Premiums and Revenue - Direct written premiums decreased by 13.7% to $58.5 million compared to $67.7 million in the prior period, primarily due to an 80.0% decline in Non-Standard Auto business[4] - Net earned premiums fell by 13.6% to $71.9 million from $83.3 million year-over-year[4] - Home and Farm premiums increased by 10.1%, attributed to new business growth in North Dakota and rate increases[7] Losses and Ratios - The combined ratio improved to 109.1% from 111.0%, with unfavorable prior year loss reserve development contributing significantly to both periods[7] - Net loss attributable to NI Holdings decreased by 38.4% to $(1.7) million compared to $(2.7) million in the prior year[4] - Basic loss per share improved to $(0.08) from $(0.13), reflecting a 38.5% reduction in losses[4] - The loss and LAE ratio remained stable at 78.2% for the current quarter[4] Investment Performance - Net investment income increased by 8.1% to $3.0 million, driven by higher reinvestment rates in the fixed income portfolio[7] Strategic Decisions - The company made a strategic decision to stop writing non-standard auto business in Illinois, Arizona, and South Dakota to enhance underwriting performance[5] - The company anticipates that the strategic shift will lead to greater stability and improved future performance[5]

Financial Performance - Total revenues for Q3 2025 were $7,769 million, a 3% increase from $7,545 million in Q3 2024[14] - Product sales decreased to $7,345 million in Q3 2025 from $7,515 million in Q3 2024, representing a decline of 2%[14] - Net income for Q3 2025 was $3,052 million, compared to $1,253 million in Q3 2024, marking a significant increase of 143%[14] - Basic earnings per share attributable to Gilead increased to $2.46 in Q3 2025 from $1.00 in Q3 2024[14] - The company reported a comprehensive income of $3,107 million for Q3 2025, compared to $1,233 million in Q3 2024[17] - For the nine months ended September 30, 2025, Gilead's net income was $6,327 million, compared to a net income of $1,253 million for the same period in 2024, marking a significant increase[20] - Total revenues for the nine months ended September 30, 2025, were $21,518 million, compared to $21,185 million in 2024, reflecting a growth of 1.6%[31] Assets and Liabilities - Total current assets decreased to $17,874 million as of September 30, 2025, down from $19,173 million at the end of 2024[12] - Total assets slightly decreased to $58,533 million as of September 30, 2025, compared to $58,995 million at the end of 2024[12] - Total liabilities decreased to $37,077 million as of September 30, 2025, down from $39,749 million at the end of 2024[12] - Long-term debt decreased to $22,135 million as of September 30, 2025, down from $24,896 million at the end of 2024[12] - The total stockholders' equity as of September 30, 2025, was $21,456 million, up from $18,390 million as of September 30, 2024, indicating a growth of about 11.5%[20] Cash Flow and Investments - Cash and cash equivalents at the end of the period were $7,330 million, up from $5,037 million at the end of the same period in 2024[25] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $6,692 million, down from $7,853 million in the same period of 2024[25] - The company experienced a net cash used in investing activities of $2,958 million for the nine months ended September 30, 2025, compared to $3,224 million in the same period of 2024[25] - Net cash used in financing activities was $6,482 million for the nine months ended September 30, 2025, compared to $5,693 million in the same period of 2024[25] Research and Development - Research and development expenses for Q3 2025 were $1,346 million, a decrease from $1,395 million in Q3 2024[14] - Acquired in-process research and development expenses totaled $485 million for the nine months ended September 30, 2025, compared to $4,674 million in the same period of 2024[25] - A partial impairment charge of $190 million was recognized for the bulevirtide IPR&D intangible asset due to competitive market data[69] - A significant impairment charge of $2.4 billion was recorded for the NSCLC IPR&D intangible asset following the failure of the Phase 3 EVOKE-01 study[71] Stockholder Activities - Gilead declared dividends of $0.79 per share in Q3 2025, totaling $995 million, compared to $0.77 per share totaling $977 million in Q3 2024, reflecting a 1.6% increase in dividends declared[20] - The company repurchased common stock under repurchase programs at an average price of $113.25 per share, totaling $435 million in Q3 2025[20] - Gilead's