Financial Performance - Net income attributable to Assured Guaranty Ltd. for Q3 2025 was $105 million, a decrease of 38.6% from $171 million in Q3 2024[6]. - Adjusted operating income for Q3 2025 was $124 million, compared to $130 million in Q3 2024, reflecting a decline of 4.6%[6]. - The diluted earnings per share (EPS) for Q3 2025 was $2.18, a decrease of 31.24% from $3.17 in Q3 2024[6]. - The company’s return on equity (ROE) for Q3 2025 was 7.4%, down from 12.1% in Q3 2024[6]. - Total capital returned to common shareholders was $134 million in Q3 2025, compared to $147 million in Q3 2024, a decline of 8.84%[6]. - For the three months ended September 30, 2025, net income attributable to AGL was $105 million, down 38.56% from $171 million in the prior year[15]. - Adjusted operating income for the three months ended September 30, 2025, was $124 million, a decrease of 4.62% from $130 million in the same period of 2024[19]. - Basic earnings per share for the three months ended September 30, 2025, were $2.20, compared to $3.23 for the same period in 2024, a decline of 31.93%[15]. - Adjusted operating income for the nine months ended September 30, 2025, was $336 million, compared to $389 million in 2024, reflecting a decrease of 13.6%[148]. Revenue and Premiums - Gross written premiums (GWP) increased to $75 million in Q3 2025, up 22.95% from $61 million in Q3 2024[6]. - For the nine months ended September 30, 2025, total revenues reached $833 million, up 16.38% from $716 million in the same period of 2024[15]. - For the three months ended September 30, 2025, total revenues were $207 million, compared to $206 million in the previous year, reflecting a marginal increase of 0.49%[26]. - Net earned premiums for the insurance segment were $95 million, with total expenses amounting to $92 million, resulting in a net income of $105 million[26]. - Total gross written premiums (GWP) for the nine months ended September 30, 2025, reached $195 million, compared to $254 million in the same period of 2024[63]. Assets and Equity - The company reported total assets of $12,101 million as of September 30, 2025, an increase from $11,901 million as of December 31, 2024[17]. - As of September 30, 2025, shareholders' equity attributable to AGL increased to $5,658 million from $5,495 million as of December 31, 2024, representing a growth of 2.97%[11]. - The company’s long-term debt remained stable at $1,702 million as of September 30, 2025, compared to $1,699 million at the end of 2024[17]. - Shareholders' equity attributable to AGL per share increased to $121.13, compared to $108.80 in 2024, representing a growth of 11.5%[144]. - Adjusted operating shareholders' equity per share increased to $123.10 from $114.75 year-over-year[152]. Investment Performance - The company reported a fair value gain of $17 million on CIVs for the three months ended September 30, 2025[26]. - The company recorded unrealized losses on the investment portfolio amounting to $(159) million for the three months ended September 30, 2025[25]. - The total net investment income for the three months ended September 30, 2025, was $94 million, compared to $82 million for the same period in 2024, representing a 14.6% increase[50]. - The total net investment income for the nine months ended September 30, 2025, was $270 million, an increase from $247 million in the same period of 2024, reflecting a growth of 9.3%[53]. - The annualized investment income based on amortized cost and pre-tax book yields was reported at $369 million[38]. Claims and Losses - Total claims-paying resources were reported at $10,138 million, slightly down from $10,211 million as of December 31, 2024[11]. - The financial guaranty insurance segment reported a net expected loss of $186 million for the three months ended September 30, 2025, reflecting ongoing challenges in the market[79]. - The total expected net loss to be paid as of September 30, 2025, is $104 million, with significant recoveries noted in both public and structured finance sectors[80]. - The company anticipates a total of $97,393 million in net expected loss amortization from 2025 to 2029, indicating a robust outlook for future financial stability[76]. Risk Management and Capitalization - The capital ratio was reported at 79:1, indicating strong financial stability relative to net debt service outstanding[61]. - The net exposure to qualified statutory capital ratio stood at 50:1, demonstrating effective risk management practices[61]. - Below Investment Grade (BIG) exposures totaled $11,378 million as of September 30, 2025, an increase of 11.7% compared to $10,182 million at the end of 2024[111]. - The company anticipates continued market expansion and strategic initiatives to enhance its portfolio and mitigate risks associated with below investment grade exposures[111]. Non-GAAP Measures - The Company presents both GAAP and non-GAAP financial measures, with non-GAAP measures providing necessary information for analysts and investors to evaluate financial results[182]. - Adjusted operating income is defined as net income attributable to AGL, adjusted for realized gains/losses, non-credit impairment-related unrealized gains/losses, and foreign exchange gains/losses[190][193]. - The Company emphasizes that non-GAAP measures should not be considered substitutes for GAAP measures due to potential lack of comparability[181].

