Exhibit 99.1 UNITED HOMES GROUP, INC. REPORTS 2025 SECOND QUARTER RESULTS Second Quarter 2025 Highlights COLUMBIA, SC., August 7, 2025 / United Homes Group, Inc. (the "Company") (NASDAQ: UHG) today announced results for the three and six months ended June 30, 2025. Second Quarter 2025 Operating Results For the second quarter 2025, net loss was $6.3 million, or $0.11 per diluted share, which included a loss from the change in fair value of derivative liabilities of $6.2 million, with that change predominantl ...

[Report Overview](index=1&type=section&id=Report%20Overview) [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) United Homes Group, Inc. reported a Q2 2025 net loss, primarily due to derivative liability fair value changes, despite improved gross margin and average selling price, with declining home deliveries and new orders Key Financial and Operational Metrics for Q2 2025 | Metric | Q2 2025 | Q2 2024 | Year-over-Year Change | | :------------------------------------ | :-------------- | :-------------- | :-------------------- | | Net (Loss) Income (million USD) | $(6.3) | $28.6 | Decrease | | Diluted (Loss) Earnings Per Share | $(0.11) | $0.50 | Decrease | | Revenue (Net of Sales Discounts) (million USD) | $105.5 | $109.4 | -4% | | Home Deliveries | 303 | 337 | -10% | | New Orders | 304 | 323 | -6% | | Gross Margin | 18.9% | 17.9% | +100 Basis Points | | Production Home Average Selling Price (ASP) (USD) | ~$349,000 | ~$341,000 | +2.5% | | Total Stockholders' Equity (million USD) | $82.2 | N/A | N/A | | Adjusted Book Value (million USD) | $96.9 | N/A | N/A | - As of June 30, 2025, the company owned or controlled approximately **7,300** land lots[4](index=4&type=chunk) - As of June 30, 2025, available liquidity was **$95.2 million**, comprising **$36.5 million** in cash and **$58.7 million** in unused credit facility capacity[4](index=4&type=chunk) - CEO Jack Micenko stated the company made progress in product updates and improving direct cost efficiency through systematic re-bidding of materials and labor[2](index=2&type=chunk) - CFO Keith Feldman noted gross margin expansion was driven by the appeal of redesigned floor plans and re-bidding initiatives[3](index=3&type=chunk)[5](index=5&type=chunk) [Financial Performance - Three Months Ended June 30, 2025](index=1&type=section&id=Financial%20Performance%20-%20Three%20Months%20Ended%20June%2030,%202025) [Operating Results Details - Q2 2025](index=1&type=section&id=Operating%20Results%20Details%20-%20Q2%202025) In Q2 2025, the company reported a net loss, primarily due to changes in the fair value of derivative liabilities, with a slight revenue decrease year-over-year but improved gross margin from product optimization and cost savings Q2 2025 Condensed Statements of Operations Summary | Metric (thousand USD) | Q2 2025 | Q2 2024 | | :------------------------------------ | :------------- | :------------- | | Revenue (Net of Sales Discounts) | $105,506 | $109,420 | | Cost of Sales | $85,587 | $89,842 | | Gross Profit | $19,919 | $19,578 | | Selling, General and Administrative Expenses | $18,016 | $19,614 | | Net (Loss) Income from Operations | $1,903 | $(36) | | Change in Fair Value of Derivative Liabilities | $(6,171) | $32,055 | | Net (Loss) Income | $(6,341) | $28,640 | | Diluted (Loss) Earnings Per Share | $(0.11) | $0.50 | Q2 2025 Gross Margin Analysis | Metric | Q2 2025 | Q2 2024 | | :------------------ | :------------- | :------------- | | Gross Margin | 18.9% | 17.9% | | Adjusted Gross Margin | 21.3% | 20.9% | - Gross margin improvement was primarily driven by a healthy mix of redesigned floor plans, direct construction cost savings from re-bidding initiatives, and reduced non-recurring expenses[3](index=3&type=chunk) Q2 2025 Selling, General and Administrative Expenses (SG&A) | Metric | Q2 2025 | | :--------------------------- | :------------- | | SG&A as a Percentage of Revenue | 17.1% | | Adjusted SG&A as a Percentage of Revenue | 14.9% | Q2 2025 Adjusted EBITDA | Metric | Q2 2025 | Q2 2024 | | :------------- | :------------- | :------------- | | Adjusted EBITDA (million USD) | $7.2 | $7.7 | [Financial Performance - Six Months Ended June 30, 2025](index=2&type=section&id=Financial%20Performance%20-%20Six%20Months%20Ended%20June%2030,%202025) [Operating Results Details - 6 Months 2025](index=2&type=section&id=Operating%20Results%20Details%20-%206%20Months%202025) For the first half of 2025, the company experienced significant year-over-year declines in net income, revenue, home deliveries, and new orders, with GAAP gross margin slightly up but adjusted gross margin down due to increased incentives H1 2025 Condensed Statements of Operations Summary | Metric (thousand USD) | H1 2025 | H1 2024 | | :------------------------------------ | :------------- | :------------- | | Net Income | $11,839 | $53,578 | | Diluted Earnings Per Share | $0.20 | $0.93 | | Revenue (Net of Sales Discounts) | $192,507 | $210,258 | | Home Deliveries | 555 | 648 | | New Orders | 600 | 707 | | Production Home Average Selling Price (ASP) (USD) | ~$347,000 | ~$338,000 | H1 2025 Gross Margin Analysis | Metric | H1 2025 | H1 2024 | | :------------------ | :------------- | :------------- | | Gross Margin | 17.7% | 17.0% | | Adjusted Gross Margin | 20.2% | 20.7% | - GAAP gross margin slightly increased due to a higher mix of redesigned floor plan home deliveries and a lower percentage of capitalized interest expense in cost of sales, partially offset by higher incentive-related costs; adjusted gross margin decreased primarily due to higher incentives[8](index=8&type=chunk) H1 2025 Selling, General and Administrative Expenses (SG&A) | Metric | H1 2025 | | :--------------------------- | :------------- | | SG&A as a Percentage of Revenue | 17.8% | | Adjusted SG&A as a Percentage of Revenue | 15.6% | H1 2025 Adjusted EBITDA | Metric | H1 2025 | H1 2024 | | :------------- | :------------- | :------------- | | Adjusted EBITDA (million USD) | $10.1 | $14.9 | [Strategic and Company Information](index=2&type=section&id=Strategic%20and%20Company%20Information) [Recent Developments](index=2&type=section&id=Recent%20Developments) The company's Board of Directors initiated a process on May 19, 2025, to explore strategic alternatives, including a sale of the company, asset sales, and refinancing existing debt, to maximize shareholder value, with the process ongoing - The Board of Directors initiated a process on May 19, 2025, to explore strategic alternatives, including a sale of the company, asset sales, and refinancing existing debt, to maximize shareholder value[11](index=11&type=chunk) - The process is ongoing, and its outcome and timing remain uncertain[11](index=11&type=chunk) [About United Homes Group, Inc.](index=3&type=section&id=About%20United%20Homes%20Group,%20Inc.) United Homes Group, Inc. is a publicly traded homebuilder based in South Carolina, focusing on the Southeast market with an "asset-light" strategy, controlling land supply through option contracts, and building entry-level to third-move-up single-family and townhomes - The company is a publicly traded homebuilder headquartered near Columbia, South Carolina[14](index=14&type=chunk) - Its primary markets are concentrated in the Southeast, including South Carolina, North Carolina, and Georgia[14](index=14&type=chunk) - It employs an "asset-light" operating strategy, controlling developed lot supply through option contracts with third parties, affiliates, and land bank partners, thereby avoiding the risks of acquiring and developing raw land[15](index=15&type=chunk)[16](index=16&type=chunk) - The company focuses on designing, building, and selling entry-level, first-time, second-move-up, and third-move-up single-family homes, along with a limited number of attached homes, including duplexes and townhomes[15](index=15&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements protected by safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934, based on current expectations and assumptions, involving known and unknown risks and uncertainties that could cause actual results to differ materially from projections - Certain statements in this earnings release are considered forward-looking statements, protected by the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934[17](index=17&type=chunk) - Forward-looking statements are based on current expectations, estimates, and projections about the industry and markets, as well as management's beliefs and assumptions, involving uncertainties that could significantly impact financial performance[18](index=18&type=chunk) - Risks and uncertainties include disruptions in mortgage financing, credit market volatility, slowdowns in the homebuilding industry, labor/land/material shortages, rising interest rates, ability to execute business model, successful execution of strategic alternatives, and legal proceedings[18](index=18&type=chunk) - Readers are cautioned not to place undue reliance on these forward-looking statements, and the company does not intend to publicly update or revise any forward-looking statements[19](index=19&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, the company's total assets and stockholders' equity increased, with a rise in cash and cash equivalents and a significant reduction in derivative liabilities, reflecting changes in its financial position Condensed Consolidated Balance Sheets Summary (thousand USD) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--------------------------- | :------------- | :---------------- | :------- | | Cash and Cash Equivalents | $36,538 | $22,629 | +$13,909 | | Inventory | $144,454 | $139,270 | +$5,184 | | Lot Deposits | $44,938 | $48,153 | -$3,215 | | Goodwill | $9,280 | $9,280 | $0 | | **Total Assets** | **$281,066** | **$265,381** | **+$15,685** | | Accounts Payable | $22,257 | $17,801 | +$4,456 | | Syndicated Credit Facility | $64,196 | $50,196 | +$14,000 | | Derivative Liabilities | $24,011 | $39,158 | -$15,147 | | Term Loan, Net | $67,314 | $67,150 | +$164 | | **Total Liabilities** | **$198,904** | **$198,514** | **+$390** | | **Total Stockholders' Equity** | **$82,162** | **$66,867** | **+$15,295** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) In Q2 2025, the company shifted from profit to loss, and H1 net income significantly declined, primarily due to changes in the fair value of derivative liabilities; both revenue and cost of sales decreased, but gross profit slightly increased in Q2 Condensed Consolidated Statements of Operations Summary (thousand USD) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :------------------------------------ | :------------- | :------------- | :------------- | :------------- | | Revenue (Net of Sales Discounts) | $105,506 | $109,420 | $192,507 | $210,258 | | Cost of Sales | $85,587 | $89,842 | $158,460 | $174,586 | | Gross Profit | $19,919 | $19,578 | $34,047 | $35,672 | | Selling, General and Administrative Expenses | $18,016 | $19,614 | $34,176 | $36,668 | | Net (Loss) Income from Operations | $1,903 | $(36) | $(129) | $(996) | | Change in Fair Value of Derivative Liabilities | $(6,171) | $32,055 | $15,038 | $58,435 | | (Loss) Income Before Income Taxes | $(6,610) | $28,776 | $10,279 | $52,551 | | Net (Loss) Income | $(6,341) | $28,640 | $11,839 | $53,578 | | Diluted (Loss) Earnings Per Share | $(0.11) | $0.50 | $0.20 | $0.93 | [Non-GAAP Financial Measures Reconciliations](index=7&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliations) [Adjusted Gross Profit Reconciliation](index=7&type=section&id=Adjusted%20Gross%20Profit%20Reconciliation) This section provides a reconciliation of GAAP gross profit to adjusted gross profit, with adjustments for capitalized interest, amortization, abandoned project costs, severance, and non-recurring remediation costs, to offer a more specific measure of gross profit Adjusted Gross Profit Reconciliation Summary (thousand USD) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :------------------------------------ | :------------- | :------------- | :------------- | :------------- | | Gross Profit | $19,919 | $19,578 | $34,047 | $35,672 | | Interest Expense in Cost of Sales | $1,632 | $1,659 | $3,133 | $5,172 | | Amortization in Homebuilding Cost of Sales | $882 | $913 | $1,563 | $1,861 | | Abandoned Project Costs | $3 | $320 | $58 | $320 | | Severance in Cost of Sales | $0 | $325 | $0 | $325 | | Non-Recurring Remediation Costs | $0 | $50 | $0 | $109 | | **Adjusted Gross Profit** | **$22,436** | **$22,845** | **$38,801** | **$43,459** | | Gross Margin | 18.9% | 17.9% | 17.7% | 17.0% | | Adjusted Gross Margin | 21.3% | 20.9% | 20.2% | 20.7% | [EBITDA and Adjusted EBITDA Reconciliation](index=8&type=section&id=EBITDA%20and%20Adjusted%20EBITDA%20Reconciliation) This section reconciles GAAP net income to EBITDA and adjusted EBITDA, excluding items such as interest, taxes, depreciation, amortization, stock-based compensation, transaction costs, and changes in fair value of derivative liabilities, to better assess the company's operating performance EBITDA and Adjusted EBITDA Reconciliation Summary (thousand USD) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :------------------------------------ | :------------- | :------------- | :------------- | :------------- | | Net (Loss) Income | $(6,341) | $28,640 | $11,839 | $53,578 | | EBITDA | $(2,062) | $34,571 | $19,327 | $64,493 | | Stock-Based Compensation Expense | $1,411 | $1,840 | $3,368 | $3,350 | | Transaction Costs Expense | $707 | $517 | $707 | $1,742 | | Amortization in Homebuilding Cost of Sales | $882 | $913 | $1,563 | $1,861 | | Severance | $125 | $1,504 | $125 | $1,504 | | Abandoned Project Costs | $3 | $320 | $58 | $320 | | Change in Fair Value of Derivative Liabilities | $6,171 | $(32,055) | $(15,038) | $(58,435) | | Non-Recurring Remediation Costs | $0 | $50 | $0 | $109 | | **Adjusted EBITDA** | **$7,237** | **$7,660** | **$10,110** | **$14,944** | | EBITDA Margin | (2.0)% | 31.6% | 10.0% | 30.7% | | Adjusted EBITDA Margin | 6.9% | 7.0% | 5.3% | 7.1% | [Adjusted SG&A Reconciliation](index=9&type=section&id=Adjusted%20SG%26A%20Reconciliation) This section provides a reconciliation of GAAP selling, general, and administrative expenses (SG&A) to adjusted SG&A, by excluding stock-based compensation expense, transaction costs expense, and severance in SG&A, to more clearly reflect the company's operating performance Adjusted SG&A Reconciliation Summary (thousand USD) | Metric | Q2 2025 | H1 2025 | | :------------------------------------ | :------------- | :------------- | | Selling, General and Administrative Expenses | $18,016 | $34,176 | | Stock-Based Compensation Expense | $1,411 | $3,368 | | Transaction Costs Expense | $707 | $707 | | Severance in SG&A | $125 | $125 | | **Adjusted SG&A** | **$15,773** | **$29,976** | | SG&A Percentage | 17.1% | 17.8% | | Adjusted SG&A Percentage | 14.9% | 15.6% | [Adjusted Book Value Reconciliation](index=10&type=section&id=Adjusted%20Book%20Value%20Reconciliation) This section provides a reconciliation of GAAP total stockholders' equity to adjusted book value, by excluding the impact of goodwill and derivatives, to offer a measure that management believes better reflects the company's operating performance Adjusted Book Value Reconciliation Summary (thousand USD) | Metric | June 30, 2025 | | :--------------------------- | :------------- | | Total Stockholders' Equity | $82,162 | | Derivative Liabilities | $24,011 | | Goodwill | $(9,280) | | **Adjusted Book Value** | **$96,893** | [Operational Metrics by Market](index=11&type=section&id=Operational%20Metrics%20by%20Market) [Market Performance Overview](index=11&type=section&id=Market%20Performance%20Overview) The company's operational performance varied across market regions, with total new orders and deliveries declining year-over-year in both Q2 and H1, though the Rosewood and Raleigh markets showed strong growth, and total backlog units and value decreased as of June 30 Q2 2025 Operational Metrics by Market | Market | Q2 2025 New Orders | Q2 2025 Deliveries | Q2 2024 New Orders | Q2 2024 Deliveries | New Orders YoY Change | Deliveries YoY Change | | :------- | :----------------- | :----------------- | :----------------- | :----------------- | :-------------------- | :-------------------- | | Coastal | 58 | 49 | 62 | 48 | -6% | 2% | | Midlands | 130 | 145 | 169 | 175 | -23% | -17% | | Upstate | 92 | 84 | 73 | 98 | 26% | -14% | | Rosewood | 16 | 16 | 9 | 8 | 78% | 100% | | Raleigh | 8 | 9 | 10 | 8 | -20% | 13% | | **Total** | **304** | **303** | **323** | **337** | **-6%** | **-10%** | H1 2025 Operational Metrics by Market | Market | H1 2025 New Orders | H1 2025 Deliveries | H1 2024 New Orders | H1 2024 Deliveries | New Orders YoY Change | Deliveries YoY Change | | :------- | :----------------- | :----------------- | :----------------- | :----------------- | :-------------------- | :-------------------- | | Coastal | 97 | 94 | 130 | 93 | -25% | 1% | | Midlands | 281 | 269 | 378 | 325 | -26% | -17% | | Upstate | 164 | 139 | 168 | 196 | -2% | -29% | | Rosewood | 33 | 29 | 17 | 22 | 94% | 32% | | Raleigh | 25 | 24 | 14 | 12 | 79% | 100% | | **Total** | **600** | **555** | **707** | **648** | **-15%** | **-14%** | Backlog as of June 30, 2025 | Market | Backlog Units | Backlog Value (million USD) | | :------- | :------------ | :-------------------------- | | Coastal | 52 | $19.1 | | Midlands | 83 | $29.4 | | Upstate | 49 | $16.0 | | Rosewood | 14 | $8.7 | | Raleigh | 4 | $1.7 | | **Total** | **202** | **$74.9** | - As of June 30, 2025, total backlog units decreased by **19%** to **202** units, and total backlog value decreased by **13%** to **$74.9 million** year-over-year[37](index=37&type=chunk) [Additional Information](index=2&type=section&id=Additional%20Information) [Earnings Conference Call](index=2&type=section&id=Earnings%20Conference%20Call) The company will host an earnings conference call on August 7, 2025, allowing investors to participate via webcast or dial-in to discuss Q2 results - The company will host an investor conference call via webcast on Thursday, August 7, 2025, at 8:30 AM ET[12](index=12&type=chunk) - Investors can listen to the live webcast on the company's website at www.unitedhomesgroup.com under the "Investors" section, "Events & Presentations" heading[12](index=12&type=chunk) - Dial-in numbers are 800-715-9871 (toll-free) or 646-307-1963 (international), with Conference ID: 3108794[12](index=12&type=chunk)[13](index=13&type=chunk) [Investor and Media Contacts](index=4&type=section&id=Investor%20and%20Media%20Contacts) This section provides detailed contact information for United Homes Group, Inc.'s investor relations and media representatives - Investor Relations Contact: Drew Mackintosh (drew@mackintoshir.com, Mobile: 310-924-9036)[20](index=20&type=chunk) - Media Contact: Erin Reeves-McGinnis (erinreevesmcginnis@unitedhomesgroup.com, Phone: 844-766-4663)[20](index=20&type=chunk)

Exhibit 99.1 FOR IMMEDIATE RELEASE Cogent Contacts: For Public Relations: For Investor Relations: Jocelyn Johnson John Chang + 1 (202) 295-4299 + 1 (202) 295-4212 jajohnson@cogentco.com investor.relations@cogentco.com Cogent Communications Reports Second Quarter Results, Increases its Regular Quarterly Dividend on its Common Stock and Increases its Stock Buyback Program by $100.0 Million Financial and Business Highlights Page 1 of 24 · Service revenue was $246.2 million for Q2 2025 and was $247.0 million fo ...

