Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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 (Exact name of registrant as specified in its charter) Virginia (State or other jurisdiction of incorporation or organization) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission ...

Exhibit 99.1 Silence Therapeutics Reports Second Quarter 2025 Financial Results and Recent Business Highlights • Presented Updated SANRECO Phase 1 Data at EHA 2025 Further Supporting Potential for Divesiran as First-in-Class siRNA in PV Divesiran for Polycythemia Vera (PV) Zerlasiran for Cardiovascular Disease • Completed core Phase 3 readiness activities, including manufacturing and supply scale up. We continue to be in dialogues with potential third-party partners for Phase 3 development of zerlasiran as ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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: 001-32395 ConocoPhillips (Exact name of registrant as specified in its charter) Delaware 01- ...

EXHIBIT 99.1 CHENIERE ENERGY PARTNERS, L.P. NEWS RELEASE Cheniere Partners Reports Second Quarter 2025 Results and Reconfirms Full Year 2025 Distribution Guidance HOUSTON--(BUSINESS WIRE)-- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE: CQP) today announced its financial results for second quarter 2025. HIGHLIGHTS 2025 FULL YEAR DISTRIBUTION GUIDANCE SUMMARY AND REVIEW OF FINANCIAL RESULTS | (in millions, except LNG data) | | | | Three Months Ended June 30, | | | | Six Months Ended June 30, | | ...

Houston, TX, August 6, 2025 – U.S. Physical Therapy, Inc. ("USPH" or the "Company") (NYSE: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, today reported results for the three and six months ended June 30, 2025. FINANCIAL HIGHLIGHTS • Adjusted EBITDA (1) , a non-Generally Accepted Accounting Principles ("GAAP") measure, was $26.9 million for the three months ended June 30, 2025 ("2025 Second Quarter"), an increase of $4.7 million, or 2 ...

[Financial Performance and Outlook](index=1&type=section&id=Financial%20Performance%20and%20Outlook) Cheniere reported strong Q2 2025 financial results, updated full-year guidance positively, and detailed performance drivers, including CEO commentary on strategic achievements [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) Cheniere reported strong Q2 2025 financial results, with significant year-over-year growth in revenues, net income, Adjusted EBITDA, and Distributable Cash Flow Q2 & H1 2025 Financial Summary | (in billions) | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :--- | :--- | :--- | | **Revenues** | $4.6 | $10.1 | | **Net Income** | $1.6 | $2.0 | | **Consolidated Adjusted EBITDA** | $1.4 | $3.3 | | **Distributable Cash Flow** | $0.9 | $2.2 | [Full Year 2025 Financial Guidance](index=1&type=section&id=Full%20Year%202025%20Financial%20Guidance) The company updated its full-year 2025 financial guidance, tightening the range for Adjusted EBITDA and raising and tightening Distributable Cash Flow Revised Full Year 2025 Guidance | (in billions) | 2025 Previous | 2025 Revised | | :--- | :--- | :--- | | **Consolidated Adjusted EBITDA** | $6.5 - $7.0 | $6.6 - $7.0 | | **Distributable Cash Flow** | $4.1 - $4.6 | $4.4 - $4.8 | - The updated guidance reflects a tightening of the Consolidated Adjusted EBITDA range and an increase and tightening of the Distributable Cash Flow range[7](index=7&type=chunk) [Detailed Financial Results Review](index=3&type=section&id=Detailed%20Financial%20Results%20Review) Q2 2025 revenues increased by **43%** and net income by **85%** year-over-year, driven by derivative fair value changes and higher LNG margins Q2 & H1 2025 vs 2024 Performance | (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | | :--- | :--- | :--- | :--- | | **Revenues** | $4,641 | $3,251 | 43% | | **Net income** | $1,626 | $880 | 85% | | **Consolidated Adjusted EBITDA** | $1,416 | $1,322 | 7% | - The increase in net income for Q2 2025 was primarily due to an **$873 million** favorable variance from changes in the fair value of derivative instruments compared to Q2 2024[12](index=12&type=chunk) - The increase in Consolidated Adjusted EBITDA was mainly driven by higher total margins per MMBtu of LNG, partially offset by higher operating expenses from planned maintenance and new capacity[12](index=12&type=chunk) [CEO Commentary](index=2&type=section&id=CEO%20COMMENT) CEO Jack Fusco highlighted strong Q2 performance, including the CCL Midscale Trains 8 & 9 FID and Sabine Pass maintenance, enabling revised full-year guidance and continued growth focus - Key achievements in Q2 2025 include the positive FID on the CCL Midscale Trains 8 & 9 Project and the completion of a large-scale planned maintenance at Sabine Pass[10](index=10&type=chunk) - The company's focus for the remainder of the year includes growing its brownfield platform and bringing new capacity at Corpus Christi online ahead of schedule and on budget[10](index=10&type=chunk) [Capital Management and Liquidity](index=1&type=section&id=Capital%20Management%20and%20Liquidity) Cheniere actively managed its capital allocation in H1 2025, deploying **$2.6 billion** towards growth, debt reduction, and shareholder returns, while maintaining strong