Financial Services Earnings Report — 2026-09-18 to 2026-11-02
Report generated: 2026-11-02 16:03:32 EST
Overview
Companies reported: 409 (2026-09-18 - 2026-11-02). Financial Services results were broadly positive, driven primarily by net interest income expansion and robust asset management inflows, though sector-wide profitability faced headwinds from elevated credit loss provisions and insurance catastrophe charges. Large payment processors and diversified banks delivered strong earnings growth, with companies like Mastercard (MA) and Visa (VISAIN) leveraging higher transaction volumes, while regional lenders such as Richmond Mutual Bancorporation (RMBI) and Columbia Financial (CLBK) reported significant revenue accretion from recent mergers. Despite these gains, the outlook remains tempered by rising funding costs compressing net interest margins, persistent commercial real estate exposures, and the near-term integration expenses associated with a wave of M&A activity.
Leaderboard
Top 5 by Revenue Growth (YoY)
| # | Company | Ticker | Revenue Growth YoY | Revenue |
|---|---|---|---|---|
| 1 | Richmond Mutual Bancorporation, Inc. | RMBI | 102.3% | $22.8 million |
| 2 | Columbia Financial, Inc. | CLBK | 99.3% | $114.4 million |
| 3 | Esquire Financial Holdings, Inc. | ESQ | 70.6% | $53.5 million |
| 4 | First Community Bankshares, Inc. | FCBC | 16.14% | $15.42 million |
| 5 | First Business Financial Services, Inc. | FIRBUS | 13.1% | $21.3 million |
Revenue growth for Richmond Mutual Bancorporation (RMBI) and Columbia Financial (CLBK) includes significant accretion from mergers with Farmers Bancorp and Northfield Bancorp, respectively.
Top 5 by Net Income Growth (YoY)
| # | Company | Ticker | Net Income Growth YoY | Net Income |
|---|---|---|---|---|
| 1 | Kentucky First Federal Bancorp | KFFB | 167% | $919,000 |
| 2 | Acadian Asset Management Inc. | AAMI | 135% | $35.5 million |
| 3 | Chain Bridge Bancorp Inc. | CBNA | 132% | $10.9 million |
| 4 | Plumas Bancorp | PLBC | 123% | $11.4 million |
| 5 | First Financial Bankshares Inc. | FIRBAN | 42.3% | $74.31 million |
Note: Growth rates are derived from reported net income figures for the current and prior year periods as stated in the summaries.
Themes
- Net interest income growth was a primary driver for many regional banks, supported by higher yields and repricing of assets, though net interest margins faced compression in some cases due to rising funding costs and competitive deposit pricing.
- Provision for credit losses increased significantly across the sector, with several institutions recording elevated charges or reserve builds driven by commercial real estate exposures, specific loan downgrades, and macroeconomic uncertainty.
- Merger and acquisition activity remained robust, with numerous regional banks completing integrations or announcing new transactions to expand geographic footprints, scale operations, and realize cost synergies, often incurring significant one-time integration expenses.
- Capital return programs were widely active, with companies utilizing share repurchases and dividend increases to return excess capital to shareholders, although some firms paused buybacks pending merger closings or to preserve liquidity.
- Asset management firms and capital markets intermediaries reported mixed results, with strong inflows in private markets and ETFs offsetting outflows in active equity strategies, while investment banking revenues remained volatile due to fluctuating deal volumes.
- Insurance carriers faced headwinds from elevated catastrophe losses and adverse prior-year reserve development, which deteriorated combined ratios and pressured underwriting profitability despite premium growth in certain lines.
- Strategic investments in technology, including AI integration and core banking system conversions, were frequently cited as key initiatives to drive operational efficiency, enhance customer experience, and support long-term growth, though these efforts contributed to near-term expense increases.
- Balance sheet optimization strategies were employed by several institutions, including the sale of non-core assets, runoff of legacy portfolios, and restructuring of securities holdings to manage risk concentrations and improve capital efficiency.
- Commercial loan demand showed resilience in specific sectors such as construction and commercial real estate, while mortgage origination volumes remained subdued due to elevated interest rates and limited housing inventory.
- Regulatory and geopolitical uncertainties, including potential rate changes and trade policy shifts, were consistently noted as key risks influencing forward-looking guidance and strategic planning across the sector.
Market Outlook & Trends
- Revenue growth in the sector is primarily driven by net interest income expansion as banks like Kentucky First Federal Bancorp (KFFB) and Timberland Bancorp Inc (TSBK) leverage higher rates, while asset managers such as WisdomTree Inc (WT) and Federated Hermes Inc (FEDHER) report record Assets Under Management (AUM) and inflows.
