Market Signal Briefing

Key Takeaways:

The Big Hollow Energy Center introduces Missouri's first integrated natural gas and battery storage facility, enhancing statewide energy reliability for homes, businesses, and industry. Featuring an 800-megawatt natural gas plant paired with a 400-megawatt lithium-ion battery system, the project delivers rapid-response backup power during periods of high demand. This innovative, hybrid approach supports grid stability while advancing Ameren Missouri's commitment to reliable service while efficiently meeting customers' increased energy needs. , /PRNewswire/ -- Today, Ameren Missouri, a subsidiary of Ameren Corporation (NYSE: AEE), received approval from the Missouri Public Service Commission to move forward with the Big Hollow Energy Center, a new hybrid energy facility designed to strengthen energy reliability for all customers across Missouri, including residential, small business and industrial customers.

The approval authorizes construction of an 800-megawatt (MW) simple-cycle natural gas energy center paired with the state's first large-scale battery storage facility at a single site in Jefferson County, Missouri. The Big Hollow Energy Center will be integrated into Ameren Missouri's statewide generation and will support reliable electric service for customers throughout the company's service territory.

"Today's decision allows us to advance an investment that supports reliability for all of our customers," said Michael Moehn, group president, Ameren Utilities of Ameren Corporation. "Big Hollow will be part of the generation system that serves homes, businesses and communities across Missouri, helping ensure we can meet growing demand while keeping the grid dependable for everyone."

With regulatory approval in place, the Big Hollow Energy Center is expected to be ready to serve customers beginning in 2028. Like the Castle Bluff Energy Center, the natural gas portion of Big Hollow will be designed to deliver energy during the coldest winter days, hottest summer afternoons and other periods of peak demand, while also backing up the grid when renewable energy generation is otherwise unavailable.

Co-located at the site will be Ameren Missouri's first large-scale lithium-ion battery installation. The planned 400-MW battery storage facility will be a fast-acting resource capable of responding within moments to support customers' energy needs. Fully charged, the batteries could power thousands of homes for hours and help strengthen overall grid reliability, particularly during times of peak energy demand. Ameren Missouri plans to add 1,000 MW of battery storage by 2030 and a total of 1,800 MW across multiple sites by 2042.

The natural gas generation and battery storage facilities will operate independently while leveraging existing energy infrastructure Ameren Missouri already owns, reducing construction time and cost to customers.

"Big Hollow adds flexibility and resilience to the energy system that serves customers across Missouri," said Ajay Arora, senior vice president and chief development officer at Ameren Missouri. "By combining fast-starting natural gas generation with battery storage, the project helps ensure reliable service for homes and businesses during periods of peak demand and changing system conditions."

About Ameren Corporation
St. Louis-based Ameren Corporation powers the quality of life for 2.5 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric transmission and distribution service and natural gas distribution service. Ameren Missouri provides electric generation, transmission and distribution services, as well as natural gas distribution service. Ameren Transmission Company of Illinois develops, owns and operates rate-regulated regional electric transmission projects in the Midcontinent Independent System Operator, Inc. For more information, visit Ameren.com, or follow us at @AmerenCorp, Facebook.com/AmerenCorp, or LinkedIn.com/company/Ameren. 

Forward-looking Statements
Statements in this release not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, projections, strategies, targets, estimates, objectives, events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed under Risk Factors in Ameren Missouri's Annual Report on Form 10-K for the year ended December 31, 2024, and elsewhere in this release and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:

regulatory, judicial, or legislative actions, and any changes in regulatory policies and ratemaking determinations that may change regulatory recovery mechanisms; our ability to control costs and make substantial investments in our businesses, including our ability to recover costs and investments, and to earn our allowed returns on equity, within frameworks established by our regulators, while maintaining affordability of services for our customers; the effect on Ameren Missouri of any customer rate caps or limitations on increasing the electric service revenue requirement pursuant to Ameren Missouri's election to use the plant-in-service accounting regulatory mechanism; Ameren Missouri's ability to construct and/or acquire battery storage, as well as natural gas-fired energy centers, and implement new or existing customer energy-efficiency programs, including any such construction, acquisition, retirement, or implementation in connection with its Smart Energy Plan, preferred resource plan, or emissions reduction goals, and to recover its cost of investment, a related return, and, in the case of customer energy-efficiency programs, any lost electric revenues in a timely manner, each of which is affected by the ability to obtain all necessary regulatory and project approvals, including certificates of convenience and necessity from the Missouri Public Service Commission or any other required approvals; our ability to realize and support forecasted energy demand and capacity from new and potential new customers, including demand growth dependent on the addition of new data centers and other large primary service customers within our service territories; the effects on energy prices and demand for our services resulting from customer growth patterns or usage, including demand from data centers, technological advances, including advances in customer energy efficiency, electric vehicles, electrification of various industries, energy storage, and private generation sources, which generate electricity at the site of consumption and are becoming increasingly cost-competitive; the cost of battery storage technologies and our ability to obtain timely interconnection agreements with the Midcontinent Independent System Operator, Inc. or other regional transmission organizations at an acceptable cost for each facility; the presidential administration's change in federal domestic energy policy to support investment in fossil fuel infrastructure and the effect it has on Ameren Missouri's ability to construct and/or acquire battery storage; the inability of our counterparties to meet their obligations with respect to contracts, credit agreements, and financial instruments, including as they relate to the construction and acquisition of electric and natural gas utility infrastructure and the ability of counterparties to complete projects, which is dependent upon the availability of necessary materials and equipment, including those obligations that are affected by supply chain disruptions; advancements in energy technologies, including carbon capture, utilization, and sequestration, hydrogen fuel for electric production and energy storage, next generation nuclear, and large-scale long-cycle battery energy storage, and the impact of federal and state energy and economic policies with respect to those technologies; the effects of changes in federal, state, or local laws and other domestic or international governmental actions, including monetary, fiscal, foreign trade, and energy policies, foreign trade tariffs, executive orders, geopolitical developments, or extended federal government shutdowns or defunding; the effects of changes in federal, state, or local tax laws or rates; additional regulations, interpretations, amendments, or technical corrections to, or in connection with the One Big Beautiful Bill Act (OBBBA) and the Inflation Reduction Act of 2022 ("IRA"), including the effects of the OBBBA as it relates to construction timelines of solar and wind projects along with the ability to obtain materials for these projects to be eligible for federal production and investment tax credits, and the effects of the IRA as it relates to the 15% minimum tax on adjusted financial statement income; and any challenges to the tax positions taken by us, as well as resulting effects on customer rates and the recoverability of the minimum tax imposed under the IRA; disruptions in the delivery of fuel, failure of our fuel suppliers to provide adequate quantities or quality of fuel, or lack of adequate inventories of fuel; the effectiveness of our risk management strategies and our use of financial and derivative instruments; the impact of cyberattacks and data security risks on us, our suppliers, or other entities on the grid, including those arising from generative or agentic artificial intelligence, which could, among other things, result in the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the loss of data, such as customer, employee, financial, and operating system information; acts of sabotage, which have increased in frequency and severity within the utility industry, war, terrorism, or other intentionally disruptive acts; business, economic, geopolitical, and capital market conditions, including foreign trade tariffs or trade wars, evolving federal regulatory priorities, and the impact of such conditions on interest rates, inflation, commodity prices, and investments; the impact of inflation or a recession on our customers and suppliers and the related impact on our results of operations, financial position, and liquidity; disruptions of the capital and credit markets, deterioration in our credit metrics, or other events that may have an adverse effect on the cost or availability of capital, including short-term credit and liquidity, and our ability to access the capital and credit markets on reasonable terms when needed; the actions of credit rating agencies and the effects of such actions; the impact of weather conditions and other natural conditions on us, including the impact of system outages; the construction, installation, performance, and cost recovery of generation, transmission, and distribution assets; the ability to maintain system reliability by Ameren Missouri and the electric utility industry, as well as Ameren Missouri's ability to meet existing or future generation capacity and power obligations; the effects of failures of electric generation, electric and natural gas transmission or distribution, or natural gas storage facilities systems and equipment, which could result in unanticipated liabilities or unplanned outages; the impact of current environmental laws or their interpretation and new, more stringent, or changing requirements and environmental policies, including those related to New Source Review provisions of the Clean Air Act, carbon dioxide, nitrogen oxides, sulfur dioxide, and other emissions and discharges, cooling water intake structures, coal combustion residuals, energy efficiency, and wildlife protection, that could limit, terminate or otherwise modify the operation of certain of Ameren Missouri's energy centers, increase our operating costs or investment requirements, result in an impairment of our assets, cause us to sell our assets, reduce our customers' demand for electricity or natural gas, or otherwise have a negative financial effect; labor disputes, workforce reductions, our ability to attract and retain professional and skilled-craft employees, changes in future wage and employee benefits costs, including those resulting from changes in discount rates, mortality tables, returns on benefit plan assets, and other assumptions; the impact of negative opinions of us or our utility services that our customers, investors, legislators, regulators, creditors, rating agencies, or other stakeholders may have or develop, which could result from a variety of factors, including failures in system reliability, failure to implement our investment plans or to protect sensitive customer information, increases in rates, negative media coverage, or concerns about company policies or practices; the impact of adopting new accounting and reporting guidance; the effects of strategic initiatives, including mergers, acquisitions, divestitures, and reorganizations; legal and administrative proceedings; pandemics or other significant global health events, and their impacts on our results of operations, financial position, and liquidity; and the impacts of global conflicts and related sanctions imposed by the United States and other governments, including potential impacts on the cost and availability of fuel, natural gas, enriched uranium, and other commodities, materials, and services. New factors emerge from time to time, and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.

SOURCE Ameren Missouri

Vancouver, British Columbia--(Newsfile Corp. - February 11, 2026) - Casa Minerals Inc. (TSXV: CASA) (OTCQB: CASXF) (FSE: 0CM) (the "Company" or "Casa"), is pleased to announce closing of the final tranche of its previously announced non-brokered private placement (the "Offering"). The Company has closed a total of 2,635,000 units (each, a "Unit") at a price of $0.125 per unit for gross proceeds of up to $329,375.00 in this tranche, which would be a grand total of 7,552,000 units (each, a "Unit") for a gross proceed of $944,000 for the announced financing.

Each Unit consists of one common share of the Company (a "Share") and one common share purchase warrant (each full warrant, a "Warrant"). Each of the 2,635,000 Warrants entitles the holder to acquire one additional share for a period of two years. The warrant exercise strike price is $0.15/share in the first three months and automatically converts to $0.20 per share then after for the remainder of the two years period.

All issued Securities will be subject to a 4-month and one day hold-period, during which any resale or other transfer will be restricted in accordance with applicable securities laws.

A Finder's Fees of $18,450 has been paid to registered financial institutions for this tranche.