Financial Performance - Third quarter sales increased by 3% to $69.3 million compared to $67.1 million in the same year-ago quarter[4] - Adjusted EBITDA for the third quarter was $2.8 million, representing an adjusted EBITDA margin of 4.0%, up from $2.4 million and 3.6% in the prior year[12] - Net loss narrowed to $1.6 million, or $(0.04) per diluted share, compared to a net loss of $3.2 million, or $(0.08) per diluted share in the year-ago quarter[10] - Gross margin improved slightly to 35.1% from 35.0% year-over-year, despite challenges in product mix and tariff impacts[8] - Selling, general and administrative expenses decreased to $26.2 million from $27.9 million, primarily due to lower employee-related expenses[9] - Domestic sales for Q3 2025 increased to $28,261 million, up from $24,365 million in Q3 2024, representing a growth of 7.8%[23] - Total sales for the nine months ended September 30, 2025, were $185,027 million, a decrease of 4.1% compared to $192,910 million for the same period in 2024[25] - Gross profit for Q3 2025 was reported at $24,366 million, an increase from $23,497 million in Q3 2024, reflecting a growth of 3.7%[23] - The adjusted gross margin for Q3 2025 was 35.1%, compared to 37.8% in Q3 2024, indicating a decline in profitability[27] - Operating loss for the nine months ended September 30, 2025, was $20,689 million, slightly higher than the loss of $20,269 million in the same period of 2024[25] - Net loss for Q3 2025 was $1,617 million, an improvement from a net loss of $3,157 million in Q3 2024, showing a reduction of 48.9%[23] - The company reported a basic net loss per share of $0.04 for Q3 2025, compared to a loss of $0.08 per share in Q3 2024[23] - Total operating expenses for Q3 2025 were $27,392 million, down from $28,855 million in Q3 2024, a decrease of 5.1%[23] - International sales for Q3 2025 were $41,086 million, a decrease of 3.9% from $42,750 million in Q3 2024[23] - Total sales for the nine months ended September 30, 2025, were $185,027, a decrease from $192,910 in the same period of 2024, representing a decline of 4.6%[33] - Gross profit for the nine months ended September 30, 2025, was $64,840, compared to $68,754 in 2024, reflecting a decrease of 5.6%[33] - Adjusted income from continuing operations for the nine months ended September 30, 2025, was $61, resulting in an adjusted EPS of $0.00, while the adjusted income for 2024 was $549 with an adjusted EPS of $0.01[33][35] Segment Performance - Adventure segment sales rose by 16% to $20.7 million, while Outdoor segment sales decreased by 1% to $48.7 million[5] - North America wholesale sales in the Outdoor segment increased by $3.1 million, or 16%[6] - The outdoor segment generated sales of $48,688 for the three months ended September 30, 2025, while the adventure segment generated $20,659, contributing to total sales of $69,347[36] - Sales for the Outdoor segment reached $129,672, and the Adventure segment generated $55,355, totaling $185,027 for the nine months ended September 30, 2025[38] - Operating loss for the Outdoor segment was $899, and for the Adventure segment was $6,978, totaling $12,812 for the nine months ended September 30, 2025[38] - Adjusted EBITDA for the Outdoor segment was $6,248, while the Adventure segment reported $449, resulting in a total of $(6,755) for the nine months ended September 30, 2025[38] - EBITDA margin for the Outdoor segment was 1.1%, while the Adventure segment reported (0.1)%, leading to an overall margin of (6.2)% for the nine months ended September 30, 2025[38] - Adjusted EBITDA margin for the Outdoor segment was 4.8%, and for the Adventure segment it was 0.8%, resulting in an overall margin of (0.0)% for the nine months ended September 30, 2025[38] Cash Flow and Debt - Cash and cash equivalents decreased to $29.5 million from $45.4 million[17] - Total debt increased slightly to $2.0 million from $1.9 million[17] Strategic Focus - The company is focused on aligning its cost structure and strategic roadmap with market realities to unlock growth opportunities in the Americas and Europe[3] Tax and Other Expenses - The company recorded an income tax benefit of $2,244 million for Q3 2025, compared to a benefit of $664 million in Q3 2024, indicating a significant increase in tax benefits[23] - The tax benefit for the nine months ended September 30, 2025, was $(3,877), resulting in a tax rate of 20.2%, compared to a tax rate of 17.9% in 2024[33][34] - The company reported a loss from continuing operations of $(15,295) for the nine months ended September 30, 2025, compared to a loss of $(15,112) in 2024[33][34] - Legal costs and regulatory matter expenses amounted to $2,050, contributing to a total of $3,463 for the nine months ended September 30, 2025[38] - Inventory fair value adjustments accounted for $120 in the Outdoor segment for the nine months ended September 30, 2025[38] - Impairment of indefinite-lived intangible assets was $1,565 for the nine months ended September 30, 2025[38] - Restructuring charges totaled $489 for the nine months ended September 30, 2025[38] - The company incurred restructuring charges of $1,009 for the nine months ended September 30, 2024, which were not present in the 2025 results[34][36] - Depreciation expenses for the Outdoor segment were $1,590, and for the Adventure segment were $1,064, totaling $2,654 for the nine months ended September 30, 2025[38]