stock-based compensation for the three months ended September 30, 2025, was $231 million, compared to $216 million for the same period in 2024, showing an increase of approximately 6.9%[20] Legal and Regulatory Matters - Gilead settled claims with the direct purchaser class and retailer opt-out plaintiffs for $525 million in May 2023, which was paid in the second half of 2023[88] - Approximately 23,000 active plaintiffs are involved in product liability lawsuits related to Viread, Truvada, Atripla, Complera, and Stribild, with a trial date set for March 2027 for the first bellwether trial in federal court[93] - The court dismissed the New Mexico Attorney General's case against Gilead with prejudice in September 2025, resolving that lawsuit[90] - Gilead intends to vigorously defend itself in ongoing legal actions, which could result in significant monetary damages if plaintiffs are successful[91] Market and Strategic Developments - A strategic partnership with LEO Pharma was established, involving a $250 million upfront payment and potential additional milestone payments of up to $1.5 billion[64] - Gilead acquired approximately 15.2 million additional shares of Arcus for $320 million, increasing its ownership to approximately 30%[65] - The company completed the acquisition of CymaBay Therapeutics, Inc. for total consideration of $3.9 billion in March 2024, which was accounted for as an asset acquisition[58] - In October 2025, the company acquired Interius BioTherapeutics, Inc. for approximately $350 million in cash consideration[57]

Financial Performance - Revenues for the three months ended September 30, 2025, were $208,821,000, a 1.0% increase from $206,715,000 in the same period of 2024[169]. - Expenses increased by 3.0% to $123,242,000 in Q3 2025 from $119,660,000 in Q3 2024[169]. - Operating income decreased by 1.7% to $85,579,000 in Q3 2025 compared to $87,055,000 in Q3 2024[169]. - Net income for Q3 2025 was $68,273,000, down 4.5% from $71,489,000 in Q3 2024[169]. - Net income per common share (diluted) decreased by 3.2% to $1.84 in Q3 2025 from $1.90 in Q3 2024[169]. - Total revenues for the three months ended September 30, 2025, were $208,821,000, a 1.0% increase from $206,715,000 in 2024[170]. - Commission revenues decreased by $221,000, or 0.1%, to $180,171,000 for the three months ended September 30, 2025[170]. - Trading volumes for the three months ended September 30, 2025, totaled $2,488,457,000, a decrease of 4.1% from $2,595,888,000 in 2024[171]. - U.S. high-grade trading volume decreased by 6.7% to $419,703,000, while U.S. high-yield volume increased by 5.5% to $86,228,000[172]. - Net income for the nine months ended September 30, 2025, was $154,518,000, a decrease of 26.1% from $209,042,000 in 2024[182]. - Revenues for the nine months ended September 30, 2025, increased by $22.2 million, or 3.6%, to $636.9 million compared to $614.7 million in 2024[184]. - Commission revenues rose by $16.3 million, or 3.0%, to $553.3 million, with variable transaction fees increasing by $15.3 million, or 3.5%[185]. - Total trading volume for the nine months ended September 30, 2025, increased by $1.4 billion, or 20.8%, to $8.1 billion compared to $6.7 billion in 2024[186]. Expenses and Income - Total expenses for the three months ended September 30, 2025, were $123,242,000, a 3.0% increase from $119,660,000 in 2024[176]. - Employee compensation and benefits rose by $1.6 million, primarily due to higher salary costs from increased headcount[176]. - Provision for income taxes increased by $3,958,000, or 18.5%, to $25,366,000 for the three months ended September 30, 2025[180]. - Employee compensation and benefits increased by $10.7 million, or 6.0%, to $187.1 million due to higher salary costs and severance costs[191]. - Total expenses for the nine months ended September 30, 2025, increased by $17.2 million, or 4.9%, to $371.0 million compared to $353.8 million in 2024[191]. - The provision for income taxes increased by $65.8 million, or 98.3%, to $132.7 million, with an effective tax rate of 46.2%[195]. Cash Flow and Liquidity - Cash and cash equivalents totaled $630.6 million as of September 30, 2025, with investments primarily in investment-grade corporate bonds and U.S. Treasury securities[197]. - The company entered into a Credit Agreement in August 2023, providing $750.0 million in aggregate commitments, with $749.9 million available borrowing capacity as of September 30, 2025[198]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $223.5 million, an increase of 6.9% compared to $209.0 