liquidity [Capital Allocation](index=1&type=section&id=Capital%20Allocation) Cheniere deployed **$2.6 billion** in H1 2025 for growth, debt repayment, and shareholder returns, including a **10%** dividend increase effective Q3 2025 - In the first six months of 2025, Cheniere deployed **$2.6 billion** towards growth, balance sheet management, and shareholder returns[6](index=6&type=chunk) - Shareholder returns in H1 2025 included repurchasing **3.0 million** shares for **$656 million** and paying dividends totaling **$223 million**[6](index=6&type=chunk) - The company announced an increase in its quarterly dividend by over **10%** to **$2.22** per common share annualized, starting in Q3 2025[11](index=11&type=chunk) [Balance Sheet and Liquidity](index=3&type=section&id=BALANCE%20SHEET%20MANAGEMENT) As of June 30, 2025, Cheniere maintained **$9.7 billion** in total available liquidity and actively managed debt through new issuances and repayments Available Liquidity as of June 30, 2025 | (in millions) | Amount | | :--- | :--- | | Cash and cash equivalents | $1,648 | | Restricted cash and cash equivalents | $369 | | Available commitments under credit facilities | $7,685 | | **Total available liquidity** | **$9,702** | - In July 2025, Cheniere Partners issued **$1.0 billion** of 5.550% Senior Notes due 2035 to redeem **$1.0 billion** of 5.875% Senior Secured Notes due 2026[16](index=16&type=chunk) - During H1 2025, SPL repaid the remaining **$300 million** of its 5.625% Senior Secured Notes due 2025 with cash on hand[17](index=17&type=chunk) [Operational and Project Updates](index=2&type=section&id=Operational%20and%20Project%20Updates) Cheniere secured new long-term commercial agreements, increased its LNG production forecast, and advanced multiple liquefaction expansion projects at Sabine Pass and Corpus Christi [Recent Commercial and Growth Highlights](index=2&type=section&id=Recent%20Commercial%20and%20Growth%20Highlights) Cheniere secured new long-term commercial agreements, increased its run-rate LNG production forecast by over **10%**, and expects to generate over **$25 billion** in available cash through 2030 - The company increased its run-rate LNG production forecast by over **10%** and expects to generate over **$25 billion** of available cash through 2030[11](index=11&type=chunk) - Entered a 15-year IPM gas supply agreement with Canadian Natural Resources for **140,000 MMBtu/day**, equivalent to approximately **0.85 mtpa** of LNG[11](index=11&type=chunk) - Signed a long-term SPA with JERA to supply approximately **1.0 mtpa** of LNG from 2029 through 2050[11](index=11&type=chunk) [Liquefaction Projects Overview](index=4&type=section&id=LIQUEFACTION%20PROJECTS%20OVERVIEW) Cheniere is advancing multiple liquefaction expansion projects at Sabine Pass and Corpus Christi, achieving key milestones including CCL Stage 3 Train 2 completion and FID for Midscale Trains 8 & 9 [Sabine Pass LNG (SPL) Projects](index=4&type=section&id=Sabine%20Pass%20LNG%20(SPL)%20Projects) The operational SPL Project has over **30 mtpa** capacity, with an expansion project under development expected to add up to **20 mtpa** in a two-phased approach - The operational SPL Project has a total production capacity of over **30 mtpa** of LNG[18](index=18&type=chunk) - The SPL Expansion Project is being developed with an expected peak production capacity of up to **~20 mtpa**. Its FERC application was updated in June 2025 to reflect a two-phased project[19](index=19&type=chunk) [Corpus Christi LNG (CCL) Projects](index=4&type=section&id=Corpus%20Christi%20LNG%20(CCL)%20Projects) The CCL Project has over **18 mtpa** operational capacity, with Stage 3 **86.7%** complete, FID for Midscale Trains 8 & 9 adding **~5 mtpa**, and Stage 4 Expansion pre-filing initiated for **~24 mtpa** - The CCL Stage 3 Project was **86.7%** complete as of June 30, 2025, with substantial completion for all seven trains expected between 2H 2025 and 2H 2026[21](index=21&type=chunk) - A positive Final Investment Decision (FID) was made in June 2025 for the CCL Midscale Trains 8 & 9 Project, which will add approximately **5 mtpa** of production capacity[11](index=11&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) - The pre-filing review process with FERC was initiated in July 2025 for the CCL Stage 4 Expansion Project, which has an expected peak production capacity of up to **~24 mtpa**[24](index=24&type=chunk) [LNG Volume Summary](index=6&type=section&id=LNG%20VOLUME%20SUMMARY) As of August 1, 2025, Cheniere exported approximately **4,220** cumulative LNG cargoes, with **550 TBtu** exported in Q2 2025 - As of August 1, 2025, a cumulative total of approximately **4,220** LNG cargoes, totaling **~290 million tonnes**, have been exported from Cheniere's projects[32](index=32&type=chunk) LNG Volumes Recognized (in TBtu) | | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :--- | :--- | :--- | | **Operational Volumes** | 550 | 1,159 | | **Commissioning Volumes** | 1 | 6 | | **Total Volumes Recognized** | 551 | 1,165 | [Financial Statements](index=7&type=section&id=Financial%20Statements) This section presents Cheniere's consolidated statements of operations and balance sheets, highlighting significant revenue