Healthcare social workers earn roughly $68,000 per year on average in the United States, making them one of the higher-paid specialties within the profession. Replacing that entire income with portfolio cash flow from just $620,000 of invested capital requires a blended yield of about 11%, placing much of the allocation in the higher-risk corner of the income market. The math works on paper. The real question is what tradeoffs are required to make it work.
The Three Yield Tiers Every income-replacement question reduces to the same equation: target income divided by yield equals capital required. Run that for $69,000 across three tiers and the tradeoffs come into focus.
Conservative tier (3% to 4% yield). Broad dividend-growth ETFs, blue-chip dividend payers, and the S&P 500 sit here. At 3.5%, $69,000 of income requires roughly $1,971,000 of capital, more than three times the $620,000 budget. On $620,000, this tier produces only about $21,700 a year. The payoff is principal appreciation, dividend growth that compounds, and a portfolio that funds a 30-year retirement without being consumed.
Moderate tier (5% to 7% yield). Covered-call equity funds, preferred shares, equity REITs, and high-dividend funds populate this range. At 6%, $69,000 of income requires about $1,150,000. Income improves sharply, but dividend growth slows or stalls, upside is often capped by option-writing strategies, and the income stream tends to lag inflation across decades.
Aggressive tier (10% to 14% yield). This is the only tier that fits $69,000 onto $620,000. At an 11.1% blended yield, $69,000 of income requires roughly $621,000 of capital. Business development companies, mortgage REITs, leveraged covered-call funds, and high-yield bond funds dominate here. The price is principal erosion, periodic distribution cuts, and a portfolio that often loses value over time even as the checks keep arriving.
What an 11% Yield Actually Looks Like Three names illustrate the aggressive tier and its hazards. Ares Capital (NASDAQ:ARCC | ARCC Price Prediction), the largest publicly traded BDC, pays a $0.48 quarterly dividend on shares around $18.61, a yield close to 10%. Coverage is thin: Q1 2026 core EPS came in at $0.47, and the non-accrual rate ticked up to 2.1%. CEO Kort Schnabel cited “enhanced spreads and fees, lower leverage and more attractive terms” on new originations.
Main Street Capital (NYSE:MAIN) layers $0.26 monthly regular dividends on top of a nineteenth consecutive quarterly supplemental of $0.30, yielding high 8% on the current $50.63 share price. It is the most durable of the three, but trades at a premium to its $33.46 NAV, a real risk if sentiment toward BDCs reverses.
AGNC Investment (NASDAQ:AGNC) is the cleanest aggressive-tier case study. A $0.12 monthly dividend on shares near $10.18 prints a yield above 14%. Yet Q1 2026 produced a $0.17 per-share loss, tangible book value dropped 5.6% to $8.38, and the economic return on tangible common equity was negative 1.6%. CEO Peter Federico framed the quarter as a geopolitical shock tied to conflict in the Middle East, with a constructive longer-term view. That volatility is the cost of the yield.
The Dividend Growth Advantage Many Income Investors Overlook The highest-yielding portfolio often delivers the most income on day one, but that does not necessarily make it the better long-term choice. A $620,000 portfolio yielding 11.1% generates about $69,000 in annual income immediately. In many cases, however, that income remains relatively flat over time as distributions are reduced, net asset values decline, or the underlying capital base slowly erodes.
A dividend-growth strategy produces a very different outcome. The same $620,000 invested in a portfolio yielding 3.5% would generate roughly $21,700 in annual income initially. If those dividends grow at an average rate of 8% per year, however, the income stream can roughly double within nine years and exceed $50,000 annually by year 12. For a younger healthcare social worker with decades before retirement, the lower-yield, higher-growth approach will often produce greater long-term income. For retirees who need cash flow immediately, a higher-yield strategy may still make sense, provided they understand the potential impact on principal over time.
Three Actions Before You Build the Portfolio Model your actual income gap, not your salary. The Social Security Fairness Act repealed the WEP and GPO provisions that had cut Social Security checks for teachers with non-covered pensions. Combined with a state pension, many teachers need to replace far less than $69,000 from a portfolio. Blend the tiers instead of maxing the yield. A 50/50 split between a 4% dividend-growth sleeve and an 11% aggressive sleeve produces a blended yield near 7.5% and preserves some compounding. On $620,000 that is roughly $46,500 today, with growth. Park the highest-yield slice inside a 403(b) or Roth IRA. BDC and mREIT distributions are taxed largely as ordinary income. With the 10-year Treasury yielding almost 4.5%, the risk premium on the aggressive tier is real, and so is the tax drag in a brokerage account. The $620,000 figure clears the math. Whether it clears the next 20 years depends on what gets layered around it.
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Thirty-six thousand dollars a year sits at the center of many retirement plans. It is roughly comparable to the annual Social Security benefits received by a retired couple, enough to cover rent in many parts of the country, and a meaningful supplement to other retirement income sources. The question this article answers is simple: what does a portfolio look like when $480,000 generates that income through dividends and distributions while leaving the underlying share count intact?
The arithmetic is straightforward. Divide $36,000 by a 7.5% yield and the result is $480,000 in required capital. That yield sits near the boundary between moderate and aggressive income investing. Reaching it typically requires blending several types of income-producing securities, each offering its own mix of yield, growth potential, and risk.
The Conservative Anchor: 3% to 4% At a 3.5% yield, replacing $36,000 requires roughly $1,028,571 in capital. That is the price of safety. Broad dividend-growth funds like the Schwab U.S. Dividend Equity ETF (NYSEARCA:SCHD) sit here, with a 6 basis point expense ratio and a holdings list anchored by Bristol-Myers Squibb, Merck, ConocoPhillips, and Chevron.
This tier exists for one reason: dividend growth compounds. SCHD is up 28% over the past year and has nearly tripled over the past decade. The income starts small. It rarely stays small.
The Moderate Workhorse: 5% to 7% Drop to a 7% yield and the capital required falls to roughly $514,286. This is the high-yield equity and net-lease REIT range. Realty Income (NYSE:O | O Price Prediction) is the archetype: a 5.4% dividend yield, monthly payments, and an annualized distribution of about $3.20 per share. The company has now strung together 114 consecutive quarterly dividend increases and 670 consecutive monthly checks.
Main Street Capital (NYSE:MAIN) blends into this tier too. Its regular dividend yield is 5.9%, but supplemental payouts of $0.30 per share arrive every March, June, September, and December, pushing total cash returns higher when the lower middle market portfolio performs. The tradeoff: shares trade at 1.6 times book value, well above peers.
The Aggressive Slice: 8% to 12% At a 12% yield, the math collapses to roughly $300,000 of capital for $36,000 of income. Ares Capital (NASDAQ:ARCC) is the largest publicly traded business development company, paying $1.92 annualized for a 10.1% yield. The portfolio is 73% first-lien senior secured loans with a 10.3% weighted average yield on debt investments.
The bill arrives on the balance sheet. ARCC’s book value per share is almost $20, and the stock has slipped 5% over the past year. Non-accruals ticked up to 2.1% at amortized cost. The income is real; the principal moves.
Building a Portfolio That Reaches a 7.5% Yield One way to approach a 7.5% blended yield is through a mix of covered-call income funds, REITs, preferred shares, business development companies, and traditional dividend-paying stocks. A portfolio allocation of roughly 35% covered-call funds, 20% REITs, 20% preferred shares, 15% BDCs, and 10% broad dividend ETFs can land near the target yield. For perspective, the 10-year Treasury yields about 4.5%, meaning investors are collecting an additional yield premium in exchange for taking on greater risk and complexity.
The Income Growth Tradeoff Many Investors Overlook A dividend-growth portfolio yielding 3% on $480,000 generates about $14,400 in income during the first year. If those dividends grow at 8% annually, however, the income stream can exceed $40,000 within 15 years without requiring additional capital. A portfolio yielding 7.5% with little or no distribution growth remains closer to its starting income level, while higher-yield holdings can sometimes experience distribution cuts or declining net asset values. The tradeoff is straightforward: younger investors often benefit from prioritizing dividend growth, while retirees who need income immediately may prefer a higher starting yield despite the slower growth profile.
Three Moves Worth Making Hold the high-distribution slice inside a Roth IRA when possible. BDC and REIT payouts are taxed as ordinary income at federal rates that reach 37% at the top bracket. Inside a Roth, those distributions are tax-free. Track NAV per share annually, not just the yield. If a fund’s NAV is eroding faster than its category index, part of your “distribution” is actually return of capital. The “without touching principal” framing fails the moment NAV slips, regardless of what shows up in your brokerage statement. Compare a 10-year total return of a dividend-growth fund against a 10% high-yield fund before committing. The income line tells you nothing about whether you finished richer or poorer. A $480,000 balance producing $36,000 of yearly distributions is roughly equivalent to a $1.2 million portfolio drawn at a 3% safe-withdrawal rate, with one difference: the cash arrives without selling a share. Whether that trade is worth it depends entirely on how many more dividend hikes you have left to collect.
Saratoga Investment (NYSE:SAR – Get Free Report) and Gladstone Investment (NASDAQ:GAIN – Get Free Report) are both small-cap finance companies, but which is the better stock? We will contrast the two companies based on the strength of their dividends, valuation, risk, institutional ownership, analyst recommendations, earnings and profitability.
Profitability This table compares Saratoga Investment and Gladstone Investment’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Saratoga Investment 30.61% 9.19% 3.09% Gladstone Investment 118.55% 6.77% 3.22% Analyst Ratings This is a breakdown of recent ratings for Saratoga Investment and Gladstone Investment, as reported by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Saratoga Investment 0 6 0 0 2.00 Gladstone Investment 0 4 1 0 2.20 Saratoga Investment currently has a consensus price target of $23.63, suggesting a potential upside of 3.85%. Given Saratoga Investment’s higher possible upside, analysts clearly believe Saratoga Investment is more favorable than Gladstone Investment.
Institutional & Insider Ownership 19.1% of Saratoga Investment shares are owned by institutional investors. Comparatively, 11.9% of Gladstone Investment shares are owned by institutional investors. 10.0% of Saratoga Investment shares are owned by company insiders. Comparatively, 2.4% of Gladstone Investment shares are owned by company insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a stock will outperform the market over the long term.
Dividends Saratoga Investment pays an annual dividend of $3.00 per share and has a dividend yield of 13.2%. Gladstone Investment pays an annual dividend of $0.96 per share and has a dividend yield of 6.3%. Saratoga Investment pays out 123.0% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. Gladstone Investment pays out 30.9% of its earnings in the form of a dividend.
Valuation and Earnings This table compares Saratoga Investment and Gladstone Investment”s top-line revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Saratoga Investment $148.85 million 2.48 $28.09 million $2.44 9.32 Gladstone Investment $93.66 million 6.44 $65.32 million $3.11 4.87 Gladstone Investment has lower revenue, but higher earnings than Saratoga Investment. Gladstone Investment is trading at a lower price-to-earnings ratio than Saratoga Investment, indicating that it is currently the more affordable of the two stocks.
Volatility and Risk Saratoga Investment has a beta of 0.54, indicating that its share price is 46% less volatile than the S&P 500. Comparatively, Gladstone Investment has a beta of 0.78, indicating that its share price is 22% less volatile than the S&P 500.
Summary Gladstone Investment beats Saratoga Investment on 9 of the 16 factors compared between the two stocks.
About Saratoga Investment (Get Free Report)
Saratoga Investment Corp. is a business development company specializing in leveraged and management buyouts, acquisition financings, growth financings, recapitalization, debt refinancing, and transitional financing transactions at the lower end of middle market companies. It structures its investments as debt and equity by investing through first and second lien loans, mezzanine debt, co-investments, select high yield bonds, senior secured bonds, unsecured bonds, and preferred and common equity. The firm prefers to invest in aerospace, automotive aftermarket and services, business products and services, consumer products and services, education, environmental services, industrial services, financial services, food and beverage, healthcare products and services, logistics, distribution, manufacturing, restaurants services, food services, software services, technology services, specialty chemical, media and telecommunications. It seeks to invest in the United States. The firm primarily invests $5 million to $50 million in companies having EBITDA of $2 million or greater and revenues of $8 million to $250 million. The firm prefer to take a majority stake. It invests through direct lending as well as participation in loan syndicates. The firm was formerly known as GSC Investment Corp. Saratoga Investment Corp. was formed on 2007 and is based in New York, New York with an additional office in Florham Park, New Jersey.
About Gladstone Investment (Get Free Report)
Gladstone Investment Corporation is business development company, specializes in lower middle market, mature stage, buyouts; refinancing existing debt; senior debt securities such as senior loans, senior term loans, lines of credit, and senior notes; senior subordinated debt securities such as senior subordinated loans and senior subordinated notes; junior subordinated debt securities such as subordinated notes and mezzanine loans; limited liability company interests, and warrants or options. The fund does not invest in start-ups. The fund seeks to invest in manufacturing, consumer products and business/consumer services sector. It seeks to invest in small and mid-sized companies based in the United States. The fund prefers to make debt investments between $5 million and $30 million and equity investments between $10 million and $40 million in companies. The fund seeks to invest in companies with revenue between $20 million and $100 million. The fund invests in companies with EBITDA from $3 million to $20 million. It seeks minority equity ownership and prefers to hold a board seat in its portfolio companies. It also prefers to take majority stake in its portfolio companies. The fund typically holds the investments for seven years and exits via sale or recapitalization, initial public offering, or sale to third party.
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Gladstone Investment (GAIN) pays a strong monthly dividend and trades at a slight discount to NAV, buoyed by recent NAV per share gains. GAIN's concentrated portfolio, with 43% in equity and only 29 holdings, increases risk but has driven strong returns and supplemental payouts. Recent management transition appears low-risk, with seasoned internal executives assuming key leadership roles and continuity in strategy.
Gladstone Investment Corporation (NASDAQ:GAIN) pays shareholders $0.08 per share every month, an annualized rate of $0.96. At a share price near $15.36, that works out to a yield just above 6%. The question income investors need to answer is whether that check keeps coming, or whether the tightening coverage picture signals trouble ahead.
GAIN is not an ETF. It is a business development company (BDC), a structure that functions like a closed-end fund investing directly in private businesses. GAIN targets lower middle market companies, deploying capital as secured debt (primarily first lien loans) and equity. The debt generates interest income that funds the monthly distribution. The equity positions, when exited at a profit, generate realized capital gains that fund supplemental distributions paid on top of the regular monthly payment.
How Coverage Has Tightened The monthly distribution is supported by adjusted net investment income (NII), which strips out accounting accruals that distort GAAP results. Over the past four quarters, that coverage has narrowed. Adjusted NII was $0.26 per share in Q4 FY25, $0.24 in Q1 FY26, $0.24 in Q2 FY26, and $0.21 in Q3 FY26. The quarterly distribution obligation is $0.24 (three months at $0.08), meaning the most recent quarter came in below the threshold.
The primary culprit is yield compression. The weighted-average yield on interest-bearing investments fell from 14.1% in Q1 FY26 to 13.4% in Q2 and 12.9% in Q3. That compression tracks directly with the Fed’s rate cuts: the Fed funds rate dropped from 4.5% to 3.75% between October and December 2025. The problem is structural: 52.1% of GAIN’s debt investments sit at interest rate floors, which means further rate cuts would compress income while rate increases offer limited upside for more than half the portfolio.
Interest expense is rising at the same time income is under pressure. Quarterly interest expense averaged roughly $9.2 million in the most recent four quarters, up from roughly $6.4 million in the prior year period, driven by credit facility expansions and new debt issuances including $60 million of 6.875% Notes due 2028.
What Supports the Distribution Several factors argue against an imminent cut. CFO Taylor Ritchie noted on the Q1 FY26 earnings call that “we are comfortable with where we stand right now, and we continue to evaluate it quarter-to-quarter” regarding the company’s spillover income position. That spillover, $0.50 per share in undistributed taxable income, provides a buffer that can support distributions even in quarters where NII falls short.
New investments are also building the income base. GAIN deployed capital into Rowan Energy ($33.1 million), Global GRAB Technologies ($67.6 million), and Smart Chemical Solutions ($49.5 million) across recent quarters. CFO Ritchie noted that “they’ll stay at 13.5% despite any changes in SOFR” due to contractual floors on new deals, which helps stabilize forward income.
NAV per share has climbed to $14.95 in Q3 FY26, driven by $70.23 million in net unrealized appreciation. The stock has returned nearly 25% over the past year, meaning total return investors have done well even as the income picture tightened.
Whether the Monthly Distribution Can Hold The $0.08 monthly distribution is not in immediate danger, but the margin of safety has narrowed. Adjusted NII missed the quarterly distribution threshold in Q3 FY26 for the first time in recent history, and portfolio yields are compressing as rates fall. The spillover buffer and new investment floors provide real protection, but another rate cut cycle or a credit event in the four nonaccrual portfolio companies could push coverage below sustainable levels. The next earnings report, expected around May 13, 2026, will be the clearest signal of whether the trend is stabilizing or deteriorating. For investors who understand BDC risk and can tolerate coverage volatility, the income profile remains intact — for now. Investors expecting rock-solid, recession-proof income should look elsewhere.
Gladstone Investment Corporation (NASDAQ:GAIN) operates an unusual BDC model. Most business development companies generate income from interest on debt loans to private companies. GAIN layers an equity buyout strategy on top, taking ownership stakes in lower-middle-market businesses and realizing capital gains when those companies are sold. This produces two income streams: a steady monthly base distribution funded by net investment income (NII) from debt, and periodic supplemental distributions funded by realized gains from equity exits.
Shares have climbed 14% over the past year and are up 14% year-to-date, recently trading near $15.94. That price now sits above the most recent NAV per share of $14.95, a reversal of prior-quarter discounts.
Two Streams, Two Different Risk Profiles The base monthly distribution of $0.08 per share, when annualized, is $1.50 per share and is funded by NII. Supplemental distributions, which have totaled $0.54 in 2025, $0.70 in 2024, and $0.88 in December 2023, depend entirely on portfolio company sales at a gain. The declining trend reflects fewer large exits, meaning total annual income from GAIN has been shrinking.
This infographic outlines GAIN (Gladstone Investment Corporation)’s unique equity-heavy strategy, illustrating its dual income streams from debt and equity and evaluating the stability of its distributions. It highlights the declining trend in supplemental distributions and tight NII coverage. CEO David Gladstone stated on the fiscal year 2025 earnings call: “We’re not really in that giant buyout game, which seems to be stalled due to a lack of exits in the public marketplace. Others have investments in large buyouts that aren’t liquid, but we typically sell what we put up for sale quickly.” Since its inception through March 2025, GAIN has invested in 62 buyout portfolio companies and generated approximately $353 million in net realized gains.
The Base Distribution Faces Pressure Net investment income coverage remains the key measure of dividend stability, and recent results show that coverage has tightened. Reported NII has softened over the past several quarters, and while the base distribution has been maintained, the most recent period did not fully cover the payout on an adjusted basis. GAAP results were also affected by non‑cash incentive‑fee accruals, which reduce reported income even though the associated fees are not yet payable.
These accruals do not draw cash in the quarter but do represent real economic cost. Total investment income has also come under pressure, reflecting a more challenging yield environment across the portfolio.
Portfolio yields have compressed as well. Weighted‑average yields on interest‑earning assets have declined over recent quarters, consistent with broader trends across the BDC sector. With a meaningful portion of the portfolio at or near interest‑rate floors, further Fed cuts would primarily affect the remaining floating‑rate exposure rather than the entire book. While the retrieved data did not provide a current Fed Funds rate, the broader backdrop of moderating short‑term rates continues to influence portfolio yields, earnings power, and dividend coverage.
Balance Sheet and Spillover Support Management noted that the company ended the fiscal year with meaningful spillover income, providing coverage for the current monthly distribution and the recently declared supplemental payout. The asset‑coverage ratio remains comfortably above the 150% regulatory minimum, and the company has expanded its credit capacity, giving it additional flexibility even as NII coverage has tightened. These balance‑sheet buffers provide a runway should earnings remain under pressure.
NAV per share improved in the most recent quarter, supported by net unrealized appreciation across the portfolio. That recovery reflects genuine mark‑to‑market gains, but unrealized appreciation does not generate cash and therefore cannot directly fund distributions. Dividend sustainability continues to depend on recurring net investment income rather than valuation movements.
Base Distribution Is Defensible, but the Margin Is Narrow The base monthly distribution sits near the edge of coverage. Net investment income has tightened over recent quarters, and the most recent period did not fully cover the payout on an adjusted basis. Portfolio yields have also compressed and have yet to show a sustained recovery. Supplemental distributions have trended lower and remain dependent on realized gains, which are inherently tied to exit timing and therefore outside management’s control.
The base payout appears defensible given the company’s spillover income and balance‑sheet flexibility, but the margin is narrow. The overall structure aligns with how most BDCs balance stable base dividends with variable supplemental payouts.
Monthly income investors rarely get to watch the machinery behind their payout. Gladstone Investment (NASDAQ:GAIN) keeps that machinery unusually visible: a business development company that pays $0.08 a month on the dot, then periodically tops shareholders up with a much larger supplemental check funded by private-company exits. Shares change hands near $16, up about 18% year to date, with a base yield of roughly 5.9% before any supplementals.
How the payout is funded As a BDC, Gladstone earns income from four sources: interest on secured first-lien loans, preferred equity dividends, success fees when portfolio companies refinance or sell, and realized gains on the equity stakes taken alongside those loans. Roughly 28 portfolio companies sit inside a fair-value book of $1.13 billion. The weighted-average yield on interest-bearing investments has drifted from 14% in the first fiscal quarter to 13% in the third, tracking SOFR lower.
The “tweak” is the supplemental. Management pairs the fixed monthly distribution with a separate payout sized to realized gains. Shareholders received a $0.54 supplemental on June 13, 2025 after the Nocturne Luxury Villas exit delivered $3.5 million in success fees and a $19.8 million realized gain. Prior years saw supplementals as high as $0.88 in December 2023 and $0.70 in October 2024, always declared separately rather than baked into the monthly number.
Coverage of the monthly check Quarterly adjusted EPS has to cover three monthly payments totaling $0.24. The recent run: $0.26 in Q4 FY25, $0.24 in Q1 FY26, $0.24 in Q2 FY26, and $0.21 in Q3 FY26. Three of the last four quarters cleared the hurdle; the Q3 miss reflected total investment income of $25 million, a 40% year-over-year drop driven by the lumpy timing of success and dividend income.
GAAP tells a noisier story. Q3 FY26 swung to a GAAP loss of $0.16 because of a $15 million capital-gains-based incentive fee accrual that is not yet contractually due. That accrual is a non-cash expense created by unrealized appreciation; it pressures reported earnings but does not drain the cash pool that actually funds the dividend.
Structural risks Two pressures deserve attention. 52% of debt investments sit at their interest rate floor, so the 75 basis points of Fed cuts over the past year (target upper bound now 3.75%) compress future coupon income. Realized losses also happen: a $29.9 million loss on J.R. Hobbs in Q2 FY26 was absorbed, but repeat events would erode NAV and the supplemental engine.
The offsets are real. NAV per share climbed to $15 from $14 the prior quarter on $70 million of net unrealized appreciation. The credit facility was expanded from $270 million to $300 million, fresh 6.875% Notes due 2028 refinanced older paper at lower rates, and the ATM program has sold shares above NAV, which is accretive to existing holders.
Where this leaves income investors The $0.08 monthly base looks safe, with a 16-plus-year record of uninterrupted monthly payments and adjusted NII generally covering the run-rate. Supplementals, by design, are variable and tied to exit timing, not guaranteed. Income-focused investors comfortable with lumpy top-ups and BDC-level credit risk have a coherent setup here; anyone treating the headline yield plus supplementals as a fixed figure should size positions accordingly. Total return has worked so far, with the stock up 32% over the past year.
The market has spent much of 2026 stuck between two competing forces — stubbornly high interest rates and a growing expectation they’ll eventually fall. That tension has left income investors asking a simple question: where can you still find a reliable yield without taking on outsized risk?
Monthly dividend stocks are an obvious place to look. But not all of them are built the same. So where does Main Street Capital (NYSE:MAIN | MAIN Price Prediction) fit in — and could it really be the best monthly dividend stock to buy right now?
Why BDCs Play by Different Rules Let’s start with the structure, because it matters. Main Street Capital is a business development company (BDC). That’s a fancy way of saying it provides financing — primarily debt and some equity — to lower middle-market companies that don’t have easy access to traditional bank funding. In exchange, it earns interest income and occasionally equity upside.
Here’s what separates BDCs from typical dividend stocks:
They must distribute at least 90% of taxable income to shareholders, similar to real estate investment trusts (REITS) That leads to higher yields, but also limits retained earnings Earnings are best measured by net investment income (NII), not EPS That last point is critical. Traditional metrics like P/E ratios can mislead investors because they don’t reflect how cash actually flows through a BDC. Instead, savvy investors focus on NII per share, net asset value (NAV), and dividend coverage ratio.
That’s the lens we need to evaluate MAIN properly.