- Demand for commercial lending remains robust, with companies like First Business Financial Services Inc (FIRBUS) and Comerica (COMER) citing strong loan pipelines, though some regional banks like ChoiceOne Financial Services Inc (COFS) note softer demand in residential and construction sectors due to the rate environment.
- M&A activity is a significant driver of balance sheet expansion and future revenue potential, with major integrations announced or completed by companies including Columbia Financial Inc (CLBK), First Citizens BancShares (FCNCA), and Pinnacle Financial Partners Inc (PNFP), though these transactions often introduce near-term integration costs and efficiency ratio headwinds.
- Pricing power in the insurance sector is mixed; while CNA Financial Corp (CNAFIN) and Hamilton Insurance Group (HG) cite rate increases in casualty lines, elevated catastrophe losses have deteriorated combined ratios for many property and casualty insurers, including Loews Corp (LOEWSC) and Donegal Group Inc (DGICA).
- Credit quality remains a focal point for the outlook, with several lenders such as OneMain Holdings Inc (OMF), Credit Acceptance Corp (CACC), and BancFirst Corp (BANF) increasing provisions for credit losses due to economic uncertainty and specific commercial real estate exposures, while others like Bank of the James Financial Group Inc (BOTJ) report declining non-performing assets.
- Capital allocation strategies are shifting toward aggressive share repurchases and dividend increases across the sector, exemplified by Mastercard Inc (MA), Visa Inc (VISAIN), and BlackRock Inc (BLKROK), even as some firms like First Horizon Corp (FIRHO1) and Regions Financial Corp (REGION) manage capital buffers amidst balance sheet restructuring.
- Technology and digital transformation are key strategic themes, with companies like Rocket Companies Inc (RKT) and SoFi Technologies Inc (SOFI) investing in AI and automation to drive efficiency and market share, while others like First Internet Bancorp (INBK) utilize fintech partnerships to fund higher-yielding loan portfolios.
- Risks identified by management include persistent inflation, geopolitical tensions, and interest rate volatility, which are expected to impact net interest margins and investment yields, particularly for insurers like CNO Financial Group (CNOFIN) and asset managers facing market drawdowns.
- The outlook for the quarters ahead includes expectations for margin expansion as fixed-rate assets reprice, as noted by Red River Bancshares Inc (RRBI) and First Internet Bancorp (INBK), alongside the anticipated realization of cost synergies from recent acquisitions for firms like Banc of California Inc (BANC) and First Community Bankshares Inc (FCBC).
- Regulatory and legal challenges pose ongoing risks, with companies like Oppenheimer Holdings Inc (OPY) and Piper Sandler Companies (PIPR) citing litigation and legal accruals as headwinds, while others like First Citizens BancShares (FCNCA) navigate complex regulatory environments surrounding large-scale branch acquisitions.
Key Numbers
- Mastercard (MA) reported a 14% year-over-year increase in net revenue to $9.8 billion and a 22% rise in diluted EPS to $5.28, driven by a 11% increase in cross-border volume and a 19% surge in value-added services revenue.
- Visa (VISAIN) posted a 13% year-over-year increase in Q4 net revenue to $12.1 billion and an 18% rise in GAAP net income to $6.0 billion, with processed transactions growing 10% and gross dollar volume reaching $3.0 trillion.
- Cboe Global Markets (CBOE) achieved a record diluted EPS of $4.08, up 43% year-over-year, supported by an 18% increase in net revenue to $712.2 million and strong performance in Options and Global FX segments.
- S&P Global (SPGI) reported Q3 revenue of $3.678 billion, up 7% year-over-year, and GAAP diluted EPS of $4.45, up 26%, driven by growth in Indices and Market Intelligence segments.
- Intercontinental Exchange (ICE) posted consolidated net revenues of $2.8 billion, up 15% year-over-year, with GAAP diluted EPS rising 18% to $1.67, while raising 2026 Exchange Recurring Revenue growth guidance to 9%.
- Nasdaq, Inc. (NDAQ) recorded net revenue growth of 13% year-over-year to $1.5 billion, with GAAP diluted EPS increasing 31% to $0.96, fueled by 17% growth in Solutions and 39% growth in Index segments.
- Morgan Stanley (MORSTA) reported net revenues of $20.3 billion, up 12% year-over-year, and net income applicable to common shareholders of $4.9 billion, up 7%, driven by a 41% surge in Equity net revenues and record Wealth Management net new assets.
