CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2024 Sociedad Química y Minera de Chile S.A. and subsidiaries In thousands of United States dollars This document includes: Consolidated Statements of Financial Position - Consolidated Statements of Income י Consolidated Statements of Comprehensive Income - Consolidated Statements of Cash Flows i Consolidated Statements of Changes in Equity - Notes to the Consolidated Financial Statements l Table of Contents -Consolidated Financial Statements | Consolidat ...

Financial Performance - Net income from continuing operations attributable to Newmont stockholders was $1,891 or $1.68 per diluted share, an increase of $1,725 from the prior-year quarter[14]. - Adjusted net income was reported at $1,404 or $1.25 per diluted share, an increase of $0.70 per diluted share from the prior-year quarter[14]. - Adjusted EBITDA reached $2,629, reflecting a 55% increase from the prior-year quarter[14]. - Net cash provided by operating activities was $2,031, a 162% increase from the prior year, with free cash flow of $1,205[14]. - Cash dividends declared per common share remained steady at $0.25 for the period ended March 31[14]. Production and Sales - Consolidated gold ounces produced were 1,460 thousand, while sold ounces were 1,442 thousand, showing a decrease from 1,619 thousand produced and 1,599 thousand sold in the prior year[10]. - Average realized gold price per ounce increased to $2,944 from $2,090 in the prior year, representing a significant rise[10]. - Attributable production included 1.5 million ounces of gold and 348 thousand attributable gold equivalent ounces from co-products[14]. Liquidity and Cash Position - The company ended the quarter with $4.7 billion in consolidated cash and $8.8 billion in total liquidity[14]. - The company completed the sale of the CC&V, Musselwhite, and Éléonore reportable segments for total proceeds of $1,860 million[14]. Market and Currency Risks - As of March 31, 2025, the short-term gold price assumption is $2,860 per ounce, while the long-term assumption is $1,900 per ounce[293]. - A hypothetical 10% adverse movement in local currency exchange rates would result in an approximate $76 increase to costs applicable to sales per ounce for the three months ended March 31, 2025[297]. - The average provisional price for gold sales is $3,127 million, with a potential effect of a 10% change resulting in a $61 million impact[300]. - The company has significant operations in multiple countries, including Canada, Mexico, and Australia, which exposes it to foreign currency exchange rate fluctuations[295]. - The fair value of the Cadia Power Purchase Agreement cash flow hedge could decrease by approximately $37 due to a hypothetical 10% adverse movement in forward electricity rates[304]. - The foreign currency cash flow hedges could see a decrease in fair value of approximately $211 from a hypothetical 10% adverse movement in AUD and CAD exchange rates[304]. Credit and Interest Rate Risks - The company’s fixed rate debt does not expose it significantly to interest rate risk, but there is fair value risk if long-term debt is repurchased or exchanged prior to maturity[294]. - The company mitigates credit risk by entering into derivatives with high credit quality counterparties and monitoring their financial conditions[306]. - Market liquidity risk is managed by spreading out the maturity of derivatives over time and ensuring counterparties cannot require immediate settlement except under specific default conditions[307].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Table of Contents WASHINGTON, D.C. 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 Commission File Number: 001-32751 Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (Exact name of registrant as specified in its charter) Pacific Airport Group United Mexican States (Translation of registrant's name into English) (Jurisdiction of incorporation or organization) Aveni ...

