Financial Performance - Consolidated net income for Q3 2025 was $6.9 million, or $1.07 per share, up from $5.8 million, or $0.89 per share, in Q3 2024[170] - Basic net income per share for the nine months ended September 30, 2025, was $2.89, up from $2.20 in the same period of 2024, representing a growth of 31.4%[197] - Return on Average Assets for the nine months ended September 30, 2025, was 1.24%, an increase from 0.99% in the same period of 2024[197] Income and Expenses - Net interest income increased by $5.8 million for the first nine months of 2025, driven by a $6.4 million rise in interest income due to higher loan rates[172] - Operating expenses increased by $0.7 million in Q3 2025, with salaries and employee benefits accounting for a $0.4 million rise due to merit increases and staffing[175] - Other operating expenses for the first nine months of 2025 increased by $1.0 million, mainly due to a $0.7 million rise in salaries and employee benefits[176] Assets and Liabilities - Total assets as of September 30, 2025, were $2.0 billion, with net loans at $1.5 billion and deposits at $1.7 billion[168] - Total liabilities at September 30, 2025, were $1.8 billion, reflecting an increase of $31.1 million since December 31, 2024[199] - Total deposits increased by $104.1 million compared to December 31, 2024, driven by new brokered time deposits and increases in savings and money market accounts[199] Interest Income and Margin - Interest income for Q3 2025 was $25.8 million, compared to $23.3 million in Q3 2024, reflecting a year-over-year increase[179] - Net interest margin for the nine months ended September 30, 2025, was 3.64%, up from 3.34% in the same period of 2024[179] - The net interest margin for the third quarter of 2025 was 3.69%, compared to 3.46% in the same quarter of 2024[183] Credit Quality - Provision for credit losses decreased by $0.4 million in the first nine months of 2025, attributed to strong credit quality and lower charge-offs[172] - Net credit loss expense for the first nine months of 2025 was $2.0 million, a decrease from $2.4 million in the same period of 2024, attributed to strong credit quality[191] - Non-accrual loans decreased to $3.8 million at September 30, 2025, down from $4.9 million at December 31, 2024, due to principal paydowns and a charge-off of $0.5 million[203] Capital Ratios - As of September 30, 2025, the Bank's Total Capital ratio was 15.42%, exceeding the required 8.00% for capital adequacy[251] - The Tier 1 Capital ratio was reported at 14.17% as of September 30, 2025, above the required 6.00%[251] - The Bank was considered "well capitalized" under the regulatory framework for prompt corrective action as of both September 30, 2025, and December 31, 2024[251] Loan Production - New commercial loan production for Q3 2025 was approximately $29.8 million, with year-to-date production at $139.0 million, up from $117.0 million for the same period in 2024[201] - New consumer mortgage loan production for Q3 2025 was approximately $20.8 million, primarily consisting of in-house mortgages[202] Investment Portfolio - The total amortized cost basis of the available-for-sale investment portfolio was $123.2 million, with a fair value of $105.1 million as of September 30, 2025[216] - The total fair value of investment securities available for sale increased by $10.6 million since December 31, 2024, due to reinvestment into higher yield securities[216] - The company reported a net unrealized loss of $18.1 million on available-for-sale securities, reflecting the difference between fair value and amortized cost[216]

Financial Performance - Net income for Q3 2025 was approximately $2.1 million, a significant increase from approximately $6,000 in Q3 2024, representing a year-over-year growth of 34,683.3%[5] - AFFO for the quarter was approximately $1.4 million, or $0.04 per share, down 68.8% from approximately $4.5 million, or $0.13 per share, in the prior-year quarter[5][13] - Total operating revenues decreased by 21.2% to $17.8 million compared to $22.6 million in Q3 2024[13] - Cash flows from operations decreased by approximately $10.7 million compared to the prior-year quarter, primarily due to lower cash receipts from fixed lease payments[9] Revenue and Lease Agreements - Total cash lease revenues decreased by $5.4 million due to modifications in lease agreements and ongoing vacancy challenges, while participation rents increased by approximately $1.9 million[6] - The company executed two new lease agreements expected to increase annual net operating