Table of Contents 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 __________ Commission file number: 000-03134 Park-Ohio Holdings Corp. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (440) 947-2000 (Registrant's telephone number, including ...

Part I. Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Red Rock Resorts, Inc.'s unaudited condensed consolidated financial statements for periods ended June 30, 2025, are presented, detailing balance sheets, income, equity, and cash flows [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet reflects a slight decrease in total assets as of June 30, 2025, with stable liabilities and a decline in cash and cash equivalents Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $145,201 | $164,383 | | Total current assets | $286,892 | $295,364 | | Property and equipment, net | $2,841,613 | $2,781,915 | | Total assets | $4,032,442 | $4,045,531 | | **Liabilities & Equity** | | | | Total current liabilities | $322,401 | $325,202 | | Long-term debt, less current portion | $3,349,294 | $3,354,567 | | Total liabilities | $3,735,388 | $3,738,698 | | Total stockholders' equity | $297,054 | $306,833 | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Net revenues and net income attributable to Red Rock Resorts, Inc. significantly increased for both the second quarter and six-month period ended June 30, 2025 Q2 2025 vs Q2 2024 Performance (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Revenues | $526,273 | $486,403 | | Operating Income | $168,028 | $140,234 | | Net Income | $108,253 | $69,810 | | Net Income Attributable to Red Rock | $56,404 | $35,676 | | Diluted EPS (Class A) | $0.95 | $0.59 | Six Months 2025 vs 2024 Performance (in thousands, except per share data) | Metric | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | | Net Revenues | $1,024,134 | $975,300 | | Operating Income | $322,381 | $295,758 | | Net Income | $194,203 | $148,181 | | Net Income Attributable to Red Rock | $101,153 | $78,511 | | Diluted EPS (Class A) | $1.69 | $1.29 | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Total stockholders' equity decreased as of June 30, 2025, influenced by net income, dividends, distributions, and stock repurchases - For the six months ended June 30, 2025, the company paid dividends of **$89.6 million** and repurchased **$30.9 million** of Class A common stock[14](index=14&type=chunk) - In May 2025, the company declared a special cash dividend of **$1.00** per share of Class A common stock[57](index=57&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities for the six months ended June 30, 2025, was offset by significant cash used in investing and financing activities Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $284,667 | $269,003 | | Net cash used in investing activities | ($72,461) | ($185,072) | | Net cash used in financing activities | ($231,388) | ($85,068) | | **Decrease in cash and cash equivalents** | **($19,182)** | **($1,137)** | - Investing activities included **$146.4 million** in capital expenditures and proceeds of **$110.5 million** from the repayment of Native American development costs[16](index=16&type=chunk) [Notes to Condensed Consolidated Financial Statements (unaudited)](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) The notes provide critical context to the financial statements, detailing accounting policies, the North Fork development project, long-term debt, share-based compensation, and segment reporting - The company has development and management agreements for the North Fork Project in California. In Q2 2025, the company recognized a **$10.0 million** cumulative development fee and an **$8.5 million** gain after receiving a **$110.5 million** repayment on advances[34](index=34&type=chunk)[36](index=36&type=chunk) - Total long-term debt stood at **$3.4 billion** as of June 30, 2025, primarily consisting of a Term Loan B Facility and several series of Senior Notes[40](index=40&type=chunk) - The company's operations are aggregated into two reportable segments: Las Vegas operations and Native American development. Las Vegas operations generated **$513.3 million** in net revenues and **$239.4 million** in Adjusted EBITDA in Q2 2025[78](index=78&type=chunk)[80](index=80&type=chunk) - The company extended its **$600 million** equity repurchase program through December 31, 2025. As of June 30, 2025, **$278.1 million** remained authorized for repurchase[60](index=60&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial results for Q2 and H1 2025, highlighting revenue growth driven by casino performance and the North Fork Project, alongside solid liquidity and capital resource management [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Net revenues and operating income significantly increased in Q2 2025, primarily driven by strong casino performance and a development fee from the North Fork Project Q2 2025 vs Q2 2024 Revenue Breakdown (in thousands) | Revenue Source | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Casino | $344,796 | $319,629 | 7.9% | | Food and beverage | $94,374 | $91,718 | 2.9% | | Room | $51,187 | $50,142 | 2.1% | | Development fees | $10,008 | $— | n/m | | **Net revenues** | **$526,273** | **$486,403** | **8.2%** | - Casino