Net proceeds from the offering will be used for general administration, exploration and development activities on the Company's projects in Arizona, and British Columbia, Canada. The Company will continue to raise the remaining placement in the coming week.

The completion of the private placement remains subject to approval of the TSX Venture Exchange.

None of the securities issued in the Offering will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act.

Company is also pleased to announce that CASA has entered into a digital marketing agreement (the "BorsenBlick Agreement") with BorsenBlick, a European-based marketing agency, to support investor awareness and strengthen its brand visibility.

Under the agreement, BorsenBlick will provide digital marketing and awareness services designed to support investor outreach, brand visibility, and public profile enhancement for two months at 80,500 Canadian Dollars per month. The Company retains the discretion to extend the campaign or renew the agreement upon completion of the initial program. Jan Kellett is the founder of BorsenBlick and can be reached at [email protected]. Both BorsenBlick and its principals are arm's length to the Company and do not have any interest, direct or indirect, in the Company or its securities nor do they have any right to acquire such an interest.

About Casa Minerals Inc.

The Company is engaged in the acquisition, exploration and development of mineral properties located in Canada and the USA. Casa owns ninety percent (90%) interest in the Congress gold mine (Arizona, USA). Additionally, the Company owns a one hundred percent (100%) interest in the polymetallic Pitman (BC, Canada) and has an option to acquire a seventy-five percent (75%) interest in the Arsenault VMS Property (BC, Canada).

On Behalf of Board of Directors
Farshad Shirvani, M.Sc. Geology
President and CEO

NEITHER 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283634

Source: Casa Minerals Inc.

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New York, New York--(Newsfile Corp. - February 11, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of F5, Inc. (NASDAQ: FFIV) between October 28, 2024 and October 27, 2025, both dates inclusive (the "Class Period"), of the important February 17, 2026 lead plaintiff deadline.

SO WHAT: If you purchased F5 securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the F5 class action, go to https://rosenlegal.com/submit-form/?case_id=46672 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 17, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period created the false impression that they possessed reliable information pertaining to F5's projected revenue outlook and anticipated growth while also minimizing risk from seasonality and macroeconomic fluctuations. In truth, F5's optimistic claims, touting its purported best-in-industry security and overall emphasis and confidence in F5's ability to meet and capitalize on the growing security needs for its clientele fell short of reality; F5 was, at the time, the subject of a significant security incident, placing its clientele's security and F5's future prospects at significant risk. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the F5 class action, go to https://rosenlegal.com/submit-form/?case_id=46672 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

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

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283595

Source: The Rosen Law Firm PA

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Neurocrine Biosciences (NBIX - Free Report) came out with quarterly earnings of $1.88 per share, missing the Zacks Consensus Estimate of $2.25 per share. This compares to earnings of $1 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -16.55%. A quarter ago, it was expected that this biopharmaceutical company would post earnings of $1.58 per share when it actually produced earnings of $2.04, delivering a surprise of +29.11%.

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

Neurocrine, which belongs to the Zacks Medical - Drugs industry, posted revenues of $805.5 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.89%. This compares to year-ago revenues of $627.7 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.

Neurocrine shares have lost about 3% since the beginning of the year versus the S&P 500's gain of 1.4%.

What's Next for Neurocrine?While Neurocrine has underperformed 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 Neurocrine was unfavorable. 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 #4 (Sell) for the stock. So, the shares are expected to underperform 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 $1.75 on $736.77 million in revenues for the coming quarter and $8.70 on $3.35 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, Medical - Drugs is currently in the bottom 42% 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.

Aurinia Pharmaceuticals (AUPH - Free Report) , another stock in the same industry, has yet to report results for the quarter ended December 2025.

This biotechnology company is expected to post quarterly earnings of $0.21 per share in its upcoming report, which represents a year-over-year change of +133.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Aurinia Pharmaceuticals' revenues are expected to be $74.4 million, up 24.3% from the year-ago quarter.

February 11, 2026 18:11 ET  | Source: The Gabelli Multimedia Trust Inc

RYE, N.Y, Feb. 11, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of The Gabelli Multimedia Trust Inc. (NYSE:GGT) (the “Fund”) approved the continuation of its policy of paying fixed monthly cash distributions, reflective of the strength of the Fund’s NAV total return of 38% in 2025. The 2026 annual distribution of $0.88 per share currently equates to a 21% “cash on cash” distribution.

Under its monthly distribution policy, the Fund will continue to pay a $0.22 per share quarterly distribution, with $0.07 per share paid for each of the first two months of the quarter and $0.08 per share paid in the third month of each quarter. The Board of Directors declared cash distributions as set forth below for each of April, May, and June 2026.

Distribution MonthRecord DatePayable DateDistribution Per ShareAprilApril 16, 2026April 23, 2026$0.07MayMay 14, 2026May 21, 2026$0.07JuneJune 15, 2026June 23, 2026$0.08
The Fund previously paid quarterly distributions in accordance with a “managed distribution policy” adopted pursuant to an exemptive order granted to the Fund by the Securities and Exchange Commission, which permitted the Fund to distribute long-term capital gains more frequently than the limits provided in the Investment Company Act and the rules and regulations thereunder. The Fund no longer intends to rely on this exemptive relief to maintain a managed distribution policy in connection with its monthly distributions.

The Fund currently intends to make monthly cash distributions of all or a portion of its investment company taxable income (which includes ordinary income and realized net short term capital gains) to common shareholders. The Fund also intends to make annual distributions of its realized net long term capital gains, if any. The Fund, however, may make more than one capital gain distribution to avoid paying U.S. federal excise tax. A portion of each distribution may be a return of capital. Various factors will affect the level of the Fund’s income. To permit the Fund to maintain more stable distributions, the Fund may from time to time distribute more or less than the entire amount of income earned in a particular period. The Fund’s distribution policy may be modified from time to time by the Board as it deems appropriate, including in light of market and economic conditions and the Fund’s current, expected and historical earnings and investment performance. Because the Fund’s monthly distributions are subject to modification by the Board at any time and the Fund’s income will fluctuate, there can be no assurance that the Fund will pay distributions at a particular rate or frequency.

Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2026 would be deemed 100% from paid-in capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2026 will be made after year end and can vary from the monthly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2026 distributions in early 2027 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

Carter Austin
(914) 921-5475

About The Gabelli Multimedia Trust
The Gabelli Multimedia Trust Inc. is a non-diversified, closed-end management investment company with $222 million in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE: GGT
CUSIP – 36239Q109

THE GABELLI MULTIMEDIA TRUST INC.

Investor Relations Contact:
Carter Austin
(914) 921-5475
[email protected]

RYE, N.Y., Feb. 11, 2026 (GLOBE NEWSWIRE) -- The Board of Trustees of The Gabelli Global Small and Mid Cap Value Trust (NYSE:GGZ) (the “Fund”) declared a $0.21 per share cash distribution payable on March 24, 2026 to common shareholders of record on March 17, 2026. This is a 31% increase from $0.16 per share, bringing the annualized distribution rate to $0.84 from $0.64 per share.

The Fund intends to pay a quarterly distribution of an amount determined each quarter by the Board of Trustees. In addition to the quarterly distributions, and in accordance with the minimum distribution requirements of the Internal Revenue Code for regulated investment companies, the Fund may pay an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the quarterly distributions for that year.

Each quarter, the Board of Directors reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Directors will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification by the Board of Directors at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their "net investment income", which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, the current distribution paid to common shareholders in 2026 would include approximately 33% from net investment income and 67% from net capital gains on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2026 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2026 distributions in early 2027 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

Bethany Uhlein
(914) 921-5546

About The Gabelli Global Small and Mid Cap Value Trust
The Gabelli Global Small and Mid Cap Value Trust is a diversified, closed-end management investment company with $181 million in total net assets whose primary investment objective is to achieve long-term capital growth of capital. Under normal market conditions, the Fund will invest at least 80% of its total assets in equity securities (such as common stock and preferred stock) of companies with small or medium sized market capitalizations. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE – GGZ
CUSIP – 36249W104

Paycom Software (PAYC - Free Report) came out with quarterly earnings of $2.45 per share, beating the Zacks Consensus Estimate of $2.44 per share. This compares to earnings of $2.32 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +0.41%. A quarter ago, it was expected that this maker of human-resources and payroll software would post earnings of $1.96 per share when it actually produced earnings of $1.94, delivering a surprise of -1.02%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Paycom, which belongs to the Zacks Internet - Software industry, posted revenues of $544.3 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.29%. This compares to year-ago revenues of $493.8 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.

Paycom shares have lost about 21.6% since the beginning of the year versus the S&P 500's gain of 1.4%.

What's Next for Paycom?While Paycom has underperformed 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 Paycom 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 $2.93 on $578.25 million in revenues for the coming quarter and $9.94 on $2.23 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, Internet - Software is currently in the bottom 44% 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.

Another stock from the same industry, PubMatic, Inc. (PUBM - Free Report) , has yet to report results for the quarter ended December 2025. The results are expected to be released on February 26.

This company is expected to post quarterly earnings of $0.16 per share in its upcoming report, which represents a year-over-year change of -61%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

PubMatic, Inc.'s revenues are expected to be $75.11 million, down 12.2% from the year-ago quarter.

Rollins (ROL - Free Report) came out with quarterly earnings of $0.25 per share, missing the Zacks Consensus Estimate of $0.27 per share. This compares to earnings of $0.23 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -7.99%. A quarter ago, it was expected that this operator of Orkin and other pest and termine control services would post earnings of $0.32 per share when it actually produced earnings of $0.35, delivering a surprise of +9.38%.

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

Rollins, which belongs to the Zacks Building Products - Maintenance Service industry, posted revenues of $912.91 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 1%. This compares to year-ago revenues of $832.17 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.

Rollins shares have added about 8.3% since the beginning of the year versus the S&P 500's gain of 1.4%.

What's Next for Rollins?While Rollins 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 Rollins 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 $0.25 on $908.45 million in revenues for the coming quarter and $1.26 on $4.12 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, Building Products - Maintenance Service is currently in the top 36% 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.

Information Services Group (III - Free Report) , another stock in the broader Zacks Business Services sector, has yet to report results for the quarter ended December 2025. The results are expected to be released on March 5.

This market advisory service company is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents a year-over-year change of +33.3%. The consensus EPS estimate for the quarter has been revised 2.9% lower over the last 30 days to the current level.

Information Services Group's revenues are expected to be $61.14 million, up 5.8% from the year-ago quarter.

Cisco Systems (CSCO - Free Report) came out with quarterly earnings of $1.04 per share, beating the Zacks Consensus Estimate of $1.02 per share. This compares to earnings of $0.94 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +1.96%. A quarter ago, it was expected that this seller of routers, switches, software and services would post earnings of $0.98 per share when it actually produced earnings of $1, delivering a surprise of +2.04%.

