Question · Q3 2025
Craig Melman asked if the company's increased share buybacks and dispositions were influenced by discussions with Elliott, and how much could be sold without triggering a special dividend due to tax gains.
Answer
Michael Frankel, Co-Chief Executive Officer, confirmed constructive dialogue with Elliott but clarified that the buyback program was initiated almost a year ago, predating Elliott's rumored involvement. Howard Schwimmer, Co-Chief Executive Officer, emphasized dispositions as a growing part of their capital allocation strategy. Mike Fitzmaurice, Chief Financial Officer, stated no special dividend is expected in 2025, with further information for 2026 to be provided later.