revenue growth in Q2 2025 was driven by a **5.8%** increase in slot handle and a **3.9%** increase in table games hold percentage compared to the prior year period[113](index=113&type=chunk) - A **$10.0 million** cumulative development fee was recognized in Q2 2025 related to the North Fork Project after financing for the project was secured[116](index=116&type=chunk) - A gain of **$8.5 million** on Native American development was recognized in Q2 2025, representing the excess of proceeds received over the carrying amount of reimbursable advances for the North Fork Project[124](index=124&type=chunk) [Adjusted EBITDA](index=30&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA, a key non-GAAP performance measure, increased in Q2 2025, primarily driven by contributions from Las Vegas operations and Native American development Adjusted EBITDA Reconciliation (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net income | $108,253 | $69,810 | | Adjustments (Depreciation, Interest, etc.) | $121,106 | $131,847 | | **Adjusted EBITDA** | **$229,359** | **$201,657** | Adjusted EBITDA by Segment (in thousands) | Segment | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Las Vegas operations | $239,444 | $223,147 | | Native American development | $10,008 | $— | | Corporate and other | ($20,093) | ($21,490) | | **Total Adjusted EBITDA** | **$229,359** | **$201,657** | [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position as of June 30, 2025, with sufficient cash and credit availability to fund operations, debt service, and shareholder returns - As of June 30, 2025, the company had **$145.2 million** in cash and cash equivalents and **$897.4 million** available under its Revolving Credit Facility[136](index=136&type=chunk) - Anticipated capital expenditures for the remainder of 2025 are approximately **$180 million** to **$230 million**[137](index=137&type=chunk) - The company has a completion guaranty for the North Fork Project, capped at a commitment of **$425 million**, but management believes it is not probable that funding will be necessary[139](index=139&type=chunk) - The equity repurchase program was extended to December 31, 2025, with **$278.1 million** remaining authorized for repurchases as of June 30, 2025[140](index=140&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations on its long-term debt, managed through interest rate collar agreements, with no material changes since year-end 2024 - The company's main market risk is interest rate risk from its long-term debt. It uses interest rate collars to manage this exposure[160](index=160&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Management concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective at a reasonable assurance level[161](index=161&type=chunk) - No material changes were made to the company's internal control over financial reporting during the most recent fiscal quarter[162](index=162&type=chunk) Part II. Other Information [Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various routine lawsuits, none of which are expected to have a material impact on its financial condition or operations - The company is a defendant in various routine lawsuits but does not expect them to have a material impact[163](index=163&type=chunk) [Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have been reported since the Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to risk factors were reported since the last Annual Report on Form 10-K[164](index=164&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, the company repurchased Class A common stock, with a significant amount remaining authorized under its equity repurchase program Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Dollar Value Remaining in Program | | :--- | :--- | :--- | :--- | | April 2025 | — | $— | $308,970,496 | | May 2025 | 671,677 | $45.92 | $278,115,032 | | June 2025 | — | $— | $278,115,032 | | **Total** | **671,677** | **$45.92** | **$278,115,032** | [Defaults Upon Senior Securities](index=36&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[169](index=169&type=chunk) [Mine Safety Disclosures](index=36&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reported no mine safety disclosures - None[169](index=169&type=chunk) [Other Information](index=36&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted, terminated, or modified Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q2 2025 - None of the Company's directors or executive officers adopted, terminated or modified a Rule 10b5-1 trading arrangement during Q2 2025[169](index=169&type=chunk) [Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the report, including Sarbanes-Oxley Act certifications and XBRL data files

NEWS RELEASE Contact: Transcontinental Realty Investors, Inc. Investor Relations Erik Johnson (469) 522-4200 investor.relations@transconrealty-invest.com Net operating loss decreased $0.3 million from $1.1 million for the three months ended June 30, 2024 to $0.8 million for the three months ended June 30, 2025. Our decrease in net operating loss was due to a $0.1 million decrease in operating expenses. The decrease in operating expenses is primarily due to a decrease in the cost of insurance and property ta ...