million in 2024[202]. - Net cash used in investing activities increased by $4.7 million primarily due to cash outflows for the 2025 RFQ-hub Acquisition[203]. - Net cash used in financing activities increased by $67.5 million, mainly due to higher repurchases of common stock[203]. - As of September 30, 2025, subsidiaries maintained aggregate net capital and financial resources of $603.4 million, exceeding the required levels of $43.3 million[206]. Market and Trading Environment - In the first nine months of 2025, U.S. high-grade and U.S. high-yield market average daily volume increased by 9.0% and 21.0%, respectively, compared to the prior year[124]. - The global fixed-income securities industry is characterized by high competition, with increasing demand for portfolio trading workflows impacting market share[130]. - Estimated market volumes of emerging markets and eurobonds increased significantly compared to the prior year, indicating growth opportunities[124]. - The company anticipates future changes in average fees per million due to fluctuations in yield and trading protocols[145]. - The company expects an increase in transactions where it acts as a matched principal, which may elevate credit risk exposure[227]. - The company has implemented policies and automated controls to manage credit risk, although there is no assurance of their effectiveness[228]. Technology and Innovation - The roll-out of Targeted RFQ, an AI-driven dealer selection tool, is ongoing, enhancing trading efficiency[136]. - The company is focused on enhancing its electronic trading platforms to meet the evolving needs of clients and respond to technological advances[136]. - Cybersecurity investments are ongoing to strengthen infrastructure, although no material cybersecurity incidents have occurred in the past three years[137]. Shareholder Returns - A quarterly cash dividend of $0.76 per share was approved, payable on December 3, 2025, to stockholders of record as of November 19, 2025[213]. - The 2022 Repurchase Program was exhausted in Q1 2025, with $105.0 million remaining under the 2024 Repurchase Program as of September 30, 2025[212]. Foreign Currency and Risk Management - Approximately 17.2% of revenues and 28.9% of expenses were denominated in currencies other than the U.S. dollar, with a hypothetical 10% change in the U.S. dollar affecting revenue by $14.4 million and expenses by $14.3 million[225]. - The notional amount of foreign currency forward contracts was $67.7 million as of September 30, 2025, used to hedge foreign exchange risks[230].

Financial Position - Total assets decreased by $4.0 million, or 0.9%, to $439.5 million at September 30, 2025, from $443.5 million at December 31, 2024[127] - Cash and cash equivalents decreased by $1.1 million, or 8.3%, to $12.2 million at September 30, 2025, from $13.3 million at December 31, 2024[128] - Interest bearing deposits in banks decreased by $8.4 million, or 86.6%, to $1.3 million at September 30, 2025, compared to $9.7 million at December 31, 2024[129] - Securities available for sale increased by $10.7 million, or 14.2%, to $85.9 million at September 30, 2025, from $75.2 million at December 31, 2024[130] - Net loans and leases receivable decreased by $8.8 million, or 3.0%, to $284.9 million at September 30, 2025, from $293.7 million at December 31, 2024[132] - Total deposits decreased by $1.6 million, or 0.5%, to $334.2 million at September 30, 2025, from $335.8 million at December 31, 2024, with core deposits down by $11.7 million, or 5.7%[138] - Total shareholders' equity increased by $1.4 million, or 2.7%, to $53.5 million at September 30, 2025, primarily due to net income of $2.0 million for the nine months ended September 30, 2025[140] Income and Expenses - Net income for the three months ended September 30, 2025, was $680,000, an increase of $165,000, or 32.0%, compared to $515,000 for the same period in 2024[145] - Interest income on loans increased by $291,000, or 7.2%, to $4.3 million for the three months ended September 30, 2025, driven by a 6.2% increase in average loan balances[147] - Noninterest income increased by $597,000, or 112.6%, to $1.1 million for the three months ended September 30, 2025[159] - Noninterest expense increased by $274,000, or 9.5%, to $3.2 million for the three months ended September 30, 2025[160] - Net income for the nine months ended September 30, 2025 was $2.0 million, compared to a net loss of $1.8 million for the same period in 2024, an increase of $3.8 million, or 211.1%[167] - Interest income for the nine months ended September 