[Important Disclosures](index=2&type=section&id=Important%20Disclosures) This section outlines P10's investment advisory services, forward-looking statements, and the use of non-GAAP financial measures for performance evaluation [General Disclosures](index=2&type=section&id=General%20Disclosures) P10, Inc. is a holding company, with investment advisory services provided by its SEC-registered subsidiaries, and this presentation is for informational purposes only - P10, Inc. is a holding company; investment advisory services are provided by its US Securities and Exchange Commission (SEC) registered subsidiaries[3](index=3&type=chunk) - This presentation is for informational purposes only and does not constitute an offer by P10 to sell securities or provide investment advice[3](index=3&type=chunk) [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION](index=2&type=section&id=CAUTIONARY%20STATEMENT%20REGARDING%20FORWARD-LOOKING%20INFORMATION) This presentation contains forward-looking statements and financial projections subject to significant risks and uncertainties, which may cause actual results to differ materially - Forward-looking statements are subject to known and unknown risks, uncertainties, and assumptions that may cause actual results to differ materially[4](index=4&type=chunk) - Financial and operating projections are speculative, based on estimates and assumptions, and actual results may fall significantly short of any projections[5](index=5&type=chunk) [USE OF NON-GAAP FINANCIAL MEASURES BY P10, INC](index=2&type=section&id=USE%20OF%20NON-GAAP%20FINANCIAL%20MEASURES%20BY%20P10,%20INC) P10 uses non-GAAP metrics like FRR, FRE, ANI, and FPAUM to assess operational performance and liquidity, supplementing GAAP results for better comparability - P10 uses non-GAAP metrics (FRR, FRE, FRE Margin, ANI, Fully Diluted ANI per share, FPAUM, AUM) to evaluate operational performance and liquidity[7](index=7&type=chunk) - FPAUM reflects assets on which the company earns management and advisory fees, typically based on committed capital, unaffected by market appreciation or depreciation[6](index=6&type=chunk) - Non-GAAP metrics should not be considered a substitute for GAAP net income or operating cash flow and should be evaluated with their reconciliation to GAAP measures[7](index=7&type=chunk) [Second Quarter 2025 Highlights](index=3&type=section&id=Second%20Quarter%202025%20Highlights) This section summarizes P10's Q2 2025 financial performance, key business drivers, and capital return initiatives, including FPAUM growth and dividend declarations [Second Quarter 2025 Financial Highlights](index=3&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) In Q2 2025, P10's FPAUM grew 21% year-over-year to $28.9 billion, while GAAP net income decreased 43% to $4.2 million, and non-GAAP fee-related earnings increased 5% to $35.4 million 2025年第二季度财务亮点（同比变化） | Metric | Q2 2025 ($M) | Q2 2024 ($M) | YoY Change | | :-------------------------- | :----------- | :----------- | :--------- | | **Actual FPAUM ($Bn)** | $28.9 | $23.8 | 21% | | **GAAP Financial Metrics** | | | | | Revenue | $72.7 | $71.1 | 2% | | Operating Expenses | $55.0 | $54.2 | 1% | | GAAP Net Income | $4.2 | $7.4 | -43% | | Fully Diluted GAAP EPS | $0.03 | $0.06 | -52% | | **Non-GAAP Financial Metrics** | | | | | Adjusted Net Income | $26.7 | $28.8 | -7% | | Fully Diluted ANI per share | $0.23 | $0.24 | -6% | | Fee-Related Revenue | $72.7 | $68.3 | 6% | | Fee-Related Earnings | $35.4 | $33.6 | 5% | | Fee-Related Earnings Margin | 49% | 49% | N/A | [Key Business Drivers](index=5&type=section&id=Key%20Business%20Drivers) P10 achieved record organic growth in Q2 2025, raising and deploying $1.93 billion, and added $1 billion in FPAUM through the Qualitas Funds acquisition - FPAUM reached **$28.9 billion**, a **21% year-over-year increase**[12](index=12&type=chunk) - Record organic growth in Q2 2025, raising and deploying **$1.93 billion**, including **$1.25 billion** in Private Equity Solutions, **$568 million** in Private Credit Solutions, and **$114 million** in Venture Capital Solutions[12](index=12&type=chunk) - Completion of the Qualitas Funds transaction added approximately **$1 billion** in FPAUM[12](index=12&type=chunk) [Second Quarter 2025 Highlights, continued](index=6&type=section&id=Second%20Quarter%202025%20Highlights,%20continued) P10 declared a quarterly cash dividend of $0.0375 per share, repurchased over $26 million in stock, and authorized an additional $25 million buyback, alongside new fund launches - Declared a quarterly cash dividend of **$0.0375 per share** for Class A and Class B common stock[14](index=14&type=chunk) - Repurchased **2,501,083 shares** during the quarter at a weighted average price of **$10.49 per share**, totaling over **$26 million**; the Board authorized an additional **$25 million** to the repurchase program[14](index=14&type=chunk) - Recent developments include TrueBridge launching its secondaries fund (April 1), completing the Qualitas Funds acquisition (April 4), RCP Advisors closing RCP Direct V (approximately **$994 million**) and Fund XIX (**$314 million**), and Secondary Fund V (nearly **$1 billion**)[14](index=14&type=chunk) [Firm Overview and Business Model](index=4&type=section&id=Firm%20Overview%20and%20Business%20Model) This section details P10's position as a leading private market solutions provider, its diverse investment strategies, and its compelling business model focused on durable fee-related earnings [Firm Overview](index=4&type=section&id=Firm%20Overview) P10 is a leading private market solutions provider managing over $40 billion in AUM, specializing in constrained strategies across private equity, private credit, and venture capital, with a focus on the lower-middle market - P10 is a leading private market solutions provider, managing over **$40 billion** in AUM[9](index=9&type=chunk) - The firm invests in constrained strategies across private equity, private credit, and venture capital, with a focus on the lower-middle market[9](index=9&type=chunk) [Investment Strategies by Asset Class](index=4&type=section&id=Investment%20Strategies%20by%20Asset%20Class) P10's diversified investment strategies span private equity (RCP/Advisors, Qualitas, Bonaccord), private credit (EnhancedCapital, Hark Capital), and venture capital (TrueBridge), each contributing significantly to FPAUM 按资产类别划分的FPAUM（截至2025年6月30日） | Asset Class | Brand | FPAUM ($B) | Inception | | :---------- | :---- | :--------- | :-------- | | Private Equity | RCP / Advisors | $16.9 | 1980 | | Private Equity | Qualitas | $5.4 | 2007 | | Private Equity | Bonaccord | $6.6 | 2001 | | Private Credit | EnhancedCapital | $6.6 | 1999 | | Private Credit | Hark Capital | $2.3 | 2013 | | Venture Capital | TrueBridge | $5.2 | 2007 | [Compelling Business Model Built on Durable Fee-Related Earnings](index=23&type=section&id=Compelling%20Business%20Model%20Built%20on%20Durable%20Fee-Related%20Earnings) P10's business model centers on fee-related earnings, with highly recurring and diversified revenue primarily from management and advisory fees based on long-term committed capital, ensuring predictable growth and strong cash flow - Business model centered on FRE, with **99% of revenue** derived from highly recurring, diversified management and advisory fees[64](index=64&type=chunk) - Fees are primarily based on long-term, contractually committed capital, leading to predictable and stable earnings growth and attractive margins[64](index=64&type=chunk) - Carried interest structures are designed to accrue overwhelmingly to investment teams, optimizing alignment with Limited Partners (LPs)[61](index=61&type=chunk) [Well-Positioned to Utilize Variety of Levers to Drive Growth](index=24&type=section&id=Well-Positioned%20to%20Utilize%20Variety%20of%20Levers%20to%20Drive%20Growth) P10 is well-positioned for growth by leveraging its world-class private market strategies, leadership in the lower-middle market, diverse global client base, and a business model built on durable fee-related earnings - P10 is well-positioned for organic and inorganic growth through world-class strategies, lower-middle market leadership, a diversified client base, and a durable FRE business model[68](index=68&type=chunk)[69](index=69&type=chunk) - Investment strategies focus on specialized and fragmented markets, particularly the attractive lower-middle market, guided by proprietary data[65](index=65&type=chunk)[67](index=67&type=chunk) [Fee Paying AUM Across Diversified Vehicles](index=29&type=section&id=Fee%20Paying%20AUM%20Across%20Diversified%20Vehicles) As of Q2 2025, P10's FPAUM totaled $28.9 billion, diversified across primary solutions (54%), direct & co-investments (37%), and secondary investments (9%), supported by over 4,900 diverse investors FPAUM构成（截至2025年第二季度） | FPAUM Category | Composition | | :------------- | :---------- | | Primary Solutions | 54% | | Direct & Co-Investments | 37% | | Secondary Investments | 9% | | **Total FPAUM** | **$28.9B** | 投资者渠道细分（截至2025年6月30日） | Investor Channel | Percentage | | :--------------- | :--------- | | Wealth Manager / HNW | 36% | | Pension Fund | 19% | | Endowment / Foundation | 18% | | Financial Institution | 12% | | Insurance Company | 8% | | Sovereign Wealth Fund | 6% | | Other | 1% | | **Total Investors** | **4,900+** | [Unique Proprietary Data Set Driving Sourcing and Evaluation](index=32&type=section&id=Unique%20Proprietary%20Data%20Set%20Driving%20Sourcing%20and%20Evaluation) P10 utilizes a unique proprietary dataset and business intelligence platform with over 20 years of granular data for systematic sourcing and due diligence, complemented by tax assets including deductible intangibles and federal NOLs - P10 leverages a unique and extensive proprietary analytics database with over **20 years of granular data** for systematic sourcing, due diligence, and monitoring[92](index=92&type=chunk)[95](index=95&type=chunk) - Tax assets include deductible intangibles and goodwill, reducing federal income taxes over **15 years**, and federal NOLs expected to be fully utilized by **2026**[96](index=96&type=chunk) [FPAUM Analysis](index=7&type=section&id=FPAUM%20Analysis) This section analyzes P10's FPAUM growth, average fee rates, and capital flows, highlighting the long-term, contractually locked nature of its funds [FPAUM and Average Fee Rate Detail](index=7&type=section&id=FPAUM%20and%20Average%20Fee%20Rate%20Detail) P10's FPAUM grew to $28.9 billion in Q2 2025, achieving a 20% CAGR since 2020, with a stable average fee rate of 109 basis points - FPAUM grew to **$28.9 billion** in Q2 2025, a **21% year-over-year increase**, and a **20% CAGR** since 2020[16](index=16&type=chunk)[19](index=19&type=chunk) - Average fee rate remained stable and attractive at **109 basis points** in Q2 2025[16](index=16&type=chunk) [Fee Paying AUM Growth Model](index=8&type=section&id=Fee%20Paying%20AUM%20Growth%20Model) P10's FPAUM increased from $26.3 billion in March 2025 to $28.9 billion in June 2025, driven by $2.6 billion in capital raised and deployed and $0.8 billion from acquisitions, partially offset by step-downs and expirations 季度FPAUM滚动（2025年第二季度，十亿美元） | Metric | Amount ($B) | | :-------------------- | :---------- | | FPAUM (Mar-25) | $26.3 | | Capital Raised & Deployed | $2.6 | | Acquisition | $0.8 | | FX | $0.1 | | Stepdowns & Expirations | $(0.4) | | **FPAUM (Jun-25)** | **$28.9** | - FPAUM is based on long-term, contractually locked funds, ensuring a highly stable base[20](index=20&type=chunk) - Year-to-date 2025, FPAUM increased from **$25.7 billion** (Dec 2024) to **$28.9 billion** (Jun 2025), with **$1.4 billion** from capital raised/deployed and **$1.0 billion** from acquisitions, offset by **$1.2 billion** in step-downs/expirations[21](index=21&type=chunk) [Financial Details (Unaudited)](index=9&type=section&id=Financial%20Details%20(Unaudited)) This section