How MAIN Stacks Up Against Its Peers Let’s not box Main Street into a single comparison because it doesn’t fit neatly into one. If you’re buying the BDC for monthly income, you need to compare it to the few BDCs that actually pay monthly. But if you’re judging whether its premium valuation is justified, you also need to see how it stacks up against the highest-quality BDCs overall.
Let’s look at both — because each answers a different question.
Monthly Dividend BDCs: The True Income Comparison There aren’t many — which is exactly why MAIN stands out.
Metric Main Street Capital Gladstone Investment (NASDAQ:GAIN) Gladstone Capital (NASDAQ:GLAD) Dividend Frequency Monthly Monthly Monthly Base Yield ~6.5% ~6% ~8% Price/NAV ~1.6–1.8x ~1.2–1.3x ~1.0–1.1x Specials Yes (semi-regular) Yes (frequent) Occasional NII Coverage >100% Variable Less consistent Here’s what the numbers tell us:
Gladstone Investment comes closest to Main Street’s hybrid model of income plus equity upside, but its results have been less consistent. Gladstone Capital offers a higher yield, but that income has shown more variability and weaker coverage at times. Main Street Capital doesn’t lead on yield, but it does lead on consistency and coverage, which is what income investors rely on when the market gets choppy.
Best-in-Class BDCs: The Valuation Reality Check Now let’s zoom out. Because monthly payments don’t mean much if the underlying business isn’t strong.
Metric Main Street Capital Ares Capital (NASDAQ:ARCC) Dividend Yield ~6.5% base ~9% Price/NAV ~1.6–1.8x ~1.1x Dividend Frequency Monthly Quarterly NII Coverage >100% ~100% Scale Lower middle market focus Large-cap sponsor-backed deals Here’s what stands out: Ares Capital offers a higher yield and trades closer to NAV, while Main Street trades at a 50% to 70% premium — and has for years.
Key Takeaway That premium isn’t random. It reflects the BDC’s long history of NAV growth, more conservative underwriting, and internally managed operations that keep costs lower over time. That suggests investors are willing to accept a lower yield in exchange for greater reliability.
However, valuation still matters. At current levels, Main Street looks like a solid buy for long-term income investors, and if shares pull back closer to 1.4x NAV or below, that would signal a more aggressive entry point. In any case, the stock’s premium has been durable — and justified by performance.
Yet, investors should be realistic. You’re not buying Main Street for maximum income today. You’re buying it for dependable income over time. If the stock dips, lean in more aggressively. If it doesn’t, it still deserves a place on a watchlist — or in a diversified income portfolio.
When all is said and done, Main Street Capital may not be the cheapest BDC — but it makes a strong case as one of the best.
Southside Bancshares (SBSI - Free Report) came out with quarterly earnings of $0.78 per share, beating the Zacks Consensus Estimate of $0.76 per share. This compares to earnings of $0.71 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +2.19%. A quarter ago, it was expected that this holding company for Southside Bank would post earnings of $0.8 per share when it actually produced earnings of $0.7, delivering a surprise of -12.5%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Southside Bancshares, which belongs to the Zacks Banks - Southwest industry, posted revenues of $72.15 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 1.66%. This compares to year-ago revenues of $66.43 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Southside Bancshares shares have added about 7.3% since the beginning of the year versus the S&P 500's gain of 4.2%.
What's Next for Southside Bancshares?While Southside Bancshares has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Southside Bancshares was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.82 on $73.1 million in revenues for the coming quarter and $3.24 on $294.55 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Southwest is currently in the top 14% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the broader Zacks Finance sector, Gladstone Investment (GAIN - Free Report) , is yet to report results for the quarter ended March 2026.
This business development company is expected to post quarterly earnings of $0.22 per share in its upcoming report, which represents a year-over-year change of -15.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Gladstone Investment's revenues are expected to be $25.14 million, down 8.8% from the year-ago quarter.
Gladstone Investment (NASDAQ:GAIN) is the income-focused business development company that pays shareholders a $0.08 monthly distribution plus periodic supplemental payouts tied to portfolio exits. Income investors lean on GAIN for that monthly check, so the Q3 FY26 earnings miss reported February 3, 2026, where adjusted EPS came in at $0.21 against a $0.2275 estimate, raised a fair question: is the GAIN distribution still safe? The short answer is yes, but with caveats worth understanding before the next check hits your account.
How GAIN generates the income it pays out Gladstone Investment is a BDC that makes secured debt and equity investments in lower middle market businesses, then funnels three streams of cash back to shareholders: interest on its loans, dividend income from equity stakes, and success fees plus realized gains when portfolio companies exit. The base monthly $0.08 is funded primarily by interest income. Supplemental distributions, like the $0.54 paid in June 2025, come from capital gains such as the Nocturne Luxury Villas exit that generated a $19.8M realized gain.
The coverage math is tightening Adjusted net investment income covers the base distribution, but the cushion is shrinking. Q3 FY26 adjusted EPS of $0.21 came in below the $0.24 quarterly base distribution rate ($0.08 times three months), the first such shortfall in recent quarters. Compared to Q2 FY26 adjusted EPS of $0.24 and Q1 FY26 adjusted EPS of $0.24, the trend is unmistakable. For a BDC whose entire promise is reliable monthly income, generating less than you pay out for even a single quarter matters.
The driver is yield compression in the loan book. The weighted-average yield on interest-bearing investments fell from 14.1% in Q1 FY26 to 13.4% in Q2 to 12.9% in Q3. With 52.1% of debt investments at interest rate floors, GAIN cannot ride rates back up easily, and the Fed has already cut 0.75 percentage points over the past year to 3.75%, which pulls SOFR-linked coupons lower.
Why the GAAP loss looks scarier than it is Q3 FY26 showed a GAAP net investment loss of $0.16 per share, but the cause was a $14.75 million accrual for capital gains-based incentive fees that are not yet contractually due. That is an accounting reservation against future fees, not cash leaving the building. NAV per share actually rose to $14.95 from $13.53 sequentially, lifted by $70.23M of unrealized appreciation, which is the opposite of a fund eroding its capital base to fund distributions.
Balance sheet supports the payout Management reinforced the capital stack. The credit facility expanded from $270M to $300M in Q3 FY26, and the company priced a $100M offering of 7.125% Notes due 2031 on April 9, 2026, with proceeds going to repay the revolver and fund new investments. Asset coverage sits at 189%, well above the 150% regulatory minimum, and the spillover taxable income was roughly $0.50 per share after the June supplemental, which is essentially pre-funded distribution capacity.
Total return tells a kinder story Shares are around $17 today, up 23% since the February 3 earnings filing and 34% over the past year. The 5.7% trailing dividend yield understates the picture because it excludes supplementals. With base monthly plus typical supplemental payouts, GAIN holders have collected meaningful income on top of price appreciation.
Verdict: safe for now, watch the May 12 earnings report The base $0.08 monthly distribution is not in immediate danger. Coverage is thinner than it was, but spillover income, a rising NAV, refreshed credit lines, and a payout ratio around 31% all argue for continuity. The supplemental distribution is a different question, since those rely on exits and realized gains, which are inherently lumpy. Holders should watch the Q4 FY26 release on May 12, 2026, where the $0.22 EPS consensus would once again fall short of the $0.24 quarterly base rate. Two consecutive quarters of under-coverage would shift this from a yellow flag to a red one. For investors who want a similar income thesis with less single-manager risk, the broader VanEck BDC Income ETF (NYSEARCA:BIZD) spreads the bet across the BDC sector and removes the supplemental-distribution lottery from the equation.
By webcast -- Log on to the web at the address above
By phone -- please call (866) 373-3416
Contact:
Gladstone Investment Corporation, (703) 287-5893
A conference call replay will be available beginning after the call and will be accessible through May 20, 2026. To hear the replay, please dial (877) 660-6853 and use playback conference number 13759089.
If you are unable to participate during the live webcast, the call will be archived on the website www.gladstoneinvestment.com. The event will be archived and available for replay on the Company's website.
Gladstone Investment Corporation is a publicly traded business development company that seeks to make secured debt and equity investments in lower middle market businesses in the United States in connection with acquisitions, changes in control and recapitalizations.
For further information: Gladstone Investment Corporation, (703) 287-5893
Earnings MCLEAN, VA / ACCESS Newswire / May 12, 2026 / Gladstone Investment Corporation (Nasdaq:GAIN) (the "Company") today announced earnings for its fourth quarter and fiscal year ended March 31, 2026. Please read the Company's Annual Report on Form 10-K, filed today with the U.S. Securities and Exchange Commission (the "SEC"), which is available on the SEC's website at www.sec.gov or the investors section of the Company's website at www.gladstoneinvestment.com.
Summary Information: (dollars in thousands, except per share data (unaudited)):
March 31,
2026
December 31,
2025
$
Change
%
Change
For the quarter ended:
Total investment income
$
25,192
$
25,062
$
130
0.5
%
Total expenses, net(A)
35,802
31,571
4,231
13.4
%
Net investment loss(A)
(10,610
)
(6,509
)
(4,101
)
63.0
%
Net realized gain
163
2,180
(2,017
)
(92.5
)%
Net unrealized appreciation
92,821
70,227
22,594
32.2
%
Net increase in net assets resulting from operations(A)
$
82,374
$
65,898
$
16,476
25.0
%
Net investment loss per weighted-average common share(A)
$
(0.27
)
$
(0.16
)
$
(0.11
)
68.8
%
Adjusted net investment income per weighted-average common share(B)
$
0.20
$
0.21
$
(0.01
)
(4.8
)%
Net increase in net assets resulting from operations per weighted-average common share(A)
$
2.07
$
1.66
$
0.41
24.7
%
Cash distribution per common share from net investment income(C)
$
0.24
$
0.24
$
-
-
%
Cash distribution per common share from cumulative net realized gains(C)
$
-
$
-
$
-
-
%
Weighted-average yield on interest-bearing investments
12.9
%
12.9
%
-
%
-
%
Total dollars invested
$
2,300
$
37,438
$
(35,138
)
(93.9
)%
Total dollars repaid and/or collected from sales and
recapitalization of investments
$
8,513
$
19,221
$
(10,708
)
(55.7
)%
Weighted-average shares of common stock outstanding - basic and diluted
39,821,967
39,678,402
143,565
0.4
%
Total shares of common stock outstanding
39,821,967
39,821,967
-
-
%
As of:
Total investments, at fair value
$
1,309,248
$
1,222,792
$
86,456
7.1
%
Fair value, as a percent of cost
124.4
%
115.5
%
8.9
%
7.7
%
Number of portfolio companies
29
29
-
-
%
Net assets
$
668,225
$
595,408
$
72,817
12.2
%
Net asset value per common share
$
16.78
$
14.95
$
1.83
12.2
%
Total distributable earnings
$
181,468
$
108,702
$
72,766
66.9
%
Total distributable earnings per common share
$
4.56
$
2.73
$
1.83
67.0
%
Estimated spillover
$
21,283
$
22,943
$
(1,660
)
(7.2
)%
Estimated spillover per common share
$
0.53
$
0.58
$
(0.05
)
(8.6
)%
March 31,
2026
March 31,
2025
$
Change
%
Change
For the year ended:
Total investment income
$
99,077
$
93,662
$
5,415
5.8
%
Total expenses, net(A)
102,829
65,567
37,262
56.8
%
Net investment (loss) income(A)
(3,752
)
28,095
(31,847
)
NM
Net realized (loss) gain
(27,595
)
63,184
(90,779
)
NM
Net unrealized appreciation (depreciation)
216,100
(25,960
)
242,060
NM
Net increase in net assets resulting from operations(A)
$
184,753
$
65,319
$
119,434
182.8
%
Net investment (loss) income per weighted-average common share(A)
$
(0.10
)
$
0.76
$
(0.86
)
NM
Adjusted net investment income per weighted-average common share(B)
$
0.88
$
0.97
$
(0.09
)
(9.3
)%
Net increase in net assets resulting from operations per weighted-average common share(A)
$
4.77
$
1.78
$
2.99
168.0
%
Cash distribution per common share from net investment income(C)
$
0.99
$
0.64
$
0.35
54.7
%
Cash distribution per common share from cumulative net realized gains(C)
$
0.51
$
1.02
$
(0.51
)
(50.0
)%
Weighted-average yield on interest-bearing investments
13.3
%
13.9
%
(0.6
)%
(4.2
)%
Total dollars invested
$
173,616
$
221,217
$
(47,601
)
(21.5
)%
Total dollars repaid and/or collected from sales and
recapitalization of investments
$
33,540
$
199,625
$
(166,085
)
(83.2
)%
Weighted-average shares of common stock outstanding - basic and diluted
38,712,611
36,735,218
1,977,393
5.4
%
Total shares of common stock outstanding
39,821,967
36,837,381
2,984,586
8.1
%
As of:
Total investments, at fair value
$
1,309,248
$
979,320
$
329,928
33.7
%
Fair value, as a percent of cost
124.4
%
104.3
%
20.1
%
19.3
%
Number of portfolio companies
29
25
4
16.0
%
Net assets
$
668,225
$
499,084
$
169,141
33.9
%
Net asset value per common share
$
16.78
$
13.55
$
3.23
23.8
%
Total distributable earnings
$
181,468
$
53,535
$
127,933
239.0
%
Total distributable earnings per common share
$
4.56
$
1.45
$
3.11
214.5
%
Estimated spillover
$
21,283
$
55,337
$
(34,054
)
(61.5
)%
Estimated spillover per common share
$
0.53
$
1.50
$
(0.97
)
(64.7
)%
NM = Not Meaningful
(A)
Inclusive of $18.5 million, or $0.47 per weighted-average common share, and $14.7 million, or $0.37 per weighted-average common share, of capital gains-based incentive fees accrued during the three months ended March 31, 2026 and December 31, 2025, respectively; and $38.0 million, or $0.98 per weighted-average common share, and $7.4 million, or $0.21 per weighted-average common share, of capital-gains based incentive fees accrued during the years ended March 31, 2026 and March 31, 2025, respectively. These fees were accrued in accordance with United States generally accepted accounting principles ("GAAP"), where such amounts were not contractually due under the terms of the investment advisory agreement for the respective periods. Also see discussion under Non-GAAP Financial Measure - Adjusted Net Investment Income below.
(B)
See Non-GAAP Financial Measure - Adjusted Net Investment Income, below, for a description of this non-GAAP measure and a reconciliation from Net investment income (loss) to Adjusted net investment income, including on a weighted-average per share basis. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes it is useful to investors as an additional tool to evaluate ongoing results and trends for the Company.
(C)
Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of distributions for the full year. Estimates made on a quarterly basis are updated as of each interim reporting date.
Highlights for the Quarter: During the quarter ended March 31, 2026, the following significant events occurred:
Distributions and Dividends:
Paid an $0.08 per common share monthly distribution to common stockholders in each of January, February, and March 2026.
Financing Activity:
Issued 7.125% Notes due 2031 with an aggregate principal amount of $100.0 million.
Fourth Quarter Results: Net investment loss for the quarter ended March 31, 2026 was $10.6 million, or $0.27 per weighted-average common share, compared to net investment loss for the quarter ended December 31, 2025 of $6.5 million, or $0.16 per weighted-average common share. This change was a result of an increase in total expenses, net of credits, partially offset by an increase in total investment income, quarter over quarter.
Total investment income for the quarters ended March 31, 2026 and December 31, 2025 was $25.2 million and $25.1 million, respectively. The quarter over quarter increase was primarily due to a $0.4 million increase in dividend and success fee income, the timing of which can be variable, partially offset by a $0.2 million decrease in interest income, primarily due to the partial repayment of certain existing debt investments.
Total expenses, net of credits, for the quarters ended March 31, 2026 and December 31, 2025 was $35.8 million and $31.6 million, respectively. The increase quarter over quarter was primarily due to a $3.8 million increase in accruals for capital gains-based incentive fees in the current quarter, as a result of the net impact of realized and unrealized gains and losses, a $0.4 million increase in base management fee and a $0.1 million decrease in credits from Adviser. These amounts were partially offset by a $0.4 million decrease in other expenses.
Net asset value per common share as of March 31, 2026 was $16.78 compared to $14.95 as of December 31, 2025. The quarter over quarter increase was primarily due to $92.5 million, or $2.32 per common share, of net unrealized appreciation of investments. The increase was partially offset by $10.6 million, or $0.27 per common share, of net investment loss and $9.6 million, or $0.24 per common share, of distributions paid to common stockholders.
Highlights for the Year: During the year ended March 31, 2026, the following significant events occurred:
Portfolio Activity:
In May 2025, we invested $49.5 million in a new portfolio company, Smart Chemical Solutions, LLC ("Smart Chemical"), in the form of $35.7 million of secured first lien debt and $13.8 million of preferred equity. Smart Chemical, headquartered in Midland, Texas, is a leading provider of production chemicals for onshore oil and gas operators throughout the United States.
In May 2025, we invested $12.8 million in a new portfolio company, Sun State Nursery and Landscaping, LLC ("Sun State"), in the form of $9.8 million of secured first lien debt and $3.1 million of preferred equity. Sun State, headquartered in Jacksonville, Florida, is a leading commercial landscaping installation and maintenance provider in the Jacksonville area.
In June 2025, we restructured our investment in PSI Molded Plastics, Inc. As a result of the restructuring, we converted debt with a cost basis of $10.6 million into preferred equity.
In July 2025, we invested $67.6 million in a new portfolio company, Global GRAB Technologies, Inc. ("Global GRAB"), in the form of $46.5 million of secured first lien debt and $21.1 million of preferred equity. Global GRAB, headquartered in Franklin, Tennessee, is a provider of turnkey perimeter security and hostile vehicle mitigation systems, serving various government and commercial organizations.
In September 2025, we entered into a new $20.0 million secured first lien term loan with J.R. Hobbs Co. - Atlanta, LLC ("J.R. Hobbs"), restructuring our previously outstanding first lien term loans and line of credit with an aggregate total cost basis of $49.9 million, which resulted in a realized loss of $29.9 million.
In December 2025, we invested $33.1 million in a new portfolio company, Rowan Energy Inc. ("Rowan"), in the form of $25.8 million of secured first lien debt and $7.3 million of preferred equity. Rowan, headquartered in Arcadia, Oklahoma, specializes in advanced frac sand filtration, completion-equipment deployment and field-operations support.
Distributions and Dividends:
Paid an $0.08 per common share distribution to common stockholders each month from April 2025 through March 2026; and
Paid a $0.54 per common share supplemental distribution to common stockholders in June 2025.
At-the-market ("ATM") program activity:
Sold 2,984,586 shares of our common stock under our common stock ATM program at a weighted-average gross price of $14.12 per share and raised approximately $41.5 million in net proceeds. These sales were above our then current NAV per share.
Financing Activities:
Issued 6.875% Notes due 2028 with an aggregate principal amount of $60.0 million.
Amended our credit facility, increasing the size from $270.0 million to $300.0 million.
Voluntarily redeemed the 8.00% Notes due 2028 with an aggregate principal amount of $74.8 million.
Issued 7.125% Notes due 2031 with an aggregate principal amount of $100.0 million.
Fiscal Year End Results: Net investment loss for the year ended March 31, 2026 was $3.8 million, or $0.10 per weighted-average common share, compared to net investment income for the year ended March 31, 2025 of $28.1 million, or $0.76 per weighted-average common share. This change was a result of an increase in total expenses, net of credits, partially offset by total investment income, year over year.
Total investment income for the years ended March 31, 2026 and 2025 was $99.1 million and $93.7 million, respectively. The year over year increase was primarily due to a $6.1 million increase in interest income, partially offset by a $0.7 million decrease in dividend and success fee income, related to fees that did not reoccur in the current fiscal year, as the timing of such fee income can be variable. The increase in interest income was primarily due to an increase in the weighted-average principal balance of our interest-bearing investments, due to the additional debt investments made during the year, partially offset by a decrease in the weighted-average yield on interest-bearing investments, resulting from a decrease in SOFR.
Total expenses, net of credits, for the years ended March 31, 2026 and 2025 was $102.8 million and $65.6 million, respectively. The increase year over year was primarily due to a $30.5 million increase in accruals for capital gains-based incentive fees in the current year, as a result of the net impact of realized and unrealized gains and losses, an $8.9 million increase in interest expense, related to the issuance of the 7.875% 2030 Notes in December 2024, the 6.875% 2028 Notes in November 2025 and the 7.125% 2031 Notes in February 2026 and increased borrowings on the credit facility, partially offset by a decrease in the effective interest rate and the redemption of the 8.00% 2028 Notes in December 2025, and a $3.7 million increase in base management fee.
Net asset value per common share as of March 31, 2026 was $16.78 compared to $13.55 as of March 31, 2025. The year over year increase was primarily due to $216.1 million, or $5.58 per common share, of net unrealized appreciation of investments, which included $197.0 million, or $5.09 per common share, of unrealized appreciation and $19.1 million, or $0.49 per common share, of reversal of unrealized depreciation on our investment in J.R. Hobbs upon its restructure, and $0.07 per common share of net accretive effect of equity offerings. These increases were partially offset by $57.2 million, or $1.50 per common share, of distributions paid to common stockholders, $26.3 million, or $0.68 per common share, of net realized losses on investments, $3.8 million, or $0.10 per common share, of net investment loss and $1.3 million, or $0.03 of realized loss on other upon the redemption of the 8.00% Notes due 2028.
The following table provides relevant information related to our notes payable and Credit Facility as of March 31, 2026:
Interest Rate
Aggregate Principal Amount
Notes Payable
5.00% 2026 Notes(A)
5.00%
$
127,938
4.875% 2028 Notes
4.875%
134,550
7.875% 2030 Notes
7.875%
126,500
6.875% 2028 Notes
6.875%
60,000
7.125% 2031 Notes
7.125%
100,000
Total notes payable
$
548,988
Credit Facility (B)
Commitment amount
SOFR + 3.25%
$
300,000
Borrowings outstanding at cost
$
23,900
Availability(C)
$
276,100
Percentage of borrowings at:(D)
Fixed rate
95.8
%
Floating rate
4.2
%
(A)
On May 1, 2026, we repaid the 5.00% 2026 Notes at maturity.
(B)
The Credit Facility bears interest at 30-day Term Secured Overnight Financing Rate ("SOFR").
(C)
Availability is subject to various constraints, characteristics and applicable advance rates based on collateral quality under our Credit Facility, which equated to an adjusted availability of $276.1 million as of March 31, 2026.
(D)
The percentage uses the Credit Facility borrowings outstanding at cost as of March 31, 2026. The fixed rate borrowings consist of the outstanding notes payable. The floating rate borrowings consist of the Credit Facility borrowings outstanding at cost.
The following table presents certain selected information regarding the debt investments of our portfolio companies as of March 31, 2026:
March 31, 2026(A)(B)
Weighted average interest rate of debt investments
12.9
%
Weighted average interest rate floor of debt investments
12.1
%
Current percentage of debt investments at interest rate floor
52.5
%
Weighted average interest rate of debt investments assuming:
25 basis points decrease in SOFR
12.8
%
50 basis points decrease in SOFR
12.7
%
75 basis points decrease in SOFR
12.6
%
100 basis points decrease in SOFR
12.5
%
(A)
Debt investments presented exclude line of credit commitments and all debt investments on non-accrual status as of March 31, 2026. The weighted average interest rate is based on the cost balance of the debt investments.
(B)
As of March 31, 2026, 100.0% of our debt investments are variable rates with a floor and are indexed to 30-day SOFR. The interest rate is the greater of the floor or the total of SOFR plus a spread. As of March 31, 2026, we did not have any loans with a paid-in-kind interest component.
Subsequent Events: After March 31, 2026, the following significant events occurred:
Distributions and dividends: In April 2026, our Board of Directors declared the following monthly distributions to common stockholders:
Record Date
Payment Date
Distribution per Common Share
April 24, 2026
April 30, 2026
$
0.08
May 20, 2026
May 29, 2026
0.08
June 23, 2026
June 30, 2026
0.08
Total for the Quarter:
$
0.24
Notes Payable: On May 1, 2026, we repaid the 5.00% Notes due 2026 with an aggregate principal amount outstanding of $127.9 million at maturity.
Non-GAAP Financial Measure - Adjusted Net Investment Income: On a supplemental basis, the Company discloses Adjusted net investment income, including on a weighted-average per share basis, which is a financial measure that is calculated and presented on a basis of methodology other than in accordance with GAAP. Adjusted net investment income represents net investment (loss) income, excluding capital gains-based incentive fees. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company. The Company's investment advisory agreement provides that a capital gains-based incentive fee is determined and paid annually with respect to realized capital gains (but not unrealized appreciation) to the extent such realized capital gains exceed realized capital losses and unrealized depreciation on investments for such year. However, under GAAP, a capital gains-based incentive fee is accrued if realized capital gains and unrealized appreciation of investments exceed realized capital losses and unrealized depreciation of investments. Refer to Note 4 - Related Party Transactions in our Annual Report on Form 10-K for further discussion. The Company believes that Adjusted net investment income is a useful indicator of operations exclusive of any capital gains-based incentive fees, as net investment (loss) income does not include realized or unrealized investment activity associated with the capital gains-based incentive fee.
