Key Moves in US Policy, Deals, Ratings and Markets

On February 10, 2026, the President signed S. 269, the “Ending Improper Payments to Deceased People Act,” into law. The measure permanently allows the sharing of death data with federal programs to help prevent and recover improper payments made to individuals who are deceased.

The law formalizes data-sharing practices intended to tighten government payment controls. By expanding access to verified death records, agencies are expected to be better able to identify and stop erroneous disbursements, and to recover funds that were previously sent out incorrectly.

Wells Fargo’s chief financial officer indicated the bank expects additional layoffs in 2026, following earlier reductions that cut tens of thousands of positions. The institution is also planning to divest more of its real estate holdings nationwide, building on the sale of its former San Francisco headquarters.

Separately, Cintas Corp. has renewed its pursuit of rival UniFirst, offering $275 per share in cash in an unsolicited proposal valuing UniFirst at approximately $5.2 billion. UniFirst’s board is reviewing the offer, while Cintas faces structural challenges from UniFirst’s dual‑class share system, which concentrates voting power with the Croatti family. Cintas had previously withdrawn an approach citing a lack of substantive engagement.

In equity research, Citigroup maintained its Neutral rating on industrial REIT First Industrial Realty Trust but raised its price target to $63 from $60 on February 10, 2026. Citi’s updated target follows First Industrial’s Q4 2025 results and 2026 FFO guidance, including a funds-from-operations midpoint of $3.14 per share and revenue of $188.4 million.

Citigroup’s analysts cited steady fundamentals and improved cash flow drivers as reasons for the higher valuation band, while cautioning that peer valuation and broader REIT sector risks cap upside. The stock saw a modest intraday decline of 1.06% on the day of the note, and Meyka AI currently rates First Industrial a B+ based on multi-factor analysis.

In asset management, Artisan Partners reported that its total assets under management rose to $185.3 billion as of January 31, 2026. Of this, $90.2 billion was in Artisan Funds and Artisan Global Funds, with the remaining $95.1 billion managed through separate accounts and other vehicles.

Labor market adjustments continue in other sectors. Western Forest Products reported a 2025 net loss of $82.4 million and announced ongoing production curtailments for early 2026 in response to weak lumber markets, log supply constraints, permitting delays and a prolonged strike at La‑kwa sa muqw Forestry Limited Partnership. The company noted that if the strike is not resolved soon, further curtailments at specific sawmills may be required.

ARC Resources Ltd. announced a C$950 million offering of senior unsecured notes, split between C$400 million of 3.349% Series 5 notes due 2029 and C$550 million of 4.104% Series 6 notes due 2033. Morningstar DBRS assigned a provisional BBB rating with a Stable trend. ARC intends to use proceeds to redeem its C$450 million 2.354% Series 1 notes and repay amounts under a C$500 million term loan.

In structured finance, Rhinebeck Bancorp, Inc. said its mutual holding company parent has adopted a Plan of Conversion and Reorganization to undertake a ‘second step’ conversion from a mutual holding company to a fully public stock holding company. The transaction would involve the sale of shares representing the mutual holding company’s ownership interest and an exchange of existing minority shares, subject to regulatory and depositor approvals.

In healthcare services, Frazier Healthcare Partners is raising a continuation vehicle to retain control of Accuity Delivery Systems after a planned sale to UnitedHealthcare, reportedly valued at about $1.1 billion, collapsed near closing. Subsequent bids in a renewed sale process came in below $1 billion, prompting Frazier to pursue the GP‑led secondary route.

The new vehicle, reportedly around $355 million, is led by Barings and Partners Group, with CPP Investments co‑investing directly. Frazier initially acquired New Jersey‑based Accuity in October 2020 and has marked the investment at a multiple on invested capital of 3.8x, with baseline EBITDA of roughly $52 million, illustrating broader private equity use of continuation funds to hold perceived high‑quality assets longer.