provides unaudited consolidated financial statements for P10, including statements of operations, balance sheets, cash flows, and reconciliations of non-GAAP measures [Consolidated Statements of Operations (unaudited)](index=10&type=section&id=Consolidated%20Statements%20of%20Operations%20(unaudited)) In Q2 2025, total revenues increased 2% year-over-year to $72.7 million, while operating expenses rose 1% to $55.0 million, and net income attributable to P10 decreased 52% to $3.4 million 合并经营报表（2025年第二季度 vs 2024年第二季度，千美元） | Metric | Q2 2025 | Q2 2024 | % Change | | :-------------------------------- | :-------- | :-------- | :--------- | | **Revenues** | | | | | Management and advisory fees | $71,516 | $68,475 | 4% | | Other revenue | $1,188 | $2,601 | -54% | | **Total Revenues** | **$72,704** | **$71,076** | **2%** | | **Operating Expenses** | | | | | Compensation and benefits | $32,145 | $36,253 | -11% | | Professional fees | $6,743 | $3,535 | 91% | | General, administrative and other | $8,824 | $7,017 | 26% | | Contingent consideration expense | $1,109 | $91 | 1119% | | Amortization of intangibles | $6,150 | $6,438 | -4% | | Strategic alliance expense | $- | $903 | -100% | | **Total Operating Expenses** | **$54,971** | **$54,237** | **1%** | | Income From Operations | $17,733 | $16,839 | 5% | | Net Income Attributable to P10 | $3,383 | $6,993 | -52% | [Adjusted FRE (unaudited)](index=11&type=section&id=Adjusted%20FRE%20(unaudited)) Adjusted Fee-Related Earnings (FRE) for Q2 2025 were $35.378 million, derived from adjusted total revenues of $72.905 million and adjusted operating expenses of $38.697 million, providing a clearer view of core operational profitability 调整后FRE（2025年第二季度，千美元） | Metric | GAAP (Q2 2025) | Adjustments | Adjusted (Q2 2025) | | :-------------------------- | :------------- | :---------- | :--------------- | | Management and advisory fees | $71,516 | $201 | $71,717 | | Other revenue | $1,188 | $- | $1,188 | | **Total revenues** | **$72,704** | **$-** | **$72,905** | | Compensation and benefits | $32,145 | $5,401 | $26,490 | | Non-cash stock based comp. | $11,056 | $(11,056) | $- | | Professional fees | $6,743 | $(2,875) | $3,868 | | General, admin and other | $8,409 | $(70) | $8,339 | | Depreciation | $415 | $(415) | $- | | Contingent consideration exp. | $1,109 | $(1,109) | $- | | Amortization of intangibles | $6,150 | $(6,150) | $- | | **Total operating expenses** | **$54,971** | **$-** | **$38,697** | | Income From Operations | $17,733 | $- | $34,208 | | Total other (expense) | $(12,153) | $- | $1,170 | | **Fee-Related Earnings** | **$-** | **$-** | **$35,378** | - FRE is a non-GAAP performance measure used to monitor baseline earnings, excluding incentive fee income and related expenses[28](index=28&type=chunk) [Non-GAAP Financial Measures (unaudited)](index=12&type=section&id=Non-GAAP%20Financial%20Measures%20(unaudited)) P10 provides reconciliations from GAAP net income to non-GAAP metrics, showing Q2 2025 GAAP net income of $4.2 million, Adjusted FRE of $35.378 million, and Adjusted Net Income (ANI) of $26.731 million 非GAAP财务指标调节表（2025年第二季度，千美元） | Metric | Q2 2025 | Q2 2024 | % Change | | :-------------------------------- | :-------- | :-------- | :--------- | | GAAP Net Income | $4,200 | $7,390 | -43% | | **Adjustments:** | | | | | Depreciation & amortization | $6,766 | $7,075 | -4% | | Interest expense, net | $6,799 | $6,115 | 11% | | Income tax expense | $1,380 | $3,718 | -63% | | Non-recurring expenses | $11,184 | $884 | 1165% | | Non-cash stock based compensation | $6,680 | $5,771 | 16% | | Non-cash stock based comp. - acquisitions | $4,376 | $904 | 384% | | Earn out related compensation | $(6,007) | $3,558 | N/A | | Non-Fee Related Income | $- | $(1,850) | -100% | | **Fee-Related Earnings** | **$35,378** | **$33,565** | **5%** | | Plus: Non-Fee Related Income | $- | $1,850 | -100% | | Less: Strategic alliance noncontrolling interests expense | $(663) | $- | N/A | | Less: Cash interest expense | $(6,241) | $(5,636) | 11% | | Less: Cash income taxes, net of taxes related to acquisitions | $(1,743) | $(1,029) | 69% | | **Adjusted Net Income** | **$26,731** | **$28,750** | **-7%** | | Fully Diluted ANI per share | $0.23 | $0.24 | -6% | | Fee-Related Revenue | $72,704 | $68,309 | 6% | | Fee-Related Earnings Margin | 49% | 49% | N/A | - Adjusted Net Income (ANI) reflects federal and state income taxes and net cash interest expense, providing a measure of core business cash flow[30](index=30&type=chunk) [Consolidated Balance Sheets (unaudited)](index=13&type=section&id=Consolidated%20Balance%20Sheets%20(unaudited)) As of June 30, 2025, total assets increased to $932.165 million from $869.275 million at year-end 2024, driven by goodwill and intangibles, while total liabilities also rose to $543.224 million 合并资产负债表（截至2025年6月30日 vs 2024年12月31日，千美元） | Metric | June 30, 2025 | Dec 31, 2024 | Change | | :-------------------------------- | :------------ | :----------- | :------- | | **Assets** | | | | | Cash and cash equivalents | $33,440 | $67,455 | $(34,015) | | Due from related parties | $94,393 | $81,909 | $12,484 | | Property and equipment, net | $9,228 | $6,760 | $2,468 | | Intangibles, net | $119,499 | $97,589 | $21,910 | | Goodwill | $558,150 | $506,038 | $52,112 | | **Total Assets** | **$932,165** | **$869,275** | **$62,890** | | **Liabilities** | | | | | Accrued compensation and benefits | $53,289 | $69,544 | $(16,255) | | Contingent consideration | $13,126 | $2,214 | $10,912 | | Debt obligations | $373,021 | $319,783 | $53,238 | | **Total liabilities** | **$543,224** | **$482,385** | **$60,839** | | **Total equity** | **$388,941** | **$386,890** | **$2,051** | [Consolidated Statements of Cash Flows (unaudited)](index=14&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20(unaudited)) For the six months ended June 30, 2025, net cash from operating activities significantly decreased to $8.657 million, while net cash used in investing activities increased to $42.935 million, primarily due to acquisitions 合并现金流量表（截至2025年6月30日 vs 2024年，千美元） | Metric | YTD June 30, 2025 | YTD June 30, 2024 | | :-------------------------------- | :---------------- | :---------------- | | Net cash provided by operating activities | $8,657 | $45,786 | | Net cash used in investing activities | $(42,935) | $(1,135) | | Net cash provided by (used in) financing activities | $306 | $(44,506) | | Net change in cash, cash equivalents and restricted cash | $(33,901) | $145 | | Cash, Cash Equivalents And Restricted Cash, End of Period | $34,214 | $32,202 | - Year-to-date 2025, acquisitions (net of cash acquired) used **$40.237 million** in cash for investing activities[33](index=33&type=chunk) [Structural Advantages of the Middle and Lower-Middle Market](index=15&type=section&id=Structural%20Advantages%20of%20the%20Middle%20and%20Lower-Middle%20Market) This section highlights the long-term structural advantages of the middle and lower-middle markets, including attractive competitive dynamics, lower valuations, less financial leverage, and greater value creation opportunities [Structural Advantages of the Middle and Lower-Middle Market](index=15&type=section&id=Structural%20Advantages%20of%20the%20Middle%20and%20Lower-Middle%20Market) P10 identifies significant long-term structural advantages in the middle and lower-middle markets, offering attractive competitive dynamics, lower valuations, less financial leverage, and greater value creation opportunities - The middle and lower-middle markets offer structural advantages such as attractive competitive dynamics, lower valuations, less financial leverage, and value creation opportunities[35](index=35&type=chunk) - These advantages have historically led to better overall returns and greater outperformance potential, with reduced volatility[35](index=35&type=chunk) [(1) Attractive Competitive Dynamics in a Large Addressable Market](index=17&type=section&id=(1)%20Attractive%20Competitive%20Dynamics%20in%20a%20Large%20Addressable%20Market) The lower-middle market presents larger and less competitive investment opportunities than the large market, with over five times more General Partners (GPs) and ten times more companies covered - The lower-middle market is estimated to be larger and less competitive, with over **5x more GPs** and **10x more companies** covered than the large market[36](index=36&type=chunk)[37](index=37&type=chunk) - This market includes approximately **81,000 companies** with revenues between **$10 million and $250 million**, compared to **6,614 companies** with revenues over **$250 million**[89](index=89&type=chunk) [(2) Valuations Structurally Lower](index=18&type=section&id=(2)%20Valuations%20Structurally%20Lower) Acquisition deals in the lower-middle market historically exhibit structurally lower entry valuations, with significantly lower median EBITDA multiples compared to large private equity buyouts 按交易规模划分的进入EBITDA倍数（中位数） | Deal Size | Median Entry EBITDA Multiple | | :-------- | :--------------------------- | | <$100M | 6.3x | | $100M to $250M | 8.1x | | >$250M | 9.1x | - Lower valuations are attributed to less asset competition, more proprietary deal sourcing, and opportunities to improve and scale smaller companies[42](index=42&type=chunk) [(3) Meaningfully Less Utilization of Financial Leverage](index=19&type=section&id=(3)%20Meaningfully%20Less%20Utilization%20of%20Financial%20Leverage) Smaller deals in the lower-middle market historically utilize 2-3 times less leverage (Debt/EBITDA) than larger transactions, making them less reliant on financial engineering and more resilient to financial distress 按交易规模划分的债务/EBITDA倍数（中位数） | Deal Size | Median Debt/EBITDA Multiple | | :-------- | :-------------------------- | | <$100M | 2.9x | | $100M to $250M | 3.9x | | >$250M | 4.7x | - Historically, lower-middle market deals use **2-3x less leverage** than upper-market deals[47](index=47&type=chunk) [(4) Greater Opportunities to Create Value and Drive Growth](index=20&type=section&id=(4)%20Greater%20Opportunities%20to%20Create%20Value%20and%20Drive%20Growth) Returns in the lower-middle market are primarily generated through value creation and scaling, including professionalizing management, implementing best operational practices, and expanding through organic growth and M&A - Returns are generated through value creation and scaling, including professionalizing management, implementing best operational practices, and scaling through organic growth and M&A[50](index=50&type=chunk) 按交易规模划分的收入和EBITDA复合年增长率（中位数） | Deal Size | Revenue CAGR | EBITDA CAGR | | :-------- | :----------- | :---------- | | <$100M | 12.2% | 14.2% | | $100M to $250M | 11.7% | 11.8% | | >$250M | 8.9% | 8.9% | [(5) Historically Better Returns and Greater Potential for Outperformance](index=21&type=section&id=(5)%20Historically%20Better%20Returns%20and%20Greater%20Potential%20for%20Outperformance) Small buyout funds (under $1 billion) in the US and Canada have historically demonstrated better overall returns and greater outperformance potential, with a higher percentage achieving 2.5x-3x and 3x+ TVPI compared to large buyout funds 小型与大型收购基金的TVPI分布（美国和加拿大） | TVPI Range | Small Buyout Funds <$1B | Large Buyout Funds >$1B | | :--------- | :---------------------- | :---------------------- | | <1x | 7.2% | 12.1% | | 1x-1.5x | 10.9% | 26.0% | | 1.5x-2x | 14.8% | 19.8% | | 2x-2.5x | 18.6% | 7.3% | | 2.5x-3x | 25.7% | 4.8% | | 3x+ | 27.8% | 4.8% | - Small buyout funds demonstrate better overall returns and greater outperformance potential[51](index=51&type=chunk) [Performance Summaries by Asset Class](index=26&type=section&id=Performance%20Summaries) This section provides performance summaries for P10's private equity, private credit, and venture capital segments, showcasing strong historical returns across various funds [Performance Summary – Private Equity](index=26&type=section&id=Performance%20Summary%20%E2%80%93%20Private%20Equity) P10's