Financial Performance - Net income for the three months ended September 30, 2025, decreased to $14.0 million from $19.6 million for the same period in 2024, primarily due to a $4.7 million adverse impact from the initial operations of Twinbrook Quarter Phase I[130]. - Total revenue for the three months ended September 30, 2025, was $72.004 million, an increase of 7.0% compared to $67.288 million for the same period in 2024[131]. - Net income for the 2025 Period decreased to $41.0 million from $57.3 million for the 2024 Period, primarily due to a $16.4 million adverse impact from Twinbrook Quarter Phase I[143]. - Total revenue for the 2025 Period increased by 6.9% compared to the 2024 Period, primarily due to the initial operations of Twinbrook Quarter Phase I contributing $8.9 million[144]. - Funds From Operations (FFO) available to common stockholders for the 2025 Quarter totaled $25.3 million, a decrease of 12.3% compared to the 2024 Quarter[189]. - FFO available to common stockholders for the 2025 Period totaled $75.2 million, a decrease of 11.4% compared to the 2024 Period[189]. Revenue and Rent Growth - Base rent increased by 9.1% to $59.250 million in the 2025 Quarter from $54.332 million in the 2024 Quarter[131]. - Total revenue increased by 7.0% in the 2025 Quarter compared to the 2024 Quarter, primarily due to the initial operations of Twinbrook Quarter Phase I generating $3.9 million[133]. - Base rent increased by $4.9 million in the 2025 Quarter compared to the 2024 Quarter, driven by higher base rent related to Twinbrook Quarter Phase I of $3.5 million[134]. - Average annualized base rent per square foot for commercial properties increased by 5.5% to $22.33 for the nine months ended September 30, 2025[198]. - Average annualized effective rent per square foot for commercial properties increased by 5.7% to $20.68 for the nine months ended September 30, 2025[198]. - The average base rent per square foot for new leases in shopping centers was $22.76 for the three months ended September 30, 2025, compared to $20.92 for the same period in 2024[202]. Expenses and Financial Obligations - Total expenses increased by 21.6% in the 2025 Quarter compared to the 2024 Quarter, primarily due to the initial operations of Twinbrook Quarter Phase I, which generated $8.6 million of expenses[137]. - Property operating expenses increased by 22.7% in the 2025 Period compared to the 2024 Period, primarily due to the initial operations of Twinbrook Quarter Phase I of $3.6 million[149]. - Interest expense, net and amortization of deferred debt costs increased by 37.1% in the 2025 Period compared to the 2024 Period, primarily due to the initial operations of Twinbrook Quarter Phase I of $14.4 million[151]. - General and administrative expenses increased by 8.7% in the 2025 Period compared to the 2024 Period, primarily due to higher employment costs of $1.3 million[153]. - Total expenses increased by 20.9% to $173.8 million in the 2025 Period, primarily due to the initial operations of Twinbrook Quarter Phase I, which generated $25.3 million of expenses[148]. Leasing and Occupancy - The commercial leasing percentage decreased to 94.4% at September 30, 2025, down from 95.7% at September 30, 2024[120]. - As of November 3, 2025, 431 of the 452 (95.4%) residential units at Twinbrook Quarter Phase I were leased and occupied[122]. - The Residential portfolio was 98.5% leased as of September 30, 2025, compared to 98.8% at September 30, 2024[213]. - The Mixed-Use Commercial leasing percentage for office properties decreased to 88.5% as of September 30, 2025, from 88.9% as of September 30, 2024[200]. - As of September 30, 2025, 94.5% of the Commercial portfolio was leased, down from 95.7% as of September 30, 2024[199]. Development Projects - The Company has a pipeline for the development of up to 2,800 apartment units and 860,000 square feet of retail and office space, primarily located near Metro stations in Montgomery County, Maryland[117]. - The company is developing Twinbrook Quarter Phase I, which includes 452 apartment units and a Wegmans supermarket, with a remaining investment not expected to exceed $10.1 million[174]. - The company is also developing Hampden House, which will include up to 366 apartment units, with 70 units leased as of November 3, 2025, representing 19.1% occupancy[175]. - The Company has a $145.0 million construction-to-permanent loan related to the Twinbrook Quarter development project, with a balance of $136.6 million as of September 30, 2025[186]. Debt and Liquidity - The Company maintains a total debt to total estimated asset market value ratio of under 50%, allowing for additional secured borrowings if necessary[121]. - The outstanding debt totaled approximately $1.61 billion with a weighted average remaining term of 8.6 years as of September 30, 2025[121]. - The Company had a $600.0 million New Credit Facility, which includes a $460.0 million New Revolving Credit Facility and a $140.0 million New Term Loan[182]. - The New Credit Facility requires the Company to maintain compliance with certain financial covenants, which it was in compliance with as of September 30, 2025[183]. - Approximately $101.1 million was available and undrawn under the New Credit Facility as of September 30, 2025[182]. Cash Flow and Reserves - Cash and cash equivalents increased to $11.8 million as of September 30, 2025, compared to $7.2 million in 2024[168]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $77.6 million, down from $92.4 million in 2024[169]. - The increase in credit losses on operating lease receivables, net, was 91.1% in the 2025 Period compared to the 2024 Period, primarily due to higher reserves across the portfolio[146]. Shareholder Returns - The Company issued 49,880 shares under the Dividend Reinvestment Plan (DRIP) at a weighted average discounted price of $32.57 per share during the nine months ended September 30, 2025[179].