- Wells Fargo Company (WELFAR) saw total revenue increase 2% year-over-year to $21.87 billion and net income rise 6% to $5.95 billion, with diluted EPS growing 13% to $1.87, supported by broad-based segment growth including a 33% jump in auto revenue.
- Citigroup (CITIGR) reported net income of $5.2 billion, up 37% year-over-year, on an 8% revenue increase to $23.8 billion, with the efficiency ratio improving 620 basis points to 58.5% and a 77% surge in Equity Capital Markets revenue.
- Bank of America (BOACRP) posted net income of $6.9 billion, down from $8.3 billion in the prior year, but reported adjusted net income of $8.1 billion, with total revenue reaching $30.0 billion, up 3% year-over-year, driven by an 8% increase in net interest income.
Outliers
- First Financial Bancorp (FFBC) posted the strongest report with a 42.3% year-over-year net income surge to $74.31 million, driven by a significant reduction in credit loss provisions to $2.03 million.
- BCB Bancorp (BCBP) reported the weakest results with a $132.5 million net loss, primarily due to a $115.0 million provision for credit losses and a $59.9 million deferred tax asset valuation allowance.
- CNA Financial (CNAFIN) delivered a weak performance with net income declining 51% to $196 million, impacted by a $137 million after-tax charge for long-term care reserve assumption updates and $70 million in catastrophe losses.
- Credit Acceptance (CACC) posted a consolidated GAAP net loss of $56.6 million, driven by a 170.3% surge in total provision for credit losses to $410.9 million following a downward adjustment in forecasting methodology.
25 most recent Financial Services earnings
FB Bancorp, Inc. — Third Quarter 2026 Earnings Summary
FB BANCORP INC
Net income for the nine months ended September 30, 2026, declined to $515 thousand from $2.7 million in 2025, driven by a 9.52% increase in non-interest expenses to $37.1 million and a 4.30% net interest margin in the third quarter versus 4.65% in 2025. Total equity decreased 13.42% to $272.2 million, primarily due to $32.3 million in stock repurchases and a $12.8 million increase in accumulated other comprehensive loss, while total deposits and loans held for investment also declined sequentially. Management exited the mortgage banking segment via the sale of NOLA Lending Group in March 2026 to stop a $2.7 million loss, resulting in a workforce reduction from 321 to 199 employees and a shift toward commercial loan growth of $34.0 million. A new stock repurchase program approved in June 2026 authorized up to 1,606,837 shares, with 299,491 shares repurchased as of November 6, 2026, while the company anticipates continued mortgage loan runoff and potential cash flow improvements from a specific substandard real estate loan.
NI Holdings, Inc. — Third Quarter 2026 Earnings Summary
NI HOLDINGS INC
Net income turned positive to $5.528 million for the quarter (vs. $1.666 million loss) and $18.182 million for the nine months (vs. $7.257 million loss), driven by a 15.5 percentage point year-over-year improvement in the combined ratio to 93.6%. Gross premiums written declined 7.2% year-over-year to $54.346 million, primarily due to a 100.2% drop in the Non-Standard Auto segment following the strategic decision to exit that line of business. Management expressed confidence in delivering consistent, profitable performance and long-term shareholder value, citing continued progress in the Non-Standard Auto runoff and strong results in the Home and Farm segment. Future outlook notes potential impacts from international trade policies, interest rates, inflation, and adverse weather events, while noting higher losses in the Crop segment due to drought conditions in North Dakota.
United Bancorp, Inc. — Third Quarter 2026 Earnings Summary
UNITED BANCORP INC
Q3 2026 diluted EPS declined 26.47% year-over-year to $0.25 and net income fell 27.40% to $1.401 million, primarily driven by a $2.953 million one-time charge-off on a single commercial borrower; however, Pre-Provision Net Revenue (PPNR) rose 66.45% year-over-year to $3.49 million excluding this anomaly. Net interest income increased 4.00% year-over-year to $6.998 million, and net interest margin expanded 18 basis points to 3.84% for the nine-month period, while total deposits grew 12.0% to $722.5 million. Management anticipates net interest income and margin trends to continue through 2026, with plans to redeploy funds from lower-yielding overnight investments into higher-yielding loans in the upcoming quarter. The company aims to reach $1.0 billion in assets in the near term, with new technology rollouts (including AI and omnichannel systems) scheduled for Q1 2027 and a new Wheeling, WV regional hub expected to be a top performer within five years. Shareholders received a regular cash dividend of $0.1975 per share (a 5.3% increase year-over-year), and regulatory capital increased 1.2% year-over-year to 8.7% of average assets.