The following table provides a reconciliation of net investment (loss) income (the most comparable GAAP measure) to Adjusted net investment income for the periods presented (dollars in thousands, except per share amounts; unaudited):
For the quarter ended
March 31, 2026
December 31, 2025
Amount
Per Share
Amount
Amount
Per Share
Amount
Net investment loss
$
(10,610
)
$
(0.27
)
$
(6,509
)
$
(0.16
)
Capital gains-based incentive fee
18,533
0.47
14,749
0.37
Adjusted net investment income
$
7,923
$
0.20
$
8,240
$
0.21
Weighted-average shares of common stock outstanding - basic and diluted
39,821,967
39,678,402
For the year ended
March 31, 2026
March 31, 2025
Amount
Per Share
Amount
Amount
Per Share
Amount
Net investment (loss) income
$
(3,752
)
$
(0.10
)
$
28,095
$
0.76
Capital gains-based incentive fee
37,970
0.98
7,445
0.21
Adjusted net investment income
$
34,218
$
0.88
$
35,540
$
0.97
Weighted-average shares of common stock outstanding - basic and diluted
38,712,611
36,735,218
Adjusted net investment income may not be comparable to similar measures presented by other companies, as it is a non-GAAP financial measure that is not based on a comprehensive set of accounting rules or principles and therefore may be defined differently by other companies. In addition, Adjusted net investment income should be considered in addition to, not as a substitute for, or superior to, financial measures determined in accordance with GAAP.
Conference Call: The Company will hold its earnings release conference call on Wednesday, May 13, 2026, at 8:30 a.m. Eastern Time. Please call (866) 373-3416 to enter the conference call. An operator will monitor the call and set a queue for any questions. A replay of the conference call will be available through May 20, 2026. To hear the replay, please dial (877) 660-6853 and use the playback conference number 13759089. The replay will be available after the call concludes. The live audio broadcast of the Company's quarterly conference call will also be available online at www.gladstoneinvestment.com. The event will be archived and available for replay on the Company's website.
About Gladstone Investment Corporation: Gladstone Investment Corporation is a publicly traded business development company that seeks to make secured debt and equity investments in lower middle market businesses in the United States in connection with acquisitions, changes in control and recapitalizations. Information on the business activities of all the Gladstone funds can be found at www.gladstonecompanies.com.
To obtain a paper copy of our Annual Report on Form 10-K, filed today with the SEC, please contact the Company at 1521 Westbranch Drive, Suite 100, McLean, VA 22102, ATTN: Investor Relations. The financial information above is not comprehensive and is without notes, so readers should obtain and carefully review the Company's Form 10-K for the year ended March 31, 2026, including the notes to the consolidated financial statements contained therein.
Investor Relations Inquiries: Please visit ir.gladstoneinvestment.com or call (703) 287-5893.
Forward-looking Statements:
The statements in this press release regarding potential future distributions, earnings and operations of the Company are "forward-looking statements." These forward-looking statements inherently involve certain risks and uncertainties in predicting future results and conditions. Although these statements are based on the Company's current plans that are believed to be reasonable as of the date of this press release, a number of factors could cause actual results and conditions to differ materially from these forward-looking statements, including those factors described from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or otherwise, except as required by law.
Gladstone Investment (GAIN - Free Report) came out with quarterly earnings of $0.2 per share, missing the Zacks Consensus Estimate of $0.22 per share. This compares to earnings of $0.26 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -9.09%. A quarter ago, it was expected that this business development company would post earnings of $0.24 per share when it actually produced earnings of $0.21, delivering a surprise of -12.5%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Gladstone Investment, which belongs to the Zacks Financial - SBIC & Commercial Industry industry, posted revenues of $25.19 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.21%. This compares to year-ago revenues of $27.55 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Gladstone Investment shares have added about 18% since the beginning of the year versus the S&P 500's gain of 8.3%.
What's Next for Gladstone Investment?While Gladstone Investment has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Gladstone Investment was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.24 on $25.36 million in revenues for the coming quarter and $0.89 on $102.92 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - SBIC & Commercial Industry is currently in the bottom 14% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Crescent Capital BDC (CCAP - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 13.
This company is expected to post quarterly earnings of $0.41 per share in its upcoming report, which represents a year-over-year change of -8.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Crescent Capital BDC's revenues are expected to be $38.82 million, down 7.9% from the year-ago quarter.
Gladstone Investment NASDAQ: GAIN reported what management described as solid results for its fiscal fourth quarter and year ended March 31, 2026, citing portfolio growth, higher total investment income and a significant increase in net asset value.
CEO and President David Dullum said the business development company generated adjusted net investment income of $0.88 per share for the fiscal year and grew the fair value of its investment portfolio to $1.3 billion as of March 31, up 34% from $979 million a year earlier. He attributed the increase to four new buyout investments, appreciation in the existing portfolio and an increase in NAV per share.
“We also continue to see growth in our investment portfolio through new buyout investments and the improving performance at a number of our existing portfolio companies,” Dullum said. The company currently has 29 operating companies in its portfolio, he added.
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Portfolio Growth Driven by New Buyouts and Appreciation Gladstone Investment invested approximately $163 million in four new portfolio companies during fiscal 2026, compared with about $221 million invested in the prior year. Dullum said the deals were consistent with the company’s buyout strategy, under which it typically seeks to become the majority economic owner and provides both equity and debt capital.
He said the debt investments are intended to generate operating income to support monthly distributions, while equity investments provide potential upside through capital gains upon exit. Dullum also emphasized that the company sets floors on its debt securities, which he said helps maintain income above its cost of capital and reduces exposure to spread compression.
Since inception in 2005 through March 31, 2026, Gladstone Investment has invested in 66 buyout portfolio companies for an aggregate of approximately $2.2 billion and has exited 33 companies. Those exits generated about $354 million in net realized gains and $45 million in other income on exit, according to Dullum.
Income Rises, While Quarterly Adjusted NII Trails Dividend CFO and Treasurer Taylor Ritchie said Gladstone Investment ended fiscal 2026 with its fifth consecutive year of earned total investment income, generating $99.1 million compared with $93.7 million in the prior fiscal year. The increase was primarily driven by higher interest income from growth in the debt investment portfolio, partially offset by lower dividend and success fee income.
The weighted average principal balance of interest-bearing investments was $672 million for the fiscal year, up about $70 million from the prior year. The portfolio’s weighted average yield declined to 13.3% from 13.9%. Ritchie said embedded interest rate floors helped reduce the impact of declining benchmark rates, noting that the portfolio yield decline of 63 basis points was less than the 82 basis point decline in SOFR during the year.
For the fiscal fourth quarter, total investment income was $25.2 million, slightly above $25.1 million in the prior quarter. Adjusted net investment income, which excludes capital gains-based incentive fee accruals, was $7.9 million, or $0.20 per share, compared with $8.2 million, or $0.21 per share, in the prior quarter.
Net expenses increased to $35.8 million from $31.6 million in the prior quarter, driven primarily by a $3.8 million increase in capital gains incentive fee accruals and a $0.4 million increase in base management fees. The company reported a net investment loss of $10.6 million for the quarter, compared with a net investment loss of $6.5 million in the prior quarter.
In response to a question from Erik Zwick of Lucid Capital Markets about adjusted NII per share coming in below the dividend level in the last two quarters, Ritchie said the company ended the year with $21.3 million, or $0.53 per share, in spillover income. She said that amount is sufficient to cover the current $0.08 per share monthly distribution for approximately six months.
“We still feel confident in our $0.08 per share monthly distribution rate and don’t really envision that changing,” Ritchie said.
NAV Increases on Unrealized Appreciation Gladstone Investment’s NAV rose to $16.78 per share as of March 31, 2026, from $14.95 per share at the end of the prior quarter. Ritchie said the increase was primarily due to $2.32 per share of net unrealized appreciation on investments, partially offset by $0.27 per share of net investment loss and $0.24 per share of distributions to common shareholders.
Portfolio valuations increased by $92.5 million during the quarter. Ritchie said the unrealized appreciation was driven by improved operating performance at several portfolio companies and higher valuation multiples, partially offset by weaker performance at certain other companies.
The company continues to have three portfolio companies on non-accrual status, representing 3.8% of the total portfolio at cost and 0.7% at fair value. Dullum said during the Q&A session that Diligent Delivery Systems, one of the non-accrual investments, is improving and could potentially return to accrual status, though he did not provide a specific timeline.
Regarding the other non-accrual investments, Dullum said one is a small investment where the company may take action to “eliminate the issue,” while B&T is “performing fairly well.” He said he does not expect much change with those two companies over the next six months and added, “I’m not concerned about our non-accrual situation.”
Liquidity and Capital Structure Remain in Focus Ritchie said maintaining liquidity and financial flexibility remains essential as the company supports and grows its portfolio. In February, Gladstone Investment issued $100 million of 2.125% five-year notes in anticipation of the maturity of its 5% notes. After quarter-end, the company repaid the outstanding balance of the 5% notes using proceeds from the new issuance and borrowings on its credit facilities.
The company was not active under its common stock at-the-market program during the quarter or after quarter-end, but Ritchie said management would remain opportunistic and use the program when prices are accretive to NAV.
As of March 31, 2026, Gladstone Investment had an asset coverage ratio of 214% and a debt-to-equity ratio of 0.84 times. Ritchie described the company’s leverage as conservative.
Management Highlights Pipeline and Competitive Position Erika Highland, currently executive vice president and set to become president on Oct. 1, said liquidity in the M&A market continues to create a competitive environment for acquisitions at reasonable valuations. However, she said the company remains active in diligence on new opportunities and add-on acquisitions.
Highland said the ability to provide both debt and equity remains a competitive advantage. In response to a question from Christopher Nolan of Ladenburg Thalmann, she said the company’s ability to provide all of the capital for a transaction offers sellers greater certainty to close.
Management also discussed specific portfolio valuation changes during the Q&A session. Highland said the increase in fair value for Schylling was tied to improved financial performance and strong demand for its NeeDoh toy product. Ritchie and Dullum also addressed a significant write-up for SEG Holding, citing add-on acquisitions, strategic initiatives, EBITDA growth and third-party market valuation inputs.
Looking ahead, Highland said most existing portfolio companies have posted positive results, though management remains cautious because of the macroeconomic environment and its potential impact on demand and margins. She said the company is working with portfolio companies on supply chain alternatives and cost efficiencies.
Chairman David Gladstone said he believes the company remains attractive for investors seeking monthly distributions and supplemental distributions from capital gains and other income.
About Gladstone Investment NASDAQ: GAINGladstone Investment NASDAQ: GAIN is a publicly traded business development company (BDC) that focuses on providing debt and equity financing to U.S. middle-market companies. As an externally managed closed-end fund, Gladstone Investment seeks to generate current income and capital appreciation for its shareholders by originating senior secured debt, subordinated debt and equity investments. The firm typically targets established businesses with revenues between $10 million and $150 million, across a range of industry sectors including business services, health care, industrials and specialty manufacturing.
The company's investment strategy centers on deploying capital through first-lien and second-lien term loans, mezzanine debt and equity co-investments, often including warrants or other equity kickers.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Gladstone Investment maintains a buy rating, supported by strong NAV growth, portfolio outperformance, and capital-efficient management. GAIN's concentrated equity-focused portfolio and disciplined underwriting have driven a 20.5% total return over twelve months, outpacing the BDC sector. Despite a recent rally, GAIN trades at a 3.4% discount to NAV, with management actively deploying capital into high-quality investments and restructuring underperforming positions.
Gladstone Investment has delivered a 24% total return and 23.8% fourth quarter NAV growth, outperforming peers despite sector headwinds. GAIN trades near a 3-year high but still trades at a roughly 2% discount to NAV per share. The BDC is paying out a 5.8% base dividend yield, with a potential special dividend likely on the back of equity gains in its investment portfolio.
MCLEAN, VA / ACCESS Newswire / June 2, 2026 / Gladstone Investment Corporation (NASDAQ:GAIN) (the "Company") announced that George "Chip" Stelljes, III has been elected to the 2028 class of directors for the Company, effective June 1, 2026. Mr. Stelljes has also been appointed to serve on the Company's Compensation Committee, Ethics, Nominating & Corporate Governance Committee and Valuation Committee. In connection with Mr. Stelljes' appointment, the size of the Company's board of directors has been expanded from seven to eight directors. Mr. Stelljes was selected to serve as a director due to his more than twenty-five years of experience in the investment analysis, management, and advisory industries.
"We are excited to strengthen our board with the appointment of Chip Stelljes," said David Gladstone, Chairman of the Company's board of directors. "His prior service with the Gladstone companies and his deep experience in private equity fund investment will be a valuable asset to the Company as we continue to grow."
Mr. Stelljes is currently the managing partner of St. John's Capital, LLC, a vehicle used to make private equity investments. From 2001 to 2013, Mr. Stelljes held various senior positions with the Gladstone Companies, including serving as the chief investment officer, president and a director of Gladstone Capital Corporation, Gladstone Investment Corporation, Gladstone Commercial Corporation, and Gladstone Management Corporation. Prior to his service at the Gladstone companies, for 23 years, Mr. Stelljes served in a variety of roles at multiple private equity and venture capital funds, including Patriot Capital, Camden Partners, and Columbia Capital as well as Allied Capital.
Mr. Stelljes is currently the chairman of the board of directors of Equalize Community Development Fund, a closed-end investment company that operates as an interval fund and an independent director of Oxford Square Capital Corporation, a publicly-traded, closed-end management investment company. He is also a former board member and regional president of the National Association of Small Business Investment Companies. Mr. Stelljes holds an MBA from the University of Virginia and a BA in Economics from Vanderbilt University.
About Gladstone Investment Corporation: Gladstone Investment Corporation is a publicly traded business development company that seeks to make secured debt and equity investments in lower middle market businesses in the United States in connection with acquisitions, changes in control and recapitalizations. For more information, please visit www.gladstoneinvestment.com.
About the Gladstone Companies: Information on the business activities of all the Gladstone family of funds can be found at www.gladstonecompanies.com.
CONTACT: For further information: Gladstone Investment Corporation, (703) 287-5893.
Investors love dividend stocks, especially the monthly pay variety, because they provide dependable passive income streams and an excellent opportunity for solid total return. Total return includes interest, capital gains, dividends, and distributions realized over time. In other words, the total return on an investment or portfolio consists of income and stock appreciation. At 24/7 Wall St., we have focused on dividend stocks for over 15 years because, despite stock market volatility, many people need reliable passive income streams to supplement their income from employment or other sources such as Social Security and pensions.
Real estate investment trusts (REITs) own, operate, or finance income-producing real estate. They enable individuals to invest in real estate without directly owning properties. REITs pool funds from investors to purchase and manage a diversified portfolio of real estate assets, including office buildings, apartments, shopping malls, hotels, and warehouses. Investors seeking total return should balance the need for passive income and the desire to add growth to combat inflation and the potential for a recession, which we could face later this year or early in 2027. Investors should consider REITs as an option for 2026 and beyond. Many investment advisors feel that an allocation of up to 15% is a good level for most growth and income portfolios.
Here are our five top monthly pay REITs, all of which are rated Buy at top Wall Street firms that we cover.
AGNC Investment This company is among the highest-paying REITs for investors, with its massive 13.30% dividend, but it does carry somewhat higher dividend-cut risk. AGNC Investment (NASDAQ: AGNC | AGNC Price Prediction) is an investor in Agency residential mortgage-backed securities (agency MBS), which benefit from a guarantee against credit losses by Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), or Government National Mortgage Association (Ginnie Mae).
The company’s business is a source of private capital for the U.S. residential housing market.
AGNC Investment invests on a leveraged basis, financing its agency MBS assets primarily through repurchase agreements, and utilizes dynamic risk management strategies intended to protect the value of its portfolio from interest rate and other market risks.
The company may also invest in agency multifamily MBS that are similarly guaranteed by a U.S. government-sponsored enterprise (GSE), as well as in other assets related to the housing, mortgage, or real estate markets that a GSE or U.S. government agency does not guarantee.
Royal Bank of Canada has an Outperform rating with a $12 target price.
EPR Properties This REIT invests in some of the most popular entertainment companies. EPR Properties (NYSE: EPR) is a leading experiential net-lease REIT specializing in select enduring experiential properties and pays a 6.10% dividend. EPR recently increased its monthly dividend by 5.1% and expects FFO per share growth of more than 5% in 2026, supporting continued dividend increases. After suspending its dividend during COVID, it has recovered with five consecutive years of increases. Its $6.9 billion property portfolio generates solid cash flow, and the monthly dividend of $0.31 per share is well-covered by funds from operations.
The company operates through two segments. The Experiential segment consists of approximately:
157 theater properties 58 eat and play properties 24 attraction properties 11 ski properties Four experiential lodging properties One gaming property One cultural property 22 fitness and wellness properties The company’s Education segment comprises 59 early childhood education centers and nine private schools.
EPR’s investment portfolio includes ownership of and long-term mortgages on experiential and educational properties. The company has investments in approximately 44 states. All of the company’s owned single-tenant properties are leased on long-term, triple-net terms.
Raymond James has an Outperform rating with a $60 target price.
LTC Properties This healthcare REIT specializes in seniors housing and skilled nursing facilities, offering exposure to the growing healthcare real estate sector with a monthly dividend yield of 5.83%. LTC Properties (NYSE: LTC) invests in senior housing and healthcare properties through sale-leasebacks, mortgage financing, joint ventures, construction financing, and structured finance solutions, including preferred equity and mezzanine lending. The company invests in senior housing and skilled nursing properties secured by triple-net leases, mortgage loans, and other cash-generating structures, giving it relatively steady income to support its monthly dividend.
LTC Properties operates a diversified portfolio of over 200 senior care assets, encompassing skilled nursing facilities, assisted living communities, and memory care centers. The company prioritizes acquisitions with durable cash flow profiles and has demonstrated consistent monthly dividend payments across varied market conditions—a compelling combination given the structural demand growth driven by an aging U.S. population.
LTC focuses on senior housing and long-term care facilities, benefiting from the aging U.S. population. Its sale-and-leaseback model generates stable cash flow without landlord responsibilities. As a REIT, it must distribute 90% of taxable income, ensuring reliable dividends. Its smaller $1.6 billion market cap still supports consistent payouts.
It invests in various properties, including:
Skilled nursing centers, which provide restorative, rehabilitative, and nursing care Assisted living facilities that serve people who require assistance with activities of daily living Independent living facilities, also known as retirement communities or senior apartments, offer a community and numerous levels of service, such as laundry, housekeeping, dining options/meal plans, exercise and wellness programs, transportation, social, cultural, and recreational activities, on-site security, and others Memory care facilities offer specialized options for people with Alzheimer’s disease and other forms of dementia JMP Securities has a Market Outperform rating with a $43 target.
Modiv Industrial Modiv Industrial (NYSE: MDV) supports its 6.56% monthly dividend with a 98% occupancy rate and a clean balance sheet. It’s actively paying down debt, faces no near-term refinancing pressure, and is quietly buying back preferred shares—all moves that put shareholders first. Modiv is an internally managed REIT focused on single-tenant net-lease industrial manufacturing real estate.
The company acquires, owns, and manages a portfolio of single-tenant net-lease properties throughout the United States, with a focus on critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains.
Modiv also owns non-core, legacy retail and office real estate properties. It seeks to provide investors with access to monthly dividends through a durable portfolio of real estate investments designed to generate both current income and long-term growth. Its real estate investment portfolio consisted of 43 operating properties, including one property held for sale. The company’s portfolio spans 16 states and comprises 39 industrial properties.
Cantor Fitzgerald has an Overweight rating on the shares, with an $18 price target.
Realty Income Realty Income (NYSE: O) is a REIT that has paid monthly dividends consistently for years. It owns over 15,000 properties leased primarily to defensive retailers. This is an ideal stock for growth and income investors seeking a safer contrarian idea for the rest of 2026, with a 5.22% dividend yield. The S&P 500 company acquires and manages freestanding commercial properties that generate rental revenue under long-term net lease agreements with its commercial clients.
It is engaged in a single business activity: leasing property to clients, generally on a net basis. This business activity spans various geographic boundaries and encompasses a range of property types and clients across multiple industries. Widely considered the gold standard of monthly dividend stocks, Realty Income has paid dividends since 1969. It has paid 667 consecutive monthly dividends as of early 2026 and increased its dividend 132 times since its 1994 IPO.
The company owns or holds interests in approximately 15,621 properties in all 50 U.S. states and:
United Kingdom France Germany Ireland Italy Portugal Spain With clients operating in 89 industries, its property types include retail, industrial, gaming, and other categories such as agriculture and office.
Its primary industry concentrations include:
Grocery stores Convenience stores Dollar stores Drug stores Home improvement stores Restaurants Quick service UBS has a Buy rating with a $72 target price.
KANSAS CITY, Mo.--(BUSINESS WIRE)--EPR Properties (NYSE:EPR) today announced that its Board of Trustees has declared its monthly cash dividend to common shareholders. The dividend of $0.31 per common share is payable June 15, 2026 to shareholders of record on May 29, 2026. This dividend represents an annualized dividend of $3.72 per common share.
About EPR Properties
EPR Properties (NYSE:EPR) is the leading diversified experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry. We focus on real estate venues which create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We have total assets of approximately $5.7 billion (after accumulated depreciation of approximately $1.8 billion) across 42 states and Canada. We adhere to rigorous underwriting and investing criteria centered on key industry, property and tenant level cash flow standards. We believe our focused approach provides a competitive advantage and the potential for stable and attractive returns. Further information is available at www.eprkc.com.
EPR Properties (EPR - Free Report) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.
Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.
As such, the Zacks rating upgrade for EPR Properties is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for EPR Properties imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for EPR PropertiesThis real estate investment trust is expected to earn $5.40 per share for the fiscal year ending December 2026, which represents no year-over-year change.
Analysts have been steadily raising their estimates for EPR Properties. Over the past three months, the Zacks Consensus Estimate for the company has increased 2.6%.
Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of EPR Properties to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
EPR Properties offers a compelling 6.4% yield and 6% projected AFFO growth, appealing to income-focused investors. EPR trades at a discounted 10.7x forward P/AFFO, with potential for re-rating as the portfolio transitions away from theaters. Management raised 2026 AFFO, investment, and disposition guidance following strong Q1 results and increased investment activity.
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KANSAS CITY, Mo.--(BUSINESS WIRE)--EPR Properties (NYSE:EPR) announced today that its Chairman and CEO Gregory Silvers, will make a presentation regarding the Company at Nareit's REITweek: 2026 Investor Conference in New York, NY on June 2, 2026 at 1:45 PM Eastern Time. The audio-only webcast and replay can be accessed via the Webcasts page in the Investor Center on the Company’s website located at http://investors.eprkc.com/webcasts.
About EPR Properties
EPR Properties (NYSE:EPR) is the leading diversified experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry. We focus on real estate venues that create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We have total assets of approximately $5.7 billion (after accumulated depreciation of approximately $1.8 billion) across 42 states and Canada. We adhere to rigorous underwriting and investing criteria centered on key industry, property and tenant level cash flow standards. We believe our focused approach provides a competitive advantage and the potential for stable and attractive returns. Further information is available at www.eprkc.com.
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OSLO, Norway, June 9, 2026 /PRNewswire/ -- Agilyx ASA (OSE: AGLX | OTCQX: AGXXF) ("Agilyx") today announces that its majority-held subsidiary GreenDot and osapiens have entered into a strategic partnership to bring to market an AI-powered Extended Producer Responsibility (EPR) packaging compliance software solution. Combining GreenDot's deep expertise in EPR compliance, packaging licensing, and producer responsibility schemes across Europe with the osapiens HUB — osapiens' AI-powered platform for sustainable growth — the partnership delivers the first integrated digital solution to make EPR and PPWR reporting across all EU markets seamless, scalable, and cost-efficient.
EPR Properties remains a Hold after strong Q1 2026 results and a 56% total return since May 2024. EPR's 335-property portfolio boasts 99% occupancy, robust 2.0x tenant coverage, and positive box office trends supporting its theater segment. The recent $315M entertainment park acquisition and increased 2026 investment guidance ($500M–$600M) underpin continued FFO and AFFO growth.
EPR Properties is rated Buy, reflecting a post-COVID growth acceleration and a 6%+ dividend yield. EPR is shifting its portfolio away from theaters and education, targeting pure-play experiential assets for improved growth and valuation. Q1 results showed AFFO/share up 6.6% y/y, with 2024 FFOAA/share guidance implying 6.5% growth and increased investment activity.
