| | Q2 2025 | | % | Change Q2 | YTD | June | 30, | % | Change | YTD | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2024 | | 2025 | | June | 30, | 2024 | | Revenue | | $658.2 | | (11%) | | $1,347.7 | | | (14%) | | | Gross profit | | $196.4 | | (15%) | | $394.5 | | | (19%) | | | Net loss | | ($116.2) | | nm | | ($117.3) | | | nm | | | Diluted loss per share | | ($3.02) | | nm | | ($3.06) | | | nm | | | Adjusted diluted EPS* | | $0.30 | | (69%) | | $0.75 | | | (62%) | | | Adjus ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) For the quarterly period ended June 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: 001-38886 TREVI THERAPEUTICS, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 45-0834299 ( State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 195 Church St ...

PART I - FINANCIAL INFORMATION [Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) The unaudited financial statements reflect a strategic shift from the Multi-Tenant Retail Disposition, resulting in decreased assets and a higher net loss Consolidated Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total real estate investments, net | $4,366,367 | $4,622,033 | | Assets related to discontinued operations | $2,337 | $1,816,131 | | Total Assets | $4,984,916 | $6,955,764 | | Total Liabilities | $3,152,537 | $4,768,806 | | Total Stockholders' Equity | $1,832,379 | $2,186,958 | Consolidated Statement of Operations Summary (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue from tenants | $257,320 | $293,344 | | Total expenses | $242,756 | $214,336 | | Loss from continuing operations | $(127,026) | $(29,108) | | (Loss) from discontinued operations | $(86,496) | $(30,307) | | Net loss | $(213,522) | $(59,415) | | Net loss attributable to common stockholders | $(235,394) | $(81,287) | | Net loss per share (Basic and Diluted) | $(1.04) | $(0.35) | - The sale of the Multi-Tenant Retail Portfolio is treated as a **discontinued operation**, significantly impacting the comparability of financial statements[34](index=34&type=chunk)[40](index=40&type=chunk) [Note 3 — Multi-Tenant Retail Disposition](index=13&type=section&id=Note%203%20%E2%80%94%20Multi-Tenant%20Retail%20Disposition) The company sold its 100-property Multi-Tenant Retail Portfolio for approximately $1.78 billion, resulting in a $52.0 million loss from discontinued operations - The sale of 100 multi-tenant retail properties was completed in multiple closings during Q1 and Q2 2025 for a contract price of approximately **$1.78 billion**[33](index=33&type=chunk)[47](index=47&type=chunk) Gain (Loss) on Multi-Tenant Retail Disposition (in thousands) | Period | Gain / (Loss) on Sale | | :--- | :--- | | Three Months Ended June 30, 2025 | $33,232 | | Six Months Ended June 30, 2025 | $(51,955) | - A multi-tenant disposition receivable of **$90.2 million** was recorded at fair value as of June 30, 2025, representing potential proceeds from leases not yet commenced at the time of closing[59](index=59&type=chunk)[60](index=60&type=chunk) - The disposition was considered a triggering event, leading to a **goodwill impairment charge of $7.1 million** in Q1 2025, writing off the entire segment's goodwill[62](index=62&type=chunk) [Note 5 — Mortgage Notes Payable, Net](index=20&type=section&id=Note%205%20%E2%80%94%20Mortgage%20Notes%20Payable%2C%20Net) Net mortgage notes payable decreased significantly to $1.31 billion due to assumptions by the buyer in the Multi-Tenant Retail Disposition Mortgage Notes Payable, Net (in thousands) | Date | Outstanding Loan Amount | Effective Interest Rate | | :--- | :--- | :--- | | June 30, 2025 | $1,312,718 | 4.4% | | December 31, 2024 | $1,768,608 | N/A | - As part of the Multi-Tenant Retail Disposition, mortgages with principal amounts of **$256.3 million** and **$210.0 million** were assumed by the buyer, RCG[47](index=47&type=chunk)[80](index=80&type=chunk) [Note 6 — Revolving Credit Facility](index=21&type=section&id=Note%206%20%E2%80%94%20Revolving%20Credit%20Facility) The Revolving Credit Facility balance was reduced to $740.7 million using disposition proceeds and was subsequently replaced with a new facility Revolving Credit Facility Balance (in thousands) | Date | Outstanding Balance | | :--- | :--- | | June 30, 2025 | $740,682 | | December 31, 2024 | $1,390,292 | - Subsequent to the