the development of CCUS injection wells designed to permanently sequester carbon dioxide associated with Comstock's natural gas production operations in East Texas, combining BKV's proven carbon capture capabilities with Comstock's leading Haynesville position. The execution of these agreements represents another important step in accelerating deployment of our CCUS portfolio and scaling the business toward our targeted 1.5 million tons per annum injection run-rate by 2028.The Company's previously announced Class VI well permit applications remain under regulatory review.BKV is also continuing Front-End Engineering Design (FEED) studies regarding CO2 capture from combined cycle natural gas turbines, like those at our Temple location, to further delineate capital and operating costs of such facilities. These studies are expected to be completed in 2026 and are intended to further inform potential power-related CCUS development opportunities across the Company's portfolio.Upstream & MidstreamTotal hydrocarbon production for the three months ended December 31, 2025 was 939.7 MMcfe/d, which consisted of 81% natural gas and 19% NGLs. This is compared to total production for the three months ended December 31, 2024 of 774.5 MMcfe/d, which consisted of 79% natural gas and 21% NGLs. Fourth quarter production exceeded the previously guided range of 885-935 MMcfe/d due to several factors, including continued efficiency gains on the D&C program and less winter downtime than forecast.For the year ended December 31, 2025, total hydrocarbon production was 835.5 MMcfe/d, which consisted of 80% natural gas and 20% NGLs. This is compared to total hydrocarbon production of 788.0 MMcfe/d for the year ended December 31, 2024, which consisted of 79% natural gas and 21% NGLs.The increase in production volumes for the fourth quarter and full year 2025 compared to the same periods in 2024 was primarily driven by the closing of the Bedrock acquisition in the third quarter of 2025 and increased development activity. The increased development activity during 2025 reflected the Company's response to an improved commodity price environment.Three Months EndedDecember 31, Year EndedDecember 31, 2025 2024 2025 2024 Production Net production per day (MMcfe/d) 939.7 774.5 835.5 788.0 Natural gas (MMcf) 70,159 56,469 242,935 228,682 NGL (MBbls) 2,683 2,443 10,181 9,858 Oil (MBbls) 33 21 159 96 Total (MMcfe) 86,455 71,253 304,975 288,406 Natural Gas Pricing ($/Mcf) Average NYMEX Henry Hub price$3.55 $2.79 $3.43 $2.27 Differential$(0.69) $(0.69) $(0.65) $(0.58)Average realized prices, excluding derivatives$2.86 $2.10 $2.78 $1.69 Average realized prices, including derivatives (1)$2.56 $2.23 $2.75 $2.10 NGLs ($/Bbl) Average realized prices, excluding derivatives$17.51 $17.76 $17.00 $16.79 Average realized prices, including derivatives (1)$18.36 $17.30 $16.84 $17.19 Oil ($/Bbl) Average realized prices$52.61 $61.33 $59.50 $68.81 Average Operating Cash Costs ($/Mcfe) Lease operating and workover$0.54 $0.49 $0.50 $0.47 Taxes other than income$0.18 $0.04 $0.17 $0.12 Gathering and transportation costs$0.81 $0.80 $0.82 $0.77 Total$1.53 $1.33 $1.49 $1.36 (1) The impact of derivative prices excludes $13.3 million of gains on derivative contract terminations for the year ended December 31, 2024.Capital ExpendituresAccrued capital expenditures in the fourth quarter of 2025 were $102.1 million, which included $78.4 million for development capital and $23.7 million for CCUS and other expenditures. Accrued capital expenditures for the same period in 2024 were $60.3 million, which included $43.4 million for development capital and $16.9 million for CCUS and other expenditures.Accrued capital expenditures for the year ended December 31, 2025 were $318.5 million, which included $244.6 million for development capital and $73.9 million for CCUS and other expenditures. Accrued capital expenditures for the same period in 2024 were $117.6 million, which included $82.0 million for development capital and $35.6 million for CCUS and other expenditures.LiquidityAs of December 31, 2025, BKV had cash and cash equivalents of $199.4 million.Total debt as of December 31, 2025 was $500 million, which was made up of the 2030 Senior Notes. Net debt as of December 31, 2025 was $300.6 million, and net leverage ratio was 0.92x.As of December 31, 2025, total liquidity for BKV was $984.4 million, which consists of $199.4 million in cash and cash equivalents and $785.0 million available under the Company's RBL. RBL availability as of December 31, 2025, is based on the elected commitment amount of $800.0 million, less $15.0 million of letters of credit.2026 GuidanceQ1 2026 FY 2026Accrued Capital Expenditures and Net Production ($ Millions) Development (1)$70 - $100 $200 - $280Power - Strategic & Maintenance (1), (2)$0 - $10 $120 - $160CCUS and other (2)$15 - $30 $90 - $120Total capital expenditures$85 - $140 $410 - $560 Net production (MMcfe/d)900 - 930 915 - 955 Per Unit Operating Costs ($/Mcfe) Lease operating and workover$0.50 - $0.54 $0.49 - $0.53Gathering, compression, processing, and transport (GCPT)$0.80 - $0.84 $0.80 - $0.84Upstream general and administrative (excl. stock comp)$0.20 - $0.25 $0.20 - $0.25 Other General and Administrative Costs General and administrative (Power, CCUS, & Other)$15 - $18 $53 - $63General and administrative (stock comp)$4 - $6 $15 - $25 Commodity Prices Average natural gas differential (3), (4)$(1.05) - $(1.25) $(0.65) - $(0.85)NGL % of WTI~ 27% ~ 24% Power ($ Millions) Power JV Adjusted EBITDA$25 - $35 $135 - $175_________________________________(1) 2026 maintenance capital: Upstream ~$200 million; Power ~$5 million(2) Expecting $50 million - $70 million in JV partner