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: 001-39405 MarketWise, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 87-1767914 (State or other jurisdiction of incorpora ...

Part I. Financial Information [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) NCR Voyix's financial statements for the period ended June 30, 2025, reflect decreased total revenue primarily from lower product sales, a shift from net loss to slight net income from continuing operations due to reduced expenses, a decrease in total assets driven by reduced cash, and negative operating cash flow heavily impacted by a large tax payment related to the Digital Banking Sale [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the second quarter of 2025, total revenue decreased to $666 million from $722 million in Q2 2024, an 8% decline driven by a 24% drop in product revenue, yet the company improved its operating results to $14 million income from operations and achieved breakeven net income attributable to NCR Voyix, a significant improvement from prior-year losses Consolidated Statements of Operations Summary (Q2 & H1) | In millions, except per share data | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total revenue** | **$666** | **$722** | **$1,283** | **$1,432** | | Product revenue | $185 | $244 | $338 | $465 | | Service revenue | $481 | $478 | $945 | $967 | | **Income (loss) from operations** | **$14** | **($34)** | **($6)** | **($53)** | | **Net income (loss) attributable to NCR Voyix** | **$0** | **($73)** | **($17)** | **($113)** | | **Diluted net income (loss) per common share** | **($0.03)** | **($0.53)** | **($0.18)** | **($0.84)** | - The company successfully reversed its operating loss from the prior year, achieving **$14 million in operating income** for Q2 2025, compared to a **$34 million loss** in Q2 2024, primarily due to reductions in cost of services, SG&A, and R&D expenses[12](index=12&type=chunk) [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, NCR Voyix's total assets decreased to **$3.98 billion** from **$4.45 billion** at year-end 2024, primarily due to a significant reduction in cash and cash equivalents, while total liabilities also decreased to **$2.84 billion**, and total stockholders' equity saw a slight decline Balance Sheet Summary | In millions | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | **$1,222** | **$1,671** | | Cash and cash equivalents | $276 | $722 | | **Total assets** | **$3,984** | **$4,452** | | **Total current liabilities** | **$1,054** | **$1,420** | | **Long-term debt** | **$1,099** | **$1,098** | | **Total liabilities** | **$2,841** | **$3,245** | | **Total stockholders' equity (deficit)** | **$867** | **$931** | - The company's cash position decreased substantially by **$446 million** during the first six months of 2025[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, the company experienced a net cash outflow of **$284 million** from operating activities, a sharp reversal from the prior year due to a significant tax payment, with investing activities using **$75 million** and financing activities using **$86 million**, resulting in an overall **$440 million** decrease in cash, cash equivalents, and restricted cash Cash Flow Summary (Six Months Ended June 30) | In millions | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | **($284)** | **$27** | | **Net cash provided by (used in) investing activities** | **($75)** | **($81)** | | **Net cash provided by (used in) financing activities** | **($86)** | **$15** | | Effect of exchange rate changes | $5 | ($14) | | **Increase (decrease) in cash, cash equivalents, and restricted cash** | **($440)** | **($53)** | | Cash, cash equivalents and restricted cash at beginning of period | $758 | $285 | | **Cash, cash equivalents and restricted cash at end of period** | **$318** | **$232** | - Financing activities included **$69 million** for repurchases of common stock in the first half of 2025, a change from zero repurchases in the prior-year period[18](index=18&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail significant corporate actions including the completed spin-off of NCR Atleos and the sale of the Digital Banking business, both now discontinued operations, alongside the transition of its hardware business to an outsourced model, segment information for Retail and Restaurants, approximately **$1.1 billion** in debt obligations, and ongoing commitments and contingencies, notably significant environmental liabilities related to the Kalamazoo River - The company completed the spin-off of NCR Atleos on October 16, 2023, and the sale of its Digital Banking segment on September 30, 2024, with both now reported as discontinued operations[24](index=24&type=chunk)[26](index=26&type=chunk) - NCR Voyix announced a commercial agreement with Ennoconn to transition its self-checkout and point-of-sale hardware businesses to an outsourced design and manufacturing (ODM) model[27](index=27&type=chunk) - As of June 30, 2025, the company's remaining performance obligations were approximately **$1.1 billion**, with over three-quarters expected to be recognized as revenue in the next 12 months[40](index=40&type=chunk) - The company has a total reserve of **$134 million** for the Kalamazoo River environmental matter as of June 30, 2025, but notes that potential liability