growth, increased net income, and a strengthened equity position [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2025 saw total revenues of **$4.64 billion**, income from operations more than doubled to **$2.53 billion**, and net income attributable to Cheniere reached **$1.63 billion** Q2 2025 vs Q2 2024 Statement of Operations (in millions) | | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Total revenues** | $4,641 | $3,251 | | **Income from operations** | $2,530 | $1,588 | | **Net income attributable to Cheniere** | $1,626 | $880 | | **Diluted EPS** | $7.30 | $3.84 | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were **$44.58 billion**, total liabilities decreased to **$33.27 billion**, and total stockholders' equity increased to **$11.25 billion** Balance Sheet Summary (in millions) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $3,704 | $4,801 | | **Total assets** | $44,578 | $43,858 | | **Total current liabilities** | $3,775 | $4,441 | | **Total liabilities** | $33,269 | $33,798 | | **Total stockholders' equity** | $11,251 | $10,053 | [Reconciliation of Non-GAAP Measures](index=10&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section provides detailed reconciliations of non-GAAP financial measures, specifically Consolidated Adjusted EBITDA and Distributable Cash Flow, to their most directly comparable GAAP measures [Reconciliation of Consolidated Adjusted EBITDA](index=10&type=section&id=Reconciliation%20of%20Consolidated%20Adjusted%20EBITDA) Q2 2025 Consolidated Adjusted EBITDA was **$1.42 billion**, reconciled from income from operations by adjusting for depreciation and derivative fair value changes Q2 2025 Reconciliation to Consolidated Adjusted EBITDA (in millions) | | Three Months Ended June 30, 2025 | | :--- | :--- | | **Income from operations** | $2,530 | | Depreciation, amortization and accretion expense | $329 | | Gain from changes in fair value of derivatives, net | ($1,479) | | Other adjustments | $36 | | **Consolidated Adjusted EBITDA** | **$1,416** | - Consolidated Adjusted EBITDA is calculated by adjusting net income for interest, taxes, depreciation, and certain non-cash or non-operating items to assess the financial performance of assets[42](index=42&type=chunk)[44](index=44&type=chunk) [Reconciliation of Distributable Cash Flow](index=11&type=section&id=Reconciliation%20of%20Distributable%20Cash%20Flow) Q2 2025 Distributable Cash Flow was **$0.92 billion**, derived from Consolidated Adjusted EBITDA after accounting for interest, capital expenditures, taxes, and non-controlling interests Q2 2025 Reconciliation to Distributable Cash Flow (in billions) | | Three Months Ended June 30, 2025 | | :--- | :--- | | **Consolidated Adjusted EBITDA** | $1.42 | | Interest expense, net | ($0.19) | | Maintenance capital expenditures | ($0.06) | | Income tax (excludes deferred taxes) | ($0.02) | | Other | ($0.02) | | **Consolidated Distributable Cash Flow** | $1.13 | | Attributable to non-controlling interests | ($0.20) | | **Cheniere Distributable Cash Flow** | **$0.92** | - Distributable Cash Flow is a performance measure used to evaluate the ability of assets to generate cash earnings after servicing debt, paying cash taxes, and funding sustaining capital[48](index=48&type=chunk)

[PART I - FINANCIAL INFORMATION](index=11&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) Details the company's unaudited condensed consolidated financial statements and management's analysis of financial condition and operations [Financial Statements](index=11&type=section&id=ITEM%201.%20Financial%20Statements) Details unaudited condensed consolidated financial statements, highlighting asset growth, revenue decline, and reduced net income due to investment-related gains Condensed Consolidated Statements of Financial Condition (Unaudited) | (In millions) | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$419,550** | **$377,895** | | Total Asset Management Assets | $15,060 | $15,256 | | Total Retirement Services Assets | $404,490 | $362,639 | | **Total Liabilities** | **$385,689** | **$346,915** | | Total Asset Management Liabilities | $10,167 | $9,968 | | Total Retirement Services Liabilities | $375,522 | $336,947 | | **Total Equity** | **$33,861** | **$30,964** | Condensed Consolidated Statements of Operations (Unaudited) | (In millions, except per share data) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | **Total Revenues** | **$12,362** | **$13,058** | | Asset Management Revenues | $2,153 | $2,089 | | Retirement Services Revenues | $10,209 | $10,969 | | **Total Expenses** | **$10,060** | **$9,475** | | **Net income (loss)** | **$1,780** | **$2,942** | | Net income (loss) attributable to common stockholders | $1,023 | $2,231 | | **Net income (loss) per share - Diluted** | **$1.67** | **$3.64** | Condensed Consolidated Statements of Cash Flows (Unaudited) | (In millions) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,274 | $1,403 | | Net cash used in investing activities | $(36,517) | $(31,085) | | Net cash provided by financing activities | $32,089 | $29,976 | | Net increase (decrease) in cash | $(2,141) | $292 | [Note 1. Organization](index=21&type=section&id=Note%201.