Revenue Performance - Q3 2025 total revenues reached $57.1 million, representing a 10% increase from Q2 2025 and a 23% increase from Q3 2024[5] - Q3 2025 analytics revenue was $54.7 million, up 12% from Q2 2025 and up 22% from Q3 2024[5] - Year-to-date revenues for the nine months ended September 2025 totaled $156.6 million, up 21% from $129.4 million in the same period of 2024[12] - Revenue from the United States accounted for 53% of total revenues in Q3 2025, significantly up from 39% in Q2 2025[15] Profitability Metrics - GAAP gross margin for Q3 2025 was 72%, while non-GAAP gross margin was 76%[7] - GAAP operating margin improved to 8% in Q3 2025, compared to 2% in Q2 2025 and a loss of 7% in Q1 2025[9] - Non-GAAP net income for Q3 2025 was $9.8 million, with non-GAAP diluted EPS at $0.25[22] Cash Flow and Share Repurchase - Operating cash flow for Q3 2025 was $3.3 million, a recovery from a negative cash flow of $5.2 million in Q2 2025[9] - The company repurchased $244,000 worth of shares in Q3 2025, marking the first repurchase in the year[9] Debt and Expenses - The company reported outstanding debt of $67.6 million as of Q3 2025, a slight decrease from $68.1 million in Q2 2025[9] - GAAP Cost of Revenue for Q3'25 was $15,840, an increase from $14,886 in Q2'25, representing a growth of 6.4%[30] - Non-GAAP Cost of Revenue for Q3'25 was $13,568, up from $12,631 in Q2'25, indicating a 7.4% increase[30] - GAAP Research & Development expenses for Q3'25 totaled $15,435, compared to $14,913 in Q2'25, reflecting a 3.5% rise[30] - Non-GAAP Research & Development expenses for Q3'25 were $13,231, an increase from $12,662 in Q2'25, showing a growth of 4.5%[30] - GAAP Selling, General, & Administrative expenses for Q3'25 were $19,944, slightly up from $19,744 in Q2'25, a 1% increase[30] - Non-GAAP Selling, General, & Administrative expenses for Q3'25 were $16,966, compared to $16,782 in Q2'25, marking an increase of 1.1%[30] Year-to-Date Expense Trends - Year-to-date GAAP Cost of Revenue for 2025 was $43,681, up from $38,243 in 2024, a growth of 14.4%[33] - Year-to-date Non-GAAP Cost of Revenue for 2025 was $37,134, compared to $32,740 in 2024, indicating a 13.4% increase[33] - Year-to-date GAAP Research & Development expenses for 2025 were $44,976, up from $39,149 in 2024, reflecting a 14.4% rise[33] - Year-to-date Non-GAAP Selling, General, & Administrative expenses for 2025 were $49,825, compared to $42,702 in 2024, showing a 16.6% increase[33]

Loan Servicing and Originations - As of September 30, 2025, the company serviced or subserviced 1.4 million loans with a total UPB of $315.5 billion[236]. - In Q3 2025, the company added $24.1 billion of new volume, including $10.9 billion from subservicing additions and $11.9 billion from new Originations production[237]. - The average total servicing and subservicing UPB increased by $4.5 billion or 1.5% during Q3 2025 compared to the prior quarter[240]. - The company serviced all mortgage loan classes, including conventional, government-insured, non-Agency, small-balance commercial, and multi-family loans[236]. - The company's Originations volume growth outpaced the industry, with a 23% increase compared to Q2 2025 and a 53% increase compared to Q3 2024[252]. - The total servicing and subservicing UPB amounted to $315.5 billion as of September 30, 2025, reflecting a net increase of $6.0 billion or 1.9% from the previous quarter[242]. - The company plans to continue growing its servicing and subservicing portfolio through multi-channel originations and MSR bulk acquisitions[299]. - The company expects a 16% increase in loan origination in 2026 compared to 2025, driven by macroeconomic conditions and market dynamics[300]. Financial Performance - Net income attributable to common stockholders was $18 million, or $2.19 per share basic and $2.03 diluted[255]. - Total revenue for the three months ended September 30, 2025 increased by $33.7 million, or 14%, compared to the previous quarter, driven by a $16.0 million increase in Servicing revenue and a $17.6 million increase in Originations revenue[260]. - Total revenue increased to $280.3 million in Q3'25, up from $246.6 million in Q2'25, reflecting a growth of approximately 13.0%[297]. - The company reported a $31 million