could more than double this amount[117](index=117&type=chunk)[118](index=118&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the 8% YoY revenue decline in Q2 2025 to **$666 million**, primarily due to lower hardware sales, offset by 4% recurring revenue growth and a 20% increase in Adjusted EBITDA to **$95 million**, while liquidity was impacted by a **$284 million** tax payment leading to negative operating cash flow, with strategic focus on an outsourced hardware model and software/services-led offerings [Overview](index=32&type=section&id=Overview) NCR Voyix, a global provider of digital commerce solutions for retail and restaurants, has undergone significant transformation, completing the spin-off of NCR Atleos and the sale of its Digital Banking business, transitioning its hardware business to an outsourced model, and continues to manage the financial impact of a 2023 cyber ransomware incident and fraudulent ACH disbursements - The company completed the spin-off of NCR Atleos on October 16, 2023, and the sale of its Digital Banking business on September 30, 2024, with both now treated as discontinued operations[153](index=153&type=chunk)[154](index=154&type=chunk) - The company is transitioning its self-checkout and point-of-sale hardware business to an outsourced design and manufacturing (ODM) model with Ennoconn, which will change its revenue recognition for hardware to a net commission basis[156](index=156&type=chunk) - As of June 30, 2025, the company has incurred **$47 million** in expenses related to a 2023 cyber ransomware incident and has recovered **$36 million** through insurance[160](index=160&type=chunk) - Fraudulent ACH disbursements totaling **$34 million** were identified in February 2024, with approximately **$16 million** recovered as of June 30, 2025[161](index=161&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) For Q2 2025, total revenue fell 8% YoY to **$666 million**, and 10% for H1 2025 to **$1.28 billion**, driven by a significant drop in product revenue, though service revenue grew 1% and recurring revenue increased 4% to 63.4% of total revenue, while gross margin improved to 23.0% and operating expenses decreased, leading to a **$14 million** operating income in Q2, reversing a prior-year loss Q2 2025 vs Q2 2024 Performance | In millions | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total revenue | $666 | $722 | (8)% | | Product revenue | $185 | $244 | (24)% | | Service revenue | $481 | $478 | 1% | | Total gross margin | $153 | $126 | 21% | | Income (loss) from operations | $14 | ($34) | n/m | - Recurring revenue grew **4%** in Q2 2025 to **$422 million** and now constitutes **63.4%** of total revenue, up from 56.2% in the prior year, highlighting the company's strategic shift[175](index=175&type=chunk) - The Retail segment's revenue decreased by **12%** in Q2 2025 due to lower hardware and software license sales, while the Restaurants segment's revenue increased by **2%**, driven by payments processing and hardware maintenance[220](index=220&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk) - Adjusted EBITDA for Q2 2025 was **$95 million**, a **20% increase** from **$79 million** in Q2 2024[178](index=178&type=chunk)[182](index=182&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=45&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company held **$276 million** in cash and **$1.1 billion** in total debt, with liquidity significantly impacted by a **$284 million** tax payment that led to negative **$284 million** operating cash flow and negative **$40 million** adjusted free cash flow, though **$478 million** remains available under its revolving credit facility, providing sufficient liquidity for obligations Liquidity Position as of June 30, 2025 | In millions | Amount | | :--- | :--- | | Cash and cash equivalents | $276 | | Total debt | $1,100 | | Borrowing capacity under credit facility | $478 | - Operating cash flow was negative **$284 million** for the first six months of 2025, compared to a positive **$27 million** in the prior year, driven by a **$284 million** tax payment on the Digital Banking Sale[229](index=229&type=chunk) - The company repurchased **$69 million** of its common stock during the first six months of 2025 under its share repurchase program[231](index=231&type=chunk) - Adjusted free cash flow for the six months ended June 30, 2025 was negative **$40 million**[233](index=233&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is primarily exposed to market risks from foreign currency exchange rates across approximately 25 functional currencies, managed through hedging, and interest rates, with approximately 100% of borrowings at a fixed rate as of June 30, 2025, minimizing interest rate risk, while credit risk from customers is monitored with no significant concentrations reported - The company has exposure to approximately **25 functional currencies** and uses financial instruments like forward contracts to hedge its main transactional exposures[248](index=248&type=chunk) - As of June 30, 2025, approximately **100%** of the company's debt was on a fixed-rate basis, mitigating exposure to interest rate fluctuations, with no interest rate derivative contracts outstanding[251](index=251&type=chunk) - A sensitivity analysis showed that a hypothetical **10% appreciation** of the