30, 2025 was $16.7 million, a decrease of $129,000, or 0.8%, from $16.8 million for the same period in 2024[168] Interest Income and Expense - Interest income on loans increased by $1.5 million, or 12.6%, to $13.0 million for the nine months ended September 30, 2025[169] - Total interest expense decreased by $202,000, or 8.1%, to $2.3 million for the three months ended September 30, 2025[154] - Net interest income increased by $64,000, or 2.0%, to $3.3 million for the three months ended September 30, 2025[157] - Total interest expense decreased by $549,000, or 7.4%, to $6.9 million, driven by a decrease in average interest-bearing liabilities by $13.5 million, or 3.8%[176] - Net interest income increased by $420,000, or 4.5%, to $9.8 million, primarily due to an increase in net interest margin of 23 basis points, or 7.9%[179] Credit Quality and Losses - The allowance for credit losses is based on historical experience and various factors affecting collectability[123] - Provision for credit losses increased by $224,000, or 85.2%, to $487,000 for the three months ended September 30, 2025[158] - Provision for credit losses increased by $448,000, or 407.3%, to $558,000, primarily due to a $453,000 charge related to a foreclosed multi-family property[180] - The allowance for credit losses to loans and leases held for investment was 1.13% as of September 30, 2025, with $9.0 million in nonaccrual loans transferred to other real estate owned during Q3 2025[200] Asset Management and Liquidity - The bank maintains strong underwriting standards and asset management procedures, continuously monitoring credit quality in the loan portfolio[200] - The bank's liquidity sources include the Federal Reserve discount window and the ability to sell securities and loans in the secondary market as needed[203] - The bank's strategies to manage interest rate risk include maintaining capital levels above regulatory thresholds and diversifying the loan portfolio with more commercial loans[208] - The bank's overall asset quality remains strong, with ongoing monitoring of housing supply and demand for potential market changes[200] Market and Economic Factors - Accumulated other comprehensive loss decreased by $1.5 million, or 31.3%, to $3.3 million, net of tax, due primarily to changes in market interest rates[130] - The total gross unrealized losses on the securities portfolio amounted to $5.8 million, or 5.4% of the $109.1 million portfolio, primarily due to market interest rate increases[196] - As of September 30, 2025, the net unrealized loss on AFS securities was $3.3 million, representing 5.7% of capital, with expected cash flow from the securities portfolio totaling $46.8 million over the next 24 months[198] - A 200 basis point increase in interest rates would result in a 2.56% increase in net interest income, while a 200 basis point decrease would lead to a 1.26% decrease[209] - The estimated economic value of equity (EVE) as of September 30, 2025, was $61,558,000, with a 200 basis point increase in interest rates resulting in a 2.37% decrease in EVE[214] Borrowing and Advances - At September 30, 2025, the company had outstanding advances of $48.8 million from the Federal Home Loan Bank of Dallas and unused borrowing capacity of $102.5 million[189] - The bank's FHLB borrowing capacity stood at $102.5 million, with an additional $8 million in unused credit lines available from correspondent banks[203] - The bank entered into interest rate swap agreements totaling $25 million to hedge against changes in the fair value of fixed rate AFS securities, terminating these agreements at a gain of $463,000 in Q1 2025[199]

Financial Performance - Skyworks reported a revenue of $1.1 billion for the last quarter, representing a 15% year-over-year increase[7] - Gross margin for the last quarter was reported at 45%, a slight improvement from 43% in the previous year[7] Future Growth Projections - The company anticipates a revenue growth of 10% to 12% for the upcoming fiscal year, driven by increased demand for 5G technology[7] - User data indicates a 20% increase in the adoption of IoT devices, which is expected to boost market opportunities for Skyworks[7] - Skyworks plans to expand its market presence in Asia, targeting a 25% increase in sales from this region over the next two years[7] Investment and Development - The company is investing $200 million in R&D for new product development, focusing on advanced RF solutions[7] - The recent acquisition of Qorvo's assets is expected to enhance Skyworks' product portfolio and increase market share by 15%[7] - Skyworks is exploring partnerships with leading tech firms to accelerate the development of next-generation wireless technologies[7] - The company expects to launch three new products in the next quarter, aimed at enhancing connectivity solutions for mobile devices[7] Operational Efficiency - The company has set a target to reduce operational costs by 5% over the next fiscal year through efficiency improvements[7]