Delray Beach, FL , June 12, 2026 (GLOBE NEWSWIRE) -- In terms of value, the Textile Recycling Market size is expected to reach USD 11.88 billion in 2030 from USD 8.41 billion in 2025, at a CAGR of 7.2% from 2026 to 2030, as per the recent study by MarketsandMarkets™. The demand for textile recycling is increasing due to environmental, economic, and regulatory factors. As global textile use and fast fashion expand quickly, large quantities of textile waste are produced, most of which end up in landfills or incinerators. This has led to serious concerns about pollution, resource depletion, and climate change. Consumers are becoming more eco-conscious, encouraging brands to adopt circular business models and include recycled materials. Meanwhile, governments worldwide are enacting stricter regulations, such as Extended Producer Responsibility (EPR) and landfill bans, prompting manufacturers to manage waste more responsibly. Mechanical and chemical recycling advances are also making it more practical and scalable to process complex fiber blends. Additionally, recycled textiles offer long-term cost savings and support ESG goals, making them popular for industries aiming to boost sustainability efforts. This growing awareness is fuelling rapid growth in the sector.
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Browse in-depth TOC on “Textile Recycling Market”
248 - Market Data Tables
57 – Figures
231 - Pages
List of Key Players in Textile Recycling Market:
Lenzing AG (Austria),Birla Cellulose (India),HYOSUNG TNC (South Korea),Unifi, Inc (US),Renewcell (Sweden),Patagonia, Inc (US),Leigh Fibers (US),Martex Fiber (US),The Woolmark Company (Australia),Textile Recycling International (UK), Drivers, Opportunities and Challenges in Textile Recycling Market:
Drivers: Increasing textile waste due to decreased garment lifeRestraint: Usage of harmful chemicals.Opportunity: Expansion in emerging markets.Challenge: Lack of global textile waste traceability systems. Get Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=17543449
Key Findings of the Study:
Polyester & polyester fibers are expected to grow at the highest CAGR during the forecasted period.Pre-consumer textile waste is expected to register the highest growth in the textile recycling market, followed by textile waste.The online channel segment is expected to register the highest CAGR in the market, by distribution channel. Based on material, nylon and nylon fibers hold the third-largest market share in the textile recycling market by material segment due to their widespread use, durability, and recyclability. As a synthetic fiber known for its strength, elasticity, and resistance to abrasion, nylon is widely used in high-performance applications such as activewear, swimwear, hosiery, outdoor gear, and industrial textiles. Its durable properties make it especially suitable for reuse and recycling, particularly in industries where performance and longevity are important. Nylon’s recyclability, especially through chemical depolymerization methods, enables it to be broken down and reformed into high-quality fibers with performance features similar to virgin material. Additionally, leading brands and recyclers have invested in closed-loop systems and initiatives like Econyl (regenerated nylon made from waste materials such as fishing nets and fabric scraps), which have helped expand their presence in the recycled textile market. The rising focus on sustainable fashion and growing consumer demand for eco-friendly options have further boosted nylon's role, making it a key material in the transition toward circular textile production.
Based on end-use industry, home furnishing holds the third-largest market share in the textile recycling market due to its consistent demand for durable, cost-effective, and sustainable materials. This segment includes products such as curtains, upholstery, rugs, bed linens, and cushion covers that require large quantities of durable textiles. Recycled fibers, especially those made from cotton, polyester, and wool, are increasingly used in home furnishings as manufacturers aim to lower raw material costs and meet rising consumer demand for eco-friendly interior solutions. Moreover, large-scale construction and real estate projects are boosting demand for sustainable furniture options, particularly in markets with green building certifications and regulations that support circular materials. The home furnishing industry also benefits from simpler technical requirements compared to apparel or industrial uses, making it easier to incorporate recycled materials without sacrificing performance.
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Based on region, Europe holds the third-largest market share in the textile recycling industry because of its strong regulatory framework, established recycling infrastructure, and rising consumer demand for sustainable products. The European Union has been leading the way in promoting a circular economy, launching ambitious initiatives like the EU Strategy for Sustainable and Circular Textiles, which requires separate textile waste collection by 2025 and promotes using recycled fibers in new products. Countries such as Germany, the Netherlands, and France have put in place advanced sorting, reuse, and fiber recovery systems that support recycling of both post-consumer and post-industrial waste. Despite these efforts, Europe ranks third behind Asia-Pacific and North America, mainly because of higher production and consumption volumes in those regions. Still, Europe’s ongoing investments in innovation, policy-driven market changes, and public-private partnerships are steadily strengthening its position. The region’s emphasis on quality standards, environmental compliance, and ethical sourcing also helps ensure recycled textiles meet both sustainability and performance standards, boosting demand and future growth.
Browse Adjacent Markets Yarns Fabric & Textile Market Research Reports
Contact Data About MarketsandMarkets™: MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe. Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem. The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter , LinkedIn and Facebook . Contact: Mr. Rohan Salgarkar MarketsandMarkets™ INC. 1615 South Congress Ave. Suite 103, Delray Beach, FL 33445 USA: +1-888-600-6441 Email: [email protected] Visit Our Website: https://www.marketsandmarkets.com/
Manchester United Plc's (NYSE:MANU) New York-listed shares are on the buy list at UBS, with the Swiss bank eyeing Champions League qualification. An upgraded target price pitched at US$29.75, suggesting major upside from the current price of $17.77.
Manchester United Ltd. (NYSE:MANU – Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $16.54 and traded as high as $17.84. Manchester United shares last traded at $17.5850, with a volume of 214,128 shares trading hands.
Analyst Upgrades and Downgrades Several brokerages have recently issued reports on MANU. Wall Street Zen cut Manchester United from a “hold” rating to a “strong sell” rating in a research note on Saturday, December 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Manchester United in a research note on Monday, December 22nd. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Manchester United has an average rating of “Sell”.
Read Our Latest Stock Analysis on MANU
Manchester United Stock Performance The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of -251.18 and a beta of 0.58. The company has a debt-to-equity ratio of 2.52, a current ratio of 0.32 and a quick ratio of 0.30. The firm has a 50 day moving average price of $17.20 and a 200-day moving average price of $16.54.
Manchester United (NYSE:MANU – Get Free Report) last announced its quarterly earnings data on Thursday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.06). The company had revenue of $255.92 million during the quarter, compared to analyst estimates of $251.72 million. Manchester United had a negative net margin of 1.39% and a negative return on equity of 4.85%. As a group, sell-side analysts expect that Manchester United Ltd. will post -0.74 earnings per share for the current fiscal year.
Institutional Trading of Manchester United Hedge funds and other institutional investors have recently bought and sold shares of the business. Raymond James Financial Inc. acquired a new stake in Manchester United in the second quarter valued at $29,000. Quarry LP acquired a new stake in Manchester United in the fourth quarter valued at $30,000. Garner Asset Management Corp acquired a new stake in Manchester United in the fourth quarter valued at $97,000. Quantbot Technologies LP raised its stake in Manchester United by 105.3% in the second quarter. Quantbot Technologies LP now owns 6,380 shares of the company’s stock valued at $114,000 after buying an additional 3,273 shares in the last quarter. Finally, Saranac Partners Ltd acquired a new stake in Manchester United in the third quarter valued at $169,000. 23.34% of the stock is currently owned by institutional investors and hedge funds.
About Manchester United (Get Free Report)
Manchester United plc is a global sports and entertainment company best known for its ownership and operation of Manchester United Football Club, one of the most prominent professional football clubs in the world. The company’s core activities include the organization and promotion of competitive football matches, management of club facilities such as Old Trafford stadium, and the development of youth and academy programs. As a publicly traded entity on the New York Stock Exchange (NYSE: MANU), Manchester United plc leverages its status to expand commercial partnerships and broaden its international footprint.
The company’s revenue streams are diversified across matchday operations, broadcast rights, commercial partnerships, and licensing and merchandising.
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Inspirato (NASDAQ:ISPO – Get Free Report) and Manchester United (NYSE:MANU – Get Free Report) are both consumer discretionary companies, but which is the better investment? We will compare the two businesses based on the strength of their earnings, institutional ownership, profitability, analyst recommendations, risk, valuation and dividends.
Institutional and Insider Ownership 39.5% of Inspirato shares are held by institutional investors. Comparatively, 23.3% of Manchester United shares are held by institutional investors. 50.0% of Inspirato shares are held by insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a stock is poised for long-term growth.
Profitability This table compares Inspirato and Manchester United’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Inspirato -4.24% N/A -4.10% Manchester United -1.39% -4.85% -0.56% Risk and Volatility Inspirato has a beta of -0.03, suggesting that its stock price is 103% less volatile than the S&P 500. Comparatively, Manchester United has a beta of 0.58, suggesting that its stock price is 42% less volatile than the S&P 500.
Analyst Ratings This is a summary of current ratings and recommmendations for Inspirato and Manchester United, as reported by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Inspirato 1 0 0 0 1.00 Manchester United 1 0 0 0 1.00 Valuation and Earnings This table compares Inspirato and Manchester United”s top-line revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Inspirato $247.65 million 0.22 -$5.39 million ($0.87) -4.90 Manchester United $862.42 million 3.58 -$42.74 million ($0.07) -255.86 Inspirato has higher earnings, but lower revenue than Manchester United. Manchester United is trading at a lower price-to-earnings ratio than Inspirato, indicating that it is currently the more affordable of the two stocks.
Summary Manchester United beats Inspirato on 6 of the 11 factors compared between the two stocks.
About Inspirato (Get Free Report)
Inspirato Incorporated, together with its subsidiaries, operates as a subscription-based luxury travel company. The company's portfolio includes luxury vacation homes, and accommodations at luxury hotels and resorts, as well as luxury safaris, cruises, custom-designed itineraries, and other experiences. It is involved in solving critical pain points for hospitality suppliers seeking to monetize their property with rental income. In addition, the company offers Inspirato Pass for member to book pass trips; Inspirato Club for members to book trips up to one year in advance Inspirato for Good, a platform designed to help nonprofit organizations accelerate funding results; Inspirato for Business, a business-to-business channel through which subscription and travel products are sold directly to businesses seeking to leverage luxury accommodations to recruit, retain, and reward their employees. The company was founded in 2010 and is headquartered in Denver, Colorado.
About Manchester United (Get Free Report)
Manchester United plc, together with its subsidiaries, owns and operates a professional sports team in the United Kingdom. It operates Manchester United Football Club, a professional football club. The company develops marketing and sponsorship relationships with international and regional companies to leverage its brand. It also markets and sells sports apparel, training and leisure wear, and other clothing; and other licensed products, such as coffee mugs and bed spreads featuring the Manchester United brand and trademarks, as well as distributes these products through Manchester United branded retail centers and e-commerce platforms, and through the company’s partners’ wholesale distribution channels. In addition, the company distributes live football content directly, as well as through commercial partners; broadcasts television rights relating to the Premier League, Union of European Football Associations club competitions, and other competitions; and delivers Manchester United programming through MUTV television channel to territories worldwide. Further, it operates Old Trafford, a sports venue with 74,240 seats, as well as invests in properties. The company was formerly known as Manchester United Ltd. changed its name to Manchester United plc in August 2012. Manchester United plc was founded in 1878 and is headquartered in Manchester, the United Kingdom.
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Studio City Ih (NYSE:MSC – Get Free Report) and Manchester United (NYSE:MANU – Get Free Report) are both consumer discretionary companies, but which is the better stock? We will compare the two companies based on the strength of their profitability, valuation, analyst recommendations, earnings, institutional ownership, risk and dividends.
Institutional and Insider Ownership 23.3% of Manchester United shares are held by institutional investors. 54.9% of Studio City Ih shares are held by insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a stock is poised for long-term growth.
Profitability This table compares Studio City Ih and Manchester United’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Studio City Ih -8.51% -9.60% -1.99% Manchester United -1.39% -4.85% -0.56% Risk and Volatility Studio City Ih has a beta of 0.07, meaning that its share price is 93% less volatile than the S&P 500. Comparatively, Manchester United has a beta of 0.58, meaning that its share price is 42% less volatile than the S&P 500.
Analyst Ratings This is a summary of current ratings and target prices for Studio City Ih and Manchester United, as reported by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Studio City Ih 1 0 0 0 1.00 Manchester United 1 0 0 0 1.00 Valuation and Earnings This table compares Studio City Ih and Manchester United”s top-line revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Studio City Ih $694.57 million 0.80 -$64.30 million ($0.31) -8.47 Manchester United $862.42 million 3.57 -$42.74 million ($0.07) -255.19 Manchester United has higher revenue and earnings than Studio City Ih. Manchester United is trading at a lower price-to-earnings ratio than Studio City Ih, indicating that it is currently the more affordable of the two stocks.
Summary Manchester United beats Studio City Ih on 9 of the 11 factors compared between the two stocks.
About Studio City Ih (Get Free Report)
Studio City International Holdings Limited operates an entertainment resort in Macau. It operates Studio City Casino, comprising gaming tables, including tables for VIP rolling chip operations and gaming machines; and resort, which offers various non-gaming attractions, including figure-8 ferris wheel, night club and karaoke venue, live performance arena, and an outdoor and indoor water park, as well as hotel rooms and various food and beverage establishments, and retail space. The company was formerly known as Cyber One Agents Limited and changed its name to Studio City International Holdings Limited in January 2012. The company was founded in 2000 and is based in Central, Hong Kong. Studio City International Holdings Limited is a subsidiary of MCO Cotai Investments Limited.
About Manchester United (Get Free Report)
Manchester United plc, together with its subsidiaries, owns and operates a professional sports team in the United Kingdom. It operates Manchester United Football Club, a professional football club. The company develops marketing and sponsorship relationships with international and regional companies to leverage its brand. It also markets and sells sports apparel, training and leisure wear, and other clothing; and other licensed products, such as coffee mugs and bed spreads featuring the Manchester United brand and trademarks, as well as distributes these products through Manchester United branded retail centers and e-commerce platforms, and through the company’s partners’ wholesale distribution channels. In addition, the company distributes live football content directly, as well as through commercial partners; broadcasts television rights relating to the Premier League, Union of European Football Associations club competitions, and other competitions; and delivers Manchester United programming through MUTV television channel to territories worldwide. Further, it operates Old Trafford, a sports venue with 74,240 seats, as well as invests in properties. The company was formerly known as Manchester United Ltd. changed its name to Manchester United plc in August 2012. Manchester United plc was founded in 1878 and is headquartered in Manchester, the United Kingdom.
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Manchester United has qualified for the Champions League, which will bring in additional revenue. Club valuation has doubled from $3.3 billion in 2016 to now $6.6 billion, according to Forbes. Future revenue growth will come from ticket price increases, continued strong on-the-field performance, and a new stadium.
Vancouver, British Columbia--(Newsfile Corp. - May 7, 2026) - Manhattan Uranium Discovery Corp., formerly "Aero Energy Limited" (TSXV: MANU) (OTC Pink: AAUGF) (FSE: J5B) ("Manhattan") Urano Energy Corp. (CSE: UE) (OTCQB: UECXF) ("Urano") and Pegasus Resources Inc. (TSXV: PEGA) ("Pegasus") are pleased to announce the successful completion of their previously announced business combinations, pursuant to which Manhattan has acquired all of the common shares of each of Urano and Pegasus by way of separate court approved plans of arrangement (the "Urano Arrangement" and the "Pegasus Arrangement", respectively, and together the "Arrangements"). The combined entity (the "Combined Company") shall continue under the name Manhattan Uranium Discovery Corp. and shall trade on the TSX Venture Exchange ("TSX-V") under the ticker symbol "MANU".
Strategic Rationale for the Transactions
Creation of a Leading North American Pure-Play Uranium Platform: Consolidates 15 past-producing uranium mines across 25 underexplored U.S. properties totaling 25,099 acres in the prolific Colorado Plateau region, complemented by high-grade exploration upside in Canada's world-class Athabasca Basin.Elite Uranium Team: Brings together a world-class management, technical, and capital markets team with decades of proven uranium discovery, development, and production success from senior leadership roles at EnCore Energy, NexGen Energy, Alpha Minerals, Union Carbide, and General Atomics.Expanded Historical Resource Base for Accelerated Growth: Consolidates a significant portfolio of historical uranium resources across multiple U.S. projects, positioning the Combined Company to accelerate exploration and development towards production.Positioned for the American Nuclear Renaissance: Features a high-quality portfolio of assets in premier U.S. jurisdictions, positioned to capitalize on surging domestic uranium demand and the growing national focus on energy security, with uranium now officially designated a critical mineral by the United States Geological Survey.Enhanced Capital Markets Profile and Liquidity: Significantly strengthens the Combined Company's market visibility and peer-group standing driving greater investor interest, share momentum, and potential inclusion in uranium-focused indices and ETFs.William Sheriff, Incoming Chairman and Director of Manhattan, stated: "By bringing together complementary teams and assets, the successful closing of the Urano and Pegasus acquisitions creates a significantly stronger platform with greater scale and visibility for Manhattan Uranium Discovery Corp. This combination expands our collective impact - allowing us to align our technical expertise, prioritize the most compelling catalysts, and advance our consolidated portfolio with greater focus and discipline as uranium becomes increasingly strategic to North American energy security."
Galen McNamara, Chief Executive Officer and Director of Manhattan, stated: "With the successful closing of the Urano and Pegasus acquisitions, Manhattan Uranium Discovery Corp. is now one of North America's most compelling pure-play uranium platforms. Our board and management team bring decades of uranium discovery success, project advancement, and public-market execution. That experience is critical as uranium re-emerges as a strategic priority for North American energy security. By consolidating 15 past-producing mines, a strong historical resource base, and high-grade Athabasca Basin potential, we are positioned to build meaningful scale, focus capital on the highest-impact catalysts, and deliver value at this pivotal time for the sector."
Figure 1: Project Locations
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https://images.newsfilecorp.com/files/8126/285891_0a4b6900342b7844_001full.jpg
Figure 2: Colorado Plateau Project Locations
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https://images.newsfilecorp.com/files/8126/285891_0a4b6900342b7844_002full.jpg
Board of Directors of the Combined Company
The Combined Company's board of directors will be comprised of William Sheriff as Chairman, Galen McNamara, John Hamrick, Grace Marosits, and Garrett Ainsworth.
Securities Issued Under the Arrangements
Urano
Under the terms of the Urano Arrangement, each Urano shareholder received 0.2 Manhattan common shares (the "Manhattan Shares") for each common share of Urano held, representing an aggregate issuance of 40,415,959 Manhattan Shares to each of the former Urano shareholders. Unexercised Urano warrants will now entitle the holder to acquire 0.2 Manhattan Shares for each Urano common share previously provided for at an exercise price adjusted in accordance with such exchange ratio. Unexercised Urano stock options will be exchanged for replacement options to acquire 0.2 Manhattan Shares for each Urano common share previously provided for at an exercise price adjusted in accordance with such exchange ratio. All other terms and conditions of the Urano warrants and Urano stock options will be the same, provided the Manhattan replacement options will be governed by the terms of Manhattan's stock option plan. Based on the outstanding Urano warrants as of the effective time of the Urano Arrangement, an aggregate of approximately 1,487,315 Manhattan Shares are issuable upon the exercise of pre-existing Urano warrants.
Pegasus
Under the terms of the Pegasus Arrangement, each Pegasus shareholder received 0.133 Manhattan common shares for each common share of Pegasus held, representing an aggregate issuance of 5,305,584 common Manhattan Shares to each of the former Pegasus shareholders. Unexercised Pegasus warrants will now entitle the holder to acquire 0.133 Manhattan Shares for each Pegasus common share previously provided for at an exercise price adjusted in accordance with such exchange ratio. Unexercised Pegasus stock options will be exchanged for replacement options to acquire 0.133 Manhattan Shares for each Pegasus common share previously provided for at an exercise price adjusted in accordance with such exchange ratio. All other terms and conditions of the Pegasus warrants and Pegasus stock options will be the same, provided the Manhattan replacement options will be governed by the terms of Manhattan's stock option plan. Based on the outstanding Pegasus warrants as of the effective time of the Pegasus Arrangement, an aggregate of approximately 1,442,020 Manhattan Shares are issuable upon the exercise of pre-existing Pegasus warrants.
Subscription Receipt Financing
Concurrent with the completion of the Urano Arrangement and the satisfaction of the escrow release conditions in connection with Manhattan's previously announced subscription receipt financing (the "Subscription Receipt Financing"), the 26,249,999 subscription receipts issued pursuant thereto automatically converted into units of Manhattan, resulting in the issuance of an aggregate of 26,249,999 common shares of Manhattan, and warrants entitling the holders to acquire an additional 26,249,999 common shares of Manhattan at an exercise price of $0.60 until March 31, 2028.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
Additional Information for Registered Urano and Pegasus Shareholders
Registered shareholders of Urano and Pegasus will receive shares of Manhattan to which they are entitled upon delivery to Computershare Trust Company of Canada ("Computershare") of their respective and/or as applicable a copy of the Direct Registration System advice(s) and completed letters of transmittal together with other required documents. Shareholders are encouraged to contact Computershare at 1-800-564-6253 or [email protected] for further information concerning the exchange process. The vast majority of shareholders of Urano and Pegasus are non-registered shareholders. Non-registered shareholders do not need to deposit share certificates or letters of transmittal. In addition, holders of warrants and options of Urano or Pegasus do not need to tender their certificates representing such securities and their current certificates will now entitle the holder to acquire Manhattan shares on the applicable terms described above.
Each of the Urano Arrangement and the Pegasus Arrangement was completed on an arm's length basis. Further information about the Arrangements is set forth in the materials prepared by Urano and Pegasus in respect of the special meetings of the shareholders of Urano and Pegasus which were mailed to the Urano and Pegasus shareholders and filed under Urano and Pegasus' profiles on SEDAR+ at www.sedarplus.ca.
Urano is expected to be de-listed from the Canadian Securities Exchange on or about May 8, 2026. Pegasus is expected to be de-listed from the TSXV on or about May 11, 2026. Manhattan also intends to submit an application to the applicable securities regulators to have Urano and Pegasus cease to be reporting issuers and terminate their public reporting obligations.
Upon the closing of the Arrangements, Eventus Capital Corp. was issued 250,000 units of Manhattan (the "Advisory Units") as partial consideration for financial advisory services provided to Manhattan, respectively, in connection with the Arrangements. The Advisory Units were issued at a deemed price of $0.40 per unit. Each Advisory Unit is comprised of one Manhattan Share and one Manhattan share purchase warrant with each whole warrant exercisable to acquire one Manhattan Share at an exercise price of $0.60 for a period of 24 months from issuance.
Early Warning Disclosure
Prior to the Arrangements, Manhattan held nil common shares of Urano and Pegasus. Following the completion of the Arrangements, Manhattan holds all of the issued and outstanding shares of Urano and Pegasus. An early warning report will be filed by Manhattan under Urano and Pegasus' respective SEDAR+ profiles at www.sedarplus.ca in accordance with applicable securities laws. A copy of the early warning report in respect of the acquisition of Urano and Pegasus may also be requested from Manhattan by mail at Suite 918, 1030 West Georgia Street, Vancouver, British Columbia V6E 2Y3.
Advisors and Counsel
Eventus Capital Corp. acted as exclusive financial advisor to Manhattan. Forooghian + Company Law Corporation acted as Canadian legal advisor to Manhattan. Morton Law LLP acted as Canadian legal advisor to Urano and Pegasus.
Legal Update
Further to the news release dated March 2, 2026, Manhattan is also pleased to advise that the civil action commenced against Manhattan in the State of Nevada pro-se by William Matlack in connection with historical transactions involving certain mineral claims located in Lander County, Nevada has been fully dismissed without any payment or settlement by Manhattan.
Bridge Loans
Further to the prior news release dated March 2, 2026, the bridge loans of $1,000,000 and $80,000 to Urano and Pegasus, respectively, shall remain in place as secured intercompany loans.
Stock Option Grant
Manhattan also announces that it has granted an aggregate of 6,200,000 incentive stock options (the "Options") to certain directors, officers and consultants of Manhattan pursuant to the Manhattan's stock option plan, which vest over a six month period, with each Option exercisable at a price of $0.40 to acquire one common share of Manhattan until May 7, 2031.
About Manhattan
Manhattan Uranium Discovery Corp. (TSXV: MANU) (OTC Pink: AAUGF) (FSE: J5B) is a newly formed North American uranium company committed to the discovery, development, and advancement of high-quality uranium assets. Following the successful acquisitions of Urano Energy and Pegasus Resources, Manhattan now holds a premier portfolio of 15 past-producing uranium mines across 25 underexplored properties covering 25,099 acres in the United States, complemented by high-grade exploration potential in Canada's Athabasca Basin.
Backed by an elite technical and management team with decades of uranium discovery, project advancement, and capital markets experience, Manhattan is strategically positioned to capitalize on the growing demand for domestic uranium and the American nuclear renaissance.
For more information about Manhattan, please visit: www.manhattanuranium.com
About Urano
Urano is a mineral exploration company which holds numerous advanced conventional uranium projects hosting historic resources and mining lode claims in the Colorado Plateau, a region with a rich history of uranium and vanadium mining. As the need and support for domestic uranium and nuclear energy in the United States advances, Urano is well positioned to complete the necessary work to advance permitting for key projects.
For more information about Urano, please visit: www.uranoenergy.com.