gain on originations sale[255]. - The nine months ended September 30, 2025 saw total revenue increase by $25.5 million, or 3%, compared to the same period in 2024[261]. - The company reported a total of $24.5 billion UPB of subserviced loans on behalf of Rithm as of September 30, 2025[333]. - The company reported a gain of $3.4 million on loans held for sale for the three months ended September 30, 2025, a significant improvement from a loss of $5.0 million in the previous quarter[348]. Operating Expenses and Income - Operating expenses for the three months ended September 30, 2025 were $125.8 million, a 15% increase from the previous quarter[267]. - Operating expenses for the three months ended September 30, 2025, increased by 19% to $74.7 million compared to $62.6 million in the previous quarter[339]. - The company experienced a 38% decline in income before income taxes, reporting $25.2 million for the three months ended September 30, 2025, down from $40.4 million in the previous quarter[339]. - Operating expenses for the nine months ended September 30, 2025, increased by $12.8 million, with a 24% increase in compensation and benefits driven by higher commissions[393]. - Compensation and benefits expense for the three months ended September 30, 2025 increased by 2% to $23.4 million compared to $22.9 million in Q2 2025, while for the nine months ended September 30, 2025, it decreased by $6.3 million or 8% compared to the same period in 2024[356][357]. Market Conditions and Interest Rates - The 30-year fixed rate mortgage average declined to 6.58% in Q3 2025, down 20 basis points from the previous quarter[244]. - The average 30-year fixed rate mortgage rate remains elevated compared to the past decade, impacting borrower affordability[244]. - The industry mortgage origination volume grew 3% quarter over quarter and 16% year over year in Q3 2025, driven by increased refinance activity[251]. - The fair value volatility of the MSR portfolio was reduced due to a high targeted hedge coverage ratio, resulting in losses of $1.0 million in Q3 2025 and gains of $9.8 million in Q2 2025, with a $22.6 million decrease in gains for the nine months ended September 30, 2025 compared to the same period in 2024[355]. Client Relationships and Servicing Agreements - Rithm, a major subservicing client, will not renew its servicing agreements effective January 31, 2026, which accounted for approximately $33.0 billion, or 10% of the total UPB[307][308]. - Servicing and subservicing fees from Rithm amounted to $60.2 million, or 13% of total fees for the nine months ended September 30, 2025[329]. - Rithm accounted for 55% of all delinquent loans serviced by the company as of September 30, 2025[308][329]. - The company has relationships with 732 approved correspondent sellers as of September 30, 2025, which supports the replenishment and growth of the MSR portfolio[377]. - As of September 30, 2025, the company has relationships with 521 approved sellers through the Agency Cash Window co-issue programs[379]. Assets and Liabilities - Total assets decreased by $328.0 million or 2% from December 31, 2024 to September 30, 2025, primarily due to a decline in reverse loans held for investment[284]. - Total liabilities decreased by $386.4 million compared to December 31, 2024, largely due to a $947.6 million decrease in HMBS-related borrowings[285]. - Total stockholders' equity increased to $501 million at September 30, 2025, compared to $443 million at December 31, 2024[422]. - The company holds $16.1 billion in total assets, with $9.9 billion in securitized HECM loans reported on the balance sheet[422]. Future Outlook and Strategy - The company aims for prudent capital-light growth by emphasizing capital-light subservicing to drive servicing portfolio UPB growth[255]. - The company expects to generate net income and increase stockholders' equity by 2026, barring any adverse impacts from interest rates or regulatory changes[306]. - The company has been acquiring reverse mortgage assets since 2023, financing these acquisitions through on-balance sheet private placement securitizations[325]. - The company regularly evaluates financing structure options, including asset-backed financing, to support investment plans and reduce funding costs[420].