quarter end, on August 6, 2025, the company entered into a **new $1.8 billion credit agreement** to replace and terminate the existing facility[90](index=90&type=chunk)[227](index=227&type=chunk)[231](index=231&type=chunk) [Note 10 — Stockholders' Equity](index=29&type=section&id=Note%2010%20%E2%80%94%20Stockholders'%20Equity) The company executed a $75.9 million share repurchase program and reduced its quarterly common stock dividend to increase cash retention - On February 20, 2025, the Board authorized a **$300 million share repurchase program**, and during the first six months, the company repurchased **10.1 million shares for $75.9 million**[144](index=144&type=chunk)[147](index=147&type=chunk) - The quarterly common stock dividend was **reduced to $0.190 per share**, effective with the dividend declared in April 2025[157](index=157&type=chunk) - **No shares** of Common Stock or Series B Preferred Stock were sold through the respective ATM programs during the first six months of 2025[149](index=149&type=chunk)[152](index=152&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The $1.78 billion retail disposition transformed the company's focus, enabling significant debt reduction and improved capital structure - As of June 30, 2025, the portfolio consisted of **911 properties**, **98% leased**, with a weighted-average remaining lease term of 6.2 years[242](index=242&type=chunk) - The company's strategic disposition initiative led to a significant reduction in total gross debt to **$3.1 billion** at June 30, 2025, from **$5.1 billion** a year prior[273](index=273&type=chunk)[304](index=304&type=chunk) FFO and AFFO Reconciliation Summary (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net loss attributable to common stockholders | $(35,079) | $(46,600) | $(235,394) | $(81,287) | | FFO attributable to common stockholders | $(14,400) | $36,193 | $18,561 | $91,966 | | Core FFO attributable to common stockholders | $7,122 | $50,855 | $42,089 | $107,447 | | AFFO attributable to common stockholders | $53,108 | $76,692 | $119,328 | $151,656 | [Results of Operations](index=46&type=section&id=Results%20of%20Operations) Revenue from tenants decreased due to property sales, while the net loss widened significantly from increased impairment and derivative losses Revenue from Tenants by Segment - Six Months Ended June 30 (in thousands) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Industrial & Distribution | $113,008 | $123,432 | | Retail | $72,314 | $83,281 | | Office | $71,998 | $69,767 | | **Total** | **$257,320** | **$293,344** | - Impairment charges for the six months ended June 30, 2025, totaled **$70.1 million**, a significant increase from $31.7 million in the same period of 2024[294](index=294&type=chunk)[296](index=296&type=chunk) - Interest expense **decreased to $106.8 million** for the first six months of 2025 from $136.6 million in 2024, driven by lower average debt balances[304](index=304&type=chunk) [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity was reshaped by dispositions, using proceeds for over $1.2 billion in net debt repayments and share repurchases - Net cash provided by operating activities was **$111.2 million** for the six months ended June 30, 2025, compared to $162.5 million in the prior year period[314](index=314&type=chunk)[315](index=315&type=chunk)[316](index=316&type=chunk) - Net cash used in financing activities was **$1.4 billion** for the six months ended June 30, 2025, including **$722.2 million in net paydowns** on the revolving credit facility[320](index=320&type=chunk) - The company's debt leverage ratio **improved to 58.9%** as of June 30, 2025, from 63.8% at December 31, 2024[333](index=333&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=62&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material change in its market risk exposure during the first half of 2025 - There has been **no material change** in the company's exposure to market risk during the first six months of 2025[373](index=373&type=chunk) [Controls and Procedures](index=62&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** as of the end of the period[374](index=374&type=chunk) - **No material changes** to the internal control over financial reporting were identified during the quarter ended June 30, 