Financial Performance - Net revenue for Sleep and Breathing Health products reached $1,130,575, an increase of 7.8% compared to $1,049,023 in the same quarter last year[12]. - Total net revenue for the quarter was $1,291,736, up 7.9% from $1,196,980 in the prior year[12]. - Gross profit for the quarter was $766,409, representing a gross margin of approximately 59.3%[12]. - Net income for the quarter was $365,041, a 21.5% increase from $300,492 in the same quarter last year[12]. - Basic earnings per share increased to $2.49, up from $2.04 in the prior year[12]. - Total revenue for the nine months ended March 31, 2025, reached $3,798,334, up 9.7% from $3,462,102 in the prior year[29]. - Net income for the nine months ended March 31, 2025, was $1,021,018, an increase of 40% compared to $728,715 for the same period in 2024[21]. - Diluted earnings per share for the nine months ended March 31, 2025, was $6.93, compared to $4.94 for the same period in 2024[84]. - For the three months ended March 31, 2025, net revenue increased to $1,291.7 million, up $94.8 million or 8% from $1,197.0 million for the same period in 2024[130]. - Net income for the three months ended March 31, 2025, was $365.0 million, an increase of $64.5 million or 21% from $300.5 million for the same period in 2024[167]. Assets and Liabilities - Total current assets increased to $3,208,420, compared to $2,357,719 as of June 30, 2024[8]. - Total assets reached $7,566,822, up from $6,872,394 in the previous year[8]. - Total liabilities were $2,020,689, slightly up from $2,008,351 as of June 30, 2024[8]. - Stockholders' equity increased to $5,546,133, compared to $4,864,043 in the previous year[8]. - Cash and cash equivalents at the end of the period were $932,711, significantly up from $237,910 at the end of the previous year[21]. - Total inventories as of March 31, 2025, amounted to $862,641 thousand, up from $822,250 thousand on June 30, 2024, representing an increase of 4.9%[53]. - Total prepaid expenses and other current assets increased to $505,243 thousand as of March 31, 2025, compared to $459,833 thousand as of June 30, 2024, reflecting an increase of approximately 9.1%[55]. - Net property, plant, and equipment decreased to $535,339 thousand as of March 31, 2025, from $548,025 thousand as of June 30, 2024, a decline of about 2.7%[55]. - Total debt decreased to $673,032 thousand as of March 31, 2025, from $707,213 thousand as of June 30, 2024, a reduction of approximately 4.8%[69]. Dividends and Shareholder Returns - The company declared a dividend of $0.53 per share, up from $0.48 in the same quarter last year[12]. - The company declared dividends of $0.48 per common share, totaling $233,290 for the nine months ended March 31, 2025[21]. - Cash dividends paid during the three months ended March 31, 2025, totaled $77.7 million, with a declared cash dividend of $0.53 per common share[189]. Research and Development - Research and development investment for the three months ended March 31, 2025, was $83.9 million, representing 6.5% of net revenues[124]. - Research and development expenses for the three months ended March 31, 2025, increased to $83.9 million, up $6.9 million or 9% from $77.1 million for the same period in 2024[153]. - For the nine months ended March 31, 2025, research and development expenses rose to $244.8 million, an increase of $18.2 million or 8% compared to $226.7 million for the same period in 2024[155]. Cash Flow and Investments - The company reported a net cash provided by operating activities of $1,212,822 for the nine months ended March 31, 2025, compared to $961,146 in 2024, representing a 26% increase[21]. - Cash provided by operating activities increased to $1,212.8 million for the nine months ended March 31, 2025, up from $961.1 million for the same period in 2024, representing a 26.2% increase[185]. - Cash used in investing activities decreased to $66.3 million for the nine months ended March 31, 2025, compared to $223.3 million for the same period in 2024, a reduction of 70.3%[187]. - Cash used in financing activities was $442.4 million for the nine months ended March 31, 2025, down from $726.0 million in the prior year, a decrease of 39.2%[188]. Segment Performance - Revenue from the Sleep and Breathing Health segment for the nine months ended March 31, 2025, was $3,323,905, compared to $3,029,915 in 2024, reflecting a growth of 9.7%[29]. - Total net revenue for the Sleep and Breathing Health segment was $1,130,575 thousand for the three months ended March 31, 2025, compared to $1,049,023 thousand for the same period in 2024, reflecting an increase of 7.8%[51]. - Total net revenue for the Residential Care Software segment was $161,161 thousand for the three months ended March 31, 2025, compared to $147,957 thousand for the same period in 2024, indicating an increase of 8.5%[51]. - Total net operating profit for the Sleep and Breathing Health segment was $494,796 thousand for the three months ended March 31, 2025, compared to $456,182 thousand for the same period in 2024, an increase of 8.5%[51]. - Net revenue from Residential Care Software for the three months ended March 31, 2025, increased to $161.2 million, an increase of $13.2 million or 9% compared to $148.0 million for the same period in 2024[136]. Debt and Financing - The company has a senior unsecured revolving credit facility of $1,500 million, with $1,500 million available for drawdown as of March 31, 2025[75]. - The interest rate on outstanding principal amounts under the credit agreements was 5.1% as of March 31, 2025[73]. - The company maintained a consolidated funded debt to consolidated EBITDA ratio of no more than 3.50 to 1.00, in compliance with debt covenants[78]. - The company was in compliance with its debt covenants as of March 31, 2025, with $675.0 million outstanding under various credit agreements[80]. Other Key Metrics - The effective income tax rate for the three months ended March 31, 2025, was 12.6%, down from 20.0% for the same period in 2024[163]. - The company recorded no restructuring expenses during the three and nine months ended March 31, 2025, compared to $64.2 million in restructuring charges for the same period in 2024[159]. - The company recorded net unrealized losses of $8.2 million for equity investments in non-marketable and marketable securities for the nine months ended March 31, 2025[65]. - The company executed foreign cross-currency swaps as net investment hedges to mitigate foreign currency risk associated with changes in spot rates between USD and EUR[99].