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

Cisco, which belongs to the Zacks Computer - Networking industry, posted revenues of $15.35 billion for the quarter ended January 2026, surpassing the Zacks Consensus Estimate by 1.49%. This compares to year-ago revenues of $13.99 billion. 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.

Cisco shares have added about 12% since the beginning of the year versus the S&P 500's gain of 1.4%.

What's Next for Cisco?While Cisco 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 Cisco was favorable. 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 #2 (Buy) for the stock. So, the shares are expected to outperform 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 $1.02 on $15.18 billion in revenues for the coming quarter and $4.11 on $60.64 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, Computer - Networking is currently in the bottom 22% 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 Computer and Technology sector, SentinelOne (S - Free Report) , is yet to report results for the quarter ended January 2026.

This cybersecurity provider is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of +50%. The consensus EPS estimate for the quarter has been revised 2.3% lower over the last 30 days to the current level.

SentinelOne's revenues are expected to be $270.96 million, up 20.2% from the year-ago quarter.

Equinix (EQIX - Free Report) came out with quarterly funds from operations (FFO) of $8.91 per share, missing the Zacks Consensus Estimate of $9.07 per share. This compares to FFO of $7.92 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of -1.74%. A quarter ago, it was expected that this data center operator would post FFO of $9.26 per share when it actually produced FFO of $9.83, delivering a surprise of +6.16%.

Over the last four quarters, the company has surpassed consensus FFO estimates three times.

Equinix, which belongs to the Zacks REIT and Equity Trust - Retail industry, posted revenues of $2.42 billion for the quarter ended December 2025, missing the Zacks Consensus Estimate by 1.96%. This compares to year-ago revenues of $2.26 billion. 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 FFO expectations will mostly depend on management's commentary on the earnings call.

Equinix shares have added about 11.8% since the beginning of the year versus the S&P 500's gain of 1.4%.

What's Next for Equinix?While Equinix 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 FFO outlook. Not only does this include current consensus FFO 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 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 estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Equinix was favorable. 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 #2 (Buy) for the stock. So, the shares are expected to outperform 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 FFO estimate is $10.01 on $2.46 billion in revenues for the coming quarter and $40.63 on $10.06 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, REIT and Equity Trust - Retail is currently in the top 27% 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.

Another stock from the same industry, Federal Realty Investment Trust (FRT - Free Report) , has yet to report results for the quarter ended December 2025. The results are expected to be released on February 12.

This real estate investment trust is expected to post quarterly earnings of $1.86 per share in its upcoming report, which represents a year-over-year change of +7.5%. The consensus EPS estimate for the quarter has been revised 0% higher over the last 30 days to the current level.

Federal Realty Investment Trust's revenues are expected to be $328.96 million, up 5.6% from the year-ago quarter.

3 mins mins

What’s verified about the 376 million BUIDL mintAccording to MEXC News (https://www.mexc.co/news/684721?utm_source=openai), an entity minted 376 million BUIDL tokens on Solana early this morning, around 4:00 AM UTC. The report characterizes the action as a mint, not a transfer or bridge event. The claim is currently uncorroborated by primary institutional statements.

What is verified, strictly speaking, is the publication of that claim and its approximate timing. The report did not include addresses or transaction hashes, so independent on-chain verification remains pending. No public comments from BlackRock, Securitize, or the Solana Foundation were cited.

Why this alleged BUIDL mint matters for Securitize SolanaThe BlackRock BUIDL fund is a tokenized real‑world asset vehicle that invests in cash and U.S. Treasuries, with Solana support enabled by Securitize. As reported by CoinDesk (https://www.coindesk.com/markets/2025/03/25/blackrock-securitize-expand-usd1-7b-tokenized-money-market-fund-buidl-to-solana?utm_source=openai), BUIDL expanded to Solana in March 2025 with institutional participation and public commentary from project leaders. In that context, a large mint on Solana could reflect operational flows specific to that chain.

Absent official statements, the scale alone does not indicate intention or end‑investor flows. “An entity minted 376 million BUIDL tokens on Solana early this morning,” said PANews. This reflects the narrow claim currently available while broader details remain unconfirmed.

Near‑term effects on Solana users or BUIDL holders cannot be assessed without on‑chain details that anchor the event. Based on reporting by Yahoo Finance (https://finance.yahoo.com/news/blackrock-expands-buidl-solana-tokenized-005300913.html?utm_source=openai), analytics dashboards such as RWA.xyz are commonly used to track tokenized RWA supply and flows. Standard verification also involves checking Solana explorers for the BUIDL mint account and recent supply deltas aligned to the reported time.

When reviewing explorers, distinguish a new mint from internal transfers, burns, or cross‑chain bridge movements. Correlate any detected mint with official channels from BlackRock, Securitize, or the Solana Foundation before drawing conclusions. Record the timestamp and compare across multiple reputable explorers to reduce interpretation errors.

At the time of this writing, Solana (SOL) is quoted at $79.51 with very high 30‑day volatility near 17.56% and a bearish sentiment profile; RSI 14 around 29.89 indicates an oversold reading.

BlackRock BUIDL fund: issuance mechanics and supply effectsHow mints relate to token supply, NAV, and redemptionsMints increase on‑chain token supply, while redemptions typically reduce outstanding units. NAV reflects the value of underlying cash and U.S. Treasuries and is conceptually separate from on‑chain issuance. Supply changes alone do not determine NAV.

Routine issuance versus anomalies: operational signals to watchRoutine issuance often accompanies investor subscriptions, cross‑chain availability, or operational rebalancing. Anomalies may appear as sudden supply spikes without related disclosures or registry updates. Monitoring official posts, filings, and reputable analytics helps contextualize unusual on‑chain activity.

FAQ about 376 million BUIDL mintWhich Solana addresses and transactions show the alleged BUIDL mint, and how can I verify them on-chain?No addresses were provided in the report. Use Solana explorers to search BUIDL mint events, verify supply changes near 04:00 UTC, and compare with official communications.

What is the BUIDL fund, and how do new mints affect token supply, NAV, and redemptions?BUIDL tokenizes a BlackRock-backed cash and Treasuries fund. New mints increase outstanding tokens; NAV reflects underlying assets; redemptions typically reduce supply independently of short‑term on‑chain flows.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Consensys CEO states that blue-chip DeFi platforms have reached security levels comparable to traditional banking. Lubin warns that Bitcoin faces an existential risk due to advancements in quantum computing and artificial intelligence.  According to the executive, 2026 will mark a definitive turning point for the mass adoption of decentralized finance. During Consensus Hong Kong 2026, Ethereum co-founder Joe Lubin analyzed the relationship between DeFi security and Bitcoin, noting that decentralized finance is currently as safe as the traditional financial system.

The executive argued that while the world’s central banks debase currencies, “blue-chip” DeFi protocols represent a robust option. In fact, he pointed to historical events, including the global financial crisis, to illustrate the vulnerability of traditional savings methods against inflation.

In this context, Lubin predicts that throughout 2026, society will experience a historic technological breakthrough in this sector. Therefore, he believes that the perception of risk is rapidly shifting in favor of blockchain-based ecosystems.

 Quantum Threat and the Future of the Bitcoin Network However, Lubin’s vision was much more critical regarding the Bitcoin network, citing the “Q Day” phenomenon as a real threat. He referred to the moment when quantum computing becomes capable of challenging current encryption methods.

Lubin considers this potential scenario to be still far off, but he stressed that AI is drastically accelerating scientific progress. Consequently, he warned that the pioneer cryptocurrency could face an existential problem if it does not adapt to these new paradigms.

On the contrary, he stated that Ethereum is in an excellent position to withstand these imminent technological challenges. In his words, while much of the digital world will experience a situation similar to the “Y2K bug,” the smart contract network will be prepared to thrive.

In summary, Lubin concluded that the convergence of AI and Web3 will be the engine driving the next era of the global economy. Thus, he reaffirmed his commitment to the transparency and resilience of decentralized systems against the weaknesses of traditional banking.

In brief A Bitcoin wallet cited in earlier ransom notes recorded a small new transfer, TMZ reported. A new message sent to the outlet demanded 1 Bitcoin for information tied to the case. Authorities released footage of a suspect Tuesday, then detained and released a person of interest. A Bitcoin wallet address cited in ransom notes tied to the high-profile disappearance of Nancy Guthrie recorded new activity this week, with a fresh demand for a Bitcoin ransom surfacing on Wednesday.

Guthrie, the 84-year-old mother of NBC’s “Today” co-host Savannah Guthrie, vanished from her Tucson, Arizona, home on January 31. Since then, multiple ransom notes have been sent to media outlets demanding payment in Bitcoin in exchange for information about her whereabouts.

On Tuesday, TMZ reported that a small transaction worth less than a few hundred dollars was sent to the Bitcoin wallet address referenced in one of the notes. Authorities have not confirmed who initiated the transfer, whether they believe it was a test transaction, or whether it is connected to the disappearance.

According to TMZ, a third letter was sent on Wednesday, demanding 1 Bitcoin—currently worth about $67,500, based on CoinGecko data—in exchange for the identities of those responsible.

Surveillance footage released by authorities Tuesday shows a masked individual tampering with Guthrie’s front-door Google Nest camera.

“Working with our partners, as of this morning, law enforcement has uncovered these previously inaccessible new images showing an armed individual appearing to have tampered with the camera at Nancy Guthrie's front door the morning of her disappearance,” FBI Director Kash Patel wrote on X.

The Bitcoin address has not been released publicly, making outside verification nearly impossible at this point. Still, investigators say possession of the wallet address gives law enforcement a starting point for identifying the suspects.

“When there’s a cryptocurrency address in an investigation, it provides a really powerful tool for law enforcement because they can track and trace the flow of funds in real time,” Ari Redbord, global head of policy at TRM Labs and a former federal prosecutor, told Decrypt.

“But it is not a silver bullet,” he added.

“You need to marry blockchain intelligence and crypto tracing with other law enforcement tools. The key is to watch for when that address transacts with a cryptocurrency exchange,” Redbord said. “The actor will need to cash out those funds, and when they try to do that, the hope is the exchange has conducted know-your-customer checks and can assist law enforcement.”

While no arrests directly tied to Guthrie’s disappearance have been announced, on Tuesday, a man who identified himself as Carlos Palazuelos was detained for questioning but later released without charge.

Earlier this month, the U.S. Department of Justice charged Derrick Callella of Hawthorne, California, with demanding Bitcoin via text from the Guthrie family. Prosecutors said Callella admitted to sending two text messages using a VOIP account after obtaining the family’s contact information from a website.

Authorities have not linked those messages to the original ransom demand. The investigation remains ongoing.

Savannah Guthrie said in a social media message over the weekend and she and her siblings were willing to pay a ransom for the safe return of their mother.

