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New York, New York--(Newsfile Corp. - June 10, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of FS KKR Capital Corp. (NYSE: FSK) between May 8, 2024 and February 25, 2026, inclusive (the "Class Period"), of the important July 6, 2026 lead plaintiff deadline.

SO WHAT: If you purchased FS KKR Capital securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the FS KKR Capital class action, go to https://rosenlegal.com/submit-form/?case_id=64089 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 6, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) FS KKR Capital overstated the effectiveness of its portfolio restructuring efforts for its nonaccrual companies; (2) FS KKR Capital overstated the valuation of its portfolio investments and/or overstated the effectiveness of FS KKR Capital's portfolio valuation process; (3) FS KKR Capital overstated the durability of its quarterly distribution strategy; and (4) as a result of the foregoing, defendants' positive statements about FS KKR Capital's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the FS KKR Capital class action, go to https://rosenlegal.com/submit-form/?case_id=64089 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/301037

Source: The Rosen Law Firm PA

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FSK Investors Have Opportunity to Lead FS KKR Capital Corp. Securities Fraud Lawsuit with the Schall Law Firm PR Newswire

FS KKR Capital Corp. Sued for Securities Law Violations - Contact the DJS Law Group to Discuss Your Rights - FSK PR Newswire

, /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against FS KKR Capital Corp. ("FSK KRR" or the "Company") (NYSE: FSK). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

The class action concerns whether FSK KRR and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

You have July 3, 2026, to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired FSK KRR securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.

[Click here for information about joining the class action]

On August 6, 2025, the Company reported second quarter 2025 earnings, revealing that the Company's net asset value had declined to $21.93 per share, down $1.44, or 6.2% from the prior quarter, and the total fair value of investments fell $474 million, to $13,648 million.  Moreover, the Company report earnings (loss) per share of negative $0.75, down $1.18 or 274.4% from the prior quarter, and a total net realized and unrealized loss per share of negative $1.36, down $1.12 or 466.7% from the prior quarter.  Further, investments on non-accrual status rose to 3.0% and 5.3% of the total investment portfolio at fair value and amortized cost, respectively, compared to 2.1% and 3.5% in the prior quarter.  

On this news, FS KKR's stock price fell $1.66 per share, or 8.2%, to close at $18.58 per share on August 7, 2025. 

Then, on February 25, 2026, the Company announced fourth quarter and full year 2025 earnings, revealing net asset value had continued to decline to $20.89, down $1.10 or 5% from prior quarter, and the total fair value of investments fell another $406 million, to $13,009 million.  Moreover, the Company reported earnings (loss) per share of negative $0.41, down $1.17 or 153.9% from the prior quarter, and a total net realized and unrealized loss per share of negative $0.89, down $1.08 or 568.421% from the prior quarter.  Further, investments on non-accrual status again rose to 3.4% and 5.5% of the total investment portfolio at fair value and amortized cost, respectively, compared to 2.9% and 5.0% in the prior quarter.  The Company also "acknowledge[d] specific challenges" with additional companies and cut its dividend to $0.48 per share (previously $0.70). 

On this news, FS KKR's stock price fell $2.03 per share, or 15.24%, to close at $11.29 per share on February 26, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com. 

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980 

SOURCE Pomerantz LLP

LOS ANGELES, June 11, 2026 (GLOBE NEWSWIRE) -- Glancy Prongay Wolke & Rotter LLP reminds investors of the upcoming July 6, 2026 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired FS KKR Capital Corp. (“FS KKR Capital” or the “Company”) (NYSE: FSK) securities between May 8, 2024 and February 25, 2026, inclusive (the “Class Period”).

IF YOU SUFFERED A LOSS ON YOUR FS KKR CAPITAL INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS.

What Happened?
On August 6, 2025, after the market closed, the Company reported second quarter 2025 earnings, revealing that the Company’s net asset value had declined to $21.93 per share, down $1.44, or 6.2% from the prior quarter, and the total fair value of investments fell $474 million, to $13,648 million. Moreover, the Company reported earnings (loss) per share of negative $0.75, down $1.18 or 274.4% from the prior quarter, and a total net realized and unrealized loss per share of negative $1.36, down $1.12 or 466.7% from the prior quarter. Further, investments on non-accrual status rose to 3.0% and 5.3% of the total investment portfolio at fair value and amortized cost, respectively, compared to 2.1% and 3.5% in the prior quarter.

However, the Company maintained that its “operating results and corresponding net asset value” were merely “impacted by company specific issues affecting four portfolio companies, each of which have been discussed on prior earnings calls.”

On this news, share prices fell $1.66 or 8.20% to close at $18.58 per share on August 7, 2025, on unusually heavy trading volume.

Then, on February 25, 2026, after the market closed, the Company announced fourth quarter and full year 2025 earnings, revealing net asset value had continued to decline to $20.89, down $1.10 or 5% from prior quarter, and the total fair value of investments fell another $406 million, to $13,009 million. Moreover, the Company reported earnings (loss) per share of negative $0.41, down $1.17 or 153.9% from the prior quarter, and a total net realized and unrealized loss per share of negative $0.89, down $1.08 or 568.421% from the prior quarter. Further, investments on non-accrual status again rose to 3.4% and 5.5% of the total investment portfolio at fair value and amortized cost, respectively, compared to 2.9% and 5.0% in the prior quarter. The Company also “acknowledge[d] specific challenges” with additional companies and cut its dividend to $0.48 per share (previously $0.70).

In the accompanying earnings call, the Company’s Chief Investment Officer was forced to acknowledge that its “recent underperformance reflects challenges in certain legacy investments” in addition to those previously discussed. Further, challenges ran much deeper, as the Company revealed issues with the identified companies only accounted for “50% of net realized and unrealized losses.”

On this news, the Company’s stock price fell $2.03 or 15.24%, to close at $11.29 per share on February 26, 2026, on unusually heavy trading volume.

What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) the Company overstated the effectiveness of its portfolio restructuring efforts for its nonaccrual companies; (2) the Company overstated the valuation of its portfolio investments and/or overstated the effectiveness of the Company’s portfolio valuation process; (3) the Company overstated the durability of its quarterly distribution strategy; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

If you purchased or otherwise acquired FS KKR securities during the Class Period, you may move the Court no later than July 6, 2026 to request appointment as lead plaintiff in this putative class action lawsuit.

Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
Charles Linehan, Esq.,
Glancy Prongay Wolke & Rotter LLP,
1925 Century Park East, Suite 2100,
Los Angeles California 90067
Email:  [email protected]
Telephone: 310-201-9150,
Toll-Free: 888-773-9224
Visit our website at www.glancylaw.com.
Follow us for updates on LinkedIn, Twitter, or Facebook.

If you inquire by email, please include your mailing address, telephone number and number of shares purchased.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contact Us:
Glancy Prongay Wolke & Rotter LLP,
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
Charles Linehan
Email:  [email protected]
Telephone: 310-201-9150
Toll-Free: 888-773-9224
Visit our website at: www.glancylaw.com.

New York, New York--(Newsfile Corp. - June 11, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of FS KKR Capital Corp. (NYSE: FSK) between May 8, 2024 and February 25, 2026, inclusive (the "Class Period"), of the important July 6, 2026 lead plaintiff deadline.

SO WHAT: If you purchased FS KKR Capital securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the FS KKR Capital class action, go to https://rosenlegal.com/submit-form/?case_id=64089 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 6, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) FS KKR Capital overstated the effectiveness of its portfolio restructuring efforts for its nonaccrual companies; (2) FS KKR Capital overstated the valuation of its portfolio investments and/or overstated the effectiveness of FS KKR Capital's portfolio valuation process; (3) FS KKR Capital overstated the durability of its quarterly distribution strategy; and (4) as a result of the foregoing, defendants' positive statements about FS KKR Capital's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the FS KKR Capital class action, go to https://rosenlegal.com/submit-form/?case_id=64089 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/301174

Source: The Rosen Law Firm PA

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

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March 23, 2026 17:30 ET  | Source: Rush Enterprises, Inc.

SAN ANTONIO, Texas, March 23, 2026 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (NASDAQ: RUSHA and RUSHB), which operates the largest network of commercial vehicle dealerships in North America, announced today that Jody Pollard will take over the role of Chief Operating Officer from Jason Wilder who has left the Company.

Wilder joined Rush Enterprises in November 2006 as General Manager of the Atlanta medium-duty location. He later served as Regional General Manager and Senior Vice President of International Dealerships before becoming Chief Operating Officer in November 2024.

“Jason has been commuting from his home in Atlanta to the Company’s headquarters in Texas for the past several years, which has been demanding on him and his family,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President of Rush Enterprises. “We respect his decision and are grateful for his leadership and many contributions to the Company’s operations and success during a period of significant growth, transformation and recent challenging market conditions.”

Jody Pollard has been named Chief Operating Officer and will report to Rusty Rush. While Pollard is transitioning into this role, he will work closely with Rush and Michael McRoberts, Senior Advisor to the Company and member of the Board of Directors. McRoberts served as Chief Operating Officer of the Company from 2016 to 2024.

