May 2025

CarMax Auto Owner Trust 2025-1 is an asset-backed securitization issuing notes backed by CarMax-originated auto loans. The 10-K omits traditional business, risk-factor, and financial disclosures per General Instruction J, focusing instead on structural and regulatory compliance items under Regula...

This Form 10-K is a specialized reporting vehicle for the CarMax Auto Owner Trust 2022-4, an asset-backed securitization trust that holds a diversified pool of retail auto loans originated by CarMax Business Services, LLC. Key takeaways: 1. Structure and Purpose • The Issuing Entity is CarMax...

The Form 10-K for CarMax Auto Owner Trust 2023-4 reveals a plain-vanilla ABS securitization of CarMax auto loans with no external credit enhancement. Key points: • Trust Structure: Issuing Entity (CarMax Auto Owner Trust 2023-4), Depositor (CarMax Auto Funding LLC), Servicer (CarMax Business Ser...

Nextracker Inc. remains the undisputed global leader in solar tracker systems, shipping a record 33.6 GW in FY 2025 and delivering $2.96 billion in revenue—a year-over-year increase of 18%. Net income rose to $517.2 million with a 17.5% net margin and Adjusted EBITDA margin expanded to 26.2%. Lea...

• Net revenue of $878.3 million in FY 2025, up 10.8% YoY (organic +4.8%, bolt-ons +6.0%) • Gross margin 44.8% (up from 44.2%); operating margin 20.6% (up from 20.1%) • Net income $137.5 million (+34% YoY); diluted EPS $8.38 (+28.5%) • Operating cash flow $168.4 million; CapEx $16.3 million; de...

Thermon Group Holdings, Inc. (NYSE: THR) offers industrial thermal solutions—heat tracing, process heating, controls, software, and boilers—to diversified end-markets worldwide. In FY25 (ended March 31, 2025), Thermon reported $498.2 million in sales (+0.7%), a 44.7% gross margin, $79.8 million i...

Replimune Group (Nasdaq: REPL) is a clinical-stage biotech focusing on a library of oncolytic immunotherapies leveraging a proprietary HSV-1 platform. Its lead product, RP1, is in Priority Review with the FDA, with a PDUFA target of July 22, 2025, for accelerated approval in anti-PD-1-failed mela...

Modine Manufacturing reported $2.58 billion in net sales for fiscal 2025, up 7% from the year prior, and net earnings attributable to Modine of $184.0 million, up 14%. The companyClimate Solutions segment (55% of revenue) led growth, up 30%, driven by strong Data Center Cooling sales and the ac...