About Pegasus
Pegasus Resources Inc. is a Canadian uranium exploration company focused on advancing high-potential projects in the United States. Pegasus' flagship asset, the Jupiter Uranium Project in Utah, is a drill-ready property positioned for resource expansion. With a commitment to strengthening domestic uranium supply, Pegasus is strategically developing its portfolio to capitalize on the growing demand for nuclear energy.
For more information about Pegasus, please visit: www.pegasusresourcesinc.com.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
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X: https://x.com/manhattanurLinkedIn: https://www.linkedin.com/company/manhattanuranium/Cautionary Statement Regarding Forward-Looking Information
Certain information contained herein may constitute forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, that involve known and unknown risks, assumptions, uncertainties and other factors. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements may be identified by words like "anticipates", "estimates", "expects", "indicates", "forecast", "intends", "may", "believes", "could", "should", "would", "plans", "proposed", "potential", "will", "target", "approximate", "continue", "might", "possible", "predicts", "projects" and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include but are not limited to: statements regarding the combined entity continuing under the name Manhattan Uranium Discovery Corp.; the trading of the common shares of Manhattan on the TSX Venture Exchange under the ticker symbol "MANU"; the anticipated benefits of the Arrangements, including increased scale, visibility, liquidity and access to capital; the Combined Company's ability to advance its portfolio, prioritize exploration and development activities, and accelerate progress toward potential production; expectations regarding uranium market conditions, including growing demand and the role of nuclear energy in North American energy security; the receipt by registered shareholders of Urano and Pegasus of Manhattan common shares upon satisfaction of applicable conditions, including the delivery of required documentation; the termination of any reporting obligations and de-listing of Urano and Pegasus; the issuance of any common shares or warrants of Manhattan, and the entitlement of holders of warrants and options of Urano and Pegasus to acquire Manhattan common shares in accordance with the adjusted terms thereof.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the requirement for regulatory approvals; enhanced uncertainty in global financial markets as a result of the public health crises; unquantifiable risks related to government actions and interventions; stock market volatility; regulatory restrictions; and other related risks and uncertainties.
Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.
Manhattan undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/296564
Source: Manhattan Uranium Discovery Corp.
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Manchester United plc (NYSE: MANU), announces that it will report results for the third quarter fiscal 2026 period ended 31 March 2026 via press release on 27 May 2026 at 7:00 AM EST.
About Manchester United
Manchester United is one of the most popular and successful sports teams in the world, playing one of the most popular spectator sports on Earth. Through our 148-year football heritage we have won 69 trophies, enabling us to develop what we believe is one of the world’s leading sports and entertainment brands with a global community of 1.1 billion fans and followers, per latest available survey data from 2019. Our large, passionate, and highly engaged fan base provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and matchday initiatives which in turn, directly fund our ability to continuously reinvest in the club.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260513329305/en/
MANCHESTER, England--(BUSINESS WIRE)--Manchester United plc (NYSE: MANU), announces that it will report results for the third quarter fiscal 2026 period ended 31 March 2026 via press release on 27 May 2026 at 7:00 AM EST.
About Manchester United
Manchester United is one of the most popular and successful sports teams in the world, playing one of the most popular spectator sports on Earth. Through our 148-year football heritage we have won 69 trophies, enabling us to develop what we believe is one of the world’s leading sports and entertainment brands with a global community of 1.1 billion fans and followers, per latest available survey data from 2019. Our large, passionate, and highly engaged fan base provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and matchday initiatives which in turn, directly fund our ability to continuously reinvest in the club.
Vancouver, British Columbia--(Newsfile Corp. - May 21, 2026) - Manhattan Uranium Discovery Corp. (TSXV: MANU) (OTC Pink: MAUUF) (FSE: J5B0) ("Manhattan" or the "Company") is pleased to announce that the U.S. Forest Service has approved the Apex Plan of Operations, authorizing drilling to advance high-priority uranium exploration at the Company's Apex Uranium Project in Lander County, Nevada. This approval clears the way for the construction of up to seven drill pads, a staging area, new temporary road access and limited cross-country travel.
Key Highlights
Drill Permit Secured: U.S. Forest Service has approved the Apex Plan of Operations, delivering a critical regulatory milestone at the Apex Uranium Project in Lander County, Nevada.Up to Seven Drill Pads Now Authorized: This approval green-lights construction of up to seven drill pads, a staging area, new temporary road access, and limited cross-country travel, while still limiting surface disturbance to just 0.93 acres.Advances Nevada's Largest Past-Producing Uranium Mine: Clears the path to test and expand high-grade historical uranium mineralization at the Apex Uranium Project - Nevada's largest past-producing uranium mine - which produced approximately 50% of Nevada's all-time uranium output, including standout historical intercepts of 34.1 metres at 0.37% U₃O₈ and 15.2 metres at 0.51% U₃O₈1,2,3. Minimal Environmental Footprint: The approved program is designed for low-impact exploration within a one-year window from the start of work on National Forest lands, consistent with Manhattan's commitment to responsible development.Strengthens Consolidated U.S. Uranium Platform: Delivers a key regulatory milestone at the Apex Project, enhancing Manhattan's premier North American pure-play uranium platform of 15 past-producing mines on 25 underexplored U.S. properties following the recent acquisitions of Urano Energy Corp. and Pegasus Resources Inc.National Energy Security Priorities: The approval supports recent U.S. Executive Orders aimed at expanding domestic uranium production, strengthening the nuclear fuel supply chain, and advancing energy independence and national security.
Figure 1: Map of the Apex Uranium Project
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8126/298364_26f299e714ec4bae_001full.jpg
"Receipt of our Apex Plan of Operations approval from the U.S. Forest Service is a pivotal milestone for Manhattan. Nevada has never seen a modern drill program on its largest historical uranium producer, and we are now positioned to change that. Years in the making, this approval comes at a critical time as domestic uranium supply has become a national priority," stated William Sheriff, Chairman of Manhattan.
"Apex has always stood out in our portfolio, Nevada's largest past-producing uranium mine, with historical intercepts of up to 34.1 metres of 0.37% U₃O₈, and surface sampling returning up to 1.00% U₃O₈ across approximately three kilometres of showings. This Plan of Operations approval clears the path for the first modern drill program in the project's history," stated Galen McNamara, CEO of Manhattan.
The Apex Plan of Operations Approval
The U.S. Forest Service has formally approved the Apex Plan of Operations, authorizing Manhattan to conduct mineral exploration activities on National Forest System lands within the Austin-Tonopah Ranger District of the Humboldt-Toiyabe National Forest in Lander County, Nevada. The approved program includes the construction of up to seven drill pads, a staging area, new temporary road access, and limited cross-country travel. Total surface disturbance associated with the program is limited to just 0.93 acres and is scheduled to occur within a one-year period once surface-disturbing activities commence.
Under U.S. Forest Service regulations (36 CFR 228 Subpart A), a Plan of Operations is the required permitting instrument for mineral exploration projects on National Forest lands that involve surface disturbance beyond casual use. The Apex Plan was originally submitted in September 2022 and underwent multiple rounds of review before receiving final approval on May 18, 2026, following the signing of the Findings and Applicability of No Extraordinary Circumstances (FANEC) on May 14, 2026. This approval represents a significant de-risking milestone for the project, confirming that the proposed low-impact exploration activities are consistent with environmental standards and forest management objectives.
The approval is conditional upon the Company posting the required financial assurance of $18,636 to guarantee reclamation of the disturbed areas. Once the bond is accepted and confirmed by the U.S. Forest Service, Manhattan is expected to receive a letter authorizing the commencement of surface-disturbing work. The Company will continue to work closely with U.S. Forest Service staff on finalizing the bonding process and ensuring full compliance with all federal, state, and local requirements.
Additionally, the Company developed and submitted a comprehensive Uranium Safety Management Plan as a key component of the final Plan of Operations package. This detailed plan establishes site-specific protocols for radiation safety, environmental monitoring, worker protection, and best management practices tailored specifically to uranium exploration activities on National Forest lands. The proactive preparation and submission of the Uranium Safety Management Plan played an important role in demonstrating the Company's commitment to safe, responsible operations and contributed directly to securing final approval from the U.S. Forest Service.
Alignment with U.S. National Energy Security Priorities
This approval aligns directly with President Trump's Executive Order "Reinvigorating the Nuclear Industrial Base," signed on May 23, 2025. The Order directs federal agencies to strengthen America's domestic nuclear fuel supply chain, expand uranium mining and processing capacity, and reduce reliance on foreign sources of uranium in support of national energy security, energy independence, and economic growth. By securing Plan of Operations approval for the Apex Project - historically Nevada's largest past-producing uranium mine - Manhattan is positioned to contribute meaningfully to these national priorities through responsible, low-impact domestic uranium exploration.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Galen McNamara, P.Geo., CEO and Director of Manhattan, who is a Qualified Person as defined by NI 43-101. Mr. McNamara is not independent of the Company.
About Manhattan
Manhattan Uranium Discovery Corp. (TSXV: MANU) (OTC Pink: MAUUF) (FSE: J5B0) is a newly consolidated North American uranium company committed to the discovery, development, and advancement of high-quality uranium assets. Following the successful acquisitions of Urano Energy and Pegasus Resources, Manhattan now holds a premier portfolio of 15 past-producing uranium mines across 25 underexplored properties covering 25,099 acres in the United States, complemented by high-grade exploration potential in Canada's Athabasca Basin.
Backed by an elite technical and management team with decades of uranium discovery, project advancement, and capital markets experience, Manhattan is strategically positioned to capitalize on the growing demand for domestic uranium and the American nuclear renaissance.
For more information about Manhattan, please visit: www.manhattanuranium.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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X: https://x.com/manhattanurLinkedIn: https://www.linkedin.com/company/manhattanuranium/On behalf of the Board of Directors
Galen McNamara
CEO & Director
1 (604) 288-8046 [email protected]
References
Mathisen, M. Technical Report on the Apex Uranium Mine Project, Lander County, Nevada, USA, Report for NI 43-101. 2022 (the "Technical Report"), 66p. Unless otherwise specified, all scientific and technical information related to the Apex Uranium Project herein is derived from the Technical Report. Such information is subject to all of the assumptions, qualifications and procedures set out in the Technical Report and reference should be made to the full text of the Technical Report, a copy of which is available on www.sedarplus.ca.Nevada Bureau Mines File 38900084, Plan map of underground workings, sampling and drill holes at the Apex mine 1959, by Harry Hughes, Mining GeologistNevada Bureau Mines File 60000269, Report on Mines of Apex Minerals Corporation 1957, by Harry H. Hughes, Mining Geologist. (pg. 4). FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian and United States securities legislation (collectively, "forward-looking statements"). All statements in this release, other than statements of historical fact, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "may", "will", "expect", "intend", "believe", "anticipate", "estimate", "target", "plan", "potential", "could" or similar terminology. Forward-looking statements in this release include, without limitation the results from work performed to date; the estimation of mineral resources; the realization of mineral resource estimates; the development, operational and economic results of technical reports on mineral properties referenced herein; magnitude or quality of mineral deposits; the anticipated advancement of the Company's mineral properties and project portfolios, including but not limited to proposed drilling and other operational programs and plans referenced herein, including the timing, scope and execution thereof and remaining approvals; exploration expenditures, costs and timing of the development of new deposits; underground exploration potential; costs and timing of future exploration; the completion and timing of future development studies; estimates of metallurgical recovery rates; exploration prospects of mineral properties; requirements for additional capital; the future price of metals; government regulation of mining operations; current geopolitical developments, including but not limited to U.S. government policy, environmental risks; the timing and possible outcome of pending regulatory matters, including but not limited to the payment of bonds in connection with the proposed programs and plans referenced herein; the realization of the expected economics of mineral properties; future growth potential of mineral properties; and future plans, projections, objectives, estimates and forecasts and the timing related thereto.
Forward-looking statements are based on management's current beliefs, expectations and assumptions, including, without limitation: that historical information is reliable; that future exploration activities will proceed as currently anticipated; that permits, equipment, personnel and contractors will be available on commercially reasonable terms; and that current commodity prices, labour availability, cost and regulatory frameworks will remain consistent with management's expectations. Although management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation: the risk that historical data may prove to be inaccurate or unverifiable; that exploration results may not support further work or drilling; that exploration activities may be delayed, restricted or not carried out as planned; that permits may be delayed or revoked; the absence of adverse conditions at mineral properties; the price of uranium and other metals remaining at levels that render mineral properties economic; the Company's ability to continue raising necessary capital to finance operations; and the ability to realize on any mineral resource and reserve estimates; the Company's ability to complete its planned exploration programs; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the business objectives of the Company; whether economic mineralization can be defined and, if it can be permitted for development; the uncertainty that any mineralization encountered on adjacent properties continues on to any of the Company's properties; the uncertainty that geological and/or geophysical and/or any trends, interpretations, or conclusions related to adjacent properties have relevance to any of the Company's properties; the uncertainty that the exploration season can be extended; changes in project parameters as plans to continue to be refined; the consequences and implications of the historical mining activities on the environment and whether such affects the potential exploration and/or development of any mining operation the Company's properties; the implications of claims from First Nations, Tribes, Tribal Councils or Tribal Governments and land claims settlements on the Company's projects; accidents, labour disputes and other risks of the mining industry, conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; future prices of metals; possible variations of mineral grade or recovery rates; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; title to properties; operational, technical and geological risks inherent in mineral exploration; changes in capital markets, economic conditions, regulatory developments and stakeholder relations; the other risks set out in the Company's public disclosure record under its profile on SEDAR+ (www.sedarplus.ca) and management's ability to anticipate and manage the foregoing risks and uncertainties.
The Company provides no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, other than as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/298364
Source: Manhattan Uranium Discovery Corp.
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MANCHESTER, England--(BUSINESS WIRE)--Manchester United is delighted to announce that Michael Carrick will continue as Head Coach of the men’s first-team, having signed a new contract which will run to 2028.
Carrick returned to United as Head Coach in January and was awarded the Premier League Manager of the Month award after victories against Manchester City and Arsenal in his first two games in charge. He has overseen qualification into next season’s UEFA Champions League with 11 wins from 16 games, accumulating the highest points tally in the Premier League since his arrival.
One of United’s most successful and decorated players, Carrick played 464 games for the club, winning five Premier League titles, the FA Cup, two League Cups, the UEFA Champions League, the UEFA Europa League and the FIFA Club World Cup.
Michael Carrick, head coach, said: “From the moment that I arrived here 20 years ago, I felt the magic of Manchester United.
“Carrying the responsibility of leading our special football club fills me with immense pride.
“Throughout the past five months this group of players have shown they can reach the standards of resilience, togetherness and determination that we demand here.
“Now it’s time to move forward together, with ambition and a clear sense of purpose. Manchester United and our incredible supporters deserve to be challenging for the biggest honours again.”
Jason Wilcox, Manchester United Director of Football, said: “Michael has thoroughly earned the opportunity to continue leading our men’s team. In the time he has been doing the role, we have seen positive results on the pitch, but more than that, an approach which aligns with the club’s values, traditions and history.
“Michael’s achievements in leading the club back to the Champions League should not be understated. He has forged a strong bond with the players and can be proud of the winning culture at Carrington and in the dressing room, which we are continuing to build.”
ABOUT MANCHESTER UNITED
Manchester United is one of the most popular and successful sports teams in the world, playing one of the most popular spectator sports on Earth. Through our 146-year heritage we have won 69 major trophies, enabling us to develop the world’s leading sports brand and a global community of 1.1 billion fans and followers. Our large, passionate community provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, new media & mobile, broadcasting and match day.
MANCHESTER, England--(BUSINESS WIRE)--Manchester United (NYSE: MANU; the “Company,” the “Group” and the “Club”) today announced financial results for the 2026 fiscal third quarter ended 31 March 2026.
Management Commentary
Omar Berrada, Chief Executive Officer, commented, “We feel very positive about the club’s progress this season and the continuing positive impact of our business transformation initiatives. Finishing third in the Premier League and securing qualification to next season’s UEFA Champions League is testament to our men’s team’s improved form on the pitch. Michael Carrick has done an excellent job in the 17 games he has overseen and we are delighted that he will continue as Head Coach.
Our women’s team reached the quarter final in the UEFA Women’s Champions League and also reached the final of the League Cup for the first time and will be participating once again in the World Sevens Series. On the academy side, reaching the FA Youth Cup and PL2 play-off finals is also an indication of our continued commitment to youth development.”
Outlook
For fiscal 2026, the Company increases its revenue guidance to £655 million to £665 million. The Company also raises its Adjusted EBITDA guidance to between £200 million and £210 million. The club remains committed to, and in compliance with, both the Premier League’s Profit and Sustainability Rules and UEFA’s Financial Fair Play Regulations.
Phasing of Premier League games
Quarter 1
Quarter 2
Quarter 3
Quarter 4
Total
2025/26 season
6
13
12
7
38
2024/25 season
6
13
10
9
38
2023/24 season
7
13
9
9
38
Key Financials (unaudited)
£ million (except loss per share)
Three months ended
31 March
Nine months ended
31 March
2026
2025
Change
2026
2025
Change
Commercial revenue
82.4
74.7
10.3%
245.1
245.1
-
Broadcasting revenue
64.9
41.3
57.1%
157.1
134.2
17.1%
Matchday revenue
42.2
44.5
(5.2%)
117.9
123.0
(4.1%)
Total revenue
189.5
160.5
18.1%
520.1
502.3
3.5%
Adjusted EBITDA(1)
84.7
51.2
65.4%
187.5
145.3
29.0%
Operating profit/(loss)
5.1
0.7
628.6%
37.7
(3.2)
-
Loss for the period (i.e. net loss)
(11.8)
(2.7)
(337.0%)
(14.3)
(29.1)
50.9%
Basic loss per share (pence)
(6.83)
(1.57)
(335.0%)
(8.25)
(17.09)
51.7%
Adjusted profit/(loss) for the period (i.e. adjusted net profit/(loss))(1)
5.1
(5.5)
-
6.6
(12.1)
-
Adjusted basic earnings/(loss) per share (pence)(1)
2.95
(3.19)
-
3.85
(7.07)
-
Non-current borrowings in USD (contractual currency)(2)
$650.0
$650.0
0.0%
$650.0
$650.0
0.0%
(1) Adjusted EBITDA, adjusted loss for the period and adjusted basic loss per share are non-IFRS measures. See “Non-IFRS Measures: Definitions and Use” on page 6 and the accompanying Supplemental Notes for the definitions and reconciliations for these non-IFRS measures and the reasons we believe these measures provide useful information to investors regarding the Group’s financial condition and results of operations.
(2) In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. The outstanding balance of the revolving credit facility as of 31 March 2026 was £260.0 million and total current borrowings including accrued interest payable was £262.5 million.
Revenue Analysis
Commercial
Commercial revenue for the quarter was £82.4 million, an increase of £7.7 million, or 10.3%, over the prior year quarter.
Sponsorship revenue was £38.5 million, a decrease of £4.0 million, or 9.4%, over the prior year quarter, primarily due to the Club’s training kit sponsorship agreement with Tezos in the prior year, which ended before the start of the 2025/26 season, partially offset by other changes in our commercial partner mix. Retail, Merchandising, Apparel & Product Licensing revenue was £43.9 million, an increase of £11.7 million, or 36.3%, over the prior year quarter, due to stronger trading related to improved on pitch performance, combined with a one-off credit relating to amended terms of our in-house e-commerce business launched in the prior year. Broadcasting
Broadcasting revenue for the quarter was £64.9 million, an increase of £23.6 million, or 57.1%, over the prior year quarter, primarily due to the men’s first team estimating a higher Premier League finishing position for the 2025/26 season versus the 2024/25 season, combined with an increased value of the Premier League’s latest international broadcasting rights cycle.
Matchday
Matchday revenue for the quarter was £42.2 million, a decrease of £2.3 million, or 5.2%, over the prior year quarter, due to playing 3 fewer home matches compared to the prior year quarter, partially offset by improved performance of our Matchday revenue sector on a per game basis.
Other Financial Information
Operating expenses
Total operating expenses for the quarter were £179.1 million, an increase of £17.0 million, or 10.5%, over the prior year quarter.
Employee benefit expenses
Employee benefit expenses for the quarter were £70.8 million, a decrease of £0.4 million, or 0.6%, over the prior year quarter. The club continues to see the financial benefits of headcount reduction programs implemented during the prior year.
Other operating expenses
Other operating expenses for the quarter were £34.0 million, a decrease of £4.1 million, or 10.8%, over the prior year quarter. This is primarily due to decreased matchday costs associated with playing 3 fewer home matches in the quarter.
Depreciation and amortization
Depreciation for the quarter was £5.3 million, compared to £4.2 million in the prior year quarter. Amortization for the quarter was £52.4 million, an increase of £6.5 million, or 14.2%, over the prior year quarter, due to investment in the first team playing squad. The unamortized balance of registrations on 31 March 2026 was £520.8 million.
Exceptional items
Exceptional items for the quarter were a cost of £16.7 million, primarily as a result of costs associated with the exit of former men’s first team head coach Ruben Amorim, along with certain members of his coaching team. Exceptional items for the prior year quarter were a cost of £2.7 million, as result of compensation for loss of office costs incurred in relation to the restructuring of the club’s operations.
(Loss)/profit on disposal of intangible assets
Loss on disposal of intangible assets for the quarter was £5.2 million, primarily due to the write off of costs capitalised in respect of Ruben Amorim and certain members of his coaching team, compared to a profit of £2.3 million for the prior year quarter.
Net finance costs
Net finance costs for the quarter were £20.3 million, compared to £3.8 million in the prior year quarter. The movement was driven by an unfavourable swing in foreign exchange rates in the current quarter resulting in a £10.3 million unrealized foreign exchange loss on unhedged USD borrowings. This compares to a favourable swing in foreign exchange rates resulting in a £7.3 million unrealized foreign exchange gain on unhedged USD borrowings in the prior year quarter.
Income tax
The income tax credit for the quarter was £3.4 million, compared to a credit of £0.4 million in the prior year quarter.
Cash flows
Overall cash and cash equivalents (including the effects of exchange rate movements) increased by £16.5 million in the quarter to 31 March 2026, compared to a decrease of £22.5 million in the prior year quarter.
Net cash inflow from operating activities for the quarter was £27.3 million, compared to a net cash inflow in the prior year quarter of £22.3 million.
Net capital expenditure on property, plant and equipment for the quarter was £0.7 million, a decrease of £16.2 million over the prior year quarter, due to the significant improvements to our Carrington training facility that took place in the prior year.
Net cash inflow in relation to intangible assets for the quarter was £21.4 million, compared to net capital expenditure of £31.3 million in the prior year quarter. The current year quarter includes the impact of proceeds raised from the sale of future dated transfer fee receivables due from other football clubs.
Net cash outflow from financing activities for the quarter was £30.5 million, compared to a net cash outflow of £0.1 million in the prior year quarter. The current year quarter movement is mostly driven by a £30.0 million net repayment on our revolving credit facility.
Balance sheet
Our USD non-current borrowings as of 31 March 2026 were $650 million, which was unchanged from 31 March 2025. As a result of the year-on-year change in the USD/GBP exchange rate from 1.2913 at 31 March 2025 to 1.3216 at 31 March 2026, our non-current borrowings when converted to GBP were £490.1 million, compared to £500.9 million at the prior year quarter.
In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. Current borrowings at 31 March 2026 were £262.5 million compared to £212.3 million at 31 March 2025.
As of 31 March 2026, cash and cash equivalents were £60.9 million compared to £73.2 million at the prior year quarter. This movement is detailed further in the Statement of Cash Flows on page 11 of this release.
About Manchester United
Manchester United is one of the most popular and successful sports teams in the world, playing one of the most popular spectator sports on Earth. Through our 148-year football heritage we have won 69 trophies, enabling us to develop what we believe is one of the world’s leading sports and entertainment brands with a global community of 1.1 billion fans and followers, per latest available survey data from 2019. Our large, passionate, and highly engaged fan base provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and matchday initiatives which in turn, directly fund our ability to continuously reinvest in the club.
Cautionary Statements
This press release contains forward-looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to the Company’s operations and business environment, all of which are difficult to predict and many are beyond the Company’s control. These statements often include words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or similar expressions. The forward-looking statements contained in this press release are based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual financial results or results of operations and could cause actual results to differ materially from those in these forward-looking statements. These factors are more fully discussed in the “Risk Factors” section and elsewhere in the Company’s Registration Statement on Form F-1, as amended (File No. 333-182535) and the Company’s Annual Report on Form 20-F (File No. 001-35627) as supplemented by the risk factors contained in the Company’s other filings with the Securities and Exchange Commission.
Non-IFRS Measures: Definitions and Use
1. Adjusted EBITDA
Adjusted EBITDA is defined as loss for the period before depreciation, amortization, exceptional items, profit on disposal of intangible assets, net finance costs and tax.
Adjusted EBITDA is useful as a measure of comparative operating performance from period to period and among companies as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect of our asset base (primarily depreciation and amortization), material volatile items (primarily profit on disposal of intangible assets and exceptional items), capital structure (primarily finance costs), and items outside the control of our management (primarily taxes). Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS as issued by the IASB. A reconciliation of loss for the period to adjusted EBITDA is presented in supplemental note 2.