- FRARESFinancial Services
Franklin Templeton, Inc. — Q4 FY2026 Earnings Summary
FRANKLIN TEMPLETON INC
Net income surged 105% year-over-year to $1,075.3 million for fiscal 2026 ($1.97 per share), with Q4 net income reaching $380.1 million ($0.72 per share), up 223% from the prior year quarter; operating income for the fiscal year rose 95% to $1,175.9 million. Total Assets Under Management (AUM) grew 8% year-over-year to a record $1.8 trillion, driven by $84.1 billion in full-year long-term net inflows and significant growth in alternatives (record $304.6 billion) and ETFs (up 73% to $84.6 billion). The company returned $1.2 billion to shareholders via dividends and share repurchases during fiscal 2026, with quarterly dividends increasing to $0.33 per share and $86.1 million spent on share buybacks in Q4. Management anticipates significant opportunities in fiscal 2027 driven by demand for private markets and customized solutions, maintaining a focus on increasing adjusted operating margins ahead of plan.
DarkHorse Technologies Inc. — Third Quarter 2026 Earnings Summary
DARKHORSE TECHNOLOGIES INC
Revenue increased to $3.0 million in Q3 2026 from $2.5 million in Q2 2026 and $2.6 million in Q3 2025, driven by the acquisition of Cathedra Bitcoin operations; however, net loss widened to $5.8 million from $4.2 million in the prior year quarter, though it narrowed significantly from $13.8 million in Q2 2026. The Company executed a strategic pivot to AI infrastructure by selling non-core assets (Iowa site and mining fleet) and reducing Bitcoin holdings to zero, while raising $4.8 million in net proceeds from a $5.0 million PIPE financing that included $1.0 million in insider purchases. Contracted power capacity doubled to 100 MW with 50 MW currently operating across Tennessee and Kentucky, supporting a 2027 outlook focused on deploying modular "superintelligence factories" for inference workloads rather than large-scale training projects. Cash and cash equivalents rose to $8.8 million as of September 30, 2026, up from $2.8 million in the prior quarter, while total assets reached $25.6 million despite a decline in shareholders' equity to $18.7 million.
Georgia Banking Company — Third Quarter 2026 Earnings Summary
GEORGIA BANKING CO INC
Net interest income rose 8.0% to $31.4 million, while operating diluted EPS reached $0.74 and operating PPNR improved 6.2% quarter-over-quarter; however, noninterest income fell 13.8% to $2.8 million and net interest margin declined 14 basis points to 4.17%. The company completed the acquisition of Tandem Bancorp on June 1, 2026, adding $321 million in assets, and executed a $78 million oversubscribed private placement at $30.00 per share in June 2026. Balance sheet growth remains robust with average loans up 23.7% and average deposits up 27.7% year-over-year, though the firm maintains a 302% CRE concentration relative to regulatory capital. Management is in Phase 3 of its growth strategy, targeting sustainable returns through operational leverage, organic expansion, and potential future acquisitions, while noting that mortgage warehouse fees are expected to rise as rates decline.
Strive, Inc. — Q3 2026 Earnings Summary
STRIVE INC
GAAP net income turned positive at $509.0 million in Q3 2026 versus a $192.3 million loss in the prior year period, driven by a $533.7 million net unrealized gain on digital assets and a $1.6 million increase in total revenues to $2.7 million. Management executed a significant capital raise, completing a registered public offering of 7,000,000 shares of 15.00% Series A Perpetual SATS Preferred Stock on October 20, 2026, for approximately $609.0 million in net proceeds. The Company acquired 8,136 Bitcoin during Q3 2026 and 15,124 additional Bitcoin in the first month of Q4, while total assets grew to $2.68 billion with digital assets comprising $2.34 billion. Future outlook focuses on leveraging the strengthened balance sheet for opportunities in banking, brokerage, decentralized finance, and tokenization, with management targeting long-term returns exceeding Bitcoin yields. Total operating expenses rose to $38.7 million due to a $14.7 million impairment of medical device R&D intangible assets and increased compensation, while the Company continues to report no dividends on Class A common stock.
Essent Group Ltd. — Third Quarter 2026 Earnings Summary
ESSENT GROUP LTD
Net income for the quarter was $163.4 million ($1.82 per diluted share), slightly down from $164.2 million ($1.67 per share) in the prior year, while total revenues rose 20% to $374.2 million; year-to-date net income declined 2% to $524.9 million. The company returned capital through a $0.35 quarterly dividend declaration and $474 million in share repurchases year-to-date, with a new $500 million repurchase authorization approved through 2028. Mortgage insurance in force grew to $250.1 billion, supported by a strong capital position (PMIERs sufficiency ratio of 177%) and solid credit quality, though the reinsurance segment's combined ratio widened significantly to 79.3% from 18.5% in the prior year. Management maintains a positive outlook on earnings power and flexibility, citing strong capital and credit quality as key drivers despite potential risks from GSE legislative changes and economic conditions.