Loan Servicing and Originations - As of September 30, 2025, the company serviced or subserviced 1.4 million loans with a total UPB of $315.5 billion[236]. - In Q3 2025, the company added $24.1 billion of new volume, including $10.9 billion from subservicing additions and $11.9 billion from new Originations production[237]. - The average total servicing and subservicing UPB increased by $4.5 billion or 1.5% during Q3 2025 compared to the prior quarter[240]. - The company serviced all mortgage loan classes, including conventional, government-insured, non-Agency, small-balance commercial, and multi-family loans[236]. - The company's Originations volume growth outpaced the industry, with a 23% increase compared to Q2 2025 and a 53% increase compared to Q3 2024[252]. - The total servicing and subservicing UPB increased by $6.0 billion or 1.9% from June 30, 2025, to September 30, 2025[242]. - The company anticipates continued growth in its servicing and subservicing portfolio through multi-channel originations and MSR bulk acquisitions[299]. - The average servicing fee for owned MSR was 0.29% in Q3'25, consistent with Q2'25, while the average subservicing fee was $173 in Q3'25, up from $170 in Q2'25[297]. - The total UPB of reverse mortgage loans held for investment was $9.585 billion, a 4% decrease from $9.961 billion in the previous quarter but a 22% increase from $7.867 billion year-over-year[336]. - The total servicer advances, net of allowance for losses, reached $435.1 million, compared to $577.2 million as of December 31, 2024[334]. Financial Performance - Net income attributable to common stockholders was $18 million, or $2.19 per share basic and $2.03 diluted[255]. - Total revenue for the three months ended September 30, 2025 increased by $33.7 million, or 14%, compared to the previous quarter, driven by a $16.0 million increase in Servicing revenue and a $17.6 million increase in Originations revenue[260]. - Servicing and subservicing fee revenue reached $217 million, with a total servicing and subservicing UPB of $316 billion[255]. - Total revenue increased to $280.3 million in Q3'25, up from $246.6 million in Q2'25, reflecting a growth of approximately 13.0%[297]. - The company reported a total of $24.5 billion UPB of subserviced loans on behalf of Rithm as of September 30, 2025[333]. - For the nine months ended September 30, 2025, total revenue was $671.4 million, a slight decrease from $672.3 million in the same period of 2024[339]. - The company achieved a 33% increase in total revenue for the nine months ended September 30, 2025, reaching $105.2 million compared to $78.9 million for the same period in 2024[382]. Operating Expenses and Income - Operating expenses for the three months ended September 30, 2025 were $125.8 million, a 15% increase from the previous quarter[267]. - Operating expenses rose to $125.8 million in Q3'25, up from $109.5 million in Q2'25, indicating an increase of about 14.1%[297]. - Compensation and benefits expense for Q3 2025 was $23.4 million, a 2% increase from Q2 2025, while for the nine months ended September 30, 2025, it decreased by $6.3 million or 8% compared to the same period in 2024[356][357]. - Operating expenses for the three months ended September 30, 2025, increased by $2.6 million, or 10%, compared to the previous quarter, primarily due to higher origination expenses and compensation[392]. - Interest expense for the nine months ended September 30, 2025, increased by $16.3 million or 12% compared to the same period in 2024, primarily due to asset growth[367]. Market Conditions and Economic Outlook - The 30-year fixed rate mortgage average declined to 6.58% in Q3 2025, down 20 basis points from the previous quarter[244]. - The industry mortgage origination volume grew 3% quarter over quarter and 16% year over year in Q3 2025, driven by increased refinance activity[251]. - The company expects a 16% increase in loan origination in 2026 compared to 2025, driven by macroeconomic conditions and market dynamics[300]. - The average headcount was 4,249 for the three months ended September 30, 2025, showing a slight increase from 4,240 in the previous quarter[267]. - The effective tax rate for the nine months ended September 30, 2025 was 18.9%, compared to 15.0% for the same period in 2024[278]. Client Relationships and Servicing Agreements - Rithm, a major subservicing client, will not renew its servicing agreements effective January 31, 2026, which accounted for approximately $33.0 billion, or 10% of the total UPB[307][308]. - The servicing transfer to Rithm's platform is expected to occur in the first and second quarters of 2026, involving $8.5 billion of UPB, subject to necessary consents[309]. - Servicing and subservicing fees from Rithm amounted to $60.2 million, or 13% of total fees in the nine months ended September 30, 2025[329]. - Rithm accounted for 55% of all delinquent loans serviced by the company as of September 30, 2025[308][329]. Risk Management and Compliance - The company has received favorable ratings from agencies like Fitch and Moody's, reflecting its growth strategy and effective risk management[327][328]. - The financial performance of the Servicing segment is impacted by changes in the fair value of the MSR portfolio due to market interest rates[319]. - The company believes it is in compliance with Ginnie Mae RBCR requirements after transferring certain GSE MSR investment activities to its subsidiary PAS[428]. - PHH's debt agreements include cross default provisions, and as of September 30, 2025, the company believes it is in compliance with these covenants[429]. Liquidity and Capital Management - Total liquidity was reported at $221 million, with a cash position of $173 million[255]. - The total available committed and uncommitted borrowing capacity was $48.5 million, with $47.9 million from MSR financing facilities[406]. - The company has short-term commitments to lend $2.4 billion related to forward and reverse mortgage loan IRLCs as of September 30, 2025[410]. - Approximately $2.5 billion of debt is due or requires partial repayment within the next 12 months, including $1.5 billion under mortgage loan financing facilities[411]. - The company maintains a high leverage ratio, with $9.9 billion of securitized HECM loans reported on the balance sheet[422].