2025[375](index=375&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=63&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently subject to any material legal or regulatory proceedings - The company is **not subject to any material legal proceedings**[164](index=164&type=chunk)[377](index=377&type=chunk) [Risk Factors](index=63&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have been identified since its 2024 Annual Report - **No material changes** to risk factors were reported since the company's 2024 Form 10-K and Q1 2025 Form 10-Q[378](index=378&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=63&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 7.7 million shares for $56.5 million in Q2 2025, with $224.3 million remaining under its repurchase program Common Stock Repurchases for Q2 2025 | Period | Total Shares Purchased | Average Price Paid per Share | Maximum Value Remaining (in thousands) | | :--- | :--- | :--- | :--- | | April 2025 | 4,924,685 | $7.25 | $244,907 | | May 2025 | 2,425,943 | $7.58 | $226,522 | | June 2025 | 303,992 | $7.47 | $224,252 | | **Total** | **7,654,620** | **$7.37** | **$224,252** |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 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: 1-11961 CARRIAGE SERVICES, INC. (Exact name of registrant as specified in its charter) Delaware 76-0423828 ( ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 June 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 _____ ARCELLX, INC. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securitie ...

Exhibit 99.1 BRIDGE INVESTMENT GROUP BRIDGE INVESTMENT GROUP HOLDINGS INC. REPORTS SECOND QUARTER 2025 RESULTS SALT LAKE CITY, UTAH-August 7, 2025-Bridge Investment Group Holdings Inc. (NYSE: BRDG) ("Bridge" or the "Company") today reported its financial results for the quarter ended June 30, 2025. Net Income was $2.8 million for the quarter ended June 30, 2025. On a basic and diluted basis, net (loss) attributable to Bridge per share of Class A common stock was a loss of $(0.01) for the quarter ended June ...

[American Healthcare REIT Second Quarter 2025 Results](index=1&type=section&id=American%20Healthcare%20REIT%20Second%20Quarter%202025%20Results) [Key Highlights & Financial Performance](index=1&type=section&id=Key%20Highlights%20%26%20Financial%20Performance) The company reported strong Q2 2025 results with robust NOI growth and improved leverage, leading to increased full-year guidance Key Financial Metrics (Q2 2025) | Metric | Value | Period | | :--- | :--- | :--- | | GAAP Net Income (controlling interest) | $9.9 million | Q2 2025 | | GAAP Net Income per Diluted Share | $0.06 | Q2 2025 | | Normalized FFO (NFFO) per Diluted Share | $0.42 | Q2 2025 | | Total Portfolio Same-Store NOI Growth (YoY) | 13.9% | Q2 2025 | - The company's Net Debt-to-Annualized Adjusted EBITDA ratio improved significantly, decreasing from 4.5x as of March 31, 2025, to **3.7x** as of June 30, 2025[5](index=5&type=chunk) - Year-to-date investment activity has been strong, with the company closing on approximately **$255 million** of new investments[5](index=5&type=chunk) - The company raised significant capital through its at-the-market (ATM) equity offering program, issuing over 5.4 million shares for gross proceeds of approximately **$188.6 million** during the quarter[5](index=5&type=chunk) [Detailed Operating Results](index=3&type=section&id=Detailed%20Operating%20Results) Total portfolio Same-Store NOI grew 13.9% in Q2, driven by exceptional performance in the SHOP and ISHC segments Same-Store NOI Growth by Segment | Segment | Same-Store NOI Growth (Q2 2025 vs Q2 2024) | Same-Store NOI Growth (YTD 2025 vs YTD 2024) | | :--- | :--- | :--- | | ISHC | 18.3% | 19.0% | | Outpatient Medical | 1.4% | 1.7% | | SHOP | 23.0% | 26.6% | | Triple-Net Leased Properties | 1.4% | 0.0% | | **Total Portfolio** | **13.9%** | **14.5%** | - Operational performance was supported by proactive expense management, incremental occupancy gains, and **mid-single-digit Revenue per Occupied Room (RevPOR) growth**[7](index=7&type=chunk) - The SHOP segment saw its highest quarterly move-in volume since before the pandemic, pushing spot Same-Store occupancy **above 87.5%** by the end of the quarter[8](index=8&type=chunk) [Investment & Development Activities](index=3&type=section&id=Investment%20%26%20Development%20Activities) The