Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Commission file number 1-34682 Eagle Bancorp Montana, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Delaware 27-1449820 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 ...

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: 001-16109 (I.R.S. Employer Identification Number) 37027 (Zip Code) (615) 263-3000 (Registrant's telephone number, including area code) Securit ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-K ___________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2025 OR o 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 001-31400 ___________________________________ CACI International Inc ...

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: 001-35159 THERMON GROUP HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 58-1954497 (IRS Employer Identification Number) 8302 Dunwoody Place, Suite 250, Atlanta, GA 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 No. 001-11596 PERMA-FIX ...

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Tennant Company's unaudited consolidated financial statements for Q2 2025, including Income, Comprehensive Income, Balance Sheets, Cash Flows, Equity, and detailed Notes [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Q2 2025 net sales decreased to **$318.6 million**, with net income falling to **$20.2 million** and diluted EPS to **$1.08**, reflecting a similar trend for the six-month period Consolidated Statements of Income (Q2 & H1 2025 vs 2024) | (In millions, except per share data) | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :---: | :---: | | | **2025** | **2024** | **2025** | **2024** | | **Net sales** | $318.6 | $331.0 | $608.6 | $642.0 | | **Gross profit** | $134.1 | $142.7 | $254.1 | $280.2 | | **Operating income** | $30.6 | $38.6 | $50.2 | $76.1 | | **Net income** | $20.2 | $27.9 | $33.3 | $56.3 | | **Diluted EPS** | $1.08 | $1.45 | $1.77 | $2.94 | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$1,241.5 million**, with total liabilities at **$587.8 million** and total equity at **$653.7 million** Consolidated Balance Sheet Highlights | (In millions) | June 30, 2025 | December 31, 2024 | | :--- | :---: | :---: | | **Total current assets** | $574.6 | $576.6 | | **Total assets** | $1,241.5 | $1,190.1 | | **Total current liabilities** | $274.8 | $292.2 | | **Total liabilities** | $587.8 | $568.0 | | **Total equity** | $653.7 | $622.1 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 operating cash flow was **$22.1 million**, investing activities used **$10.6 million**, and financing activities used **$32.8 million**, resulting in a **$19.7 million** net cash decrease Cash Flow Summary (Six Months Ended June 30) | (In millions) | 2025 | 2024 | | :--- | :---: | :---: | | **Net cash provided by operating activities** | $22.1 | $21.5 | | **Net cash used in investing activities** | $(10.6) | $(64.9) | | **Net cash (used in) provided by financing activities** | $(32.8) | $12.4 | | **Net decrease in cash and cash equivalents** | $(19.7) | $(32.5) | | **Cash and cash equivalents at end of period** | $80.1 | $84.6 | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes explain accounting policies, financial results, revenue disaggregation, debt, derivatives, and recent segment reporting changes and acquisitions - The company designs, manufactures, and markets cleaning solutions for various environments, reaching customers through direct sales and a distributor network[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - Effective December 31, 2024, the company adopted ASU 2023-07, which enhances disclosures about reportable segments, although it had no impact on the consolidated financial statements themselves[33](index=33&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2025 financial results, noting a **3.7%** net sales decrease to **$318.6 million** and a 100 bps gross margin contraction, while managing macroeconomic challenges and maintaining strong liquidity - The company is facing macroeconomic challenges including geopolitical tensions, elevated interest rates, and trade policy uncertainty, particularly U.S. tariffs which could increase input costs[100](index=100&type=chunk)[101](index=101&type=chunk) - Demand trends are mixed globally: China's recovery is slow, uncertainty in Mexico is delaying spending, and Europe faces heightened competition[102](index=102&type=chunk) - To manage challenges, the company is focusing on cost control, operational improvements, proactive pricing, and supply-chain initiatives to mitigate tariff impacts[103](index=103&type=chunk)[106](index=106&type=chunk) [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Q2 2025 net sales declined **3.7%** to **$318.6 million** due to lower volumes, gross margin contracted by **100 bps**, and operating income dropped to **$30.6 million** Net Sales Change Components (2025 vs. 2024) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :---: | :---: | | **Price** | 1.8% | 0.9% | | **Volume** | (6.3)% | (5.6)% | | **Organic decline** | (4.5)% | (4.7)% | | **Acquisitions** | —% | 0.2% | | **Foreign currency** | 0.8% | (0.7)% | | **Total** | (3.7)% | (5.2)% | Net Sales by Geographic Area (Q2 2025 vs 2024) | (In millions) | Q2 2025 | Q2 2024 | % Change | | :--- | :---: | :---: | :---: | | **Americas** | $213.5 | $227.8 | (6.3)% | | **EMEA** | $84.7 | $81.5 | 3.9% | | **Asia Pacific** | $20.4 | $21.7 | (6.0)% | | **Total** | $318.6 | $331.0 | (3.7)% | - The gross profit margin decrease was primarily attributed to a shift in product/customer mix, inflation, and lower productivity, partially offset by price