Financial Performance - Net revenue for Q1 2025 decreased by 1.8% to $17.919 billion, compared to $18.250 billion in Q1 2024[2][16] - Earnings per share (EPS) reported at $1.33, reflecting a 10% decline from the previous year[2][16] - Organic revenue growth for Q1 2025 was 1.2%, with core EPS at $1.48, down 4% in constant currency[4][12] - Operating profit for Q1 2025 was $2.583 billion, down from $2.717 billion in Q1 2024[16] - The company reported a net income attributable to PepsiCo of $1.834 billion, compared to $2.042 billion in the same quarter last year[16] - Reported net income attributable to PepsiCo for the 12 weeks ended March 22, 2025, was $1.834 billion, with diluted EPS of $1.33 and an effective tax rate of 21.3%[55] - Core, non-GAAP net income for the same period was $2.031 billion, resulting in a diluted EPS of $1.48 and an effective tax rate of 20.4%[55] - Reported Net Revenue for the full year 2024 was $91.854 billion, a decrease of 2% compared to the prior year[103] Revenue Guidance - The company expects low-single-digit organic revenue growth for 2025, with core constant currency EPS projected to be approximately even with the prior year[6][11] - A foreign exchange translation headwind of approximately 3 percentage points is anticipated to negatively impact reported net revenue and core EPS growth[12] - The core constant currency EPS growth guidance for 2025 is projected to exclude the impact of foreign exchange translation, with specific figures not disclosed due to unpredictability[39] Shareholder Returns - Total cash returns to shareholders are expected to be approximately $8.6 billion, including $7.6 billion in dividends and $1.0 billion in share repurchases[14] - The company plans to increase its annualized dividend per share by 5% starting with the June 2025 payment, marking the 53rd consecutive annual increase[6] Asset and Liability Management - Total assets increased to $101.737 billion as of March 22, 2025, up from $99.467 billion on December 28, 2024, representing a growth of 2.55%[22] - Total current liabilities remained stable at $31.511 billion, compared to $31.536 billion in the previous period[22] - Long-term debt obligations rose to $39.419 billion, an increase from $37.224 billion, indicating a 5.9% increase in leverage[22] - The company’s retained earnings were reported at $72.238 billion, slightly down from $72.266 billion, indicating a decrease of 0.04%[22] Cost Management - Reported Gross Profit for the quarter was $9,993 million, with a Gross Margin of 55.8%[47] - Core Gross Profit, a non-GAAP measure, was $9,983 million, reflecting a Gross Margin of 55.7%[47] - Reported Operating Profit was $2,583 million, representing an Operating Margin of 14.4%[47] - Core Operating Profit, non-GAAP measure, reached $2,789 million, with an Operating Margin of 15.6%[47] - The total Reported Cost of Sales was $7,926 million, while the Core Cost of Sales was $7,936 million[47] - Selling, General and Administrative Expenses on a GAAP basis totaled $7,410 million, with Core Expenses at $7,194 million[47] Operational Challenges - PepsiCo is actively planning mitigation actions to address higher supply chain costs while focusing on long-term international business expansion[5][6] - The company experienced a product recall-related impact of $167 million, affecting both Gross and Operating Profit[51] - The company incurred restructuring and impairment charges of $133 million, which included various adjustments across different segments[109] - The impact of product recalls was recorded at $176 million, emphasizing the need for stringent quality control measures[109] Market Trends and Future Outlook - Future guidance indicates a focus on growth in emerging markets, with an emphasis on expanding product offerings and enhancing brand presence[112] - The company aims to leverage new technologies and product innovations to drive market expansion and improve competitive positioning[112] - Risks identified include potential supply chain disruptions and changes in consumer demand, which could affect future performance[112]

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 March 31, 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: 001-36418 Moelis & Company (Exact name of registrant as specified in its charter) Delaware 46-4500216 (State or other jurisdiction ...