2. Adjusted profit/(loss) for the period (i.e. adjusted net profit/(loss))
Adjusted profit/(loss) for the period is calculated, where appropriate, by adjusting for charges/credits related to exceptional items, foreign exchange gains/losses on unhedged US dollar denominated borrowings (including foreign exchange losses immediately reclassified from the hedging reserve following change in contract currency denomination of future revenues), and fair value movements on embedded foreign exchange derivatives and foreign currency options, adding/subtracting the actual tax expense/credit for the period, and subtracting/adding the adjusted tax expense/credit for the period (based on an normalized tax rate of 25%). The normalized tax rate of 25% is the current UK corporation tax rate. A reconciliation of loss for the period to adjusted profit/(loss) for the period is presented in supplemental note 3.
3. Adjusted basic and diluted earnings/(loss) per share
Adjusted basic and diluted earnings/(loss) per share are calculated by dividing the adjusted profit/(loss) for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted earnings/(loss) per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume conversion of all dilutive potential ordinary shares. There is one category of dilutive potential ordinary shares: share awards pursuant to the 2012 Equity Incentive Plan (the “Equity Plan”). Share awards pursuant to the Equity Plan are assumed to have been converted into ordinary shares at the beginning of the financial year. Adjusted basic and diluted earnings/(loss) per share are presented in supplemental note 3.
Key Performance Indicators
Three months ended
Nine months ended
31 March
31 March
2026
2025
2026
2025
Revenue
Commercial % of total revenue
43.4%
46.6%
47.1%
48.8%
Broadcasting % of total revenue
34.3%
25.7%
30.2%
26.7%
Matchday % of total revenue
22.3%
27.7%
22.7%
24.5%
2025/26
Season
2024/25
Season
2025/26
Season
2024/25
Season
Home Matches Played
PL
5
5
15
15
UEFA competitions
-
2
-
5
Domestic Cups
1
2
1
4
Away Matches Played
PL
7
5
16
14
UEFA competitions
-
2
-
5
Domestic Cups
-
1
1
2
Other
Employee benefit expenses % of revenue
37.4%
44.4%
42.2%
46.6%
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
(unaudited; in £ thousands, except per share and shares outstanding data)
Three months ended
31 March
Nine months ended
31 March
2026
2025
2026
2025
Revenue from contracts with customers
189,497
160,564
520,149
502,329
Operating expenses
(179,190
)
(162,128
)
(525,508
)
(544,206
)
(Loss)/profit on disposal of intangible assets
(5,201
)
2,271
43,019
38,662
Operating profit/(loss)
5,106
707
37,660
(3,215
)
Finance costs
(26,758
)
(13,783
)
(63,309
)
(44,749
)
Finance income
6,439
10,019
7,609
12,018
Net finance costs
(20,319
)
(3,764
)
(55,700
)
(32,731
)
Loss before income tax
(15,213
)
(3,057
)
(18,040
)
(35,946
)
Income tax credit
3,436
347
3,806
6,820
Loss for the period
(11,777
)
(2,710
)
(14,234
)
(29,126
)
Basic loss per share:
Basic loss per share (pence)
(6.83
)
(1.57
)
(8.25
)
(17.09
)
Weighted average number of ordinary shares used as the denominator in calculating basic loss per share (thousands)
172,434
172,353
172,433
170,459
Diluted loss per share:
Diluted loss per share (pence) (1)
(6.83
)
(1.57
)
(8.25
)
(17.09
)
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted loss per share (thousands) (1)
172,434
172,353
172,433
170,459
(1) For the three and nine months ended 31 March 2026 and the three and nine months ended 31 March 2025, potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share, and hence have been excluded.
CONSOLIDATED BALANCE SHEET
(unaudited; in £ thousands)
As of
31 March
2026
30 June
2025
31 March
2025
ASSETS
Non-current assets
Property, plant and equipment
296,289
292,334
280,008
Right-of-use assets
3,043
7,145
7,394
Investment properties
19,224
19,433
19,503
Intangible assets
949,358
966,457
942,507
Deferred tax assets
29,472
24,927
25,336
Trade receivables
20,476
43,419
47,679
Derivative financial instruments
57
-
191
1,317,919
1,353,715
1,322,618
Current assets
Inventories
13,687
13,053
12,003
Prepayments
18,401
17,438
19,460
Contract assets – accrued revenue
77,431
19,528
40,882
Trade receivables
100,666
133,728
123,122
Other receivables
1,309
13,694
1,696
Derivative financial instruments
110
472
21
Cash and cash equivalents
60,935
86,105
73,211
272,539
284,018
270,395
Total assets
1,590,458
1,637,733
1,593,013
CONSOLIDATED BALANCE SHEET (continued)
(unaudited; in £ thousands)
As of
31 March
2026
30 June
2025
31 March
2025
EQUITY AND LIABILITIES
Equity
Share capital
56
56
56
Share premium
307,345
307,345
307,345
Treasury shares
(21,305
)
(21,305
)
(21,305
)
Merger reserve
249,030
249,030
249,030
Hedging reserve
(628
)
223
(550
)
Accumulated losses
(355,093
)
(341,616
)
(337,161
)
179,405
193,733
197,415
Non-current liabilities
Contract liabilities - deferred revenue
12,566
5,915
6,234
Trade and other payables
171,140
205,359
181,866
Borrowings
490,140
471,855
500,883
Lease liabilities
2,859
7,899
7,752
Derivative financial instruments
660
2,599
3,272
677,365
693,627
700,007
Current liabilities
Contract liabilities - deferred revenue
142,586
205,490
171,472
Trade and other payables
310,983
359,246
298,435
Income tax liabilities
651
566
1,022
Borrowings
262,458
165,119
212,318
Lease liabilities
485
572
836
Derivative financial instruments
2,476
3,403
4,333
Provisions
14,049
15,977
7,175
733,688
750,373
695,591
Total equity and liabilities
1,590,458
1,637,733
1,593,013
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited; in £ thousands)
Three months ended
31 March
Nine months ended
31 March
2026
2025
2026
2025
Cash flows from operating activities
Cash generated from operations (see supplemental Note 4)
38,403
34,767
42,719
2,168
Interest paid
(11,375
)
(12,952
)
(29,201
)
(31,723
)
Interest received
413
667
1,490
2,423
Tax paid
(72
)
(165
)
(370
)
(464
)
Net cash inflow/(outflow) from operating activities
27,369
22,317
14,638
(27,596
)
Cash flows from investing activities
Payments for property, plant and equipment
(808
)
(16,856
)
(19,538
)
(34,091
)
Payments for intangible assets
(41,672
)
(36,063
)
(257,870
)
(239,720
)
Proceeds from sale of intangible assets
63,176
4,803
143,642
44,141
Net cash inflow/(outflow) from investing activities
20,696
(48,116
)
(133,766
)
(229,670
)
Cash flows from financing activities
Proceeds from issue of shares
-
-
-
79,985
Proceeds from borrowings
60,000
30,000
225,000
230,000
Repayment of borrowings
(90,000
)
(30,000
)
(125,000
)
(50,000
)
Debt finance costs paid
(353
)
-
(2,455
)
-
Principal elements of lease payments
(81
)
(102
)
(1,609
)
(293
)
Net cash (outflow)/inflow from financing activities
(30,434
)
(102
)
95,936
259,692
Effects of exchange rate movements on cash and cash equivalents
(1,102
)
3,570
(1,978
)
(2,764
)
Net increase/(decrease) in cash and cash equivalents
16,529
(22,331
)
(25,170
)
(338
)
Cash and cash equivalents at beginning of period
44,406
95,542
86,105
73,549
Cash and cash equivalents at end of period
60,935
73,211
60,935
73,211
SUPPLEMENTAL NOTES
1 General information
Manchester United plc (the “Company”) and its subsidiaries (together the “Group”) is a men’s and women’s professional football club together with related and ancillary activities. The Company incorporated under the Companies Law (as amended) of the Cayman Islands.
2 Reconciliation of loss for the period to adjusted EBITDA
Three months ended
31 March
Nine months ended
31 March
2026
£’000
2025
£’000
2026
£’000
2025
£’000
Loss for the period
(11,777
)
(2,710
)
(14,234
)
(29,126
)
Adjustments:
Income tax credit
(3,436
)
(347
)
(3,806
)
(6,820
)
Net finance costs
20,319
3,764
55,700
32,731
Loss/(profit) on disposal of intangible assets
5,201
(2,271
)
(43,019
)
(38,662
)
Exceptional items
16,686
2,658
16,686
25,833
Amortization
52,352
45,867
161,104
148,560
Depreciation
5,309
4,254
15,115
12,803
Adjusted EBITDA
84,654
51,215
187,546
145,319
3 Reconciliation of loss for the period to adjusted profit/(loss) for the period and adjusted basic and diluted earnings/(loss) per share
Three months ended
31 March
Nine months ended
31 March
2026
£’000
2025
£’000
2026
£’000
2025
£’000
Loss for the period
(11,777
)
(2,710
)
(14,234
)
(29,126
)
Adjustments:
Exceptional items
16,686
2,658
16,686
25,833
Foreign exchange losses/(gains) on unhedged US dollar denominated borrowings
5,343
(7,285
)
10,258
(8,033
)
Fair value movement on embedded foreign exchange derivatives
(43
)
348
(51
)
2,079
Income tax credit
(3,436
)
(347
)
(3,806
)
(6,820
)
Adjusted profit/(loss) before income tax
6,773
(7,336
)
8,853
(16,067
)
Adjusted income tax credit (using a normalized tax rate of 25%)
(1,693
)
1,834
(2,213
)
4,017
Adjusted profit/(loss) for the period (i.e. adjusted net profit/(loss))
5,080
(5,502
)
6,640
(12,050
)
Adjusted basic earnings/(loss) per share:
Adjusted earnings/(loss) per share (pence)
2.95
(3.19
)
3.85
(7.07
)
Weighted average number of ordinary shares used as the denominator in calculating adjusted basic earnings/(loss) per share (thousands)
172,434
172,353
172,433
170,459
Adjusted diluted earnings/(loss) per share:
Adjusted diluted earnings/(loss) per share (pence) (1)
2.94
(3.19
)
3.85
(7.07
)
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating adjusted diluted earnings/(loss) per share (thousands) (1)
172,658
172,353
172,658
170,459
(1) For the three and nine months ended 31 March 2026 and the three and nine months ended 31 March 2025, potential ordinary shares are anti-dilutive, as their inclusion in the adjusted diluted loss per share calculation would reduce the loss per share, and hence have been excluded.
Vancouver, British Columbia--(Newsfile Corp. - June 4, 2026) - Manhattan Uranium Discovery Corp. (TSXV: MANU) (OTC Pink: MAUUF) (FSE: J5B0) ("Manhattan") and Fortune Bay Corp. (TSXV: FOR) (FSE: 5QN) (OTCQB: FTBYF) ("Fortune Bay") are pleased to announce that priority drill targets have been selected for the upcoming exploration program at the Murmac and Strike Uranium Projects ("Murmac" and "Strike", and collectively, the "Murmac and Strike Projects" or the "Projects"), located near Uranium City in northern Saskatchewan.
The upcoming program is expected to consist of approximately 5,000 metres of drilling to test up to 25 priority targets across the Projects. The targets include both follow-up opportunities near previous uranium results and first-pass tests of newly defined targets along more than 60 kilometres of prospective electromagnetic conductor packages on the northern margin of the Athabasca Basin.
The program is being funded by Manhattan pursuant to an option agreement (see Fortune Bay's press release dated December 18, 2023 and Manhattan's press release dated December 11, 2025), with Fortune Bay acting as operator.
Program Highlights
Large-scale drill program planned: Approximately 5,000 metres of drilling is planned to test up to 25 priority targets across Murmac and Strike.
Multiple discovery opportunities: The program is designed to test a broad pipeline of targets across multiple conductive corridors, providing exposure to several potential discovery areas in a single campaign.
Targets selected using multiple discovery criteria: Targets were selected based on integrated geological, geophysical and geochemical datasets, with an emphasis on areas where favourable structure, graphitic host rocks, uranium anomalism and alteration coincide.
Extensive prospective conductor packages: Murmac and Strike collectively host approximately 63 kilometres of prospective electromagnetic conductor packages, providing a large target inventory for basement-hosted uranium exploration.
Murmac high-grade uranium results: Previous drilling at Murmac returned 8.40 metres grading 0.30% U₃O₈, including 1.20 metres grading 1.79% U₃O₈, with individual assays up to 13.80% U₃O₈ over 0.10 metres in drill hole M24-0171.
Strike high-grade uranium results: At Strike, Fortune Bay's maiden drill program intersected anomalous uranium in three of nine shallow drill holes, including a maximum individual assay of 0.43% U₃O₈. Historical small-scale production from the Tena Zone reportedly included grades of 0.6% to 3.5% U₃O₈, and confirmatory surface rock sampling returned assays including 3.51% U₃O₈ and 1.75% U₃O₈2.
Drilling expected shortly: Mobilization is being planned, with drilling expected to commence in June 2026.
"The global energy landscape is undergoing a fundamental shift, and uranium sits at the centre of it," said William Sheriff, Chairman of Manhattan. "The Athabasca Basin remains one of the world's premier uranium regions, and having built and sold one of the largest domestic uranium resource bases in U.S. history, I know firsthand how exploration success in the right geological setting can create significant value."
"The Murmac and Strike drill program represents a significant catalyst for Manhattan Uranium," said Galen McNamara, CEO of Manhattan. "The Athabasca Basin has a well-established track record of delivering world-class uranium discoveries, and we believe our projects share the key geological characteristics that have defined the Basin's most significant finds. With a fully funded 25-hole program set to commence in June, we look forward to reporting results as drilling advances."
Murmac and Strike Projects Overview
The Murmac and Strike Projects comprise mineral claims totalling approximately 19,877 hectares within 25 kilometres of Uranium City, Saskatchewan, on the northern margin of the Athabasca Basin. The Projects benefit from established infrastructure, including existing roads, an active hydro-powerline, nearby facilities, and an airport at Uranium City.
The Projects are prospective for high-grade, basement-hosted uranium deposits associated with graphitic electromagnetic conductor corridors, structural reactivation, alteration and uranium-bearing mineralizing systems. Murmac and Strike collectively host approximately 63 kilometres of prospective electromagnetic conductor packages, which were not systematically targeted or drill tested during historical exploration efforts.
Exploration completed by Manhattan and Fortune Bay has included compilation of historical exploration data, modern airborne electromagnetic and magnetic surveying, ground gravity surveying, prospecting, radon-in-water surveying, and diamond drilling. This work has confirmed favourable host rocks, prospective structures, uranium mineralization, and multiple target areas warranting follow-up drilling.
The upcoming program is designed to systematically test priority targets where multiple exploration criteria coincide, including favourable graphitic conductors, interpreted structures, uranium mineralization or anomalism, alteration, and supportive historical exploration results.
Figure 1: Location of the Murmac and Strike Uranium Projects.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8126/300086_14da9f3034924817_001full.jpg
Murmac Previous Exploration Highlights
At Murmac, previous drilling has confirmed shallow uranium mineralization associated with structured graphitic rocks, the typical host rocks for basement-hosted high-grade Athabasca Basin uranium deposits.
Drill hole M24-017, completed at Howland Lake North, intersected 8.40 metres grading 0.30% U₃O₈, including 1.20 metres grading 1.79% U₃O₈, with individual assays up to 13.80% U₃O₈ over 0.10 metres and 4.54% U₃O₈ over 0.10 metres. This high-grade mineralization was intersected at approximately 64 metres below surface within favourable structured graphitic rocks. Drilling at Murmac has intersected elevated uranium (> 100 ppm) associated with graphitic rocks and hydrothermal alteration in 12 of 31 previous holes across the entire length of the targeted conductors, indicating the presence of a large-scale uranium mineralizing system1.
Figure 2: Murmac previous results and drill targets.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8126/300086_14da9f3034924817_002full.jpg
Strike Previous Exploration Highlights
At Strike, previous exploration has confirmed uranium potential at surface, in historical workings and through drilling.
Historical small-scale mining at the Tena Zone reportedly produced over 1,000 tons in the 1950s at grades of 0.6% to 3.5% U₃O₈. Confirmatory surface sampling by Fortune Bay returned high-grade uranium assays, including 3.51% U₃O₈ and 1.75% U₃O₈, confirming the presence of high-grade uranium mineralization at surface2.
Fortune Bay's maiden drill program at Strike also confirmed basement-hosted uranium mineralization. Analytical results confirmed anomalous uranium in three of nine shallow drill holes, including a maximum individual assay of 0.43% U₃O₈. Uranium mineralization was associated with enriched pathfinder elements commonly associated with high-grade, unconformity-related uranium deposits in the Athabasca Basin2.
The upcoming program will follow up near previous Strike results and test additional priority targets along prospective conductor corridors and structural trends.
Figure 3: Strike previous results and drill targets.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8126/300086_14da9f3034924817_003full.jpg
Option Agreement
The Projects are subject to an option agreement dated December 15, 2023, as amended on November 13, 2025, under which Manhattan has the right to acquire up to a 70% interest in Murmac and Strike by funding an aggregate of C$6 million in exploration expenditures, making cash payments of an aggregate of C$1.35 million, and issuing an aggregate of C$2.15 million in common shares. Fortune Bay is the operator during the option period and is entitled to charge a 10% management fee on exploration expenditures.
Technical Disclosure
Drill results refer to drill core and surface grab samples submitted to the Saskatchewan Research Council ("SRC") Geoanalytical Laboratories (ISO/IEC 17025:2005 accredited) for uranium assay and multi-element characterization. Sample preparation for all samples included drying, jaw crushing to 60% passing -2 mm, and pulverizing to 90% passing -106 microns. Multi-element characterization was carried out by partial digestion (HNO3:HCl), using ICP-OES and ICP-MS analytical methods. For selected samples U3O8 weight % was determined separately through partial digest (HCl:HNO3) and ICP-OES (ISO/IEC 17025 accredited method).
Further details regarding the historical exploration/drilling and exploration results noted in this news release can be found within the Saskatchewan Mineral Assessment Database (SMAD) and the Saskatchewan Mineral Deposit Index (SMDI). Fortune Bay has verified several of these occurrences through field prospecting and sampling, however there is a risk that any future confirmation work and exploration may produce results that substantially differ from the unverified historical results. Historical drill hole locations, captured from georeferenced assessment report maps, are subject to uncertainty (considered accurate to +/-50 metres). Manhattan considers these unverified historical results relevant to assess the mineralization and economic potential of the Projects. The historical information referenced derives from SMAD references 74N07-0011, 74N07-0173, 74N07-0277, 74N11-SE-0016 and 74N11-0052.
Chilean Properties
Manhattan also announces that it has terminated the purchase and sale agreement dated December 9, 2025 with Batik Resources Ltd. to sell 100% of the issued and outstanding shares of RIO Explorations SpA (which directly holds the Dorado and Cordillera gold projects in Chile's Atacama Region).
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Galen McNamara, P.Geo., CEO and Director of Manhattan, who is a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. McNamara is not independent of Manhattan.
About Manhattan
Manhattan Uranium Discovery Corp. (TSXV: MANU) (OTC Pink: MAUUF) (FSE: J5B0) is a newly consolidated North American uranium company committed to the discovery, development, and advancement of high-quality uranium assets. Following the successful acquisitions of Urano Energy and Pegasus Resources, Manhattan now holds a premier portfolio of 15 past-producing uranium mines across 25 underexplored properties covering 25,099 acres in the United States, complemented by high-grade exploration potential in Canada's Athabasca Basin.
Backed by an elite technical and management team with decades of uranium discovery, project advancement, and capital markets experience, Manhattan is strategically positioned to capitalize on the growing demand for domestic uranium and the American nuclear renaissance.
For more information about Manhattan, please visit: www.manhattanuranium.com.
About Fortune Bay
Fortune Bay Corp. (TSXV: FOR) (FSE: 5QN) (OTCQB: FTBYF) is a Canadian mineral exploration and development company with assets in Canada and Mexico. Fortune Bay's primary focus is advancing the Goldfields Gold Project in Saskatchewan, Canada. Fortune Bay also holds the Poma Rosa Gold-Copper Project in Chiapas, Mexico, as well as an optioned uranium project portfolio in the Athabasca Basin of Saskatchewan. Fortune Bay continues to evaluate and advance its portfolio in a disciplined manner while maintaining a strong technical foundation and prudent capital management. For more information, please visit www.fortunebaycorp.com or contact [email protected].
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Follow us on social media for the latest updates:
X: https://x.com/manhattanurLinkedIn: https://www.linkedin.com/company/manhattanuranium/On behalf of the Board of Directors of Manhattan
Galen McNamara
CEO & Director
1 (604) 288-8046 [email protected]
References
https://fortunebaycorp.com/news/post/aero-energy-and-fortune-bay-confirm-shallow-high-grade-uranium-up-to-13.80-u3o8-from-drilling-at-murmacSaskatchewan Mineral Assessment Database Files 74N07-0011, 74N07-0173, 74N07-0277, 74N11-SE-0016 and 74N11-0052. (https://www.saskatchewan.ca/business/agriculture-natural-resources-and-industry/mineral-exploration-and-mining/saskatchewan-geological-survey/saskatchewan-mineral-assessment-database-smad)FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian and United States securities legislation (collectively, "forward-looking statements"). All statements in this release, other than statements of historical fact, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "may", "will", "expect", "intend", "believe", "anticipate", "estimate", "target", "plan", "potential", "could" or similar terminology. Forward-looking statements in this release include, without limitation the results from work performed to date; the estimation of mineral resources; the realization of mineral resource estimates; the development, operational and economic results of technical reports on mineral properties referenced herein; magnitude or quality of mineral deposits; the anticipated advancement of each of Manhattan's and Fortune Bay's mineral properties and project portfolios, including but not limited to the proposed drilling program referenced herein, including the timing, scope and execution thereof and remaining approvals; exploration expenditures, costs and timing of the development of new deposits; underground exploration potential; costs and timing of future exploration; the completion and timing of future development studies; estimates of metallurgical recovery rates; exploration prospects of mineral properties; requirements for additional capital; the future price of metals; government regulation of mining operations; current geopolitical developments, including but not limited to U.S. government policy; environmental risks; the timing and possible outcome of pending regulatory matters, including but not limited to the payment of bonds in connection with the proposed programs and plans referenced herein; the realization of the expected economics of mineral properties; future growth potential of mineral properties; and future plans, projections, objectives, estimates and forecasts and the timing related thereto.
Forward-looking statements are based on respective management's current beliefs, expectations and assumptions, including, without limitation: that historical information is reliable; that future exploration activities will proceed as currently anticipated; that permits, equipment, personnel and contractors will be available on commercially reasonable terms; and that current commodity prices, labour availability, cost and regulatory frameworks will remain consistent with respective management's expectations. Although respective management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation: the risk that historical data may prove to be inaccurate or unverifiable; that exploration results may not support further work or drilling; that exploration activities may be delayed, restricted or not carried out as planned; that permits may be delayed or revoked; the absence of adverse conditions at mineral properties; the price of uranium and other metals remaining at levels that render mineral properties economic; each of Manhattan's and Fortune Bay's ability to continue raising necessary capital to finance operations; and the ability to realize on any mineral resource and reserve estimates; each of Manhattan's and Fortune Bay's ability to complete its planned exploration programs; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the business objectives of each of Manhattan and Fortune Bay; whether economic mineralization can be defined and, if it can be permitted for development; the uncertainty that any mineralization encountered on adjacent properties continues on to any of Manhattan's and Fortune Bay's properties; the uncertainty that geological and/or geophysical and/or any trends, interpretations, or conclusions related to adjacent properties have relevance to any of Manhattan's and Fortune Bay's properties; the uncertainty that the exploration season can be extended; changes in project parameters as plans to continue to be refined; the consequences and implications of the historical mining activities on the environment and whether such affects the potential exploration and/or development of any mining operation on any of Manhattan's and Fortune Bay's properties; the implications of claims from First Nations, Tribes, Tribal Councils or Tribal Governments and land claims settlements on any of Manhattan's and Fortune Bay's projects; accidents, labour disputes and other risks of the mining industry, conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; future prices of metals; possible variations of mineral grade or recovery rates; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; title to properties; operational, technical and geological risks inherent in mineral exploration; changes in capital markets, economic conditions, regulatory developments and stakeholder relations; the other risks set out in each of Manhattan's and Fortune Bay's public disclosure record under its profile on SEDAR+ (www.sedarplus.ca) and respective management's ability to anticipate and manage the foregoing risks and uncertainties.
Each of Manhattan and Fortune Bay provides no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Each of Manhattan and Fortune Bay does not undertake to update any forward-looking statements, other than as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300086
Source: Manhattan Uranium Discovery Corp.