realization. Prior-year periods benefited from a significant reduction in backlog of higher-margin products[112](index=112&type=chunk) - S&A expense increased in Q2 2025 due to strategic investments (including ERP costs) and a bad debt charge, partly offset by lower variable compensation[113](index=113&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, cash was **$80.1 million**, operating cash flow was **$22.1 million**, and financing activities used **$32.8 million**, with **$434.3 million** unused borrowing capacity - Cash and cash equivalents decreased to **$80.1 million** at June 30, 2025, from **$99.8 million** at December 31, 2024[123](index=123&type=chunk) - Net cash from operating activities for H1 2025 was **$22.1 million**, slightly up from **$21.5 million** in H1 2024, despite a **$28.4 million** spend on an ERP project[125](index=125&type=chunk) - Net cash used in financing activities was **$32.8 million** in H1 2025, a significant shift from **$12.4 million** provided in H1 2024, driven by increased common stock repurchases[127](index=127&type=chunk) - The company had approximately **$434.3 million** of unused borrowing capacity on its revolving facility as of June 30, 2025[124](index=124&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in the company's market risk have occurred since December 31, 2024 - There have been no material changes in the company's market risk since December 31, 2024[136](index=136&type=chunk) [Item 4. Controls and Procedures](index=36&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 controls over financial reporting - Management concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective[137](index=137&type=chunk) - There were no changes in internal controls over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[138](index=138&type=chunk) [PART II - OTHER INFORMATION](index=37&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) No material developments in legal proceedings were reported during the quarter - There have been no material developments in any legal proceedings that require reporting in this Form 10-Q[139](index=139&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the 2024 Form 10-K filing - No material changes to the company's risk factors have occurred since the filing of the 2024 Form 10-K[140](index=140&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **183,749** shares at an average of **$73.85** per share in Q2 2025, with **2,207,371** shares remaining authorized for repurchase Share Repurchases for the Quarter Ended June 30, 2025 | Period | Total Shares Purchased | Average Price Paid Per Share | Shares Purchased as Part of Publicly Announced Programs | | :--- | :---: | :---: | :---: | | April 1-30, 2025 | 58,263 | $72.17 | 58,169 | | May 1-31, 2025 | 66,413 | $73.78 | 62,582 | | June 1-30, 2025 | 59,073 | $75.57 | 59,073 | | **Total** | **183,749** | **$73.85** | **179,824** | - On February 11, 2025, the Board of Directors authorized the repurchase of an additional **2,000,000** shares of common stock[141](index=141&type=chunk) [Item 5. Other Information](index=37&type=section&id=Item%205.%20Other%20Information) No director or officer adopted, modified, or terminated a Rule 10b5-1 trading arrangement during Q2 2025 - No director or officer adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[143](index=143&type=chunk) [Item 6. Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including CEO/CFO certifications and iXBRL financial data - The report includes CEO and CFO certifications (Rule 13a-14(a)/15d-14(a) and Section 1350) and financial statements in iXBRL format as exhibits[144](index=144&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: 1-12672 AVALONBAY COMMUNITIES, INC. (Exact name of registrant as specified in its charter) Maryland 77-0404318 (State or other ju ...

[Part I – Financial Information](index=4&type=section&id=Part%20I%20%E2%80%93%20Financial%20Information) [Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements) This section presents AIG's unaudited Condensed Consolidated Financial Statements for Q2 2025, including balance sheets, income, comprehensive income, equity, and cash flow statements, with detailed notes on accounting policies and segment data Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Investments | $93,966 | $93,613 | | **Total Assets** | **$165,971** | **$161,322** | | Total Liabilities | $124,442 | $118,772 | | **Total AIG Shareholders' Equity** | **$41,501** | **$42,521** | | **Total Liabilities and Equity** | **$165,971** | **$161,322** | Condensed Consolidated Statements of Income Highlights (in millions, except per share data) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $7,091 | $6,560 | $13,874 | $13,323 | | Income from Continuing Operations | $1,144 | $475 | $1,842 | $1,272 | | Net Income (Loss) Attributable to AIG | $1,144 | $(3,977) | $1,842 | $(2,761) | | Diluted EPS from Continuing Operations | $1.98 | $0.71 | $3.13 | $1.85 | | Diluted Net EPS Attributable to AIG | $1.98 | $(5.96) | $3.13 | $(4.11) | Condensed Consolidated Statements of Cash Flows Highlights (in millions) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $1,335 | $1,449 | | Net Cash Provided by (Used in) Investing Activities | $3,315 | $(1,296) | | Net Cash Used in Financing Activities | $(4,212) | $(148) | | **Net Increase (Decrease) in Cash** | **$469** | **$(61)** | [Note 1. Basis of Presentation](index=12&type=section&id=Note%201.