private equity segment, including RCP Advisors, Bonaccord, and Qualitas Fund, demonstrates strong historical performance across various fund types, with notable Net IRRs and Net ROICs 精选私募股权基金业绩（截至2024年12月31日或2025年3月31日） | Fund Manager | Fund | Vintage | Net IRR | Net ROIC | | :----------- | :--- | :------ | :------ | :------- | | RCP Advisors | Direct I | 2010 | 42.7% | 2.9x | | RCP Advisors | SOF III | 2018 | 30.2% | 1.8x | | Bonaccord | Fund II | 2022 | 27.0% | 1.3x | | Qualitas Fund | Direct I | 2022 | 16.0% | 1.3x | [Performance Summary – Private Credit](index=27&type=section&id=Performance%20Summary%20%E2%80%93%20Private%20Credit) The private credit segment, encompassing VALL, Five Points, Enhanced Capital, and Hark Capital, exhibits robust performance, with VALL I achieving a 63.3% Net IRR and 5.9x Net ROIC 精选私募信贷基金业绩（截至2025年3月31日） | Fund Manager | Fund | Vintage | Net IRR | Net ROIC | | :----------- | :--- | :------ | :------ | :------- | | VALL | VLL I | 1994 | 63.3% | 5.9x | | Five Points | Credit Fund III | 2016 | 25.6% | 3.1x | | Enhanced Capital | Small Business Lending | 2012 | 8.7% | 1.9x | | Hark Capital | Fund IV | 2022 | 12.3% | 1.2x | [Performance Summary – Venture Capital](index=28&type=section&id=Performance%20Summary%20%E2%80%93%20Venture%20Capital) P10's venture capital segment, primarily through TrueBridge, shows strong historical returns, with TrueBridge Fund II achieving a 20.0% Net IRR and 5.3x Net ROIC 精选风险投资基金业绩（截至2025年3月31日） | Fund Manager | Fund | Vintage | Net IRR | Net ROIC | | :----------- | :--- | :------ | :------ | :------- | | TrueBridge | Fund II | 2010 | 20.0% | 5.3x | | TrueBridge | Fund IV | 2015 | 24.2% | 3.7x | | TrueBridge | Direct Fund I | 2015 | 30.5% | 3.0x | | TrueBridge | Secondaries I | 2022 | 44.7% | 1.3x | [Key Terms and Disclaimers](index=35&type=section&id=Key%20Terms%20and%20Disclaimers) This section defines key financial and operational terms used in the presentation and provides additional disclaimers regarding historical performance, future results, and specific fund disclosures [Key Terms & Supplemental Information](index=36&type=section&id=Key%20Terms%20%26%20Supplemental%20Information) This section defines various financial and operational terms, including FPAUM, AUM, ANI, FRE, Net IRR, and Net ROIC, clarifying their calculation and purpose within the presentation - FPAUM reflects assets generating management and advisory fees, typically based on committed capital, unaffected by market fluctuations[101](index=101&type=chunk) - ANI is a non-GAAP metric reflecting core business cash flow, calculated as FRE plus non-fee related income, less strategic alliance non-controlling interests expense, cash interest, and cash income taxes[103](index=103&type=chunk) - Net IRR and Net ROIC are performance metrics net of fees, carried interest, and expenses charged by underlying fund managers and P10 solutions[105](index=105&type=chunk) [Additional Disclaimers](index=37&type=section&id=Additional%20Disclaimers) This section explicitly states that historical performance does not guarantee future results for P10's Class A common stock or its investment vehicles, highlighting various factors that may impact future performance - Historical performance does not represent future results for investments or Class A common stock[109](index=109&type=chunk) - Future performance may be impacted by market conditions, unrealized gains, increased competition, and changes in global tax and regulatory environments[111](index=111&type=chunk) [ENHANCED CAPITAL PERFORMANCE DISCLOSURES:](index=37&type=section&id=ENHANCED%20CAPITAL%20PERFORMANCE%20DISCLOSURES:) This section provides detailed disclaimers for specific fund managers like Enhanced Capital, RCP Advisors, Hark Capital, Bonaccord, WTI, and Qualitas, explaining IRR calculations, fee structure variations, and the subjectivity of unrealized investment valuations - Enhanced Capital performance disclosures highlight risks like loan non-repayment and tax credit recapture, explaining how subscription-based credit facilities can enhance reported IRR[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) - RCP Advisors disclosures detail "representative investor" performance, fund selection criteria, and the impact of subscription credit lines on fund-level net IRR calculations[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - Disclaimers for Bonaccord, Hark Capital, WTI, and Qualitas address the impact of leverage on IRR, variations in fee structures, and the subjectivity of fair value estimates for illiquid securities[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)

[Second Quarter 2025 Financial Highlights and Business Update](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights%20and%20Business%20Update) [2.1. Key Financial Highlights (Q2 2025 vs Q2 2024)](index=1&type=section&id=2.1.%20Key%20Financial%20Highlights%20(Q2%202025%20vs%20Q2%202024)) Vital Farms delivered strong Q2 2025 results with significant growth in net revenue and Adjusted EBITDA **Key Financial Data for Q2 2025 (vs Q2 2024):** | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net Revenue | $184.8 million | $147.4 million | +25.4% | | Gross Margin | 38.9% | 39.1% | -0.2% | | Net Income | $16.6 million | $16.3 million | +1.8% | | Diluted Net Income Per Share | $0.36 | $0.36 | 0% | | Adjusted EBITDA | $29.9 million | $23.3 million | +28.3% | [2.2. CEO Commentary and Operational Achievements](index=1&type=section&id=2.2.%20CEO%20Commentary%20and%20Operational%20Achievements) The CEO highlighted the strong business model, brand growth, and key milestones in supply chain expansion - The company's business model is robust, with consumer brand awareness increasing annually[2](index=2&type=chunk) - Key milestones were achieved in supply chain expansion, including adding **50 new farms** this quarter, bringing the total to over **500 family farms** with **9 million contracted laying hens**[2](index=2&type=chunk) - The Seymour facility was redesigned with groundbreaking for additional capacity planned to come online in 2027; installation of a third production line at Springfield continues, expected to complete in Q4 this year; the first accelerator farm is now operational[2](index=2&type=chunk) - Successful implementation of strategic pricing measures, combined with strong brand loyalty, led the company to raise its full-year revenue guidance[2](index=2&type=chunk) - The company is committed to ethical food production and sustainable growth, and is on track to achieve its **$1 billion revenue target by 2027**[2](index=2&type=chunk) [Detailed Second Quarter 2025 Financial Performance](index=1&type=section&id=Detailed%20Second%20Quarter%202025%20Financial%20Performance) [3.1. Income Statement Analysis](index=1&type=section&id=3.1.%20Income%20Statement%20Analysis) Net revenue growth was driven by price/mix and volume, while investments in scale slightly impacted gross margin - Q2 2025 net revenue increased **25.4% to $184.8 million**, driven by **$15.7 million in price/mix benefits** and **$21.7 million in volume-related growth**[3](index=3&type=chunk) - Gross profit grew to **$71.8 million**, but gross margin slightly decreased from 39.1% to **38.9%** due to investments in scaling the business (increased labor and overhead), partially offset by favorable price/mix benefits[4](index=4&type=chunk) - Income from operations increased to **$23.8 million**, driven by higher revenue and gross profit, partially offset by increased marketing, shipping, distribution, and employee-related costs[6](index=6&type=chunk) - Net income increased to **$16.6 million**, with diluted net income per share flat at **$0.36**, driven by revenue and operating income growth but partially offset by higher taxes due to fewer tax benefits from non-qualified stock option exercises and restricted stock unit vestings[7](index=7&type=chunk) - Adjusted EBITDA increased to **$29.9 million**, representing **16.2% of net revenue**, primarily due to higher sales and gross margin, partially offset by increased employee investments[8](index=8&type=chunk) [3.2. Balance Sheet and Cash Flow Overview](index=2&type=section&id=3.2.%20Balance%20Sheet%20and%20Cash%20Flow%20Overview) The company maintained a strong cash position with no debt, though operating cash flow decreased while capital expenditures rose - As of June 29, 2025, cash, cash equivalents, and marketable securities totaled **$155 million**, and the company had no outstanding debt[10](index=10&type=chunk) **Cash Flow Overview (26 Weeks Ended June 29, 2025 vs 26 Weeks Ended June 30, 2024):** | Metric | 26 Weeks 2025 | 26 Weeks 2024 | Change | | :--- | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $4.5 million | $40.1 million | -88.8% | | Capital Expenditures | $10.0 million | $6.9 million | +44.9% | [Fiscal Year 2025 Outlook and Strategic Initiatives](index=2&type=section&id=Fiscal%20Year%202025%20Outlook%20and%20Strategic%20Initiatives) [4.1. Updated Financial Guidance](index=2&type=section&id=4.1.%20Updated%20Financial%20Guidance) The company raised its FY2025 guidance for net revenue and Adjusted EBITDA, reflecting strong business performance **Updated FY2025 Guidance (vs FY2024):** | Metric | New Guidance | Growth Rate (vs FY2024) | Old Guidance | | :--- | :--- | :--- | :--- | | Net Revenue | At least $770 million | At least 27% | At least $740 million | | Adjusted EBITDA | At least $110 million | At least 26% | At least $100 million | - The raised guidance is attributed to strong performance in the core business, successful implementation of strategic pricing, robust consumer demand, and improved supply from an expanded family farm network[12](index=12&type=chunk) - Profit pressure from tariff impacts and planned promotional activities is expected in the second half of the year, but these factors are fully incorporated into the guidance[12](index=12&type=chunk) - The company is confident in achieving its **$1 billion net revenue target by 2027**[12](index=12&type=chunk) [4.2. Capital Expenditure and Growth Strategy](index=2&type=section&id=4.2.%20Capital%20Expenditure%20and%20Growth%20Strategy) The company significantly increased its FY2025 capital expenditure guidance to accelerate capacity expansion projects **FY2025 Capital Expenditure Guidance:** | Metric | New Guidance | Old Guidance | | :--- | :--- | :--- | | Capital Expenditures | $90 million to $110 million | $50 million to $60 million | - The increase in capital expenditure reflects a strategic decision to build two production lines simultaneously at the Seymour, Indiana facility and add on-site cold storage to meet future demand and optimize capital efficiency[12](index=12&type=chunk)[13](index=13&type=chunk) - The capital plan also includes investments in a new production line at Springfield Egg Central Station, accelerator farms, and a digital transformation project expected to go live in early fall 2025[13](index=13&type=chunk) [Company Profile and Important Disclosures](index=3&type=section&id=Company%20Profile%20and%20Important%20Disclosures) [5.1. About Vital Farms](index=3&type=section&id=5.1.%20About%20Vital%20Farms) Vital Farms is a certified B Corporation and public benefit corporation focused on ethically produced food - Vital Farms (Nasdaq: VITL) is a certified B Corporation that offers a range of ethically produced foods nationwide[16](index=16&type=chunk) - The company partners with over 500 family farms and is the leading U.S. brand of pasture-raised eggs by retail dollar sales[16](index=16&type=chunk) - Its ethical philosophy is demonstrated through the humane treatment of farm animals and sustainable farming practices[16](index=16&type=chunk) - As a Delaware public benefit corporation, Vital Farms prioritizes the long-term interests of all its stakeholders, including farmers, suppliers, customers, consumers, communities, the environment, employees, and stockholders[16](index=16&type=chunk) - Products include shell eggs, butter, hard-boiled eggs, and liquid whole eggs, sold in over 23,500 stores and to hundreds of foodservice operators nationwide[16](index=16&type=chunk) [5.2. Forward-Looking Statements and Risk Factors](index=3&type=section&id=5.2.