Pollard previously served as Senior Vice President - Truck Sales and Aftermarket Sales from March 2021 until his recent promotion to Chief Operating Officer and was Senior Vice President of Operations from 2017 to 2021. Pollard also has significant experience in dealership roles where he was Regional General Manager of the Company’s North Texas and Oklahoma Region for six years and also served in a variety of other dealership management roles including Body Shop Manager, Service Manager, Regional Outside Sales Manager, Regional Service Manager and General Manager, supervising over 19 different Rush Enterprises locations from 1999 to 2017. Pollard has a Bachelor of Science degree in Agricultural Leadership & Development from Texas A&M University.

“Jody’s diverse and extensive experience in leading both the operations and sales areas of our business, and his knowledge of the Company and our industry put him in a unique position to take on this new role. I have worked with Jody for many years, and I am confident that his leadership skills and commitment to the Company’s values will serve him well as Chief Operating Officer,” Rush added. “We are also pleased to have Mike’s expertise and support during this transition. Our organization and business remain strong, and we are confident in our leadership team and strategic direction going forward.”

About Rush Enterprises, Inc.

Rush Enterprises, Inc. is the premier solutions provider to the commercial vehicle industry. The Company owns and operates Rush Truck Centers, the largest network of commercial vehicle dealerships in North America, with more than 150 locations in 23 states and Ontario, Canada. These vehicle centers, strategically located in high traffic areas on or near major highways throughout the United States and Ontario, Canada, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, Blue Arc, IC Bus and Blue Bird. They offer an integrated approach to meeting customer needs – from sales of new and used vehicles to aftermarket parts, service and body shop operations plus financing, insurance, and leasing and rental solutions. Rush Enterprises' operations also provide CNG fuel systems (through its investment in Cummins Clean Fuel Technologies, Inc.), telematics products and other vehicle technologies, as well as vehicle modification and up-fitting, chrome accessories and tires. For more information, please visit us at www.rushtruckcenters.com and www.rushenterprises.com, on X @rushtruckcenter, Facebook.com/rushtruckcenters and www.linkedin.com/company/rushenterprises-inc

Certain statements contained in this release are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements only speak as of the date of this release and the Company assumes no obligation to update the information included in this release. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, competitive factors, general U.S. economic conditions, economic conditions in the new and used commercial vehicle markets, customer relations, relationships with vendors, inflation and the interest rate environment, governmental regulation and supervision, including engine emission regulations, U.S. and global trade policies, product introductions and acceptance, changes in industry practices, one-time events and other factors described herein and in filings made by the Company with the Securities and Exchange Commission, including in our annual report on Form 10-K for the fiscal year ended December 31, 2025. Although we believe that these forward-looking statements are based on reasonable assumptions, there are many factors that could affect our actual business and financial results and could cause actual results to differ materially from those in the forward-looking statements. All future written and oral forward-looking statements by us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. Except for our ongoing obligations to disclose material information as required by the federal securities laws, we do not have any obligations or intention to release publicly any revisions to any forward-looking statements to reflect events or circumstances in the future or to reflect the occurrence of unanticipated events.

Media Contacts
Rush Enterprises
Gary Willis
(830) 302-5210

Revenues of $1.68 billion, net income of $61.5 millionEarnings per diluted share of $0.77Absorption ratio 126.9%Board declares cash dividend of $0.19 per share of Class A and Class B common stock NEW BRAUNFELS, Texas, April 28, 2026 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (NASDAQ: RUSHA & RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced that for the quarter ended March 31, 2026, the Company achieved revenues of $1.68 billion and net income of $61.5 million, or $0.77 per diluted share, compared with revenues of $1.85 billion and net income of $60.3 million, or $0.73 per diluted share, in the quarter ended March 31, 2025. Additionally, the Company’s Board of Directors declared a cash dividend of $0.19 per share of Class A and Class B Common Stock, to be paid on June 10, 2026, to all shareholders of record as of May 12, 2026.

“Despite continued weakness across the commercial vehicle industry, I am proud of the way our team performed in the first quarter,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President of Rush Enterprises, Inc. “We believe the first quarter represents the trough of this current downcycle, and while conditions remain challenging, we are beginning to see early indicators of gradual improvement in market conditions, which we believe will continue for the remainder of 2026,” he continued.

“During the quarter, freight rates began to improve modestly, miles driven increased and customer sentiment generally improved, all of which contributed to increased new commercial vehicle quoting activity and order intake,” Rush said. “However, new commercial vehicle sales during the first quarter were at historically low levels across the industry, reflecting the prolonged impact of the multi-year freight recession, excess capacity and broader economic uncertainty,” he added.

“Importantly, our diversified business model once again demonstrated its resilience,” Rush stated. “Our continued focus on aftermarket products and services, along with our leasing and rental operations and diligent expense management, helped support our financial performance during a quarter with significantly reduced commercial vehicle sales activity. We continue to believe that our focus on building a business that does not rely completely on truck sales has allowed us to navigate this industry downturn more effectively,” he said.

“We remain confident that as market conditions improve, demand will return. We have maintained appropriate inventory levels, continued to invest in our operations and remain focused on delivering the highest level of service to our customers, all of which we believe will allow us to capture opportunities as the market recovers,” Rush concluded.

Network Expansion

During the first quarter of 2026, the Company signed an asset purchase agreement to acquire Peterbilt dealerships in Baton Rouge, Lafayette, Lake Charles, New Orleans and Houma, Louisiana, as well as a Peterbilt dealership in McComb, Mississippi and a TRP location in Columbia, Mississippi. The Company expects to complete this acquisition and begin operating these locations as Rush Truck Centers in the next few months.

“This acquisition reflects our continued focus on expanding our network in strategic markets and broadening the solutions we offer our customers,” said Rush. “By growing our footprint, we believe we are strengthening our ability to support customers, capture market share and position the Company for long-term growth,” Rush stated.

Aftermarket Products and Services

Aftermarket products and services accounted for approximately 66.1% of the Company’s total gross profit in the first quarter of 2026, with parts, service and collision center revenues totaling $627.2 million, up 1.3% compared to the first quarter of 2025. The Company achieved a quarterly absorption ratio of 126.9% in the first quarter of 2026, compared to 128.6% in the first quarter of 2025.

“Our aftermarket business delivered solid first-quarter performance despite continued softness across much of the industry,” Rush said. “While demand remained subdued in several customer segments, we achieved modest growth, reflecting the strength of our customer relationships and our focus on expanding our customer base. Although macroeconomic factors have continued to pressure aftermarket demand, we are beginning to see encouraging indicators of improving market conditions, including increases in both freight activity and miles driven, which we believe will support higher parts and service demand as deferred maintenance is addressed,” he added.

“We also believe certain of our aftermarket strategic initiatives, including enhanced inspection processes, improved parts delivery operations, and a continued emphasis on customer uptime, are gaining traction across our network and contributing to our success,” Rush said. “Looking ahead, we expect aftermarket demand to gradually improve through the remainder of 2026 as fleet utilization increases and customers reinvest in their equipment, positioning our aftermarket business as a key driver of stability and profitability for the Company,” he stated.

Commercial Vehicle Sales

New U.S. Class 8 retail truck sales totaled 41,023 units in the first quarter of 2026, down 21.0% compared to the first quarter of 2025, according to ACT Research. The Company sold 2,964 new Class 8 trucks in the U.S. during the first quarter, a decrease of 6.0% compared to the same time period in 2025 and accounted for 7.2% of the new U.S. Class 8 truck market. ACT Research forecasts U.S. retail sales of new Class 8 trucks to total 224,800 units in 2026, a 5.7% increase compared to 2025. The Company sold 71 new Class 8 trucks in Canada during the first quarter of 2026 and accounted for 1.5% of the new Canadian Class 8 truck market.

“Industry conditions for new commercial vehicle sales remained challenging in the first quarter, with industry-wide retail sales at their lowest levels since 2020 with respect to new Class 8 truck sales and 2015 with respect to new Class 4-7 commercial vehicle sales,” Rush said. “Despite the difficult operating conditions, we were able to significantly outperform the market in new Class 8 truck sales. Our performance during the first quarter was driven by strong execution, appropriate inventory levels and the diversity of our customer base,” he continued.

“We saw strong order intake and increased quoting activity throughout the quarter, particularly among large fleet customers,” Rush said. “We believe the increase in new Class 8 truck orders during the quarter was primarily due to improving freight conditions and the upcoming change in emissions regulations. While uncertainty related to economic conditions and global events, along with significantly increased fuel prices, is weighing on the market, we believe that customer sentiment is improving, despite these headwinds, and we are encouraged by the level of engagement we are experiencing,” he added.

