Assets and Management - Assets Under Management (AUM) increased to $1.016 billion, a 5.8% rise from $960.1 million year-over-year and a 2.1% increase from the previous quarter[7]. - The fair value of Saratoga Investment's portfolio was $1.016 billion, excluding $169.6 million in cash and cash equivalents, invested in 46 portfolio companies and other financial instruments[11]. - Total assets increased to $1,196,961,951 as of November 30, 2025, compared to $1,191,543,857 on February 28, 2025, reflecting a growth of approximately 0.4%[27]. - Total investments at fair value rose to $1,015,950,344, up from $978,077,750, indicating an increase of about 3.9%[27]. Investment Income - Net Investment Income (NII) per share rose to $0.61, reflecting a $0.03 increase from the previous quarter, but down from $0.90 year-over-year[3]. - Total Investment Income for the quarter was $31.6 million, a decrease of 11.8% from $35.9 million in the same quarter last year, but an increase of 3.3% from $30.6 million last quarter[7]. - Net investment income for the three months ended November 30, 2025, was $9,786,386, a decrease of 21.3% from $12,435,655 in the same period of 2024[30]. - For the nine months ended November 30, 2025, net investment income totaled $29,009,151, down from $44,968,058 in 2024, a decrease of approximately 35.6%[38]. Dividends - Dividends declared for the quarter were $0.75 per share, up from $0.74 per share in the same quarter last year[3]. - Saratoga Investment declared a base quarterly dividend of $0.75 per share for the fourth quarter of fiscal 2026, with three monthly dividends of $0.25 per share[14]. Debt and Financing - The company entered into a new credit agreement with Valley National Bank for $85.0 million, with an initial draw of $32.5 million to repay existing debt[10]. - The company maintained a cash position of $169.6 million, down from $200.8 million last quarter, but still significant for future investments[5]. - Total liabilities decreased to $783,755,039 as of November 30, 2025, down from $798,878,389, a decline of about 1.9%[27]. - Interest and debt financing expenses decreased to $36,735,463 for the nine months ended November 30, 2025, compared to $39,135,022 in the previous year, a reduction of approximately 6.1%[33]. Portfolio Composition - The overall portfolio composition consisted of 83.9% first lien term loans, 0.8% second lien term loans, and 1.6% unsecured loans[11]. - The weighted average current yield on the portfolio was 9.7%, with 10.4% on first lien term loans and 15.6% on second lien term loans[11]. - The weighted average interest rate on the core BDC portfolio decreased to 10.6%, down from 11.3% last quarter and 11.8% year-over-year[7]. Shareholder Actions - The company purchased 1,035,203 shares of common stock at an average price of $22.05, totaling approximately $22.8 million under its Share Repurchase Plan[19]. - Saratoga Investment has sold 8,591,915 shares for gross proceeds of $227.2 million at an average price of $26.37 since the start of its equity distribution agreement[15]. - The company has $136.0 million in undrawn SBA debentures available from its existing SBIC III license[15]. Performance Metrics - Return on Equity (ROE) for the last twelve months was 9.7%, up from 9.2% year-over-year, and quarterly ROE was 13.5%[4]. - The net increase in net assets resulting from operations for the nine months ended November 30, 2025, was $39,217,382, compared to $28,763,019 in the same period of 2024, representing a growth of 36.5%[33]. - The asset coverage ratio improved to 168.4% from 162.9%, indicating a stronger asset base relative to liabilities[28]. - The net investment income yield for the three months ended November 30, 2025, was 9.5%, down from 13.3% in 2024, indicating a decrease of 28.6%[36].

Financial Results Announcement - Phathom Pharmaceuticals, Inc. announced preliminary unaudited financial results for Q4 and full year 2025 on January 7, 2026[4]. - A press release detailing the financial results is attached as Exhibit 99.1[6]. - The financial results include key metrics that will be elaborated in the press release[4]. Compliance and Listing Information - The company is listed on The Nasdaq Global Select Market under the symbol PHAT[2]. - The report is filed under the SEC regulations, indicating compliance with the Securities Exchange Act of 1934[5].