income by approximately $65,000, or 6.6%, compared to prior leases[12] - The company expects to recognize approximately $16.9 million of revenue in Q4 2025 from the pistachio harvest on three Repositioned Farms[12] Asset Management and Sales - The company sold two farms in Florida for $21.5 million, achieving a 36% premium over the original purchase price and a net gain of approximately $6.0 million[6] - The Company anticipates increases in farmland values and operating revenues, which are expected to positively impact FFO and NAV (Net Asset Value) per share[25] Operational Metrics - The Company emphasizes the importance of FFO (Funds From Operations) as a key performance metric, which excludes gains or losses from property sales and impairment losses, providing a clearer view of operational performance[19] - CFFO (Cash Flow From Operations) is highlighted as a measure adjusted for non-recurring items, indicating sustainable operating performance, although it may differ from NAREIT's definition[22] - AFFO (Adjusted Funds From Operations) is presented as a cash-based performance measure, adjusted for non-cash items, to reflect the Company's sustainable operating performance[23] Liquidity and Financial Position - The company maintains strong liquidity with over $170 million in immediately-available capital, including $25 million in cash[11] - The occupancy rate decreased to 95.7% from 99.5% in the prior year, reflecting a decline of 3.8%[13] Risks and Transparency - Risks include potential downturns in the economic environment and competition affecting lease renewals, which could impact overall performance[25] - The Company provides a reconciliation of FFO, CFFO, and AFFO to net income, emphasizing the importance of these metrics in evaluating financial performance[24] - The Company encourages stakeholders to review the Form 10-K for detailed risk factors that could affect future performance[25] - The Company is committed to transparency in its financial reporting, ensuring that stakeholders have access to relevant financial measures and adjustments[24] Investor Relations - The Company’s investor relations can be contacted for further inquiries regarding financial performance and shareholder information[26]

EXHIBIT 99.1 Gladstone Land Announces Third Quarter 2025 Results Please note that the limited information that follows in this press release is a summary and is not adequate for making an informed investment decision. McLean, VA, November 5, 2025: Gladstone Land Corporation (Nasdaq: LAND) ("Gladstone Land" or the "Company") today reported financial results for the third quarter and year ended September 30, 2025. A description of funds from operations ("FFO"), core FFO ("CFFO"), and adjusted FFO ("AFFO"), al ...

Revenue Growth - Cloud Subscription Annualized Recurring Revenue (ARR) increased to $969 million, representing 29.5% year-over-year growth[7] - Total ARR increased to $1.75 billion, representing 3.9% year-over-year growth[7] - GAAP Total Revenues increased to $439.2 million, representing 3.9% year-over-year growth[8] - GAAP Cloud Subscription Revenue increased to $230.4 million, representing 31.0% year-over-year growth[8] - Subscription revenue for Q3 2025 reached $320.661 million, a 11.3% increase from $287.934 million in Q3 2024[41] - Total revenues for the nine months ended September 30, 2025, were $1.250 billion, compared to $1.212 billion for the same period in 2024, reflecting a growth of 3.1%[41] - Total GAAP revenue for Q3 2025 reached $439,161,000, an increase of 3.9% from $422,481,000 in Q3 2024[51] - Total Annual Recurring Revenue (ARR) rose to $1,747,823,000 in Q3 2025, compared to $1,681,776,000 in Q3 2024, marking a 3.9% increase[52] Customer Metrics - Achieved a Cloud Subscription Net Retention Rate (NRR) of 120% as of September 30, 2025[12] - Reported 2,545 Cloud Subscription ARR customers, an increase of 6% year-over-year[12] - The Cloud Subscription Net Retention Rate (NRR) is crucial for measuring the growth from existing customers, reflecting the company's ability to sell additional products[31] - The Cloud Subscription Net Retention Rate decreased to 120% in Q3 2025 from 126% in Q3 2024[52] Operational Performance - Processed 143.3 trillion cloud transactions per month, an increase of 41% year-over-year[12] - Total number of cloud transactions processed per month increased to 143.3 trillion in Q3 2025, up from 101.3 trillion in Q3 2024[54] Profitability - The company reported a net income of $3.998 million for Q3 2025, compared to a net loss