%20Basis%20of%20Presentation) The unaudited financial statements are prepared under U.S. GAAP, requiring significant judgment for estimates like loss reserves, reinsurance assets, and fair value measurements - Critical accounting estimates requiring significant judgment include loss reserves, reinsurance assets, allowance for credit losses on investments, fair value measurements, and income taxes[23](index=23&type=chunk)[25](index=25&type=chunk) - In May 2025, AIG issued **$1.25 billion** in notes and in June 2025, redeemed and repurchased **$693 million** of debt through cash tender offers[24](index=24&type=chunk) [Note 3. Segment Information](index=13&type=section&id=Note%203.%20Segment%20Information) AIG realigned its structure into North America Commercial, International Commercial, and Global Personal segments, with performance evaluated by underwriting income - AIG realigned its organizational structure in Q4 2024 into three new reportable segments: North America Commercial, International Commercial, and Global Personal. Prior year presentations have been recast to conform[28](index=28&type=chunk)[29](index=29&type=chunk) Underwriting Income by Segment (in millions) | Segment | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | North America Commercial | $301 | $191 | $430 | $427 | | International Commercial | $300 | $230 | $540 | $560 | | Global Personal | $25 | $9 | $(101) | $39 | | **Total General Insurance** | **$626** | **$430** | **$869** | **$1,026** | Net Premiums Written by Segment (in millions) | Segment | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | North America Commercial | $2,863 | $2,750 | $4,037 | $3,783 | | International Commercial | $2,325 | $2,284 | $4,352 | $4,223 | | Global Personal | $1,692 | $1,899 | $3,017 | $3,439 | | **Total General Insurance** | **$6,880** | **$6,933** | **$11,406** | **$11,445** | [Note 4. Discontinued Operations Presentation](index=17&type=section&id=Note%204.%20Discontinued%20Operations%20Presentation) AIG deconsolidated Corebridge on June 9, 2024, resulting in a **$4.8 billion** loss in Q2 2024, with its retained interest now an equity method investment - AIG deconsolidated Corebridge on June 9, 2024, resulting in a **$4.8 billion** loss in Q2 2024, primarily due to the recognition of a **$7.2 billion** accumulated comprehensive loss. The historical results of Corebridge are now presented as discontinued operations[47](index=47&type=chunk)[48](index=48&type=chunk) - Post-deconsolidation, AIG's ownership in Corebridge was **21.0%** as of June 30, 2025. AIG launched a secondary offering on August 6, 2025, to sell an additional **30 million** shares for approximately **$1.0 billion** in gross proceeds[50](index=50&type=chunk)[51](index=51&type=chunk) [Note 5. Fair Value Measurements](index=19&type=section&id=Note%205.%20Fair%20Value%20Measurements) This note details recurring fair value measurements of assets and liabilities, categorized by a three-level hierarchy, with **$80.2 billion** in total assets measured at fair value as of June 30, 2025 Assets Measured at Fair Value on a Recurring Basis (in millions) | Level | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Level 1 | $8,352 | $12,638 | | Level 2 | $68,725 | $63,919 | | Level 3 | $3,497 | $3,532 | | **Total (after netting)** | **$80,168** | **$79,515** | - The company holds investments in private equity and hedge funds measured at fair value using Net Asset Value (NAV), totaling **$3.5 billion** as of June 30, 2025, with unfunded commitments of **$1.1 billion**[59](index=59&type=chunk)[88](index=88&type=chunk) - AIG's retained investment in Corebridge is accounted for under the fair value option, with a value of **$4.0 billion** at June 30, 2025. Changes in its stock price are recognized in Net Investment Income[59](index=59&type=chunk)[91](index=91&type=chunk) [Note 6. Investments](index=31&type=section&id=Note%206.%20Investments) This note details AIG's investment portfolio, with **$68.9 billion** in available-for-sale bonds as of June 30, 2025, and discusses unrealized losses and net investment income Securities Available for Sale (Fair Value, in millions) | Security Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Corporate debt | $36,485 | $31,826 | | RMBS | $9,717 | $8,604 | | Non-U.S. governments | $6,913 | $8,107 | | CLO/ABS | $6,070 | $5,133 | | CMBS | $3,743 | $3,926 | | Other | $5,932 | $6,410 | | **Total** | **$68,860** | **$64,006** | Net Investment Income (in millions) | Period | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Net Investment Income** | **$1,466** | **$990** | **$2,571** | **$1,969** | - As of June 30, 2025, AIG held **8,797** individual fixed maturity securities in an unrealized loss position totaling **$2.3 billion**, for which no allowance for credit loss was recorded as the losses were deemed due to non-credit factors[95](index=95&type=chunk)[97](index=97&type=chunk) [Note 7. Lending Activities](index=37&type=section&id=Note%207.%20Lending%20Activities) This note details AIG's **$3.5 billion** net mortgage and other loan receivables as of June 30, 2025, primarily commercial mortgages, and provides credit quality indicators Mortgage and Other Loans Receivable, Net (in millions) | Loan Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Commercial mortgages | $3,029 | $3,305 | | Commercial loans, other loans | $592 | $721 | | Life insurance policy loans | $5 | $6 | | **Total Loans Receivable** | **$3,626** | **$4,032** | | Allowance for credit losses | $(106) | $(164) | | **Net Loans Receivable** | **$3,520** | **$3,868** | - As of June 30, 2025, commercial mortgage loans on nonaccrual status amounted to **$152 million**, a decrease from **$252 million** at year-end 2024[126](index=126&type=chunk) - The weighted average loan-to-value ratio for the commercial mortgage portfolio was **69%** at June 30, 2025, up from **65%** at December 31, 2024[132](index=132&type=chunk) [Note 8. Reinsurance](index=40&type=section&id=Note%208.