Drug Development and Trials - Bezuclastinib is a highly selective tyrosine kinase inhibitor targeting the KIT D816V mutation, crucial for treating Systemic Mastocytosis (SM) and gastrointestinal stromal tumors (GIST) [87]. - The SUMMIT trial for Non-Advanced Systemic Mastocytosis (Non-AdvSM) completed enrollment with 54 patients in Part 1 and 179 patients in Part 2, demonstrating significant clinical improvements [91][92]. - In the SUMMIT Part 2 trial, bezuclastinib achieved a mean reduction of 24.3 points in total symptom score (TSS) at 24 weeks, compared to 15.4 points in the placebo group, with a placebo-adjusted improvement of 8.91 points [93]. - The APEX trial for Advanced Systemic Mastocytosis (AdvSM) completed enrollment with 58 patients in Part 2, with top-line results expected in December 2025 [95]. - As of October 11, 2024, the APEX trial reported an objective response rate (ORR) of 52%, with 61% for TKI-treatment-naïve patients and a median progression-free survival (PFS) rate of 82% at 24 months [97][98]. - The PEAK trial for GIST enrolled 413 patients, with a median progression-free survival of 10.2 months and an overall response rate of 27.5% [102][103]. - Bezuclastinib has received orphan drug designation from the FDA and EMA for both SM and GIST treatments [100][102]. - The company plans to submit its first New Drug Application (NDA) for bezuclastinib by the end of 2025 for Non-AdvSM patients [92]. Financial Performance - As of September 30, 2025, the company reported net losses of $226.4 million for the nine months ended, compared to $187.9 million for the same period in 2024 [112]. - The accumulated deficit as of September 30, 2025, reached $1,085.9 million, indicating ongoing financial challenges [112]. - Cash, cash equivalents, and marketable securities totaled $390.9 million as of September 30, 2025, expected to fund operations into 2027 [116]. - Total operating expenses for the three months ended September 30, 2025, were $83.4 million, an increase of $7.9 million (10.5%) compared to $75.4 million in the same period of 2024 [132]. - Research and development expenses for the three months ended September 30, 2025, were $69.0 million, up $5.4 million (8.5%) from $63.6 million in 2024, driven by ongoing clinical trials and increased personnel costs [133]. - General and administrative expenses for the three months ended September 30, 2025, were $14.4 million, an increase of $2.6 million (22.0%) compared to $11.8 million in 2024, primarily due to higher personnel and support costs [134]. - Net loss for the three months ended September 30, 2025, was $80.9 million, an increase of $10.3 million (14.6%) compared to a net loss of $70.6 million in 2024 [132]. - Total operating expenses for the nine months ended September 30, 2025, were $233.9 million, an increase of $31.7 million (15.7%) from $202.2 million in 2024 [138]. - Research and development expenses for the nine months ended September 30, 2025, were $194.2 million, up $23.6 million (13.8%) from $170.6 million in 2024, driven by ongoing clinical trials and increased personnel costs [139]. - General and administrative expenses for the nine months ended September 30, 2025, were $39.6 million, an increase of $8.1 million (25.6%) compared to $31.6 million in 2024 [140]. - Interest income for the nine months ended September 30, 2025, was $9.2 million, a decrease of $5.0 million (35.2%) from $14.2 million in 2024 [141]. Funding and Capital Structure - The company entered into a loan and security agreement providing for a non-dilutive term loan facility of up to $400.0 million, with the first tranche of $50.0 million fully funded as of June 30, 2025 [148]. - The company completed a public offering of 25,555,556 shares at $9.00 per share, raising approximately $215.8 million in net proceeds after expenses [149]. - As of September 30, 2025, the company had 164,155,222 shares outstanding, including 139,827,662 shares of common stock [150]. - For the nine months ended September 30, 2025, the company used $185.3 million in operating activities, primarily due to a net loss of $226.4 million [153]. - Net cash used