New U.S. Class 4-7 retail commercial vehicle sales totaled 49,079 units in the first quarter of 2026, a decrease of 13.9% compared to the first quarter of 2025, according to ACT Research. The Company sold 2,035 new Class 4-7 medium-duty commercial vehicles in the U.S. during the quarter, down 36.5% compared to the first quarter of 2025, and accounted for 4.1% of the total new U.S. Class 4-7 commercial vehicle market. ACT Research forecasts U.S. retail sales for new Class 4 through 7 commercial vehicles to be approximately 200,500 units in 2026, relatively flat compared to 2025. The Company sold 134 Class 5-7 commercial vehicles in Canada during the first quarter of 2026, accounting for 4.1% of the new Canadian Class 5-7 commercial vehicle market.

“Our medium-duty results were impacted by the timing of customer orders and deliveries, particularly among a number of our large fleet customers. Normally, our large medium-duty fleet customers place their orders in the fourth quarter for vehicles that are expected to be delivered in the coming year. However, we did not see that activity in the fourth quarter of 2025. Instead, our larger medium-duty fleet customers began asking for quotes and ordering vehicles in the first quarter of 2026,” Rush explained. “Given the level of quoting, ordering and general customer engagement that we have experienced since the beginning of the year, we expect our medium-duty sales to improve as the year progresses and to be roughly in line with our sales during 2025,” he noted.

The Company sold 1,865 used commercial vehicles in the first quarter of 2026, a 5.4% increase compared to the first quarter of 2025. “In the used truck market, we saw improving demand late in the quarter, driven by strengthening spot rates and tightening capacity,” Rush stated. “We believe this momentum will continue as market conditions improve,” he said.

“Overall, we expect commercial vehicle sales to improve gradually beginning in the second quarter, with a more meaningful recovery in the second half of the year. As customer confidence returns and vehicle replacement cycles resume, we believe we are well positioned to capture increased demand,” Rush concluded.

Leasing and Rental

Leasing and Rental revenue in the first quarter of 2026 was $92.3 million, up 2.2% compared to the first quarter of 2025. “Our leasing and rental business delivered solid performance in the first quarter, driven by continued strength in our full-service leasing operations,” Rush said. “Leasing demand remains healthy, as customers look to replace aging equipment and position themselves ahead of anticipated future cost increases associated with engine emissions regulations,” he continued.

“While rental demand remained below historical levels, we saw improvement as the quarter progressed and expect utilization to continue to increase throughout the year,” Rush added. “We believe our leasing and rental business will remain a stable contributor to our financial performance and continue to strengthen as market conditions improve,” he stated. “I would also like to recognize our Rush Truck Leasing – PacLease team for being named PacLease North American Franchise of the Year, which reflects their strong execution and commitment to delivering outstanding service to our customers,” Rush concluded.

Financial Highlights

In the first quarter of 2026, the Company’s gross revenues totaled $1.68 billion, a 9.2% decrease from $1.85 billion in the first quarter of 2025. Net income for the quarter was $61.5 million, or $0.77 per diluted share, compared to net income of $60.3 million, or $0.73 per diluted share, in the quarter ended March 31, 2025.

Aftermarket products and services revenues were $627.2 million in the first quarter of 2026, compared to $619.1 million in the first quarter of 2025. The Company delivered 3,035 new heavy-duty trucks, 2,169 new medium-duty commercial vehicles, 516 new light-duty commercial vehicles and 1,865 used commercial vehicles during the first quarter of 2026, compared to 3,222 new heavy-duty trucks, 3,329 new medium-duty commercial vehicles, 470 new light-duty commercial vehicles and 1,769 used commercial vehicles during the first quarter of 2025.

Rush Truck Leasing operates 55 PacLease and Idealease franchises across the United States and Ontario, Canada with more than 9,800 trucks in its lease and rental fleet and more than 2,100 trucks under contract maintenance agreements. Lease and rental revenue increased 2.2% in the first quarter of 2026 compared to the first quarter of 2025.

The Company paid a cash dividend of $14.7 million during the first quarter.

“Our first quarter financial results reflect the continued impact of the prolonged freight recession and resulting decrease in demand for new commercial vehicles, which led to lower overall revenues. However, we were able to deliver improved earnings per share compared to the first quarter of 2025 and maintain profitability through diligent expense management and the consistency of our aftermarket and leasing and rental businesses,” Rush explained. “Our aftermarket operations once again provided stability, while our leasing and rental business continued to grow and generate recurring revenue, demonstrating the resilience of our diversified business model and our ability to generate cash and return value to our shareholders even in a challenging operating environment,” he added.

“Finally, I want to thank our employees across the Company for their hard work, dedication and commitment to our customers,” Rush said. “Their focus on execution, operational discipline and delivering a high level of service continues to be the foundation of our performance, particularly during challenging market conditions,” he concluded.

Conference Call Information

Rush Enterprises will host its quarterly conference call to discuss earnings for the first quarter of 2026 on Wednesday, April 29, 2026, at 10 a.m. Eastern/9 a.m. Central. The call can be heard live via the Internet at: http://investor.rushenterprises.com/events.cfm.

Participants may register for the call at:

https://register-conf.media-server.com/register/BI31f424b7e9f24f34915b723b0fb189bd
While not required, it is recommended that you join the event 10 minutes prior to the start.

For those who cannot listen to the live broadcast, the webcast replay will be available at:
http://investor.rushenterprises.com/events.cfm.

Rush Enterprises, Inc. is the premier solutions provider to the commercial vehicle industry. The Company owns and operates Rush Truck Centers, the largest network of commercial vehicle dealerships in North America, with more than 150 locations in 23 states and Ontario, Canada. These vehicle centers, strategically located in high-traffic areas on or near major highways throughout the United States and Ontario, Canada, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, Blue Arc, IC Bus and Blue Bird. They offer an integrated approach to meeting customer needs – from sales of new and used vehicles to aftermarket parts, service and body shop operations plus financing, insurance, and leasing and rental solutions. Rush Enterprises' operations also provide CNG fuel systems (through its investment in Cummins Clean Fuel Technologies, Inc.), telematics products and other vehicle technologies, as well as vehicle modification and up-fitting, chrome accessories and tires. For more information, please visit us at www.rushtruckcenters.com and www.rushenterprises.com, on X @rushtruckcenter, Facebook.com/rushtruckcenters and www.linkedin.com/company/ rushenterprises-inc.

Certain statements contained in this release, including those concerning current and projected market conditions, sales forecasts, market share forecast and anticipated demand for the Company’s services, are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements only speak as of the date of this release and the Company assumes no obligation to update the information included in this release. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, competitive factors, general U.S. economic conditions, economic conditions in the new and used commercial vehicle markets, customer relations, relationships with vendors, inflation and the interest rate environment, increased fuel prices as a result of the conflict in Iran, governmental regulation and supervision, including engine emission regulations, U.S. and global trade policies, product introductions and acceptance, changes in industry practices, one-time events and other factors described herein and in filings made by the Company with the Securities and Exchange Commission, including in our annual report on Form 10-K for the fiscal year ended December 31, 2025. In addition, the declaration and payment of cash dividends and authorization of future share repurchase programs remains at the sole discretion of the Company’s Board of Directors and the issuance of future dividends and authorization of future share repurchase programs will depend upon the Company’s financial results, cash requirements, future prospects, applicable law and other factors that may be deemed relevant by the Company’s Board of Directors. Although we believe that these forward-looking statements are based on reasonable assumptions, there are many factors that could affect our actual business and financial results and could cause actual results to differ materially from those in the forward-looking statements. All future written and oral forward-looking statements by us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. Except for our ongoing obligations to disclose material information as required by the federal securities laws, we do not have any obligations or intention to release publicly any revisions to any forward-looking statements to reflect events or circumstances in the future or to reflect the occurrence of unanticipated events.

-Tables and Additional Information to Follow-

RUSH ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Shares and Per Share Amounts)(Unaudited)   March 31, December 31,  2026  2025      Assets    Current assets:    Cash, cash equivalents and restricted cash$239,654 $212,645 Accounts receivable, net 271,399  277,784 Note receivable, affiliate 8,561  11,576 Inventories, net 1,640,077  1,534,471 Prepaid expenses and other 45,396  54,662 Total current assets 2,205,087  2,091,138 Property and equipment, net 1,672,844  1,694,738 Operating lease right-of-use assets, net 119,752  124,130 Goodwill, net 440,777  441,615 Other assets, net 77,595  78,915 Total assets$4,516,055 $4,430,536      Liabilities and shareholders’ equity    Current liabilities:    Floor plan notes payable$919,157
 $917,955
 Current maturities of long-term debt 125  127 Current maturities of finance lease obligations 32,041  34,519 Current maturities of operating lease obligations 19,912  19,285 Trade accounts payable 320,090  230,763 Customer deposits 86,463  112,149 Accrued expenses 134,795  177,292 Total current liabilities 1,512,583  1,492,090 Long-term debt, net of current maturities 277,650  274,798 Finance lease obligations, net of current maturities 84,122  88,149 Operating lease obligations, net of current maturities 102,751  107,698 Other long-term liabilities 35,371  34,225 Deferred income taxes, net 211,959  207,733 Shareholders’ equity:    Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2026 and 2025 –