company actively managed its portfolio through acquisitions, dispositions, and joint venture buyouts while advancing its development pipeline - During Q2 2025, the company acquired a SHOP asset for approximately **$65.0 million** and sold four Non-Core Properties for gross proceeds of approximately **$33.5 million**[10](index=10&type=chunk) - Subsequent to quarter end, the company purchased its partners' **51% outstanding interests** in an unconsolidated joint venture of five campuses for total consideration of approximately **$118.4 million**[9](index=9&type=chunk)[12](index=12&type=chunk) - The company has over **$300 million** of awarded deals in its investments pipeline, which it expects to close by the end of the year[13](index=13&type=chunk) - The total in-process development pipeline is expected to cost approximately **$57.8 million**, of which **$23.8 million** has been spent as of June 30, 2025[14](index=14&type=chunk) [Balance Sheet & Capital Markets](index=5&type=section&id=Balance%20Sheet%20%26%20Capital%20Markets) The company maintained a strong balance sheet with $733.5 million in liquidity and reduced leverage to 3.7x through active capital raising Key Balance Sheet Metrics | Metric | Value (as of June 30, 2025) | | :--- | :--- | | Total Consolidated Indebtedness | $1.55 billion | | Total Liquidity | $733.5 million | | Net-Debt-to-Annualized Adjusted EBITDA | 3.7x | - During Q2 2025, the company issued 5,451,577 shares through its ATM program for gross proceeds of approximately **$188.6 million**[16](index=16&type=chunk) - Subsequent to quarter end, the company settled a forward sales agreement by issuing 3,554,525 shares for net cash proceeds of approximately **$126.0 million**[16](index=16&type=chunk) [Full Year 2025 Guidance](index=5&type=section&id=Full%20Year%202025%20Guidance) The company raised its full-year 2025 guidance for NFFO per share and Same-Store NOI growth due to strong performance Updated Full-Year 2025 Guidance | Metric | Current FY 2025 Range | Prior FY 2025 Range | | :--- | :--- | :--- | | NFFO per diluted share | $1.64 to $1.68 | $1.58 to $1.64 | | Net income per diluted share | $0.33 to $0.37 | $0.29 to $0.35 | | Total Portfolio SS NOI Growth | 11.0% to 14.0% | 9.0% to 13.0% | | ISHC SS NOI Growth | 15.0% to 19.0% | 12.0% to 16.0% | | Outpatient Medical SS NOI Growth | 1.0% to 1.5% | (1.0%) to 1.0% | - The increase in guidance is primarily attributed to strong operating results in the ISHC and SHOP segments, as well as recent accretive capital allocation activity[5](index=5&type=chunk)[18](index=18&type=chunk) [Shareholder Distributions](index=7&type=section&id=Shareholder%20Distributions) The Board of Directors declared a second-quarter 2025 cash distribution of $0.25 per share of common stock - A cash distribution of **$0.25 per share** was declared for the quarter ended June 30, 2025, and paid in July 2025 to stockholders of record as of June 30, 2025[21](index=21&type=chunk) [Financial Statements & Reconciliations](index=12&type=section&id=Financial%20Statements%20%26%20Reconciliations) This section presents detailed unaudited financial statements and reconciliations of GAAP measures to key non-GAAP metrics [Condensed Consolidated Financial Statements](index=12&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The financial statements show total assets of $4.51 billion and a Q2 net income of $9.9 million, a significant year-over-year increase Condensed Consolidated Balance Sheet | Balance Sheet (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | $4,506,650 | $4,488,057 | | Total Liabilities | $2,044,006 | $2,183,895 | | Total Equity | $2,462,644 | $2,303,942 | Condensed Consolidated Income Statement | Income Statement (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total Revenues | $542,503 | $504,581 | | Total Expenses | $496,080 | $472,912 | | Net Income (loss) attributable to controlling interest | $9,908 | $1,979 | [Non-GAAP Reconciliations](index=16&type=section&id=Non-GAAP%20Reconciliations) Detailed reconciliations from GAAP Net Income show Q2 2025 Normalized FFO of $68.4 million and Adjusted EBITDA of $93.1 million FFO Reconciliation (Q2 2025) | FFO Reconciliation (in thousands) | Three Months Ended June 30, 2025 | | :--- | :--- | | Net income (loss) | $10,079 | | Adjustments (Depreciation, Impairment, etc.) | +$56,888 | | NAREIT FFO attributable to controlling interest | $66,796 | | Normalizing Adjustments | +$1,581 | | Normalized FFO attributable to controlling interest | $68,377 | EBITDA Reconciliation (Q2 2025) | EBITDA Reconciliation (in thousands) | Three Months Ended June 30, 2025 | | :--- | :--- | | Net income | $10,079 | | Interest, Taxes, Depreciation & Amortization | +$65,751 | | EBITDA | $75,830 | | Other Adjustments | +$17,267 | | Adjusted EBITDA | $93,097 | [Earnings Guidance Reconciliation](index=25&type=section&id=Earnings%20Guidance%20Reconciliation) The guidance reconciles projected full-year 2025 Net Income per share to Normalized FFO per share - The guidance reconciliation bridges the gap between projected GAAP Net Income (**$0.33-$0.37/share**) and Normalized FFO (**$1.64-$1.68/share**) by accounting for items like depreciation and amortization[64](index=64&type=chunk) [Definitions & Disclosures](index=9&type=section&id=Definitions%20%26%20Disclosures) This section provides legal disclaimers and detailed definitions for non-GAAP financial measures used in the report - The report includes a "Forward-Looking Statements" safe harbor provision, cautioning readers that statements regarding future expectations are subject to risks and uncertainties[26](index=26&type=chunk) - The report provides detailed definitions for key non-GAAP financial measures used, including EBITDA, Adjusted EBITDA, NAREIT FFO, NFFO, and NOI[27](index=27&type=chunk)[66](index=66&type=chunk)[70](index=70&type=chunk)[72](index=72&type=chunk)[74](index=74&type=chunk)

Part I. FINANCIAL INFORMATION This section provides the company's unaudited condensed consolidated financial statements and management's discussion and analysis for the recent reporting period [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Virtus Investment Partners, Inc. as of June 30, 2025, and for the three and six-month periods then ended. It includes the Balance Sheets, Statements of Operations, Comprehensive Income, Cash Flows, and Changes in Stockholders' Equity, along with accompanying notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents the company's financial position, detailing assets, liabilities, and equity as of specific dates Balance Sheet Highlights (in thousands) | Balance Sheet Highlights (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $172,204 | $265,888 | | Total assets | $3,696,219 | $3,994,494 | | Debt | $231,279 | $232,130 | | Total liabilities | $2,674,793 | $2,985,576 | | Total equity | $898,329 | $901,636 | - Total assets decreased from **$4.0 billion** at year-end 2024 to **$3.7 billion** as of June 30, 2025, primarily driven by a decrease in cash and cash equivalents and assets of consolidated investment products (CIP)[8](index=8&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section outlines the company's revenues, expenses, and net income for the specified reporting periods Statements of Operations (in thousands, except per share data) | (in thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $210,525 | $224,384 | $428,457 | $446,426 | | Operating Income | $45,210 | $44,205 | $81,805 | $76,511 | | Net Income Attributable to Virtus | $42,373 | $17,614 | $71,020 | $47,472 | | Earnings per Share—Diluted | $6.12 | $2.43 | $10.15 | $6.54 | - For the three months ended June 30, 2025, net income attributable to Virtus increased significantly to **$42.4 million** (**$6.12 per diluted share**) from **$17.6 million** (**$2.43 per diluted share**) in the prior-year period. For the six-month period, net income increased to **$71.0 million** from **$47.5 million** year-over-year[10](index=10&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section details the company's cash inflows and outflows from operating, investing, and financing activities Cash Flow Activity (in thousands) | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $71,970 | $35,427 | | Net cash used in investing activities | ($4,012) | ($3,800) | | Net cash used in financing activities | ($226,525) | ($21,844) | - Net cash used in financing activities increased substantially to **$226.5 million** for the six months ended June 30, 2025, from **$21.8 million** in the prior year period, largely due to lower net borrowings by CIP and increased common stock