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Some members of the billionaire Glazer family have been debating whether to sell their stake in Manchester United FC, after more than 20 years of ownership that has often been blighted by fan protest, people familiar with the matter told Bloomberg. Several stakeholders in the US-based Glazer family have been studying the possibility of divesting part or all of their holdings in the English Premier League football club, according to the people.
Empire State Realty OP, L.P. (NYSE:ESBA – Get Free Report)’s stock price shot up 2.2% on Wednesday . The company traded as high as $5.50 and last traded at $5.1490. 8,143 shares changed hands during trading, a decline of 16% from the average session volume of 9,643 shares. The stock had previously closed at $5.04.
Empire State Realty OP Stock Up 2.2% The stock’s fifty day simple moving average is $5.80 and its two-hundred day simple moving average is $6.56.
Empire State Realty OP Announces Dividend The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were given a $0.035 dividend. This represents a $0.14 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, March 13th.
Institutional Investors Weigh In On Empire State Realty OP Institutional investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Empire State Realty OP by 7,049.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,502,442 shares of the company’s stock worth $15,765,000 after purchasing an additional 2,467,442 shares during the period. Susquehanna International Group LLP grew its holdings in shares of Empire State Realty OP by 16.5% during the 3rd quarter. Susquehanna International Group LLP now owns 112,754 shares of the company’s stock worth $839,000 after purchasing an additional 15,972 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in shares of Empire State Realty OP during the 4th quarter worth about $535,000. Mercer Global Advisors Inc. ADV increased its position in Empire State Realty OP by 31.0% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 38,000 shares of the company’s stock worth $244,000 after purchasing an additional 9,000 shares in the last quarter. Finally, Bard Associates Inc. acquired a new stake in Empire State Realty OP during the 4th quarter worth approximately $181,000.
About Empire State Realty OP (Get Free Report)
Empire State Realty OP is the operating partnership affiliated with Empire State Realty Trust, a real estate investment trust focused on ownership, operation and redevelopment of office and retail properties. Through its portfolio, the company generates income primarily by leasing space in landmark and Class A office buildings, managing tenant relationships and overseeing property operations, maintenance and marketing efforts.
The partnership’s flagship asset is the iconic Empire State Building in New York City, a 102‐story office tower and major tourist attraction.
Featured Stories Five stocks we like better than Empire State Realty OP Receive News & Ratings for Empire State Realty OP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Empire State Realty OP and related companies with MarketBeat.com's FREE daily email newsletter.
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Empire State Realty OP, L.P. (NYSE:ESBA – Get Free Report) traded up 0.1% during mid-day trading on Thursday . The stock traded as high as $5.40 and last traded at $5.4340. 849 shares were traded during trading, a decline of 91% from the average session volume of 9,580 shares. The stock had previously closed at $5.43.
Empire State Realty OP Price Performance The business’s 50 day simple moving average is $5.38 and its 200 day simple moving average is $6.31.
Empire State Realty OP Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were issued a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, March 13th.
Hedge Funds Weigh In On Empire State Realty OP A number of hedge funds and other institutional investors have recently bought and sold shares of ESBA. Wolff Wiese Magana LLC acquired a new position in Empire State Realty OP during the third quarter worth approximately $64,000. Citadel Advisors LLC lifted its position in shares of Empire State Realty OP by 18.2% in the third quarter. Citadel Advisors LLC now owns 15,230 shares of the company’s stock valued at $113,000 after buying an additional 2,343 shares during the last quarter. Brighton Jones LLC acquired a new stake in shares of Empire State Realty OP in the fourth quarter valued at approximately $156,000. Bard Associates Inc. bought a new position in shares of Empire State Realty OP during the 4th quarter worth approximately $181,000. Finally, Mercer Global Advisors Inc. ADV bought a new position in shares of Empire State Realty OP during the 3rd quarter worth approximately $216,000.
Empire State Realty OP Company Profile (Get Free Report)
Empire State Realty OP is the operating partnership affiliated with Empire State Realty Trust, a real estate investment trust focused on ownership, operation and redevelopment of office and retail properties. Through its portfolio, the company generates income primarily by leasing space in landmark and Class A office buildings, managing tenant relationships and overseeing property operations, maintenance and marketing efforts.
The partnership’s flagship asset is the iconic Empire State Building in New York City, a 102‐story office tower and major tourist attraction.
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KANSAS CITY, Mo.--(BUSINESS WIRE)--UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income available to common shareholders for the first quarter of 2026 of $255.6 million, or $3.35 per diluted share, compared to $209.5 million, or $2.74 per diluted share, in the fourth quarter of 2025 (linked quarter) and $79.3 million, or $1.21 per diluted share, in the first quarter of 2025.
Net operating income available to common shareholders, a non-GAAP financial measure reconciled later in this release to net income available to common shareholders, the nearest comparable GAAP measure, was $259.8 million, or $3.41 per diluted share, for the first quarter of 2026, compared to $235.2 million, or $3.08 per diluted share, for the linked quarter and $168.9 million, or $2.58 per diluted share, for the first quarter of 2025. Operating pre-tax, pre-provision income (operating PTPP), a non-GAAP measure reconciled later in this release to the components of net income before taxes, the nearest comparable GAAP measure, was $363.8 million, or $4.76 per diluted share, for the first quarter of 2026, compared to $329.1 million, or $4.31 per diluted share, for the linked quarter, and $233.3 million, or $3.57 per diluted share, for the first quarter of 2025. These operating PTPP results represent an increase of 10.5% on a linked-quarter basis and an increase of 55.9% compared to the first quarter of 2025.
“Our first quarter results are a continuation of the strong business momentum we are seeing across our lines of businesses,” said Mariner Kemper, UMB Financial Corporation chairman and chief executive officer.
“With a year under our belt since the consummation of the Heartland Financial acquisition, we are pleased with the outcomes and benefits derived from the merger. During the first quarter, average loans increased at a 10.8% annualized rate compared to the fourth quarter of 2025, aided by strong gross loan production of $2.3 billion which increased loan balances by $1.4 billion to $40.1 billion at March 31, 2026. Notwithstanding the geopolitical headlines, our borrowers remain resolute to handle any impacts from high gasoline prices and supply costs, as loan demand and our pipeline remain healthy. Other headlines around the private credit industry appear to exaggerate exposures and risks at regional banks. Private credit funds have and will always continue to be part of the capital formation ecosystem, and we are proud to partner with a few of the strongest players by providing asset servicing solutions to their funds. Our limited lending exposure to the private credit industry (<1% of total loans) is to high-quality operators who have diversified holdings, strong credit structures and covenants, and low leverage, all underwritten to low loan-to-value metrics. The U.S. economy remains on sound footing but prolonged inflation, high interest rates, and the Middle East crisis have the potential to pose some risks; at UMB, we manage our balance sheet and businesses to weather all economic cycles, through underwriting discipline and prudent risk management practices. Such discipline is exemplified in our first quarter asset quality metrics, with net charge-offs averaging a modest 19 basis points of loans. Finally, our operating efficiency ratio improved to 47.6%, compared to 55.6% in the first quarter of 2025, while our operating return on average common equity improved to 13.9% from 12.5%.”
Mr. Kemper continued, “During the first quarter, we repurchased approximately 178,000 common shares totaling $19.9 million in capital returned to shareholders. At the April meeting, the Board of Directors increased the share repurchase authorization to two million shares, from one million shares previously.”
First Quarter 2026 earnings discussion
Note: The acquisition of Heartland Financial USA, Inc. (HTLF) closed on January 31, 2025; as such, financial results for the fiscal periods since that date include the impact from the acquired operations. Financial results in the first quarter of 2025 include only two months of impact of the acquired operations of HTLF.
Summary of quarterly financial results
UMB Financial Corporation
(unaudited, dollars in thousands, except per common share data)
Q1
Q4
Q1
2026
2025
2025
Net income (GAAP)
$
261,438
$
215,355
$
81,333
Net income available to common shareholders (GAAP)
255,625
209,543
79,320
Earnings per common share - diluted (GAAP)
3.35
2.74
1.21
Operating pre-tax, pre-provision income (Non-GAAP)(i)
363,781
329,075
233,293
Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP)(i)
4.76
4.31
3.57
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i)
372,494
337,837
240,798
Operating pre-tax, pre-provision earnings per common share - FTE - diluted (Non-GAAP)(i)
4.88
4.42
3.68
Net operating income available to common shareholders (Non-GAAP)(i)
259,809
235,206
168,878
Operating earnings per common share - diluted (Non-GAAP)(i)
3.41
3.08
2.58
GAAP
Return on average assets
1.47
%
1.20
%
0.54
%
Return on average common equity
13.70
11.27
5.86
Efficiency ratio
48.38
55.50
65.19
Non-GAAP(i)
Operating return on average assets
1.50
%
1.34
%
1.14
%
Operating return on average common equity
13.93
12.65
12.47
Operating efficiency ratio
47.64
50.82
55.56
(i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.
Summary of revenue
UMB Financial Corporation
(unaudited, dollars in thousands)
Q1
Q4
Q1
CQ vs.
CQ vs.
2026
2025
2025
LQ
PY
Net interest income
$
534,366
$
522,500
$
397,639
$
11,866
$
136,727
Noninterest income:
Trust and securities processing
94,667
92,428
79,781
2,239
14,886
Trading and investment banking
7,740
6,198
5,911
1,542
1,829
Service charges on deposit accounts
29,474
27,734
27,457
1,740
2,017
Insurance fees and commissions
255
236
178
19
77
Brokerage fees
21,089
20,495
18,102
594
2,987
Bankcard fees
28,878
29,052
26,293
(174
)
2,585
Investment securities gains (losses), net
3,046
2,157
(4,782
)
889
7,828
Other
19,644
20,069
13,258
(425
)
6,386
Total noninterest income
$
204,793
$
198,369
$
166,198
$
6,424
$
38,595
Total revenue
$
739,159
$
720,869
$
563,837
$
18,290
$
175,322
Net interest income (FTE)
$
543,079
$
531,262
$
405,144
Net interest margin (FTE)
3.38
%
3.29
%
2.96
%
Total noninterest income as a % of total revenue
27.7
27.5
29.5
Net interest income
First quarter 2026 net interest income totaled $534.4 million, an increase of $11.9 million, or 2.3%, from the linked quarter, driven primarily by decreased interest expense due to residual impacts of deposit repricing following the fourth-quarter reduction in short-term interest rates, as well as strong balance sheet growth as measured by a 2.7% increase in average loans and 2.6% increase in average noninterest-bearing demand deposit balances. These benefits were partially offset by the reduction in short-term interest rates, which impacted yields on loans and interest bearing due from bank balances, as well as two fewer days in the quarter. Average earning assets increased $980.2 million, or 1.5%, from the linked quarter, largely driven by increases of $1.0 billion in average loans and $404.9 million in average federal funds and resell agreements, partially offset by a decrease of $517.7 million in average interest bearing due from bank. Average interest-bearing liabilities increased $302.7 million, or 0.7%, from the linked quarter, primarily driven by an increase of $662.2 million, or 22.4%, in federal funds and repurchase agreements, partially offset by a decrease of $362.4 million, or 0.8%, in interest-bearing deposits. The linked-quarter increase in repurchase agreements was driven entirely by customer activity within the public funds and institutional banking segments. Net interest margin for the first quarter was 3.38%, an increase of nine basis points from the linked quarter, due to lower yields on interest-bearing deposits driven by mix shift and repricing of deposits following the reduction in short-term interest rates, partially offset by lower benefit from free funds in a lower interest rate environment. On a year-over-year basis, net interest income increased $136.7 million, or 34.4%, driven by an additional month of HTLF operations, higher purchase accounting accretion benefits, favorable repricing of deposits and loans in conjunction with lower short-term interest rates, and increases of $7.1 billion, or 21.9%, in average loans and $4.2 billion, or 26.2% in average securities. These increases were partially offset by a decrease of $2.6 billion, or 38.4% in average interest-bearing due from banks. Average deposits increased 14.5% compared to the first quarter of 2025, reflecting strong organic growth as well as the impact of acquired HTLF balances. Average interest-bearing deposits increased 15.2%, and noninterest-bearing demand deposit balances increased 12.5% compared to the first quarter of 2025. Average demand deposit balances comprised 26.2% of total deposits, compared to 25.6% in the linked quarter and 26.7% in the first quarter of 2025. Noninterest income
First quarter 2026 noninterest income increased $6.4 million, or 3.2%, on a linked-quarter basis, largely due to: Increases of $1.7 million in fund services income and $1.0 million in corporate trust income, partially offset by a decrease of $0.4 million in trust income, all recorded in trust and securities processing. Increase of $1.7 million in service charges on deposit accounts related to increased service charge income on interest-bearing checking accounts. Increase of $1.5 million in trading and investment banking due to increases in municipal trading activity. Increase of $0.9 million in investment securities gains primarily driven by a $3.0 million gain on the sale of a non-marketable security in the first quarter of 2026, coupled with increases of $4.3 million in valuation of the company's marketable securities. These increases are partially offset by a $5.9 million gain on the sale of a non-marketable security recognized in the fourth quarter of 2025. Compared to the prior year, noninterest income in the first quarter of 2026 increased $38.6 million, or 23.2%, primarily driven by: An increase of $14.9 million in trust and securities processing driven by increases of $8.8 million in fund services income, $3.4 million in trust income, and $2.6 million in corporate trust income. Increase of $7.8 million in investment securities gains primarily driven by a $3.0 million gain on the sale of a non-marketable security in the first quarter of 2026, coupled with decreased valuations in the company's non-marketable securities in the first quarter of 2025. Increase of $6.4 million in other income due to a $4.3 million increase in gains recorded for recoveries of loans previously charged off by HTLF, coupled with a $1.7 million increase in bank-owned life insurance income. Increases of $3.0 million in brokerage income due to higher 12b-1 fees and money market income, $2.6 million in bankcard income due to increased interchange income, and $2.0 million in service charges on deposit accounts driven by increased service charge income on interest-bearing checking accounts. Noninterest expense
Summary of noninterest expense
UMB Financial Corporation
(unaudited, dollars in thousands)
Q1
Q4
Q1
CQ vs.
CQ vs.
2026
2025
2025
LQ
PY
Salaries and employee benefits
$
219,681
$
228,605
$
221,398
$
(8,924
)
$
(1,717
)
Occupancy, net
19,075
19,933
16,069
(858
)
3,006
Equipment
13,320
14,978
16,948
(1,658
)
(3,628
)
Supplies and services
5,604
6,843
4,785
(1,239
)
819
Marketing and business development
13,792
15,246
7,998
(1,454
)
5,794
Processing fees
42,059
43,350
40,850
(1,291
)
1,209
Legal and consulting
9,087
23,614
28,606
(14,527
)
(19,519
)
Bankcard
11,841
12,570
12,795
(729
)
(954
)
Amortization of other intangible assets
23,460
25,454
17,482
(1,994
)
5,978
Regulatory fees
8,270
3,164
8,237
5,106
33
Other
14,694
31,803
9,619
(17,109
)
5,075
Total noninterest expense
$
380,883
$
425,560
$
384,787
$
(44,677
)
$
(3,904
)
GAAP noninterest expense for the first quarter of 2026 was $380.9 million, a decrease of $44.7 million, or 10.5%, from the linked quarter and $3.9 million, or 1.0% from the first quarter of 2025. First quarter 2026 expenses included $4.4 million in total acquisition-related and other nonrecurring costs, compared to $39.7 million in the linked quarter and $53.2 million in the first quarter of 2025. Operating noninterest expense, a non-GAAP financial measure reconciled later in this release to noninterest expense, the nearest comparable GAAP measure, was $375.4 million for the first quarter of 2026, a decrease of $16.4 million, or 4.2%, from the linked quarter and an increase of $44.8 million, or 13.6%, from the first quarter of 2025. The linked-quarter decrease in GAAP noninterest expense was driven by: A decrease of $17.1 million in other expense driven by fees for the termination of legacy HTLF contracts in the fourth quarter of 2025. A decrease of $14.5 million in legal and consulting expense primarily related to HTLF acquisition-related expenses. A decrease of $8.9 million in salaries and employee benefits expense driven by a $14.7 million decline in bonus and commission expense from increased company performance in the fourth quarter of 2025, a $7.4 million decrease in salaries and wage expense, and a $3.9 million decrease in deferred compensation expense. These decreases were partially offset by a seasonal increase of $17.3 million in payroll taxes, insurance, and 401(k) expense recognized in the first quarter. Decreases of $2.0 million in amortization of intangibles due to a decline in the amortization of the core deposit intangible, $1.7 million in equipment due to decreases in software expense, $1.5 million in marketing and business development driven by the timing of multiple advertising campaigns and decreased travel and entertainment expense, $1.3 million in processing fees driven by decreased software subscription costs, and $1.2 million in supplies and services due to lower computer hardware expense. These decreases were partially offset by a $5.1 million increase in regulatory fees driven by a larger reduction in the FDIC special assessment expense in the fourth quarter of 2025. The year-over-year decrease in GAAP noninterest expense was driven by: A decrease of $19.5 million in legal and consulting expense, which included $19.0 million of non-recurring transaction costs associated with the acquisition in the first quarter of 2025. This decrease was partially offset by the following increases: Increase of $6.0 million in amortization of intangibles related to the timing of the HTLF acquisition in the first quarter of 2025. An increase of $5.8 million driven by the timing of multiple advertising campaigns and increased travel and entertainment expense. Increase of $5.1 million in other expense driven by a $2.5 million increase in charitable contributions, $1.2 million increase in losses on the sale of other assets and expense related to other real estate owned, and $0.9 million increase in tax expense other than income tax. First quarter 2026 noninterest expense included $4.4 million in total acquisition-related and other nonrecurring costs, compared to $39.7 million in the linked quarter and $53.2 million in the first quarter of 2025. During the first quarter of 2026, this expense was composed primarily of $4.0 million in salaries and employee benefits. During the linked quarter, the $39.7 million in acquisition-related expense was primarily composed of $15.5 million in other expense for contract termination fees, $12.4 million in legal and consulting expense, $7.1 million in salaries and employee benefits, and $3.0 million in marketing expense. During the first quarter of 2025, acquisition-related expense was primarily composed of $33.3 million in salaries and employee benefits and $19.0 million in legal and consulting expense. Income taxes
The company’s effective tax rate was 21.1% for the quarter ended March 31, 2026, compared to 12.6% for the same period in 2025. The increase is mainly due to more favorable discrete tax items in 2025, including a benefit from remeasuring deferred tax assets after the HTLF acquisition increased the state marginal tax rate. Additionally, a smaller proportion of pre-tax income in 2026 was earned from tax-exempt municipal securities. Balance sheet
Average total assets for the first quarter of 2026 were $70.4 billion compared to $69.6 billion for the linked quarter and $60.0 billion for the same period in 2025. Summary of average loans and leases - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q1
Q4
Q1
CQ vs.
CQ vs.
2026
2025
2025
LQ
PY
Commercial and industrial (i)
$
16,627,000
$
15,754,499
$
12,852,630
$
872,501
$
3,774,370
Specialty lending
534,979
542,857
522,583
(7,878
)
12,396
Commercial real estate
16,534,892
16,512,390
14,074,863
22,502
2,460,029
Consumer real estate
4,433,669
4,379,183
3,819,602
54,486
614,067
Consumer
247,090
242,129
264,467
4,961
(17,377
)
Credit cards
757,471
778,779
689,645
(21,308
)
67,826
Leases and other
248,109
134,235
85,907
113,874
162,202
Total loans
$
39,383,210
$
38,344,072
$
32,309,697
$
1,039,138
$
7,073,513
(i) Commercial and industrial loans include all loans to Non-Depository Financial Institutions (NDFIs).
Average loans for the first quarter of 2026 increased $1.0 billion, or 2.7%, on a linked-quarter basis and $7.1 billion, or 21.9%, compared to the first quarter of 2025. These increases reflect continued organic momentum across legacy UMB geographies, as well as the impact of acquired HTLF balances. Summary of average securities - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q1
Q4
Q1
CQ vs.
CQ vs.
2026
2025
2025
LQ
PY
Securities available for sale:
U.S. Treasury
$
2,264,390
$
2,256,084
$
1,397,844
$
8,306
$
866,546
U.S. Agencies
54,459
77,151
133,852
(22,692
)
(79,393
)
Mortgage-backed
8,155,646
7,977,598
5,303,047
178,048
2,852,599
State and political subdivisions
2,446,129
2,466,226
2,084,441
(20,097
)
361,688
Corporates
158,088
196,425
317,378
(38,337
)
(159,290
)
Collateralized loan obligations
534,566
555,561
398,418
(20,995
)
136,148
Total securities available for sale
$
13,613,278
$
13,529,045
$
9,634,980
$
84,233
$
3,978,298
Securities held to maturity:
U.S. Treasury
$
38,255
$
38,251
$
—
$
4
$
38,255
U.S. Agencies
—
—
112,547
—
(112,547
)
Mortgage-backed
2,482,131
2,536,279
2,492,446
(54,148
)
(10,315
)
State and political subdivisions
3,177,060
3,137,793
3,022,878
39,267
154,182
Total securities held to maturity
$
5,697,446
$
5,712,323
$
5,627,871
$
(14,877
)
$
69,575
Trading securities
$
17,354
$
19,155
$
20,863
$
(1,801
)
$
(3,509
)
Other securities
697,129
710,772
586,866
(13,643
)
110,263
Total securities
$
20,025,207
$
19,971,295
$
15,870,580
$
53,912
$
4,154,627
Average total securities increased 0.3% on a linked-quarter basis and 26.2% compared to the first quarter of 2025. Summary of average deposits - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q1
Q4
Q1
CQ vs.
CQ vs.
2026
2025
2025
LQ
PY
Deposits:
Noninterest-bearing demand
$
15,103,339
$
14,720,416
$
13,428,205
$
382,923
$
1,675,134
Interest-bearing demand and savings
38,996,451
39,299,431
33,991,906
(302,980
)
5,004,545
Time deposits
3,474,321
3,533,753
2,864,408
(59,432
)
609,913
Total deposits
$
57,574,111
$
57,553,600
$
50,284,519
$
20,511
$
7,289,592
Noninterest bearing deposits as % of total
26.2
%
25.6
%
26.7
%
Average deposits remained flat on a linked-quarter basis and increased 14.5% compared to the first quarter of 2025. The increase compared to the first quarter of 2025 reflects the impact of acquired HTLF balances. Capital
Capital information
UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
March 31, 2026
December 31, 2025
March 31, 2025
Total equity
$
7,826,997
$
7,693,568
$
6,748,434
Total common equity
7,538,743
7,417,284
6,637,730
Accumulated other comprehensive loss, net
(331,350
)
(261,520
)
(492,698
)
Book value per common share
99.22
97.65
87.43
Tangible book value per common share (Non-GAAP)(i)
68.94
67.02
56.40
Regulatory capital:
Common equity Tier 1 capital
$
5,685,870
$
5,459,343
$
4,767,403
Tier 1 capital
5,979,936
5,753,409
4,878,108
Total capital
6,892,054
6,654,521
5,914,197
Regulatory capital ratios:
Common equity Tier 1 capital ratio
11.16
%
10.96
%
10.11
%
Tier 1 risk-based capital ratio
11.74
11.55
10.35
Total risk-based capital ratio
13.53
13.36
12.54
Tier 1 leverage ratio
8.73
8.54
8.47
(i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.
In March 2026, the company repurchased 178,249 common shares at a weighted average price of $111.62 for a total repurchase of $19.9 million. At March 31, 2026, the regulatory capital ratios presented in the foregoing table exceeded all “well-capitalized” regulatory thresholds. Asset Quality
Credit quality
UMB Financial Corporation
(unaudited, dollars in thousands)
Q1
Q4
Q3
Q2
Q1
2026
2025
2025
2025
2025
Net charge-offs - total loans
$
18,929
$
12,654
$
18,383
$
15,462
$
35,872
Net loan charge-offs as a % of total average loans
0.19
%
0.13
%
0.20
%
0.17
%
0.45
%
Loans over 90 days past due
$
14,924
$
18,403
$
6,131
$
6,813
$
6,346
Loans over 90 days past due as a % of total loans
0.04
%
0.05
%
0.02
%
0.02
%
0.02
%
Nonaccrual and restructured loans
$
151,250
$
144,666
$
131,965
$
97,029
$
100,885
Nonaccrual and restructured loans as a % of total loans
0.38
%
0.37
%
0.35
%
0.26
%
0.28
%
Provision for credit losses
$
27,000
$
25,000
$
22,500
$
21,000
$
86,000
(i)
(i) Provision in the first quarter of 2025 included $62.0 million for Day 1 provision expense to establish an allowance for credit losses on acquired HTLF loans that were designated as non-purchase credit deteriorated (non-PCD) at the close of the transaction.
