[Financial Highlights](index=1&type=section&id=Financial%20Highlights) Walker & Dunlop achieved significant Q2 2025 growth in transaction volume, revenues, and net income, though adjusted EBITDA and core EPS declined due to non-cash MSR income, with year-to-date trends showing similar patterns [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) Q2 2025 saw significant growth in transaction volume, revenues, and GAAP net income, driven by a commercial real estate market rebound, despite declines in adjusted EBITDA and adjusted core EPS due to non-cash MSR income Q2 2025 Key Financial Metrics | Metric | Q2 2025 | vs. Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Transaction Volume | $14.0 billion | $8.5 billion | +65% | | Total Revenues | $319.2 million | $270.7 million | +18% | | Net Income | $34.0 million | $22.7 million | +50% | | Diluted EPS | $0.99 | $0.67 | +48% | | Adjusted EBITDA | $76.8 million | $80.9 million | -5% | | Adjusted Core EPS | $1.15 | $1.23 | -7% | - The increase in net income and diluted EPS was largely driven by a non-cash increase in the fair value of expected net cash flows from servicing (MSR income), which is excluded from adjusted EBITDA and adjusted core EPS[1](index=1&type=chunk) - CEO Willy Walker noted the company is gaining market share and broadening its capabilities into hospitality, data centers, and Europe, capitalizing on the start of a new commercial real estate investment cycle[2](index=2&type=chunk) - The Board of Directors declared a dividend of **$0.67 per share** for the third quarter of 2025[1](index=1&type=chunk) [Year-to-Date 2025 Highlights](index=1&type=section&id=Year-to-Date%202025%20Highlights) Year-to-date 2025 results show a 41% increase in transaction volume and 12% revenue growth, with modest gains in net income and diluted EPS, but significant declines in adjusted EBITDA and adjusted core EPS YTD 2025 Key Financial Metrics | Metric | YTD 2025 | vs. YTD 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Transaction Volume | $21.0 billion | $14.8 billion | +41% | | Total Revenues | $556.6 million | $498.7 million | +12% | | Net Income | $36.7 million | $34.5 million | +6% | | Diluted EPS | $1.07 | $1.02 | +5% | | Adjusted EBITDA | $141.8 million | $155.1 million | -9% | | Adjusted Core EPS | $2.00 | $2.39 | -16% | [Consolidated Second Quarter 2025 Operating Results](index=2&type=section&id=Consolidated%20Second%20Quarter%202025%20Operating%20Results) Q2 2025 consolidated results show a 65% surge in transaction volume, boosting revenues and GAAP net income, with the servicing portfolio growing to **$137.3 billion**, though credit metrics indicate increased defaulted loans [Transaction Volumes](index=2&type=section&id=Transaction%20Volumes) Q2 2025 total transaction volume surged **65% to $14.0 billion**, driven by a **68% increase** in debt financing, including a **106% rise** in Fannie Mae volume and a **51% increase** in property sales Q2 2025 Transaction Volumes (in thousands) | Category | Q2 2025 | Q2 2024 | % Variance | | :--- | :--- | :--- | :--- | | Fannie Mae | $3,114,308 | $1,510,804 | 106% | | Freddie Mac | $1,752,597 | $1,153,190 | 52% | | Brokered | $6,335,071 | $3,852,851 | 64% | | **Total Debt Financing Volume** | **$11,638,225** | **$6,917,718** | **68%** | | Property Sales Volume | $2,313,585 | $1,530,783 | 51% | | **Total Transaction Volume** | **$13,951,810** | **$8,448,501** | **65%** | - GSE (Fannie Mae and Freddie Mac) debt financing volume collectively increased by **83% year-over-year**, driving market share gains to **11.4% year-to-date**, up from 10.3% in 2024[7](index=7&type=chunk) - A large **$941 million** Fannie Mae loan portfolio refinancing contributed to the volume growth but generated lower margins, which are expected to continue into the second half of 2025[7](index=7&type=chunk) [Managed Portfolio](index=3&type=section&id=Managed%20Portfolio) The total managed portfolio grew **4% to $156.0 billion** as of June 30, 2025, with the servicing portfolio reaching **$137.3 billion** and assets under management increasing **6% to $18.6 billion** Managed Portfolio as of June 30, 2025 (in thousands) | Category | Q2 2025 | Q2 2024 | % Variance | | :--- | :--- | :--- | :--- | | Total Servicing Portfolio | $137,349,124 | $132,777,911 | 3% | | Assets under management | $18,623,451 | $17,566,666 | 6% | | **Total Managed Portfolio** | **$155,972,575** | **$150,344,577** | **4%** | - The company added **$4.6 billion** of net loans to its servicing portfolio over the past 12 months, led by Fannie Mae loans[12](index=12&type=chunk) - Over the next two years, **$10.9 billion** of Agency loans (**9% of the portfolio**) are scheduled to mature, presenting a significant refinancing opportunity[12](index=12&type=chunk) [Key Performance & Credit Metrics](index=3&type=section&id=Key%20Performance%20%26%20Credit%20Metrics) Q2 2025 performance showed **50% net income growth** and an expanded operating margin, but adjusted EBITDA declined **5%**, while the at-risk servicing portfolio grew to **$65.4 billion** and defaulted loans increased **123% to $108.5 million** Q2 2025 Key Performance Metrics | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Walker & Dunlop net income | $34.0M | $22.7M | | Adjusted EBITDA | $76.8M | $80.9M | | Diluted EPS | $0.99 | $0.67 | | Operating margin | 15% | 10% | | Return on equity | 8% | 5% | Q2 2025 Key Credit Metrics | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | At-risk servicing portfolio | $65.4B | $60.1B | | Defaulted loans | $108.5M | $48.6M | | Defaulted loans as % of at-risk portfolio | 0.17% | 0.08% | - As of June 30, 2025, there were eight at-risk loans in default with an aggregate unpaid principal balance of **$108.5 million**, compared to five loans totaling **$48.6 million** a year prior[18](index=18&type=chunk) - A provision for credit losses of **$1.8 million** was recorded in Q2 2025, mainly related to an updated reserve for a previously defaulted loan and portfolio growth[18](index=18&type=chunk) [Second Quarter 2025 Financial Results by Segment](index=5&type=section&id=Second%20Quarter%202025%20Financial%20Results%20by%20Segment) Q2 2025 saw the Capital Markets segment drive growth with **46% revenue increase** and **211% operating income surge**, while Servicing & Asset Management revenues declined **5%**, and the Corporate segment's net loss widened **28%** [Capital Markets](index=5&type=section&id=Capital%20Markets) The Capital Markets segment achieved strong Q2 2025 performance, with total revenues increasing **46% to $172.8 million** and operating income more than tripling to **$45.4 million**, driven by higher origination fees and MSR income Capital Markets Financial Results (in thousands) | Metric | Q2 2025 | Q2 2024 | % Variance | | :--- | :--- | :--- | :--- | | Total revenues | $172,791 | $118,170 | 46% | | Income from operations | $45,427 | $14,611 | 211% | | Walker & Dunlop net income | $33,142 | $11,039 | 200% | | Adjusted EBITDA | $1,323 | $(8,532) | -116% | - The increase in origination fees was driven by higher overall debt financing volume, particularly the **81% increase** in Agency volume, though the origination fee rate declined from **0.95% to 0.82%** due to competitive pressures and a large, lower-margin transaction[23](index=23&type=chunk) - Personnel expense rose **26%** due to higher variable compensation from increased transaction volume, a **5% increase** in headcount, and severance costs[23](index=23&type=chunk) [Servicing & Asset Management](index=7&type=section&id=Servicing%20%26%20Asset%20Management) Servicing & Asset Management revenues decreased **5% to $140.7 million** in Q2 2025, as a **4% rise** in servicing fees was offset by significant drops in investment management and placement fees, leading to a **21% decline** in operating income to **$43.0 million** Servicing & Asset Management Financial Results (in thousands) | Metric | Q2 2025 | Q2 2024 | % Variance | | :--- | :--- | :--- | :--- | | Total revenues | $140,735 | $148,232 | -5% | | Income from operations | $42,966 | $54,372 | -21% | | Walker & Dunlop net income | $37,541 | $40,432 | -7% | | Adjusted EBITDA | $111,931 | $124,502 | -10% | - Investment management fees decreased due to a reduced accrual from LIHTC funds, reflecting fewer expected asset dispositions and challenging market dynamics[26](index=26&type=chunk) - Placement fees and other interest income declined due to a lower average placement fee rate driven by lower short-term interest rates[26](index=26&type=chunk) [Corporate](index=8&type=section&id=Corporate) The Corporate segment's net loss widened **28% to $36.7 million** in Q2 2025, with total expenses increasing **6% to $47.7 million**, primarily due to an **11% rise** in personnel costs from increased headcount Corporate Financial Results (in thousands) | Metric | Q2 2025 | Q2 2024 | % Variance | | :--- | :--- | :--- | :--- | | Total revenues | $5,714 | $4,274 | 34% | | Income (loss) from operations | $(42,019) | $(40,786) | 3% | | Walker & Dunlop net income (loss) | $(36,731) | $(28,808) | 28% | | Adjusted EBITDA | $(36,443) | $(35,039) | 4% | - The increase in personnel costs was driven by higher salaries and benefits from an **8% increase** in average segment headcount and an increase in expense from the deferred compensation plan[28](index=28&type=chunk) [Year-to-Date 2025 Operating Results](index=9&type=section&id=Year-to-Date%202025%20Operating%20Results) Year-to-date 2025 consolidated results show **41% transaction volume growth** and **12% revenue increase**, leading to **6% net income growth**, but adjusted EBITDA and core EPS declined due to lower-margin fees and higher personnel expenses, with mixed segment performance [YTD Consolidated Performance](index=9&type=section&id=YTD%20Consolidated%20Performance) Year-to-date consolidated performance shows total transaction volume up **41% to $21.0 billion** and revenues up **12% to $556.6 million**, with net income growing **6% to $36.7 million**, despite declines in adjusted EBITDA and core EPS due to fee pressures and higher personnel costs YTD 2025 Consolidated Results (in thousands, except per share) | Metric | YTD Q2 2025 | YTD Q2 2024 | % Variance | | :--- | :--- | :--- | :--- | | Total transaction volume | $20,987,742 | $14,842,960 | 41% | | Total revenues | $556,607 | $498,735 | 12% | | Walker & Dunlop net income | $36,706 | $34,529 | 6% | | Adjusted EBITDA | $141,777 | $155,067 | -9% | | Diluted EPS | $1.07 | $1.02 | 5% | | Adjusted core EPS | $2.00 | $2.39 | -16% | - The increase in transaction volume was driven by a **61% increase** in Agency debt financing, a **24% increase** in brokered debt financing, and a **54% increase** in property sales volume[33](index=33&type=chunk) [YTD Financial Results by Segment](index=10&type=section&id=YTD%20Financial%20Results%20by%20Segment) Year-to-date segment results were mixed, with Capital Markets revenues growing **38%** and achieving a **$50.0 million** profit, while Servicing & Asset Management revenues declined **6%**, and the Corporate segment's operating loss increased **8% to $78.1 million** [Capital Markets](index=10&type=section&id=YTD%20Capital%20Markets) Year-to-date, Capital Markets revenues grew **38% to $275.4 million**, leading to a substantial improvement in operating income to **$50.0 million** and a **718% surge** in net income to **$35.5 million** YTD Capital Markets Financial Results (in thousands) | Metric | YTD Q2 2025 | YTD Q2 2024 | % Variance | | :--- | :--- | :--- | :--- | | Total revenues | $275,361 | $200,067 | 38% | | Income from operations | $49,968 | $6,281 | 696% | | Walker & Dunlop net income | $35,502 | $4,339 | 718% | - Origination fees increased **29%** due to a **39% rise** in debt financing volume, though the origination fee rate tightened from **0.90% to 0.84%** due to competition and transaction mix[38](index=38&type=chunk) [Servicing & Asset Management](index=11&type=section&id=YTD%20Servicing%20%26%20Asset%20Management) Year-to-date, Servicing & Asset Management revenues declined **6% to $272.6 million**, as growth in servicing fees was offset by significant drops in investment management and placement fees, resulting in a **26% fall** in operating income to **$79.7 million** YTD Servicing & Asset Management Financial Results (in thousands) | Metric | YTD Q2 2025 | YTD Q2 2024 | % Variance | | :--- | :--- | :--- | :--- | | Total revenues | $272,638 | $289,467 | -6% | | Income from operations | $79,714 | $107,643 | -26% | | Walker & Dunlop net income | $56,667 | $83,715 | -32% | - The decrease in investment management fees was primarily due to fewer expected asset dispositions in the LIHTC funds, while lower placement fees resulted from lower short-term interest rates[41](index=41&type=chunk) [Corporate](index=12&type=section&id=YTD%20Corporate) Year-to-date, the Corporate segment's net loss widened **4% to $55.5 million**, with total expenses increasing **7% to $86.7 million**, primarily due to a **10% rise** in personnel costs from increased headcount YTD Corporate Financial Results (in thousands) | Metric | YTD Q2 2025 | YTD Q2 2024 | % Variance | | :--- | :--- | :--- | :--- | | Total expenses | $86,672 | $81,249 | 7% | | Income (loss) from operations | $(78,064) | $(72,048) | 8% | | Walker & Dunlop net income (loss) | $(55,463) | $(53,525) | 4% | - The increase in personnel expense was primarily due to higher salaries and benefits associated with a **7% increase** in average segment headcount[43](index=43&type=chunk) [Capital Sources and Uses](index=13&type=section&id=Capital%20Sources%20and%20Uses) The company declared a **$0.67 per share** Q3 2025 dividend and maintains an active **$75.0 million** share repurchase program, though no shares have been repurchased as of June 30, 2025 [Dividends and Share Repurchases](index=13&type=section&id=Dividends%20and%20Share%20Repurchases) The Board declared a **$0.67 per share** dividend for Q3 2025, and a **$75.0 million** share repurchase program remains authorized, with no repurchases made as of June 30, 2025 - A dividend of **$0.67 per share** for Q3 2025 was declared, payable on September 5, 2025, to shareholders of record as of August 21, 2025[45](index=45&type=chunk) - A **$75.0 million** share repurchase program is authorized through February 2026, with no shares repurchased under this program as of June 30, 2025[46](index=46&type=chunk) [Additional Information and Financial Statements](index=13&type=section&id=Additional%20Information%20and%20Financial%20Statements) This section covers corporate disclosures, definitions of non-GAAP financial measures, forward-looking statement disclaimers, and includes unaudited condensed consolidated financial statements with supplemental operating and credit data, along with GAAP to non-GAAP reconciliations [Non-GAAP Financial Measures and Forward-Looking Statements](index=13&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Forward-Looking%20Statements) This section details the company's use of non-GAAP financial measures like adjusted EBITDA and adjusted core EPS to supplement GAAP figures, alongside a standard safe harbor statement for forward-looking statements [Financial Statements and Supplemental Data](index=15&type=section&id=Financial%20Statements%20and%20Supplemental%20Data) This appendix contains unaudited condensed consolidated financial statements, including balance sheets and income statements, supplemental tables for operating and credit data, and detailed reconciliations of GAAP to non-GAAP financial measures

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) [Q2 2025 Performance Highlights](index=1&type=section&id=Q2%202025%20Performance%20Highlights) QIAGEN exceeded expectations in Q2 2025, achieving robust growth and improved profitability driven by strong performance in Diagnostic Solutions, particularly QIAstat-Dx and QuantiFERON Q2 2025 Key Financial Metrics | Metric | Amount/Ratio | | :---------------------- | :-------- | | Net Sales | $534 million (+7% actual rates, +6% CER) | | Adjusted Diluted EPS | $0.60 ($0.62 CER) | | Adjusted Operating Income Margin | 29.9% (+1.5 percentage points YoY) | | Diagnostic Solutions Sales | +11% CER | | QIAstat-Dx Sales | +41% CER | | QuantiFERON Sales | +11% CER | [Full-Year 2025 Outlook Update](index=1&type=section&id=Full-Year%202025%20Outlook%20Update) Based on strong H1 2025 performance, QIAGEN raised its full-year net sales outlook while reaffirming adjusted diluted EPS and adjusted operating income margin targets Full-Year 2025 Outlook | Metric | Updated Outlook | Previous Outlook | | :---------------------- | :--------- | :------- | | Net Sales Growth (CER) | 4-5% | approx 4% | | Core Sales Growth (CER) | 5-6% | approx 5% | | Adjusted Diluted EPS (CER) | approx $2.35 | approx $2.35 | | Adjusted Operating Income Margin | approx 30% | approx 30% | [Financial Performance Analysis](index=3&type=section&id=Financial%20Performance%20Analysis) [Consolidated Financial Results (Q2 & H1 2025)](index=3&type=section&id=Consolidated%20Financial%20Results%20%28Q2%20%26%20H1%202025%29) QIAGEN achieved significant improvements in net and operating income during Q2 and H1 2025, primarily driven by sales growth and efficiency gains Q2 and H1 2025 Key Financial Data | Metric ($ million) | Q2 2025 | Q2 2024 | Change | H1 2025 | H1 2024 | Change | | :------------------ | :------------- | :------------- | :--- | :----------- | :----------- | :--- | | Net Sales | 534 | 496 | +7 % | 1,017 | 955 | +6 % | | Operating Income | 122 | (228) | NM | 237 | (133) | NM | | Net Income | 96 | (183) | NM | 187 | (103) | NM | | Diluted EPS | $0.44 | ($0.82) | NM | $0.85 | ($0.46) | NM | | Adjusted Operating Income | 160 | 141 | +13 % | 304 | 259 | +17 % | | Adjusted Net Income | 132 | 123 | +8 % | 253 | 226 | +12 % | | Adjusted Diluted EPS | $0.60 | $0.55 | +9 % | $1.15 | $1.00 | +15 % | [Sales by Product Group](index=4&type=section&id=Sales%20by%20Product%20Group) Diagnostic Solutions was the primary driver of sales growth, achieving strong double-digit increases, while Sample Technologies and Genomics/NGS sales remained stable or slightly declined Sales by Product Group (Q2 and H1 2025) | Product Group ($ million) | Q2 2025 Sales | Q2 2024 Sales | Q2 Change | Q2 CER Change | H1 2025 Sales | H1 2024 Sales | H1 Change | H1 CER Change | | :------------------------- | :------------------- | :------------------- | :----------- | :-------------- | :----------------- | :----------------- | :--------- | :-------------- | | Sample Technologies | 166 | 164 | +2 % | 0 % | 316 | 318 | -1 % | -1 % | | Diagnostic Solutions | 206 | 185 | +12 % | +11 % | 393 | 355 | +11 % | +11 % | | PCR / Nucleic Acid Amplification | 80 | 76 | +5 % | +3 % | 156 | 144 | +9 % | +8 % | | Genomics / NGS | 59 | 58 | +1 % | 0 % | 112 | 113 | -1 % | -1 % | | Other | 22 | 14 | +61 % | +60 % | 40 | 25 | +59 % | +62 % | | **Total Net Sales** | **534** | **496** | **+7 %** | **+6 %** | **1,017** | **955** | **+6 %** | **+6 %** | [Sample Technologies](index=4&type=section&id=Sample%20Technologies) - Q2 2025 sales were flat at constant exchange rates, with mid-single-digit growth in automated kits offset by a decline in manual kits[11](index=11&type=chunk) - Instrument sales remained stable despite a challenging customer spending environment, with continued deployment of QIAsymphony Connect, QIAcube Connect, and EZ2 Connect systems[11](index=11&type=chunk) [Diagnostic Solutions](index=4&type=section&id=Diagnostic%20Solutions) - Q2 2025 sales grew **11% CER to $206 million**; core sales (excluding discontinued NeuMoDx systems) increased **13% CER**[11](index=11&type=chunk) - QIAstat-Dx led with **41% CER growth**, achieving double-digit increases across all regions and exceeding the target of at least 150 system placements per quarter[11](index=11&type=chunk) - QuantiFERON latent TB test sales grew **11% CER**, benefiting from continued conversion from skin tests in the Americas and EMEA, alongside broader market expansion[11](index=11&type=chunk) - Companion diagnostics revenue increased **over 20% CER** in Q2 2025, attributed to new collaborations with leading pharmaceutical partners on QIAcuityDx, QIAstat-Dx, and Next-Generation Sequencing (NGS)[11](index=11&type=chunk) [PCR / Nucleic Acid Amplification](index=4&type=section&id=PCR%20%2F%20Nucleic%20Acid%20Amplification) - Q2 2025 sales increased **3% CER to $80 million** compared to Q2 2024[11](index=11&type=chunk) - QIAcuity saw growth in consumables, but instrument sales were slightly below prior-year levels due to continued cautious customer spending[11](index=11&type=chunk) [Genomics / NGS](index=4&type=section&id=Genomics%20%2F%20NGS) - Q2 2025 sales were stable at **$59 million**[11](index=11&type=chunk) - QIAGEN Digital Insights (QDI) bioinformatics business grew at a low single-digit CER, with double-digit growth in clinical applications offsetting weaker demand from research customers impacted by funding pressures[11](index=11&type=chunk) - QDI performance was also adversely impacted by the transition from multi-year licensing agreements to a subscription (SaaS) model[11](index=11&type=chunk) [Other Sales](index=4&type=section&id=Other%20Sales) - Sales growth in this category primarily reflects continued revenue from the Dialunox system prior to its planned discontinuation in mid-2025, along with a smaller contribution from tariff surcharges introduced in 2025[11](index=11&type=chunk) [Operating Income and Margins](index=3&type=section&id=Operating%20Income%20and%20Margins) Q2 2025 operating income shifted from a loss to a profit year-over-year, with adjusted operating income margin improving due to sales growth, efficiency gains, and the NeuMoDx discontinuation - Q2 2025 operating income was **$122 million**, compared to an operating loss of $228 million in the prior-year period[10](index=10&type=chunk) - Adjusted operating income increased **13% to $160 million**[10](index=10&type=chunk) - Adjusted operating income margin improved to **29.9% of sales** in Q2 2025, up **1.5 percentage points** from 28.4% in Q2 2024; at constant exchange rates, the margin rose to **30.8%**[10](index=10&type=chunk) - Research and development investments represented **8.9% of Q2 2025 sales**, aligning with the 9-10% target[10](index=10&type=chunk) [Earnings Per Share (EPS)](index=3&type=section&id=Earnings%20Per%20Share%20%28EPS%29) Q2 2025 diluted EPS turned positive, and adjusted diluted EPS exceeded expectations, reflecting improved profitability - Q2 2025 diluted EPS was **$0.44**, compared to a net loss per share of $0.82 in Q2 2024[10](index=10&type=chunk) - Adjusted diluted EPS was **$0.60**, or **$0.62 at constant exchange rates**, exceeding the outlook of at least $0.60 CER[10](index=10&type=chunk) - The adjusted tax rate for Q2 2025 was **20%**, slightly above the outlook of approximately 19%[10](index=10&type=chunk) [Cash Flow & Capital Allocation](index=5&type=section&id=Cash%20Flow%20%26%20Capital%20Allocation) [Cash Flow Overview](index=5&type=section&id=Cash%20Flow%20Overview) Net cash provided by operating activities remained stable in H1 2025, but free cash flow slightly decreased due to increased capital expenditures for strategic projects Q2 and H1 2025 Key Cash Flow Data | Metric ($ million) | Q2 2025 | Q2 2024 | Change | H1 2025 | H1 2024 | Change | | :---------------------------------- | :------------- | :------------- | :--- | :----------- | :----------- | :--- | | Net Cash Provided by Operating Activities | 161 | 167 | -3 % | 301 | 300 | 0 % | | Purchases of Property, Plant and Equipment | (40) | (38) | +5 % | (84) | (75) | +12 % | | Free Cash Flow | 121 | 129 | -6 % | 217 | 225 | -3 % | | Net Cash Provided by (Used in) Investing Activities | (42) | (18) | NM | 78 | (11) | NM | | Net Cash Used in Financing Activities | (28) | (127) | NM | (315) | (419) | NM | - Free cash flow for H1 2025 slightly decreased to **$217 million**, primarily due to increased investments in property, plant, and equipment for projects like the SAP system upgrade[14](index=14&type=chunk) [Capital Allocation and Shareholder Returns](index=5&type=section&id=Capital%20Allocation%20and%20Shareholder%20Returns) QIAGEN returned over $350 million to shareholders in 2025 through synthetic share repurchases and its first cash dividend, while continuing to focus on innovation investments - Over **$350 million** has been returned to shareholders in 2025 through synthetic share repurchases and the first cash dividend[7](index=7&type=chunk) - Approximately **$300 million** was returned to shareholders in January 2025 through a synthetic share repurchase, reducing shares outstanding by **6.2 million** (approx **2.8%**)[14](index=14&type=chunk) - The first annual cash dividend of approximately **$54 million** was paid in July 2025[14](index=14&type=chunk) - Leverage ratio (net debt to adjusted