%20Reinsurance) This note details AIG's reinsurance activities, including the Fortitude Re funds withheld arrangement, with **$3.3 billion** in ceded reserves and **83%** of **$41.9 billion** total recoverables rated investment grade - AIG's reinsurance transactions with Fortitude Re for run-off operations are structured as modified coinsurance and funds withheld arrangements. As of June 30, 2025, **$3.3 billion** of reserves were ceded to Fortitude Re[146](index=146&type=chunk)[147](index=147&type=chunk) Financial Impact of Fortitude Re Funds Withheld Arrangements (in millions) | Item | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Investment Income | $39 | $33 | $79 | $72 | | Net Realized Gains (Losses) | $(66) | $7 | $(109) | $(21) | | **Pre-tax Income (Loss)** | **$(27)** | **$40** | **$(30)** | **$51** | - As of June 30, 2025, total reinsurance recoverables were **$41.9 billion**, of which approximately **83%** were from reinsurers rated as investment grade[156](index=156&type=chunk) [Note 12. Insurance Liabilities](index=46&type=section&id=Note%2012.%20Insurance%20Liabilities) This note details AIG's insurance liabilities, with **$69.8 billion** in gross loss reserves as of June 30, 2025, and discusses prior year development and the NICO reinsurance agreement Loss Reserves Rollforward Highlights (Net, in millions) | Item | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Beginning Net Liability | $41,097 | $39,891 | $40,142 | $40,104 | | Total Losses Incurred | $3,493 | $3,467 | $7,287 | $6,906 | | Total Losses Paid | $(3,592) | $(3,452) | $(6,982) | $(6,595) | | **Ending Net Liability** | **$41,888** | **$39,934** | **$41,888** | **$39,934** | - For Q2 2025, AIG recognized **$25 million** of unfavorable prior year loss reserve development, primarily from adverse development in U.S. Excess Casualty, partially offset by favorable experience in U.S. Workers' Compensation and other lines[190](index=190&type=chunk) - The adverse development reinsurance agreement with NICO covers **80%** of reserve risk on U.S. commercial long-tail exposures for accident years 2015 and prior, above a **$25 billion** threshold[189](index=189&type=chunk) [Note 14. Equity](index=50&type=section&id=Note%2014.%20Equity) This note details changes in shareholders' equity, including a **$7.5 billion** share repurchase program, **$4.0 billion** in repurchases, and a **$0.45** per share quarterly dividend - Effective April 1, 2025, the Board authorized a **$7.5 billion** share repurchase program. During the first six months of 2025, AIG repurchased **50.4 million** shares for an aggregate price of approximately **$4.0 billion**[212](index=212&type=chunk)[215](index=215&type=chunk) - On August 6, 2025, the Board of Directors declared a quarterly cash dividend of **$0.45** per share, an increase from the prior quarter's **$0.40** per share[218](index=218&type=chunk)[405](index=405&type=chunk) Accumulated Other Comprehensive Income (Loss) Rollforward (in millions) | Period | Beginning Balance (net of tax) | Total Other Comprehensive Income (Loss) | Ending Balance (net of tax) | | :--- | :--- | :--- | :--- | | **Q2 2025** | $(6,464) | $916 | $(5,548) | | **YTD 2025** | $(7,099) | $1,552 | $(5,548) | [Note 15. Earnings Per Common Share (EPS)](index=54&type=section&id=Note%2015.%20Earnings%20Per%20Common%20Share%20(EPS)) This note details the calculation of basic and diluted Earnings Per Common Share (EPS), with Q2 2025 diluted EPS from continuing operations at **$1.98** Diluted Earnings Per Share (EPS) Calculation | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Income from Continuing Operations | $1.98 | $0.71 | $3.13 | $1.85 | | Loss from Discontinued Operations | $— | $(6.67) | $— | $(5.96) | | **Net Income (Loss) Attributable to AIG** | **$1.98** | **$(5.96)** | **$3.13** | **$(4.11)** | [Note 16. Income Taxes](index=55&type=section&id=Note%2016.%20Income%20Taxes) The effective tax rate on continuing operations was **25.9%** for Q2 2025, higher than the **21%** statutory rate due to foreign operations and non-deductible expenses - The effective tax rate on income from continuing operations was **25.9%** for Q2 2025 and **26.4%** for the six months ended June 30, 2025, differing from the **21%** statutory rate mainly due to foreign operations, state taxes, and non-deductible expenses[233](index=233&type=chunk)[234](index=234&type=chunk) - AIG is currently under IRS examination for tax years 2011 through 2019 and is in the IRS Appeals process for issues from 2007 through 2010[242](index=242&type=chunk) - As of June 30, 2025, AIG maintained a valuation allowance of **$300 million** on U.S. federal tax attribute carryforwards that are not more likely than not to be realized[239](index=239&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=57&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's analysis of AIG's financial condition and results for Q2 and H1 2025, covering operating structure, economic factors, segment performance, investments, reserves, liquidity, and capital [Executive Summary](index=62&type=section&id=Executive%20Summary) This summary outlines AIG's new three-segment operating structure, highlights the Corebridge deconsolidation, and notes key economic factors influencing the business - AIG's operating structure now comprises three segments: North America Commercial, International Commercial, and Global Personal. The General Insurance business consists of