PART I [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201%2E%20Financial%20Statements%20%28unaudited%29) This section presents the unaudited consolidated financial statements for the quarterly and six-month periods ended June 30, 2025, and 2024, covering operations, balance sheets, cash flows, and detailed notes [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) The company's net sales increased to $1.89 billion for the three months ended June 30, 2025, up from $1.57 billion in the same period of 2024, while net earnings attributable to common stockholders decreased slightly to $386 million Consolidated Statements of Operations Highlights (in millions, except per share data) | 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 sales** | $1,890 | $1,572 | $3,553 | $3,042 | | **Gross margin** | $755 | $679 | $1,327 | $1,088 | | **Operating earnings** | $648 | $638 | $1,103 | $941 | | **Net earnings attributable to common stockholders** | $386 | $420 | $698 | $614 | | **Diluted EPS** | $2.37 | $2.30 | $4.20 | $3.31 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets stood at $13.75 billion, with cash and cash equivalents increasing to $1.69 billion, and total equity growing to $7.82 billion primarily due to noncontrolling interests Consolidated Balance Sheet Highlights (in millions) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $1,686 | $1,614 | | **Total current assets** | $2,676 | $2,520 | | **Total assets** | $13,750 | $13,466 | | **Long-term debt** | $2,973 | $2,971 | | **Total liabilities** | $5,929 | $5,874 | | **Total stockholders' equity** | $4,963 | $4,985 | | **Noncontrolling interests** | $2,858 | $2,607 | | **Total equity** | $7,821 | $7,592 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities increased to $1.15 billion, while net cash used in investing activities rose significantly to $368 million due to higher capital expenditures Consolidated Cash Flow Summary (in millions) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $1,149 | $920 | | **Net cash used in investing activities** | $(368) | $(134) | | **Net cash used in financing activities** | $(733) | $(998) | | **Increase (decrease) in cash** | $72 | $(213) | [Notes to Unaudited Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on accounting policies and financial statement line items, including revenue breakdowns, the Blue Point joint venture, and share repurchase activity Revenue by Geography (in millions) | Region | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **North America** | $1,686 | $1,366 | $3,059 | $2,626 | | **Europe and other** | $204 | $206 | $494 | $416 | | **Total revenue** | $1,890 | $1,572 | $3,553 | $3,042 | - A long-term supply contract liability of **$709 million** related to the Waggaman acquisition is being amortized into net sales over 25 years[33](index=33&type=chunk) - In Q1 2025, the company sold its Ince, U.K. facility and recognized a loss of **$23 million**[41](index=41&type=chunk) - On April 8, 2025, the company formed the Blue Point joint venture with JERA and Mitsui for low-carbon ammonia production. CF Holdings holds a **40% interest** but consolidates the entity as the primary beneficiary (VIE)[67](index=67&type=chunk)[70](index=70&type=chunk) - In H1 2025, the company repurchased **8.2 million shares** for **$636 million** under its 2022 Share Repurchase Program[84](index=84&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202%2E%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's performance, strategy focused on decarbonization and clean energy, market conditions, consolidated and segment results, liquidity, and capital plans [Overview of CF Holdings and Strategy](index=24&type=section&id=Overview%20of%20CF%20Holdings%20and%20Strategy) CF Industries outlines its mission to provide clean energy and its strategy to decarbonize its ammonia production network through initiatives like the Donaldsonville CCS project and the Blue Point joint venture - The company's strategy is to leverage its ammonia production leadership to accelerate the transition to clean energy by decarbonizing its