TeraWulf — Third Quarter 2026 Earnings Summary
TERAWULF INC
Q3 revenue surged to $76.2 million from $50.6 million year-over-year, driven by HPC lease revenue reaching $63.0 million (83% of total) versus $7.2 million in the prior year, while digital asset revenue declined to $13.2 million from $43.4 million. Net income turned positive at $709.9 million compared to a $455.1 million loss in the prior year, a result driven by a non-cash change in warrant fair value, though Non-GAAP Adjusted EBITDA contracted to a loss of $(12.8) million from $18.1 million. Executed a 20-year lease with Anthropic for 401 MW at the Justified Data Campus ($19 billion contracted revenue) and completed the sale of its 50.1% interest in the Abernathy Joint Venture, recognizing a $95 million gain and receiving $250 million in cash consideration. Reaffirmed targets for 250–500 MW of annual incremental capacity; CB-4 at Lake Mariner is on track for Q4 2026 delivery, while CB-5 is targeted for early 2027, and the Muskie project's second 500 MW phase is advanced to 2029. Strengthened liquidity with $2.4 billion in cash and expanded the Revolving Credit Agreement commitments to $400 million post-quarter, supported by a new uncommitted accordion feature allowing up to $150 million additional capacity.
Starwood Property Trust — Q3 2026 Earnings Summary
STARWOOD PROPERTY TRUST INC
Reported a GAAP net loss of $389.7 million driven by a $336.6 million credit loss provision and $32.2 million in non-cash property impairments, while Distributable Earnings (DE) reached $116.8 million ($0.31/share), or $155.2 million ($0.41/share) prior to realized lending gains/losses. Capital deployment totaled $3.2 billion in the quarter, including a record $2.4 billion in commercial lending investments that brought the total commercial lending portfolio to $17.8 billion, the highest level in four years. Management expects to resolve nearly half of the underperforming assets held at the start of the year and anticipates continued capital deployment across diversified businesses, noting strong balance sheet liquidity despite borrower challenges from higher interest rates. The company repurchased $108 million of common shares during the quarter and declared a $0.48 per share dividend, while maintaining its highest Fitch rating for its Commercial Special Servicer.
Velocity Financial, Inc. — Third Quarter 2026 Earnings Summary
VELOCITY FINANCIAL INC
Net revenue rose 19.1% to $102.1 million and diluted EPS increased to $0.67 (from $0.65), driven by a 23.3% surge in loan production to $911.3 million and a 32.6% jump in other operating income. Operating expenses increased 26.7% to $63.9 million due to $2.4 million in merger-acquisition costs and higher compensation, while the company completed two securitizations totaling $516.0 million. Total loan portfolio UPB grew 18.8% to $7.5 billion, though nonperforming loans as a percentage of HFI loans rose to 10.1% and provision for credit losses increased 39.4%. Management expressed confidence in long-term growth and strong financing demand, citing an expanding pipeline and consistent portfolio NIM of 3.78% despite a decline in total company NIM to 2.97%.
Goldman Sachs BDC, Inc. — Third Quarter 2026 Earnings Summary
GOLDMAN SACHS BDC INC
Net investment income per share declined to $0.32 from $0.38 in the prior quarter, while EPS turned negative at $(0.04) compared to $0.22 year-over-year, driven by a drop in total investment income to $75.0 million due to portfolio contraction and non-accrual placements. Net asset value per share fell 3.0% to $11.70, and the company reported net realized and unrealized losses of $(39.3) million, significantly higher than the $(18.6) million loss in the prior quarter. The Board declared a Q4 2026 base dividend of $0.32 per share and announced a new 10b5-1 stock repurchase plan for up to $75.0 million, following $15.0 million in repurchases during the quarter. Credit quality pressures emerged as non-accrual investments rose to 4.2% of the portfolio at fair value (up from 2.9%), though the net debt-to-equity ratio improved to 1.21x and total debt decreased to $1,661.4 million.
AVAT — Third Quarter 2026 Earnings Summary
AVALANCHE TREASURY CORP
Preliminary Q3 2026 net income reached $54.6 million ($1.53 per diluted share), driven by $60 million in gains from AVAX market value changes, while staking revenue totaled $0.6 million for the quarter. The company retired its $10.0 million FalconX debt in full and repurchased 2.89 million shares (approx. 8% of Class A outstanding) for $3.3 million, signaling disciplined capital allocation. Management reaffirmed a strategy to deploy AVAX into staking and execute share repurchases when trading at a discount to holdings, with final results expected in November 2026. Operational constraints were resolved, resulting in 91% of AVAX holdings (12.1 million tokens) generating yield, supported by the recent Helicon network upgrade reducing lock periods to 48 hours.