Provision for credit losses for the first quarter increased $2.0 million from the linked quarter and decreased $59.0 million from the first quarter of 2025. Provision in the first quarter of 2025 includes $62.0 million for Day 1 provision expense, as described above. The remainder of the change in provision expense is driven by ongoing recalibrations of econometric loss models and general portfolio trends in the current periods as compared to the prior periods. Net charge-offs for the first quarter totaled $18.9 million, or 0.19% of average loans, compared to $12.7 million, or 0.13% of average loans in the linked quarter, and $35.9 million, or 0.45% of average loans for the first quarter of 2025. Conference Call
The company will host a conference call to discuss its first quarter 2026 earnings results on Wednesday, April 29, 2026, at 8:30 a.m. (CT).
Interested parties may access the call by dialing (toll-free) 888-596-4144 or (international) 646-968-2525 and requesting to join the UMB Financial call with access code 8227474. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:
UMB Financial 1Q 2026 Conference Call
A replay of the conference call may be heard through May 13, 2026, by calling (toll-free) 800-770-2030 or (international) 609-800-9909. The replay access code required for playback is 8227474. The call replay may also be accessed at investorrelations.umb.com.
Non-GAAP Financial Information
In this release, we provide information about net operating income available to common shareholders, operating earnings per share – diluted (operating EPS), operating return on average common equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, operating efficiency ratio, operating pre-tax, pre-provision income (operating PTPP), operating pre-tax, pre-provision earnings per share – diluted (operating PTPP EPS), operating pre-tax, pre-provision income on a fully tax equivalent basis (operating PTPP-FTE), operating pre-tax, pre-provision FTE earnings per share – diluted (operating PTPP-FTE EPS), tangible common shareholders’ equity, and tangible book value per share, all of which are non-GAAP financial measures. This information supplements the results that are reported according to generally accepted accounting principles in the United States (GAAP) and should not be viewed in isolation from, or as a substitute for, GAAP results. The differences between the non-GAAP financial measures – net operating income available to common shareholders, operating EPS, operating ROE, operating ROA, operating noninterest expense, operating efficiency ratio, operating PTPP, operating PTPP EPS, operating PTPP-FTE, operating PTPP-FTE EPS, tangible common shareholders’ equity, and tangible book value per share – and the nearest comparable GAAP financial measures are reconciled later in this release. The company believes that these non-GAAP financial measures and the reconciliations may be useful to investors because they adjust for acquisition- and severance-related items, and the FDIC special assessment that management does not believe reflect the company’s fundamental operating performance.
Net operating income available to common shareholders for the relevant period is defined as GAAP net income available to common shareholders, adjusted to reflect the impact of excluding expenses related to Day 1 acquisition provision expense, acquisitions, severance expense, the FDIC special assessment, and the cumulative tax impact of these adjustments.
Operating EPS (diluted) is calculated as earnings per share as reported, adjusted to reflect, on a per share basis, the impact of excluding the non-GAAP adjustments described above for the relevant period. Operating ROE is calculated as net operating income available to common shareholders, divided by the company’s average total common shareholders’ equity for the relevant period. Operating ROA is calculated as net operating income available to common shareholders, divided by the company’s average assets for the relevant period. Operating noninterest expense for the relevant period is defined as GAAP noninterest expense, adjusted to reflect the pre-tax impact of non-GAAP adjustments described above. Operating efficiency ratio is calculated as the company’s operating noninterest expense, net of amortization of other intangibles, divided by the company’s total non-GAAP revenue (calculated as net interest income plus noninterest income, less gains on sales of securities available for sale, net).
Operating PTPP income for the relevant period is defined as GAAP net interest income plus GAAP noninterest income, less noninterest expense, adjusted to reflect the impact of excluding expenses related to acquisitions and severance, and the FDIC special assessment.
Operating PTPP-FTE for the relevant period is defined as GAAP net interest income on a fully tax equivalent basis plus GAAP noninterest income, less noninterest expense, adjusted to reflect the impact of excluding expenses related to acquisitions and severance, and the FDIC special assessment.
Tangible common shareholders’ equity for the relevant period is defined as GAAP common shareholders’ equity, net of intangible assets. Tangible book value per share is defined as tangible common shareholders’ equity divided by the company’s total common shares outstanding.
Forward-Looking Statements:
This press release contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. All forward-looking statements are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Our actual future objectives, strategies, plans, prospects, performance, condition, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2025, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (SEC). In addition to such factors that have been disclosed previously: macroeconomic and adverse developments and uncertainties related to the collateral effects of the collapse of, and challenges for, domestic and international banks, including the impacts to the U.S. and global economies; sustained levels of high inflation and the potential for an economic recession on the heels of aggressive quantitative tightening by the Federal Reserve; and impacts related to or resulting from instability in the Middle East and Russia’s military action in Ukraine, such as the broader impacts to financial markets and the global macroeconomic and geopolitical environments, may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except to the extent required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K, or other applicable document that is filed or furnished with the SEC.
About UMB:
UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Mo. UMB offers commercial banking, which includes comprehensive deposit, lending, investment and retirement plan services; personal banking, which includes comprehensive deposit, lending, wealth management and financial planning services; and institutional banking, which includes asset servicing, corporate trust solutions, investment banking and healthcare services. UMB operates branches throughout Missouri, Arizona, California, Colorado, Iowa, Kansas, Illinois, Minnesota, Nebraska, New Mexico, Oklahoma, Texas, Utah, and Wisconsin. As the company’s reach continues to grow, it also serves business clients nationwide and institutional clients in several countries. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn.
Consolidated Balance Sheets
UMB Financial Corporation
(unaudited, dollars in thousands)
March 31,
2026
2025
ASSETS
Loans
$
40,134,325
$
35,936,281
Allowance for credit losses on loans
(425,876
)
(368,922
)
Net loans
39,708,449
35,567,359
Loans held for sale
4,471
5,099
Securities:
Available for sale
13,660,886
10,895,659
Held to maturity, net of allowance for credit losses
5,699,881
5,712,764
Trading securities
24,205
35,461
Other securities
685,590
647,152
Total securities
20,070,562
17,291,036
Federal funds sold and resell agreements
1,524,669
636,069
Interest-bearing due from banks
5,655,290
9,811,867
Cash and due from banks
735,829
917,450
Premises and equipment, net
391,020
391,147
Accrued income
342,685
308,103
Goodwill
1,837,594
1,798,451
Other intangibles, net
463,409
557,186
Other assets
1,940,183
2,063,546
Total assets
$
72,674,161
$
69,347,313
LIABILITIES
Deposits:
Noninterest-bearing demand
$
17,041,696
$
18,431,854
Interest-bearing demand and savings
39,728,542
36,898,898
Time deposits under $250,000
1,823,536
1,871,388
Time deposits of $250,000 or more
1,386,982
1,319,038
Total deposits
59,980,756
58,521,178
Federal funds purchased and repurchase agreements
3,550,738
2,559,983
Long-term debt
477,164
654,380
Accrued expenses and taxes
309,932
352,143
Other liabilities
528,574
511,195
Total liabilities
64,847,164
62,598,879
SHAREHOLDERS' EQUITY
Series A Fixed-Rate Reset Non-Cumulative Perpetual Preferred stock
—
110,705
Series B Fixed-Rate Reset Non-Cumulative Perpetual Preferred stock
294,066
—
Common stock
78,666
78,666
Capital surplus
4,006,726
3,993,662
Retained earnings
3,958,611
3,224,866
Accumulated other comprehensive loss, net
(331,350
)
(492,698
)
Treasury stock
(179,722
)
(166,767
)
Total shareholders' equity
7,826,997
6,748,434
Total liabilities and shareholders' equity
$
72,674,161
$
69,347,313
Consolidated Statements of Income
UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
Three Months Ended
March 31,
2026
2025
INTEREST INCOME
Loans
$
633,078
$
527,404
Securities:
Taxable interest
145,299
98,296
Tax-exempt interest
34,454
29,963
Total securities income
179,753
128,259
Federal funds and resell agreements
16,063
6,952
Interest-bearing due from banks
37,902
74,985
Trading securities
271
370
Total interest income
867,067
737,970
INTEREST EXPENSE
Deposits
292,373
303,406
Federal funds and repurchase agreements
29,698
25,790
Other
10,630
11,135
Total interest expense
332,701
340,331
Net interest income
534,366
397,639
Provision for credit losses
27,000
86,000
Net interest income after provision for credit losses
507,366
311,639
NONINTEREST INCOME
Trust and securities processing
94,667
79,781
Trading and investment banking
7,740
5,911
Service charges on deposit accounts
29,474
27,457
Insurance fees and commissions
255
178
Brokerage fees
21,089
18,102
Bankcard fees
28,878
26,293
Investment securities gains (losses), net
3,046
(4,782
)
Other
19,644
13,258
Total noninterest income
204,793
166,198
NONINTEREST EXPENSE
Salaries and employee benefits
219,681
221,398
Occupancy, net
19,075
16,069
Equipment
13,320
16,948
Supplies and services
5,604
4,785
Marketing and business development
13,792
7,998
Processing fees
42,059
40,850
Legal and consulting
9,087
28,606
Bankcard
11,841
12,795
Amortization of other intangible assets
23,460
17,482
Regulatory fees
8,270
8,237
Other
14,694
9,619
Total noninterest expense
380,883
384,787
Income before income taxes
331,276
93,050
Income tax expense
69,838
11,717
NET INCOME
261,438
81,333
Less: Preferred dividends
5,813
2,013
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS
$
255,625
$
79,320
PER SHARE DATA
Net income per common share – basic
$
3.36
$
1.22
Net income per common share – diluted
3.35
1.21
Dividends per common share
0.43
0.40
Weighted average common shares outstanding – basic
76,032,620
65,063,262
Weighted average common shares outstanding – diluted
76,399,233
65,496,058
Consolidated Statements of Comprehensive Income
UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended
March 31,
2026
2025
Net income
$
261,438
$
81,333
Other comprehensive (loss) income, before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net
(85,472
)
76,235
Less: Reclassification adjustment for net gains included in net income
(403
)
(390
)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity
7,088
8,290
Change in unrealized gains and losses on debt securities
(78,787
)
84,135
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net
(16,053
)
22,646
Less: Reclassification adjustment for net gains included in net income
(797
)
(24
)
Change in unrealized gains and losses on derivative hedges
(16,850
)
22,622
Other comprehensive (loss) income, before tax
(95,637
)
106,757
Income tax benefit (expense)
25,807
(26,405
)
Other comprehensive (loss) income
(69,830
)
80,352
Comprehensive income
$
191,608
$
161,685
Consolidated Statements of Shareholders' Equity
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Preferred
Stock
Common
Stock
Capital
Surplus
Retained
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Treasury
Stock
Total
Balance - January 1, 2025
$
—
$
55,057
$
1,145,638
$
3,174,948
$
(573,050
)
$
(336,052
)
$
3,466,541
Total comprehensive income
—
—
—
81,333
80,352
—
161,685
Cash dividends declared:
Preferred dividends Series A ($175.00 per share)
—
—
—
(2,013
)
—
—
(2,013
)
Common dividends ($0.40 per share)
—
—
—
(29,402
)
—
—
(29,402
)
Purchase of treasury stock
—
—
—
—
—
(15,434
)
(15,434
)
Issuances of equity awards, net of forfeitures
—
—
(15,595
)
—
—
16,395
800
Recognition of equity-based compensation
—
—
32,419
—
—
—
32,419
Sale of treasury stock
—
—
116
—
—
60
176
Exercise of stock options
—
—
126
—
—
179
305
Common stock issuance costs
—
—
67,056
—
—
168,085
235,141
Stock issuance for acquisition, net of issuance costs
110,705
23,609
2,763,902
—
—
—
2,898,216
Balance - March 31, 2025
$
110,705
$
78,666
$
3,993,662
$
3,224,866
$
(492,698
)
$
(166,767
)
$
6,748,434
Balance - January 1, 2026
$
294,066
$
78,666
$
4,011,047
$
3,736,413
$
(261,520
)
$
(165,104
)
$
7,693,568
Total comprehensive income
—
—
—
261,438
(69,830
)
—
191,608
Cash dividends declared:
Preferred dividends Series B ($193.75 per share)
—
—
—
(5,813
)
—
—
(5,813
)
Common dividends ($0.43 per share)
—
—
—
(33,427
)
—
—
(33,427
)
Purchase of treasury stock
—
—
—
—
—
(32,814
)
(32,814
)
Issuances of equity awards, net of forfeitures
—
—
(16,311
)
—
—
17,810
1,499
Recognition of equity-based compensation
—
—
11,924
—
—
—
11,924
Sale of treasury stock
—
—
83
—
—
86
169
Exercise of stock options
—
—
(17
)
—
—
300
283
Balance - March 31, 2026
$
294,066
$
78,666
$
4,006,726
$
3,958,611
$
(331,350
)
$
(179,722
)
$
7,826,997
Average Balances / Yields and Rates
UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Three Months Ended March 31,
2026
2025
Average
Average
Average
Average
Balance
Yield/Rate
Balance
Yield/Rate
Assets
Loans, net of unearned interest
$
39,383,210
6.52
%
$
32,309,697
6.62
%
Securities:
Taxable
15,654,218
3.76
11,728,148
3.40
Tax-exempt
4,353,635
4.01
4,121,569
3.68
Total securities
20,007,853
3.82
15,849,717
3.47
Federal funds and resell agreements
1,539,874
4.23
555,805
5.07
Interest-bearing due from banks
4,192,804
3.67
6,808,680
4.47
Trading securities
17,354
6.59
20,863
7.56
Total earning assets
65,141,095
5.45
55,544,762
5.44
Allowance for credit losses
(417,768
)
(320,371
)
Other assets
5,704,489
4,752,484
Total assets
$
70,427,816
$
59,976,875
Liabilities and Shareholders' Equity
Interest-bearing deposits
$
42,470,772
2.79
%
$
36,856,314
3.34
%
Federal funds and repurchase agreements
3,623,410
3.32
2,692,907
3.88
Borrowed funds
475,518
9.07
570,427
7.92
Total interest-bearing liabilities
46,569,700
2.90
40,119,648
3.44
Noninterest-bearing demand deposits
15,103,339
13,428,205
Other liabilities
894,926
861,375
Shareholders' equity
7,859,851
5,567,647
Total liabilities and shareholders' equity
$
70,427,816
$
59,976,875
Net interest spread
2.55
%
2.00
%
Net interest margin
3.38
2.96
Business Segment Information
UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended March 31, 2026
Commercial
Banking
Institutional
Banking
Personal
Banking
Total
Net interest income
$
365,342
$
77,287
$
91,737
$
534,366
Provision for credit losses
23,777
497
2,726
27,000
Noninterest income
46,289
121,829
36,675
204,793
Noninterest expense
165,452
112,931
102,500
380,883
Income before taxes
222,402
85,688
23,186
331,276
Income tax expense
46,886
18,064
4,888
69,838
Net income
$
175,516
$
67,624
$
18,298
$
261,438
Three Months Ended March 31, 2025
Commercial
Banking
Institutional
Banking
Personal
Banking
Total
Net interest income
$
273,916
$
61,159
$
62,564
$
397,639
Provision for credit losses
66,751
435
18,814
86,000
Noninterest income
37,218
103,797
25,183
166,198
Noninterest expense
173,011
107,268
104,508
384,787
Income (loss) before taxes
71,372
57,253
(35,575
)
93,050
Income tax expense (benefit)
8,987
7,210
(4,480
)
11,717
Net income (loss)
$
62,385
$
50,043
$
(31,095
)
$
81,333
The company has strategically aligned its operations into the following three reportable segments: Commercial Banking, Institutional Banking, and Personal Banking. Senior executive officers regularly evaluate business segment financial results produced by the company’s internal reporting system in deciding how to allocate resources and assess performance for individual business segments. The company’s reportable segments include certain corporate overhead, technology and service costs that are allocated based on methodologies that are applied consistently between periods. For comparability purposes, amounts in all periods are based on methodologies in effect at March 31, 2026.
Non-GAAP Financial Measures
Net operating income available to common shareholders Non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Three Months Ended March 31,
2026
2025
Net income available to common shareholders (GAAP)
$
255,625
$
79,320
Adjustments:
Day 1 acquisition provision expense
—
62,037
Acquisition expense
4,354
53,169
Severance expense
2,036
445
FDIC special assessment
(885
)
629
Tax-impact of adjustments (i)
(1,321
)
(26,722
)
Total Non-GAAP adjustments (net of tax)
4,184
89,558
Net operating income (Non-GAAP)
$
259,809
$
168,878
Earnings per common share - diluted (GAAP)
$
3.35
$
1.21
Day 1 acquisition provision expense
—
0.95
Acquisition expense
0.06
0.81
Severance expense
0.03
0.01
FDIC special assessment
(0.01
)
0.01
Tax-impact of adjustments (i)
(0.02
)
(0.41
)
Operating earnings per common share - diluted (Non-GAAP)
$
3.41
$
2.58
GAAP
Return on average assets
1.47
%
0.54
%
Return on average common equity
13.70
5.86
Non-GAAP
Operating return on average assets
1.50
%
1.14
%
Operating return on average common equity
13.93
12.47
(i) Calculated using the company’s marginal tax rate of 24.0%. Certain merger-related expenses are non-deductible.
Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended March 31,
2026
2025
Noninterest expense
$
380,883
$
384,787
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense
4,354
53,169
Severance expense
2,036
445
FDIC special assessment
(885
)
629
Total Non-GAAP adjustments (pre-tax)
5,505
54,243
Operating noninterest expense (Non-GAAP)
$
375,378
$
330,544
Noninterest expense
$
380,883
$
384,787
Less: Amortization of other intangibles
23,460
17,482
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)
$
357,423
$
367,305
Operating noninterest expense
$
375,378
$
330,544
Less: Amortization of other intangibles
23,460
17,482
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)
$
351,918
$
313,062
Net interest income
$
534,366
$
397,639
Noninterest income
204,793
166,198
Less: Gains on sales of securities available for sale, net
403
390
Total Non-GAAP Revenue (denominator A)
$
738,756
$
563,447
Efficiency ratio (numerator A/denominator A)
48.38
%
65.19
%
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)
47.64
55.56
Operating pre-tax, pre-provision income non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Three Months Ended March 31,
2026
2025
Net interest income (GAAP)
$
534,366
$
397,639
Noninterest income (GAAP)
204,793
166,198
Noninterest expense (GAAP)
380,883
384,787
Adjustments to arrive at operating noninterest expense:
Acquisition expense
4,354
53,169
Severance expense
2,036
445
FDIC special assessment
(885
)
629
Total Non-GAAP adjustments
5,505
54,243
Operating noninterest expense (Non-GAAP)
375,378
330,544
Operating pre-tax, pre-provision income (Non-GAAP)
$
363,781
$
233,293
Net interest income earnings per common share - diluted (GAAP)
$
6.99
$
6.07
Noninterest income (GAAP)
2.68
2.54
Noninterest expense (GAAP)
4.99
5.87
Acquisition expense
0.06
0.81
Severance expense
0.03
0.01
FDIC special assessment
(0.01
)
0.01
Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP)
$
4.76
$
3.57
Operating pre-tax, pre-provision income - FTE Non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Three Months Ended March 31,
2026
2025
Net interest income (GAAP)
$
534,366
$
397,639
Adjustments to arrive at net interest income - FTE:
Tax equivalent interest
8,713
7,505
Net interest income - FTE (Non-GAAP)
543,079
405,144
Noninterest income (GAAP)
204,793
166,198
Noninterest expense (GAAP)
380,883
384,787
Adjustments to arrive at operating noninterest expense:
Acquisition expense
4,354
53,169
Severance expense
2,036
445
FDIC special assessment
(885
)
629
Total Non-GAAP adjustments
5,505
54,243
Operating noninterest expense (Non-GAAP)
375,378
330,544
Operating pre-tax, pre-provision income - FTE (Non-GAAP)
$
372,494
$
240,798
Net interest income earnings per common share - diluted (GAAP)
$
6.99
$
6.07
Tax equivalent interest
0.12
0.11
Net interest income - FTE (Non-GAAP)
7.11
6.18
Noninterest income (GAAP)
2.68
2.54
Noninterest expense (GAAP)
4.99
5.87
Acquisition expense
0.06
0.81
Severance expense
0.03
0.01
FDIC special assessment
(0.01
)
0.01
Operating pre-tax, pre-provision income - FTE earnings per common share - diluted (Non-GAAP)
$
4.88
$
3.68
Tangible book value non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
As of March 31,
2026
2025
Total common shareholders' equity (GAAP)
$
7,538,743
$
6,637,730
Less: Intangible assets
Goodwill
1,837,594
1,798,451
Other intangibles, net
463,409
557,186
Total intangibles, net
2,301,003
2,355,637
Total tangible common shareholders' equity (Non-GAAP)
$
5,237,740
$
4,282,093
Total common shares outstanding
75,977,250
75,917,456
Ratio of total common shareholders' equity (book value) per share
$
99.22
$
87.43
Ratio of total tangible common shareholders' equity (tangible book value) per share (Non-GAAP)
KANSAS CITY, Mo.--(BUSINESS WIRE)--UMB Financial Corporation (Nasdaq: UMBF) announced today that the board of directors has declared the following quarterly dividends:
$0.43 per share on the company’s common stock (UMBF), payable on July 1, 2026, to shareholders of record as of June 10, 2026, and
$193.75 per share of the Company's Series B 7.75% preferred stock (UMBFO), which results in a dividend of $0.484375 per depositary share. The preferred stock dividend is payable on July 15, 2026, to stockholders of record of the preferred stock as of the close of business on June 30, 2026. The company also announced today that the board of directors has approved the repurchase of up to 2,000,000 shares of the company's common stock. Share repurchases may occur from time to time at any point until the regular meeting of the Board that immediately follows the 2027 annual meeting of the company's shareholders. Shares acquired under the repurchase program may be available for reissuance or resale, including in connection with the company's compensation plans and dividend reinvestment plan. Under the repurchase program, the company may acquire the shares from time to time in open market or privately negotiated transactions, at the discretion of management.
About UMB:
UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Mo. UMB offers commercial banking, which includes comprehensive deposit, lending, investment and retirement plan services; personal banking, which includes comprehensive deposit, lending, wealth management and financial planning services; and institutional banking, which includes asset servicing, corporate trust solutions, investment banking and healthcare services. UMB operates branches throughout Missouri, Arizona, California, Colorado, Iowa, Kansas, Illinois, Minnesota, Nebraska, New Mexico, Oklahoma, Texas, Utah, and Wisconsin. As the company’s reach continues to grow, it also serves business clients nationwide and institutional clients in several countries. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn.
UMB Financial (UMBF - Free Report) came out with quarterly earnings of $3.41 per share, beating the Zacks Consensus Estimate of $2.82 per share. This compares to earnings of $2.58 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +20.85%. A quarter ago, it was expected that this bank holding company would post earnings of $2.71 per share when it actually produced earnings of $3.08, delivering a surprise of +13.65%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
UMB, which belongs to the Zacks Banks - Midwest industry, posted revenues of $747.87 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 5.90%. This compares to year-ago revenues of $571.34 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
UMB shares have added about 7.9% since the beginning of the year versus the S&P 500's gain of 4.8%.
What's Next for UMB?While UMB has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for UMB was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.98 on $716.87 million in revenues for the coming quarter and $12.05 on $2.9 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Midwest is currently in the top 25% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
MetLife (MET - Free Report) , another stock in the broader Zacks Finance sector, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 6.
This insurer is expected to post quarterly earnings of $2.22 per share in its upcoming report, which represents a year-over-year change of +13.3%. The consensus EPS estimate for the quarter has been revised 0.7% lower over the last 30 days to the current level.
MetLife's revenues are expected to be $19.2 billion, up 2% from the year-ago quarter.
UMB Financial (UMBF - Free Report) reported $747.87 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 30.9%. EPS of $3.41 for the same period compares to $2.58 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $706.22 million, representing a surprise of +5.9%. The company delivered an EPS surprise of +20.85%, with the consensus EPS estimate being $2.82.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
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 UMB performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Efficiency Ratio (GAAP): 48.4% compared to the 54.2% average estimate based on four analysts.Net interest margin (FTE): 3.4% versus 3.2% estimated by four analysts on average.Net loan charge-offs (recoveries) as a % of total average loans: 0.2% versus 0.2% estimated by three analysts on average.Average Balance - Total earning assets: $65.14 billion compared to the $64.93 billion average estimate based on three analysts.Total Risk-based Capital Ratio: 13.5% compared to the 13.5% average estimate based on two analysts.Tier 1 risk-based capital ratio: 11.7% versus 11.8% estimated by two analysts on average.Total noninterest income: $204.79 million versus $196.32 million estimated by four analysts on average.Net interest income (FTE): $543.08 million versus the four-analyst average estimate of $509.91 million.Bankcard fees: $28.88 million compared to the $29.27 million average estimate based on two analysts.Service charges on deposit accounts: $29.47 million versus $28.42 million estimated by two analysts on average.Net Interest Income: $534.37 million versus $500.41 million estimated by two analysts on average.Trust and securities processing: $94.67 million compared to the $92.42 million average estimate based on two analysts.View all Key Company Metrics for UMB here>>>
Shares of UMB have returned +12.9% over the past month versus the Zacks S&P 500 composite's +12.8% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