%20Organization) Describes Apollo's structure as an asset manager and retirement services provider, including the pending acquisition of Bridge Investment Group - Apollo operates as a **high-growth, global alternative asset manager** with a focus on **credit and equity strategies**, and a **retirement services provider** through its **Athene business**[34](index=34&type=chunk) - On **February 23, 2025**, Apollo agreed to acquire **Bridge Investment Group Holdings Inc.** in an **all-stock transaction**, with an expected closing in **Q3 2025**, subject to regulatory approvals[35](index=35&type=chunk) [Note 3. Investments](index=25&type=section&id=Note%203.%20Investments) Details total investments, primarily in Retirement Services, with significant growth in AFS securities and mortgage loans driving increased net investment income Total Investments by Segment (in millions) | Segment | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Asset Management | $5,885 | $6,086 | | Retirement Services | $329,599 | $291,167 | | **Total Investments** | **$335,484** | **$297,253** | Retirement Services AFS Securities Breakdown (June 30, 2025, in millions) | Asset Type | Amortized Cost | Fair Value | | :--- | :--- | :--- | | Corporate | $103,597 | $94,563 | | CLO | $30,620 | $31,388 | | ABS | $27,405 | $27,362 | | CMBS | $13,854 | $13,500 | | RMBS | $10,716 | $10,322 | | U.S. government and agencies | $10,117 | $9,023 | | **Total AFS (ex. related parties)** | **$199,637** | **$188,750** | Retirement Services Net Investment Income (in millions) | | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | AFS securities | $5,541 | $4,477 | | Mortgage loans | $2,385 | $1,704 | | **Total Net Investment Income** | **$9,117** | **$7,380** | [Note 4. Derivatives](index=35&type=section&id=Note%204.%20Derivatives) Outlines the company's use of derivatives for risk management, noting substantial notional values and significant derivative liabilities, mainly from embedded derivatives Derivative Instruments Summary (June 30, 2025, in millions) | Derivative Type | Notional Amount | Fair Value - Assets | Fair Value - Liabilities | | :--- | :--- | :--- | :--- | | **Derivatives designated as hedges** | | **$927** | **$1,316** | | Foreign currency hedges | $23,125 | $683 | $1,013 | | Interest rate swaps | $33,805 | $244 | $288 | | **Derivatives not designated as hedges** | | **$2,753** | **$15,909** | | Equity options | $91,009 | $5,069 | $146 | | Foreign currency swaps/forwards | $58,206 | $697 | $3,175 | | Embedded derivatives | N/A | $(3,221) | $12,336 | | **Total Derivatives** | | **$3,680** | **$17,225** | - Athene uses **equity indexed options** to economically hedge its **fixed indexed annuity products**, which **guarantee principal return** and **credit interest** based on market index performance[84](index=84&type=chunk) [Note 5. Variable Interest Entities](index=40&type=section&id=Note%205.%20Variable%20Interest%20Entities) Explains the consolidation of VIEs and details maximum loss exposures from unconsolidated VIEs for both Asset Management and Retirement Services segments - The assets of consolidated VIEs are **ring-fenced** and **not available to creditors** of the parent company, and investors in these VIEs have **no recourse to Apollo's assets**[95](index=95&type=chunk) Maximum Loss Exposure from Unconsolidated VIEs (in millions) | Segment | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Asset Management | $342 | $614 | | Retirement Services | $135,756 | $124,525 | [Note 6. Fair Value](index=43&type=section&id=Note%206.%20Fair%20Value) Presents the fair value hierarchy for financial assets and liabilities, with Level 2 and Level 3 assets comprising the largest portions Fair Value Hierarchy of Financial Assets (June 30, 2025, in millions) | | Level 1 | Level 2 | Level 3 | NAV | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | **Asset Management** | $3,110 | $116 | $3,055 | $340 | $6,621 | | **Retirement Services** | $22,254 | $179,225 | $121,035 | $18,905 | $341,419 | | **Total Assets** | **$25,364** | **$179,341** | **$124,090** | **$19,245** | **$348,040** | Fair Value Hierarchy of Financial Liabilities (June 30, 2025, in millions) | | Level 1 | Level 2 | Level 3 | Total | | :--- | :--- | :--- | :--- | :--- | | **Asset Management** | $— | $30 | $61 | $91 | | **Retirement Services** | $10 | $4,879 | $19,468 | $24,357 | | **Total Liabilities** | **$10** | **$4,909** | **$19,529** | **$24,448** | [Note 11. Debt](index=78&type=section&id=Note%2011.%20Debt) Details total debt outstanding across segments, including recent issuances by Athene Holding Ltd. and available credit facilities Total Debt Outstanding (June 30, 2025, in millions) | Segment | Outstanding Balance | Fair Value | | :--- | :--- | :--- | | Asset Management | $4,280 | $4,308 | | Retirement Services | $7,864 | $7,507 | | **Total Debt** | **$12,144** | **$11,815** | - In Q2 2025, Athene Holding Ltd. (AHL) issued **$1.0 billion** of **6.625% Senior Notes due 2055** and **$600 million** of **6.875% Fixed-Rate Reset Junior Subordinated Debentures due 2055**[214](index=214&type=chunk)[216](index=216&type=chunk) - The company maintains several credit and liquidity facilities, including a **$1.25 billion** facility for AGM and a combined **$3.85 billion** in facilities for AHL, all of which were **undrawn** as of June 30, 2025[217](index=217&type=chunk)[219](index=219&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk) [Note 12. Equity-Based Compensation](index=81&type=section&id=Note%2012.