in investing activities for the same period was $76.8 million, mainly for property and equipment purchases [155]. - Financing activities provided $289.6 million in cash, including $215.8 million from the public offering and $47.0 million from a credit facility [157]. - The company anticipates increased expenses related to clinical development and research activities, with funding needs expected to grow [159]. - The company expects to finance operations through equity offerings and debt financing, which may dilute existing ownership interests [161]. - The company has no off-balance sheet arrangements as of the reporting date [163]. Clinical Development Pipeline - The company plans to submit IND applications for CGT4255 and CGT1145 in 2026, indicating ongoing development efforts [108][111]. - CGT4859 demonstrated low nanomolar potency on WT FGFR2 and FGFR2/3 mutations, with complete regressions at 5 mg/kg PO in a mutant-driven mouse model [106]. - CGT4255 showed low nM potency against ErbB2 wild-type and oncogenic mutations, with complete regressions at 100 mg/kg PO BID in the NIH3T3 ErbB2-L755S model [108]. - CGT6297 exhibited >95% inhibition of pAKT in a H1047R PD model, outperforming alpelisib in tumor growth inhibition [109]. - CGT6737 achieved 90% PD inhibition in mouse xenograft models, demonstrating robust PK/PD and tumor growth inhibition [110]. - CGT1145 displayed JAK2 V617F cellular IC50s of 76nM, with >150-fold selectivity over JAK2 WT [111]. Adverse Events and Safety - The majority of treatment-emergent adverse events (TEAEs) in the SUMMIT trial were low grade, with serious adverse events occurring in 4.2% of patients treated with bezuclastinib [94].

Revenue and Income - Service revenue for the nine months ended September 30, 2025, was $870,591, a 20.8% increase from $720,743 in 2024[118] - Operating income increased by 45.5% to $102,541 for the nine months ended September 30, 2025, compared to $70,474 in 2024[118] - Net income for the nine months ended September 30, 2025, was $72,570, reflecting a 96.1% increase from $37,011 in 2024[118] - AI Services revenue increased by 63.7% to $156,701 for the nine months ended September 30, 2025, from $95,716 in 2024[119] - Adjusted Net Income for Q3 2025 was $38,990,000, representing a 13.7% increase from $34,277,000 in Q3 2024[136] - Net income for Q3 2025 was $31,375,000, a significant increase of 147.1% compared to $12,699,000 in Q3 2024[136] - Adjusted Net Income for the nine months ended September 30, 2025 was $114,625,000, a 27.1% increase from $90,184,000 in the same period of 2024[140] - Net income for the nine months ended September 30, 2025 was $72,570,000, a 96.1% increase from $37,011,000 in 2024[140] Expenses and Costs - Cost of services increased by 24.0% to $537,169 for the nine months ended September 30, 2025, from $433,052 in 2024[118] - Financing expenses decreased by 15.8% to $13,925 for the nine months ended September 30, 2025, compared to $16,532 in 2024[128] - Stock-based compensation expense decreased by 39.4% in Q3 2025 to $6,513,000 from $10,742,000 in Q3 2024[136] - The company incurred $11,993,000 in transaction costs for the nine months ended September 30, 2025, a 100% increase from zero in 2024[140] Tax and Margins - The effective tax rate for the nine months ended September 30, 2025, was 26.3%, down from 33.8% in 2024[129] - Net Income Margin improved to 10.5% in Q3 2025 from 5.0% in Q3 2024[136] Cash Flow and Indebtedness - Free Cash Flow decreased to $63.8 million from $79.4 million in 2024, with a conversion rate of Adjusted EBITDA to Free Cash Flow at 34.0%[159] - As of September 30, 2025, total cash and cash equivalents were $210.0 million, with an additional borrowing capacity of $190.0 million under the 2022 Revolving Credit Facility[160] - Total indebtedness as of September 30, 2025, was $246.3 million, with an interest rate of 6.352% per annum[161] - Net cash provided by operating activities increased to $107.5 million from $98.2 million in 2024, driven by higher net income and non-cash charges[166] - Net cash used in investing activities rose to $43.8 million, primarily due to increased site build-out and technology costs[167] - Net cash used in financing activities increased to $39.5 million, attributed to share repurchases and higher long-term debt payments[168] Client Contribution and Strategy - The top ten clients contributed 60% of total service revenue for the three months ended September 30, 2025, compared to 56% in 2024[130] - The company plans to target high growth industry verticals and clients to