Brighthouse Financial — Third Quarter 2026 Earnings Summary
BRIGHTHOUSE FINANCIAL INC
Net income available to shareholders declined to $302 million ($5.21/share) from $453 million ($7.89/share) in Q3 2025, while adjusted earnings fell to $527 million ($9.12/share) from $970 million ($16.87/share); a $278 million favorable impact from the GAAP annual actuarial review supported net income. The company and Aquarian Capital are in discussions to amend their merger agreement to extend the December 6, 2026, Outside Date due to delays in receiving required regulatory approvals from Delaware, New York, and Massachusetts. Annuity sales totaled $2.4 billion (flat sequentially, down 12% year-over-year), driven by $2.1 billion in Shield Level Annuity sales, while Life sales decreased 5% year-over-year to $36 million. Statutory combined total adjusted capital was $4.8 billion as of September 30, 2026, with an estimated combined risk-based capital ratio projected between 415% and 435%, despite negative impacts from rising interest rates. Brighthouse Reinsurance Company of Delaware paid a $600 million extraordinary dividend to benefit statutory capital, and holding company liquid assets stood at $1.0 billion.
Hyperliquid Strategies Inc — Q3 2026 Earnings Summary
HYPERLIQUID STRATEGIES INC
Reported $620.6 million net income for Q3 2026, driven by $803.0 million in unrealized gains on HYPE tokens, while operating expenses remained low at $7.6 million. Raised $911 million in equity capital and deployed $802 million to acquire 9.1 million HYPE tokens and repurchase 2.7 million PURR shares, increasing treasury holdings to 38.5 million tokens. Filed an application to become a futures commission merchant (FCM) and plans to launch HIP-3 for permissioned markets, betting on capturing onchain finance fees and bringing markets onshore. Total assets reached $3,764.3 million with zero debt, and the company remains the largest HYPE-focused digital asset treasury vehicle with a primary focus on token accumulation and yield optimization.
- ATH-PAFinancial Services
Athene Holding Ltd. — Third Quarter 2026 Earnings Summary
ATHENE HOLDING LTD
GAAP net income available to common stockholders was a loss of $1,158 million for Q3 2026, compared to a profit of $953 million in Q2 2026 and a loss of $1,973 million in Q1 2026; year-to-date GAAP net income was a loss of $2,178 million versus a profit of $2,146 million in 2025. Spread-related earnings declined 4% sequentially to $844 million and 3% year-over-year to $844 million, while spread-related earnings excluding notable items rose 7% year-over-year to $909 million; net invested assets grew 13% to $322.5 billion and total assets increased 11% to $477.6 billion. Gross organic inflows decreased 17% year-over-year to $18.7 billion, while gross outflows surged 25% year-over-year to $13.3 billion, resulting in net flows of $5.4 billion, a 55% decline from the prior year period. Total stockholders' equity fell 34% to $13.4 billion and the leverage ratio rose to 50.8% (adjusted leverage ratio to 27.5%) from year-end 2025 levels, primarily driven by a one-time $1.7 billion tax expense recognized in Q1 2026. Management maintains a long-term alternative net investment income expectation of an 11% average annual return; the company entered into a coinsurance agreement on October 1, 2025, to retrocede mortality risk on a small block of whole life policies.
Sui Group — Third Quarter 2026 Earnings Summary
SUI GROUP HOLDINGS LTD
Q3 2026 net income turned to $47.7 million ($0.59/share) from a $44.3 million net loss in Q3 2025, driven by $54.7 million in net digital asset gains (offsetting $28.0 million in realized losses from high-frequency trading), while total revenue excluding investment losses fell to $557,000 from $2.6 million. Balance sheet contraction occurred with total assets declining to $145.1 million and cash reserves dropping to $678,000 as of September 30, 2026, from $190.4 million and $21.9 million respectively at year-end 2025, alongside a 51% reduction in nine-month operating expenses to $31.7 million. Management maintains a selective capital deployment strategy focused on high-conviction opportunities in digital assets, fintech, and AI, while holding 109.3 million SUI tokens (approx. $98.4 million value) and emphasizing the company's unique institutional relationship with the Sui Foundation. The company trades at a 0.72x mNAV with 80.9 million fully adjusted shares outstanding, though it faces significant risks including stock price correlation to SUI token volatility, a material weakness in internal control over financial reporting, and regulatory uncertainties.