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Ethereum’s price and its short-term holders are currently and simultaneously exhibiting bearish activity. While the downward price trend has continued, the activity of short-term ETH holders has followed closely, as the group has simply transitioned into a selling mode.

As Ethereum’s price loses its upside momentum, on-chain data are now flashing a cautionary signal, one that demands close attention during volatile market conditions. This cautious signal is coming from the side of short-term ETH holders, who are collectively exhibiting bearish activity.

On-Chain Mind, a crypto and data analyst, has confirmed that Ethereum is shifting into negative territory on short-term holder supply flow. A trend of this kind suggests that the most recent buyers of ETH are choosing to sell their holdings, adding fresh supply back into the broader market in periods of uncertainty.

The analysis carried out using the Ethereum Short-Term Holder Net Change metric mainly tracks speculative positioning over a 30-day duration. When short-term holders begin to distribute frequently, it is a pattern that often hints at a decline in confidence and a rise in volatility sensitivity.

Data from the STH Net Change chart reveals that recent buyers are starting to distribute their holdings, and short-term capital is rotating out, not flowing in. During such scenarios, On-Chain Mind advocates a strategy that plays against the short-term crowd. 

Short-term holders are dumping their ETH holdings | Source: Chart from On-Chain Mind on X While short-term holders are displaying fear and uncertainty by selling their ETH stash, large holders or whales continue to find a reason to hold on to the altcoin and even buy more. CW on the X platform stated that Ethereum has dropped below the realized price of the accumulation wallet addresses. 

Despite losing this key threshold, ETH whales have continued their buying activity. The expert highlighted that the full-scale accumulation of the altcoin by whales started back in June 2025. Meanwhile, the current price has now fallen below the price at which these investors kicked off their accumulation process. 

This drop did not stop them as their buying spree is proceeding even more aggressively this time. At the same time, the latest price of ETH will likely appear attractive to whales.

Buying ETH Now Is An Opportunity Even with a bearish state, Michael Van De Poppe has expressed bullish focus on Ethereum. Following an analysis of the ETH Market Value to Realized Value Ratio (MVRV), the market expert and MN Fund founder and CIO, declares that “it is a tremendous opportunity to be looking at ETH now.”

Van De Poppe stated that the major reason for this is a massive gap between the fair price and the market price. Based on the MVRV ratio, ETH’s present valuation is just as underpriced as it was during the extremely volatile times, such as the April 2025 crash, the June 2022 bottom after Luna tanked, the March 2020 crash triggered by COVID, and the peak bear market of December 2018.

In all of those cases, this offered a fantastic opportunity to purchase the leading altcoin, and this particular signal has unfolded once again in the current market cycle.

ETH trading at $1,953 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from Pixabay, chart from Tradingview.com

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

Former Ripple CTO interprets the email as evidence supporting XRP or Stellar’s ‘key opponents’ theory for Bitcoin.

Market Sentiment:

Bullish Bearish Neutral

Published: February 11, 2026 │ 9:03 PM GMT

Created by Gabor Kovacs from DailyCoin

In a recent video, wealth-focused commentator Kamilah Stevenson dissects a newly surfaced 2014 email that, she argues, reframes XRP’s early history.

Drawing on documents released by the U.S. Department of Justice, she highlights internal communications from a key Bitcoin infrastructure founder that appear to urge investors not to back Ripple and Stellar alongside Bitcoin ventures.

“Two Horses in the Same Race”: Early XRP Seen as a ThreatAccording to Stevenson, the standout document is an email written in 2014 by Austin Hill, a co-founder of Bitcoin infrastructure firm Blockstream. In that message, Hill reportedly warned a small circle of “wealthy, influential” investors that supporting Ripple and Stellar while funding Bitcoin-focused companies was like “backing two horses in the same race.”

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Stevenson says Hill went further, describing Ripple and Stellar as “bad for the ecosystem” that group was trying to build, and framing investors who backed those projects as effectively working against them. This was not a public market debate, she stresses, but “private pressure behind closed doors” about who should, and should not, receive capital.

The implication: XRP was not neglected by accident. It was noticed early, viewed as a strategic threat, and treated as something that needed to be opposed rather than ignored.

David Schwartz’s Read: Opponent, Not Just CompetitorKamilah Stevenson notes that Ripple’s former CTO David Schwartz publicly responded after the email began circulating. He did not dispute its authenticity or tone. Instead, he interpreted Hill’s message as clearly signaling that anyone supporting Ripple or Stellar was considered an “opponent” by that group, not simply a competitor.

Schwartz also suggested that this was likely not an isolated opinion; similar attitudes were “probably expressed to many other people behind the scenes,” according to Stevenson’s summary.

At the same time, he explicitly stated he was not aware of any connections between Jeffrey Epstein and Ripple, XRP, or Stellar, and that there was no evidence of meetings or collaboration with Epstein-linked actors.

For Ms. Stevenson, that distinction matters: the controversy around XRP’s early treatment appears rooted in ecosystem positioning, not scandal.

What It Means For XRP’s Trajectory & Market PerceptionStevenson argues that these documents suggest the early crypto landscape was “political” and “strategic,” not neutral.

With a core Bitcoin infrastructure player allegedly discouraging capital flows to Ripple and Stellar, she sees XRP’s survival and continued role in payments, liquidity, and settlement as evidence of durability under pressure.

She also points to XRP’s partial regulatory clarity in the U.S.—specifically that it has been found not to be a security in certain contexts—as part of why she treats it as a long-term, structurally significant asset rather than a speculative trade.

Her focus is on assets that have already been “tested by opposition, time, and pressure,” with XRP squarely in that category.

Stevenson repeatedly emphasizes that she is not making financial recommendations and that her commentary is for educational purposes, noting she is “not 100% clear that everything is 100% correct” and is relying on what has been observed in the DOJ-released materials and public responses.

For crypto investors, the episode underscores how much early capital allocation may have been shaped by private infrastructure players, and why XRP’s market narrative cannot be understood solely through price charts or the later SEC lawsuit.

Discover DailyCoin’s popular crypto news today:
Stellar Trapped: XLM Bounce Stalls Despite Oversold Record
XRP Analyst Warns Retail Investors Could Be “Priced Out”

People Also Ask:Did the video claim the entire market conspired against XRP?

Kamilah Stevenson stresses the email does not prove market-wide intent, but shows at least one powerful group viewed XRP and Stellar as projects to be opposed.

Was any direct XRP–Epstein link alleged?

No. Citing David Schwartz, Stevenson says there is no evidence of meetings or ties between Epstein and Ripple, XRP, or Stellar.

Is this financial advice?

Stevenson is explicit that nothing in the video is financial advice and that her analysis is for educational purposes only.

What is the main takeaway for investors?

That early funding and narratives around major crypto assets may have been shaped by behind-the-scenes power struggles, and XRP appears to have survived deliberate headwinds rather than mere market indifference.

DailyCoin's Vibe Check: Which way are you leaning towards after reading this article?

Market Sentiment

100% Bullish

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tether expects to rank among the ten largest buyers of U.S. Treasury bills this year, according to Bo Hines, CEO of Tether USA₮, who spoke at the Bitcoin Investor Week conference in New York. Hines stated that rising demand for U.S. government debt reflects continued growth in USDT and the recent launch of USAT, a stablecoin structured to comply with the federal GENIUS Act framework.

Currently, USDT holds a market capitalization of approximately $185 billion, maintaining its position as the largest stablecoin by market value. Based on the company’s latest attestation, 83.11% of Tether’s reserves are allocated to U.S. Treasury bills, representing more than $122 billion in short-term government securities widely regarded as low-risk assets.

With that level of exposure, Tether already ranks among the top twenty global holders of U.S. Treasurys, including sovereign states. According to U.S. Treasury data, the company would place between Germany and Saudi Arabia in the ranking of foreign holders of U.S. government debt.

Hines also noted that USDT, launched in 2014, serves approximately 530 million users, with an estimated growth rate of 30 million new users per quarter. In addition, he explained that USAT, issued by Anchorage Bank, complies with the GENIUS Act requirements, which mandate that regulated stablecoins maintain a 1:1 backing in high-quality assets such as short-term U.S. Treasury bills.

According to accounting firm BDO, Tether holds approximately $6.3 billion in excess reserves. The company also reports ownership of around 140 tons of gold held in custody, positioning it among the larger corporate gold holders globally.

Source: Tether, U.S. Treasury, BDO, Bitcoin Investor Week

Disclaimer: Crypto Economy Flash News is prepared using official and publicly available sources verified by our editorial team. Its purpose is to provide rapid updates on relevant developments within the crypto and blockchain sector.

This information does not constitute financial advice or an investment recommendation. Readers should verify official project channels before making related decisions.

Zerohash, a crypto infrastructure company that recently reached a $1 billion valuation, has added support for the Monad blockchain and USDC on Monad, aiming to expand stablecoin payments on the Layer 1 network.

The integration means zerohash’s clients, including prediction markets platform Kalshi, HR management platform Gusto, and trading platform Public, can build and launch stablecoin-based payment flows without running blockchain infrastructure or securing their own regulatory licenses, the company said Wednesday. The setup is designed to support use cases such as real-time account funding, cross-border payments, business-to-business settlement, and onchain commerce.

Monad is one of many blockchains zerohash already supports, and USDC on Monad joins a broader set of supported stablecoins. Asked what makes the integration notable, Raj Parekh, head of stablecoins and payments at the Monad Foundation, said Monad is "fast and dependable" and could help scale stablecoin payments and daily usage with "near-instant finality."

Ethereum and its broader ecosystem currently account for the largest share of stablecoin activity on zerohash, Mark Daly, chief business officer at zerohash, told The Block. "That said, we’re seeing growing activity across other Layer 1s and Layer 2s as stablecoins expand into payments and settlement use cases," Daly added.

Asked whether zerohash expects users to conduct more stablecoin transactions on Monad than on other blockchains, Daly said usage typically follows performance, liquidity, cost, and ecosystem growth. He added that Monad’s technical profile could support faster and more cost-efficient stablecoin transactions at scale. Daly also said the company plans to support additional stablecoins on Monad as they become available.

Founded in 2017, zerohash employs about 200 people globally, with offices in New York, Chicago, North Carolina, and Amsterdam. Last September, the company raised a $104 million Series D-2 round led by Interactive Brokers, with participation from Morgan Stanley, SoFi, Apollo-managed funds, Jump Crypto, and Northwestern Mutual Future Ventures, bringing total funding to $275 million and pushing its valuation to $1 billion. A report last month said zerohash is in talks to raise another $250 million at a $1.5 billion valuation after the company pulled out of acquisition talks with Mastercard, though the payments giant is reportedly still considering a strategic investment in zerohash.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The odds of a U.S. government shutdown before February 14 continue surging. The spikes come as Bitcoin and broader crypto markets continue to slide, with total market cap falling 1.8% to $2.3 trillion.