EBITDA) increased from **0.3x** at year-end 2024 to **0.6x** at the end of Q2 2025[14](index=14&type=chunk) - Approximately **$500 million** is expected to be paid in December 2025 for the early redemption of 2027 convertible notes[14](index=14&type=chunk) [Strategic Initiatives & Portfolio Update](index=5&type=section&id=Strategic%20Initiatives%20%26%20Portfolio%20Update) [QIAGEN Digital Insights (QDI)](index=5&type=section&id=QIAGEN%20Digital%20Insights%20%28QDI%29) QIAGEN acquired Genoox in May 2025, integrating its AI-driven Franklin cloud platform into clinical genomics offerings to enhance NGS data interpretation for rare diseases, cancer, and reproductive health - Acquired Genoox in May 2025, adding the Franklin cloud platform to its clinical genomics offerings[14](index=14&type=chunk) - The Franklin platform supports scalable, AI-powered NGS data interpretation for decision support in rare diseases, cancer, and reproductive health issues[14](index=14&type=chunk) - This integration is expected to enhance diagnostic accuracy and strengthen QDI's position in clinical NGS interpretation, especially for small to medium-sized laboratories[14](index=14&type=chunk) [Sample Technologies Development](index=5&type=section&id=Sample%20Technologies%20Development) QIAGEN is developing three new sample preparation platforms (QIAsymphony Connect, QIAsprint Connect, and QIAmini), planned for launch from late 2025, aiming to expand its installed base in clinical and research settings through improved automation, flexible throughput, and connectivity - Three new sample preparation platforms are under development: QIAsymphony Connect (2025), QIAsprint Connect (2026), and QIAmini (2026)[14](index=14&type=chunk) - These systems aim to provide improved automation, flexible throughput, and connectivity to expand the installed base in clinical and research settings[14](index=14&type=chunk) [QIAcuity Partnerships](index=5&type=section&id=QIAcuity%20Partnerships) QIAcuity's applications in oncology are expanding through collaborations with ID Solutions and Tracer Biotechnologies, aiming to support decentralized clinical trials and future companion diagnostics - Collaboration with ID Solutions to offer multiplex assays for detecting cancer mutations in cfDNA and FFPE samples[14](index=14&type=chunk) - Separate agreement with Tracer Biotechnologies focuses on developing MRD (minimal residual disease) assays for solid tumors[14](index=14&type=chunk) - These initiatives aim to support decentralized clinical trials and future companion diagnostics[14](index=14&type=chunk) [Precision Medicine & Companion Diagnostics](index=5&type=section&id=Precision%20Medicine%20%26%20Companion%20Diagnostics) In June 2025, QIAGEN expanded its NGS-based companion diagnostics pipeline through new global partnerships, including with Incyte for CALR gene mutation detection and Foresight Diagnostics for converting CLARITY ctDNA assays into diagnostic kits - Global partnership with Incyte to develop an assay for CALR gene mutations in patients with myeloproliferative neoplasms[14](index=14&type=chunk) - Collaboration with Foresight Diagnostics to convert the CLARITY ctDNA assay for lymphoma from a central lab service into a diagnostic kit for clinical trials[14](index=14&type=chunk) [Outlook](index=6&type=section&id=Outlook) [Full-Year 2025 Outlook](index=6&type=section&id=Full-Year%202025%20Outlook) QIAGEN updated its full-year 2025 net sales growth outlook to 4-5% CER, core business growth to 5-6% CER, and reaffirmed adjusted diluted EPS at approximately $2.35 CER and adjusted operating income margin at approximately 30% Full-Year 2025 Outlook | Metric | Outlook | | :---------------------- | :--------- | | Net Sales Growth (CER) | 4-5% | | Core Sales Growth (CER) | 5-6% | | Adjusted Diluted EPS (CER) | approx $2.35 | | Adjusted Operating Income Margin | approx 30% | - Foreign currency movements are expected to have a positive impact of approximately one percentage point on net sales and an adverse impact of approximately **$0.02** on adjusted diluted EPS for full-year 2025[15](index=15&type=chunk) [Q3 2025 Outlook](index=6&type=section&id=Q3%202025%20Outlook) For Q3 2025, QIAGEN anticipates net sales growth of at least 4% CER and adjusted diluted EPS of at least $0.58 CER Q3 2025 Outlook | Metric | Outlook | | :---------------------- | :--------- | | Net Sales Growth (CER) | at least 4% | | Core Sales Growth (CER) | at least 5% | | Adjusted Diluted EPS (CER) | at least $0.58 | | FX Impact on Net Sales | positive impact of up to one percentage point | | FX Impact on Adjusted Diluted EPS | neutral | [Additional Information](index=6&type=section&id=Additional%20Information) [Use of Adjusted Results (Non-GAAP)](index=6&type=section&id=Use%20of%20Adjusted%20Results%20%28Non-GAAP%29) QIAGEN uses adjusted (non-GAAP) financial measures and constant exchange rate (CER) metrics to provide deeper insights into its business performance, excluding items not representative of core operations or affecting comparability - QIAGEN reports adjusted results and constant exchange rate (CER) measures, along with other non-GAAP financial metrics, to provide deeper insights into its business performance[18](index=18&type=chunk) - Adjusted results exclude items considered outside the scope of ongoing core operations, subject to significant cyclical fluctuations, or reducing comparability with competitors and historical performance[18](index=18&type=chunk) - These non-GAAP and CER metrics are used internally for planning, forecasting, reporting, and employee compensation purposes[18](index=18&type=chunk) [About QIAGEN](index=6&type=section&id=About%20QIAGEN) QIAGEN N.V. is a global leader in sample to insight solutions, serving over 500,000 customers in life sciences and molecular diagnostics by enabling them to extract and analyze molecular information from biological samples - QIAGEN N.V. is a global leader in sample to insight solutions, enabling over **500,000 customers** worldwide to extract and analyze molecular information from biological samples containing the building blocks of life[19](index=19&type=chunk) - Its solutions include sample technologies (separating and processing DNA, RNA, and proteins), assay technologies (preparing biomolecules for analysis), bioinformatics (supporting complex data interpretation), and automation solutions[19](index=19&type=chunk) - As of June 30, 2025, QIAGEN had approximately **5,700 employees** at more than **35 locations** worldwide[19](index=19&type=chunk) [Forward-Looking Statements & Contacts](index=7&type=section&id=Forward-Looking%20Statements%20%26%20Contacts) This press release contains forward-looking statements subject to various uncertainties and risks, such as growth management, currency fluctuations, regulatory approvals, and market acceptance, and provides investor relations and public relations contact information - Certain statements in this press release may constitute forward-looking statements, involving products, development timelines, marketing and/or regulatory approvals, financial and operational outlook, growth strategies, collaborations, and operating results[20](index=20&type=chunk) - These statements are based on current expectations and assumptions but involve uncertainties and risks, including challenges in managing growth and international operations (such as currency fluctuations, tariffs, tax laws, regulatory processes, and supply chain dependencies)[20](index=20&type=chunk) - For a more complete discussion of risks and uncertainties, refer to the 'Risk Factors' section in the company's latest Annual Report on Form 20-F and other reports filed with the U.S. Securities and Exchange Commission[20](index=20&type=chunk) - Investor Relations contact: ir@QIAGEN.com; Public Relations contact: pr@QIAGEN.com[21](index=21&type=chunk) [Condensed Consolidated Financial Statements](index=8&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statements of Income](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) This section provides unaudited statements of income for Q2 and H1 2025 compared to the same periods in 2024, detailing net sales, cost of sales, operating expenses, and net income/loss Condensed Consolidated Statements of Income (Unaudited) | (in thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :----------------------- | :----------------------- | :----------------------- | :----------------------- | | Net Sales | $533,540 | $496,347 | $1,016,996 | $955,143 | | Total Cost of Sales | 199,254 | 461,583 | 374,029 | 629,390 | | Gross Profit | 334,286 | 34,764 | 642,967 | 325,753 | | Total Operating Expenses | 212,384 | 263,201 | 405,718 | 459,243 | | Operating Income (Loss) | 121,902 | (228,437) | 237,249 | (133,490) | | Net Income (Loss) | $96,250 | ($183,460) | $187,008 | ($102,787) | | Diluted Earnings (Loss) Per Common Share | $0.44 | ($0.83) | $0.85 | ($0.46) | | Adjusted Diluted Earnings Per Common Share | $0.60 | $0.55 | $1.15 | $1.00 | [Reconciliation of Reported to Adjusted Results](index=9&type=section&id=Reconciliation%20of%20Reported%20to%20Adjusted%20Results) This section provides a detailed reconciliation of GAAP reported results to non-GAAP adjusted results for Q2 and H1 2025, highlighting adjustments for business integration, acquisitions, restructuring, intangible asset amortization, and tax items Reconciliation of Reported to Adjusted Results (Unaudited) | Three Months Ended June 30, 2025 | Net Sales ($ million) | Gross Profit ($ million) | Operating Income ($ million) | Income Before Income Taxes ($ million) | Income Tax Expense ($ million) | Tax Rate | Net Income ($ million) | Diluted EPS* | | :------------------------------- | :------- | :----- | :------- | :------- | :----- | :--- | :----- | :------- | | Reported Results | 533.5 | 334.3 | 121.9 | 126.8 | (30.6) | 24% | 96.2 | $0.44 | | Total Adjustments | — | 21.7 | 37.6 | 37.7 | (2.0) | | 35.7 | 0.16 | | Adjusted Results | 533.5 | 356.0 | 159.5 | 164.5 | (32.6) | 20% | 131.9 | $0.60 | | Six Months Ended June 30, 2025 | Net Sales ($ million) | Gross Profit ($ million) | Operating Income ($ million) | Income Before Income Taxes ($ million) | Income Tax Expense ($ million) | Tax Rate | Net Income ($ million) | Diluted EPS* | | Reported Results | 1,017.0 | 643.0 | 237.2 | 246.3 | (59.3) | 24% | 187.0 | $0.85 | | Total Adjustments | — | 38.9 | 66.5 | 69.1 | (3.2) | | 65.9 | 0.30 | | Adjusted Results | 1,017.0 | 681.9 | 303.7 | 315.4 | (62.5) | 20% | 252.9 | $1.15 | - Adjusting items include business integration, acquisition, and restructuring-related items, amortization of purchased intangible assets, non-cash other net income, and certain income tax items[25](index=25&type=chunk)[26](index=26&type=chunk) [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents unaudited balance sheets as of June 30, 2025, compared to December 31, 2024, detailing assets, liabilities, and shareholders' equity Condensed Consolidated Balance Sheets (Unaudited) | (in thousands, except par value) | June 30, 2025 | December 31, 2024 (Restated) | | :--------------------------------- | :------------ | :-------------------- | | Total Current Assets | 1,818,989 | 1,959,853 | | Total Non-Current Assets | 4,004,769 | 3,729,769 | | **Total Assets** | **$5,823,758**| **$5,689,622** | | Total Current Liabilities | 1,128,314 | 1,042,031 | | Total Non-Current Liabilities | 1,189,954 | 1,080,252 | | Total Equity | 3,505,490 | 3,567,339 | | **Total Liabilities and Equity** | **$5,823,758**| **$5,689,622** | - Balances for 'Current portion of long-term debt' and 'Long-term debt, net of current portion' as of December 31, 2024, have been adjusted to reclassify **$498.4 million** of 2027 convertible notes, previously classified as long-term debt, to current liabilities[29](index=29&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section provides unaudited cash flow statements for the six months ended June 30, 2025, compared to the same period in 2024, detailing cash flows from operating, investing, and financing activities, as well as free cash flow Condensed Consolidated Statements of Cash Flows (Unaudited) | (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------- | :----------------------- | :----------------------- | | Net Cash Provided by Operating Activities | $301,175 | $299,695 | | Net Cash Provided by (Used in) Investing Activities | 78,084 | (11,406) | | Net Cash Used in Financing Activities | (314,698) | (419,470) | | Net Increase (Decrease) in Cash and Cash Equivalents | 70,260 | (134,440) | | Cash and Cash Equivalents at End of Period | $733,815 | $533,644 | | Free Cash Flow | $217,083 | $224,921 | - Free cash flow is a non-GAAP financial measure calculated as net cash provided by operating activities less purchases of property, plant, and equipment[31](index=31&type=chunk)