U.S. dollar would decrease the fair value of the hedge portfolio by **$2 million**, while a **10% depreciation** would increase it by **$3 million**[249](index=249&type=chunk) [Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, ensuring timely and accurate reporting of SEC-required information, with no material changes to internal control over financial reporting during the second quarter of 2025 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[255](index=255&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[256](index=256&type=chunk) Part II. Other Information [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, including a pending appeal in a class-action lawsuit concerning deferred compensation plans where a court ruled against it, and manages significant environmental liabilities from historical operations, notably the Kalamazoo River, for which it holds a **$134 million** reserve, with NCR Atleos obligated to contribute **50%** of costs for certain matters after an annual threshold - A court entered a final judgment against the company in a class-action lawsuit regarding deferred compensation plans, and the company has appealed the decision and filed a **$45 million** supersedeas bond to stay the judgment[98](index=98&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - The company retains responsibility for historical environmental liabilities, with NCR Atleos obligated to contribute **50%** of costs for certain matters (including the Kalamazoo River) after an annual **$15 million** funding threshold is met[103](index=103&type=chunk) - The reserve for the Kalamazoo River environmental matter was **$134 million** as of June 30, 2025, and the company notes that the ultimate liability could potentially more than double this amount[117](index=117&type=chunk)[118](index=118&type=chunk) [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors from those described in its Annual Report on Form 10-K for the year ended December 31, 2024, and investors are advised to consider the previously disclosed risk factors - The company states that there have been no material changes in its risk factors from those described in the 2024 Annual Report on Form 10-K[260](index=260&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On May 6, 2025, the Board amended the company's share repurchase program, increasing total authority to **$200 million** and expanding it to include Series A preferred stock, under which approximately **0.83 million** shares were repurchased for about **$7.3 million** during Q2 2025, with **$200 million** remaining available for future repurchases as of June 30, 2025 - On May 6, 2025, the Board amended the share repurchase program, increasing the total aggregate authority to **$200 million** and expanding it to include both common and Series A preferred stock[261](index=261&type=chunk) Share Repurchases (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Program | Remaining Authority (in millions) | | :--- | :--- | :--- | :--- | :--- | | April 2025 | 830,385 | $8.86 | 825,808 | $28 | | May 2025 | 32,456 | $10.56 | — | $200 | | June 2025 | 2,129 | $10.82 | — | $200 | - The company's ability to repurchase stock is subject to restrictions under its credit facilities and senior note indentures, which are based on formulas including consolidated net income and leverage tests[264](index=264&type=chunk) [Other Information](index=52&type=section&id=Item%205.%20Other%20Information) During the fiscal quarter ended June 30, 2025, no director or officer of the company adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the second quarter of 2025[266](index=266&type=chunk) [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including certifications by the principal executive and financial officers and the Interactive Data File (iXBRL) - The exhibits include CEO and CFO certifications pursuant to the Sarbanes-Oxley Act and the company's financial statements formatted in iXBRL[269](index=269&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 ☐ 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: 814-00899 BLACKROCK TCP CAPITAL CORP. (Exact Name of Registrant as Specified in its Charter) Delaware 56-2594706 (State ...

Exhibit 99.1 Parker Reports Fiscal 2025 Fourth Quarter and Full Year Results Outstanding Q4 Contributes to Record Year; Forecasting Growth in FY26 CLEVELAND, August 7, 2025 -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the quarter and fiscal year ended June 30, 2025, that included the following highlights (compared with the prior year period): Fiscal 2025 Fourth Quarter Highlights: Fiscal 2025 Full Year Highlights: "Our outstandin ...

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 Sabre Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 001-36422 20-8647322 (Commission File Number) (I.R.S. Em ...

Exhibit 99.1 Playtika Holding Corp. Reports Q2 2025 Financial Results Revenue of $696.0 million and Direct-to-Consumer ("DTC") Revenue of $175.9 million Revenue Decreased (1.4)% Sequentially and Increased 11.0% Year Over Year DTC Platforms Revenue Decreased (1.8)% Sequentially and Increased 1.3% Year Over Year Herzliya, Israel - August 7, 2025 - Playtika Holding Corp. (NASDAQ: PLTK) today released financial results for its second quarter for the period ending June 30, 2025. Financial Highlights "We are plea ...