capital contributions(3) Differential includes $0.15/Mcfe - $0.20/Mcfe of gathering, compression, processing, and transport(4) Differential includes $0.05/Mcfe - $0.15/Mcfe of ethane rejection impacts in the first half of 2026Full Year and Fourth Quarter 2025 Earnings Conference CallThe Company plans to host a conference call to discuss results today, February 25, 2026 at 10 AM EST. To access the conference call, participants may dial (877) 407-0779 (US) or (201) 389-0914 (international). Participants can also listen to a live webcast of the call by going to the Investors section on the BKV website at ir.bkv.com. A replay will be available shortly after the live conference call and can be accessed on the Company's website or by dialing (844) 512-2921 (US) or (412) 317-6671 (international). The passcode for the replay is 13757549. The replay will be available for 30 days after the call.About BKV CorporationBKV Corporation (NYSE:BKV) is a forward-thinking, growth-driven energy company focused on the sustainable development and delivery of low-carbon energy solutions and baseload power. As the largest natural gas producer by gross operated volume in the Barnett Shale, BKV is strategically expanding an end-to-end value chain that leverages its assets in upstream production, midstream infrastructure, natural gas-fired power generation and carbon capture, utilization and storage (CCUS). Through this innovative, closed-loop approach, BKV solves customers' toughest energy challenges, meeting growing power demand and enabling sustainable growth for the future. Headquartered in Denver, Colorado, BKV is committed to driving long-term, risk adjusted shareholder value by optimizing and scaling our closed-loop energy platform for a carbon neutral future. For more information, visit the BKV website at www.bkv.com.Forward-Looking StatementsThis press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, which are not historical facts, include statements regarding BKV's strategy, future operations, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management, and often contain words such as "expect," "project," "estimate," "believe," "anticipate," "intend," "budget," "plan," "seek," "aspire," "envision," "forecast," "target," "predict," "may," "should," "would," "could," "will," and similar expressions. Actual results including financial and operating performance, and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. Such forward-looking statements include, but are not limited to, statements about the amount and timing of capital expected to be contributed to our joint ventures by our joint venture partners, the anticipated benefits, opportunities and results with respect to the BKV-BPP Power Joint Venture Transaction and the Bedrock Acquisition, including any expected value creation from the BKV-BPP Power Joint Venture Transaction or the Bedrock Acquisition, and any reserves additions, midstream opportunities and other anticipated impacts from the Bedrock Acquisition, anticipated efficiencies, power plant reliability, and strategic growth and power purchase agreement opportunities relating to the BKV-BPP Power Joint Venture and the BKV-BPP Power Joint Venture Transaction, as well as guidance, projected or forecasted financial and operating results, future liquidity, leverage, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. All forward-looking statements, expressed or implied, in this press release are based only on information currently available to BKV and speak only as of the date on which they are made. BKV undertakes no obligation to release publicly any update to any of these forward-looking statements except as required by federal securities laws. Forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to assumptions, risks and uncertainties regarding significant transaction costs associated with the Company's acquisitions, including the Power JV transaction and the Bedrock acquisition; the risk of litigation and/or regulatory actions related to the Company's acquisitions, including the Power JV transaction and the Bedrock acquisition; our ability to successfully fund, pursue and develop our CCUS business; expected increase in demand for power generation, and our ability to serve that demand from our power business, our ability to develop, market and sell our carbon sequestered gas product; and management's outlook guidance or forecasts of future events, including projected capital expenditures, production volumes, operating costs, pricing differentials, and Power JV Adjusted EBITDA. For further discussions of risks and uncertainties applicable to forward-looking statements, you should refer to BKV's filings with the Securities and Exchange Commission (the "SEC"), including the "Risk Factors" section of BKV's most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.BKV CORPORATIONCONSOLIDATED BALANCE SHEETS($ thousands, except per share amounts)(Unaudited) December 31, 2025 2024 Assets Current assets Cash and cash equivalents$199,412 $14,868 Accounts receivable, net 100,459 50,478 Accounts receivable, related parties 11,559 15,371 Prepaid expenses 6,419 7,638 Inventory 6,072 6,255 Commodity derivative assets, current 61,782 — Other current assets 2,176 — Total current assets 387,879 94,610 Natural gas properties and equipment Developed properties 2,965,638 2,315,167 Undeveloped properties 13,182 10,757 Midstream assets 277,974 276,644 Accumulated depreciation, depletion, and amortization (849,464) (714,287)Total natural gas properties, net 2,407,330 1,888,281 Other property and equipment, net 137,739 97,300 Goodwill 18,417 18,417Full story available on Benzinga.com
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