[Cautionary Statement Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This section outlines the inherent risks and uncertainties associated with forward-looking statements, which may cause actual results to differ materially - Forward-looking statements in this report are based on management's current beliefs and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially[12](index=12&type=chunk)[13](index=13&type=chunk) - Key risks include exposure to debt-oriented real estate investments, adverse effects from macroeconomic trends (inflation, high interest rates), delinquency and foreclosure risks in commercial real estate, fluctuations in interest rates and credit spreads, substantial indebtedness, dependence on the Manager, risks of failing to qualify as a REIT, and risks associated with pandemics and specific legal proceedings[14](index=14&type=chunk)[16](index=16&type=chunk)[203](index=203&type=chunk) [PART I](index=6&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This item presents the unaudited consolidated financial statements of NexPoint Real Estate Finance, Inc. and its subsidiaries for the quarter and six months ended June 30, 2025, and comparative periods, including balance sheets, statements of operations, statements of stockholders' equity, and statements of cash flows, along with accompanying notes [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) Consolidated balance sheet highlights for June 30, 2025, and December 31, 2024, showing changes in assets, liabilities, and equity **Consolidated Balance Sheet Highlights (in thousands):** | Metric | June 30, 2025 | December 31, 2024 | Change ($) | | :------------------------------------------------ | :------------ | :---------------- | :--------- | | Cash and cash equivalents | $9,056 | $3,877 | +$5,179 | | Net Operating Real Estate Investments | $64,718 | $121,836 | -$57,118 | | Net Real Estate held for sale | $56,043 | — | +$56,043 | | Loans, held-for-investment, net | $474,203 | $497,544 | -$23,341 | | Preferred stock investments, at fair value | $113,423 | $18,949 | +$94,474 | | Mortgage loans held in variable interest entities, at fair value | $4,186,717 | $4,343,359 | -$156,642 | | **TOTAL ASSETS** | **$5,402,380** | **$5,416,073** | **-$13,693** | | Secured financing agreements, net | $233,908 | $235,769 | -$1,861 | | Master repurchase agreements | $260,947 | $243,454 | +$17,493 | | Mortgages payable, net | $63,500 | $95,464 | -$31,964 | | Mortgages payable held for sale, net | $31,824 | — | +$31,824 | | Bonds payable held in variable interest entities, at fair value | $3,883,947 | $4,029,214 | -$145,267 | | Redeemable Series B Preferred stock | $245,607 | $149,045 | +$96,562 | | Total Stockholders' Equity | $348,235 | $336,484 | +$11,751 | | **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | **$5,402,380** | **$5,416,073** | **-$13,693** | [Consolidated Unaudited Statements of Operations](index=9&type=section&id=Consolidated%20Unaudited%20Statements%20of%20Operations) Unaudited consolidated statements of operations for the three and six months ended June 30, 2025, and 2024, detailing net income and earnings per share **Consolidated Statements of Operations (in thousands, except per share amounts):** | Metric | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | Change ($) | Change (%) | | :------------------------------------------ | :-------------------------- | :-------------------------- | :--------- | :--------- | | Net interest income (loss) | $12,069 | $6,740 | +$5,329 | +79.1% | | Total other income (loss) | $19,473 | $14,168 | +$5,305 | +37.4% | | Total operating expenses | $9,271 | $8,794 | +$477 | +5.4% | | Net income (loss) | $22,271 | $12,114 | +$10,157 | +83.8% | | Net income (loss) attributable to common stockholders | $12,285 | $7,488 | +$4,797 | +64.1% | | Earnings (loss) per share - basic | $0.69 | $0.43 | +$0.26 | +60.5% | | Earnings (loss) per share - diluted | $0.54 | $0.40 | +$0.14 | +35.0% | | Metric | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | Change ($) | Change (%) | | :------------------------------------------ | :-------------------------- | :-------------------------- | :--------- | :--------- | | Net interest income (loss) | $23,578 | $(6,074) | +$29,652 | -488.2% | | Total other income (loss) | $42,209 | $23,367 | +$18,842 | +80.6% | | Total operating expenses | $17,554 | $19,820 | -$2,266 | -11.4% | | Net income (loss) | $48,233 | $(2,527) | +$50,760 | -2008.7% | | Net income (loss) attributable to common stockholders | $28,802 | $(6,799) | +$35,601 | -523.6% | | Earnings (loss) per share - basic | $1.64 | $(0.39) | +$2.03 | -520.5% | | Earnings (loss) per share - diluted | $1.24 | $(0.39) | +$1.63 | -417.9% | - Interest income for the six months ended June 30, 2024, included **$25.0 million** related to accelerated amortization of the premium associated with the prepayment on a senior loan[24](index=24&type=chunk) [Consolidated Unaudited Statements of Stockholders' Equity](index=12&type=section&id=Consolidated%20Unaudited%20Statements%20of%20Stockholders%27%20Equity) This section details changes in stockholders' equity, including net income, stock-based compensation, and dividends for the periods presented - Total Stockholders' Equity increased from **$336,484 thousand** at December 31, 2024, to **$348,235 thousand** at June 30, 2025, driven by net income and vesting of stock-based compensation, partially offset by dividends[26](index=26&type=chunk) - Net income attributable to common stockholders for the six months ended June 30, 2025, was **$28,802 thousand**, a significant improvement from a net loss of **$(6,799) thousand** in the prior year[26](index=26&type=chunk)[27](index=27&type=chunk) - Common stock dividends declared remained constant at **$1.0000 per share** for both the six months ended June 30, 2025, and 2024[26](index=26&type=chunk)[27](index=27&type=chunk) [Consolidated Unaudited Statements of Cash Flows](index=14&type=section&id=Consolidated%20Unaudited%20Statements%20of%20Cash%20Flows) This section presents the consolidated statements of cash flows, categorizing cash activities into operating, investing, and financing for the six months ended June 30, 2025, and 2024 **Consolidated Statements of Cash Flows (in thousands):** | Metric | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | Change ($) | | :------------------------------------------ | :-------------------------- | :-------------------------- | :--------- | | Net cash provided by operating activities | $19,357 | $10,208 | +$9,149 | | Net cash provided by investing activities | $89,584 | $597,007 | -$507,423 | | Net cash used in financing activities | $(102,256) | $(616,548) | +$514,292 | | Net increase (decrease) in cash, cash equivalents, and restricted cash | $6,685 | $(9,333) | +$16,018 | | Cash, cash equivalents and restricted cash, end of period | $13,738 | $7,316 | +$6,422 | - The increase in operating cash flow was primarily due to the change in unrealized gains on investments held at fair value[272](index=272&type=chunk) - The substantial decrease in investing cash flow was mainly due to lower proceeds from payments received on mortgage loans held for investment[273](index=273&type=chunk) [Notes to Consolidated Unaudited Financial Statements](index=16&type=section&id=Notes%20to%20Consolidated%20Unaudited%20Financial%20Statements) This section provides detailed notes explaining the Company's organization, significant accounting policies, and specific financial statement line items [1. Organization and Description of Business](index=16&type=section&id=1.%20Organization%20and%20Description%20of%20Business) This note describes NexPoint Real Estate Finance, Inc.'s formation, REIT status, investment strategy, and external management structure - NexPoint Real Estate Finance, Inc. (NREF) is a commercial mortgage REIT, incorporated in Maryland on June 7, 2019, and elected REIT status commencing December 31, 2020[32](index=32&type=chunk) - NREF focuses on originating, structuring, and investing in first-lien mortgage loans, mezzanine loans, preferred equity, convertible notes, multifamily properties, common equity, CMBS securitizations, promissory notes, revolving credit facilities, and stock warrants[32](index=32&type=chunk)[197](index=197&type=chunk) - The Company is externally managed by NexPoint Real Estate Advisors VII, L.P. (the "Manager"), an affiliate of its Sponsor, and primarily targets investments in multifamily, SFR, self-storage, and life science sectors within the top 50 MSAs[32](index=32&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[197](index=197&type=chunk) [2. Summary of Significant Accounting Policies](index=16&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the key accounting principles and estimates used in preparing the financial statements, including consolidation, fair value measurements, and credit loss recognition - Financial statements are prepared in accordance with GAAP, requiring management to make estimates and assumptions that affect reported amounts[39](index=39&type=chunk)[40](index=40&type=chunk)[42](index=42&type=chunk) - The Company consolidates Variable Interest Entities (VIEs) when it has the power to direct activities and the obligation to absorb losses or right to receive significant benefits; CMBS trusts are consolidated under this model with assets and liabilities reported at fair value[43](index=43&type=chunk)[44](index=44&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) - NREF adopted ASU 2016-13 (CECL model) on January 1, 2023, for estimating lifetime expected credit losses on its loan portfolio and unfunded loan commitments, using various forecasting methods and inputs[49](index=49&type=chunk)[302](index=302&type=chunk) **Expected Credit Loss Reserve (in thousands):** | Metric | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Balances, December 31, | N/A | $(1,377) | | (Provision for) reversal of credit losses | $(8,909) | $422 | | Balance at June 30, | $(10,286) | $(1,678) | - The loan portfolio had a weighted-average risk rating of **3.0** as of both June 30, 2025, and December 31, 2024, on a 5-point scale (1=least risk, 5=greatest risk)[52](index=52&type=chunk)[65](index=65&type=chunk) [3. Loans Held for Investment, Net](index=21&type=section&id=3.%20Loans%20Held%20for%20Investment%2C%20Net) This note provides a detailed breakdown of the Company's loan portfolio, including carrying values, loan counts, weighted-average coupons, and collateral property types **Loans Held-for-Investment, Net (in thousands):** | Loan Type | June 30, 2025 Carrying Value | Dec 31, 2024 Carrying Value | Loan Count (Jun 30, 2025) | Weighted Average Coupon (Jun 30, 2025) | | :-------------------------------- | :--------------------------- | :-------------------------- | :------------------------- | :------------------------------------- | | Mortgage loans | $279,587 | $263,395 | 10 | 10.26% | | Mezzanine loans | $130,088 | $134,870 | 21 | 9.39% | | Preferred equity | $205,807 | $223,653 | 17 | 10.86% | | Promissory notes | $1,562 | $3,992 | 1 | 15.00% | | Revolving credit facility | $136,746 | $135,029 | 1 | 13.50% | | **Total** | **$753,790** | **$760,939** | **50** | **10.92%** | - For the six months ended June 30, 2025, originations totaled **$33,586 thousand**, while proceeds from principal repayments were **$(39,671) thousand**[63](index=63&type=chunk) - The loan portfolio's weighted-average risk rating remained at **3.0** as of June 30, 2025, with **97.21%** of loans rated '3' (Satisfactory)[65](index=65&type=chunk) - Collateral property types are concentrated in Life Science (**35.20%**), Multifamily (**33.52%**), and Single Family Rental (**27.11%**) as of June 30, 2025[70](index=70&type=chunk) [4. CMBS Trusts](index=24&type=section&id=4.