[GCM Grosvenor 2025 Second Quarter Results](index=1&type=section&id=GCM%20Grosvenor%202025%20Second%20Quarter%20Results) GCM Grosvenor reported strong Q2 2025 financial performance, marked by significant growth in AUM, FPAUM, and net income, alongside record fundraising and a declared dividend [Q2 2025 Financial Highlights](index=7&type=section&id=Second%20Quarter%202025%20Results) GCM Grosvenor reported strong Q2 2025 results, with AUM and FPAUM up **9%** to **$85.9 billion** and **$69.1 billion** respectively, GAAP Net Income surging **222%**, and record fundraising of **$8.9 billion** LTM Q2 2025 Key Financial Metrics (vs. Q2 2024) | Metric | June 30, 2025 | % Change vs Q2 2024 | | :--- | :--- | :--- | | **AUM** | $85.9 billion | 9% | | **FPAUM** | $69.1 billion | 9% | | **GAAP Revenue (Q2)** | $119.7 million | 2% | | **GAAP Net Income (Q2)** | $15.4 million | 222% | | **Diluted EPS (Q2)** | $0.05 | 25% | | **Fee-Related Earnings (Q2)** | $41.6 million | 6% | | **Adjusted EBITDA (Q2)** | $49.5 million | 9% | | **Adjusted Net Income (Q2)** | $32.1 million | 9% | - The company achieved record fundraising, raising **$8.9 billion** over the last twelve months, a **46%** increase year-over-year. Year-to-date fundraising reached **$5.3 billion**, up **52%** compared to the first half of 2024[8](index=8&type=chunk)[15](index=15&type=chunk) - The firm's share of unrealized carried interest increased by **$36 million** from the first quarter of 2025 to **$451 million**[15](index=15&type=chunk) - The Board of Directors approved a quarterly dividend of **$0.11 per share**[4](index=4&type=chunk) [Business Overview and Growth Drivers](index=9&type=section&id=Business%20Overview%20and%20Growth%20Drivers) This section details GCM Grosvenor's robust adjusted earnings growth, key business drivers, strategic focus on private markets, diversified fundraising, and expanding carried interest potential [Adjusted Earnings Trends](index=9&type=section&id=Adjusted%20Earnings) GCM Grosvenor demonstrated strong year-to-date growth in adjusted earnings metrics, with Fee-Related Earnings up **14%**, Adjusted EBITDA up **17%**, and Adjusted Net Income up **19%**, reflecting significant longer-term expansion since 2020 Year-to-Date Adjusted Earnings Growth (vs. YTD 2024) | Metric | YTD 2024 | YTD 2025 | % Growth | | :--- | :--- | :--- | :--- | | Fee-Related Earnings | $77.4M | $88.3M | 14% | | Adjusted EBITDA | $87.8M | $102.9M | 17% | | Adjusted Net Income | $56.6M | $67.4M | 19% | Longer-Term Adjusted Earnings Growth (LTM) | Metric | 2020 LTM | Q2 2025 LTM | % Growth | | :--- | :--- | :--- | :--- | | Fee-Related Earnings | $95.1M | $177.3M | 86% | | Adjusted EBITDA | $147.0M | $228.9M | 56% | | Adjusted Net Income | $91.0M | $151.5M | 67% | [Key Business and Growth Drivers](index=11&type=section&id=Growth%20in%20Key%20Business%20Drivers) Since December 2020, GCM Grosvenor has achieved substantial growth in AUM to **$86 billion**, driven by a strategic shift to direct-oriented strategies and improved LTM FRE Margin, supported by high client retention and channel expansion Growth of Key Metrics (Dec 2020 vs. June 2025) | Metric | Dec 31, 2020 | June 30, 2025 | | :--- | :--- | :--- | | AUM | $62bn | $86bn | | Private Markets % of AUM | 59% | 71% | | Direct-Oriented Strategies % of Private Markets AUM | 39% | 53% | | LTM FRE Margin | 31% | 44% | | Firm Share of Unrealized Carried Interest | $133mm | $451mm | - Key long-term growth drivers include[23](index=23&type=chunk) - **Client Retention:** Approximately **90%** private markets re-up rate - **Individual Investor Channel:** Raised **$3.6 billion** since 2020 - **Real Assets:** Raised **$17 billion** for real assets since 2020 - **Margin Expansion:** LTM FRE margin has expanded by approximately **1,300 basis points** since Q4 2020 [Company Profile and Strategy](index=15&type=section&id=GCM%20Grosvenor%3A%20Central%20to%20the%20Alternatives%20Ecosystem) GCM Grosvenor, a global alternative asset manager with **$86 billion** in AUM, leverages its open architecture across diverse strategies, achieving an **8% CAGR** in AUM since Q4 2020, primarily from Private Markets and Real Assets growth - The firm has **$86 billion** in AUM, with **71%** in customized separate accounts, and operates across **five main alternative strategies**[26](index=26&type=chunk)[29](index=29&type=chunk) AUM by Strategy (June 30, 2025) | Strategy | AUM (bn) | | :--- | :--- | | Private Equity | $31.7 | | Absolute Return | $25.0 | | Infrastructure | $16.9 | | Alternative Credit | $16.1 | | Real Estate | $6.6 | AUM Growth (CAGR