Financial Performance - Xcel Energy reported Q1 2025 GAAP earnings of $483 million, or $0.84 per share, compared to $488 million, or $0.88 per share in Q1 2024[2]. - The company reaffirmed its 2025 ongoing EPS guidance of $3.75 to $3.85[5]. - Total operating revenues for Q1 2025 were $3.906 billion, up from $3.649 billion in Q1 2024, driven by higher electric and natural gas revenues[10]. - Operating expenses increased to $3.229 billion in Q1 2025 from $2.970 billion in Q1 2024, primarily due to higher O&M expenses, depreciation, and interest charges[10]. - The increase in ongoing earnings per share was partially offset by higher O&M expenses and depreciation, which impacted earnings negatively by $0.11 and $0.09 respectively[21]. - Net income for the three months ended March 31, 2025, was $483 million, slightly down from $488 million in the same period of 2024[95]. - Weather-normalized retail electric sales are projected to increase by approximately 3% in 2025, while natural gas sales are expected to rise by about 1%[92]. - Book value per share increased to $34.34 as of March 31, 2025, compared to $32.09 in the same period of 2024[95]. - Cash dividends declared per common share increased to $0.57 for the three months ended March 31, 2025, compared to $0.5475 in the same period of 2024[95]. Revenue and Sales - For the three months ended March 31, 2025, total electric revenues increased by $150 million compared to 2024, driven by higher costs of electric fuel and purchased power recovery, non-fuel riders, and regulatory rate outcomes[27]. - Natural gas revenues increased by $114 million for the same period, primarily due to regulatory rate outcomes and recovery of higher natural gas costs[30]. - Electric residential sales growth varied across regions, with NSP-Minnesota showing a 1.2% increase in customer growth and a 0.1% increase in use per customer[28]. - Capital rider revenue is anticipated to increase by $200 million to $210 million, driven by earnings neutral changes including PTC updates[92]. Expenses and Costs - O&M expenses rose by $81 million in Q1 2025, attributed to higher nuclear generation costs and distribution system maintenance[34]. - Depreciation and amortization expenses increased by $70 million in Q1 2025, largely due to system investments and regulatory updates[35]. Regulatory and Rate Cases - NSP-Minnesota filed for a $491 million (13.2%) revenue increase over two years in its 2024 electric rate case, with interim rates approved at $192 million effective January 1, 2025[41]. - NSP-Minnesota updated its total revenue request to $473 million for the 2024 North Dakota Electric Rate Case, seeking a 19.3% increase over current rates[42]. - NSP-Minnesota filed for a natural gas rate increase of approximately $59 million, or 9.6%, based on a rate base of approximately $1.27 billion[43]. - NSP-Wisconsin is seeking a total electric revenue increase of $94 million (11.8%) in 2026 and an incremental $57 million (7.1%) in 2027, totaling $151 million over two years[52]. - The natural gas revenue increase request from NSP-Wisconsin is $20 million (12.7%) in 2026 and an incremental $4 million (1.5%) in 2027, totaling $24 million (14.2%) over the same period[52]. - The MPUC approved interim rates of approximately $27 million for NSP-Minnesota, subject to refund, effective February 1, 2025[42]. Investments and Future Plans - Xcel Energy achieved a milestone with Minnesota regulators approving a resource plan for nearly 5,000 megawatts of new wind, solar, battery storage, and gas by 2030[3]. - The company is actively investing in system resilience and wildfire mitigation plans in Texas and Colorado[3]. - NSP-Minnesota's 2024 Minnesota Resource Plan includes a proposed 800 MW firm dispatchable resource acquisition[49]. - The estimated total cost for PSCo's Updated Wildfire Mitigation Plan is approximately $1.9 billion, covering the years 2025 to 2027[59]. - SPS expects a projected resource need ranging from approximately 5,300 MW to 10,200 MW by 2030, as outlined in its New Mexico Resource Plan[61]. Debt and Liquidity - Xcel Energy's total debt as of March 31, 2025, was $31.2 billion, representing 61% of total capitalization[37]. - The company plans to issue $1.1 billion in senior unsecured notes and $1 billion in first mortgage bonds in 2025 to support financing activities[39]. - As of April 21, 2025, Xcel Energy had $2.993 billion in available liquidity from committed credit facilities[37]. Insurance and Losses - Xcel Energy recorded total estimated losses of $290 million related to the Smokehouse Creek Fire Complex, with settlements totaling $113 million as of the filing date[75]. - The cumulative estimated probable losses related to the Smokehouse Creek Fire Complex are estimated at $290 million, which is at the lower end of the range of reasonably estimable losses[77]. - Xcel Energy's insurance coverage for potential liabilities related to the Smokehouse Creek Fire is approximately $500 million, which may be exceeded if found liable[78]. - Insurance receivables as of March 31, 2025, were recorded at $285 million, net of recoveries received, compared to $210 million as of December 31, 2024[80].