%20CMBS%20Trusts) This note details the Company's consolidated CMBS trusts, including their assets, liabilities, and changes in net assets, primarily backed by multifamily properties - The Company consolidates CMBS Entities where it is the primary beneficiary, carrying their assets and liabilities at fair value[71](index=71&type=chunk) **Trust's Assets and Liabilities (in thousands):** | Metric | June 30, 2025 | December 31, 2024 | | :------------------------------------------------ | :------------ | :---------------- | | Mortgage loans held in variable interest entities, at fair value | $4,186,717 | $4,343,359 | | Bonds payable held in variable interest entities, at fair value | $(3,883,947) | $(4,029,214) | **Change in Net Assets Related to Consolidated CMBS VIEs (in thousands):** | Metric | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | | :------------------------------------------ | :-------------------------- | :-------------------------- | | Net interest earned | $11,839 | $18,860 | | Realized gain (loss) | $(84) | $6,198 | | Unrealized gain (loss) | $(3,882) | $(3,726) | | **Total Change in Net Assets** | **$7,873** | **$21,332** | - The collateral property type for consolidated CMBS trusts is **100% Multifamily** as of June 30, 2025[73](index=73&type=chunk) [5. Common and Preferred Stock Investments](index=25&type=section&id=5.%20Common%20and%20Preferred%20Stock%20Investments) This note describes the Company's common and preferred stock investments, including fair value measurements and changes in unrealized gains or losses - The Company holds common stock investments in NexPoint Storage Partners (NSP) and a private ground lease REIT, both accounted for at fair value (Level 3 assets)[74](index=74&type=chunk)[76](index=76&type=chunk) - Preferred stock investments include IQHQ Series D-1 (**$18,532 thousand** fair value) and IQHQ Series E (**$94,891 thousand** fair value, acquired Jan 2, 2025), also measured at fair value (Level 3 assets)[82](index=82&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) **Change in Unrealized Gain (Loss) on Stock Investments (in thousands):** | Investment Type | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | | :------------------------------------------ | :-------------------------- | :-------------------------- | | Common stock investments | $(6,574) | $(2,642) | | Preferred stock and stock warrant investments | $38,195 | $102 | - Equity method investments include Resmark Forney Gateway Holdings, LLC, Resmark The Brook Holdings, LLC, Slater Apartments, and Capital Acquisitions Partners, LLC[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) [6. Unconsolidated Variable Interest Entities](index=27&type=section&id=6.%20Unconsolidated%20Variable%20Interest%20Entities) This note provides a summary of the Company's unconsolidated Variable Interest Entities (VIEs), detailing instrument types, asset types, accounting treatment, and ownership percentages **Unconsolidated Variable Interest Entities (VIEs) as of June 30, 2025:** | Entity | Instrument | Asset Type | Accounting Treatment | Percentage Ownership | | :-------------------------------- | :----------- | :----------- | :------------------- | :------------------- | | NexPoint Storage Partners, Inc. | Common Stock | Self-storage | Fair Value | 25.6% | | Resmark Forney Gateway Holdings, LLC | Common Equity | Multifamily | Equity Method | 98.0% | | Resmark The Brook Holdings, LLC | Common Equity | Multifamily | Equity Method | 98.0% | | Private REIT | Common Stock | Ground lease | Fair Value | 6.3% | | SK Apartments | Common Equity | Multifamily | Equity Method | 12.3% | | Capital Acquisitions Partners, LLC | Membership Interests | Multifamily | Equity Method | 79.1% | - The Company's maximum exposure to loss for the NSP investment is **$24.7 million**, for CAP is **$1.5 million**, and for the Private REIT is **$26.1 million**[89](index=89&type=chunk) [7. CMBS Structured Pass-Through Certificates](index=28&type=section&id=7.%20CMBS%20Structured%20Pass-Through%20Certificates) This note details the Company's holdings in CMBS interest-only strips, their carrying value, underlying collateral, and related activity - The Company held fourteen CMBS interest-only strips (CMBS I/O Strips) at fair value as of June 30, 2025, with a total carrying value of **$44,122 thousand**[90](index=90&type=chunk)[91](index=91&type=chunk) - These CMBS I/O Strips are interest-only tranches of Freddie Mac structured pass-through certificates, backed by fixed-rate mortgage loans secured primarily by stabilized multifamily properties[90](index=90&type=chunk) - The weighted-average current yield for CMBS I/O Strips was **19.72%** as of June 30, 2025[91](index=91&type=chunk) **Activity Related to CMBS I/O Strips, MSCR Notes, and Mortgage Backed Securities (in thousands):** | Metric | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | | :------------------------------------------ | :-------------------------- | :-------------------------- | | Net interest earned | $(19) | $1,227 | | Change in unrealized gain (loss) on CMBS structured pass-through certificates | $1,832 | $421 | | Change in unrealized gain (loss) on MSCR Notes | — | $(13) | | Change in unrealized gain (loss) on mortgage backed securities | — | $615 | | **Total** | **$1,813** | **$2,250** | [8. Real Estate Investments, net](index=29&type=section&id=8.%20Real%20Estate%20Investments%2C%20net) This note provides information on the Company's real estate investments, including properties held for sale and net income from consolidated real estate owned - Hudson Montford, a 204-unit multifamily property, was classified as held for sale as of June 30, 2025, and subsequently sold on July 22, 2025, for **$60.0 million**[94](index=94&type=chunk)[195](index=195&type=chunk) - Alexander at the District, a 280-unit multifamily property, had a net operating real estate investment carrying value of **$64,718 thousand** as of June 30, 2025[96](index=96&type=chunk) **Net Income (Loss) from Consolidated Real Estate Owned (in thousands):** | Metric | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | | :------------------------------------------ | :-------------------------- | :-------------------------- | | Total revenues | $4,911 | $4,246 | | Total expenses | $7,610 | $9,805 | | **Net income (loss)** | **$(2,699)** | **$(5,559)** | - The decrease in expenses from consolidated real estate owned was primarily due to a decrease in depreciation and amortization of Hudson Montford after its classification as held for sale[226](index=226&type=chunk)[233](index=233&type=chunk) [9. Debt](index=32&type=section&id=9.%20Debt) This note provides a comprehensive summary of the Company's debt obligations, including outstanding balances, weighted-average interest rates, and maturity schedules **Debt Summary (in thousands):** | Debt Type | June 30, 2025 Outstanding Face Amount | Dec 31, 2024 Outstanding Face Amount | June 30, 2025 Weighted Average Interest Rate | | :-------------------------------- | :------------------------------------ | :----------------------------------- | :-------------------------------------------- | | Master Repurchase Agreements | $260,947 | $243,454 | 6.05% | | Freddie Mac (SFR loans) | $109,339 | $110,097 | 2.69% | | Freddie Mac (Mezzanine loans) | $57,945 | $59,252 | 0.30% | | Mortgages payable (Multifamily) | $95,980 | $95,980 | 8.33% | | NexBank, SSB (Common stock investment) | $10,000 | $10,000 | 8.29% | | Raymond James (Promissory note) | $58,351 | $57,520 | 11.82% | | Unsecured notes | $223,000 | $223,000 | 5.90% | | **Total** | **$815,562** | **$799,303** | **5.92%** | - The Credit Facility with Freddie Mac for SFR loans had an outstanding balance of **$109.3 million** as of June 30, 2025, maturing on July 12, 2029[107](index=107&type=chunk)[261](index=261&type=chunk) - The Company has **$260.9 million** borrowed under master repurchase agreements, collateralized by **$745.8 million** par value of CMBS B-Pieces and CMBS I/O Strips[108](index=108&type=chunk)[264](index=264&type=chunk) **Schedule of Debt Maturities (in thousands):** | Year | Recourse | Non-recourse | Total | | :--- | :--------- | :------------- | :---- | | 2025 | $158,351 | $289,512 | $447,863 | | 2026 | $190,000 | $9,284 | $199,284 | | 2027 | $6,500 | — | $6,500 | | 2028 | $32,480 | $64,603 | $97,083 | | 2029 | — | $35,762 | $35,762 | | Thereafter | — | $29,070 | $29,070 | | **Total** | **$387,331** | **$428,231** | **$815,562** | [10. Fair Value of Financial Instruments](index=37&type=section&id=10.%20Fair%20Value%20of%20Financial%20Instruments) This note explains the Company's fair value hierarchy for financial instruments and provides details on Level 3 assets and their unobservable inputs - The Company uses a fair value hierarchy (Level 1, 2, and 3) for financial instruments, with cash and accrued interest primarily Level 1, mortgage loans in VIEs and CMBS pass-through certificates primarily Level 2, and common/preferred stock investments and warrants as Level 3[119](index=119&type=chunk) **Level 3 Assets and Key Unobservable Inputs (as of June 30, 2025):** | Investment | Carrying Value (in thousands) | Valuation Technique | Unobservable Inputs | Range | | :-------------------------- | :---------------------------- | :------------------ | :------------------ | :-------------------- | | NexPoint Storage Partners | $24,703 | Discounted cash flow | Terminal cap rate | 4.88% - 5.38% | | | | | Discount rate | 7.00% - 9.00% | | IQHQ Series D Preferred Stock | $18,949 | Discounted cash flow | Discount rate | 15.50% - 17.50% | | IQHQ Series E Preferred Stock | $94,513 | Discounted cash flow | Discount rate | 15.51% - 18.10% | | Private REIT | $26,113 | Market approach | NAV per share multiple | 0.95 - 1.10x | | IQHQ Warrants | $30,386 | Option pricing model | Volatility | 35.00% - 90.00% | - For the six months ended June 30, 2025, Level 3 assets saw additions of **$94,930 thousand** and a net change in unrealized gains/(losses) of **$31,116 thousand**[121](index=121&type=chunk) [11. Stockholders' Equity](index=40&type=section&id=11.%20Stockholders%27%20Equity) This note details the Company's common and preferred stock, share repurchase program, long-term incentive plan, and at-the-market program activities - As of June 30, 2025, the Company had **17,721,828 shares** of common stock issued and outstanding[124](index=124&type=chunk) - The Series B Preferred Offering has issued **11,012,369 shares** for gross proceeds of **$269.4 million** as of June 30, 2025, with a **$25.00 per share** liquidation preference[126](index=126&type=chunk)[162](index=162&type=chunk)[269](index=269&type=chunk) - The Share Repurchase Program, authorized for up to **$20.0 million**, was extended to February 24, 2027, but no purchases have been made as of June 30, 2025[128](index=128&type=chunk) - Under the Long Term Incentive Plan (LTIP), **482,772 restricted stock units** were granted and **363,852 vested** during the six months ended June 30, 2025, with **$13.9 million** in unrecognized compensation expense remaining[133](index=133&type=chunk)[134](index=134&type=chunk) - The At-The-Market (ATM) Program has sold **531,728 common shares** for total gross sales of **$12.6 million** since inception through June 30, 2025[138](index=138&type=chunk)[266](index=266&type=chunk) [12. Earnings Per Share](index=43&type=section&id=12.%20Earnings%20Per%20Share) This note presents the calculation of basic and diluted earnings per share, including the components used in the dilution analysis **Earnings Per Share (in thousands, except per share amounts):** | Metric | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | | :------------------------------------------ | :-------------------------- | :-------------------------- | | Net income (loss) attributable to common stockholders | $28,802 | $(6,799) | | Weighted-average common shares outstanding - basic | 17,615 | 17,343 | | Weighted-average common shares outstanding - diluted | 37,349 | 26,399 | | Earnings (loss) per share - basic | $1.64 | $(0.39) | | Earnings (loss) per share - diluted | $1.24 | $(0.39) | - Diluted EPS calculation includes the assumed vesting of restricted stock units, potential redemption of OP Units, and conversion of Series B Preferred Stock[141](index=141&type=chunk)[143](index=143&type=chunk) [13. Noncontrolling Interests](index=44&type=section&id=13.