%20Equity-Based%20Compensation) Reports equity-based compensation expense, unrecognized RSU expense, and new RSU awards for the period Equity-Based Compensation Expense (in millions) | Period | Expense | | :--- | :--- | | Three months ended June 30, 2025 | $166 | | Three months ended June 30, 2024 | $153 | | Six months ended June 30, 2025 | $315 | | Six months ended June 30, 2024 | $342 | - As of June 30, 2025, there was **$840 million** of estimated unrecognized compensation expense related to unvested RSU awards, expected to be recognized over a weighted-average period of **2.1 years**[228](index=228&type=chunk) [Note 13. Equity](index=84&type=section&id=Note%2013.%20Equity) Outlines share repurchase activities, dividend declarations, and details on outstanding mandatory convertible preferred stock - A new share repurchase program was approved on **February 8, 2024**, authorizing up to **$3.0 billion** in common stock repurchases[242](index=242&type=chunk) - During the six months ended June 30, 2025, the company repurchased **1,392,000 shares** of common stock for **$193 million** in open market transactions[243](index=243&type=chunk) Dividends Declared per Share of Common Stock | Declaration Date | Dividend per Share | Payment Date | | :--- | :--- | :--- | | February 4, 2025 | $0.46 | February 28, 2025 | | May 2, 2025 | $0.51 | May 30, 2025 | [Note 15. Related Parties](index=90&type=section&id=Note%2015.%20Related%20Parties) Details significant transactions and balances with related parties, including investments in Athora and Atlas, and interests in strategic capital vehicles - Apollo, through ISGI, provides investment advisory services to Athora. AAM has committed up to an additional **$2.0 billion** to Athora, and Athene has committed up to an additional **$2.5 billion**, in connection with Athora's agreement to acquire a UK insurer[274](index=274&type=chunk)[283](index=283&type=chunk) - Athene has a significant investment in Atlas, an asset-backed specialty lender, holding **$4.6 billion** of AFS securities issued by Atlas or its affiliates as of June 30, 2025[284](index=284&type=chunk) - Athene's subsidiaries, ACRA 1 and ACRA 2, are partially owned by ADIP I and ADIP II, respectively, which are funds managed by Apollo. Athene's subsidiary ALRe holds a **37% economic interest** in both ACRA vehicles[291](index=291&type=chunk) [Note 16. Commitments and Contingencies](index=95&type=section&id=Note%2016.%20Commitments%20and%20Contingencies) Summarizes unfunded capital and investment commitments, contingent performance allocation obligations, and ongoing shareholder derivative litigation - Athene had commitments to make investments totaling **$33.3 billion** as of June 30, 2025, primarily for capital contributions to investment funds and mortgage loans[293](index=293&type=chunk) - The company has a contingent obligation related to performance allocations. If all existing fund investments became worthless, approximately **$5.6 billion** of cumulative revenues recognized through June 30, 2025 could be reversed[294](index=294&type=chunk) - The company is involved in a shareholder derivative complaint challenging the **$570 million** in payments made to Former Managing Partners and Contributing Partners following the merger with Athene. A Special Litigation Committee is investigating the matter, with proceedings stayed until **October 7, 2025**[313](index=313&type=chunk) [Note 17. Segments](index=101&type=section&id=Note%2017.%20Segments) Describes the company's three reportable segments and their performance, with Segment Income growing due to increased FRE and SRE - The company's three reportable segments are **Asset Management**, **Retirement Services**, and **Principal Investing**[315](index=315&type=chunk) - The key performance measure used by management is **Segment Income**, which is the sum of **Fee Related Earnings (FRE)** from Asset Management, **Spread Related Earnings (SRE)** from Retirement Services, and **Principal Investing Income (PII)**[317](index=317&type=chunk)[321](index=321&type=chunk)[322](index=322&type=chunk)[323](index=323&type=chunk) Segment Income (in millions) | | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Fee Related Earnings | $627 | $516 | $1,186 | $978 | | Spread Related Earnings | $821 | $710 | $1,625 | $1,527 | | Principal Investing Income | $47 | $33 | $61 | $54 | | **Segment Income** | **$1,495** | **$1,259** | **$2,872** | **$2,559** | [Unaudited Supplemental Presentation of Statements of Financial Condition](index=96&type=section&id=ITEM%201A.