since Q4 2020) | Strategy | CAGR | | :--- | :--- | | Total AUM | 8% | | Private Markets | 12% | | Real Assets | 23% | | Absolute Return Strategies | 0% | [Fundraising Analysis](index=19&type=section&id=Diversified%20Fundraising%20Drives%20Stability%20%26%20Growth) GCM Grosvenor's diversified fundraising, totaling **$8.9 billion** LTM and **$2.4 billion** in Q2 2025, is primarily driven by Americas and Pension channels, ensuring stability and growth - Total fundraising for Q2 2025 was **$2.4 billion**, and LTM fundraising was **$8.9 billion**[37](index=37&type=chunk)[38](index=38&type=chunk) LTM Fundraising Diversification | Category | Breakdown | | :--- | :--- | | **By Geography** | Americas: **62%**, EMEA: **20%**, APAC: **18%** | | **By Channel** | Pensions: **60%**, Government/Sovereign: **11%**, Individual Investor: **7%**, Financial Institutions: **7%**, Insurance: **6%** | [Private Markets Focus](index=21&type=section&id=Private%20Markets%20Growth) Private Markets AUM grew to **$61.0 billion** (**12% CAGR** since Q4 2020), driven by **$12.3 billion** in specialized fund closings and a strategic shift to direct-oriented strategies, enhancing the firm's earnings power - Cumulative closings for selected private market specialized funds reached **$12.3 billion** through Q2 2025[42](index=42&type=chunk) - Private Markets AUM has grown from **$36.8 billion** in Q4 2020 to **$61.0 billion** in Q2 2025, a **12% CAGR**[46](index=46&type=chunk) - There has been a significant shift to direct-oriented strategies, which now constitute **53%** of Private Markets AUM, up from **39%** at the end of 2020[21](index=21&type=chunk)[46](index=46&type=chunk)[48](index=48&type=chunk) Funds Currently in Market | Name | Asset Class | Investment Implementation | | :--- | :--- | :--- | | Private Credit funds | Private credit | Co-investments, Secondaries, Primaries | | Advance Fund II (Advance II) | Private equity | Co-investments, Secondaries, Primaries | | Secondary Opportunities Fund IV (GSF IV) | Private equity | Secondaries | [Carried Interest and Incentive Fees](index=25&type=section&id=Growing%20Carried%20Interest%20Earnings%20Power) GCM Grosvenor's incentive-based earnings potential expanded significantly, with total unrealized carried interest reaching **$909 million** and the firm's share growing to **$451 million**, supported by a **10% CAGR** in incentive-fee AUM Growth in Firm Share of Unrealized Carried Interest | Date | Total Unrealized Carry | Firm Share | Firm % of Total | | :--- | :--- | :--- | :--- | | Q4 2020 | $395M | $133M | 34% | | Q2 2025 | $909M | $451M | 50% | - The growth in unrealized carry is supported by an increase in AUM subject to incentive fees, which has grown at a **10% CAGR** since 2020 to **$61.7 billion**[57](index=57&type=chunk) - Despite the growth in unrealized carry, realized gross incentive fees have been relatively muted, indicating **significant embedded value**[53](index=53&type=chunk)[54](index=54&type=chunk) [Other Key Items & Financial Position](index=29&type=section&id=Other%20Key%20Items%20%26%20Financial%20Position) This section outlines GCM Grosvenor's strong capital position, including cash, investments, and unrealized carried interest, alongside its share repurchase program and management ownership [Capital Management and Ownership](index=29&type=section&id=Other%20Key%20Items) As of June 30, 2025, GCM Grosvenor held **$355 million** in cash and investments, with total potential value of **$806 million**, supported by an increased share repurchase authorization and **73%** management ownership Key Financial Metrics as of June 30, 2025 ($mm) | Metric | Amount | | :--- | :--- | | Cash and Cash Equivalents | $136 | | Investments | $219 | | **Cash and Investments** | **$355** | | Unrealized Carried Interest (Firm Share) | $451 | | **Total Cash, Investments & Unrealized Carry** | **$806** | - The Board increased the share repurchase authorization by **$30 million** to **$220 million** in August 2025. As of June 30, 2025, **$57 million** remained available under the prior authorization[60](index=60&type=chunk)[62](index=62&type=chunk) - Management holds **73%** of total shares outstanding, indicating strong insider alignment[61](index=61&type=chunk) [Supplemental Information](index=31&type=section&id=Supplemental%20Information) This section provides detailed GAAP financial statements, non-GAAP reconciliations, AUM and fee specifics, investment performance metrics, and comprehensive definitions for key financial terms [GAAP Financial Statements](index=33&type=section&id=GAAP%20Financial%20Statements) GAAP