%20Noncontrolling%20Interests) This note details the changes in redeemable noncontrolling interests in the Operating Partnership (OP) and the net income attributable to them - Redeemable noncontrolling interests in the OP increased from **$86,164 thousand** at January 1, 2025, to **$88,727 thousand** at June 30, 2025[144](index=144&type=chunk) - Net income attributable to redeemable noncontrolling interests in the OP was **$7,601 thousand** for the six months ended June 30, 2025, compared to **$382 thousand** in the prior year[144](index=144&type=chunk) - As of June 30, 2025, noncontrolling interests held **5,038,382 OP Units**[146](index=146&type=chunk) [14. Related Party Transactions](index=45&type=section&id=14.%20Related%20Party%20Transactions) This note describes transactions with related parties, including management fees, guarantees, and commitments with affiliates of the Manager - The Company paid the Manager **$3.0 million** in management fees for the six months ended June 30, 2025, calculated as **1.5% of 'Equity'** as defined in the Management Agreement[147](index=147&type=chunk)[157](index=157&type=chunk) - The Company, through REIT Sub, is jointly and severally liable for **85.90%** of **$13.3 million** in accrued dividends on NSP Series D Preferred Stock, totaling **$11.4 million** as of June 30, 2025[158](index=158&type=chunk)[159](index=159&type=chunk)[280](index=280&type=chunk) - NexPoint Securities, Inc., an affiliate of the Manager, serves as dealer manager for the Series B Preferred Offering, receiving **7.0%** selling commissions and a **3.0%** dealer manager fee[162](index=162&type=chunk) - The Company has significant commitments related to IQHQ transactions, including a **$195.5 million** Alewife Loan (with **$37.5 million** unfunded) and a **$160.1 million** IQHQ Subscription Agreement for Series E preferred stock (with **$65.5 million** unfunded)[176](index=176&type=chunk)[178](index=178&type=chunk)[182](index=182&type=chunk)[187](index=187&type=chunk)[285](index=285&type=chunk)[286](index=286&type=chunk)[292](index=292&type=chunk)[297](index=297&type=chunk) [15. Commitments and Contingencies](index=49&type=section&id=15.%20Commitments%20and%20Contingencies) This note outlines the Company's unfunded commitments for various investment types and specific contingent liabilities **Unfunded Commitments by Investment Type (in thousands):** | Investment Type | June 30, 2025 Unfunded Commitments | December 31, 2024 Unfunded Commitments | | :---------------- | :--------------------------------- | :----------------------------------- | | Loans | $39,035 | $64,217 | | Preferred Equity | $4,214 | $7,874 | | Common Equity | $1,536 | $2,536 | | Preferred Stock | $65,500 | $150,000 | | **Total** | **$110,285** | **$224,627** | - Specific unfunded commitments include **$6.5 million** for preferred equity in a Phoenix, AZ single-family property, **$0.3 million** for common equity in a Forney, TX multifamily property, and **$0.3 million** for common equity in a Richmond, VA multifamily property[173](index=173&type=chunk)[174](index=174&type=chunk)[282](index=282&type=chunk)[283](index=283&type=chunk) - The Company has an unfunded commitment of **$37.5 million** for the Alewife Loan (total expected maximum commitment **$195.5 million**) and **$65.5 million** for the IQHQ Subscription Agreement (Series E preferred stock)[178](index=178&type=chunk)[187](index=187&type=chunk)[286](index=286&type=chunk)[297](index=297&type=chunk) - The SFR OP Promissory Note II has an unfunded commitment of **$1.5 million**, with its maturity date extended to July 10, 2026[175](index=175&type=chunk)[284](index=284&type=chunk) [16. Segment Reporting](index=51&type=section&id=16.%20Segment%20Reporting) This note clarifies that the Company operates as a single reportable segment, NREF, managed on a consolidated basis - The Company operates as a single reportable segment, NREF, as its chief operating decision maker manages the business on a consolidated basis[188](index=188&type=chunk)[189](index=189&type=chunk) [17. Subsequent Events](index=52&type=section&id=17.%20Subsequent%20Events) This note reports significant events that occurred after the reporting period, including dividend declarations, stock issuances, and property sales - The Board declared a quarterly common stock dividend of **$0.50 per share** on July 28, 2025, payable September 30, 2025[191](index=191&type=chunk) - As of August 6, 2025, an additional **1,159,379 shares** of Series B Preferred Stock were issued for net proceeds of **$26.1 million**[192](index=192&type=chunk) - The SFR OP Note II maturity date was extended to July 10, 2026, on July 10, 2025[194](index=194&type=chunk) - The sale of the Hudson Montford property was completed on July 22, 2025, for net proceeds of **$27.3 million**[195](index=195&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=52&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the Company's financial condition and results of operations, including an overview of its business strategy, recent acquisitions and dispositions, detailed analysis of revenues and expenses, key financial measures, portfolio composition, liquidity, and critical accounting policies. It highlights significant improvements in net income and EPS for the current period [Overview](index=52&type=section&id=Overview) This overview describes NREF's business as a commercial mortgage REIT, its investment focus, external management, and the expected impact of ongoing legal proceedings - NREF is a commercial mortgage REIT focused on originating and investing in diverse real estate-related assets across multifamily, SFR, self-storage, and life science sectors in top MSAs[197](index=197&type=chunk) - The Company is externally managed by an affiliate of its Sponsor, leveraging extensive real estate and credit management expertise, with approximately **$21.3 billion** in gross real estate transactions since 2012 and **$15.6 billion** in loans and debt-related investments as of June 30, 2025[200](index=200&type=chunk) - Ongoing legal proceedings involving affiliates (Highland's bankruptcy, UBS Lawsuit) are not expected to materially affect NREF's business, results of operations, or financial condition[203](index=203&type=chunk) [Purchases and Dispositions in the Quarter](index=54&type=section&id=Purchases%20and%20Dispositions%20in%20the%20Quarter) This section summarizes the Company's investment acquisitions, originations, redemptions, and sales during the quarter ended June 30, 2025 **Acquisitions and Originations (3 Months Ended June 30, 2025, in thousands):** | Investment Type | Principal Amount | Property Type | Coupon | Current Yield | | :---------------- | :--------------- | :------------ | :----- | :------------ | | Preferred Stock | $39,500 | Life Science | 16.50% | 16.50% | | Senior Loan | $6,498 | Life Science | 14.00% | 14.00% | | CMBS I/O Strip | $15,327 | Multifamily | 5.69% | 15.35% | | **Total** | **$66,493** | | | | **Redemptions and Sales (3 Months Ended June 30, 2025, in thousands):** | Investment Type | Amortized Cost Basis | Redemption/Sales Proceeds | Net Gain (Loss) | | :---------------- | :------------------- | :------------------------ | :-------------- | | Preferred Equity | $10,399 | $10,399 | $0 | | Mezzanine | $2,500 | $2,500 | $0 | | Promissory Note | $1,936 | $1,936 | $0 | | **Total** | **$18,637** | **$18,637** | **$0** | [Components of Our Revenues and Expenses](index=54&type=section&id=Components%20of%20Our%20Revenues%20and%20Expenses) This section details the primary sources of the Company's revenues and the categories of its operating expenses, including management fees and G&A costs - Revenues are primarily derived from interest income on mortgage loans, mezzanine loans, and preferred equity investments, as well as changes in fair value of CMBS and stock investments, and revenues from consolidated real estate[207](index=207&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk)[213](index=213&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk) - Expenses include general and administrative (G&A) costs, loan servicing fees, management fees, and expenses from consolidated real estate owned[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk) - Total corporate G&A expenses, including management fees and Manager reimbursements, are capped at **2.5% of equity book value**, with the Manager waiving fees if this limit is exceeded[216](index=216&type=chunk) [Results of Operations for the Three and Six Months Ended June 30, 2025 and 2024](index=56&type=section&id=Results%20of%20Operations%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024) This section provides a comparative analysis of the Company's operating results, highlighting changes in net interest income, other income, operating expenses, and net income attributable to common stockholders **Operating Results (in thousands):** | Metric | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | $ Change | % Change | | :------------------------------------------ | :-------------------------- | :-------------------------- | :------- | :------- | | Net interest income (loss) | $12,069 | $6,740 | +$5,329 | 79.1% | | Other income | $19,473 | $14,168 | +$5,305 | 37.4% | | Operating expenses | $(9,271) | $(8,794) | $(477) | 5.4% | | Net income (loss) attributable to common stockholders | $12,285 | $7,488 | +$4,797 | 64.1% | | Metric | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | $ Change | % Change | | :------------------------------------------ | :-------------------------- | :-------------------------- | :------- | :------- | | Net interest income (loss) | $23,578 | $(6,074) | +$29,652 | (488.2)% | | Other income | $42,209 | $23,367 | +$18,842 | 80.6% | | Operating expenses | $(17,554) | $(19,820) | +$2,266 | (11.4)% | | Net income (loss) attributable to common stockholders | $28,802 | $(6,799) | +$35,601 | (523.6)% | - The increase in net interest income was primarily due to increased income from investments in preferred equity loans and the revolving credit facility[221](index=221&type=chunk)[228](index=228&type=chunk) - Other income increased mainly due to unrealized gains related to preferred stock and warrants, and increased income from equity method investments[222](index=222&type=chunk)[229](index=229&type=chunk) - G&A expenses decreased by **$1.1 million** for the six-month period, primarily due to a **$0.9 million** decrease in legal expense and a **$0.1 million** decrease in audit expense[230](index=230&type=chunk) [Key Financial Measures and Indicators](index=58&type=section&id=Key%20Financial%20Measures%20and%20Indicators) This section presents key financial performance metrics, including earnings per share, dividends, Earnings Available for Distribution (EAD), Cash Available for Distribution (CAD), and book value per share **Earnings Per Share and Dividends Declared:** | Metric | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | % Change | | :------------------------------------------ | :-------------------------- | :-------------------------- | :--------- | | Net income per share, basic | $1.64 | $(0.39) | 520.5% | | Net income per share, diluted | $1.24 | $(0.39) | 417.9% | | Dividends declared per share | $1.0000 | $1.0000 | —% | **EAD and CAD (in thousands, except per share amounts):** | Metric | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | % Change | | :------------------------------------------ | :-------------------------- | :-------------------------- | :--------- | | EAD | $19,680 | $4,508 | 336.6% | | EAD per Diluted Common Share | $0.86 | $0.19 | 352.6% | | CAD | $21,116 | $29,915 | (29.4)% | | CAD per Diluted Common Share | $0.93 | $1.29 | (27.9)% | - EAD (Earnings Available for Distribution) is a non-GAAP measure used to evaluate performance and long-term distribution ability, excluding unrealized gains/losses and adding back stock-based compensation amortization[237](index=237&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk) **Book Value per Share / Unit (in thousands, except per share data):** | Metric | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Common stockholders' equity | $307,333 | $295,624 | | Book value per share of common stock | $17.34 | $16.93 | | Combined book value per share / unit (including redeemable OP Units) | $17.40 | $16.97 | [Our Portfolio](index=63&type=section&id=Our%20Portfolio) This section provides an overview of the Company's investment portfolio, including the number of investments, principal balance, carrying value, and weighted-average yields - The Company's portfolio had a combined unpaid principal balance of **$1.5 billion** as of June 30, 2025, comprising various real estate-related investments[252](index=252&type=chunk) **Overall Portfolio