Bitcoin’s price is often framed as the result of one dominant factor, whether it’s the halving cycle, macro liquidity, or speculative demand, and this view misses the deeper reality of how the asset actually trades. BTC exists within a complex economic environment where multiple forces act simultaneously, each influencing price in different ways.

When Bitcoin Cycles And Macro Cycles Overlap Multiple interacting processes shape Bitcoin and the broader business cycle, and the dynamics are more complex than a single narrative. Crypto analyst Giovanni has highlighted on X that the FOMO halving narrative had heavily driven the early BTC cycle, and the social feedback loop matters. At the same time, the Purchasing Managers Index (PMI) also exhibited a 4-year periodicity, and this does not mean the BTC halving cycle was irrelevant.

These two cycles are interacting, and that interaction is precisely what needs to be quantified and understood, rather than dismissed with hand-waving explanations. Giovanni emphasized that the halving cycle is still real for miners and never disappeared. Block rewards are reduced on a fixed schedule, and that mechanical change directly impacts miner economics.

By extension, these effects propagate into the broader BTC economy in one form or another. The explanation is not credible if the pendulum swings from “the 4-year cycle is an illusion” to “the 4-year cycle halving cycle explains everything.” Replacing one oversimplified story with another doesn’t improve understanding; it just shifts the blind spot.

There are solid mathematical tools designed to study cycle coupling, phase alignment, and interaction effects. Giovanni argues that applying these tools is the right path, and doing so is unlikely to produce a new simple narrative. What will likely emerge is a richer structure, where internal and external cycles interact in nontrivial ways.

How The Model Estimates Up And Down Outcomes An analyst known as The Smart Ape pointed out on X about developing a theoretical probability model to estimate Bitcoin’s up and down price outcomes in the 15-minute markets on Polymarket. The model is intentionally simple, calculating probabilities by using the target price, the current BTC price, and the remaining before the market round closes.

Source: Chart from The Smart Ape on X What stood out most was how closely the theoretical outputs matched real market probabilities. The difference between the market prices and model probabilities was consistently within a narrow 1-5% range,  suggesting that the model tracks actual market behaviour with remarkable accuracy.

Related Reading: Top Analyst Says ‘Paper Bitcoin’ Is Driving The Market, Not The 21 Million Supply Cap

In this market, probabilities are directly set by traders, which clearly shows how bot-dominated these markets are and are driven by logical rules and algorithms. The Smart Ape argues that if the market were primarily driven by human traders, real probabilities wouldn’t align this tightly with a theoretical model.

BTC trading at $66,926 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Pngtree, chart from Tradingview.com

TL;DR

The SHIB community burned 3.56 million tokens in the last 24 hours and the daily burn rate increased 38% compared with the previous session. More than 500 trillion SHIB remain in circulation, which confirms that supply reduction will be a gradual process. SHIB price followed Bitcoin trends and stayed under pressure as global crypto sentiment remained cautious.
The Shiba Inu network registered a new round of token removals as users sent millions of coins to inactive addresses. Data from the Shibburn tracker confirmed four transactions that eliminated 3,564,772 SHIB during one day. Supporters describe the mechanism as a practical tool to improve the economics of the asset and to strengthen long-term value.

The 38% rise in the burn rate showed renewed activity, but the effect on the total supply was limited. Around 410 trillion tokens have been removed since the early period of the project, while close to half a quadrillion units continue to circulate on exchanges and private wallets. Pro-crypto voices argue that large supplies are normal for young digital assets and that steady reductions can still support healthier price structures.

SHIB traded near $0.00000579 after a fall of 4.57% in the last day. The token had recovered about 13% last Friday before losing momentum as liquidity cooled across the sector. Traders linked the weakness to macro uncertainty and to the drop of Bitcoin below $90,000, a level that often guides sentiment for altcoins.

Shib Burn Activity And Supply Challenge The largest transfer moved 1,553,766 SHIB to a dead wallet, while another operation sent 1,422,952 tokens out of reach. The volume was almost twice the amount destroyed one day earlier, when a little more than two million SHIB were burned. Community channels promoted initiatives such as payment tools and games that include automatic burns in their structure.

Early reductions were influenced by Vitalik Buterin, who donated a significant portion of his SHIB holdings and later destroyed the rest. Since then, the process has relied on voluntary participation from ordinary users and from developers who integrate the token into new services.

Market Conditions Surrounding Shib Observers said SHIB continues to mirror Bitcoin more than internal events. The token lost roughly nine percent since Friday while Bitcoin reacted to technology earnings and to expectations about monetary policy. These factors limited risk appetite in the broader market.

Ondo Finance said its Ondo Global Markets platform has integrated Chainlink as its official data oracle, enabling price feeds for tokenized US stocks including SPYon, QQQon and TSLAon to go live on Ethereum.

According to a post from Ondo on Wednesday, the feeds are now being used on Euler, where users can post the tokenized equities as collateral to borrow stablecoins.

The integration provides onchain pricing data for the tokenized assets, allowing decentralized finance (DeFi) protocols to set collateral parameters and manage liquidations based on reference prices tied to the underlying equities. The feeds incorporate corporate actions such as dividends, enabling applications to reference updated equity values.

Initial support covers SPYon (which represents the SPDR S&P 500 ETF), QQQon (representing the Invesco QQQ ETF) and TSLAon (Tesla stock), with additional tokenized stocks and exchange-traded funds (ETFs) expected to be added as oracle coverage and protocol integrations are expanded.

According to the announcement, risk parameters for the new lending markets, including collateral factors and liquidation thresholds, are being set and monitored by Sentora.

Ondo said the move addresses a prior limitation for tokenized equities, which had largely been held for price exposure but were not widely accepted as collateral in DeFi. By pairing exchange-linked liquidity with onchain price feeds, the companies aim to enable broader use of tokenized stocks in lending and other structured products.

The announcement follows an October 2025 partnership between Ondo Finance and Chainlink, a blockchain oracle network launched in 2017, that designated Chainlink as the primary data provider for Ondo’s tokenized stocks and ETFs. 

Race to tokenize US equitiesAs US regulators continue to refine the legal framework for tokenized securities, legacy financial institutions and crypto platforms are accelerating efforts to put equities on blockchain infrastructure.

In September, Nasdaq filed for a rule change with US Securities and Exchange Commission (SEC) that would enable it to list and trade tokenized versions of publicly traded stocks, potentially allowing blockchain-based representations of listed shares to trade within its regulated exchange framework.

On Dec. 11, the same day it clarifyied how broker-dealers may custody tokenized securities under existing rules, the SEC issued a no-action letter allowing a Depository Trust & Clearing Corporation subsidiary to launch a tokenization service for securities already held in DTC custody.

On Jan. 19, the New York Stock Exchange and its parent company, Intercontinental Exchange, said they are developing a blockchain-based platform for trading tokenized stocks and ETFs with 24/7 trading and near-instant settlement, pending regulatory approval.

On the crypto side, more than 60 tokenized US stocks launched in June across exchanges Kraken and Bybit. The product, developed by Backed Finance under its xStocks brand, provides blockchain-based exposure to blue-chip companies, though it is not yet available to US customers.

Meanwhile, fintech Robinhood, which introduced tokenized versions of nearly 500 US stocks for EU users in October, has launched a public testnet for Robinhood Chain, an Ethereum layer-2 network built on Arbitrum.

On Wednesday, the company said the network is designed to support tokenized real-world and digital assets, including 24/7 trading, self-custody and onchain lending and derivatives applications.

Magazine: Bitcoin’s ‘biggest bull catalyst’ would be Saylor’s liquidation: Santiment founder

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy

Sonic Labs, the team behind the high-throughput Layer 1, is looking to revamp how value accrues to its native S token.

3 mins mins

Kyle’s prediction: Solana set to anchor complex on-chain financeKyle predicts that Solana’s progress will surpass any period in history, becoming the on-chain cornerstone for complex financial applications. The thesis centers on solana maturing from high-throughput DeFi infrastructure to a base layer for institutional-grade finance.

Anchoring complex on-chain finance implies supporting regulated instruments, programmable settlement, and interoperability with legacy workflows. The claim focuses on scaling real-world asset tokenization and stablecoin-based settlement without sacrificing determinism or cost efficiency.

Why it matters: real-world asset tokenization and stablecoin settlementTokenizing money market funds, commercial paper, or other securities can compress settlement cycles and improve auditability. On programmable rails, compliance checks, corporate actions, and cash sweeps can execute continuously.

Stablecoin settlement complements tokenization by enabling intraday cash movement and atomic delivery-versus-payment. If finality is fast and fees remain low, treasurers can reconcile positions in near real time.

As reported by Forklog, Bitwise expects the Alpenglow upgrade to materially shorten finality, on the order of sub‑second, and streamline validator operations; Firedancer targets higher throughput and resiliency, helping reduce per‑transaction costs. These capabilities are prerequisites for regulated settlement and continuous net‑asset‑value calculations.

According to Solana’s Breakpoint coverage, State Street is launching tokenized money market funds on Solana to enable 24/7 subscriptions and redemptions. That signals production-oriented usage rather than purely experimental pilots.

Industry viewpoints increasingly frame stablecoin rails and tokenized assets as workloads that consolidate on performance‑optimized chains. “Solana could surpass Ethereum as the preferred network for stablecoins and asset tokenization,” said Matt Hougan, CIO.

At the time of this writing, Solana (SOL) trades near $80.39, based on data from The Block. Recent metrics show an oversold 14‑day RSI around 29.9 alongside elevated short‑term volatility.

Risks, competition, and factors that could slow adoptionRegulatory uncertainty and validator concentration considerationsAs noted by Ainvest.com, compliance frameworks for tokenized securities, transfer restrictions, and on‑chain settlement are still evolving across jurisdictions. Implementation timelines may depend on licensing, KYC/AML controls, and custody approvals. As discussed on Reddit’s validator ecosystem threads, stake distribution and operator concentration remain active topics for resilience and governance.

Comparative positioning versus Ethereum and Layer 2 networksAccording to Galaxy, Solana’s performance profile suits high‑throughput settlement and capital‑markets workloads, while Ethereum and major Layer 2 networks emphasize security guarantees and entrenched network effects. Institutions may pursue multi‑chain strategies until standards converge.

FAQ about real-world asset tokenizationHow will the Firedancer upgrade and Alpenglow improve finality, throughput, and costs on Solana?They target sub‑second finality, higher throughput via an independent client, and lower operating costs through efficiency gains.