these three segments plus related net investment income[269](index=269&type=chunk) - AIG deconsolidated Corebridge on June 9, 2024. Consequently, Corebridge's historical financial results are presented as discontinued operations in this report[270](index=270&type=chunk) [Consolidated Results of Operations](index=64&type=section&id=Consolidated%20Results%20of%20Operations) Q2 2025 net income attributable to AIG common shareholders was **$1.1 billion**, a significant improvement from Q2 2024, driven by the absence of Corebridge deconsolidation loss and improved underwriting - The **$5.1 billion** increase in Q2 2025 net income compared to Q2 2024 was primarily driven by a **$4.4 billion** swing in discontinued operations related to the Corebridge deconsolidation, a **$476 million** increase in Net Investment Income, and a **$348 million** decrease in General Operating Expenses[284](index=284&type=chunk)[286](index=286&type=chunk) Key Financial Metrics per Share | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Book value per share | $74.14 | $70.16 | | Adjusted book value per share | $76.62 | $73.79 | | Core operating book value per share | $63.71 | $61.75 | Return on Equity | Metric | Q2 2025 (Annualized) | Q2 2024 (Annualized) | | :--- | :--- | :--- | | Return on equity | 11.0% | NM | | Adjusted return on equity | 9.7% | 6.1% | | Core operating return on equity | 11.7% | 8.8% | [Business Segment Operations](index=69&type=section&id=Business%20Segment%20Operations) This section details AIG's business segment performance, with General Insurance Q2 2025 underwriting income at **$626 million** and a combined ratio of **89.3%**, reflecting improvements across commercial and personal lines General Insurance Underwriting Results (in millions) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Premiums Written | $6,880 | $6,933 | $11,406 | $11,445 | | Underwriting Income | $626 | $430 | $869 | $1,026 | | Combined Ratio | 89.3% | 92.5% | 92.6% | 91.1% | | Accident Year Combined Ratio, ex-CAT | 88.4% | 87.6% | 88.2% | 87.9% | - North America Commercial net premiums written grew **4%** in Q2 2025, driven by new business and strong retention in Casualty[323](index=323&type=chunk) - International Commercial underwriting income increased by **$70 million** in Q2 2025, primarily due to lower catastrophe losses of **$108 million**[329](index=329&type=chunk) - Global Personal net premiums written decreased **11%** in Q2 2025, mainly due to the sale of the global individual personal travel insurance business in December 2024[332](index=332&type=chunk) [Investments](index=77&type=section&id=Investments) AIG's investment strategy focuses on income generation and capital preservation, with the majority of assets in fixed maturity securities, and new investment yields exceeding maturing asset rates in H1 2025 - The primary investment objectives are generating investment income, preserving capital, managing liquidity, and growing surplus. The majority of assets backing insurance liabilities consist of fixed maturity securities[340](index=340&type=chunk) - For the six months ended June 30, 2025, blended investment yields on new investments were higher than rates on investments that were sold, matured, or called[344](index=344&type=chunk) Fixed Maturity Securities by Composite AIG Credit Rating (Fair Value, in millions) | Rating | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | AAA/AA/A | $49,203 | $45,756 | | BBB | $14,644 | $13,542 | | **Total Investment Grade** | **$63,847** | **$59,298** | | Below Investment Grade | $5,657 | $5,393 | | Non-rated | $78 | $60 | | **Total** | **$69,582** | **$64,751** | [Insurance Reserves](index=86&type=section&id=Insurance%20Reserves) This section details AIG's insurance liabilities, with **$41.9 billion** in net loss reserves as of June 30, 2025, and discusses **$128 million** of net favorable prior year development in Q2 2025 Net Loss Reserves by Segment (in millions) | Segment | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | North America Commercial | $23,470 | $23,354 | | International Commercial | $13,018 | $11,265 | | Global Personal | $3,316 | $3,088 | | Other | $2,084 | $2,435 | | **Total General Insurance & Other** | **$41,888** | **$40,142** | - In Q2 2025, AIG recognized net favorable prior year development of **$128 million**, primarily from U.S. Workers' Compensation and U.S. Property and Special Risks, offset by adverse development in U.S. Excess Casualty[385](index=385&type=chunk)[386](index=386&type=chunk)[387](index=387&type=chunk) [Liquidity and Capital Resources](index=89&type=section&id=Liquidity%20and%20Capital%20Resources) AIG maintains strong liquidity and capital, with **$7.8 billion** in AIG Parent liquidity sources as of June 30, 2025, and recent credit rating upgrades - As of June 30, 2025, AIG Parent held approximately **$7.8 billion** in liquidity sources, including cash, short-term investments, and a **$3.0 billion** revolving credit facility[413](index=413&type=chunk) - During the first six months of 2025, AIG repurchased approximately **50 million** shares of common stock for **$4.0 billion** and paid **$488 million** in common stock dividends[405](index=405&type=chunk)[406](index=406&type=chunk) - In May 2025, S&P upgraded AIG Parent's senior debt rating to **A-** from **BBB+**. In June 2025, Moody's upgraded the senior debt rating to **Baa1** from **Baa2**[438](index=438&type=chunk)[439](index=439&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=98&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section confirms no material changes in AIG's market risk exposures as of June 30, 2025, compared to the 2024 Annual Report disclosures - There have been no material changes in AIG's market risk exposures as of June 30, 2025, compared to the disclosures in the 2024 Annual Report[450](index=450&type=chunk) [Controls and Procedures](index=98&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded AIG's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - AIG's CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[478](index=478&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended June 30, 2025[479](index=479&type=chunk) [Part II – Other Information](index=99&type=section&id=Part%20II%20%E2%80%93%20Other%20Information) [Legal Proceedings](index=99&type=section&id=ITEM%201.