Financial Performance - Net income for Q1 2025 was $3.997 million, with diluted EPS of $0.51, compared to $2.597 million and $0.34 in Q1 2024[6] - Net income for Q1 2025 was $3,997 thousand, a decrease from $4,232 thousand in Q4 2024 but an increase from $2,597 thousand in Q1 2024, showing a year-over-year growth of 54.0%[27] - Return on average assets for Q1 2025 was 0.82%, down from 0.86% in Q4 2024 but up from 0.56% in Q1 2024[27] - Return on average common equity for Q1 2025 was 11.05%, a decrease from 11.71% in Q4 2024 but an increase from 7.91% in Q1 2024[27] - Pre-tax, pre-provision earnings for Q1 2025 were $5,618 thousand, compared to $3,456 thousand in Q1 2024, representing a year-over-year increase of 62.7%[29] Revenue and Income - Non-interest income for Q1 2025 was $3.982 million, up from $3.184 million in Q1 2024[15] - Total non-interest income for Q1 2025 was $3,982 thousand, up from $3,608 thousand in Q4 2024 and $3,184 thousand in Q1 2024, indicating a year-over-year growth of 24.9%[27] - Investment advisory revenue was $1.806 million, with assets under management (AUM) at $892.8 million[17] - Interest income for Q1 2025 was $23,082 thousand, a slight increase from $23,074 thousand in Q4 2024 and a significant increase from $21,256 thousand in Q1 2024, representing a year-over-year growth of 8.6%[27] - Net interest income after provision for credit losses for Q1 2025 was $13,953 thousand, compared to $13,615 thousand in Q4 2024 and $11,948 thousand in Q1 2024, reflecting a year-over-year increase of 16.7%[27] Asset and Deposit Growth - Total deposits increased by $49.8 million to $1.726 billion, reflecting a 12.1% annualized growth rate[12] - Total deposits rose to $1,725,718 thousand as of March 31, 2025, compared to $1,675,901 thousand as of December 31, 2024, reflecting an increase of 2.9%[24] - Total assets increased to $2,039,371 thousand as of March 31, 2025, up from $1,958,021 thousand as of December 31, 2024, representing a growth of 4.9%[24] - Average total assets for the three months ended March 31, 2025, were $1,981,493 thousand, up from $1,954,772 thousand for the three months ended December 31, 2024, indicating a growth of 1.4%[25] Loan Performance - Total loans grew by $31.4 million to $1.252 billion, representing a 10.4% annualized growth rate[11] - The yield on the loan portfolio increased to 5.71% in Q1 2025, compared to 5.65% in Q4 2024[11] - Average loans (including loans held-for-sale) for the three months ended March 31, 2025, were $1,239,225 thousand, up from $1,211,880 thousand for the three months ended December 31, 2024, reflecting a growth of 2.2%[25] - The loan to deposit ratio (including loans held-for-sale) was 72.96% as of March 31, 2025, slightly down from 73.41% as of December 31, 2024[24] Asset Quality - Non-performing assets were 0.03% of total assets, with net recoveries of $11 thousand during Q1 2025[9] - Nonperforming assets decreased to $658 thousand as of March 31, 2025, from $810 thousand as of December 31, 2024, showing a decline of 18.8%[25] - The allowance for credit losses on loans was $13,608 thousand as of March 31, 2025, compared to $13,135 thousand as of December 31, 2024, an increase of 3.6%[24] Capital and Efficiency - The Tier 1 capital ratio was 12.90% as of March 31, 2025, unchanged from December 31, 2024[24] - The equity to assets ratio was 7.35% as of March 31, 2025, slightly down from 7.38% as of December 31, 2024[24] - The efficiency ratio for Q1 2025 was 69.23%, compared to 66.67% in Q4 2024 and 77.15% in Q1 2024, indicating improved operational efficiency year-over-year[27] Dividends and Shareholder Value - Cash dividend of $0.15 per common share was declared, marking the 93rd consecutive quarter of dividends[7] - Book value per common share increased to $19.52 as of March 31, 2025, from $18.90 as of December 31, 2024, a rise of 3.3%[24] - The tangible book value per common share increased to $17.56 in Q1 2025 from $15.51 in Q1 2024, reflecting a year-over-year increase of 13.3%[29] Profitability Metrics - Net interest margin expanded by 13 basis points to 3.13% in Q1 2025, compared to 2.79% in Q1 2024[13] - The net interest margin (non-taxable equivalent) for Q1 2025 was 3.12%, up from 2.78% in Q1 2024, indicating improved profitability on earning assets[28] - Non-interest expense rose to $12.754 million, an increase of $928 thousand from Q4 2024[19]