  –

 Common stock, par value $.01 per share; 105,000,000 Class A shares and 35,000,000 Class B shares authorized; 60,855,308 Class A shares and 16,715,210 Class B shares outstanding in 2026; and 60,115,093 Class A shares and 16,437,909 Class B shares outstanding in 2025 845  835 Additional paid-in capital 655,196  634,266 Treasury stock, at cost: 4,586,791 Class A shares and 2,352,163 Class
B shares in 2026; and 4,586,791 Class A shares and 2,352,163 Class
B shares in 2025 (331,150) (331,150)Retained earnings 1,950,700  1,904,091 Accumulated other comprehensive income (loss) (6,812) (4,813)Total Rush Enterprises, Inc. shareholders’ equity 2,268,779  2,203,229 Noncontrolling interest 22,840  22,614 Total shareholders’ equity 2,291,619  2,225,843 Total liabilities and shareholders’ equity$4,516,055 $4,430,536  RUSH ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Amounts)(Unaudited)   Three Months Ended
March 31,  2026  2025      Revenues    New and used commercial vehicle sales$955,143 $1,130,770 Aftermarket products and services sales 627,194  619,068 Lease and rental sales 92,277  90,253 Finance and insurance 5,611  5,212 Other 3,960  5,527 Total revenue 1,684,185  1,850,830 Cost of products sold    New and used commercial vehicle sales 873,904  1,030,533 Aftermarket products and services sales 399,790  397,743 Lease and rental sales 66,691  64,794 Total cost of products sold 1,340,385  1,493,070 Gross profit 343,800
  357,760
 Selling, general and administrative expense 242,630  248,803 Depreciation and amortization expense 18,718  17,256 Gain (loss) on sale of assets (245) 168 Operating income 82,207  91,869 Other income (loss), net (464) (440)Interest expense, net 6,354  12,863 Income before taxes 75,389  78,566 Income tax provision 13,709  17,949 Net income 61,680  60,617 Less: Net income attributable to noncontrolling
Interest 226  295 Net income attributable to Rush Enterprises, Inc.$61,454 $60,322      Net income attributable to Rush Enterprises, Inc.
per share of common stock:    Basic$0.79 $0.76 Diluted$0.77 $0.73      Weighted average shares outstanding:    Basic 77,394  79,661 Diluted 79,871
  82,381      Dividends declared per common share$0.19 $0.18 
This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as Adjusted Net Income, Adjusted Total Debt, Adjusted Net (cash) Debt, EBITDA, Adjusted EBITDA, Free Cash Flow, Adjusted Free Cash Flow and Adjusted Invested Capital, which exclude certain items disclosed in the attached financial tables. Please note that all non-GAAP financial measures are provided on an unaudited basis. The Company provides reconciliations of these measures to the most directly comparable GAAP measures.

Management believes the presentation of these non-GAAP financial measures provides useful information about the results of operations of the Company for the current and past periods. Management believes that investors should have the same information available to them that management uses to assess the Company’s operating performance and capital structure. These non-GAAP financial measures should not be considered in isolation or as a substitute for the most comparable GAAP financial measures. Investors are cautioned that non-GAAP financial measures utilized by the Company may not be comparable to similarly titled non-GAAP financial measures used by other companies.

  Three Months EndedCommercial Vehicle Sales Revenue(in thousands) March 31,
2026 March 31,
2025New heavy-duty vehicles$550,480 $625,796 New medium-duty vehicles (including bus sales revenue) 270,279  378,358 New light-duty vehicles 32,294  29,273 Used vehicles 95,715  90,812 Other vehicles 6,375  6,531      Absorption Ratio 126.9% 128.6%
Absorption Ratio
Management uses several performance metrics to evaluate the performance of its commercial vehicle dealerships and considers Rush Truck Centers’ “absorption ratio” to be of critical importance. Absorption ratio is calculated by dividing the gross profit from the parts, service and collision center departments by the overhead expenses of all of a dealership’s departments, except for the selling expenses of the new and used commercial vehicle departments and carrying costs of new and used commercial vehicle inventory. When 100% absorption is achieved, then gross profit from the sale of a commercial vehicle, after sales commissions and inventory carrying costs, directly impacts operating profit.

Debt Analysis(in thousands) March 31,
2026 March 31,
2025Floor plan notes payable$919,157 $1,080,585 Current maturities of long-term debt 125  - Current maturities of finance lease obligations 32,041  38,516 Long-term debt, net of current maturities 277,650  403,681 Finance lease obligations, net of current maturities 84,122  88,138 Total Debt (GAAP) 1,313,095  1,610,920 Adjustments:    Debt related to lease & rental fleet (390,563) (526,764)Floor plan notes payable (919,157) (1,080,585)Adjusted Total Debt (Non-GAAP) 3,375  3,571 Adjustment:    Cash and cash equivalents (239,654) (228,719)Adjusted Net Debt (Cash) (Non-GAAP)$(236,279)$(225,148)
Management uses “Adjusted Total Debt” to reflect the Company’s estimated financial obligations less debt related to lease and rental fleet (L&RFD) and floor plan notes payable (FPNP), and “Adjusted Net (Cash) Debt” to present the amount of Adjusted Total Debt net of cash and cash equivalents on the Company’s balance sheet. The FPNP is used to finance the Company’s new and used inventory, with its principal balance changing daily as vehicles are purchased and sold and the sale proceeds are used to repay the notes. Consequently, in managing the business, management views the FPNP as interest bearing accounts payable, representing the cost of acquiring vehicles financed as collateral through a banking institution or the vendor’s financing arm and is required to be repaid as the collateral is sold. The Company has the capacity to finance all of its new and used inventory under its lines of credit established for these purposes but may choose to only partially finance them depending on business conditions and its management of cash and interest expense. The Company’s lease and rental fleet inventory are either: (i) leased to customers under long-term lease arrangements; or (ii) to a lesser extent, dedicated to the Company’s rental business. In both cases, the lease and rental payments received fully cover the capital costs of the lease and rental fleet (i.e., the interest expense on the borrowings used to acquire the vehicles and the depreciation expense associated with the vehicles), plus a profit margin for the Company. The Company believes that excluding the FPNP and L&RFD from the Company’s total debt for this purpose provides management with supplemental information regarding the Company’s capital structure and leverage profile and assists investors in performing analysis that is consistent with financial models developed by Company management and research analysts. “Adjusted Total Debt” and “Adjusted Net (Cash) Debt” are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, the Company’s debt obligations, as reported in the Company’s consolidated balance sheet in accordance with U.S. GAAP. Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies.

  Twelve Months EndedEBITDA(in thousands) March 31,
2026 March 31,
2025Net Income (GAAP)$264,907 $292,867 Provision for income taxes 75,588  89,469 Interest expense 39,726  65,748 Depreciation and amortization 72,598  70,055 (Gain) loss on sale of assets 1  (827)EBITDA (Non-GAAP) 452,820  517,312 Adjustment:    Less Interest expense associated with FPNP and L&RFD (42,297) (67,084)Adjusted EBITDA (Non-GAAP)$410,523 $450,228 
The Company presents EBITDA and Adjusted EBITDA, for the twelve months ended each period presented, as additional information about its operating results. The presentation of Adjusted EBITDA that excludes the addition of interest expense associated with FPNP and the L&RFD to EBITDA is consistent with management’s presentation of Adjusted Total Debt, in each case reflecting management’s view of interest expense associated with the FPNP and L&RFD as an operating expense of the Company, and to provide management with supplemental information regarding operating results and to assist investors in performing analysis that is consistent with financial models developed by management and research analyst. “EBITDA” and “Adjusted EBITDA” are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, net income of the Company, as reported in the Company’s consolidated statements of income in accordance with U.S. GAAP. Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies.

  Twelve Months EndedFree Cash Flow(in thousands) March 31,
2026 March 31,
2025Net cash provided by operations (GAAP)$768,335 $928,800 Acquisition of property and equipment (356,778) (462,993)Free cash flow (Non-GAAP) 411,557  465,807 Adjustments:    Draws on floor plan financing, net (29,611) (165,052)Cash used for L&RF purchases 254,997  373,341 Non-maintenance capital expenditures 34,371  24,250 Adjusted Free Cash Flow (Non-GAAP)$671,314 $698,346 
“Free Cash Flow” and “Adjusted Free Cash Flow” are key financial measures of the Company’s ability to generate cash from operating its business. Free Cash Flow is calculated by subtracting the acquisition of property and equipment included in the Cash flows from investing activities from Net cash provided by operating activities. For purposes of deriving Adjusted Free Cash Flow from the Company’s operating cash flow, Company management makes the following adjustments: (i) adds back draws (or subtracts payments) on the floor plan financing that are included in Cash flows from financing activities, as their purpose is to finance the vehicle inventory that is included in Cash flows from operating activities; (ii) adds back proceeds from notes payable related specifically to the financing of the lease and rental fleet that are reflected in Cash flows from financing activities; (iii) subtracts draws on floor plan financing, net and proceeds from L&RFD related to business acquisition assets that are included in Cash flows from investing activities; (iv) subtracts scheduled principal payments on fixed rate notes payable related specifically to the financing of the lease and rental fleet that are included in Cash flows from financing activities; (v) subtracts lease and rental fleet purchases that are included in acquisition of property and equipment and not financed under the lines of credit for cash and interest expense management purposes; and (vi) adds back non-maintenance capital expenditures that are for growth and expansion (i.e. building of new dealership facilities) that are not considered necessary to maintain the current level of cash generated by the business. “Free Cash Flow” and “Adjusted Free Cash Flow” are both presented so that investors have the same financial data that management uses in evaluating the Company’s cash flows from operating activities. “Free Cash Flow” and “Adjusted Free Cash Flow” are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, net cash provided by (used in) operations of the Company, as reported in the Company’s consolidated statement of cash flows in accordance with U.S. GAAP. Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies.