of $13.985 million in Q3 2024[41] - Operating income for Q3 2025 was $60.866 million, compared to $50.933 million in Q3 2024, showing an increase of 19.0%[41] - Non-GAAP net income for the three months ended September 30, 2025, reached $115,220 thousand, up from $88,948 thousand in the prior year, representing a year-over-year increase of 29.6%[47] - Non-GAAP income from operations for Q3 2025 was $161,449,000, compared to $151,044,000 in Q3 2024, reflecting a 6.5% growth[48] Expenses and Investments - Research and development expenses for Q3 2025 were $85.356 million, up from $80.316 million in Q3 2024, indicating a continued investment in innovation[41] - Total operating expenses for the nine months ended September 30, 2025, were $912.506 million, slightly up from $901.832 million in the same period of 2024[41] Cash Flow and Financial Position - Cash and cash equivalents at the end of the period were $1,349,474 thousand, compared to $912,460 thousand at the beginning of the period, marking a net increase of 47.9%[45] - The company reported net cash provided by operating activities of $148,707 thousand for the three months ended September 30, 2025, compared to $106,498 thousand in the prior year, an increase of 39.6%[45] - Total current liabilities decreased to $946,200 thousand as of September 30, 2025, down from $1,090,717 thousand at the end of 2024, a reduction of 13.2%[43] - Total stockholders' equity increased to $2,448,570 thousand as of September 30, 2025, from $2,307,314 thousand at the end of 2024, reflecting a growth of 6.1%[43] - Total net debt as of September 30, 2025, was $337 million, down from $591 million as of December 31, 2024[55] Strategic Initiatives - Launched new capabilities in CLAIRE GPT, enhancing natural language understanding and data workflow automation[12] - Announced expansion of partnership with Oracle, including new capabilities on Oracle Cloud Infrastructure[14] - Informatica is in the process of being acquired by Salesforce, expected to close in Q4 FY 2026 or early FY 2027[15] Revenue Components - Maintenance and professional services revenue decreased to $118.500 million in Q3 2025 from $134.547 million in Q3 2024, a decline of 11.9%[41] - The company expects a decrease in Self-managed Subscription ARR as it shifts focus from perpetual licenses to cloud solutions[28]

Financial Performance - Payoneer processed $22.3 billion and $20.4 billion in volume for the three months ended September 30, 2025 and 2024, respectively, and $62.7 billion and $57.6 billion for the nine months ended September 30, 2025 and 2024, respectively [134]. - Revenues increased by 9% to $270.9 million for the three months ended September 30, 2025, and by 9% to $778.1 million for the nine months ended September 30, 2025, compared to the prior-year periods [150]. - Operating income for the three months ended September 30, 2025, was $36.3 million, a 3% increase compared to the prior-year period, while net income decreased by 66% to $14.1 million [146][148]. - Net income for the three months ended September 30, 2025, was $14,123 thousand, while for the nine months it was $54,180 thousand, down from $102,973 thousand in the prior year [198]. - Adjusted EBITDA for the three months ended September 30, 2025, was $71,267 thousand, compared to $69,268 thousand for the same period in 2024 [198]. Revenue Sources - SMB revenue growth included $13.0 million and $42.8 million from B2B SMBs, $12.2 million and $28.7 million from SMBs selling on marketplaces, and $3.0 million and $10.3 million from SMBs selling DTC for the three and nine months ended September 30, 2025, respectively [150]. - The company generates revenues from foreign exchange transactions, which are influenced by market conditions and regulations [212]. Expenses - Transaction costs were $42.5 million for the three months ended September 30, 2025, an increase of 12% compared to the prior-year period, driven primarily by higher bank and processor fees [151]. - Research and development expenses increased by $5.2 million, or 15%, to $39.9 million for the three months ended September 30, 2025, driven by higher employee-related expenses and IT costs [155]. - Sales and marketing expenses rose by $7.2 million, or 14%, to $59.5 million for the three months ended September 30, 2025, primarily due to increased marketing expenditures [159]. - General and administrative expenses increased by $6.4 million, or 22%, to $36.1 million for the three months ended September 30, 2025, mainly due to higher employee compensation and legal