%20Forward-Looking%20Statements%20and%20Risk%20Factors) The report contains forward-looking statements subject to significant risks and uncertainties detailed in SEC filings - This press release contains "forward-looking" statements concerning market opportunities, brand strength, anticipated growth, supply chain constraints, digital transformation projects, specifications and timing for the Seymour and Springfield facilities, and future revenue and financial performance[17](index=17&type=chunk) - These statements are based on Vital Farms' current assumptions, expectations, and beliefs and are subject to significant risks, uncertainties, assumptions, and changes in circumstances that may cause actual results, performance, or achievements to differ materially from those expressed in any forward-looking statement[17](index=17&type=chunk) - Risks and uncertainties include, but are not limited to, the ability to attract and retain customers and suppliers, profitability, food safety issues, changes in consumer preferences, agricultural disease outbreaks, international trade policies, economic conditions, capital expenditure requirements, and the competitive environment[18](index=18&type=chunk)[19](index=19&type=chunk) - These risks and uncertainties are described in more detail in its filings with the SEC, including the Quarterly Report on Form 10-Q for the fiscal quarter ended June 29, 2025[20](index=20&type=chunk) [5.3. Non-GAAP Financial Measures Explanation](index=8&type=section&id=5.3.%20Non-GAAP%20Financial%20Measures%20Explanation) The company uses non-GAAP measures like Adjusted EBITDA to supplement GAAP results for performance evaluation - Management believes that Adjusted EBITDA and Adjusted EBITDA margin, as non-GAAP financial measures, provide investors with useful supplemental information to evaluate the company's performance[29](index=29&type=chunk) - Adjusted EBITDA is calculated as net income, adjusted to exclude depreciation and amortization, stock-based compensation expense, income tax (benefit) or provision, interest expense, and interest income[30](index=30&type=chunk) - Limitations of these non-GAAP measures include not reflecting future capital commitments, capital expenditures, stock-based compensation expense, other non-operating expenses like interest expense, and tax payments[31](index=31&type=chunk) - These measures may not be comparable to similarly titled measures of other companies due to potential differences in calculation and should be evaluated in conjunction with GAAP financial measures[31](index=31&type=chunk) [Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [6.1. Condensed Consolidated Statements of Income](index=5&type=section&id=6.1.%20Condensed%20Consolidated%20Statements%20of%20Income) This section presents the unaudited condensed consolidated statements of income for the specified periods | | | | 13-Weeks Ended | | | | 26-Weeks Ended | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | June 29, | | | June 30, | | June 29, | | June 30, | | | 2025 | | | 2024 | | 2025 | | 2024 | | Net revenue | $ | 184,767 | $ | 147,388 | $ | 346,956 | $ | 295,316 | | Cost of goods sold | | 112,985 | | 89,710 | | 212,661 | | 178,742 | | Gross profit | | 71,782 | | 57,678 | | 134,295 | | 116,574 | | Operating expenses: | | | | | | | | | | Selling, general and administrative | | 38,987 | | 33,336 | | 70,897 | | 60,467 | | Shipping and distribution | | 9,000 | | 7,203 | | 17,835 | | 14,799 | | Total operating expenses | | 47,987 | | 40,539 | | 88,732 | | 75,266 | | Income from operations | | 23,795 | | 17,139 | | 45,563 | | 41,308 | | Other income (expense), net: | | | | | | | | | | Interest expense | | (218) | | (257) | | (453) | | (512) | | Interest income | | 1,332 | | 1,316 | | 2,544 | | 2,404 | | Other expense, net | | (378) | | (87) | | (781) | | (364) | | Total other income (expense), net | | 736 | | 972 | | 1,310 | | 1,528 | | Net income before income taxes | | 24,531 | | 18,111 | | 46,873 | | 42,836 | | Income tax provision | | 7,893 | | 1,772 | | 13,334 | | 7,474 | | Net income | $ | 16,638 | $ | 16,339 | $ | 33,539 | $ | 35,362 | | Net income per share: | | | | | | | | | | Basic: | $ | 0.37 | $ | 0.38 | $ | 0.76 | $ | 0.84 | | Diluted: | $ | 0.36 | $ | 0.36 | $ | 0.73 | $ | 0.79 | | Weighted average common shares outstanding: | | | | | | | | | | Basic: | | 44,591,484 | | 42,500,355 | | 44,421,116 | | 42,148,992 | | Diluted: | | 45,804,158 | | 45,248,792 | | 45,815,874 | | 44,600,401 | [6.2. Condensed Consolidated Balance Sheets](index=6&type=section&id=6.2.%20Condensed%20Consolidated%20Balance%20Sheets) This section presents the unaudited condensed consolidated balance sheets as of the specified dates | | | June 29, | | December 29, | | --- | --- | --- | --- | --- | | | | 2025 | | 2024 | | | | (Unaudited) | | | | Assets | | | | | | Current assets: | | | | | | Cash and cash equivalents | $ | 108,224 | $ | 150,601 | | Investment securities, available-for-sale | | 46,773 | | 9,692 | | Accounts receivable, net of allowance for credit losses of $857 and $691 as of June 29, | | | | | | 2025 and December 29, 2024, respectively | | 68,405 | | 54,342 | | Inventories | | 42,710 | | 23,666 | | Prepaid expenses and other current assets, net of allowance for credit losses of $522 and | | | | | | $240 as of June 29, 2025 and December 29, 2024, respectively | | 6,428 | | 7,740 | | Assets held for sale | | 2,667 | | — | | Total current assets | | 275,207 | | 246,041 | | Property, plant and equipment, net | | 111,155 | | 84,521 | | Operating lease right-of-use assets | | 31,196 | | 19,617 | | Goodwill and other assets | | 13,194 | | 9,153 | | Total assets | $ | 430,752 | $ | 359,332 | | Liabilities and Stockholders' Equity | | | | | | Current liabilities: | | | | | | Accounts payable | $ | 66,352 | $ | 38,582 | | Accrued liabilities | | 34,037 | | 31,328 | | Operating lease liabilities, current | | 5,368 | | 3,849 | | Finance lease liabilities, current | | 4,401 | | 3,932 | | Income taxes payable | | 690 | | 838 | | Total current liabilities | | 110,848 | | 78,529 | | Operating lease liabilities, non-current | | 1,361 | | 2,918 | | Finance lease liabilities, non-current | | 6,458 | | 8,011 | | Other liabilities | | 2,307 | | 572 | | Total liabilities | $ | 120,974 | $ | 90,030 | | Commitments and contingencies | | | | | | Stockholders' equity: | | | | | | Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized as of June | | | | | | 29, 2025 and December 29, 2024; no shares issued and outstanding as of June 29, 2025 | | | | | | and December 29, 2024 | | — | | — | | Common stock, $0.0001 par value per share, 310,000,000 shares authorized as of June | | | | | | 29, 2025 and December 29, 2024; 44,661,608 and 44,042,355 shares issued and | | | | | | outstanding as of June 29, 2025 and December 29, 2024, respectively | | 4 | | 4 | | Additional paid-in capital | | 193,119 | | 186,182 | | Retained earnings | | 116,652 | | 83,113 | | Accumulated other comprehensive income | | 3 | | 3 | | Total stockholders' equity | $ | 309,778 | $ | 269,302 | | Total liabilities and stockholders' equity | $ | 430,752 | $ | 359,332 | [6.3. Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=6.3.%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section presents the unaudited condensed consolidated statements of cash flows for the specified periods | | | | 26-Weeks Ended | | | --- | --- | --- | --- | --- | | | | June 29, | | June 30, | | | | 2025 | | 2024 | | Cash flows from operating activities: | | | | | | Net income | $ | 33,539 | $ | 35,362 | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | Depreciation and amortization | | 6,727 | | 6,499 | | Reduction in the carrying amount of right-of-use assets | | 3,691 | | 1,658 | | Amortization and accretion of available-for-sale debt securities | | (296) | | 76 | | Amortization of debt issuance costs | | 43 | | 19 | | Stock-based compensation expense | | 5,887 | | 4,898 | | Deferred taxes | | (24) | | — | | Uncertain tax positions | | 1,735 | | — | | Net realized losses on derivative instruments | | 822 | | 346 | | Other | | 1,293 | | (132) | | Net change in operating assets and liabilities | | (48,904) | | (8,644) | | Net cash provided by operating activities | $ | 4,513 | $ | 40,082 | | Cash flows from investing activities: | | | | | | Purchases of property, plant and equipment | | (9,994) | | (6,914) | | Purchases and settlements of derivative instruments | | 264 | | (669) | | Purchases of available-for-sale securities | | (45,079) | | — | | Maturities and call redemptions of available-for-sale debt securities | | 7,890 | | 13,335 | | Proceeds from the sale of available-for-sale debt securities | | 404 | | — | | Proceeds from the sale of property, plant and equipment | | 608 | | 1 | | Net cash (used in) provided by investing activities | $ | (45,907) | $ | 5,753 | | Cash flows from financing activities: | | | | | | Proceeds from exercise of stock options | | 3,649 | | 6,448 | | Proceeds from issuance of common stock under employee stock purchase plan | | 379 | | 178 | | Payment of tax withholding obligation on vested restricted stock unit shares | | (2,978) | | (1,351) | | Principal payments under finance lease obligations | | (2,033) | | (1,672) | | Payment of financing costs | | — | | (414) | | Net cash (used in) provided by financing activities | $ | (983) | $ | 3,189 | | Net (decrease) increase in cash and cash equivalents | | (42,377) | | 49,024 | | Cash and cash equivalents at beginning of the period | | 150,601 | | 84,149 | | Cash and cash equivalents at end of the period | $ | 108,224 | $ | 133,173 | | Supplemental disclosure of cash flow information: | | | | | | Cash paid for interest | $ | 410 | $ | 512 | | Cash paid for income taxes | | 11,772 | | 11,344 | | Supplemental disclosure of non-cash investing and financing activities: | | | | | | Purchases of property, plant and equipment included in accounts payable and accrued | | | | | | liabilities | $ | 25,590 | $ | 150 | [6.4. Adjusted EBITDA Reconciliation](index=9&type=section&id=6.4.%20Adjusted%20EBITDA%20Reconciliation) This section presents the unaudited reconciliation of net income to Adjusted EBITDA for the specified periods | | 13-Weeks Ended | | | | | 26-Weeks Ended | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | June 29, | | June 30, | | June 29, | | June 30, | | | | 2025 | | 2024 | | 2025 | | 2024 | | | | (in thousands) | | | | (in thousands) | | | | | Net income | $ | 16,638 | $ | 16,339 | $ 33,539 | $ | | 35,362 | | 1 Depreciation and amortization | | 3,468 | | 3,288 | 6,727 | | | 6,499 | | Stock-based compensation expense | | 3,034 | | 2,916 | 5,887 | | | 4,898 | | Income tax provision | | 7,893 | | 1,772 | 13,334 | | | 7,474 | | Interest expense | | 218 | | 257 | 453 | | | 512 | | Interest income | | (1,332) | | (1,316) | (2,544) | | | (2,404) | | Adjusted EBITDA | $ | 29,919 | $ | 23,256 | $ 57,396 | $ | | 52,341 | | Net revenue | $ | 184,767 | $ | 147,388 | $ 346,956 | $ | | 295,316 | | 2 Net income margin | 9.0% | | | 11.1% | | 9.7% | | 12.0% | | 3 Adjusted EBITDA margin | 16.2% | | | 15.8% | | 16.5% | | 17.7% |

Exhibit 99.1 Chicago Atlantic Real Estate Finance Announces Second Quarter 2025 Financial Results Extends Revolving Credit Facility Maturity to 2028 Subsequent Portfolio Activity ● During the subsequent period from July 1, 2025, to August 7, 2025, the Company received unscheduled principal repayments totaling approximately $56.8 million, relating to the full prepayment of six credit facilities. In connection with these prepayments, the Company received and recognized approximately $1.0 million in prepayment ...