Invested Capital(in thousands) March 31,
2026 March 31,
2025Total Rush Enterprises, Inc. shareholders’ equity (GAAP)$2,268,779 $2,166,936 Adjusted net debt (cash) (Non-GAAP) (236,279) (225,148)Adjusted Invested Capital (Non-GAAP)$2,032,500 $1,941,788 
“Adjusted Invested Capital” is a key financial measure used by the Company to calculate its return on invested capital. For purposes of this analysis, management excludes L&RFD, FPNP, and cash and cash equivalents, for the reasons provided in the debt analysis above and uses Adjusted Net Debt in the calculation. The Company believes this approach provides management with a more accurate picture of the Company’s leverage profile and capital structure and assists investors in performing analysis that is consistent with financial models developed by Company management and research analysts. “Adjusted Net (Cash) Debt” and “Adjusted Invested Capital” are both non-GAAP financial measures. Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies.

Contact:
Rush Enterprises, Inc., New Braunfels
Steven L. Keller, 830-302-5226

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Posted by Defense World Staff on Apr 17th, 2026

Ready Capital (NYSE:RC – Get Free Report) and KKR Real Estate Finance Trust (NYSE:KREF – Get Free Report) are both small-cap finance companies, but which is the superior stock? We will contrast the two businesses based on the strength of their dividends, institutional ownership, earnings, valuation, profitability, analyst recommendations and risk.

Dividends Ready Capital pays an annual dividend of $0.04 per share and has a dividend yield of 2.3%. KKR Real Estate Finance Trust pays an annual dividend of $1.00 per share and has a dividend yield of 15.1%. Ready Capital pays out -2.7% of its earnings in the form of a dividend. KKR Real Estate Finance Trust pays out -95.2% of its earnings in the form of a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings for the next several years. KKR Real Estate Finance Trust is clearly the better dividend stock, given its higher yield and lower payout ratio.

Profitability This table compares Ready Capital and KKR Real Estate Finance Trust’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Ready Capital -39.55% -10.29% -2.05% KKR Real Estate Finance Trust -10.80% -1.13% -0.22% Institutional & Insider Ownership 55.9% of Ready Capital shares are held by institutional investors. Comparatively, 70.2% of KKR Real Estate Finance Trust shares are held by institutional investors. 1.1% of Ready Capital shares are held by insiders. Comparatively, 2.1% of KKR Real Estate Finance Trust shares are held by insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a stock will outperform the market over the long term.

Valuation and Earnings This table compares Ready Capital and KKR Real Estate Finance Trust”s gross revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Ready Capital -$23.70 million -11.99 -$228.91 million ($1.47) -1.19 KKR Real Estate Finance Trust $435.60 million 0.97 -$47.05 million ($1.05) -6.29 KKR Real Estate Finance Trust has higher revenue and earnings than Ready Capital. KKR Real Estate Finance Trust is trading at a lower price-to-earnings ratio than Ready Capital, indicating that it is currently the more affordable of the two stocks.

Risk and Volatility Ready Capital has a beta of 1.45, indicating that its stock price is 45% more volatile than the S&P 500. Comparatively, KKR Real Estate Finance Trust has a beta of 0.91, indicating that its stock price is 9% less volatile than the S&P 500.

Analyst Recommendations This is a summary of current ratings and target prices for Ready Capital and KKR Real Estate Finance Trust, as reported by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Ready Capital 2 4 0 0 1.67 KKR Real Estate Finance Trust 1 4 2 0 2.14 Ready Capital presently has a consensus price target of $2.81, suggesting a potential upside of 61.17%. KKR Real Estate Finance Trust has a consensus price target of $9.00, suggesting a potential upside of 36.26%. Given Ready Capital’s higher possible upside, equities research analysts clearly believe Ready Capital is more favorable than KKR Real Estate Finance Trust.

Summary KKR Real Estate Finance Trust beats Ready Capital on 13 of the 16 factors compared between the two stocks.

About Ready Capital (Get Free Report)

Ready Capital Corporation operates as a real estate finance company in the United States. It operates through two segments: LMM Commercial Real Estate and Small Business Lending. The company originates, acquires, finances, and services lower-to-middle-market (LLM) commercial real estate loans, small business administration (SBA) loans, residential mortgage loans, construction loans, and mortgage-backed securities collateralized primarily by LLM loans, or other real estate-related investments. The LMM Commercial Real Estate segment originates LLM loans across the full life-cycle of an LLM property, including construction, bridge, stabilized, and agency loan origination channels. The Small Business Lending segment acquires, originates, and services owner-occupied loans guaranteed by the SBA under its SBA Section 7(a) Program; and acquires purchased future receivables. The company has elected to be taxed as a real estate investment trust (REIT) and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was formerly known as Sutherland Asset Management Corporation and changed its name to Ready Capital Corporation in September 2018. Ready Capital Corporation was founded in 2007 and is headquartered in New York, New York.

About KKR Real Estate Finance Trust (Get Free Report)

KKR Real Estate Finance Trust Inc., a mortgage real estate investment trust, focuses primarily on originating and acquiring transitional senior loans secured by commercial real estate (CRE) assets. It engages in the origination and purchase of credit investments related to CRE, including leveraged and unleveraged commercial real estate loans. The company has elected to be taxed as a real estate investment trust and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. KKR Real Estate Finance Trust Inc. was incorporated in 2014 and is headquartered in New York, New York.

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NEW YORK, May 07, 2026 (GLOBE NEWSWIRE) -- Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services lower-to-middle-market (“LMM”) investor and owner-occupied commercial real estate loans, today reported financial results for the quarter ended March 31, 2026.

“Our first quarter results reflect ongoing execution of our previously shared balance sheet repositioning plan that focuses on de-levering to generate liquidity in excess of 2026 debt maturities, thereby resetting Ready Capital’s financials for long-term success,” said Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “Year-to-date we have generated $1.4 billion in cash from loan sales and liquidations to facilitate the repayment of $1.1 billion of asset level financing and $184 million of corporate debt. These actions have resulted in a negative impact on earnings and book value, but are necessary to return the Company to profitability. With our remaining large-scale asset sales expected to close by the end of the second quarter, we anticipate the material book value pressure of the recent quarters will begin to subside, leaving a lower-leverage platform positioned to restart growth through our core CRE debt investing and SBA 7(a) lending businesses.”

Financial Metrics

GAAP loss per common share of $(1.25)Distributable loss per common share of $(1.00)Distributable loss per common share before realized losses of $(0.33)
Balance Sheet Repositioning

Generated $1.4 billion in cash year-to-date from loan sales and portfolio runoff, paying down over $1.1 billion in asset-level financing and retiring $184 million of corporate debtSold 48 CRE loans totaling $1.0 billion in unpaid principal balance across four transactions (66% performing, 34% non- and sub-performing) for net proceeds after asset-level financing paydowns of $177 millionRetired the 5.75% Senior Unsecured Notes in February 2026 and the 6.20% Senior Unsecured Notes in April 2026, reducing remaining 2026 corporate debt maturities to $450 millionCollapsed the Company’s last remaining CLOs, RCMF 2021-FL7, RCMF 2023-FL11 and RCMF 2023-FL12 Portfolio & Credit

Total loan originations of $464 million, including $288 million of LMM commercial real estate loans, $110 million of Small Business Administration 7(a) loans and $28 million of United States Department of Agriculture loans60+ day core delinquencies increased to 14.8% of the core CRE portfolio at quarter end. The large majority of this increase reflects the impact of loan sales as part of our balance sheet repositioning strategy and aggressive asset management strategies to accelerate liquidations Capitalization

Book value of $7.43 per share of common stock as of March 31, 2026Ended the quarter with $200 million in cash and $730 million of unencumbered assets; total leverage of 3.0x with recourse leverage of 1.8x Portland Ritz

Sold 43 Ritz-Carlton branded condominium units to date (74% year-to-date) with an additional 4 units under contract or reservation agreement which represents 36% sell out of 132 original inventoryHotel occupancy increased 5% year-over-year to 46% along with a 1% increase in ADR to $482 resulted in a 13% increase in RevPar to $221 Subsequent Events

Initiated a sale process for up to $1.2 billion of performing and sub- and non-performing loans as the last phase of the balance sheet repositioning plan Use of Non-GAAP Financial Information

In addition to the results presented in accordance with U.S. GAAP, this press release includes distributable earnings, formerly referred to as core earnings, which is a non-U.S. GAAP financial measure. The Company defines distributable earnings as net income adjusted for unrealized gains and losses related to certain mortgage backed securities (“MBS”) not retained by us as part of our loan origination business, realized gains and losses on sales of certain MBS, unrealized changes in our current expected credit loss reserve and valuation allowance, unrealized gains or losses on de-designated cash flow hedges, unrealized gains or losses on foreign exchange hedges, unrealized gains or losses on certain unconsolidated joint ventures, non-cash compensation expense related to our stock-based incentive plan, unrealized gains or losses on preferred equity, at fair value, unrealized gain or losses or other non-cash items related to real estate owned and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses.