Which traditional finance firms are launching products on Solana, and what are those products?State Street is launching tokenized money market funds on Solana, enabling round‑the‑clock subscriptions and redemptions.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Increased Q4 monthly recurring revenue (MRR) 10% year over year on both an as-reported and a normalized and constant currency basis; increased full-year MRR 7% on an as-reported basis and 8% on a normalized and constant currency basis Delivered record annualized gross bookings of $474 million in Q4, up 42% over the previous year; delivered $1.6 billion of annualized gross bookings in 2025, up 27% for the full year Surpassed 500,000 interconnections globally, the most in the industry, as enterprises depend on Equinix to connect their AI, cloud and network ecosystems Increased quarterly cash dividend by 10% to $5.16 per share, marking the 11th consecutive year of dividend growth , /PRNewswire/ -- Equinix, Inc. (Nasdaq: EQIX), the world's digital infrastructure company®, today reported results for the quarter and full year ended December 31, 2025.

"Our team executed exceptionally well in Q4, marking a very strong close to a pivotal year for Equinix. Demand for our solutions has never been higher, as demonstrated by accelerated growth in both bookings and recurring revenue, and we are confident in our plan to deliver robust revenue and AFFO per share growth in 2026," said Adaire Fox-Martin, CEO and President, Equinix. "Equinix plays an essential role helping businesses connect and manage increasingly distributed AI, cloud and networking infrastructure. This is a source of long-term competitive advantage that positions us well to meet our customers' greatest needs and create shareholder value."

2025 Results Summary

Revenues $9.217 billion, a 5% increase over the previous year on an as-reported basis, or a 6% increase on a normalized and constant currency basis Operating Income $1.848 billion, a 39% increase from the previous year, primarily from strong underlying operating performance and lower impairment charges and transaction costs Net Income Attributable to Common Stockholders and Net Income per Share Attributable to Common Stockholders $1.350 billion, a 66% increase from the previous year, primarily from higher income from operations $13.76 per share, a 62% increase from the previous year Adjusted EBITDA $4.530 billion, an adjusted EBITDA margin of 49%, an 11% increase over the previous year on an as-reported basis, or a 10% increase on a normalized and constant currency basis AFFO and AFFO per Share $3.761 billion, a 12% increase over the previous year on both an as-reported and a normalized and constant currency basis driven by strong operating performance and lower net interest expense from disciplined balance sheet management $38.33 per share, a 9% increase over the previous year on both an as-reported and a normalized and constant currency basis Q4 results were modestly impacted by the timing of the xScale® Hampton lease transaction, which is now expected to close in early 2026.

Equinix uses certain non-GAAP financial measures, which are described further below and reconciled to the most comparable GAAP financial measures after the presentation of our GAAP financial statements.

All per-share results are presented on a fully diluted basis.

2026 Annual Guidance Summary

(in millions, except per share data)

 FY 2026 Guidance

Q1 2026 Guidance

Revenues

$10,123 - 10,223

$2,496 - 2,536

Adjusted EBITDA

Adjusted EBITDA Margin %

$5,141 - 5,221

~51%

$1,283 - 1,323

51 - 52%

Recurring Capital Expenditures

% of Revenues

$270 - 290

~3%

$28 - 48

1 - 2%

Non-recurring Capital Expenditures

(Excludes xScale)

$3,385 - 3,865

AFFO

$4,158 - 4,238

AFFO per Share (Diluted)

$41.93 - 42.74

Expected Cash Dividends

~$2,036

Equinix does not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation and other components of net income or loss from operations, and as a result, is not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort. The impact of such adjustments could be significant. Equinix intends to calculate the various non-GAAP financial measures in future periods consistent with how they were calculated for the periods presented within this press release.

For the first quarter of 2026, the company expects revenues to range between $2.496 and $2.536 billion, an increase of 4% at the midpoint over the previous quarter, on both an as-reported and a normalized and constant currency basis. This guidance includes a $20 million foreign currency benefit when compared to the average FX rates in Q4 2025. Adjusted EBITDA is expected to range between $1.283 and $1.323 billion. This guidance includes an $11 million foreign currency benefit when compared to the average FX rates in Q4 2025. Recurring capital expenditures are expected to range between $28 and $48 million.

For the full year of 2026, total revenues are expected to range between $10.123 and $10.223 billion, an as-reported increase of approximately 10 - 11% over the previous year, or 9 - 10% on a normalized and constant currency basis. This guidance includes a $36 million foreign currency benefit when compared to the prior guidance rates. Adjusted EBITDA is expected to range between $5.141 and $5.221 billion, reflecting an adjusted EBITDA margin of 51%, an approximate 200 basis-point expansion over the previous year. This guidance also includes a $17 million foreign currency benefit when compared to prior guidance. AFFO is expected to range between $4.158 and $4.238 billion, an increase of 11 - 13% over the previous year on an as-reported basis, or 9 - 11% on a normalized and constant currency basis. This guidance also includes a $13 million foreign currency benefit when compared to prior guidance rates. AFFO per share is expected to range between $41.93 and $42.74, a 9 - 12% as-reported increase over the previous year, or 8 - 10% on a normalized and constant currency basis. Total capital expenditures are expected to range between $3.655 and $4.155 billion. Non-recurring capital expenditures, excluding on-balance sheet xScale-related spend, are expected to range between $3.385 and $3.865 billion. Recurring capital expenditures are expected to range between $270 and $290 million.

The U.S. dollar exchange rates used for 2026 guidance, taking into consideration the impact of our current foreign currency hedges, have been updated to $1.14 to the Euro, $1.31 to the British Pound, S$1.27 to the U.S. Dollar, ¥157 to the U.S. Dollar, A$1.43 to the U.S. Dollar, HK$7.81 to the U.S. Dollar, R$5.22 to the U.S. Dollar and C$1.37 to the U.S. Dollar. The Q4 2025 global revenue breakdown by currency for the Euro, British Pound, Singapore Dollar, Japanese Yen, Australian Dollar, Hong Kong Dollar, Brazilian Real and Canadian Dollar is 21%, 10%, 8%, 5%, 3%, 3%, 3% and 2%, respectively.

Business Highlights

Capitalized on strong customer demand to close more than 4,500 deals in Q4, with approximately 60% of the largest deals driven by AI workloads. Salesforce has deepened its partnership with Equinix to build a private network for Data 360 – the activation engine inside Salesforce's data and AI foundation. By using Equinix Fabric Cloud Router across 14 countries, Salesforce can privately connect its systems across AWS, Azure, and other clouds – enabling real‑time data analysis and stronger, lower‑latency AI performance. More than 60% of existing customers added new services in 2025, reflecting the importance of the company's neutral global footprint as an essential layer of connectivity across increasingly complex and distributed technology workloads. Delivered record capacity in 2025, with 23,250 retail cabinets and 90+ MW of xScale capacity, while continuing to expand capacity to meet growing demand across the business. Opened 16 projects in 14 metros globally and added 10 new expansion projects since October, bringing the company's current number of major expansion projects underway to 52. Also closed on a number of strategic land acquisitions in 2025, adding approximately 1 GW to Equinix's powered land-under-control balance. In January, Equinix contributed the Hampton, Georgia asset to its xScale joint venture in the United States, an important first step to deploying $15 billion of capital with its JV partners in major metros, and enabling the JV to enter a lease arrangement with a customer. FY 2025 Results Conference Call and Replay Information

Equinix will discuss its quarterly results for the period ended December 31, 2025, along with its future outlook, in its quarterly conference call on Wednesday, February 11, 2026, at 5:30 p.m. ET (2:30 p.m. PT). A simultaneous live webcast of the call will be available on the company's Investor Relations website at www.equinix.com/investors. To hear the conference call live, please dial 1-517-308-9482 (domestic and international) and reference the passcode EQIX.

A replay of the call will be available one hour after the call through Tuesday, March 31, 2026, by dialing 1-866-360-7719 and referencing the passcode 2026. In addition, the webcast will be available at www.equinix.com/investors (no password required).

Investor Presentation and Supplemental Financial Information

Equinix has made available on its website a presentation designed to accompany the discussion of Equinix's results and future outlook, along with certain supplemental financial information and other data. Interested parties may access this information through the Equinix Investor Relations website at www.equinix.com/investors.

Additional Resources

Equinix Investor Relations Resources About Equinix

Equinix, Inc. (Nasdaq: EQIX) shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI—quickly, efficiently and everywhere.

Non-GAAP Financial Measures

Equinix provides all information required in accordance with generally accepted accounting principles ("GAAP"), but it believes that evaluating its ongoing results of operations may be difficult if limited to reviewing only GAAP financial measures. Accordingly, Equinix also uses non-GAAP financial measures to evaluate its operations.

Non-GAAP financial measures are not a substitute for financial information prepared in accordance with GAAP. Non-GAAP financial measures should not be considered in isolation, but should be considered together with the most directly comparable GAAP financial measures. As such, Equinix provides a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Investors should note that the non-GAAP financial measures used by Equinix may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as those of other companies. Investors should therefore exercise caution when comparing non-GAAP financial measures used by Equinix to similarly titled non-GAAP financial measures of other companies.

Equinix's primary non-GAAP financial measures include Adjusted EBITDA and Adjusted Funds from Operations ("AFFO") as described below. Equinix presents these measures to provide investors with additional tools to evaluate its results in a manner that focuses on what management believes to be its core, ongoing business operations. These measures exclude items which Equinix believes are generally not relevant to assessing its long-term performance. Both measures eliminate the impacts of depreciation and amortization, which are derived from historical costs and which Equinix believes are not indicative of current or future expenditures, and other items for which the frequency and amount of charges can vary based on the timing and significance of individual transactions. Equinix believes that presenting these non-GAAP financial measures provides consistency and comparability with past reports and that if it did not provide such non-GAAP financial information, investors would not have all the necessary data to analyze the company effectively.

Adjusted EBITDA is used by management to evaluate the operating strength and performance of its core, ongoing business, without regard to its capital or tax structures. It also aids in assessing the performance of, making operating decisions for, and allocating resources to its operating segments. In addition to the uses described above, Equinix believes this measure provides investors with a better understanding of the operating performance of the business and its ability to perform in subsequent periods.

Equinix defines adjusted EBITDA as net income excluding:

income tax expense interest income interest expense other income or expense gain or loss on debt extinguishment depreciation, amortization and accretion expense stock-based compensation expense restructuring and other exit charges, which primarily include employee severance, facility closure costs, lease or other contract termination costs and advisory fees related to the realignment of our management structure, operations or products and other exit activities impairment charges transaction costs gain or loss on asset sales AFFO is derived from Funds from Operations ("FFO") calculated in accordance with the standards established by the National Association of Real Estate Investment Trusts. Both FFO and AFFO are non-GAAP measures commonly used in the REIT industry. Although these measures may not be directly comparable to similar measures used by other companies, Equinix believes that the presentation of these measures provides investors with an additional tool for comparing its performance with the performance of other companies in the REIT industry. Additionally, AFFO is a performance measure used in certain of the company's employee incentive programs, and Equinix believes it is a useful measure in assessing its dividend-paying capacity, as it isolates the cash impact of certain income and expense items and considers the impact of recurring capital expenditures.