Financial Performance - NL Industries reported a net loss attributable to stockholders of $7.8 million, or $0.16 per share, in Q3 2025, compared to a net income of $36.0 million, or $0.74 per share, in Q3 2024[2]. - For the first nine months of 2025, NL Industries reported a net loss of $6.8 million, or $0.14 per share, compared to a net income of $50.7 million, or $1.04 per share, for the same period in 2024[2]. - Kronos' net sales decreased by $27.8 million, or 6%, to $456.9 million in Q3 2025 compared to Q3 2024, and by $22.9 million, or 2%, to $1.4 billion for the first nine months of 2025 compared to the same period in 2024[5]. - Kronos' loss from operations in Q3 2025 was $19.2 million, down from an income of $38.9 million in Q3 2024, and for the first nine months of 2025, income from operations was $26.6 million compared to $94.3 million in the same period of 2024[6]. - Net sales for the three months ended September 30, 2024, were $33.6 million, a decrease of 16% compared to $40.0 million in 2025[19]. - Total net sales decreased by 6% for the three months ended September 30, 2025, compared to the same period in 2024[23]. - Income from operations for the nine months ended September 30, 2024, was $4.2 million, compared to $7.8 million in 2025[21]. - Income (loss) before income taxes for the three months ended September 30, 2024, was $44.8 million, compared to a loss of $8.2 million in 2025[19]. Operational Challenges - Kronos experienced a decline in average TiO2 selling prices, which were 7% lower in Q3 2025 compared to Q3 2024 and 2% lower in the first nine months of 2025 compared to the same period in 2024[5]. - Unabsorbed fixed production costs for Kronos in Q3 2025 were approximately $27 million, contributing to the decrease in income from operations[8]. - Corporate expenses increased by $0.7 million in Q3 2025 compared to Q3 2024, primarily due to higher litigation fees[9]. - Kronos' average capacity utilization was 85% in the first nine months of 2025, down from 93% in the same period of 2024[8]. - The percentage change in net sales for TiO2 sales volume was down 3% for the three months ended September 30, 2025, compared to 2024[23]. Equity and Investments - NL recognized equity in losses of Kronos amounting to $11.3 million in Q3 2025, compared to equity in earnings of $21.9 million in Q3 2024[4]. - Interest and dividend income for the three months ended September 30, 2024, was $2.7 million, compared to $2.1 million in 2025[19]. - The weighted average shares used in the calculation of net income per share were 48.8 million for both the three and nine months ended September 30, 2024, and 2025[19]. Risks and Uncertainties - The company faces substantial risks and uncertainties that could impact future results, including supply and demand fluctuations, geopolitical tensions, and changes in raw material costs[12].

Exhibit 99.1 Morgan Stanley Direct Lending Fund Announces September 30, 2025 Financial Results and Declares Fourth Quarter 2025 Regular Dividend of $0.50 per Share NEW YORK, NY, November 6, 2025 — Morgan Stanley Direct Lending Fund (NYSE: MSDL) ("MSDL" or the "Company"), a business development company externally managed by MS Capital Partners Adviser Inc. (the "Adviser"), today announced its financial results for the third quarter ended September 30, 2025. QUARTERLY HIGHLIGHTS SELECTED FINANCIAL HIGHLIGHTS ...

Financial Performance - Coherus reported Q3 2025 net revenue of $11.6 million, a 90% increase compared to $6.1 million in Q3 2024[8] - LOQTORZI® net revenue was $11.2 million in Q3 2025, representing a 12% increase from $10.0 million in Q2 2025 and a 92% increase from $5.8 million in Q3 2024[3] - Coherus reported net revenue of $11,571,000 for the three months ended September 30, 2025, a 91.5% increase from $6,052,000 in the same period of 2024[28] - The total costs and expenses for the three months ended September 30, 2025, were $55,904,000, compared to $52,908,000 for the same period in 2024, reflecting a 5.7% increase[28] - The company reported a net income from discontinued operations of $8,986,000 for the three months ended September 30, 2025, down from $36,848,000 in the same period of 2024[28] Loss and Expenses - The net loss from continuing operations for Q3 2025 was $44.5 million, or $(0.38) per share, an improvement from a net loss of $47.6 million, or $(0.41) per share, in Q3 2024[14] - Coherus experienced a net loss from continuing operations of $44,517,000 for the three months ended September 30, 2025, compared to a loss of $47,599,000 in the same period of 2024[28] - The company reported a non-GAAP net loss from continuing operations of $38,897,000 for the three months ended September 30, 2025, compared to $40,019,000 in the same period of 2024[37] - Research and development expenses for Q3 2025 were $27.3 million, compared to $22.1 million in Q3 2024, driven by increased costs for the development of casdozokitug and CHS-114[11] - Selling, general and administrative expenses decreased to $24.9 million in Q3 2025 from $28.1 million in Q3 2024, primarily due to lower headcount and decreased operating costs[12] Cash and Assets - Cash, cash equivalents, and marketable securities totaled $191.7 million as of September 30, 2025, up from $126.0 million as of December 31, 2024[16] - Cash and cash equivalents at the end of the period were $103,352,000, a decrease from $125,987,000 at the end of December 31, 2024[30] - Coherus' total assets increased to $516,519,000 as of September 30, 2025, compared to $448,533,000 as of December 31, 2024[30] - Coherus' cash used in operating activities was $46,339,000 for the three months ended September 30, 2025, compared to $62,016,000 in the same period of 2024[32] - The company had total stockholders' equity of $87,774,000 as of September 30, 2025, compared to a deficit of $(131,990,000) as of December 31, 2024[30] Clinical Development and Strategy - Coherus expanded the CHS-114 clinical program to include colorectal cancer, addressing a significant unmet medical need[2] - The company plans to combine LOQTORZI with internal pipeline candidates for additional solid tumor indications and pursue external partnerships for label expansions[9] - Initial data readouts for ongoing studies of CHS-114 and casdozokitug are expected throughout 2026, with multiple data readouts anticipated across various tumor types[2] - Coherus aims to deepen adoption of LOQTORZI among general oncologists by driving education on clinical data and updated NCCN guidelines[3]