The Company believes that this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, provides investors greater transparency into the information used by management in its financial and operational decision-making, including the determination of dividends. However, because distributable earnings is an incomplete measure of the Company's financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company's net income computed in accordance with U.S. GAAP as a measure of the Company's financial performance. In addition, because not all companies use identical calculations, the Company's presentation of distributable earnings may not be comparable to other similarly-titled measures of other companies.

In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains and losses on MBS acquired by the Company in the secondary market but is not adjusted to exclude unrealized gains and losses on MBS retained by Ready Capital as part of its loan origination businesses, where the Company transfers originated loans into an MBS securitization and the Company retains an interest in the securitization. In calculating distributable earnings, the Company does not adjust Net Income (in accordance with U.S. GAAP) to take into account unrealized gains and losses on MBS retained by us as part of the loan origination businesses because the unrealized gains and losses that are generated in the loan origination and securitization process are considered to be a fundamental part of this business and an indicator of the ongoing performance and credit quality of the Company’s historical loan originations. In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude realized gains and losses on certain MBS securities considered to be non-distributable. Certain MBS positions are considered to be non-distributable due to a variety of reasons which may include collateral type, duration, and size.

Servicing rights relating to the Company’s small business commercial business are accounted for under ASC 860, Transfer and Servicing. In calculating distributable earnings, the Company does not exclude realized gains or losses on commercial MSRs, as servicing income is a fundamental part of Ready Capital’s business and is an indicator of the ongoing performance.

To qualify as a REIT, the Company must distribute to its stockholders each calendar year at least 90% of its REIT taxable income (including certain items of non-cash income), determined without regard to the deduction for dividends paid and excluding net capital gain. There are certain items, including net income generated from the creation of MSRs, that are included in distributable earnings but are not included in the calculation of the current year’s taxable income. These differences may result in certain items that are recognized in the current period’s calculation of distributable earnings not being included in taxable income, and thus not subject to the REIT dividend distribution requirement until future years.

The table below reconciles Net Income computed in accordance with U.S. GAAP to Distributable Earnings.

(in thousands)Three Months Ended
March 31, 2026Net Loss$(200,087) Reconciling items: Unrealized gain on joint ventures (1,137) Increase in CECL reserve 26,673 Increase in valuation allowance 6,557 Non-recurring REO recovery (469) Non-cash compensation 1,629 Unrealized loss on preferred equity, at fair value 7,236 Merger transaction costs and other non-recurring expenses 654 Depreciation and amortization on real estate owned 1,576 Realized losses on sale of investments 119,520 Total reconciling items$162,239 Income tax adjustments (11,360) Distributable loss before realized losses$(49,208) Realized losses on sale of investments, net of tax (110,626) Distributable loss$(159,834) Less: Distributable earnings attributable to non-controlling interests 1,725 Less: Income attributable to participating shares 2,059 Distributable loss attributable to common stockholders$(163,618) Distributable loss before realized losses on investments, net of tax per common share - basic and diluted$(0.33) Distributable loss per common share - basic and diluted$(1.00) 
U.S. GAAP return on equity is based on U.S. GAAP net income, while distributable return on equity is based on distributable earnings, which adjusts U.S. GAAP net income for the items in the distributable earnings reconciliation above.

Webcast and Earnings Conference Call

Management will host a webcast and conference call on Friday, May 8, 2026 at 8:30am ET to provide a general business update and discuss the financial results for the quarter ended March 31, 2026. During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.readycapital.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

To Participate in the Telephone Conference Call:

Dial in at least five minutes prior to start time.

Domestic: 1-877-407-0792
International: 1-201-689-8263

Conference Call Playback:

Domestic: 1-844-512-2921
International: 1-412-317-6671
Replay Pin #: 13759490

The playback can be accessed through May 22, 2026.

Safe Harbor Statement

This press release contains statements that constitute "forward-looking statements," as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, applicable regulatory changes; general volatility of the capital markets; changes in the Company’s investment objectives and business strategy; the availability of financing on acceptable terms or at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in the interest rates or the general economy; increased rates of default and/or decreased recovery rates on investments; changes in interest rates, interest rate spreads, the yield curve or prepayment rates; changes in prepayments of Company’s assets; the degree and nature of competition, including competition for the Company's target assets; and other factors, including those set forth in the Risk Factors section of the Company's most recent Annual Report on Form 10-K filed with the SEC, and other reports filed by the Company with the SEC, copies of which are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

About Ready Capital Corporation

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, New York, the Company employs over 400 professionals nationwide.

Contact

Investor Relations
Ready Capital Corporation
212-257-4666
[email protected]

Additional information can be found on the Company’s website at www.readycapital.com.

READY CAPITAL CORPORATION
UNAUDITED CONSOLIDATED BALANCE SHEETS
 (in thousands)March 31, 2026 December 31, 2025Assets   Cash and cash equivalents$200,430  $207,841 Restricted cash 38,906   39,746 Loans, net (including $462 and $737 held at fair value) 3,350,560   3,500,298 Loans, held for sale (including $87,198 and $73,094 held at fair value and net of valuation allowance of $74,315 and $67,612) 360,228   585,820 Mortgage-backed securities 31,649   34,501 Investment in unconsolidated joint ventures (including $5,517 and $5,737 held at fair value) 167,251   161,424 Derivative instruments 4,104   6,740 Servicing rights 123,687   126,279 Real estate owned 610,215   620,225 Other assets 466,383   508,238 Assets of consolidated VIEs 960,875   1,978,684 Total Assets$6,314,288  $7,769,796 Liabilities   Secured borrowings 2,321,443   2,788,926 Securitized debt obligations of consolidated VIEs, net 526,535   1,174,785 Senior secured notes, net 723,707   722,729 Corporate debt, net 536,972   652,487 Guaranteed loan financing 501,736   524,091 Contingent consideration 20,441   18,698 Derivative instruments 948   1,432 Dividends payable 3,685   3,633 Loan participations sold 56,616   56,616 Due to third parties 12,304   3,135 Accounts payable and other accrued liabilities 161,201   171,636 Total Liabilities$4,865,588  $6,118,168 Preferred stock Series C, liquidation preference $25.00 per share 8,361   8,361     Commitments & contingencies       Stockholders’ Equity   Preferred stock Series E, liquidation preference $25.00 per share 111,378   111,378 Common stock, $0.0001 par value, 500,000,000 shares authorized, 165,255,559 and 163,010,012 shares issued and outstanding, respectively 17   17 Additional paid-in capital 2,265,534   2,264,355 Retained deficit (1,012,927)   (807,522) Accumulated other comprehensive loss (24,476)   (24,196) Total Ready Capital Corporation equity 1,339,526   1,544,032 Non-controlling interests 100,813   99,235 Total Stockholders’ Equity$1,440,339  $1,643,267 Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity$6,314,288  $7,769,796  READY CAPITAL CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
  Three Months Ended March 31,(in thousands, except share data) 2026  2025 Interest income$81,730 $154,967 Interest expense (96,834)  (140,466) Net interest income before (provision for) recovery of loan losses$(15,104) $14,501 (Provision for) recovery of loan losses (70,907)  109,568 Net interest income (loss) after provision for loan losses$(86,011) $124,069 Non-interest income  Net realized gain (loss) on financial instruments and real estate owned (60,085)  10,669 Net unrealized gain (loss) on financial instruments (6,920)  (1,750) Valuation allowance, loans held for sale (6,557)  (99,718) Servicing income, net of amortization and impairment of $6,587 and $5,294 5,421  6,456 Gain (loss) on bargain purchase —  102,471 Income (loss) on unconsolidated joint ventures 2,059  (3,982) Other income 18,065  11,590 Total non-interest income (expense)$(48,017) $25,736 Non-interest expense  Employee compensation and benefits (23,848)  (21,254) Allocated employee compensation and benefits from related party (3,600)  (3,276) Professional fees (6,655)  (5,488) Management fees – related party (4,076)  (5,577) Loan servicing expense (15,674)  (15,844) Transaction related expenses (335)  (2,694) Impairment on real estate 469  (2,346) Other operating expenses (29,014)  (16,123) Total non-interest expense$(82,733) $(72,602) Loss from continuing operations before benefit for income taxes (216,761)  77,203 Income tax benefit 16,674  5,207 Net loss from continuing operations$(200,087) $82,410 Discontinued operations  Loss from discontinued operations before income tax benefit —  (594) Income tax benefit —  149 Net loss from discontinued operations$— $(445) Net loss$(200,087) $81,965 Less: Dividends on preferred stock 1,999  1,999 Less: Net income attributable to non-controlling interest 1,642  2,460 Net loss attributable to Ready Capital Corporation$(203,728) $77,506    Earnings per common share from continuing operations - basic$(1.25) $0.47 Earnings per common share from discontinued operations - basic$0.00 $0.00 Total earnings per common share - basic$(1.25) $0.47    Earnings per common share from continuing operations - diluted$(1.25) $0.46 Earnings per common share from discontinued operations - diluted$0.00 $0.00 Total earnings per common share - diluted$(1.25) $0.46    Weighted-average shares outstanding  Basic 163,674,011  165,166,276 Diluted 167,650,149  167,723,519    Dividends declared per share of common stock$0.01 $0.125  READY CAPITAL CORPORATION
UNAUDITED SEGMENT REPORTING
  Three Months Ended March 31, 2026(in thousands)LMM Commercial Real Estate Small Business Lending Corporate-Other ConsolidatedInterest income$58,893  $22,837  $—  $81,730 Interest expense (80,672)   (16,162)   —   (96,834) Net interest income (loss) before provision for loan losses$(21,779)  $6,675  $—  $(15,104) Provision for loan losses (66,523)   (4,384)   —   (70,907) Net interest income (loss) after provision for loan losses$(88,302)  $2,291  $—  $(86,011) Non-interest income       Net realized gain (loss) on financial instruments and real estate owned (68,242)   8,157   —   (60,085) Net unrealized gain (loss) on financial instruments (8,796)   1,876   —   (6,920) Valuation allowance, loans held for sale (6,557)   —   —   (6,557) Servicing income, net 1,597   3,824   —   5,421 Income on unconsolidated joint ventures 2,054   5   —   2,059 Other income 11,940   5,191   934   18,065 Total non-interest income (loss)$(68,004)  $19,053  $934  $(48,017) Non-interest expense       Employee compensation and benefits (7,649)   (15,323)   (876)   (23,848) Allocated employee compensation and benefits from related party (360)   —   (3,240)   (3,600) Professional fees (1,476)   (3,476)   (1,703)   (6,655) Management fees – related party —   —   (4,076)   (4,076) Loan servicing expense (14,573)   (1,101)   —   (15,674) Transaction related expenses —   —   (335)   (335) Recovery (impairment) on real estate 469   —   —   469 Other operating expenses (17,350)   (9,312)   (2,352)   (29,014) Total non-interest expense$(40,939)  $(29,212)  $(12,582)  $(82,733) Income (loss) before provision for income taxes$(197,245)  $(7,868)  $(11,648)  $(216,761) Total assets$4,522,372  $1,293,092  $498,824  $6,314,288 