Exhibit 99.1 Cipher Mining Provides Second Quarter 2025 Business Update Second Quarter 2025 Revenue of $44m and Non-GAAP Adjusted Earnings of $30m Black Pearl Phase I exceeds growth targets, bringing Cipher's total self-mining capacity to ~16.8 EH/s and on track to deliver ~23.5 EH/s by the end of the third quarter 2025 NEW YORK— August 7, 2025 —Cipher Mining Inc. (NASDAQ: CIFR) ("Cipher" or the "Company") today announced its second quarter 2025 financial results, as well as an update on its operations and ...

[Part I — Financial Information](index=5&type=section&id=Part%20I%20%E2%80%94%20Financial%20Information) [Item 1. Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) The report presents unaudited consolidated financial statements for Simon and its Operating Partnership [Consolidated Financial Statements of Simon Property Group, Inc.](index=6&type=section&id=Consolidated%20Financial%20Statements%20of%20Simon%20Property%20Group%2C%20Inc.) Simon Property Group, Inc. reported lower net income and EPS for H1 2025 despite an increase in total assets Simon Property Group, Inc. - Key Financials (Six Months Ended June 30, in millions) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **Total Revenue** | $2,971.5 | $2,900.9 | | **Consolidated Net Income** | $1,121.5 | $1,410.6 | | **Net Income Attributable to Common Stockholders** | $969.8 | $1,225.2 | | **Diluted EPS** | $2.97 | $3.76 | Simon Property Group, Inc. - Balance Sheet Summary (in millions) | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | $33,295.6 | $32,405.7 | | **Total Liabilities** | $30,204.5 | $28,806.2 | | **Total Stockholders' Equity** | $2,451.5 | $2,941.9 | Simon Property Group, Inc. - Cash Flow Summary (Six Months Ended June 30, in millions) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $2,042.6 | $1,836.3 | | **Net Cash (Used in) Provided by Investing Activities** | $(1,088.4) | $588.2 | | **Net Cash Used in Financing Activities** | $(1,123.0) | $(2,359.0) | | **(Decrease) Increase in Cash** | $(168.9) | $65.4 | [Consolidated Financial Statements of Simon Property Group, L.P.](index=11&type=section&id=Consolidated%20Financial%20Statements%20of%20Simon%20Property%20Group%2C%20L.P.) The Operating Partnership's financials mirror Simon's, with key differences in the equity section Simon Property Group, L.P. - Key Financials (Six Months Ended June 30, in millions) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **Total Revenue** | $2,971.5 | $2,900.9 | | **Consolidated Net Income** | $1,121.5 | $1,410.6 | | **Net Income Attributable to Unitholders** | $1,120.6 | $1,408.7 | | **Diluted EPU** | $2.97 | $3.76 | - The assets and liabilities of the Operating Partnership are the same as Simon Property Group, Inc, with the main balance sheet difference being the presentation of **Partners' Equity** instead of Stockholders' Equity[11](index=11&type=chunk)[14](index=14&type=chunk)[38](index=38&type=chunk) [Condensed Notes to Consolidated Financial Statements](index=16&type=section&id=Condensed%20Notes%20to%20Consolidated%20Financial%20Statements) Notes detail acquisitions, investments, debt structure, and reconciliations of key financial metrics - As of June 30, 2025, the company owned or had an interest in **194 U.S. properties** and **38 international properties**, along with an **88% interest in TRG** and a **22.4% equity stake in Klépierre**[51](index=51&type=chunk) - In 2025, the company acquired the remaining interests in Brickell City Centre's retail component for **$497.7 million**, Briarwood Mall, and two luxury outlets in Italy for **$392.4 million**[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) - In Q1 2024, the company sold its remaining interest in Authentic Brands Group (ABG) for **$1.2 billion**, resulting in a pre-tax gain of **$414.8 million**[116](index=116&type=chunk) Consolidated Debt Summary (June 30, 2025) | Debt Type | Amount | | :--- | :--- | | Mortgages and unsecured indebtedness | $25,401.3M | | - Senior Unsecured Notes | $18.8B | | - Unsecured Term Loan | €350.0M | | - Credit Facility Outstanding | $460.0M | | - Supplemental Facility Outstanding | €500.0M | | - Mortgage Debt | $5.3B | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=49&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes a decrease in EPS due to a prior-year gain, highlighting strong core operational growth Key Performance Indicators (U.S. Malls and Premium Outlets) | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | **Ending Occupancy** | 96.0% | 95.6% | | **Average Base Minimum Rent (psf)** | $58.70 | $57.94 | - The decrease in diluted EPS for H1 2025 was primarily driven by a **$414.8 million pre-tax gain** on the sale of the company's ABG interest in Q1 2024, which was not repeated in 2025[197](index=197&type=chunk) - Portfolio Net Operating Income (NOI) **increased by 4.2%** for the first six months of 2025 compared to the same period in 2024, indicating strong underlying operational performance[200](index=200&type=chunk) FFO Reconciliation Summary (Diluted Per Share) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Diluted Net Income per Share** | $2.97 | $3.76 | | **Diluted FFO per Share** | $5.82 | $6.46 | | **Real Estate FFO per Share** | $6.01 | $5.84 | [Item 3. Qualitative and Quantitative Disclosures About Market Risk](index=75&type=section&id=Item%203.%20Qualitative%20and%20Quantitative%20Disclosures%20About%20Market%20Risk) Market risk disclosures remain materially unchanged from the 2024 Annual Report on Form 10-K - There have been **no material changes** in market risk disclosures since the 2024 Annual Report on Form 10-K[279](index=279&type=chunk) [Item 4. Controls and Procedures](index=75&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed the effectiveness of disclosure controls with no material changes to internal controls - Management, including the CEO and CFO, concluded that disclosure controls and procedures for both Simon and the Operating Partnership were **effective** as of June 30, 2025[281](index=281&type=chunk)[284](index=284&type=chunk) - **No changes occurred** during the quarter that materially affected, or are reasonably likely to materially affect, internal control over financial reporting for either entity[282](index=282&type=chunk)[285](index=285&type=chunk) [Part II — Other Information](index=76&type=section&id=Part%20II%20%E2%80%94%20Other%20Information) [Item 1. Legal Proceedings](index=76&type=section&id=Item%201.%20Legal%20Proceedings) Ongoing legal proceedings are not expected to have a material adverse effect on the company - The company does not expect current legal proceedings to have a **material adverse effect** on its financial condition or operations[286](index=286&type=chunk) [Item 1A. Risk Factors](index=76&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the 2024 Annual Report on Form 10-K - **No material changes** to the company's risk factors were reported for the quarter[287](index=287&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=76&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered equity sales or share repurchases during the quarter - **No unregistered sales** of equity securities were made by either Simon or the Operating Partnership during Q2 2025[288](index=288&type=chunk)[290](index=290&type=chunk) - As of June 30, 2025, **no shares had been repurchased** under the $2.0 billion stock repurchase plan authorized in February 2024[289](index=289&type=chunk) - The Operating Partnership redeemed **300 limited partner units for $50,000** during the quarter[291](index=291&type=chunk) [Item 5. Other Information](index=76&type=section&id=Item%205.%20Other%20Information) The Audit Committee approved additional audit and non-audit services from its accounting firm - The Audit Committee approved additional audit and non-audit services from **Ernst & Young LLP** during the quarter[294](index=294&type=chunk) [Item 6. Exhibits](index=78&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the report, including required CEO/CFO certifications - The report includes standard exhibits such as organizational documents and **CEO/CFO certifications** under Sarbanes-Oxley Sections 302 and 906[296](index=296&type=chunk)

Exhibit 99.1 Aclaris Therapeutics Reports Second Quarter 2025 Financial Results and Provides Corporate Update - Positive Clinical Results from Phase 2a Trial of ITK/JAK3 Inhibitor ATI-2138 Confirm Tolerability Profile, Show Strong Efficacy Signal, and Validate ITK as Therapeutic Target - - Advanced Anti-TSLP Monoclonal Antibody Bosakitug (ATI-045) into Phase 2 Trial in Atopic Dermatitis (AD); Patient Dosing Underway - - Initiated Dosing in Phase 1a/1b Clinical Program for Anti-TSLP/IL-4R Bispecific Antibody ...