%20Unaudited%20Supplemental%20Presentation%20of%20Statements%20of%20Financial%20Condition) Provides a supplemental disaggregation of the consolidated balance sheet, separating Apollo's core operations from consolidated funds and VIEs Supplemental Statement of Financial Condition (June 30, 2025, in millions) | | Apollo Global Management, Inc. and Consolidated Subsidiaries | Consolidated Funds and VIEs | Eliminations | Consolidated | | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | **$409,429** | **$28,240** | **$(18,119)** | **$419,550** | | **Total Liabilities** | $383,170 | $3,060 | $(541) | $385,689 | | **Total Equity** | $26,259 | $25,180 | $(17,578) | $33,861 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=100&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes financial condition and results across segments, highlighting AUM growth, market conditions, and the company's strong liquidity position - As of June 30, 2025, Apollo had total AUM of **$840 billion**, with **$690 billion** in Credit and **$150 billion** in Equity strategies[339](index=339&type=chunk)[341](index=341&type=chunk)[342](index=342&type=chunk) - Management noted strong equity market performance in Q2 2025, with the S&P 500 increasing by **10.6%**. U.S. inflation was reported at **2.7%** as of June 30, 2025, and the Federal Reserve's benchmark interest rate target remained at **4.25% to 4.50%**[353](index=353&type=chunk)[354](index=354&type=chunk) - The company maintains a strong liquidity position with **$12.7 billion** of unrestricted cash and cash equivalents and **$5.1 billion** available from credit facilities as of June 30, 2025[588](index=588&type=chunk) [Results of Operations](index=129&type=section&id=Results%20of%20Operations) Summarizes consolidated results, noting decreased revenues, increased expenses, and a significant drop in net income due to investment-related swings Consolidated Results of Operations Summary (in millions) | | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | **Total Revenues** | **$12,362** | **$13,058** | | Asset Management | $2,153 | $2,089 | | Retirement Services | $10,209 | $10,969 | | **Total Expenses** | **$10,060** | **$9,475** | | **Net Income Attributable to Common Stockholders** | **$1,023** | **$2,231** | [Segment Analysis](index=142&type=section&id=Segment%20Analysis) Analyzes performance across Asset Management, Retirement Services, and Principal Investing segments, highlighting growth in FRE, SRE, and PII Segment Performance Summary (Six months ended June 30, 2025 vs 2024) | (In millions) | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Fee Related Earnings (FRE) | $1,186 | $978 | 21.3% | | Spread Related Earnings (SRE) | $1,625 | $1,527 | 6.4% | | Principal Investing Income (PII) | $61 | $54 | 13.0% | [Asset Management Operating Metrics](index=144&type=section&id=Asset%20Management%20Operating%20Metrics) Presents key Asset Management operating metrics, including AUM growth, fee-generating AUM, and available 'dry powder' for investment AUM Roll-Forward (Dec 31, 2024 to June 30, 2025, in billions) | | Beginning AUM | Net Flows | Realizations | Market Activity | Ending AUM | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total AUM** | **$751.0** | **$70.6** | **$(8.9)** | **$26.9** | **$839.6** | Fee-Generating AUM Roll-Forward (Dec 31, 2024 to June 30, 2025, in billions) | | Beginning FG-AUM | Net Flows | Realizations | Market Activity | Ending FG-AUM | | :--- | :--- | :--- | :--- | :--- | :--- | | **Fee-Generating AUM** | **$568.7** | **$53.7** | **$(3.6)** | **$19.6** | **$638.3** | - As of June 30, 2025, the company had **$72 billion** of 'dry powder' available for investment[525](index=525&type=chunk) [Liquidity and Capital Resources](index=166&type=section&id=Liquidity%20and%20Capital%20Resources) Assesses the company's liquidity and capital resources, detailing cash position, credit facilities, and cash flow activities - The company had **$12.7 billion** of unrestricted cash and cash equivalents and **$5.1 billion** available from credit facilities as of June 30, 2025[588](index=588&type=chunk) Cash Flow Summary (Six months ended June 30, in millions) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Operating Activities | $2,274 | $1,403 | | Investing Activities | $(36,517) | $(31,085) | | Financing Activities | $32,089 | $29,976 | [Quantitative and Qualitative Disclosures about Market Risk](index=156&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Affirms no material changes to market risk exposures, outlining primary risks for Asset Management and Retirement Services segments - There have been **no material changes** to the company's market risk exposures from those previously disclosed in the 2024 Annual Report[672](index=672&type=chunk) [Controls and Procedures](index=156&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Confirms the effectiveness of disclosure controls and procedures, with no material changes to internal control over financial reporting - The CEO and CFO concluded that disclosure controls and procedures were **effective** as of the end of the period covered by the report[676](index=676&type=chunk) - **No material changes** to internal control over financial reporting occurred during the most recent quarter[677](index=677&type=chunk) [PART II - OTHER INFORMATION](index=158&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) Provides additional information on legal proceedings, risk factors, equity sales, and other miscellaneous disclosures [Legal Proceedings](index=158&type=section&id=ITEM%201.