%20Legal%20Proceedings) This section incorporates legal proceedings information by reference from Note 13 of the Condensed Consolidated Financial Statements - Information regarding legal proceedings is detailed in Note 13 of the financial statements[481](index=481&type=chunk) [Risk Factors](index=99&type=section&id=ITEM%201A.%20Risk%20Factors) This section directs readers to the comprehensive risk factors detailed in Part I, Item 1A of the company's 2024 Annual Report - Investors are advised to review the risk factors detailed in the 2024 Annual Report on Form 10-K[482](index=482&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=99&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, AIG repurchased **21.4 million** shares for **$1.8 billion**, with **$5.7 billion** remaining under the **$7.5 billion** repurchase program Share Repurchases for Q2 2025 | Period | Total Shares Repurchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 5,324,955 | $81.89 | | May 2025 | 6,573,007 | $83.04 | | June 2025 | 9,467,591 | $85.08 | | **Total Q2** | **21,365,553** | **$83.66** | - Effective April 1, 2025, the Board authorized a new **$7.5 billion** share repurchase plan. As of June 30, 2025, **$5.7 billion** remained available for future repurchases[483](index=483&type=chunk)[484](index=484&type=chunk)

[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) The unaudited consolidated financial statements for the six months ended June 30, 2025, show total revenues of **$40.26 billion**, a decrease from **$42.36 billion** in the prior year period. Net income attributable to partners was **$2.49 billion**, slightly down from **$2.55 billion** year-over-year. Total assets stood at **$125.02 billion**, with total liabilities at **$79.17 billion**. The statements reflect the ongoing operations, recent acquisitions, and financial position of the Partnership [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, Energy Transfer's total assets were **$125.02 billion**, a slight decrease from **$125.38 billion** at year-end 2024. The change was primarily driven by a decrease in current assets, offset by an increase in net property, plant, and equipment. Total liabilities increased to **$79.17 billion** from **$78.63 billion**, mainly due to a rise in long-term debt Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $13,671 | $14,202 | | **Property, Plant and Equipment, Net** | $95,531 | $95,212 | | **Total Assets** | **$125,022** | **$125,380** | | **Total Current Liabilities** | $11,849 | $12,656 | | **Long-term Debt, less current maturities** | $60,749 | $59,752 | | **Total Liabilities** | $79,165 | $78,633 | | **Total Equity** | $45,534 | $46,017 | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For the second quarter of 2025, revenues were **$19.24 billion**, down from **$20.73 billion** in Q2 2024, primarily due to lower refined product and crude sales. Net income attributable to partners was **$1.16 billion**, compared to **$1.31 billion** in the prior-year quarter. For the six-month period, revenues decreased to **$40.26 billion** from **$42.36 billion**, while net income attributable to partners slightly decreased to **$2.49 billion** from **$2.55 billion** Key Operating Results (in millions, except per unit data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $19,242 | $20,729 | $40,262 | $42,358 | | **Operating Income** | $2,309 | $2,298 | $4,800 | $4,678 | | **Net Income** | $1,458 | $1,992 | $3,178 | $3,684 | | **Net Income Attributable to Partners** | $1,163 | $1,314 | $2,486 | $2,554 | | **Basic Net Income per Common Unit** | $0.32 | $0.35 | $0.68 | $0.67 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities was **$5.68 billion**, a decrease from **$6.04 billion** in the prior year period. Net cash used in investing activities increased significantly to **$2.90 billion** from **$1.15 billion**, driven by higher capital expenditures. Net cash used in financing activities was **$2.85 billion**, primarily for distributions to partners and debt management Cash Flow Summary - Six Months Ended June 30 (in millions) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $5,679 | $6,042 | | **Net Cash Used in Investing Activities** | $(2,899) | $(1,151) | | **Net Cash Used in Financing Activities** | $(2,850) | $(4,402) | | **Decrease in Cash and Cash Equivalents** | $(70) | $489 | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed information on the Partnership's accounting policies and financial activities. Key highlights include significant acquisition activity by subsidiary Sunoco LP, details on debt obligations and recent refinancing activities, equity transactions including preferred unit redemptions and common unit distributions, and extensive disclosures on regulatory matters, legal contingencies, and environmental liabilities. The notes also disaggregate revenue and provide segment-level financial data - Sunoco LP, a