Ready Capital Corporation (RC) Q1 2026 Earnings Call Transcript

The Cohen & Steers Infrastructure Fund offers a 7.3% monthly yield by investing in infrastructure equities, currently trading at an 8% discount to NAV and using 28% leverage. UTF's strategy combines stable, hard-asset exposure with a focus on total return, benefiting from secular tailwinds and potential rate advantages if borrowing costs fall. The Rithm Capital Corp. preferred shares yield 7% until 2026, then reset to 5-year Treasury plus 6.223%, offering potential upside to a 10% yield if not called.

HHH Executive Chairman Bill Ackman and Chief Investment Officer Ryan Israel to present on the Company’s acquisition of Vantage Group Holdings, anticipated to close in Q2 March 31, 2026 16:03 ET  | Source: Howard Hughes Holdings Inc.

THE WOODLANDS, Texas, March 31, 2026 (GLOBE NEWSWIRE) -- Howard Hughes Holdings (NYSE: HHH) announced today that its 2026 Annual Shareholder Meeting, originally scheduled for June, will now take place in New York City on Thursday, September 17. HHH Executive Chairman Bill Ackman and Chief Investment Officer Ryan Israel will present on the Company’s acquisition of Vantage Group Holdings, which is expected to close in Q2. They will be joined by Chief Executive Officer David O’Reilly for a Q&A session with the audience.

“Convening our 2026 Shareholder Meeting in September will enable us to share strategic insights into our acquisition of Vantage following its expected closing in Q2,” said Bill Ackman, Executive Chairman of Howard Hughes. “We look forward to discussing how the combination of Vantage's insurance expertise and Pershing Square's investment capabilities creates the opportunity to build a large, highly profitable insurance company and an important source of long-term value creation for Howard Hughes shareholders.”

Details of the upcoming shareholder meeting, including the specific time and location, will be provided in a forthcoming press release and in the Company’s definitive proxy statement. The meeting is open to the public; advance registration is required, and priority will be given to HHH stockholders. Only HHH stockholders of record as of July 22, 2026, will be entitled to vote at the meeting.

About Howard Hughes Holdings Inc.
Howard Hughes Holdings (HHH) is a holding company focused on growing long-term shareholder value. Through its real estate platform, Howard Hughes Communities, HHH owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including The Woodlands®, Bridgeland® and The Woodlands Hills® in Greater Houston; Summerlin® in Las Vegas; Teravalis™ in Greater Phoenix; Ward Village® in Honolulu; and Merriweather District in Columbia, Maryland. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com.

Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

Francis McGill
Pershing Square
[email protected]
212-909-2455

Investor Relations:

[email protected]
281-929-7700

Grandisson to Purchase 1,131,273 Five-Year Warrants with $100 Strike Price April 20, 2026 06:00 ET  | Source: Howard Hughes Holdings Inc.

THE WOODLANDS, Texas, April 20, 2026 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (“the Company” or “Howard Hughes”) today announced the appointment of Marc Grandisson to its Board of Directors, effective May 7, 2026.

Mr. Grandisson is the former CEO of Arch Capital Group Ltd. (NASDAQ: ACGL), a global specialty insurance, reinsurance, and mortgage insurance company. He served as CEO from 2018 until his retirement in 2024, having been an integral member of Arch's founding team since 2001. Under his leadership, Arch grew into one of the most respected and profitable insurance companies in the world.

“Marc is considered one of the greatest insurance company CEOs of his generation, known for his expertise in cycle management and driving long-term profitability and diversified growth,” said HHH Executive Chairman Bill Ackman. “Under Marc’s leadership, first as President of Arch and then as CEO, Arch established itself as one of the world's preeminent specialty insurers and reinsurers. During his nearly seven-year tenure as CEO, Arch delivered a total shareholder return of 298%, or 23.2% per annum, compared to 144% and 14.4% for the S&P Insurance Index over the same period.1 Marc’s early career included foundational experience working with extraordinary insurance executives including Ajit Jain from Berkshire Hathaway and Paul Ingrey at F&G Re. We will greatly benefit from Marc’s extraordinary experience and wise counsel.”

Mr. Grandisson’s appointment comes at a pivotal moment for Howard Hughes as the Company is expected to close this quarter on its acquisition of Vantage Group Holdings, a leading specialty insurance and reinsurance company, which will serve as the cornerstone of HHH’s evolution into a diversified holding company.

“Howard Hughes is at an important inflection point in its history, and I am honored to join the board to help the company achieve its long-term strategic vision,” said Marc Grandisson. “I look forward to working alongside my fellow directors to help build a great company and to create long-term value for shareholders.”

In connection with his appointment, Mr. Grandisson is investing $10 million to purchase, for fair market value, warrants on 1,131,273 shares of Howard Hughes common stock with a strike price of $100 per share and a term of five years. The warrants cannot be sold, transferred, or hedged for four years.

Mr. Grandisson will join the HHH board as one of Pershing Square’s appointees, replacing Ben Hakim. Mr. Grandisson will join Pershing Square as a partner in March 2027, at which time he will receive a one-time grant of 400,000 shares of Pershing Square Inc. (“PS”) restricted stock units which will vest over four years. PS is the prospective parent company of Pershing Square Capital Management, L.P. (“PSCM”).

About Marc Grandisson
Marc Grandisson is the former CEO of Arch Capital Group Ltd. (NASDAQ: ACGL), which he joined in 2001 and became CEO in March 2018. Born and raised in Quebec, Canada, he earned an undergraduate degree in Actuarial Science from Université Laval in 1990 and an MBA from the Wharton School of the University of Pennsylvania in 2000. He is a Fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries and served as Chairman of ABIR (the Association of Bermuda Insurers and Reinsurers) from 2021-22. Prior to ACGL, he worked for Berkshire Hathaway, F&G Re, and Towers Watson. Mr. Grandisson is a minority investor in the NHL’s Carolina Hurricanes and the NBA’s Portland Trail Blazers.