Financial Performance - Net income attributable to common stockholders was $(10,550), compared to $(8,739) in the same period last year, indicating a worsening performance[17]. - Net income for the three months ended March 31, 2025, was a loss of $5,749,000 compared to a loss of $3,429,000 for the same period in 2024, indicating a decline in profitability[24]. - KREF reported a decrease in interest income from $48,860,000 in Q1 2024 to $36,971,000 in Q1 2025, a decline of 24.3%[154]. - KREF's net interest income for the three months ended March 31, 2025, was $11,913,000, down 17.9% from $14,495,000 in the same period of 2024[154]. - The company declared a dividend of $0.25 per share on common stock, totaling $16,956,000 for the quarter ended March 31, 2025[177]. Assets and Liabilities - Total assets increased to $6,554,529, up from $6,350,398 as of December 31, 2024, representing a growth of approximately 3.2%[15]. - Total liabilities rose to $5,190,974, an increase of 4.8% from $4,951,519 as of December 31, 2024[15]. - Total equity decreased to $1,363,555 from $1,398,879, a decline of approximately 2.5%[15]. - KREF's total assets amounted to $1,928,556,000, a decrease of 8.7% from $2,113,282,000 on December 31, 2024[154]. - KREF's total liabilities decreased from $1,770,201,000 on December 31, 2024, to $1,584,648,000 as of March 31, 2025, reflecting a reduction of 10.5%[154]. Credit Losses and Allowances - Provision for credit losses, net, was $24,863, a decline of 25.3% compared to $33,266 in the prior year[17]. - The allowance for credit losses increased to $142,337 from $117,103, reflecting a rise of 21.5%[15]. - The allowance for credit losses increased to $144.4 million as of March 31, 2025, up from $117.1 million at the end of 2024, reflecting a provision of $24.9 million for the first quarter[117]. - KREF's allowance for credit losses on commercial real estate loans decreased from $20,005,000 to $18,263,000, indicating improved credit quality[154]. Cash Flow and Investments - Cash flows from operating activities provided $15,916,000 in Q1 2025, down from $34,488,000 in Q1 2024, reflecting a decrease in operational cash generation[24]. - KREF reported a net cash used in investing activities of $220,466,000 in Q1 2025, contrasting with net cash provided of $236,756,000 in Q1 2024, highlighting a shift in investment strategy[24]. - Proceeds from principal repayments of commercial real estate loans were $182,095,000 in Q1 2025, compared to $334,680,000 in Q1 2024, showing a significant reduction in loan repayments[24]. Stock and Dividends - The company declared dividends of $0.25 per share for common stock, consistent with the previous year[17]. - KREF's common stock repurchase program allows for up to $100,000,000 in repurchases, with $80,200,000 remaining capacity as of March 31, 2025[171]. - During the three months ended March 31, 2025, KREF repurchased 889,100 shares at an average price of $11.03, totaling $9,800,000[171]. - KREF declared $0.4 million and $0.3 million of nonforfeitable dividends on unvested RSUs and outstanding deferred stock units (DSUs) for the three months ended March 31, 2025 and 2024, respectively[188]. Loan Portfolio and Risk Ratings - As of March 31, 2025, KREF's total loans held-for-investment amounted to $6,108,987, with a carrying value of $5,966,650[102]. - The loan portfolio activity for the three months ended March 31, 2025, included originations of $400,204 and repayments of $183,595, resulting in a net increase in amortized cost[105]. - KREF's commercial real estate loan portfolio had an average risk rating of 3.1 as of March 31, 2025, consistent with the previous quarter[113]. - The carrying value of loans rated 3 was $5.16 billion, representing 85% of the outstanding principal as of March 31, 2025[112]. - KREF had three risk-rated 5 loans on nonaccrual status as of March 31, 2025, with outstanding principal balances of $194.4 million, $112.2 million, and $85.2 million respectively[118][119][120]. Financing and Debt - KREF's secured financing agreements are treated as floating-rate collateralized financing arrangements carried at their contractual amounts, net of unamortized debt issuance costs[73]. - The weighted average funding cost for KREF's secured financing was 6.4% as of March 31, 2025[145]. - KREF's master repurchase agreements with Wells Fargo and Morgan Stanley had outstanding principals of $760,823 and $731,249, respectively, representing 47.8% of stockholders' equity[142]. - The total principal borrowings for the three months ended March 31, 2025, were $603,390, while principal repayments were $377,004[145]. Management and Strategy - KREF's management continues to focus on originating and acquiring transitional senior loans secured by commercial real estate assets, aligning with its business strategy as a mortgage REIT[27]. - KREF applies the Current Expected Credit Loss (CECL) model to estimate expected credit losses, incorporating historical experience and forward-looking information[61]. - KREF's board of directors may exclude one-time events and certain material non-cash income or expense items from distributable earnings for incentive compensation calculations[206].