achieve meaningful client and revenue diversification over time[131] EBITDA and Adjusted Metrics - Adjusted EPS for Q3 2025 was $0.42, up from $0.37 in Q3 2024, reflecting a growth of 13.5%[146] - Adjusted EBITDA for Q3 2025 reached $63,452,000, marking a 17.0% increase from $54,215,000 in Q3 2024[150] - EBITDA for the same period was $157.8 million, reflecting a 33.8% increase from $118.0 million in 2024[154] - Adjusted EBITDA increased by 20.2% to $187.7 million compared to $156.1 million in 2024[154] Foreign Currency and Other Gains - Foreign currency losses for Q3 2025 were $(6,678,000), compared to gains of $2,490,000 in Q3 2024, indicating a significant negative shift[136] Share Repurchase - The company repurchased 2,112,247 shares for $27.7 million during the nine months ended September 30, 2025[162]

Financial Performance - Consolidated net loss from continuing operations for Q3 2025 was $1,666, a decrease of 38.5% compared to a net loss of $2,705 in Q3 2024[139] - Total revenues for Q3 2025 were $76,568, down from $88,984 in Q3 2024, representing a decrease of 13.9%[140] - Underwriting loss for Q3 2025 was $6,521, compared to a loss of $9,170 in Q3 2024, indicating an improvement[138] - The company recorded a net loss of $1,666 for Q3 2025, an improvement from a net loss of $2,705 in Q3 2024[169] - The effective tax rate for Q3 2025 was 10.3%, down from 21.7% in Q3 2024[167] Premiums and Segments - Net premiums earned for Q3 2025 decreased by $11,365, or 13.6%, to $71,905 compared to $83,270 in Q3 2024[141] - Private Passenger Auto segment saw a 2.6% increase in net premiums earned for Q3 2025, totaling $23,206[143] - Non-Standard Auto segment experienced a significant decline, with net premiums earned decreasing by $12,142, or 52.8%, in Q3 2025[144] - Home and Farm segment reported a slight increase in net premiums earned of $163, or 0.7%, for Q3 2025[145] Losses and Expenses - Net losses and loss adjustment expenses for Q3 2025 decreased by $8,903, or 13.7%, to $56,197 compared to $65,100 in Q3 2024[148] - The total underwriting loss decreased by $2,649 for the three-month period ended September 30, 2025, but increased by $4,425 for the nine-month period compared to the same periods in 2024[157] - The overall combined ratio decreased by 1.9 percentage points in Q3 2025 compared to Q3 2024, but increased by 3.0 percentage points year-to-date[158] - The expense ratio decreased by 1.9 percentage points in Q3 2025 to 30.9% compared to 32.8% in Q3 2024[155] Investment Income - Net investment income for Q3 2025 increased to $3,040 from $2,811 in Q3 2024, a rise of 8.1%[140] - Net investment income increased by $229 for Q3 2025 compared to Q3 2024, and by $935 year-to-date, driven by a higher interest rate environment[160] - Net realized gains for the three and nine months ended September 30, 2025, were $811 and $1,244, respectively, compared to $45 and a loss of $37 for the same periods in 2024[162] Cash Flow and Liquidity - For the nine months ended September 30, 2025, net cash used by operating activities totaled $28,511, compared to net cash provided of $16,780 in the same period of 2024, primarily due to lower premium collections[175] - Net cash provided by investing activities for the nine months ended September 30, 2025, was $3,621, down from $5,327 in 2024, driven by cash inflows from net sales of equity and fixed income securities[176] - Net cash used by financing activities totaled $1,387 for the nine months ended September 30, 2025, compared to $3,613 in the prior year, primarily due to cash outflows for share repurchases[177] - The company expects to maintain a high degree of liquidity in its investment portfolio to meet claim settlements and operating expenses[173] Dividends and Credit - The amount available for payment of dividends from Nodak Insurance to NI Holdings during 2025 without prior approval is approximately $8,273 as of December 31, 2024[179] - No dividends were declared or paid by Nodak Insurance or Direct Auto during the nine months ended September 30, 2025, or the year ended December 31, 2024[179][180] - The line of credit with Wells Fargo Bank, N.A. is $3,000 with a floating interest rate of 2.50% above the daily simple secured overnight financing rate, expiring on December 13, 2025[174] Market Risk - The assessment of market risk as of September 30, 2025, indicates no material changes from the previous year’s disclosures[184]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________ FORM 10-Q ______________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0 ...