Statements of Income for Q2 2025 show **$119.7 million** in revenues and **$15.4 million** net income, with the balance sheet reporting **$636.9 million** in total assets and **$657.5 million** in liabilities GAAP Statement of Income Highlights (Three Months Ended June 30) | ($000) | 2024 | 2025 | | :--- | :--- | :--- | | Total operating revenues | $116,954 | $119,657 | | Operating income | $20,835 | $19,245 | | Net income attributable to GCM Grosvenor Inc. | $4,800 | $15,437 | GAAP Balance Sheet Highlights | ($000) | Dec 31, 2024 | Jun 30, 2025 | | :--- | :--- | :--- | | Total assets | $612,731 | $636,859 | | Total liabilities | $703,070 | $657,498 | | Total deficit | ($90,339) | ($20,639) | [Non-GAAP Financial Measures & Reconciliations](index=39&type=section&id=Summary%20of%20Non-GAAP%20Financial%20Measures) This section details GCM Grosvenor's non-GAAP financial performance, with YTD 2025 Fee-Related Earnings at **$88.3 million**, Adjusted EBITDA at **$102.9 million**, and Adjusted Net Income at **$67.4 million**, along with reconciliations to GAAP figures Non-GAAP Performance (Six Months Ended June 30) | ($000) | 2024 | 2025 | % Change | | :--- | :--- | :--- | :--- | | Fee-Related Revenue | $192,386 | $206,120 | 7% | | Fee-Related Earnings | $77,373 | $88,274 | 14% | | Adjusted EBITDA | $87,840 | $102,892 | 17% | | Adjusted Net Income | $56,598 | $67,364 | 19% | | Adjusted Net Income per Share | $0.30 | $0.34 | 13% | - The reconciliation tables show adjustments for items such as **non-cash compensation**, **amortization**, **transaction expenses**, and **changes in the fair value of warrant liabilities** to bridge from GAAP Net Income to Adjusted Net Income and Adjusted EBITDA[78](index=78&type=chunk)[81](index=81&type=chunk) [AUM and Fee Details](index=49&type=section&id=Change%20in%20FPAUM%20and%20AUM) In Q2 2025, AUM increased **5%** to **$85.9 billion** and FPAUM grew **4%** to **$69.1 billion**, driven by new capital and market value changes, with consistent average management fee rates across strategies FPAUM Rollforward - Q2 2025 ($mm) | Description | Amount | | :--- | :--- | | Beginning Balance (April 1, 2025) | $66,399 | | Contributions (New Capital & CNYFPAUM) | $1,992 | | Withdrawals & Distributions | ($792) | | Change in Market Value & FX | $1,474 | | **End of Period Balance (June 30, 2025)** | **$69,073** | Average Management Fee Rates (Q2 2025) | Strategy | Average Fee Rate | | :--- | :--- | | Private Markets | 0.54% | | Absolute Return Strategies (Mgmt Fee Only) | 0.67% | [Investment Performance Metrics](index=53&type=section&id=Private%20Markets%20Strategies%20Performance%20Metrics) This section presents investment performance metrics, highlighting Private Equity Co-Investments/Direct Investments with a net TVPI of **1.76x** and net IRR of **17.0%**, and Absolute Return Strategies achieving a **7.3%** five-year annualized net return Performance of All Private Equity Investments (as of 3/31/25) | Strategy | Investment Net TVPI | Investment Net IRR | | :--- | :--- | :--- | | Primary Fund Investments | 1.63x | 12.5% | | Secondary Investments | 1.42x | 13.4% | | Co-Investments/Direct Investments | 1.76x | 17.0% | Annualized Net Returns of Absolute Return Strategies (as of 6/30/25) | Period | Overall Net Return | | :--- | :--- | | One Year | 10.8% | | Three Year | 8.9% | | Five Year | 7.3% | | Since Inception (1996) | 6.0% | [Notes and Definitions](index=59&type=section&id=Notes%20and%20Definitions) This section provides detailed notes and definitions for financial metrics, including non-GAAP measures like **Adjusted EBITDA** and operational KPIs such as **AUM** and **FPAUM**, along with context for performance data and the share repurchase plan - Defines key non-GAAP measures used for evaluating profitability, including **Adjusted Net Income**, **Adjusted EBITDA**, and **Fee-Related Earnings (FRE)**[114](index=114&type=chunk)[116](index=116&type=chunk)[119](index=119&type=chunk) - Defines key performance indicators used to measure assets, including **Fee-Paying AUM (FPAUM)**, **Contracted, Not Yet Fee-Paying AUM (CNYFPAUM)**, and **Assets Under Management (AUM)**[122](index=122&type=chunk)[124](index=124&type=chunk) - Details the share repurchase plan, which was increased by **$30.0 million** in August 2025 to a total authorization of **$220.0 million** for repurchasing Class A common stock and warrants[129](index=129&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39539 PMV PHARMACEUTICALS, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 46-3218129 (State or other jurisdi ...