expenses [161]. - Depreciation and amortization expenses increased by $2.6 million, or 19%, to $16.1 million for the three months ended September 30, 2025, driven by higher amortization of internal use software [163]. - Financial expense, net decreased by $7.2 million, or 55%, to $5.8 million for the three months ended September 30, 2025, primarily due to a prior year loss on warrant repurchase that did not recur [164]. - Income tax expense was $16.4 million for the three months ended September 30, 2025, a change from a $19.5 million income tax benefit in the prior year, driven by decreased tax benefits and increased provisions [168]. Cash Flow and Investments - Net cash provided by operating activities was $178.6 million for the nine months ended September 30, 2025, an increase of $47.5 million compared to the prior year [180]. - Net cash used in investing activities decreased significantly to $169.4 million for the nine months ended September 30, 2025, from $1,814.1 million in the prior year [186]. - Net cash provided by financing activities was $37.0 million for the nine months ended September 30, 2025, an increase of $474.0 million compared to the prior year [188]. - As of September 30, 2025, the company had $479.4 million in cash and cash equivalents, with $273 million remaining available for future stock repurchases [173][175]. Acquisitions and Strategic Moves - Payoneer acquired 100% of Payeco Finance Information Holding Corporation on April 9, 2025, enhancing its regulatory infrastructure for China-based customers [144]. - The company also acquired Skuad Pte. Ltd. on August 5, 2024, to accelerate its strategy for delivering integrated financial services for SMBs operating internationally [145]. Market Conditions and Risks - Customer funds on the Payoneer platform grew to $7.1 billion as of September 30, 2025, contributing to increased interest income revenue despite a decline in interest rates [138]. - The U.S. Federal Reserve raised the benchmark interest rate to a range of 525 to 550 basis points in 2023, impacting interest income from customer funds [138]. - Payoneer continues to monitor macroeconomic conditions, including geopolitical events and trade policies, which may affect its operations and financial results [137]. - The company held $1.8 billion in term deposits and U.S. Treasury Securities, which could be materially affected by changes in interest rates [206]. - The company has entered into interest rate floor contracts for $1.9 billion in customer funds to mitigate risks from declining interest rates [207]. - A hypothetical 10% strengthening or weakening of the U.S. dollar against the New Israeli Shekel could have a material impact on unrealized gains or losses recognized in AOCI [210].

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 September 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 . Payoneer Global Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation) Delaware 001-40547 ...

Revenue Performance - Revenues in Q3 2025 were $4,480 million, a 3% increase in U.S. dollars and 1% in local currency compared to Q3 2024, driven by higher revenues from AUSTEDO and generic products[331] - The U.S. segment generated revenues of $2,483 million, a 12% increase, and segment profit of $937 million, a 25% increase compared to Q3 2024[331] - The Europe segment reported revenues of $1,235 million, a 2% decrease in U.S. dollars and 10% in local currency, with segment profit down 19% compared to Q3 2024[331] - The International Markets segment had revenues of $557 million, a 9% decrease in U.S. dollars and 10% in local currency, with segment profit decreasing by 13% compared to Q3 2024[331] - Total revenues for the company in Q3 2025 were $4,480 million, an increase of 3% in U.S. dollars compared to Q3 2024[415] Profitability Metrics - Gross profit margin improved to 51.4% in Q3 2025, up from 49.6% in Q3 2024[331] - Operating income was $882 million in Q3 2025, compared to an operating loss of $51 million in Q3 2024[331] - Gross profit for the company in Q3 2025 was $2,304 million, a 7% increase from $2,148 million in Q3 2024, with a gross profit margin of 51.4%[417] - In Q3 2025, net income attributable to Teva was $433 million, a significant recovery from a net loss of $437 million in Q3 2024[440] - Profit from the Europe segment decreased by 19% to $303 million in Q3 2025, down from $373 million in Q3 2024, mainly due to lower gross profit and higher S&M expenses[390] Research and Development (R&D) Expenses - R&D expenses increased by 7% to $256 