```markdown [Executive Summary](index=1&type=section&id=Executive%20Summary) [Company Introduction](index=1&type=section&id=Company%20Introduction) Rapport Therapeutics, Inc. is a clinical-stage biotechnology company focused on discovering and developing small molecule precision medicines for neurological or psychiatric disorders - Rapport Therapeutics is a clinical-stage biotechnology company specializing in **small molecule precision medicines** for neurological or psychiatric disorders[2](index=2&type=chunk) [Key Highlights](index=1&type=section&id=Key%20Highlights) The company reported progress on its lead program RAP-219, with topline results for the Phase 2a trial in focal onset seizures expected in September 2025 and initiation of a Phase 2 trial in bipolar mania. Rapport ended the quarter with $260.4 million in cash, expected to fund operations through the end of 2026 - Topline results for RAP-219 Phase 2a trial in focal onset seizures are on track for **September 2025**[3](index=3&type=chunk)[4](index=4&type=chunk) - Phase 2 trial of RAP-219 in bipolar mania has been initiated and is enrolling patients, with topline results anticipated in the **first half of 2027**[3](index=3&type=chunk)[4](index=4&type=chunk) Cash Position and Runway | Metric | Value | | :-------------------------------- | :------------------- | | Cash, cash equivalents, and short-term investments (as of June 30, 2025) | $260.4 million | | Expected cash runway | Through the end of 2026 | [Business Highlights](index=2&type=section&id=BUSINESS%20HIGHLIGHTS) [RAP-219 Lead Program Updates](index=2&type=section&id=RAP-219%20Lead%20Program%20Updates) Rapport provided updates on the development of its lead program, RAP-219, including a consolidated Phase 1 safety summary and detailed expectations for the upcoming Phase 2a topline results in focal onset seizures - RAP-219 Phase 1 trials involved **100 healthy volunteers** across four studies, demonstrating differentiated tolerability with all treatment-emergent adverse events (TEAEs) being Grade 1 or 2, and no serious adverse events (SAEs)[6](index=6&type=chunk)[13](index=13&type=chunk) - The Phase 2a trial of RAP-219 in drug-resistant focal onset seizures is fully enrolled and on track for topline results in **September 2025**, utilizing intracranial electroencephalography (iEEG) data to assess effects on long episodes (LEs)[7](index=7&type=chunk) - Key endpoints for the Phase 2a topline data analysis include the proportion of patients achieving **≥30% reduction in LEs** and **≥50% reduction in clinical seizures**, along with TEAE incidence and grade[7](index=7&type=chunk) [Phase 1 Development Summary](index=2&type=section&id=RAP-219%20Phase%201%20Development%20Update) - Four Phase 1 trials (single ascending dose, two multiple ascending dose, and a multiple ascending dose human PET trial) have been conducted, exposing **100 healthy volunteers** to RAP-219[6](index=6&type=chunk) - Final aggregate data from multiple dose trials (n=64) showed all TEAEs were Grade 1 or 2, no SAEs, and no clinically significant laboratory, vital signs, or ECG abnormalities. Most common TEAEs included headache, dry mouth, brain fog, and fatigue[13](index=13&type=chunk) [Phase 2a Focal Onset Seizure Trial](index=2&type=section&id=Topline%20Results%20for%20RAP-219%20Phase%202a%20Focal%20Onset%20Seizure%20Trial%20Expected%20in%20September%202025) - The Phase 2a trial for drug-resistant focal onset seizures is fully enrolled, with topline results anticipated in **September 2025**[7](index=7&type=chunk) - The trial uses iEEG data from the RNS System to assess RAP-219's effect on long episodes (LEs), an objective biomarker correlating with clinical seizures[7](index=7&type=chunk) - Primary endpoint analysis will focus on the proportion of patients achieving **≥30% reduction in LEs** and median percent change in LE frequency. Key secondary endpoints include **≥50% reduction in clinical seizures** and median percent change in clinical seizure frequency[7](index=7&type=chunk) [Clinical Program Updates by Indication](index=3&type=section&id=Clinical%20Program%20Updates%20by%20Indication) Rapport provided updates on RAP-219's progress across various indications, including focal onset seizures, bipolar disorder, and peripheral neuropathic pain, highlighting key milestones and regulatory status [Focal Onset Seizures](index=3&type=section&id=Focal%20Onset%20Seizures) - Topline results for the Phase 2a trial in drug-resistant focal onset seizures are expected in **September 2025**[8](index=8&type=chunk) [Bipolar Disorder](index=3&type=section&id=Bipolar%20Disorder) - A Phase 2 trial for RAP-219 in bipolar mania has been initiated and is enrolling patients, following FDA acceptance of the IND application[9](index=9&type=chunk) - Topline results for the bipolar mania trial are expected in the **first half of 2027**[9](index=9&type=chunk) [Peripheral Neuropathic Pain](index=3&type=section&id=Peripheral%20Neuropathic%20Pain) - Plans for a Phase 2a trial in Diabetic Peripheral Neuropathic Pain (DPNP) are being finalized, with an update on the timeline expected in **2025**[10](index=10&type=chunk) - The IND for RAP-219 in DPNP was placed on clinical hold in Q4 2024, with the FDA requesting additional information and protocol design amendments[10](index=10&type=chunk) [Corporate Updates](index=3&type=section&id=CORPORATE%20UPDATES) Rapport Therapeutics hosted its inaugural Investor and Analyst Day in June 2025, featuring presentations from executives and a leading epilepsy expert - Rapport hosted its inaugural Investor and Analyst Day on **June 2, 2025**, including presentations by key executives and a fireside chat with epilepsy KOL, Jacqueline A. French, M.D[11](index=11&type=chunk) [Second Quarter 2025 Financial Results](index=3&type=section&id=SECOND%20QUARTER%202025%20FINANCIAL%20RESULTS) [Overview of Financial Performance](index=3&type=section&id=Overview%20of%20Financial%20Performance) Rapport Therapeutics reported an increased net loss for the second quarter of 2025 compared to the prior year period, primarily driven by higher operating expenses Net Loss (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :------- | :-------- | :-------- | | Net Loss | $(26.7) million | $(18.1) million | [Operating Expenses](index=3&type=section&id=Operating%20Expenses) Both Research and Development (R&D) and General and Administrative (G&A) expenses increased in Q2 2025, reflecting increased clinical development activities, pipeline progression, business growth, and costs associated with operating as a public company [Research and Development (R&D) Expenses](index=3&type=section&id=Research%20and%20Development%20(R%26D)%20Expenses) R&D Expenses (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :------- | :-------- | :-------- | | R&D Expense | $22.7 million | $15.7 million | - The increase in R&D expense was primarily due to operational costs related to clinical development and supporting the progression of the Company's overall pipeline[14](index=14&type=chunk)[15](index=15&type=chunk) [General and Administrative (G&A) Expenses](index=4&type=section&id=General%20and%20Administrative%20(G%26A)%20Expenses) G&A Expenses (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :------- | :-------- | :-------- | | G&A Expense | $6.8 million | $5.1 million | - The increase in G&A expense was primarily driven by costs associated with business growth and the requirements of operating as a public company[19](index=19&type=chunk) [Cash Position and Runway](index=4&type=section&id=Cash%20Position) Rapport's cash, cash equivalents, and short-term investments decreased to $260.4 million by the end of Q2 2025, primarily due to operating cash outflows, but are expected to fund operations through the end of 2026 Cash, Cash Equivalents, and Short-Term Investments | Metric | June 30, 2025 | March 31, 2025 | | :-------------------------------- | :-------------- | :------------- | | Cash, cash equivalents, and short-term investments | $260.4 million | $285.4 million | - The decrease in cash position was primarily due to cash outflows from operating activities in Q2 2025[19](index=19&type=chunk) - The Company expects its current cash position to fund operating expenses and capital expenditure requirements through the **end of 2026**[19](index=19&type=chunk) [About Rapport Therapeutics & RAP-219](index=4&type=section&id=About%20Rapport%20Therapeutics%20%26%20RAP-219) [About RAP-219](index=4&type=section&id=About%20RAP-219) RAP-219 is a clinical-stage AMPA receptor (AMPAR) negative allosteric modulator (NAM) designed for neuroanatomical specificity by selectively targeting TARPγ8, which is expressed in brain regions relevant to focal seizures, bipolar disorder, and peripheral neuropathic pain - RAP-219 is an AMPAR NAM that selectively targets TARPγ8, a receptor associated protein, to achieve neuroanatomical specificity[16](index=16&type=chunk) - TARPγ8 is expressed in discrete regions like the hippocampus and neocortex, where focal seizures originate, with minimal expression in the hindbrain, potentially offering a differentiated tolerability profile[16](index=16&type=chunk) - RAP-219 is being evaluated as a potential treatment for focal onset seizures, bipolar disorder, and peripheral neuropathic pain, demonstrating 'pipeline-in-a-product' potential[16](index=16&type=chunk) [About Rapport Therapeutics](index=4&type=section&id=About%20Rapport%20Therapeutics) Rapport Therapeutics is a clinical-stage biotechnology company leveraging its proprietary RAP technology platform to develop precision small molecule medicines for neurological or psychiatric disorders, with RAP-219 as its lead investigational drug and additional preclinical programs underway - Rapport Therapeutics is a clinical-stage biotechnology company focused on precision medicines for neurological or psychiatric disorders, built on pioneering discoveries related to receptor associated proteins (RAPs)[18](index=18&type=chunk) - The Company's RAP technology platform enables a differentiated approach to generate precision small molecule product candidates[18](index=18&type=chunk) - Rapport's pipeline includes RAP-219 for focal onset seizures, bipolar mania, and diabetic peripheral neuropathic pain, as well as other preclinical and late-stage discovery programs targeting chronic pain and hearing disorders[18](index=18&type=chunk)[20](index=20&type=chunk) [Forward-Looking Statements & Contact](index=5&type=section&id=Forward-Looking%20Statements%20%26%20Contact) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section contains standard forward-looking statements regarding the clinical development of RAP-219, the potential of Rapport's technology platform, and financial expectations, subject to various risks and uncertainties - The press release includes forward-looking statements concerning the clinical development of RAP-219 for focal onset seizures, bipolar mania, and DPNP, including trial timing, progress, and results[21](index=21&type=chunk) - Statements also cover expectations for RAP-219's activity, tolerability, commercial potential, the RAP technology platform, and Rapport's financial outlook, including its cash runway[21](index=21&type=chunk) - These statements are based on current expectations and are subject to risks and uncertainties that could materially affect business, operating results, financial condition, and stock value, as detailed in SEC filings[22](index=22&type=chunk) [Contact Information](index=5&type=section&id=Contact) Contact information for investor relations and communications is provided - Contact for Communications & IR: Julie DiCarlo, jdicarlo@rapportrx.com[23](index=23&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheet Data](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheet%20Data) The condensed consolidated balance sheet provides a snapshot of Rapport Therapeutics' financial position as of June 30, 2025, compared to December 31, 2024, showing changes in assets, liabilities, and stockholders' equity Condensed Consolidated Balance Sheet Data (Unaudited, In thousands) | | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :-------------- | :---------------- | | **Assets** | | | | Cash and cash equivalents | $55,067 | $56,805 | | Short-term investments | 205,380 | 248,475 | | Total current assets | 270,242 | 309,802 | | Total assets | $285,495 | $314,933 | | **Liabilities, Convertible Preferred Stock and Stockholders' Equity** | | | | Total current liabilities | 11,879 | 8,767 | | Total liabilities | 21,983 | 9,506 | | Total stockholders' equity | 263,512 | 305,427 | | Total liabilities, convertible preferred stock, and stockholders' equity | $285,495 | $314,933 | [Condensed Consolidated Statement of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations) The condensed consolidated statement of operations details Rapport Therapeutics' financial performance for the three months ended June 30, 2025, compared to the same period in 2024, highlighting operating expenses, loss from operations, and net loss Condensed Consolidated Statement of Operations (Unaudited, In thousands, except share and per share data) | | For the three months ended June 30, 2025 | For the three months ended June 30, 2024 | | :------------------------------------------ | :--------------------------------------- | :--------------------------------------- | | Operating expenses | | | | Research and development | $22,680 | $15,689 | | General and administrative | 6,816 | 5,111 | | Total operating expenses | 29,496 | 20,800 | | Loss from operations | (29,496) | (20,800) | | Interest income | 2,764 | 2,679 | | Net loss | $(26,732) | $(18,121) | | Net loss per share attributable to common stockholders, basic and diluted | $(0.75) | $(1.70) | | Weighted-average common shares outstanding, basic and diluted | 35,444,635 | 10,666,528 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The condensed consolidated statements of cash flows present the cash movements from operating, investing, and financing activities for the three months ended June 30, 2025, compared to the prior year period Condensed Consolidated Statements of Cash Flows (Unaudited, In thousands) | | For the Three Months Ended June 30, 2025 | For the Three Months Ended June 30, 2024 | | :------------------------------------------ | :--------------------------------------- | :--------------------------------------- | | Net cash used in operating activities | $(25,070) | $(16,352) | | Net cash provided by (used in) investing activities | 22,596 | (107,104) | | Net cash (used in) provided by financing activities | (63) | 159,353 | | Net (decrease) increase in cash, cash equivalents and restricted cash | $(2,537) | $35,897 | ```