existing network and building new low-carbon capacity[100](index=100&type=chunk)[103](index=103&type=chunk) - The Donaldsonville CCS project was completed in July 2025 for approximately **$200 million**, enabling the production of up to **1.9 million tons** of low-carbon ammonia annually[101](index=101&type=chunk) - The Blue Point joint venture will construct a low-carbon ammonia facility with an estimated cost of **$3.7 billion**, with production expected to begin in 2029. CF will also invest approximately **$550 million** in supporting infrastructure[107](index=107&type=chunk)[109](index=109&type=chunk) [Market Conditions and Financial Summary](index=27&type=section&id=Market%20Conditions%20and%20Financial%20Summary) Market conditions in Q2 2025 were characterized by higher nitrogen selling prices, driven by increased global energy costs and supply disruptions, leading to an 11% increase in gross margin despite sharply rising natural gas costs Key Market Drivers (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Average Selling Price (per ton)** | $376 | $322 | +$54 | +17% | | **Sales Volume (million tons)** | 5.0 | 4.9 | +0.1 | +2% | | **Henry Hub Gas Price (per MMBtu)** | $3.16 | $2.04 | +$1.12 | +55% | | **Company Cost of Gas (per MMBtu)** | $3.36 | $1.90 | +$1.46 | +77% | - Q2 2025 gross margin increased by **$76 million (11%)** to **$755 million**, as a **$270 million** benefit from higher selling prices was partially offset by a **$136 million** increase in natural gas costs[131](index=131&type=chunk) [Consolidated Results of Operations Analysis](index=31&type=section&id=Consolidated%20Results%20of%20Operations%20Analysis) For Q2 2025, net sales grew 20% to $1.89 billion driven by higher selling prices, while cost of sales increased 27% due to rising natural gas costs, leading to an 8% decrease in net earnings attributable to common stockholders - Q2 2025 net sales increased by **$318 million (20%)** year-over-year, driven by higher average selling prices (**+$270 million**) and sales volume (**+$48 million**)[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) - Q2 2025 cost of sales increased by **$242 million (27%)**, primarily due to a **$136 million** increase in natural gas costs[147](index=147&type=chunk) - For the six months ended June 30, 2025, net sales increased by **$511 million (17%)** and cost of sales increased by **$272 million (14%)**, leading to a **$239 million (22%)** increase in gross margin[142](index=142&type=chunk) [Operating Results by Business Segment Analysis](index=36&type=section&id=Operating%20Results%20by%20Business%20Segment%20Analysis) In Q2 2025, most segments experienced increased gross margins due to higher selling prices offsetting rising natural gas costs, with Granular Urea and UAN gross margins rising 23% and 25% respectively, while Ammonia's gross margin slightly decreased Gross Margin by Segment (in millions) | Segment | Q2 2025 | Q2 2024 | Change | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Ammonia** | $136 | $147 | -7% | $322 | $212 | +52% | | **Granular Urea** | $279 | $227 | +23% | $452 | $381 | +19% | | **UAN** | $270 | $216 | +25% | $412 | $359 | +15% | | **AN** | $25 | $23 | +9% | $41 | $32 | +28% | | **Other** | $45 | $66 | -32% | $100 | $104 | -4% | | **Consolidated** | $755 | $679 | +11% | $1,327 | $1,088 | +22% | [Liquidity and Capital Resources Analysis](index=47&type=section&id=Liquidity%20and%20Capital%20Resources%20Analysis) The company maintained a strong liquidity position with $1.69 billion in cash as of June 30, 2025, continued its capital return program with $636 million in share repurchases, and projects full-year 2025 capital expenditures between $800-$900 million - Cash and cash equivalents stood at **$1.69 billion** as of June 30, 2025, including **$264 million** related to the consolidated Blue Point joint venture[231](index=231&type=chunk) - Consolidated capital expenditures for 2025 are forecasted to be between **$800 million** and **$900 million**, which includes **$300 million** to **$400 million** for the Blue Point JV[239](index=239&type=chunk) - In