million in Q3 2025, compared to $240 million in Q3 2024[331] - R&D expenses in the U.S. segment for Q3 2025 were $161 million, a 6% increase from $151 million in Q3 2024[368] - R&D expenses for the Europe segment increased by 12% to $62 million in Q3 2025, compared to $55 million in Q3 2024[387] - R&D expenses for the International Markets segment decreased by 4% to $26 million in Q3 2025, compared to $27 million in Q3 2024[407] - Research and development (R&D) expenses for the United States segment in the first nine months of 2025 were $467 million, a 2% decrease from $475 million in the same period of 2024[456] Selling and Marketing (S&M) Expenses - S&M expenses in the U.S. segment for Q3 2025 were $278 million, an 8% increase from $259 million in Q3 2024, mainly due to promotional activities[369] - S&M expenses for the Europe segment rose by 11% to $225 million in Q3 2025, up from $203 million in Q3 2024, driven by exchange rate fluctuations and support for revenue growth[388] - Selling and marketing (S&M) expenses in Q3 2025 were $656 million, a 5% increase compared to Q3 2024[427] Cash Flow and Financial Position - Free cash flow generated in Q3 2025 was $515 million, down from $922 million in Q3 2024, primarily due to lower cash flow from operating activities[331] - Cash and cash equivalents decreased to $2,203 million as of September 30, 2025, down from $3,300 million as of December 31, 2024[516] - Total balance sheet assets increased to $39,856 million as of September 30, 2025, up from $39,326 million as of December 31, 2024[512] - The working capital balance improved to negative $2,419 million as of September 30, 2025, from negative $2,837 million as of December 31, 2024, primarily due to higher inventory levels and increased accounts receivables[513] - Total debt was $16,790 million, a decrease from $17,783 million as of December 31, 2024, mainly due to the repayment of senior notes[519] Currency Exposure - Approximately 41% of revenues in Q3 2025 were denominated in currencies other than the U.S. dollar, exposing the company to significant foreign currency risks[444] - In the first nine months of 2025, approximately 45% of revenues were denominated in currencies other than the U.S. dollar, exposing the company to significant foreign currency risks[506] - Exchange rate movements positively impacted overall revenues by $53 million but negatively impacted operating income by $29 million compared to the first nine months of 2024[508]

Financial Performance - Total revenues for Q3 2025 increased by 7% year-over-year to $1,126.1 million, compared to $1,055.0 million in Q3 2024[12] - Net product sales rose by 11% to $431.4 million in Q3 2025, driven by strong growth from Epidiolex and Xywav[6] - Modeyso achieved sales of $11.0 million in its first quarter post-launch, following FDA accelerated approval[6] - The company narrowed its 2025 total revenue guidance to a range of $4.175 billion to $4.275 billion[6] - Total revenues for the three months ended September 30, 2025, increased to $1,126,107, up 6.7% from $1,054,969 in the same period of 2024[36] - Product sales, net for the nine months ended September 30, 2025, reached $2,889,401, a 3.4% increase compared to $2,795,953 in 2024[36] Income and Expenses - GAAP net income for Q3 2025 was $251.4 million, compared to $215.1 million in Q3 2024[9] - Non-GAAP adjusted net income increased to $500.7 million in Q3 2025 from $412.4 million in Q3 2024[9] - Operating expenses for the three months ended September 30, 2025, totaled $1,068,598, a significant increase from $794,759 in 2024, reflecting a rise of 34.5%[36] - SG&A expenses rose to $1,786 - $1,846 million in Q3 2025, influenced by litigation settlements totaling $151.5 million and increased compensation-related expenses[19] - R&D expenses decreased to $771 - $810 million in Q3 2025, mainly due to lower clinical study costs related to certain programs, partially offset by costs from the Chimerix acquisition[19] Cash and Assets - Cash, cash equivalents, and investments totaled $2.0 billion as of September 30, 2025, with long-term debt at $5.4 billion[16] - Cash and cash equivalents decreased to $1,326,070 as of September 30, 2025, down from $2,412,864 at the end of 2024[38] - Total assets as of September 30, 2025, were $11,356,485, a decrease from $12,012,257 at the end of 2024[38] Tax and Loss Projections - The company recognized an income tax benefit of $205.9 million in Q3 2025 from deferred tax assets acquired through the Chimerix acquisition[17] - The effective tax rate