Financial Performance - Total revenues for Q3 2025 were $237.5 million, a 5.3% increase from $225.8 million in Q3 2024[15] - Net loss attributable to MPT common stockholders for Q3 2025 was $77.7 million, compared to a net loss of $801.2 million in Q3 2024[15] - Total comprehensive loss for Q3 2025 was $128.5 million, compared to a comprehensive loss of $709.9 million in Q3 2024[18] - Earnings per common share for Q3 2025 was a loss of $0.13, compared to a loss of $1.34 in Q3 2024[15] - For the three months ended September 30, 2025, the net loss was $77,450,000 compared to a net loss of $800,929,000 for the same period in 2024[140] - For the nine months ended September 30, 2025, the net loss was $293,534,000 compared to a net loss of $1,995,965,000 for the same period in 2024[140] Assets and Liabilities - Total assets increased to $14.9 billion as of September 30, 2025, up from $14.3 billion at the end of 2024[13] - Total liabilities increased to $10,262,442 thousand as of September 30, 2025, from $9,460,421 thousand at December 31, 2024, marking an increase of 8.5%[29] - Debt increased to $9.6 billion as of September 30, 2025, from $8.8 billion at the end of 2024[13] - The total equity balance as of September 30, 2025, is $4,661,363,000, reflecting a decrease from previous quarters[21] Cash Flow and Investments - Cash and cash equivalents increased to $396.6 million, up from $332.3 million at the end of 2024[13] - Cash provided by operating activities was $70,703,000, down from $168,796,000 in the previous year[26] - Net cash used for investing activities was $256,869,000, contrasting with net cash provided of $1,226,604,000 in the prior year[26] - Proceeds from term debt amounted to $2,512,970,000, while payments of term debt were $2,252,731,000[26] Dividends and Shareholder Returns - Dividends declared per common share remained stable at $0.08 for both Q3 2025 and Q3 2024[15] - The company declared dividends of $0.08 per common share, totaling $48,419,000 for the quarter[21] - Dividends paid during the period were $144,840,000, down from $272,909,000 in the prior year[26] Real Estate and Impairment Charges - Net investment in real estate assets rose to $11.2 billion, compared to $11.0 billion at the end of 2024[13] - Real estate and other impairment charges, net, were $167,132,000, compared to $1,441,275,000 in the previous year[26] - The company recorded impairment charges of approximately $600 million for the three months ended September 30, 2024, related to its investments in Steward[72] Foreign Currency and Interest Rate Impact - The foreign currency translation loss for the quarter is $51,081,000, impacting overall equity[21] - The unrealized loss on interest rate hedges, net of tax, is $193,000 for the quarter[21] - The company reported a foreign currency translation loss of $58,542,000 for the period[23] Operational Highlights - The company reported a significant increase in straight-line rent receivables to $851.7 million, compared to $700.8 million at the end of 2024[13] - The company experienced a foreign currency translation gain of $210,781,000 in the previous quarter, which positively impacted equity[21] - The company funded approximately $47 million to Steward Health Care System's secured lender to gain control over certain real estate assets, with management transition services effective March 2025[57] Strategic Initiatives and Future Outlook - The company has committed to fund up to $60 million in seismic improvements for California facilities over the next four years, which will increase the lease base and result in additional rent[85] - The company is focused on maintaining its status as a REIT for income tax purposes and monitoring changes in healthcare regulations that may affect profitability[160] - The company does not expect any material new investments in real estate in the foreseeable future[211] Legal and Compliance Matters - The company is involved in various lawsuits, including a putative federal securities class action lawsuit alleging false and misleading statements, with ongoing developments[143][145] - As of September 30, 2025, the company maintained compliance with all financial and operating covenants under its Credit Facility[122]