consolidated subsidiary, announced a definitive agreement to acquire Parkland Corporation for approximately **$9.1 billion** and entered an agreement to acquire TanQuid GmbH & Co. KG for approximately **€500 million**[31](index=31&type=chunk)[34](index=34&type=chunk) - The Partnership issued **$3.0 billion** in new senior notes in March 2025 to refinance existing debt and redeemed **$2.0 billion** of senior notes due in March and May 2025[50](index=50&type=chunk)[51](index=51&type=chunk) - Quarterly cash distributions on common units increased sequentially, reaching **$0.3300 per unit** for the quarter ended June 30, 2025[65](index=65&type=chunk) - As of June 30, 2025, the Partnership had accrued approximately **$305 million** for contingent obligations deemed probable and reasonably estimable, with a potential range of additional losses up to **$42 million** for matters considered reasonably possible[86](index=86&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=41&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management's discussion provides an analysis of the financial results for the three and six months ended June 30, 2025. Consolidated Adjusted EBITDA increased to **$3.87 billion** for the quarter and **$7.96 billion** for the six-month period, driven by strong performance in the Midstream and Investment in Sunoco LP segments. The discussion details segment-level performance, recent acquisitions by Sunoco LP, regulatory updates, liquidity position, capital expenditure plans for 2025, and cash distribution policies Consolidated Adjusted EBITDA (in millions) | Period | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | **Three Months Ended June 30** | $3,866 | $3,760 | $106 | | **Six Months Ended June 30** | $7,964 | $7,640 | $324 | - The increase in Adjusted EBITDA was primarily driven by higher segment margin in the Midstream segment and the Investment in Sunoco LP segment[204](index=204&type=chunk) - The One Big Beautiful Bill Act (OBBBA), signed into law July 4, 2025, permanently reinstates **100% bonus depreciation**, which is expected to defer a significant portion of U.S. federal income taxes for the Partnership's corporate subsidiaries in future periods[185](index=185&type=chunk) [Recent Developments](index=41&type=section&id=Recent%20Developments) Key recent developments include significant acquisition activities by subsidiary Sunoco LP, which agreed to acquire Parkland Corporation for ~**$9.1 billion** and TanQuid for ~**€500 million**. Energy Transfer also announced an increased quarterly cash distribution of **$0.33 per common unit**. Additionally, the report notes the enactment of the One Big Beautiful Bill Act (OBBBA), which reinstates **100% bonus depreciation** and is expected to defer future federal income tax payments - Sunoco LP announced a definitive agreement to acquire Parkland Corporation in a cash and equity transaction valued at approximately **$9.1 billion**, expected to close in Q4 2025[178](index=178&type=chunk) - Sunoco LP also agreed to acquire TanQuid GmbH & Co. KG, which operates fuel terminals in Germany and Poland, for approximately **€500 million**, including assumed debt[181](index=181&type=chunk) - Energy Transfer announced a quarterly distribution of **$0.33 per common unit** (**$1.32 annualized**) for the quarter ended June 30, 2025[184](index=184&type=chunk) [Results of Operations](index=45&type=section&id=Results%20of%20Operations) For Q2 2025, consolidated Adjusted EBITDA increased by **$106 million** YoY to **$3.87 billion**. The Midstream segment's Adjusted EBITDA grew by **$75 million** due to acquired assets and higher Permian volumes. The Investment in Sunoco LP segment saw a **$134 million** increase, largely from the NuStar acquisition. These gains were partially offset by decreases in the Intrastate, NGL & Refined Products, and Crude Oil segments. For the six-month period, Adjusted EBITDA rose **$324 million** to **$7.96 billion**, with the Midstream and Sunoco LP segments again being the primary drivers of growth Segment Adjusted EBITDA - Q2 2025 vs Q2 2024 (in millions) | Segment | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Intrastate transportation and storage | $284 | $328 | $(44) | | Interstate transportation and storage | $470 | $392 | $78 | | Midstream | $768 | $693 | $75 | | NGL and refined products transportation | $1,033 | $1,070 | $(37) | | Crude oil transportation and services | $732 | $801 | $(69) | | Investment in Sunoco LP | $454 | $320 | $134 | | Investment in USAC | $149 | $144 | $5 | | **Total Adjusted EBITDA** | **$3,866** | **$3,760** | **$106** | - The Midstream segment's performance was boosted by recently acquired assets and higher volumes in the Permian region, which increased segment margin by **$176 million** YoY[227](index=227&type=chunk) - The Investment in Sunoco LP segment benefited from the NuStar acquisition (acquired May 2024), contributing to a **$12 million** increase in segment margin and a **$48 million** increase in Adjusted EBITDA from unconsolidated affiliates (ET-S Permian)[235](index=235&type=chunk) [Liquidity and Capital Resources](index=58&type=section&id=Liquidity%20and%20Capital%20Resources) The Partnership maintains a strong liquidity position, funding capital expenditures and distributions primarily with cash from operations. For 2025, total planned capital expenditures are approximately **$6.1 billion**, with **$5.0 billion** allocated to growth projects and **$1.1 billion** for maintenance. As of June 30, 2025, the Partnership had **$2.51 billion** available for future borrowings under its **$5.0 billion** Five-Year