for 2025 is expected to be between 35% - 45% on a GAAP basis, while the non-GAAP adjusted effective tax rate is projected at (20)% - (15)%[19][22] - Projected net loss for 2025 is estimated at $(435) - $(315) million, with a net loss per diluted share of $(7.10) - $(5.20)[19] - The company reported a net loss of $(559,599) for the nine months ended September 30, 2025, compared to a net income of $369,005 in 2024[36] Research and Development - The company announced a global licensing agreement with Saniona to develop SAN2355 for epilepsy and other indications[8] - Jazz Pharmaceuticals is focused on expanding its pipeline and advancing clinical trials, including the ongoing Phase 3 ACTION trial for Modeyso[31] - Acquired in-process research and development (IPR&D) expenses are projected at $948 million for 2025, reflecting the upfront payment for a global license agreement with Saniona[19] Earnings Per Share - The diluted earnings per share for the three months ended September 30, 2025, was $4.08, compared to $3.42 in the same period of 2024, reflecting a 19.3% increase[42] - Non-GAAP adjusted net income is projected to be between $475 million and $525 million, with a diluted EPS of $7.65 to $8.45[55]

Revenue and Income - Total revenues for the Investment Banking & Equities and Investment Management segments include fees for services, transaction-related client reimbursements, and other revenue, with net revenues reflecting total revenues less interest expense[211]. - Revenue trends in the advisory business are correlated to M&A activity, restructuring activity, and capital advisory activity, with fluctuations based on market conditions and client transaction completions[213]. - The Investment Management segment generates revenue primarily from management fees, fiduciary fees, and gains or losses on investments, with management fees typically representing a percentage of assets under management (AUM)[214][215]. - Net Revenues for the three months ended September 30, 2025, were $1.04 billion, an increase of $304.7 million, or 41%, compared to $734.2 million for the same period in 2024[239]. - Advisory Fees increased by $290.7 million, or 49%, to $883.7 million for the three months ended September 30, 2025, compared to $593.0 million for the same period in 2024[239]. - Net Income Attributable to Evercore Inc. was $144.6 million for the three months ended September 30, 2025, an increase of $66.2 million, or 84%, compared to $78.4 million for the same period in 2024[238]. - Net Revenues for the nine months ended September 30, 2025, were $2.57 billion, an increase of $563.3 million, or 28%, compared to $2.00 billion for the same period in 2024[250]. - Net Income Attributable to Evercore Inc. for the nine months ended September 30, 2025, was $388.0 million, an increase of $150.1 million, or 63%, compared to $237.8 million for the same period in 2024[249]. - Net Revenues for the nine months ended September 30, 2025, were $2.50 billion, an increase of $558.4 million, or 29%, compared to $1.94 billion for the same period in 2024[272]. - Advisory Fees increased by $547.8 million, or 34%, driven by higher revenue from both M&A and non-M&A assignments[272]. Expenses - Employee compensation and benefits expenses include all payments for services rendered, with a focus on maintaining competitive compensation levels to retain key personnel[218][220]. - Total Expenses for the three months ended September 30, 2025, were $822.7 million, an increase of $210.5 million, or 34%, compared to $612.2 million for the same period in 2024[242]. - Employee Compensation and Benefits Expense was $680.7 million for the three months ended September 30, 2025, an increase of $192.6 million, or 39%, compared to $488.0 million for the same period in 2024[242]. - Non-compensation expenses were $142.0 million for the three months ended September 30, 2025, an increase of $25.1 million, or 21%, compared to $116.9 million for the same period in 2024[243]. - Employee Compensation and Benefits Expense increased to $1.69 billion for the nine months ended September 30, 2025, up $354.4 million, or 27%, from $1.33 billion for the same period in 2024[253]. - Non-compensation expenses rose to $400.7 million for the nine months ended September 30, 2025, an increase of $52.7 million, or 15%, compared to $348.0 million for the same period in 2024[254]. - Non-compensation expenses increased to $388.4 million, up $51.4 million, or 15%, primarily due to higher technology and information services expenses[274]. - Employee Compensation