Financial Performance - Alaska Air Group reported a total operating revenue of $3.137 billion for Q1 2025, a 41% increase compared to $2.232 billion in Q1 2024[22]. - The adjusted net loss for Q1 2025 was $95 million, or $0.77 per share, compared to a net loss of $116 million, or $0.92 per share, in Q1 2024[11]. - Total operating revenue for the three months ended March 31, 2025, was $3,137 million, a 9% increase from $2,877 million in the same period of 2024[45]. - Passenger revenue increased to $2,808 million, up 9% from $2,585 million year-over-year[45]. - The operating loss for the three months ended March 31, 2025, was $197 million, a 39% improvement from a loss of $325 million in the same period of 2024[45]. - The company reported a net loss of $166 million in Q1 2025, compared to a net loss of $132 million in Q1 2024[26]. Cash Flow and Liquidity - The company generated operating cash flow of $459 million in Q1 2025 and held $2.5 billion in unrestricted cash and marketable securities as of March 31, 2025[15]. - Net cash provided by operating activities was $459 million in Q1 2025, compared to $292 million in Q1 2024, an increase of 57.1%[26]. - Adjusted net debt decreased to $3,812 million from $3,918 million as of December 31, 2024[39]. - The debt-to-capitalization ratio remained stable at 58% for both March 31, 2025, and December 31, 2024[39]. Capacity and Operations - Capacity (ASMs) increased by approximately 3.9% in Q1 2025, exceeding prior expectations of 2.5% to 3.5% growth[5]. - Revenue passengers increased by 34.6% to 13,159,000 in Q1 2025 from 9,774,000 in Q1 2024[31]. - Revenue passenger miles (RPMs) increased by 4.0% to 17,257 million from 16,597 million in the previous year[45]. - The load factor for the three months ended March 31, 2025, was 81.3%, slightly up from 81.2% in the same period of 2024[45]. Expenses and Cost Management - Total operating expenses increased to $3,334 million in Q1 2025, up from $2,398 million in Q1 2024, a rise of 39.1%[36]. - Total operating expenses rose to $3,334 million, a 4% increase compared to $3,202 million in the prior year[45]. - The company reported a 10% decrease in aircraft fuel expenses, totaling $681 million compared to $759 million in the prior year[45]. - Economic fuel cost per gallon decreased by 15.3% to $2.61 in Q1 2025 from $3.08 in Q1 2024[31]. Strategic Initiatives - Alaska Air Group aims to deliver $1 billion in incremental profit by 2027 as part of its Alaska Accelerate strategic plan[2]. - The integration of Hawaiian Airlines is showing strong initial progress, with Hawaiian unit revenue increasing by 8.8% year-over-year[9]. - The company ratified a three-year collective bargaining agreement with over 6,900 flight attendants, enhancing employee engagement and benefits[15]. Shareholder Actions - The company repurchased 1.8 million shares for approximately $107 million in Q1 2025, with year-to-date repurchases totaling $149 million[15]. - The average full-time equivalent employees (FTEs) increased by 29.4% to 29,773 in Q1 2025 from 23,013 in Q1 2024[31].