Credit Facility. Total consolidated debt stood at **$60.76 billion** 2025 Expected Capital Expenditures (in millions) | Category | Growth | Maintenance | Total | | :--- | :--- | :--- | :--- | | Intrastate transportation and storage | $1,400 | $85 | $1,485 | | Interstate transportation and storage | $170 | $205 | $375 | | Midstream | $1,525 | $375 | $1,900 | | NGL and refined products | $1,375 | $150 | $1,525 | | Crude oil transportation and services | $295 | $180 | $475 | | All other | $235 | $105 | $340 | | **Total** | **$5,000** | **$1,100** | **$6,100** | - As of June 30, 2025, the Partnership's Five-Year Credit Facility had **$2.47 billion** of outstanding borrowings and **$2.51 billion** available for future borrowings[265](index=265&type=chunk) - Total consolidated debt was **$60.76 billion** as of June 30, 2025, up from **$59.76 billion** at year-end 2024[258](index=258&type=chunk) [Cash Distributions](index=62&type=section&id=Cash%20Distributions) Energy Transfer follows a policy of distributing all available cash quarterly. For the quarter ended June 30, 2025, the distribution on common units was set at **$0.3300 per unit**. The report also details distributions for various series of preferred units. Consolidated subsidiaries Sunoco LP and USAC also continued their regular quarterly distributions to their respective unitholders Energy Transfer Common Unit Distributions Declared in 2025 | Quarter Ended | Rate per Unit | | :--- | :--- | | December 31, 2024 | $0.3250 | | March 31, 2025 | $0.3275 | | June 30, 2025 | $0.3300 | [Quantitative and Qualitative Disclosures About Market Risk](index=65&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The Partnership is exposed to market risks from commodity price volatility and interest rate changes. Commodity price risk is managed using various derivative instruments. A hypothetical **10%** change in commodity prices would have a varied impact on the fair value of its derivative portfolio. For interest rate risk, the company had **$4.05 billion** of floating-rate debt outstanding as of June 30, 2025, where a **100-basis-point** change would alter annual interest expense by approximately **$40 million**. There have been no material changes to market risk exposures since year-end 2024 - The company manages commodity price volatility through exchange-traded and OTC financial instruments, including futures, swaps, and options[281](index=281&type=chunk) - As of June 30, 2025, the Partnership had **$4.05 billion** of floating-rate debt. A **100-basis-point** change in interest rates would result in an estimated **$40 million** annual change in interest expense[283](index=283&type=chunk) [Controls and Procedures](index=66&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management, including the Co-Chief Executive Officers and Chief Financial Officer, evaluated the Partnership's disclosure controls and procedures and concluded they were effective as of June 30, 2025. There were no material changes in the company's internal control over financial reporting during the second quarter of 2025 - Based on an evaluation, the Co-Principal Executive Officers and Principal Financial Officer concluded that disclosure controls and procedures were effective as of June 30, 2025[286](index=286&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[287](index=287&type=chunk) [PART II – OTHER INFORMATION](index=67&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=67&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The Partnership is involved in various legal and environmental proceedings. Notable updates include an investigation by the Pennsylvania Attorney General's Office into a refined products release from an SPLP pipeline in January 2025. Additionally, a lawsuit by the State of New Mexico regarding PCB contamination is proceeding to trial, with the state seeking damages of **$50-$60 million** from Transwestern. A consent decree related to a 2014 crude oil release in Ohio was terminated after payments of approximately **$3 million** were made - A January 2025 refined products release from the Twin-Oaks to Newark Pipeline in Pennsylvania is under investigation by the Pennsylvania Attorney General's Office, Environmental Crimes Unit. Potential charges and penalties are unknown[292](index=292&type=chunk) - In a lawsuit concerning PCB contamination, the State of New Mexico is seeking damages of **$50 million** to **$60 million** from subsidiary Transwestern, with a trial tentatively set for October 2025[293](index=293&type=chunk) - A consent decree related to a 2014 crude oil release in Ohio was terminated in May 2025 after SPLP and Mid Valley made total payments of approximately **$3 million** for civil penalties and natural resource damages[294](index=294&type=chunk) [Risk Factors](index=68&type=section&id=ITEM%201A.%20RISK%20FACTORS) There have been no material changes to the risk factors previously disclosed in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2024, and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 - No material changes have been identified from the risk factors described in the 2024 Form 10-K and the Q1 2025 Form 10-Q[298](index=298&type=chunk) [Exhibits](index=69&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed or furnished as part of the quarterly report, including corporate governance documents, certifications by executive officers as required by the Sarbanes-Oxley Act, and interactive data files

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 1-36785 SB FINANCIAL GROUP, INC. (Exact name of registrant as specified in its charter) Ohio 34-1395 ...