%20Legal%20Proceedings) Refers to Note 16 of the financial statements for a comprehensive summary of ongoing legal proceedings - For a summary of legal proceedings, the report incorporates by reference **Note 16** to the condensed consolidated financial statements[680](index=680&type=chunk) [Risk Factors](index=158&type=section&id=ITEM%201A.%20Risk%20Factors) Confirms no material changes to the risk factors previously disclosed in the 2024 Annual Report - There have been **no material changes** to the risk factors disclosed in the 2024 Annual Report[681](index=681&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=158&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details unregistered equity sales and share repurchase activities, including shares repurchased and remaining authorization Purchases of Equity Securities by the Issuer (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Dollar Value Remaining in Program | | :--- | :--- | :--- | :--- | | April 2025 | 160 | $149.27 | $1,050,330,659 | | May 2025 | 112,051 | $139.72 | $1,034,674,472 | | June 2025 | 0 | $— | $1,034,674,472 | | **Total** | **112,211** | | | [Other Items (3, 4, 5, 6)](index=159&type=section&id=Other%20Items) Addresses non-applicable items, confirms no Rule 10b5-1 trading arrangement changes, and lists filed exhibits - Item 3 (Defaults upon Senior Securities) and Item 4 (Mine Safety Disclosures) are **not applicable**[686](index=686&type=chunk)[687](index=687&type=chunk) - **No director or officer** adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[688](index=688&type=chunk)

[Overview and Management Commentary](index=1&type=section&id=Overview%20and%20Management%20Commentary) CEO Anil Singhal announced a solid start to fiscal year 2026, with Q1 growth driven by Cybersecurity and Service Assurance, focusing on product innovation and margin improvement [CEO Remarks](index=1&type=section&id=CEO%20Remarks) CEO Anil Singhal announced a solid start to fiscal year 2026, with Q1 growth driven by Cybersecurity and Service Assurance, focusing on product innovation and margin improvement - The company delivered a solid start to fiscal year 2026, with growth in its Cybersecurity and Service Assurance product lines[2](index=2&type=chunk) - Strategic priorities include driving product innovation, achieving annual revenue growth, and enhancing margins via cost management[3](index=3&type=chunk) [Financial Performance](index=1&type=section&id=Financial%20Performance) NETSCOUT reported a 6.9% YoY revenue increase to $186.7 million in Q1 FY2026, significantly reducing GAAP net loss and growing non-GAAP net income and EPS [Q1 FY26 Financial Results](index=1&type=section&id=Q1%20FY26%20Financial%20Results) NETSCOUT reported a 6.9% YoY revenue increase to $186.7 million in Q1 FY2026, significantly reducing GAAP net loss and growing non-GAAP net income and EPS [Revenue Analysis](index=1&type=section&id=Revenue%20Analysis) Total revenue grew 6.9% YoY to $186.7 million, primarily driven by a 19.3% increase in product revenue, with service revenue remaining flat and product backlog significantly increasing Q1 Revenue Performance (in millions) | Metric | Q1 FY2026 | Q1 FY2025 | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | **$186.7** | **$174.6** | **+6.9%** | | Product Revenue | $73.0 | $61.2 | +19.3% | | Service Revenue | $113.8 | $113.4 | +0.3% | - Total product backlog increased significantly to **$30.9 million** as of June 30, 2025, compared to **$15.3 million** a year prior[5](index=5&type=chunk) [Profitability Analysis](index=2&type=section&id=Profitability%20Analysis) GAAP loss from operations narrowed dramatically to $6.6 million due to the absence of a prior-year goodwill impairment, while non-GAAP income from operations nearly doubled to $26.6 million Q1 Profitability Metrics (in millions, except per share data) | Metric | Q1 FY2026 (GAAP) | Q1 FY2025 (GAAP) | Q1 FY2026 (Non-GAAP) | Q1 FY2025 (Non-GAAP) | | :--- | :--- | :--- | :--- | :--- | | Income (Loss) from Operations | $(6.6) | $(463.3) | $26.6 | $14.0 | | Operating Margin | (3.5)% | (265.4)% | 14.2% | 8.0% | | Net Income (Loss) | $(3.7) | $(443.4) | $24.7 | $20.6 | | Diluted EPS | $(0.05) | $(6.20) | $0.34 | $0.28 | - The significant reduction in GAAP loss from operations was mainly due to the absence of the **$427.0 million** goodwill impairment charge recorded in Q1 FY2025[7](index=7&type=chunk) [Balance Sheet and Cash Flow](index=2&type=section&id=Balance%20Sheet%20and%20Cash%20Flow) NETSCOUT's cash and marketable securities increased to $543.5 million as of June 30, 2025, with the company repurchasing $15.0 million in stock and maintaining zero debt - Cash, cash equivalents, and marketable securities increased to **$543.5 million** as of June 30, 2025, from **$492.5 million** as of March 31, 2025[9](index=9&type=chunk) - Repurchased **761,249 shares** of common stock for an aggregate price of approximately **$15.0 million** during the quarter[9](index=9&type=chunk) - The company had no debt outstanding under its **$600 million** revolving credit facility as of the quarter's end[9](index=9&type=chunk) [Business Outlook](index=2&type=section&id=Business%20Outlook) NETSCOUT reaffirmed its full-year fiscal 2026 guidance, projecting revenue between $825 million and $865 million, along with specific GAAP and non-GAAP diluted EPS ranges [Fiscal Year 2026 Outlook](index=2&type=section&id=Fiscal%20Year%202026%20Outlook) NETSCOUT reaffirmed its full-year fiscal 2026 guidance, projecting revenue between $825 million and $865 million, along with specific GAAP and non-GAAP diluted EPS ranges FY2026 Financial Outlook | Metric | Guidance Range | | :--- | :--- | | Revenue | $825 million to $865 million | | GAAP Net Income per Share (diluted) | $1.07 to $1.22 | | Non-GAAP Net Income per Share (diluted) | $2.25 to $2.40 | [Recent Developments](index=3&type=section&id=Recent%20Developments) NETSCOUT completed a foreign investment sale and rolled out significant AI-backed enhancements to its Arbor DDoS and Omnis Cyber Intelligence solutions, improving threat detection capabilities [Corporate and Product Updates](index=3&type=section&id=Corporate%20and%20Product%20Updates) NETSCOUT completed a foreign investment sale and rolled out significant AI-backed enhancements to its Arbor DDoS and Omnis Cyber Intelligence solutions, improving threat detection capabilities - Completed the sale of a foreign investment for approximately **$12 million** on August 4, 2025[11](index=11&type=chunk) - Announced new AI-backed enhancements to its Arbor DDoS solutions to automate defense, capable of mitigating up to **80%** of all DDoS attacks without further analysis[13](index=13&type=chunk) - Introduced Adaptive Threat Analytics for its Omnis Cyber Intelligence Network Detection and Response (NDR) solution to improve incident response and reduce risk[13](index=13&type=chunk) - Participated in TM Forum's NeuroNOC Catalyst event, deploying its Omnis AI Insights Solution to demonstrate AI-driven operations for 5G networks[13](index=13&type=chunk) [Financial Statements and Reconciliations](index=7&type=section&id=Financial%20Statements%20and%20Reconciliations) This section provides detailed unaudited financial statements, including condensed consolidated statements of operations, balance sheets, and comprehensive reconciliations of GAAP to non-GAAP measures [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section provides the detailed unaudited income statement for the three months ended June 30, 2025, highlighting revenues, costs, and operating expenses, notably the absence of a goodwill impairment charge in FY2026 Condensed Consolidated Statements of Operations (in thousands) | Line Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total revenue | $186,747 | $174,565 | | Gross profit | $143,325 | $130,196 | | Total operating expenses | $149,889 | $593,520 | | Loss from operations | $(6,564) | $(463,324) | | Net loss | $(3,679) | $(443,376) | | Diluted net loss per share | $(0.05) | $(6.20) | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) This section presents the company's balance sheet as of June 30, 2025, detailing assets, liabilities, and stockholders' equity, showing a slight decrease in total assets and liabilities over the quarter Consolidated Balance Sheet Highlights (in thousands) | Line Item | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | Cash, cash equivalents, marketable securities and investments | $532,509 | $491,473 | | Total current assets | $683,915 | $713,184 | | Total assets | $2,157,426 | $2,186,578 | | Total current liabilities | $386,982 | $407,932 | | Total liabilities | $609,875 | $626,183 | | Total stockholders' equity | $1,547,551 | $1,560,395 | [Reconciliation of GAAP to Non-GAAP Measures](index=9&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section provides detailed reconciliations of GAAP to non-GAAP financial measures for key metrics and the full-year FY2026 outlook, detailing adjustments like share-based compensation and amortization Q1 FY26 Reconciliation of GAAP Loss from Operations to Non-GAAP Income from Operations (in thousands) | Description | Amount | | :--- | :--- | | **Loss from Operations (GAAP)** | **$(6,564)** | | Share-based compensation expense | $19,959 | | Amortization of acquired intangible assets | $11,669 | | Restructuring charges | $529 | | Executive Transition Costs | $959 | | Other adjustments | $12 | | **Non-GAAP Income from Operations** | **$26,564** | FY2026 Outlook Reconciliation of GAAP to Non-GAAP Net Income (in millions) | Description | Amount | | :--- | :--- | | **GAAP net income** | **~$79 to ~$90** | | Total adjustments (Amortization, Share-based comp, etc.) | ~$111 | | Related impact of adjustments on income tax | (~$23) | | **Non-GAAP net income** | **~$167 to ~$178** |

– Generated Record Quarterly Net Revenue of $188.0 Million, Up 29% Year-over-Year – – Generated Record Quarterly Jornay PM® Net Revenue of $32.6 Million and Grew Prescriptions by 23% Year-over-Year – – Generated Net Revenue of $155.4 Million from the Pain Portfolio, Up 7% Year-over-Year with All Three Core Products Recording Revenue Growth in the Quarter – – Raised Full-Year 2025 Net Revenue Guidance to be in the Range of $745 to $760 Million and Adjusted EBITDA Guidance in the Range of $440 to $455 Million ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ☐ 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: 814-00967 WHITEHORSE FINANCE, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 45-4247759 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO S ...