Financial Performance - Total net revenues for the three months ended September 30, 2025, were $22,459,000, a 117.5% increase from $10,324,000 in the same period of 2024[12] - Product sales and royalties, net, reached $22,459,000 for the three months ended September 30, 2025, compared to $9,824,000 for the same period in 2024, reflecting a 128.5% increase[12] - Gross profit for the nine months ended September 30, 2025, was $29,640,000, up from $16,935,000 in the same period of 2024, representing a 75.0% increase[12] - For the nine months ended September 30, 2025, total revenues reached $58,669 with a gross profit of $29,640, compared to $27,364 and a gross profit of $16,935 in the same period of 2024, driven by increased sales of INCRELEX® and additional revenues from ALKINDI SPRINKLE® and GALZIN®[149] - Licensing revenue for the nine months ended September 30, 2025 was $3,286, a substantial increase from $500 in the same period of 2024, primarily due to $1,786 from out-licensing INCRELEX® rights outside the U.S.[150] - In the three months ended September 30, 2025, the Company reported total revenues of $22,459, generating a gross profit of $7,855, compared to total revenues of $10,324 and a gross profit of $6,302 in the same period of 2024, reflecting a significant increase in product sales and royalties[148] Cash and Assets - Cash and cash equivalents increased to $37,121,000 as of September 30, 2025, from $14,936,000 at the end of 2024, marking a 148.1% increase[10] - Total assets grew to $104,510,000 as of September 30, 2025, compared to $76,123,000 at the end of 2024, indicating a 37.3% increase[10] - As of September 30, 2025, the Company had total assets of $104.5 million, cash and cash equivalents of $37.1 million, and working capital of $27.8 million, indicating a solid liquidity position[153] Liabilities and Debt - Total liabilities increased to $81,384,000 as of September 30, 2025, from $51,695,000 at the end of 2024, representing a 57.4% increase[10] - The company’s existing debt obligations contain covenants that limit its ability to pay dividends or make distributions to stockholders[24] - The amended SWK Credit Agreement expanded the credit facility to $30,000, with a maturity date of December 17, 2027, and an annual interest rate of SOFR plus 6.75%[90] Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $5,985,000, an increase from $4,126,000 in the same period of 2024, reflecting a 45.0% rise[12] - Research and Development expenses for the three months ended September 30, 2025 were $1,112, up from $505 in the same period of 2024, and for the nine months ended September 30, 2025, R&D expenses totaled $5,985 compared to $4,126 in 2024, largely due to a $2,155 NDA filing fee for ET-600[151] Stock and Compensation - Total stock-based compensation expense for the nine months ended September 30, 2025, was $4,388, up from $2,383 in the same period of 2024, indicating a 83.9% increase[102] - The Company recorded stock-based compensation related to RSUs of $611 for the nine months ended September 30, 2025, compared to $171 for the same period in 2024, reflecting a 257.3% increase[109] - The Company issued 108,451 shares of common stock from stock option exercises at a weighted average exercise price of $3.63 per share during the nine months ended September 30, 2025, with an intrinsic value of $1,167[108] Net Loss and Earnings - The company reported a net loss of $1,927,000 for the three months ended September 30, 2025, compared to a net income of $627,000 in the same period of 2024[12] - GAAP net loss for the three months ended September 30, 2025, was $(1,927) thousand, compared to a net income of $627 thousand for the same period in 2024[157] - Non-GAAP net income for the nine months ended September 30, 2025, was $5,418 thousand, compared to $197 thousand for the same period in 2024[157] Tax and Regulatory - The effective tax rate for the three months ended September 30, 2025, was 1.4%, compared to an effective tax rate of (25.1%) for the same period in 2024[117] - The Company has a full valuation allowance recorded on its net deferred tax assets, impacting its effective tax rate[119] Operational Highlights - The company has eight commercial rare disease products and five additional product candidates in late-stage development, indicating ongoing expansion in its product pipeline[23] - The Company entered into a licensing agreement with AMMTeK to acquire U.S. rights to Amglidia, with potential payments totaling up to $1,850, including a 14% royalty on net sales[138] - The Company acquired GALZIN® for $7,000 and INCRELEX® for $22,500, with additional payments for product inventory and royalties of 10% and $2,500 on anniversaries, respectively[139][140] Internal Controls and Compliance - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2025, despite a delinquent filing incident[183] - There have been no changes in internal controls over financial reporting that materially affected the company during the quarter ended September 30, 2025[184] - The company maintains disclosure controls designed to ensure timely decision-making and compliance with SEC rules[180]