Main Street Capital Corporation — Third Quarter 2026 Earnings Summary
MAIN STREET CAPITAL CORP
Net investment income (NII) and distributable net investment income (DNII) declined 3% year-over-year to $0.89 and $0.96 per share, respectively, while total investment income rose 2% to $142.5 million driven by higher interest income; net increase in net assets from operations fell 5% to $1.25 per share. Net asset value (NAV) per share increased 0.9% sequentially to $34.22, supported by a 14.7% annualized return on equity, despite a $27.6 million net realized loss primarily from an LMM exit and loan restructuring. Capital structure strengthened with the issuance of $500 million in 6.55% unsecured notes due 2030 and SBA approval to increase SBIC debenture borrowing capacity by $75 million to $250 million per fund. Dividend policy remains aggressive with a 3.9% increase in the Q4 regular monthly dividend to $0.265 per share and a Q3 supplemental dividend of $0.30 per share, marking the 21st consecutive quarterly supplemental payment. Management maintains a conservative outlook citing strong portfolio quality, an industry-leading 1.2% operating expense-to-assets ratio, and investment-grade credit ratings (BBB- stable).
- FIDELIFinancial Services
Fidelity National Financial — Third Quarter 2026 Earnings Summary
FIDELITY NATIONAL FINANCIAL INC
Net earnings attributable to common shareholders rose 77% year-over-year to $633 million ($2.37/share), while adjusted net earnings declined 20% to $352 million ($1.32/share) due to lower investment income from alternative assets and a reduced ownership stake in the F&G segment; consolidated revenue fell 11% to $3.578 billion. The Title segment delivered industry-leading adjusted pre-tax earnings of $422 million (up 3%) with a 17.1% margin, driven by a 19% surge in commercial revenue and a 6% increase in fee per file, while F&G assets under management reached a record $76.2 billion supported by $2.1 billion in core retail sales. Management reaffirmed a strategy to prioritize high-return opportunities and maintain disciplined pricing, including de-emphasizing multiyear guaranteed annuities, while continuing to invest in technology and return excess capital to shareholders. The company returned approximately $143 million to shareholders in the quarter via $138 million in dividends and $5 million in share repurchases, bringing year-to-date capital returns to $561 million.
F&G Annuities & Life — Third Quarter 2026 Earnings Summary
F&G ANNUITIES & LIFE INC
Net earnings attributable to common shareholders surged to $736 million ($5.48/share) in Q3 2026 from $114 million ($0.85/share) in Q3 2025, driven by $648 million in net favorable mark-to-market effects; however, adjusted net earnings declined to $96 million ($0.74/share) from $165 million ($1.22/share) year-over-year. Assets under management before reinsurance reached a record $76.2 billion (up 7% YoY), fueled by record core retail sales of $2.1 billion, though total gross sales fell to $3.0 billion from $4.2 billion due to reduced institutional and opportunistic volumes. Capital returned to shareholders totaled $37 million in Q3 2026, with $232 million returned in the first nine months of 2026 via dividends and share repurchases; book value per common share (excluding AOCI) rose to $51.37 from $44.07 in the prior year. Management reaffirmed a strategy prioritizing disciplined pricing and profitability, targeting a transition to a higher-margin, fee-based business model while maintaining a strong inforce book and strategic reinsurance relationships. Adjusted return on average equity (excluding AOCI) decreased to 6.7% from 8.8% in Q3 2025, and adjusted return on assets fell to 0.69% from 0.87%, reflecting lower adjusted earnings and margin impacts from the F&G Life Re (Bermuda) sale.
Nelnet — Third Quarter 2026 Earnings Summary
NELNET INC
GAAP net income declined to $76.2 million ($2.13/share) from $106.7 million ($2.94/share) in Q3 2025, while non-GAAP net income fell to $67.9 million ($1.89/share) from $107.3 million ($2.95/share), driven by a $39.4 million loan loss provision versus a $3.6 million negative provision in the prior year. Net interest income rose to $101.4 million from $85.3 million, supported by Nelnet Financial Services (AGM) net interest income of $65.2 million and Nelnet Bank net income of $12.0 million, though Loan Servicing and Systems revenue dropped to $139.8 million from $151.1 million. The company announced the acquisition of Entab, an Indian school management technology provider, and launched FACTS Compass and BenefitEd to support the new Federal Scholarship Tax Credit. Capital return activity included a Q4 cash dividend declaration of $0.36 per share and share repurchases totaling $93.7 million in the first nine months of 2026, with an additional $37.0 million repurchased post-quarter-end through November 5, 2026.