About Howard Hughes Holdings Inc.
Howard Hughes Holdings Inc. (NYSE: HHH) is a diversified holding company. HHH’s real estate subsidiary, Howard Hughes Communities, owns, manages, and develops one of the nation's preeminent portfolios of master planned communities and mixed-use assets, including Summerlin® in Las Vegas, The Woodlands® and Bridgeland® in Greater Houston, Ward Village® in Honolulu, and Teravalis™ in Greater Phoenix. With the acquisition of Vantage Group Holdings, HHH will add a leading specialty insurance and reinsurance platform as its second core operating subsidiary. 

For additional information visit www.howardhughes.com.

About Pershing Square Capital Management, L.P.
Pershing Square Capital Management, L.P., based in New York City, is a SEC-registered investment advisor to permanent capital vehicles with approximately $31 billion of assets under management.

About Pershing Square Inc.
Pershing Square Inc., an alternative investment management company, is the prospective parent company of PSCM that will result from the statutory conversion of Pershing Square Holdco, L.P., the current parent company of PSCM, from a Delaware limited partnership to a Nevada corporation prior to the effectiveness of the Registration Statements.

Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

Media Relations:
Cristina Carlson
Howard Hughes
[email protected]
646-822-6910

Francis McGill
Pershing Square
[email protected]
212-909-2455

Investor Relations:
[email protected]
281-929-7700

1 Share price return figures are measured from March 2, 2018 (the last trading day prior to Mr. Grandisson’s promotion as CEO of Arch on March 3, 2018) to October 11, 2024 (the last trading day prior to the announcement of Mr. Grandisson’s retirement from Arch on October 14, 2024).

Wall Street expects a year-over-year decline in earnings on higher revenues when Howard Hughes Holdings (HHH - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 7. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis land developer is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents a year-over-year change of -61.9%.

Revenues are expected to be $215.12 million, up 7.9% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 21% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Howard Hughes Holdings?For Howard Hughes Holdings, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #5.

So, this combination makes it difficult to conclusively predict that Howard Hughes Holdings will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Howard Hughes Holdings would post earnings of $0.31 per share when it actually produced earnings of $0.10, delivering a surprise of -67.74%.

Over the last four quarters, the company has beaten consensus EPS estimates two times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Howard Hughes Holdings doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Howard Hughes Holdings (HHH - Free Report) reported $235.92 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 18.4%. EPS of $0.14 for the same period compares to $0.21 a year ago.

The reported revenue represents a surprise of +9.67% over the Zacks Consensus Estimate of $215.12 million. With the consensus EPS estimate being $0.08, the EPS surprise was +75%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Howard Hughes Holdings performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenues- Master Planned Community land sales: $99.57 million compared to the $78.46 million average estimate based on two analysts. The reported number represents a change of +39% year over year.Revenues- Operating Assets Segment: $119.2 million compared to the $119.42 million average estimate based on two analysts. The reported number represents a change of +4.6% year over year.Revenues- Master Planned Communities Segment: $112.28 million versus the two-analyst average estimate of $95.48 million. The reported number represents a year-over-year change of +33%.Segment EBT- Master Planned Communities: $84.38 million versus the two-analyst average estimate of $75.91 million.View all Key Company Metrics for Howard Hughes Holdings here>>>

Shares of Howard Hughes Holdings have returned +1.1% over the past month versus the Zacks S&P 500 composite's +11.4% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.

Howard Hughes Holdings Inc. (HHH) Q1 2026 Earnings Call Transcript

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Ninth residential tower in Ward Village® opens 97% pre-sold, delivering 546 homes and more than 30,000 square feet of integrated retail and dining adjacent 

The Park Ward Village®, photo courtesy of Ward Village®

HONOLULU, June 02, 2026 (GLOBE NEWSWIRE) -- Howard Hughes Communities™, the real estate platform of Howard Hughes Holdings Inc. (NYSE: HHH), today announced the official opening of The Park Ward Village®, the ninth residential development within Ward Village®, its award-winning 60-acre master planned community in the heart of Honolulu. The new tower delivers 546 homes and more than 30,000 square feet of integrated retail and dining, further advancing Ward Village’s vision of a vibrant, walkable urban neighborhood.

With the tower 97% pre-sold, The Park Ward Village is expected to contribute meaningfully to Howard Hughes’ condominium revenue expectations, including more than $700 million in anticipated GAAP revenue recognition, while further expanding the scale, quality, and long-term value creation of one of the nation’s most successful mixed-use communities.

The Park Ward Village's new residents will enjoy a highly walkable, park-front setting directly adjacent to Victoria Ward Park and moments from Ala Moana Beach Park and Kewalo Basin. The project adds another meaningful layer to Ward Village’s evolution as a complete neighborhood where residential demand, curated street retail, public open space, and thoughtful design come together to create lasting value for residents, visitors, and shareholders.

“The opening of The Park Ward Village is a clear example of Howard Hughes’ differentiated ability to execute large-scale, design-led placemaking in high-barrier-to-entry markets,” said David O’Reilly, Chief Executive Officer of Howard Hughes. “This milestone not only reflects exceptional demand for Ward Village, but also highlights the power of our integrated development model to translate great real estate into long-term shareholder value.”

Designed by award-winning architecture firm Solomon Cordwell Buenz, with interiors by Yabu Pushelberg and landscape architecture by Vita Design Group, The Park Ward Village draws inspiration from Hawai‘i’s mid-century architectural heritage while embracing a modern island lifestyle defined by openness, warmth, and seamless indoor-outdoor living. The tower’s 546 residences include studio, one-, two-, and three-bedroom homes with expansive park and ocean views, abundant natural light, and layouts designed to connect residents to both green space and the surrounding neighborhood. A robust amenity collection—including resort-style and lap pools, pickleball and tennis courts, barbecue cabanas, spa facilities, and landscaped gathering areas—further reinforces the project’s design-driven approach to wellness, recreation, and social connection.

A defining feature of The Park Ward Village is its direct connection to Victoria Ward Park, which anchors the project within one of the most distinctive public-realm settings in Honolulu. As Ward Village’s first SITES-certified park, Victoria Ward Park reflects the community’s broader commitment to sustainable, high-quality neighborhood design through native plantings that reduce irrigation needs, promote biodiversity, and help mitigate urban heat. That focus on environmental stewardship is further reinforced by Ward Village’s LEED Neighborhood Development Platinum certification, underscoring Howard Hughes’ long-term approach to placemaking in a premier urban market.

At street level, more than 30,000 square feet of integrated retail and dining further activate the neighborhood, creating an inviting pedestrian environment along the park edge. Retail leasing continues to gain momentum, supporting Ward Village’s evolution as a dynamic mixed-use destination and further enhancing the energy and appeal of the broader community.

The tower’s performance continues the strong momentum of Ward Village, where the first eight mixed-use residential towers sold out quickly and four additional towers—Kalae, The Launiu Ward Village®, ‘Ilima Ward Village, and Melia Ward Village—are currently in pre-sales or development. Together, these projects underscore the depth of demand for Ward Village’s design-driven, amenity-rich lifestyle and the long runway ahead for value creation in the community.

About Ward Village®
Ward Village is an award-winning Howard Hughes community in the heart of Honolulu, located between downtown and Waikīkī. Named “Best Planned Community in the United States” by Architectural Digest, the 60-acre Ward Village has evolved into a thriving mixed-use neighborhood, combining expansive open green spaces with striking architecture to deliver high-quality housing, culture and arts, and popular shopping and dining options. Honoring the distinct history of its land, Ward Village is a LEED-ND Platinum-certified master planned community, committed to responsible, sustainable development and investing in public benefits and amenities for the Honolulu community. Ward Village quickly sold out its first eight mixed-use residential towers—Waiea ®, Anaha ®, Ae‘o, Ke Kilohana ®, ʻAʻaliʻi ®, Kō‘ula ®, Victoria Place ®, and Ulana Ward Village ®. New residential buildings in development or under construction include The Park Ward Village ®, Kalae, The Launiu Ward Village ®, ‘Ilima Ward Village and Melia Ward Village. For more information, visit WardVillage.com.

About Howard Hughes Holdings Inc.
Howard Hughes Holdings (HHH) is a holding company focused on growing long-term shareholder value. Through its real estate platform, Howard Hughes Communities, HHH owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including The Woodlands®, Bridgeland® and The Woodlands Hills® in Greater Houston; Summerlin® in Las Vegas; Teravalis™ in Greater Phoenix; Ward Village® in Honolulu; and Merriweather District in Columbia, Maryland. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com. 

Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

Media Relations:
Cristina Carlson
Howard Hughes
[email protected]
646-822-6910

Francis McGill
Pershing Square
[email protected]
212-909-2455

Investor Relations:
[email protected]
281-929-7700

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/35cb1b9c-8be9-465d-b72c-d5ebddc4f9ee