repurchases[15](index=15&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements - The company provides investment management services to institutions and individuals through various products, including open-end funds, closed-end funds, retail separate accounts, and institutional accounts[23](index=23&type=chunk) - On May 14, 2025, the company declared a quarterly cash dividend of **$2.25 per common share**[44](index=44&type=chunk) - During the six months ended June 30, 2025, the company repurchased **287,072 common shares** for a total cost of **$50.0 million**[45](index=45&type=chunk) - The company consolidates various investment products (CIP), including collateralized loan obligations (CLOs), where it is deemed the primary beneficiary. The company's risk is limited to its beneficial interests in these products[68](index=68&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance for the second quarter and first half of 2025. Key topics include a decrease in total revenues and assets under management (AUM) compared to the prior year, driven by net outflows, although operating income increased due to lower expenses. The analysis covers AUM trends, asset flows, results of operations by segment, and the company's liquidity and capital resources [Financial Highlights](index=23&type=section&id=Financial%20Highlights) This section summarizes key financial and operational metrics, including assets under management, net flows, revenues, operating income, and diluted earnings per share - Total assets under management (AUM) were **$170.7 billion** at June 30, 2025, a decrease of **1.7%** from June 30, 2024, and **2.5%** from December 31, 2024. The year-over-year decrease was driven by **$13.5 billion** in net outflows, partially offset by **$13.3 billion** in positive market performance[98](index=98&type=chunk) Assets Under Management by Product (in millions) | Assets Under Management by Product (in millions) | As of June 30, 2025 | As of June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Open-End Funds | $55,653 | $55,852 | (0.4)% | | Closed-End Funds | $10,481 | $9,915 | 5.7% | | Retail Separate Accounts | $47,445 | $45,672 | 3.9% | | Institutional Accounts | $57,131 | $62,146 | (8.1)% | | **Total** | **$170,710** | **$173,585** | **(1.7)%** | - Total net flows were an outflow of **$(3.9) billion** in Q2 2025, compared to an outflow of **$(2.6) billion** in Q2 2024. For the first six months of 2025, net outflows were **$(6.9) billion**[97](index=97&type=chunk)[102](index=102&type=chunk) - For Q2 2025, total revenues decreased **6.2%** YoY to **$210.5 million**, while operating income increased **2.3%** to **$45.2 million**. Diluted EPS grew **151.9%** to **$6.12**, compared to **$2.43** in Q2 2024[100](index=100&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) This section provides a detailed analysis of the company's revenues and operating expenses for the reported periods Financial Summary (in thousands) | Financial Summary (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total revenues | $210,525 | $224,384 | (6.2)% | | Total operating expenses | $165,315 | $180,179 | (8.2)% | | Operating income | $45,210 | $44,205 | 2.3% | | Net Income Attributable to Virtus | $42,373 | $17,614 | 140.6% | - The **6.4%** decrease in total investment management fees for Q2 2025 was primarily due to decreased average assets under management[115](index=115&type=chunk) - Employment expenses, the largest operating expense, decreased by **7.2%** in Q2 2025 compared to the prior-year quarter, mainly due to lower profit- and sales-based compensation[120](index=120&type=chunk) - Amortization expense decreased by **14.8%** in Q2 2025, primarily due to certain intangible assets becoming fully amortized[128](index=128&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's cash position, cash flow activities, and debt obligations, highlighting changes in liquidity and capital management - As of June 30, 2025, the company held **$172.2 million** in cash and cash equivalents, a decrease from **$265.9 million** at December 31, 2024[141](index=141&type=chunk) Cash Flow Summary (in thousands) | Cash Flow Summary (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $71,970 | $35,427 | | Net cash used in investing activities | ($4,012) | ($3,800) | | Net cash used in financing activities | ($226,525) | ($21,844) | - Net cash from operating activities increased to **$72.0 million** in the first half of 2025, up from **$35.4 million** in the prior year, mainly due to higher net sales of investments by consolidated investment products (CIP)[147](index=147&type=chunk) - The company had **$234.7 million** outstanding under its Term Loan as of June 30, 2025[150](index=150&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that its primary market risk exposures relate to unfavorable movements in interest rates and securities prices. There were no material changes to the market risk disclosures from the company's 2024 Annual Report on Form 10-K - The company's primary market risks are associated with interest rates and securities prices, with no material changes reported during the quarter[153](index=153&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective at a reasonable assurance level as of June 30, 2025. No material changes to internal control over financial reporting were identified during the quarter - Based on an evaluation as of June 30, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[156](index=156&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[157](index=157&type=chunk) Part II. OTHER INFORMATION This section covers legal proceedings, risk factors, equity sales, and other relevant disclosures not included in the financial statements [Item 1. Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company incorporates by reference the information on legal proceedings from Note 14, "Commitments and Contingencies," in the financial statements section of this report. The company believes that the outcomes of its legal and regulatory proceedings are not likely to have a material adverse effect - Information regarding legal proceedings is detailed in Note 14 of the financial statements[158](index=158&type=chunk) - The company does not expect legal proceedings to have a material adverse effect on its financial condition, based on currently available information[61](index=61&type=chunk) [Item 1A. Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) The company reports that there have been no material changes to its risk factors from those previously disclosed in its 2024 Annual Report on Form 10-K - No material changes to the company's risk factors were reported since the 2024 Annual Report on Form 10-K[159](index=159&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's common stock repurchase activity during the second quarter of 2025. The Board of Directors authorized an additional 750,000 shares for repurchase on May 15, 2025. As of June 30, 2025, 866,240 shares remained available for repurchase under the program Common Stock Repurchase Activity | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 1-30, 2025 | 5,433 | $153.32 | | May 1-31, 2025 | 102,438 | $169.37 | | June 1-30, 2025 | 68,001 | $173.70 | | **Total Q2 2025** | **175,872** | **N/A** | - On May 15, 2025, the Board authorized an additional **750,000 shares** for the repurchase program, leaving **866,240 shares** available for repurchase as of June 30, 2025[160](index=160&type=chunk) [Item 5. Other Information](index=34&type=section&id=Item%205.%20Other%20Information) The company reports that none of its directors or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2025 - No directors or officers adopted, terminated, or modified a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during Q2 2025[163](index=163&type=chunk) [Item 6. Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications pursuant to the Sarbanes-Oxley Act of 2002 and Inline XBRL data files - Filed exhibits include CEO and CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act, as well as XBRL data files[164](index=164&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 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: 001-38656 BANK7 CORP. (Exact name of registrant as specified in its charter) Oklahoma 20-0763496 1039 N.W. 63rd Street, Oklahoma City, Oklahoma ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 8-K __________________________________ CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): August 7, 2025 NuScale Power Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction Delaware 001-39736 98-1588588 (Commission File Number) (I.R.S. Employer Identification No.) 1100 NE ...