Moelis & Company — Third Quarter 2026 Earnings Summary
MOELIS & CO
Third quarter GAAP and Adjusted revenues reached a record $425.6 million, a 13% year-over-year increase, while GAAP net income rose to $66.6 million ($0.74 per share) from $58.9 million ($0.68 per share) in the prior year period. Year-to-date revenues hit a record $1,154.7 million (up 10% year-over-year), though GAAP net income for the first nine months remained relatively flat at $164.0 million compared to $158.8 million previously. The Board declared a quarterly dividend of $0.65 per share; total shareholder returns for the first nine months totaled $317.6 million, driven by $159.5 million in share repurchases and dividends. Management highlighted a record pipeline and strategic expansion, with 13 Managing Directors joining year-to-date and 11 additional hires committed for 2026–2027 across key sectors including Private Capital, Technology, and Europe. The firm maintains a strong balance sheet with $658.7 million in cash and short-term investments and no funded debt, while noting that future results may fluctuate materially based on transaction volume and timing.
Barings BDC, Inc. — Third Quarter 2026 Earnings Summary
BARINGS BDC INC
Net investment income declined to $0.26 per share from $0.28 in the prior quarter and $0.32 in the prior year, while net realized losses of $0.05 per share reversed prior gains; net increase in net assets from operations rose to $0.24 per share from $0.18 in the prior quarter. Net asset value (NAV) per share decreased $0.02 to $10.92, with total net assets falling slightly to $1,143.3 million as debt outstanding increased to $1,467.2 million, raising the debt-to-equity ratio to 1.28x. Management intends to utilize net proceeds from the $396.3 million Barings BDC CLO 2026-1 transaction, expected to close in mid-November 2026, to fully repay $350.0 million of 3.300% notes due November 23, 2026. The company funded $196.0 million of investments during the quarter, expanding the portfolio to 349 companies, while the Board declared a quarterly cash dividend of $0.26 per share payable December 9, 2026.
Skyward Group — Third Quarter 2026 Earnings Summary
SKYWARD SPECIALTY INSURANCE GROUP INC
Managed premiums rose 12.5% year-over-year to $1.32 billion for the quarter, while net income increased 8.5% to $49.8 million and diluted operating earnings per share grew 21.9% to $1.28; however, annualized operating ROE declined to 18.4% from 19.0% in the prior year period. The Specialty segment experienced a 1.8-point increase in loss and LAE ratios driven by high-growth Accident & Health and Global Agriculture lines, while the Apollo segment saw total gross written premiums rise 3.4% for the quarter despite catastrophe losses from convective storms. Strategic capital deployment included the closure of the Apollo acquisition in Q1 2026, resulting in a 433% increase in goodwill to $469.1 million and a 315% rise in notes payable to $417.0 million, alongside a 15.3% increase in book value per share to $28.74. Management characterized the year-to-date performance as "outstanding" with a 16.0% increase in managed premiums and an annualized operating ROE exceeding 20% for the first nine months, maintaining a disciplined approach to capital deployment under the "Rule Our Niche" strategy.
- WESTWOFinancial Services
Westwood Holdings Group, Inc. — Third Quarter 2026 Earnings Summary
WESTWOOD HOLDINGS GROUP INC
Q3 2026 revenue increased to $26.6 million (Q2: $25.3M; Q3 2025: $24.3M), while net income rose to $3.1 million (Q2: $1.5M; Q3 2025: $3.7M) and diluted EPS reached $0.34 (Q2: $0.17; Q3 2025: $0.41). Non-GAAP Economic Earnings for the quarter were $4.4 million ($0.48/share), up from $3.0 million ($0.33/share) in Q2 2026 but down from $5.7 million ($0.64/share) in Q3 2025; year-to-date Non-GAAP earnings were $10.2 million ($1.12/share) versus $11.0 million ($1.25/share) in 2025. Total AUM and AUA reached $17.1 billion ($16.1B AUM, $1.0B AUA), with the ETF platform exceeding $430 million and the launch of the PWRX Enhanced Power and Infrastructure ETF; private capital commitments totaled $30 million for the quarter and nearly $200 million year-to-date. Net income was impacted by $1.7 million in one-time severance expenses, higher professional services costs, and increased income taxes; a cash dividend of $0.15 per share was declared payable January 4, 2027. Management cited continued momentum in private capital and a robust pipeline across Value, Managed Investment Solutions, and Energy strategies, noting top quartile peer rankings for AllCap Value, Select Equity, and Multi-Asset Income.