Investment Strategy and Portfolio - The company has elected to be regulated as a Business Development Company (BDC) under the Investment Company Act of 1940, aiming for attractive risk-adjusted returns through investments primarily in senior and unitranche leveraged loans and mezzanine debt issued by U.S. middle-market companies with EBITDA between $2 million and $50 million [431]. - The company has the ability to invest up to 30.0% of its portfolio in opportunistic investments to enhance returns, which may include distressed debt and structured finance vehicles [431]. - The company has committed to provide up to $50.0 million of financing to SLF JV, with an ownership distribution of 87.5% and 12.5% between the company and TJHA, respectively [438]. - The company’s investment strategy is impacted by various risks, including interest rate volatility, inflation, and geopolitical conditions, which could materially affect financial performance [426]. - The company has no current intention to invest in private equity funds exceeding 15.0% of its net assets, adhering to regulatory definitions under the Investment Company Act [431]. - As of November 30, 2025, the company had 103 investments and 46 portfolio companies, with an average investment per portfolio company of $20.0 million [476]. - During the three months ended November 30, 2025, the company invested $72.1 million in new and existing portfolio companies, resulting in net investments of $(16.2) million for the period [480]. - The portfolio composition at November 30, 2025, included 83.9% in first lien term loans with a weighted average current yield of 10.4% [483]. - At November 30, 2025, 87.0% of the investments had a green CMR color rating, indicating performing credit [488]. Financial Performance - Total investment income for the three months ended November 30, 2025, decreased by $4.2 million, or 11.8%, to $31.6 million from $35.9 million for the same period in 2024 [499]. - Interest income from investments for the nine months ended November 30, 2025, decreased by $23.3 million, or 22.3%, to $81.1 million from $104.4 million for the same period in 2024 [500]. - The weighted average current yield on investments decreased to 9.7% as of November 30, 2025, down from 10.8% at November 30, 2024 [500]. - Net investment income for the three months ended November 30, 2025, was $9.8 million, down from $12.4 million for the same period in 2024 [497]. - The total portfolio value at fair value as of November 30, 2025, was $1,015.95 million, an increase from $978.08 million as of February 28, 2025 [496]. - The healthcare services sector represented 9.2% of the total portfolio as of November 30, 2025, up from 8.5% as of February 28, 2025 [492]. - The banking, finance, insurance, and real estate sector accounted for 19.4% of Saratoga CLO's portfolio as of November 30, 2025, down from 20.9% as of February 28, 2025 [493]. Expenses and Fees - Primary operating expenses include investment advisory fees and costs related to NAV calculations and independent valuations [469]. - Total operating expenses for the three months ended November 30, 2025, were $21.9 million, compared to $23.4 million for the same period in 2024 [497]. - Total operating expenses for the nine months ended November 30, 2025, decreased by $7.0 million, or 9.7%, to $65.6 million compared to $72.6 million for the same period in 2024 [509]. - Interest and debt financing expenses decreased by $1.1 million, or 9.1%, to $11.9 million for the three months ended November 30, 2025, primarily due to an 8.8% decrease in average outstanding debt [510]. - Base management fees for the three months ended November 30, 2025, increased by $0.02 million, or 0.5%, to $4.43 million compared to the same period in 2024 [513]. - Incentive management fees for the three months ended November 30, 2025, decreased by $0.7 million, or 21.3%, to $2.4 million compared to $3.1 million for the same period in 2024 [515]. Debt and Financing - The company has committed $50 million in financing to SLF JV, with a 10% fixed-rate unsecured note due in 2033 [467]. - The Encina Credit Facility allowed borrowings up to $65.0 million, with a minimum drawn amount of $25.0 million effective from April 5, 2022 [556][559]. - The company intends to distribute substantially all of its operating taxable income to satisfy RIC distribution requirements, potentially utilizing stock distributions [551]. - The Live Oak Credit Facility has an initial facility amount of $50.0 million, maturing on March 27, 2027 [570]. - As of November 30, 2025, there was $37.5 million in outstanding borrowings under the Live Oak Credit Facility, with a borrowing base of $81.9 million [584]. - The Valley Credit Facility has an initial facility amount of $85.0 million, maturing on November 6, 2028 [585]. - The Valley Credit Facility requires a minimum drawn amount of the greater of $25.0 million or 38% of the facility amount [588]. - Advances under the Live Oak Credit Facility bear interest at a floating rate of the greater of Adjusted Term SOFR and 0.75%, plus a margin of 3.50% to 4.25% [575]. - The Live Oak Credit Facility requires an Interest Coverage Ratio of at least 175% and an Overcollateralization Ratio of at least 200% [581]. - The priority of payments provisions for both credit facilities limit operating expenses to $200,000 per annum [579][593]. Unrealized Gains and Losses - The net change in unrealized appreciation for the nine months ended November 30, 2025, was $4.1 million, compared to $33.7 million for the same period in 2024 [532]. - The most significant unrealized appreciation for the nine months ended November 30, 2025, was a $4.9 million increase in the investment in Zollege PBC due to improved company performance [533]. - The company experienced a $34.0 million net realized loss from the restructuring of its investment in Pepper Palace, Inc. [531]. - The company recorded a $15.1 million net realized loss from the restructuring of its investment in Zollege PBC for the nine months ended November 30, 2024 [528]. - The company had a net change in unrealized depreciation of $1.1 million in its investment in Identity Automation Systems due to the sale of the equity position [536]. - The company recorded a $2.2 million net change in unrealized depreciation in its investment in Saratoga Investment Corp. CLO driven by the performance of individual credits in the CLO portfolio [534]. Regulatory and Compliance - The company’s SBIC subsidiaries received licenses from the SBA, providing up to $175.0 million in long-term capital in the form of debentures guaranteed by the SBA [433]. - The company is evaluating the impact of new accounting standards, including ASU 2023-09 and ASU 2024-03, on its consolidated financial statements [473][474]. - The company received exemptive relief from the SEC, allowing it to borrow up to $350.0 million more than previously permitted [602].