Statistics (in thousands) as of June 30, 2025:** | Metric | Total Portfolio | | :------------------------ | :-------------- | | Number of investments | 86 | | Principal balance | $1,149,292 | | Carrying value | $1,525,479 | | Weighted-average cash coupon | 7.08% | | Weighted-average all-in yield | 8.65% | - The portfolio includes senior loans, CMBS B-Pieces, CMBS I/O Strips, mezzanine loans, preferred equity, common equity, preferred stock, real estate, promissory notes, revolving credit facilities, and stock warrants[252](index=252&type=chunk)[253](index=253&type=chunk)[254](index=254&type=chunk) [Liquidity and Capital Resources](index=66&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the Company's strategy for managing liquidity and capital, including sources of funding and current cash position - The Company's liquidity strategy relies on operating cash flows, debt/equity financings, and principal/interest payments from investments to meet both short-term and long-term capital requirements[257](index=257&type=chunk)[258](index=258&type=chunk) - Key financing sources include Freddie Mac Credit Facilities (**$109.3 million** outstanding), repurchase agreements (**$260.9 million** borrowed), the ATM Program (**$12.6 million** gross sales), and the Series B Preferred Stock Offering (**$269.4 million** gross proceeds)[261](index=261&type=chunk)[264](index=264&type=chunk)[266](index=266&type=chunk)[269](index=269&type=chunk) - As of June 30, 2025, cash and cash equivalents were **$9.1 million**, with additional liquidity expected from future debt or equity issuances and other borrowings[271](index=271&type=chunk) [Recent Tax Law Update](index=66&type=section&id=Recent%20Tax%20Law%20Update) This section provides an update on recent tax law changes, specifically the "One Big Beautiful Bill Act" (OBBBA), and its expected impact on the Company - The "One Big Beautiful Bill Act" (OBBBA), signed July 4, 2025, permanently extended reduced U.S. federal income tax rates and the **20% deduction** on "qualified REIT dividends"[259](index=259&type=chunk) - The OBBBA also increased the REIT asset test limit for TRSs from **20% to 25%** for taxable years beginning after December 31, 2025[259](index=259&type=chunk) - The Company does not expect the OBBBA to have a material impact on its business[259](index=259&type=chunk) [Cash Flows](index=69&type=section&id=Cash%20Flows) This section summarizes the Company's cash flow activities, detailing net cash provided by or used in operating, investing, and financing activities **Cash Flow Summary (in thousands):** | Metric | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | | :------------------------------------------ | :-------------------------- | :-------------------------- | | Net cash provided by operating activities | $19,357 | $10,208 | | Net cash provided by investing activities | $89,584 | $597,007 | | Net cash (used in) financing activities | $(102,256) | $(616,548) | - The increase in operating cash flow was primarily due to changes in unrealized gains on investments held at fair value[272](index=272&type=chunk) - The decrease in investing cash flow was mainly due to lower proceeds from payments received on mortgage loans held for investment[273](index=273&type=chunk) [Emerging Growth Company and Smaller Reporting Company Status](index=69&type=section&id=Emerging%20Growth%20Company%20and%20Smaller%20Reporting%20Company%20Status) This section clarifies the Company's status as an "emerging growth company" and "smaller reporting company" and the associated disclosure flexibilities - The Company has elected the extended transition period for complying with new or revised accounting standards as an "emerging growth company" under the JOBS Act[275](index=275&type=chunk)[276](index=276&type=chunk) - As a "smaller reporting company," NREF may take advantage of certain scaled disclosures[277](index=277&type=chunk) [Dividends](index=70&type=section&id=Dividends) This section outlines the Company's dividend policy, including its intention to make regular payments and the REIT distribution requirements - The Company intends to make regular quarterly dividend payments to common stockholders and accrued dividend payments on Series A and Series B Preferred Stock[277](index=277&type=chunk) - As a REIT, NREF is required to distribute annually at least **90%** of its REIT taxable income[277](index=277&type=chunk) - Dividends are based on taxable earnings, which may differ from GAAP earnings, and may require asset sales, borrowings, or stock distributions if cash available for distribution is less than taxable income[277](index=277&type=chunk)[278](index=278&type=chunk) [Off-Balance Sheet Arrangements](index=70&type=section&id=Off-Balance%20Sheet%20Arrangements) This section identifies the Company's significant off-balance sheet arrangements, specifically the NSP Sponsor Guaranty Agreement - The Company has one significant off-balance sheet arrangement: the NSP Sponsor Guaranty Agreement[279](index=279&type=chunk) - As of June 30, 2025, the Company is jointly and severally liable for **85.90%** of **$13.3 million** in accrued dividends on NSP Series D Preferred Stock, amounting to **$11.4 million**[280](index=280&type=chunk) [Commitments and Contingencies](index=70&type=section&id=Commitments%20and%20Contingencies) This section details the Company's unfunded commitments across various investment types and specific contingent liabilities **Unfunded Commitments by Investment Type (in thousands):** | Investment Type | June 30, 2025 Unfunded Commitments | December 31, 2024 Unfunded Commitments | | :---------------- | :--------------------------------- | :----------------------------------- | | Loans | $39,035 | $64,217 | | Preferred Equity | $4,214 | $7,874 | | Common Equity | $1,536 | $2,536 | | Preferred Stock | $65,500 | $150,000 | | **Total** | **$110,285** | **$224,627** | - Specific unfunded commitments include **$6.5 million** for preferred equity in a Phoenix, AZ single-family property, **$0.3 million** for common equity in a Forney, TX multifamily property, and **$0.3 million** for common equity in a Richmond, VA multifamily property[173](index=173&type=chunk)[174](index=174&type=chunk)[282](index=282&type=chunk)[283](index=283&type=chunk) - The Company has an unfunded commitment of **$37.5 million** for the Alewife Loan (total expected maximum commitment **$195.5 million**) and **$65.5 million** for the IQHQ Subscription Agreement (Series E preferred stock)[178](index=178&type=chunk)[187](index=187&type=chunk)[286](index=286&type=chunk)[297](index=297&type=chunk) [Critical Accounting Policies and Estimates](index=73&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section discusses the Company's critical accounting policies and estimates, emphasizing the significant judgment involved in areas like credit loss allowance and fair value measurements - The Company's critical accounting policies and estimates involve significant judgment, particularly for the allowance for credit losses (CECL model) and the valuation of common equity, preferred stock, and warrants[298](index=298&type=chunk)[299](index=299&type=chunk)[304](index=304&type=chunk) - The CECL model, adopted January 1, 2023, requires estimating lifetime expected credit losses on loans and unfunded commitments, relying on complex forecasting models and various inputs[301](index=301&type=chunk)[302](index=302&type=chunk) - Valuation of Level 3 assets like NSP common stock, Private REIT common equity, IQHQ preferred stock, and IQHQ warrants involves subjective judgments and unobservable inputs (e.g., discount rates, terminal capitalization rates, volatility)[304](index=304&type=chunk)[305](index=305&type=chunk)[307](index=307&type=chunk)[308](index=308&type=chunk) - The macroeconomic environment, characterized by high interest rates and economic uncertainty, increases the estimation uncertainty for financial instruments and real estate investments[309](index=309&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=75&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not required for smaller reporting companies - This item is not required for smaller reporting companies[311](index=311&type=chunk) [Item 4. Controls and Procedures](index=75&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the Company's disclosure controls and procedures were effective as of June 30, 2025, providing reasonable assurance that required information is recorded, processed, summarized, and reported timely. No material changes in internal control over financial reporting occurred during the quarter - The Company's disclosure controls and procedures were evaluated as effective as of June 30, 2025, providing reasonable assurance for timely and accurate information disclosure[312](index=312&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2025[314](index=314&type=chunk) [PART II](index=75&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=76&type=section&id=Item%201.%20Legal%20Proceedings) The Company is not aware of any legal proceedings that are reasonably likely to have a material adverse effect on its results of operations or financial condition - Management is not aware of any legal proceedings likely to have a material adverse effect on the Company's results of operations or financial condition[316](index=316&type=chunk) [Item 1A. Risk Factors](index=76&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the Company's Annual Report on Form 10-K filed on March 27, 2025 - No material changes to the risk factors previously disclosed in the Annual Report on Form 10-K filed March 27, 2025[317](index=317&type=chunk) [Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities](index=76&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%20and%20Issuer%20Purchases%20of%20Equity%20Securities) This item reports no unregistered sales of equity securities, use of proceeds, or issuer purchases of equity securities - There were no unregistered sales of equity securities, use of proceeds, or issuer purchases of equity securities to report[318](index=318&type=chunk) [Item 3. Defaults Upon Senior Securities](index=76&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item reports no defaults upon senior securities - There were no defaults upon senior securities to report[319](index=319&type=chunk) [Item 4. Mine Safety Disclosures](index=76&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable - This item is not applicable[320](index=320&type=chunk) [Item 5. Other Information](index=76&type=section&id=Item%205.%20Other%20Information) This item reports no other information - There is no other information to report[321](index=321&type=chunk) [Item 6. Exhibits](index=77&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications from principal officers, XBRL documents, and the cover page interactive data file - Exhibits include certifications from the Principal Executive Officer and Principal Financial Officer (31.1, 31.2, 32.1)[322](index=322&type=chunk) - The filing includes Inline XBRL Instance Document and Taxonomy Extension Documents (101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE)[322](index=322&type=chunk) - The Cover Page Interactive Data File (104) is formatted as Inline XBRL[322](index=322&type=chunk) [Signatures](index=78&type=section&id=Signatures) The report is signed by Jim Dondero, President (Principal Executive Officer), and Paul Richards, Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer), on August 7, 2025 - The report was signed by Jim Dondero, President (Principal Executive Officer), and Paul Richards, Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)[327](index=327&type=chunk) - The signing date for the report was August 7, 2025[327](index=327&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-42521 ARTIUS II ACQUISITION INC. (Exact Name of Registrant as Specified in Its Charter) Cayman Islands 98-1802901 (State or other jurisdiction ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ARTIUS II ACQUISITION INC. (Exact Name of Registrant as Specified in Its Charter) Cayman Islands 98-1802901 For the quarter ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-42521 (State or other jurisdiction ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2025 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______________ to ______________ Commission File Number 1-3548 ALLETE, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction ...