Equinix defines FFO as net income attributable to common stockholders excluding:

gain or loss from the disposition of real estate assets depreciation and amortization expense on real estate assets adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items Equinix defines AFFO as FFO adjusted for:

depreciation and amortization expense on non-real estate assets accretion expense stock-based compensation expense stock-based charitable contributions restructuring and other exit charges, as described above impairment charges transaction costs an adjustment to remove the impacts of straight-lining installation revenue an adjustment to remove the impacts of straight-lining rent expense an adjustment to remove the impacts of straight-lining contract costs amortization of deferred financing costs and debt discounts and premiums gain or loss from the disposition of non-real estate assets gain or loss on debt extinguishment an income tax expense adjustment, which represents the non-cash tax impact due to changes in valuation allowances, uncertain tax positions and deferred taxes recurring capital expenditures, which represent expenditures to extend the useful life of data centers or other assets that are required to support current revenues net income or loss from discontinued operations, net of tax adjustments from FFO to AFFO for unconsolidated joint ventures' and non-controlling interests' share of these items Equinix provides normalized and constant currency growth rates for revenues, adjusted EBITDA, AFFO and AFFO per share. These growth rates assume foreign currency rates remain consistent across comparative periods. Revenue growth rates exclude the impact of net power pass-through, acquisitions, divestitures and the Equinix Metal® wind-down. Adjusted EBITDA growth rates exclude the impact of acquisitions, divestitures and integration costs. AFFO growth rates exclude the impact of acquisitions and related financing costs, divestitures, integration costs and balance sheet remeasurements. AFFO per share growth rates exclude the impact of integration costs and balance sheet remeasurements.

Equinix presents cash cost of revenues and cash operating expenses (also known as cash selling, general and administrative expenses or cash SG&A). These measures exclude depreciation, amortization, accretion and stock-based compensation, which are not good indicators of Equinix's current or future operating performance, as described above.

Equinix also presents free cash flow and adjusted free cash flow. Free cash flow is defined as net cash provided by (used in) operating activities plus net cash provided by (used in) investing activities excluding the net purchases of and distributions from equity investments. Adjusted free cash flow is defined as free cash flow excluding any real estate and business acquisitions, net of cash and restricted cash acquired. These measures are presented in order for lenders, investors and the industry analysts who review and report on Equinix to better evaluate Equinix's cash spending levels relative to its industry sector and competitors.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the current inflationary environment; foreign currency exchange rate fluctuations; stock price fluctuations; increased costs to procure power and the general volatility in the global energy market; the challenges of building and operating IBX® and xScale® data centers, including those related to sourcing suitable power and land, and any supply chain constraints or increased costs of supplies; the challenges of developing, deploying and delivering Equinix products and solutions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT; risks related to regulatory inquiries or litigation; and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.

EQUINIX, INC.

Condensed Consolidated Statements of Operations

(in millions, except share and per share data)

(unaudited)

Three Months Ended

Twelve Months Ended

December
31, 2025

September
30, 2025

December
31, 2024

December
31, 2025

December
31, 2024

Recurring revenues

$       2,294

$       2,215

$       2,091

$       8,739

$       8,184

Non-recurring revenues

126

101

170

478

564

    Revenues

2,420

2,316

2,261

9,217

8,748

Cost of revenues

1,198

1,142

1,196

4,508

4,467

           Gross profit

1,222

1,174

1,065

4,709

4,281

Operating expenses:

Sales and marketing

234

219

209

903

891

General and administrative

481

470

451

1,840

1,766

Restructuring and other exit charges

16

5

31

33

31

Transaction costs

6

3

38

18

50

Impairment charges

63

4

233

68

233

(Gain) loss on asset sales

—

(1)

—

(1)

(18)

         Total operating expenses

800

700

962

2,861

2,953

Income from operations

422

474

103

1,848

1,328

Interest and other income (expense):

Interest income

41

53

49

193

137

Interest expense

(142)

(128)

(126)

(527)

(457)

Other income (expense)

(9)

—

(11)

(7)

(17)

Gain (loss) on debt extinguishment

—

—

(15)

1

(16)

         Total interest and other, net

(110)

(75)

(103)

(340)

(353)

Income before income taxes

312

399

—

1,508

975

Income tax expense

(48)

(25)

(14)

(160)

(161)

Net income from continuing operations

264

374

(14)

1,348

814

Net (income) loss attributable to non-controlling interests

1

—

—

2

1

Net income (loss) attributable to common stockholders

$           265

$          374

$           (14)

$       1,350

$           815

Earnings (loss) per share ("EPS") attributable to common stockholders:

Basic EPS

$         2.70

$         3.82

$        (0.14)

$       13.79

$         8.54

Diluted EPS

$         2.69

$         3.81

$        (0.14)

$       13.76

$         8.50

Weighted-average shares for basic EPS (in thousands)

98,200

97,982

96,849

97,883

95,457

Weighted-average shares for diluted EPS (in thousands)

98,378

98,174

96,849

98,123

95,827

EQUINIX, INC.

Condensed Consolidated Balance Sheets

(in millions, except headcount)

(unaudited)

December
31, 2025

December
31, 2024

Assets

Cash and cash equivalents

$       1,727

$       3,081

Short-term investments

1,500

527

Accounts receivable, net

1,001

949

Other current assets

897

890

          Total current assets

5,125

5,447

Property, plant and equipment, net

23,584

19,249

Operating lease right-of-use assets

1,392

1,419

Goodwill

5,984

5,504

Intangible assets, net

1,316

1,417

Other assets

2,740

2,049

          Total assets

$     40,141

$     35,085

Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity

Accounts payable and accrued expenses

$       1,350

$       1,193

Accrued property, plant and equipment

564

387

Current portion of operating lease liabilities

155

144

Current portion of finance lease liabilities

168

189

Current portion of mortgage and loans payable

17

5

Current portion of senior notes

1,299

1,199

Other current liabilities

340

232

          Total current liabilities

3,893

3,349

Operating lease liabilities, less current portion

1,304

1,331

Finance lease liabilities, less current portion

2,187

2,086

Mortgage and loans payable, less current portion

686

644

Senior notes, less current portion

16,910

13,363

Other liabilities

983

760

          Total liabilities

25,963

21,533

Redeemable non-controlling interest

25

25

Common stockholders' equity:

Common stock

—

—

Additional paid-in capital

21,642

20,895

Treasury stock

(24)

(39)

Accumulated dividends

(12,202)

(10,342)

Accumulated other comprehensive loss

(1,359)

(1,735)

Retained earnings

6,099

4,749

          Total common stockholders' equity

14,156

13,528

Non-controlling interests

(3)

(1)

          Total stockholders' equity

14,153

13,527

Total liabilities, redeemable non-controlling interest and stockholders' equity

$     40,141

$     35,085

Ending headcount by geographic region is as follows:

          Americas headcount

5,917

5,952

          EMEA headcount

4,706

4,653

          Asia-Pacific headcount

3,093

3,001

                    Total headcount

13,716

13,606

EQUINIX, INC.

Summary of Debt Principal Outstanding

(in millions)

(unaudited)

December
31, 2025

December
31, 2024

Finance lease liabilities

$       2,355

$       2,275

Term loans

673

628

Mortgage payable and other loans payable

30

21

           Total mortgage and loans payable principal

703

649

Senior notes

18,209

14,562

Plus: debt issuance costs and debt discounts

150

123

          Total senior notes principal

18,359

14,685

Total debt principal outstanding

$     21,417

$     17,609

EQUINIX, INC.

Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)

Twelve Months Ended

December
31, 2025

December
31, 2024

Cash flows from operating activities:

Net income

$       1,348

$           814

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, amortization and accretion

2,066

2,011

Stock-based compensation

498

462

Impairment charges

68

233

(Gain) loss on asset sales

(1)

(18)

Other operating activities

33

87

Changes in operating assets and liabilities:

Accounts receivable

(40)

27

Income taxes, net

(78)

(9)

Operating lease right-of-use assets

161

150

Operating lease liabilities

(156)

(153)

Accounts payable and accrued expenses

25

95

Other assets and liabilities

(13)

(450)

Net cash provided by operating activities

3,911

3,249

Cash flows from investing activities:

Purchases of equity investments

(60)

(98)

Distributions from equity investments

59

11

Purchases of short-term investments

(1,967)

(520)

Maturity of short-term investments

1,005

—

Business acquisitions, net of cash acquired

(251)

—

Real estate acquisitions

(994)

(337)

Purchases of other property, plant and equipment

(4,311)

(3,066)

Proceeds from sale of assets, net of cash transferred

—

247

Settlement of foreign currency hedges

104

83

Investment in loan receivable

(69)

(261)

Loan receivable upfront fee

—

4

Net cash used in investing activities

(6,484)

(3,937)

Cash flows from financing activities:

Proceeds from employee equity programs

95

91

Payment of dividends

(1,856)

(1,643)

Proceeds from public offering of common stock, net of issuance costs

99

1,673

Proceeds from senior notes, net of debt discounts

4,311

2,768

Repayment of finance lease liabilities

(155)

(140)

Contribution from non-controlling interest

4

4

Repayment of senior notes

(1,200)

(1,000)

Other financing activities

(26)

(30)

Net cash provided by financing activities

1,272

1,723

Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash

43

(49)

Net increase (decrease) in cash, cash equivalents and restricted cash

(1,258)

986

Cash, cash equivalents and restricted cash at beginning of period

3,082

2,096

Cash, cash equivalents and restricted cash at end of period

$       1,824

$       3,082

Free cash flow (1)

$     (2,572)

$         (601)

Adjusted free cash flow (2)

$     (1,327)

$         (264)

(1)

We define free cash flow as net cash provided by operating activities plus net cash used in investing activities (excluding the net purchases of and distributions from equity investments) as presented below:

Net cash provided by operating activities as presented above

$       3,911

$       3,249

Net cash used in investing activities as presented above

(6,484)

(3,937)

Less purchases of equity investments, net of distributions

1

87

Free cash flow

$     (2,572)

$         (601)

(2)

We define adjusted free cash flow as free cash flow as defined above, excluding any real estate and business acquisitions, net of cash and restricted cash acquired as presented below:

Free cash flow (as defined above)

$     (2,572)

$         (601)

Less business acquisitions, net of cash and restricted cash acquired

251

—

Less real estate acquisitions

994

337

Adjusted free cash flow

$     (1,327)

$         (264)

EQUINIX, INC.