Housing Market and Development - The housing market stabilized in 2024, with the Federal Reserve shifting to a balanced approach, maintaining consistent interest rates through the first half of 2025 [99]. - Homebuilders' strategic use of interest rate buydowns has been crucial in driving sales despite higher mortgage interest rates and economic uncertainty [100]. - The Sky Ranch development is zoned for up to 3,200 single-family and multifamily homes, with plans for over two million square feet of retail, commercial, and light industrial space [102]. Sky Ranch Development Phases - The average lot price in Phase 2 of Sky Ranch increased by approximately 53%, from $75,000 to $115,000 for a 45-foot lot [110]. - As of November 30, 2025, Phase 2A of Sky Ranch is 100% complete, with $18.4 million received from the sale of 219 lots [111]. - Phase 2B of Sky Ranch is approximately 98% complete, with $17.3 million received from the sale of 211 lots [112]. - Phase 2C of Sky Ranch is approximately 89% complete, with $17.3 million received from the sale of 228 lots [113]. - Phase 2D of Sky Ranch is approximately 65% complete, with $4.5 million received and an expectation of $14.5 million in remaining payments [114]. - Construction activities for Phase 2E are expected to begin in fiscal 2026, with approximately 159 lots planned for completion in calendar 2026 [116]. Financial Performance - For the three months ended November 30, 2025, net income increased to $4.5 million from $3.9 million in 2024, primarily due to increased land development revenue [120]. - Total revenue for the same period rose by 59% to $9.1 million, driven by a 160% increase in lot sales revenue, which reached $6.0 million [122][130]. - Revenue recognized from lot sales in the three months ended November 30, 2025, was $6.0 million, compared to $2.3 million in the same period of 2024 [115]. - Operating income for the three months ended November 30, 2025, was $4.4 million, a 155% increase compared to the previous year [122]. Cash Flow and Investments - Cash used in operating activities for the three months ended November 30, 2025, was $1.0 million, primarily for construction activities at Sky Ranch and vendor payments [142]. - Cash used in investing activities was $4.7 million, mainly for the construction of single-family rentals and additional water and wastewater infrastructure [142]. - Financing activities provided $1.2 million in cash from financing single-family rentals, marking a significant increase of 1,165% compared to the previous year [140]. - The net change in cash for the three months ended November 30, 2025, was a decrease of $4.5 million, representing a 355% decline from the prior year [140]. - The company anticipates spending up to $10.8 million in the next 12 months for Phase 2 development and expects to receive approximately $17.5 million in milestone payments from builders [137]. - The company anticipates investing up to $2.0 million over the next 12 months to fund the Rangeview District's obligations related to water and infrastructure development [139]. Water and Infrastructure - Water and wastewater tap fees increased by 14% to $1.7 million, reflecting the timing of builders obtaining building permits [122][128]. - Water deliveries decreased by 51% to 147 acre-feet, primarily due to reduced sales to oil and gas operators [126][127]. - The current WISE subscription allows the company to access approximately 3.0 million gallons per day of transmission pipeline capacity and up to 900 acre-feet per year of water [139]. - The company expects to continue spending cash for construction activities at Sky Ranch for the foreseeable future [142]. General and Administrative Expenses - General and administrative expenses slightly increased due to inflation but were offset by a reversal of a legal expense of $0.5 million [125]. Accounting and Reporting - There have been no changes to the company's critical accounting policies during the three months ended November 30, 2025 [143]. - The company’s financial statements for the three months ended November 30, 2025, should be read in conjunction with the audited financial statements in the 2025 Annual Report [143].

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 November 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 0-11399 Cintas Logo - Ready for the Workday.jpg Cintas Corporation (Exact name of registrant as specified in its charter) Washington 31-118863 ...