PART I. FINANCIAL INFORMATION [Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The unaudited condensed consolidated financial statements present Joby Aviation's financial position, results of operations, and cash flows for the three and six months ended June 30, 2025 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) As of June 30, 2025, total assets increased to **$1.26 billion** from **$1.20 billion** at year-end 2024, with total liabilities growing to **$361.6 million** and stockholders' equity slightly decreasing Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$1,259,876** | **$1,203,465** | | Cash, cash equivalents and short-term investments | $990,984 | $932,851 | | Property and equipment, net | $134,999 | $120,954 | | **Total Liabilities** | **$361,584** | **$291,102** | | Warrant liability | $108,861 | $95,410 | | Earnout shares liability | $159,199 | $117,416 | | **Total Stockholders' Equity** | **$898,292** | **$912,363** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(Unaudited)) For Q2 2025, net loss significantly increased to **$324.7 million**, driven by fair value changes in warrants and earnout shares, a private placement loss, and higher R&D expenses Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $15 | $28 | $15 | $53 | | Research and development | $136,387 | $112,996 | $270,674 | $228,632 | | Loss from operations | $(167,864) | $(144,287) | $(331,148) | $(290,184) | | Loss from change in fair value of warrants | $(126,295) | $9,814 | $(55,275) | $48,841 | | **Net loss** | **$(324,674)** | **$(123,292)** | **$(407,080)** | **$(217,879)** | | **Net loss per share** | **$(0.41)** | **$(0.18)** | **$(0.52)** | **$(0.32)** | [Condensed Consolidated Statements of Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss%20(Unaudited)) Comprehensive loss for Q2 2025 was **$324.6 million**, increasing from **$123.7 million** in 2024, primarily due to the rise in net loss Comprehensive Loss (in thousands) | Period | 2025 | 2024 | | :--- | :--- | :--- | | **Three Months Ended June 30** | **$(324,556)** | **$(123,744)** | | Net loss | $(324,674) | $(123,292) | | Other comprehensive gain (loss) | $118 | $(452) | | **Six Months Ended June 30** | **$(407,051)** | **$(219,432)** | | Net loss | $(407,080) | $(217,879) | | Other comprehensive gain (loss) | $29 | $(1,553) | [Condensed Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity%20(Unaudited)) Stockholders' equity decreased to **$898.3 million** by June 30, 2025, as net loss was largely offset by capital raised from stock issuances and stock-based compensation - The company issued **49,701,790 shares** in a private placement, raising **$290.2 million** in net proceeds during the six months ended June 30, 2025[20](index=20&type=chunk) - Total stockholders' equity stood at **$898.3 million** as of June 30, 2025, down from **$912.4 million** at the beginning of the year[20](index=20&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) Net cash used in operations was **$217.5 million** for H1 2025, while financing activities provided a substantial **$298.0 million**, leading to a **$136.6 million** net increase in cash Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(217,533) | $(205,471) | | Net cash provided by investing activities | $56,156 | $171,271 | | Net cash provided by financing activities | $297,994 | $5,283 | | **Net change in cash, cash equivalents and restricted cash** | **$136,617** | **$(28,917)** | - Financing activities in the first six months of 2025 were primarily driven by **$249.9 million** net proceeds from a private placement and **$43.0 million** net proceeds from an at-the-market public offering[26](index=26&type=chunk)[157](index=157&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Notes detail accounting policies, fair value measurements, stock warrants, and related party transactions, including a private placement with Toyota and a subsequent acquisition agreement - In May 2025, the company completed an initial closing of a stock purchase agreement with Toyota, issuing **49.7 million shares** for **$250 million**, resulting in a noncash loss of **$40.3 million**[93](index=93&type=chunk) - On August 1, 2025, the company agreed to acquire Blade Air Mobility's passenger segment for up to **$125.0 million**, payable in cash or stock, including **$80 million** at closing[103](index=103&type=chunk) - On July 17, 2025, a triggering event caused **3,426,000 Earnout Shares** to vest as the company's stock price exceeded the **$12.00** threshold[101](index=101&type=chunk)[102](index=102&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Joby's eVTOL aircraft development, operational progress, and financial results, highlighting increased R&D spending and strong liquidity from recent financing activities - Joby is developing a piloted, all-electric, vertical take-off and landing (eVTOL) aircraft with a target range of up to **100 miles** and speeds up to **200 mph**, aiming for commercial launch in **2026**[107](index=107&type=chunk)[108](index=108&type=chunk) - The company has made significant progress with the FAA, having completed or substantially completed three of the five stages of the type certification process[115](index=115&type=chunk) - As of June 30, 2025, the company had an accumulated deficit of **$2.26 billion** and has funded its operations primarily through stock issuances[109](index=109&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) R&D expenses increased by **21%** in Q2 2025, contributing to a significantly widened net loss primarily due to non-cash losses on warrants and a private placement Comparison of Operating Results (in thousands) | Metric | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Research and development | $136,387 | $112,996 | $23,391 | 21% | | Selling, general and administrative | $31,482 | $31,304 | $178 | 1% | | Loss from operations | $(167,864) | $(144,287) | $(23,577) | 16% | | Net loss | $(324,674) | $(123,292) | $(201,382) | 163% | - The decrease in Total Other Income was primarily driven by a **$136.1 million** unfavorable change in the fair value of warrants and earnout shares and a **$40.3 million** loss on the common stock issuance in a private placement in Q2 2025[138](index=138&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company held **$991.7 million** in cash and investments, deemed sufficient to fund operations beyond initial commercial launch, bolstered by recent financing - As of June 30, 2025, the company had cash, cash equivalents, and restricted cash of **$337.0 million** and short-term investments of **$654.7 million**[148](index=148&type=chunk) - In the first half of 2025, the company raised **$249.9 million** net from a private placement with Toyota and **$43.0 million** net from its ATM offering[147](index=147&type=chunk)[157](index=157&type=chunk) - The company believes its current cash and investments will be sufficient to fund operations beyond the initial commercial launch[149](index=149&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk on its **$991.7 million** in short-term investments, though a **10%** rate change is not expected to have a material impact - The company's primary market risk is interest rate changes affecting its **$991.7 million** in cash, cash equivalents, and short-term investments as of June 30, 2025[163](index=163&type=chunk) - Management does not believe a hypothetical **10%** change in interest rates would materially impact its financial position or interest income[163](index=163&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[167](index=167&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[168](index=168&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various claims in the ordinary course of business but does not anticipate a material adverse impact on its financial position - The company is not involved in any material legal proceedings and believes existing claims will not have a material adverse impact[170](index=170&type=chunk) [Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) This section highlights risks associated with the planned acquisition of Blade Air Mobility's passenger operations, including closing uncertainties, potential stock dilution, and integration challenges - A new risk factor has been added regarding the acquisition of Blade's passenger operations, which is subject to closing conditions that may not be met[173](index=173&type=chunk)[175](index=175&type=chunk) - The acquisition payment of up to **$125 million** may be made in Joby's common stock, which could cause dilution to existing stockholders[173](index=173&type=chunk) - The company acknowledges risks associated with investing in new offerings and acquiring other companies, which may divert management attention, result in dilution, and disrupt business[177](index=177&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=36&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the period - None[178](index=178&type=chunk) [Defaults Upon Senior Securities](index=36&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the period - None[178](index=178&type=chunk) [Mine Safety Disclosures](index=36&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[179](index=179&type=chunk) [Other Information](index=36&type=section&id=Item%205.%20Other%20Information) Two company officers adopted Rule 10b5-1 trading plans in May 2025 to sell shares of common stock starting in September 2025 - Chief Legal Officer Kate DeHoff adopted a Rule 10b5-1 trading plan to sell up to **303,285 shares** of common stock[180](index=180&type=chunk) - Chief Policy Officer Greg Bowles adopted a Rule 10b5-1 trading plan to sell up to **176,169 shares** of common stock[181](index=181&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Quarterly Report on Form 10-Q, including corporate governance documents, material contracts, and officer certifications - The report includes exhibits such as the Amended and Restated Certificate of Incorporation, recent agreements with Toyota, and officer certifications required by the Sarbanes-Oxley Act[184](index=184&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-40694 Traeger, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________. Commission File Number: 001-40898 AvidXchange Holdings, Inc. (Exact name of registrant as specified in its charter) Delaw ...

SHOP Portfolio National Healthcare Properties Reports Second Quarter 2025 Results NEW YORK, August 6, 2025 (GLOBE NEWSWIRE) -- National Healthcare Properties, Inc. (Nasdaq: NHPAP / NHPBP) (the "Company"), a self-managed diversified healthcare real estate investment trust focusing on seniors housing and outpatient medical facilities, today announced results for the three and six months ended June 30, 2025. Michael Anderson, Chief Executive Officer and President, commented, "We are very pleased with our secon ...