Exhibit 99.1 PMV Pharmaceuticals Reports Second Quarter 2025 Financial Results and Corporate Highlights PRINCETON, N.J., August 7, 2025 (GLOBE NEWSWIRE) - PMV Pharmaceuticals, Inc. ("PMV Pharma" or the "Company"; Nasdaq: PMVP), a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53, today reported financial results for the second quarter ended June 30, 2025, and provided a corporate update. PMV Pharma will host an investor webinar on W ...

[Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) [Q2 2025 Key Financial Results](index=1&type=section&id=Q2%202025%20Key%20Financial%20Results) Atlanta Braves Holdings reported strong Q2 2025 results, with total revenue up 10% to $312.4 million, operating income up 68%, and Adjusted OIBDA up 44% Q2 2025 Key Financial Results (in thousands) | | Three months ended June 30, | % Change | Six months ended June 30, | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | **2025** | **2024** | | **2025** | **2024** | | | **Total revenue** | $312,440 | $282,876 | 10% | $359,651 | $319,956 | 12% | | **Adjusted OIBDA** | $65,704 | $45,750 | 44% | $37,155 | $11,996 | 210% | | **Operating income (loss)** | $41,787 | $24,936 | 68% | $(2,665) | $(27,419) | 90% | - Total revenue for Q2 2025 grew **10% to $312 million**, with Baseball revenue up 8% and Mixed-use development revenue up 49%[3](index=3&type=chunk) - Total Adjusted OIBDA for Q2 2025 increased by **44% to $66 million**, with Baseball Adjusted OIBDA growing 39% and Mixed-Use Development Adjusted OIBDA growing 53%[3](index=3&type=chunk) [Revenue Analysis](index=2&type=section&id=Revenue%20Analysis) Q2 2025 revenue growth was broad-based, with Baseball revenue up 8% and Mixed-use development revenue up 49% driven by new leases and acquisitions Q2 2025 Revenue by Source (in thousands) | Revenue Source (Q2 2025) | Amount (in thousands) | % Change YoY | | :--- | :--- | :--- | | **Baseball Revenue** | **$287,319** | **8%** | | - Baseball event | $180,349 | 5% | | - Broadcasting | $81,068 | 14% | | - Retail and licensing | $18,566 | (5)% | | **Mixed-use development** | **$25,121** | **49%** | | **Total revenue** | **$312,440** | **10%** | - The increase in Baseball revenue was primarily driven by growth in broadcasting due to additional streaming rights and contractual rate increases. Baseball event revenue also increased from higher ticket and sponsorship prices, though this was partially offset by lower concession revenue due to reduced attendance[7](index=7&type=chunk) - Mixed-use development revenue grew **49%** mainly due to increased rental income from new leases and an April 2025 real estate acquisition, as well as higher sponsorship revenue[8](index=8&type=chunk) [Operating Performance Analysis](index=2&type=section&id=Operating%20Performance%20Analysis) Operating income and Adjusted OIBDA improved in Q2 2025 as revenue growth outpaced expense increases, despite higher MLB revenue sharing and property costs - The growth in operating income and Adjusted OIBDA was a result of revenue growth outpacing increases in operating and SG&A expenses[9](index=9&type=chunk) - Baseball operating costs increased due to higher MLB revenue sharing, event expenses, and minor league costs, partially offset by a decrease in major league player salaries[9](index=9&type=chunk) - Mixed-use development costs rose due to operating costs from the April 2025 acquisition, while SG&A expenses increased from higher property taxes, insurance, professional fees, and personnel costs[9](index=9&type=chunk) [Financial Statements](index=8&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheet](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2025, total assets increased to **$1.68 billion**, driven by property and equipment, while total liabilities rose to **$1.15 billion** Condensed Consolidated Balance Sheet (in thousands) | Balance Sheet Item | June 30, 2025 (in thousands) | Dec 31, 2024 (in thousands) | | :--- | :--- | :--- | | **Total current assets** | $236,533 | $179,146 | | **Total assets** | **$1,683,861** | **$1,523,846** | | **Total current liabilities** | $371,162 | $286,660 | | **Total liabilities** | **$1,148,988** | **$987,622** | | **Total equity** | **$534,873** | **$536,224** | [Condensed Consolidated Statement of Operations](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations) For Q2 2025, net earnings were **$29.5 million** ($0.46 diluted EPS), and the six-month net loss significantly narrowed to **$11.9 million** Condensed Consolidated Statement of Operations (in thousands) | Statement of Operations | Three months ended June 30, 2025 (in thousands) | Six months ended June 30, 2025 (in thousands) | | :--- | :--- | :--- | | **Total revenue** | $312,440 | $359,651 | | **Operating income (loss)** | $41,787 | $(2,665) | | **Net earnings (loss)** | **$29,494** | **$(11,897)** | | **Diluted EPS** | **$0.46** | **$(0.19)** | [Condensed Consolidated Statement of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For H1 2025, operating activities provided **$87.6 million**, while investing activities used **$130.1 million**, primarily for real estate acquisition Condensed Consolidated Statement of Cash Flows (in thousands) | Cash Flow Activity (Six months ended June 30, 2025) | Amount (in thousands) | | :--- | :--- | | Net cash provided by operating activities | $87,640 | | Net cash used in investing activities | $(130,105) | | Net cash provided by financing activities | $83,487 | | **Net increase in cash** | **$41,022** | | **Cash at end of period** | **$153,621** | - A significant use of cash in the first half of 2025 was the **$93.7 million** acquisition of real estate assets[27](index=27&type=chunk) [Supplemental Disclosures](index=6&type=section&id=Supplemental%20Disclosures) [Non-GAAP Financial Measures (Adjusted OIBDA)](index=6&type=section&id=Non-GAAP%20Financial%20Measures%20(Adjusted%20OIBDA)) Adjusted OIBDA, a non-GAAP measure, was **$65.7 million** for Q2 2025, reconciled from GAAP operating income, reflecting operational strength - Adjusted OIBDA is defined as operating income (loss) plus stock-based compensation, depreciation and amortization, and other specified charges, used by management to assess operational strength[16](index=16&type=chunk)[17](index=17&type=chunk) Adjusted OIBDA Reconciliation (Q2 2025, in thousands) | Reconciliation Item | Amount (in thousands) | | :--- | :--- | | Operating income | $41,787 | | Stock-based compensation | $2,646 | | Depreciation and amortization | $21,271 | | **Adjusted OIBDA** | **$65,704** | [Cash and Debt Position](index=7&type=section&id=Cash%20and%20Debt%20Position) As of June 30, 2025, cash decreased to **$96.2 million** due to a real estate acquisition, while total debt increased to **$706.0 million** - Cash decreased by **$148 million** during the second quarter, primarily as a result of the real estate acquisition, capital expenditures, and seasonal working capital changes[21](index=21&type=chunk) Cash and Debt Position (in thousands) | Item | June 30, 2025 (in thousands) | March 31, 2025 (in thousands) | | :--- | :--- | :--- | | **Cash (GAAP)** | **$96,196** | **$244,679** | | **Total Debt** | **$706,032** | **$702,539** | | - Baseball Debt | $223,381 | $223,956 | | - Mixed-Use Development Debt | $482,651 | $478,583 | [Other Information](index=3&type=section&id=Other%20Information) [Company Overview](index=3&type=section&id=Company%20Overview) Atlanta Braves Holdings comprises the Atlanta Braves MLB franchise and The Battery Atlanta mixed-use real estate development - The company's primary holdings are the Atlanta Braves MLB team and The Battery Atlanta mixed-use real estate development[11](index=11&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements subject to risks and uncertainties, and investors should consult SEC filings for comprehensive risk information - The report includes forward-looking statements that involve risks and uncertainties, and actual results could differ materially from those expressed[13](index=13&type=chunk) - Investors are directed to the company's publicly filed documents, such as the Form 10-K, for additional information on risks and uncertainties related to the business[14](index=14&type=chunk)