the first six months of 2025, the company repurchased **8.2 million shares** for **$636 million**. A new **$2 billion** share repurchase program was authorized in May 2025[244](index=244&type=chunk)[245](index=245&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203%2E%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section refers to the company's Annual Report on Form 10-K for detailed market risk information and notes the company held natural gas derivative contracts for 13.6 million MMBtus as of June 30, 2025 - As of June 30, 2025, the company had natural gas derivative contracts for **13.6 million MMBtus** to hedge against price volatility[269](index=269&type=chunk) [Item 4. Controls and Procedures](index=53&type=section&id=Item%204%2E%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting identified despite the implementation of a new system - The principal executive and financial officers concluded that the company's disclosure controls and procedures were effective as of the end of the period[270](index=270&type=chunk) - A new procurement and plant asset management system was implemented in Q2 2025, but no other changes materially affected internal controls over financial reporting[271](index=271&type=chunk) PART II [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202%2E%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section provides a detailed monthly breakdown of the company's share repurchases during the second quarter of 2025, totaling approximately 2.7 million shares Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | **April 2025** | 2,562,542 | $73.27 | | **May 2025** | 93,878 | $79.43 | | **June 2025** | 72,925 | $95.01 | | **Total** | 2,729,345 | $74.06 | [Item 5. Other Information](index=54&type=section&id=Item%205%2E%20Other%20Information) The company reports that no director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter ended June 30, 2025 [Item 6. Exhibits](index=54&type=section&id=Item%206%2E%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including officer certifications and financial data formatted in Inline XBRL

[Q2 2025 Financial and Operational Highlights](index=1&type=section&id=Q2%202025%20Financial%20and%20Operational%20Highlights) American Realty Investors achieved significant net income growth in Q2 2025, driven by increased rental revenue and strategic asset sales, while maintaining strong portfolio occupancy [Financial Performance](index=1&type=section&id=Financial%20Performance) Net income significantly increased in Q2 2025 due to higher rental revenues and a gain on real estate transactions, alongside a narrowed net operating loss Q2 2025 vs Q2 2024 Key Earnings Metrics (Amounts in millions, except EPS) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income (Common Shares) | $2.8 million | $1.2 million | | Diluted EPS | $0.18 | $0.07 | Q2 2025 vs Q2 2024 Revenue and Operating Loss (Amounts in millions) | Metric | Q2 2025 | Q2 2024 | Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Rental Revenue | $11.5 million | $11.2 million | +$0.3 million | Increased occupancy at Stanford Center | | Net Operating Loss | $1.0 million | $1.3 million | -$0.3 million | Decrease in insurance and property tax costs | - The increase in net income is primarily attributed to a gain on real estate transactions, which was partially offset by a decrease in interest income and an increase in the tax provision for the quarter[6](index=6&type=chunk) [Operational Highlights](index=1&type=section&id=Operational%20Highlights) The company maintained an **82%** portfolio occupancy as of June 30, 2025, successfully selling single-family lots and repaying a **$10.8 million** loan - Total portfolio occupancy was **82%** as of June 30, 2025, which includes **94%** at multifamily properties and **57%** at commercial properties[9](index=9&type=chunk) - During Q2 2025, the company sold **30** single-family lots from its Windmill Farms holdings for **$1.4 million**, resulting in a gain on sale of **$1.1 million**[9](index=9&type=chunk) - On May 30, 2025, the company paid off the **$10.8 million** loan on its 770 South Post Oak property with cash on hand[9](index=9&type=chunk) [Company Overview](index=1&type=section&id=Company%20Overview) American Realty Investors, Inc. is a Dallas-based real estate investment company with a diverse U.S. portfolio, primarily driven by its investment in Transcontinental Realty Investors, Inc - ARL's portfolio includes office buildings, apartments, shopping centers, and both developed and undeveloped land across the U.S. The company invests through direct ownership, leases, partnerships, and mortgage loans[7](index=7&type=chunk) - The company's primary asset and source of operating results is its investment in Transcontinental Realty Investors, Inc. (NYSE:TCI)[7](index=7&type=chunk) [Consolidated Statements of Operations](index=2&type=section&id=Consolidated%20Statements%20of%20Operations) This section presents the detailed consolidated financial results for Q2 and H1 2025, highlighting revenue, expenses, and net income trends [Detailed Financial Results (Q2 & H1 2025 vs 2024)](index=2&type=section&id=Detailed%20Financial%20Results%20%28Q2%20%26%20H1%202025%20vs%202024%29) The detailed consolidated statements reveal increased total revenue and a significant rise in net income for Q2 and H1 2025, largely driven by real estate transaction gains Consolidated Statements of Operations (Unaudited, in thousands, except per share amounts) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Revenues:** | | | | | | Rental revenues | $11,510 | $11,188 | $22,937 | $22,467 | | Other income | $650 | $585 | $1,231 | $1,205 | | **Total revenue** | **$12,160** | **$11,773** | **$24,168** | **$23,672** | | **Expenses:** | | | | | | Property operating expenses | $6,535 | $6,624 | $12,512 | $13,258 | | Depreciation and amortization | $3,062 | $3,137 | $5,945 | $6,309 | | General and administrative | $1,534 | $1,552 | $3,026 | $2,960 | | Advisory fee to related party | $2,042 | $1,737 | $4,511 | $3,939 | | **Total operating expenses** | **$13,173** | **$13,050** | **$25,994** | **$26,466** | | **Net operating loss** | **($1,013)** | **($1,277)** | **($1,826)** | **($2,794)** | | Interest income | $3,353 | $4,794 | $7,363 | $10,527 | | Interest expense | ($1,777) | ($1,913) | ($3,597) | ($3,835) | | Equity in income from unconsolidated joint ventures | $19 | $501 | ($140) | $984 | | Gain on real estate transactions | $947 | $— | $4,838 | $— | | Income tax provision | $1,335 | ($614) | $189 | ($1,089) | | **Net income** | **$2,864** | **$1,491** | **$6,827** | **$3,793** | | Net income attributable to noncontrolling interest | ($37) | ($324) | ($1,035) | ($875) | | **Net income attributable to common shares** | **$2,827** | **$1,167** | **$5,792** | **$2,918** | | **Earnings per share (Basic and diluted)** | **$0.18** | **$0.07** | **$0.36** | **$0.18** |

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 INTERNATIONAL BANCSHARES CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification No.) Texas 000-9439 74-2157138 1200 San Bernardo, Laredo, Texas 78040-1359 (Address of ...

Table of Contents 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 001-09240 TRANSCONTINENTAL REALTY INVESTORS, INC. (Exact Name of Registrant as Specified in Its Charter) (Sta ...

FORM 10-Q Table of Contents 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 Commission File Number: 1-35327 GENIE ENERGY LTD. (Exact Name of Registrant as Specified in its Charter) | Delaware | 45-2069276 | | --- | --- | | (State or other jurisdicti ...

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 (State or other jurisdiction of incorporation or organization) Sterling Plaza 2, 3rd Floor 3545 Factoria Blvd. SE Bellevue, Washington 98006 (Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code): (206) 674-3400 ☐ TRANSITION REPORT PURSUANT T ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q 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 001-15663 AMERICAN REALTY INVESTORS, INC. (Exact Name of Registrant as Specified in Its Charter) Nevada 75-2847135 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Iden ...