Non-GAAP Measures and Other Supplemental Data

($ in millions, except per share data)

(unaudited)

Three Months Ended

Twelve Months Ended

December
31, 2025

September
30, 2025

December
31, 2024

December
31, 2025

December
31, 2024

Recurring revenues

$      2,294

$      2,215

$      2,091

$        8,739

$        8,184

Non-recurring revenues

126

101

170

478

564

Revenues (1)

2,420

2,316

2,261

9,217

8,748

Cash cost of revenues (2)

773

752

821

2,959

2,983

Cash gross profit (3)

1,647

1,564

1,440

6,258

5,765

Cash operating expenses (4):

Cash sales and marketing expenses

160

144

136

610

596

Cash general and administrative expenses

301

272

283

1,118

1,072

Total cash operating expenses (4)

461

416

419

1,728

1,668

Adjusted EBITDA (5)

$      1,186

$      1,148

$      1,021

$        4,530

$        4,097

Cash gross margins (6)

68 %

68 %

64 %

68 %

66 %

Adjusted EBITDA margins (7)

49 %

50 %

45 %

49 %

47 %

FFO (8)

$         625

$         707

$         302

$        2,668

$        2,061

AFFO (9)(10)

$         877

$         965

$         770

$        3,761

$        3,356

Basic FFO per share (11)

$        6.36

$        7.22

$        3.12

$        27.26

$        21.59

Diluted FFO per share (11)

$        6.35

$        7.20

$        3.11

$        27.19

$        21.51

Basic AFFO per share (11)

$        8.93

$        9.85

$        7.95

$        38.42

$        35.16

Diluted AFFO per share (11)

$        8.91

$        9.83

$        7.92

$        38.33

$        35.02

(1)

The geographic split of our revenues on a services basis is presented below:

Americas Revenues:

Colocation

$         711

$         682

$         626

$        2,683

$        2,474

Interconnection

245

239

227

944

885

Managed infrastructure

59

61

63

245

261

Other

5

5

7

17

27

Recurring revenues

1,020

987

923

3,889

3,647

Non-recurring revenues

51

48

76

222

215

Revenues

$      1,071

$      1,035

$         999

$        4,111

$        3,862

EMEA Revenues:

Colocation

$         619

$         588

$         577

$        2,346

$        2,235

Interconnection

102

100

87

385

340

Managed infrastructure

40

39

34

152

138

Other

28

29

25

110

99

Recurring revenues

789

756

723

2,993

2,812

Non-recurring revenues

47

28

53

137

155

Revenues

$         836

$         784

$         776

$        3,130

$        2,967

Asia-Pacific Revenues:

Colocation

$         378

$         367

$         345

$        1,446

$        1,349

Interconnection

86

83

79

326

294

Managed infrastructure

17

18

18

69

68

Other

4

4

3

16

14

Recurring revenues

485

472

445

1,857

1,725

Non-recurring revenues

28

25

41

119

194

Revenues

$         513

$         497

$         486

$        1,976

$        1,919

Worldwide Revenues:

Colocation

$      1,708

$      1,637

$      1,548

$        6,475

$        6,058

Interconnection

433

422

393

1,655

1,519

Managed infrastructure

116

118

115

466

467

Other

37

38

35

143

140

Recurring revenues

2,294

2,215

2,091

8,739

8,184

Non-recurring revenues

126

101

170

478

564

Revenues

$      2,420

$      2,316

$      2,261

$        9,217

$        8,748

(2)

We define cash cost of revenues as cost of revenues less depreciation, amortization, accretion and stock-based compensation as presented below:

Cost of revenues

$      1,198

$      1,142

$      1,196

$        4,508

$        4,467

Depreciation, amortization and accretion expense

(409)

(375)

(360)

(1,488)

(1,426)

Stock-based compensation expense

(16)

(15)

(15)

(61)

(58)

Cash cost of revenues

$         773

$         752

$         821

$        2,959

$        2,983

(3)

We define cash gross profit as revenues less cash cost of revenues (as defined above).

(4)

We define cash sales and marketing expense as sales and marketing expense less depreciation, amortization and stock-based compensation as presented below. We define cash general and administrative expense as general and administrative expense less depreciation, amortization and stock-based compensation as presented below. We define cash operating expense as selling, general, and administrative expense less depreciation, amortization, and stock-based compensation. We also refer to cash operating expense as cash selling, general and administrative expense or "cash SG&A".

Sales and marketing expense

$         234

$         219

$         209

$           903

$           891

Depreciation and amortization expense

(50)

(50)

(50)

(197)

(201)

Stock-based compensation expense

(24)

(25)

(23)

(96)

(94)

Cash sales and marketing expense

160

144

136

610

596

General and administrative expense

481

470

451

1,840

1,766

Depreciation and amortization expense

(92)

(108)

(92)

(381)

(384)

Stock-based compensation expense

(88)

(90)

(76)

(341)

(310)

Cash general and administrative expenses

301

272

283

1,118

1,072

Cash operating expense

$         461

$         416

$         419

$        1,728

$        1,668

(5)

We define adjusted EBITDA as net income excluding income tax expense or benefit, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring and other exit charges, impairment charges, transaction costs, and gain or loss on asset sales as presented below:

Net income (loss)

$         264

$         374

$        (14)

$        1,348

$           814

Income tax expense (benefit)

48

25

14

160

161

Interest income

(41)

(53)

(49)

(193)

(137)

Interest expense

142

128

126

527

457

Other (income) expense

9

—

11

7

17

(Gain) loss on debt extinguishment

—

—

15

(1)

16

Depreciation, amortization and accretion expense

551

533

502

2,066

2,011

Stock-based compensation expense

128

130

114

498

462

Restructuring and other exit charges

16

5

31

33

31

Impairment charges

63

4

233

68

233

Transaction costs

6

3

38

18

50

(Gain) loss on asset sales

—

(1)

—

(1)

(18)

Adjusted EBITDA

$      1,186

$      1,148

$      1,021

$        4,530

$        4,097

Americas

492

489

422

1,890

1,709

EMEA

413

384

354

1,561

1,378

Asia-Pacific

281

275

245

1,079

1,010

Adjusted EBITDA

$      1,186

$      1,148

$      1,021

$        4,530

$        4,097

(6)

We define cash gross margins as cash gross profit divided by revenues.

(7)

We define adjusted EBITDA margins as adjusted EBITDA divided by revenues.

(8)

FFO is defined as net income or loss attributable to common stockholders, excluding gain or loss from the disposition of real estate assets, depreciation and amortization expense on real estate assets and adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items.

Net income (loss)

$         264

$         374

$        (14)

$        1,348

$           814

Net (income) loss attributable to non-controlling interests

1

—

—

2

1

Net income (loss) attributable to common stockholders

265

374

(14)

1,350

815

Adjustments:

Real estate depreciation

349

324

309

1,282

1,239

(Gain) loss on disposition of real estate assets

—

(1)

(1)

—

(20)

Adjustments for FFO from unconsolidated joint ventures

11

10

8

36

27

FFO attributable to common stockholders

$         625

$         707

$         302

$        2,668

$        2,061

(9)

AFFO is defined as FFO adjusted for depreciation and amortization expense on non-real estate assets, accretion, stock-based compensation, stock-based charitable contributions, restructuring and other exit charges, impairment charges, transaction costs, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, gain or loss from the disposition of non-real estate assets, gain or loss on debt extinguishment, an income tax expense adjustment, recurring capital expenditures, net income or loss from discontinued operations, net of tax, and adjustments from FFO to AFFO for unconsolidated joint ventures' and non-controlling interests' share of these items.

FFO attributable to common stockholders

$         625

$         707

$         302

$        2,668

$        2,061

Adjustments:

Installation revenue adjustment

4

6

(1)

20

(4)

Straight-line rent expense adjustment

(4)

1

(18)

5

(3)

Contract cost adjustment

(27)

(8)

(11)

(52)

(27)

Amortization of deferred financing costs and debt discounts

6

6

5

23

20

Stock-based compensation expense

128

130

114

498

462

Stock-based charitable contributions

—

—

—

3

3

Non-real estate depreciation expense

142

155

136

568

562

(Gain) loss on disposition of non-real estate assets

—

(3)

—

(1)

—

Amortization expense

51

51

53

200

208

Accretion expense adjustment

9

3

4

16

2

Recurring capital expenditures

(139)

(64)

(115)

(284)

(250)

(Gain) loss on debt extinguishment

—

—

15

(1)

16

Restructuring and other exit charges

16

5

31

33

31

Transaction costs

6

3

38

18

50

Impairment charges

63

4

233

68

233

Income tax expense adjustment

(5)

(29)

(16)

(24)

(2)

Adjustments for AFFO from unconsolidated joint ventures

2

(2)

—

3

(6)

AFFO attributable to common stockholders

$         877

$         965

$         770

$        3,761

$        3,356

(10)

 Following is how we reconcile from adjusted EBITDA to AFFO:

Adjusted EBITDA

$      1,186

$      1,148

$      1,021

$        4,530

$        4,097

Adjustments:

Interest expense, net of interest income

(101)

(75)

(77)

(334)

(320)

Amortization of deferred financing costs and debt discounts

6

6

5

23

20

Income tax expense

(48)

(25)

(14)

(160)

(161)

Income tax expense adjustment

(5)

(29)

(16)

(24)

(2)

Straight-line rent expense adjustment

(4)

1

(18)

5

(3)

Stock-based charitable contributions

—

—

—

3

3

Contract cost adjustment

(27)

(8)

(11)

(52)

(27)

Installation revenue adjustment

4

6

(1)

20

(4)

Recurring capital expenditures

(139)

(64)

(115)

(284)

(250)

Other income (expense)

(9)

—

(11)

(7)

(17)

Adjustments for (gain) loss on asset dispositions

—

(3)

(1)

—

(2)

Adjustments for unconsolidated JVs and non-controlling interests

14

8

8

41

22

AFFO attributable to common stockholders

$         877

$         965

$         770

$        3,761

$        3,356

(11)

The shares used in the computation of basic and diluted FFO and AFFO per share attributable to common stockholders is presented below:

Shares used in computing basic net income per share, FFO per share and AFFO per share (in thousands)

98,200

97,982

96,849

97,883

95,457

Effect of dilutive securities:

Employee equity awards (in thousands)

178

192

404

240

370

Shares used in computing diluted net income per share, FFO per share and AFFO per share (in thousands)

98,378

98,174

97,253

98,123

95,827

Basic FFO per share

$        6.36

$        7.22

$        3.12

$        27.26

$        21.59

Diluted FFO per share

$        6.35

$        7.20

$        3.11

$        27.19

$        21.51

Basic AFFO per share

$        8.93

$        9.85

$        7.95

$        38.42

$        35.16

Diluted AFFO per share

$        8.91

$        9.83

$        7.92

$        38.33

$        35.02

SOURCE Equinix, Inc.