Financial Performance - Net sales for the thirteen weeks ended November 29, 2025, increased to $965.7 million, up from $928.5 million for the same period in 2024, representing a growth of 4.5%[14] - Gross profit for the quarter was $392.7 million, compared to $378.2 million in the prior year, reflecting a gross margin improvement[14] - Net income attributable to MSC Industrial for the quarter was $51.8 million, an increase from $46.6 million year-over-year, resulting in a net income per share of $0.93, up from $0.83[14] - Comprehensive income attributable to MSC Industrial was $50.8 million, compared to $42.8 million in the same quarter of the previous year[16] - Net income for the thirteen weeks ended November 29, 2025, was $51,108, compared to $45,694 for the same period in 2024, representing an increase of 9.8%[20] - Net income for the thirteen weeks ended November 29, 2025, was $51,804, compared to $46,623 for the same period in 2024, representing an increase of 4.5%[40] - Basic and diluted net income per share for the thirteen weeks ended November 29, 2025, was $0.93, up from $0.83 in the prior year, reflecting a growth of 12.0%[40] - The operating margin improved slightly to 7.9% for the thirteen-week period ended November 29, 2025, compared to 7.8% in 2024[84] Assets and Liabilities - Total current assets rose to $1.26 billion, compared to $1.23 billion at the end of the previous quarter, driven by increases in accounts receivable and inventories[12] - Total liabilities increased to $1.10 billion from $1.07 billion, primarily due to an increase in long-term debt, which rose to $214.1 million from $168.8 million[12] - Total assets increased to $2.487 billion as of November 29, 2025, compared to $2.462 billion at the end of the previous quarter[12] - Current liabilities decreased slightly to $726.301 million from $729.346 million in the previous quarter[12] - Total shareholders' equity attributable to MSC Industrial was $1.381 billion, down from $1.388 billion in the previous quarter[12] Cash Flow and Investments - Cash and cash equivalents decreased to $40.3 million from $56.2 million, indicating a reduction in liquidity[12] - Net cash provided by operating activities decreased to $29,411 from $101,868 year-over-year, a decline of 71.1%[20] - Cash used in investing activities was $(21,189), slightly higher than $(20,408) in the previous year[20] - Cash used in financing activities decreased to $(23,936) from $(53,359) year-over-year, a reduction of 55.2%[20] - The Company reported cash and cash equivalents of $40,254 at the end of the period, down from $57,266 a year earlier, a decrease of 29.7%[20] Restructuring and Costs - The company reported a restructuring cost of $4.9 million during the quarter, compared to $2.3 million in the same period last year[14] - The company incurred restructuring and other costs of $4,870 during the thirteen-week period ended November 29, 2025, up from $2,344 in the prior year[74] - The company expects additional severance and separation costs of approximately $1,500 as part of its restructuring efforts[71] Revenue Sources - Revenue from the manufacturing heavy sector accounted for 58% of total revenue for the thirteen weeks ended November 29, 2025, up from 57% in the prior year[37] - National account customers represented 37% of total revenue, consistent with the previous year[38] - The Company’s revenue from the United States remained stable at 95% for both periods[38] Stock and Dividends - The company declared regular cash dividends of $48.6 million during the quarter, slightly up from $47.5 million in the prior year[18] - The company paid regular cash dividends of $0.87 per share totaling $48,626 for the thirteen-week period ended November 29, 2025, compared to $0.85 per share totaling $47,537 in 2024[69] Other Financial Metrics - The effective tax rate for the period was 24.3%, slightly lower than 24.6% for the same period in 2024[77] - The company reported total accrued sales returns of $6,923 as of November 29, 2025, compared to $7,089 as of August 30, 2025[32] - Total accrued sales incentives increased to $27,999 from $22,948 year-over-year[33] - The allowance for credit losses decreased to $20,761 as of November 29, 2025, from $22,365 as of August 30, 2025, reflecting a reduction of 6.8%[53] - Stock-based compensation expense for the thirteen weeks ended November 29, 2025, was $4,378, an increase from $3,562 in the same period of 2024, marking a rise of 22.9%[41]

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 29, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q For the transition period from to Commission File Number: 0-6365 _________________________________ APOGEE ENTERPRISES, INC. (Exact name of registrant as specified in its charter) _____________________ ...

Financial Results Announcement - CHS Inc. announced its results for the quarter ended November 30, 2025, on January 7, 2026[4] - The press release detailing the financial results is attached as Exhibit 99.1[6] Company Classification - The company is not classified as an emerging growth company under the Securities Act[3]

Financial Results Announcement - CHS Inc. announced its results for the quarter ended November 30, 2025, on January 7, 2026[4] - The press release detailing the financial results is attached as Exhibit 99.1[4] Company Classification - The company is not classified as an emerging growth company under the Securities Act[3] - CHS Inc. has not elected to use the extended transition period for complying with new financial accounting standards[3] Report Details - The report includes a cover page interactive data file embedded within the Inline XBRL document[6]

Financial Results Announcement - CHS Inc. announced its results for the quarter ended November 30, 2025, on January 7, 2026[4] - The press release detailing the financial results is attached as Exhibit 99.1[6] Company Classification - The company is not classified as an emerging growth company under the Securities Act[3]