and Benefits Expense increased by $7.7 million, or 23%, to $41.0 million for the nine months ended September 30, 2025, primarily due to higher incentive compensation and base salaries[294]. - Non-Compensation expenses rose by $1.3 million, or 12%, to $12.3 million, driven by increased technology and information services and professional fees[295]. Investments and Assets - Income from equity method investments includes the company's share of income or loss from equity interests in various entities, impacting income before income taxes[230]. - Income from Equity Method Investments decreased to $2.8 million for the nine months ended September 30, 2025, down $2.5 million, or 47%, from $5.3 million in 2024[256]. - The Investment Management segment's operating income decreased by 26% for the nine months ended September 30, 2025, compared to the same period in 2024[278]. - Assets Under Management (AUM) in Wealth Management increased by $1.5 billion, or 10%, reaching $15.4 billion as of September 30, 2025[281]. - AUM activity for Wealth Management showed inflows of $1.223 billion and outflows of $1.001 billion, with market appreciation contributing $1.231 billion[283]. - The Investment Securities portfolio totaled $1.43 billion as of September 30, 2025, with 88% comprised of U.S. Treasury securities[342]. Cash Flow and Liquidity - Operating cash flows resulted in a net inflow of $449.0 million for the nine months ended September 30, 2025, compared to $301.8 million for the same period in 2024[298][299]. - Cash, Cash Equivalents, and Restricted Cash decreased by $20.5 million to $861.6 million at September 30, 2025, from $882.1 million at December 31, 2024[298]. - The company’s liquidity is highly dependent on revenue from its Investment Banking & Equities segment, which is influenced by market conditions and transaction volumes[301]. - As of September 30, 2025, the company had $851.9 million in Cash and Cash Equivalents and $1.57 billion in Investment Securities and Certificates of Deposit[328]. Share Repurchase and Capital Management - During the nine months ended September 30, 2025, the company repurchased 1,912,169 Class A Shares for a total of $506.2 million, at an average cost per share of $264.72[309]. - The company authorized a share repurchase program allowing for the repurchase of up to $1.6 billion worth of Class A Shares and/or LP Units as of April 29, 2025[306]. - The company issued an aggregate of $250.0 million of senior notes on July 24, 2025, including $125.0 million of 5.17% Series K Notes and $125.0 million of 5.47% Series L Notes[317]. - The company has total commitments of $2.6 million relating to future capital contributions to private equity funds as of September 30, 2025[325]. Forward-Looking Statements and Risks - The company undertakes no obligation to publicly update or review any forward-looking statements, which are subject to various risks and uncertainties[210]. - Actual results could differ materially from the estimates made by management[344]. - The company does not believe it faces any material interest rate risk, foreign currency exchange risk, equity price risk, or other market risk, except as disclosed in the report[346].

Financial Performance - For the three months ended September 30, 2025, net revenues increased 16.7% to $1.4 billion from $1.2 billion during the comparable period in 2024[245]. - Net income available to common shareholders for the three months ended September 30, 2025, increased 35.4% to $202.1 million, or $1.84 per diluted common share[245]. - For the nine months ended September 30, 2025, net revenues increased 10.1% to $4.0 billion compared to $3.6 billion during the comparable period in 2024[246]. - Net income available to common shareholders for the nine months ended September 30, 2025, decreased 14.8% to $391.5 million, or $3.56 per diluted common share[246]. - For the nine months ended September 30, 2025, total revenues increased by 5.4% to $4.59 billion from $4.36 billion in the comparable period in 2024[253]. - Net revenues for the nine months ended September 30, 2025, rose by 10.1% to $3.97 billion compared to $3.61 billion in the same period in 2024[253]. Revenue Breakdown - Commission revenues for the nine months ended September 30, 2025, increased by 8.7% to $600.4 million from $552.2 million in the comparable period in 2024, driven by higher trading volumes[256]. - Principal transaction revenues for the nine months ended September 30, 2025, rose by 14.5% to $492.1 million from $429.7 million in the same period in 2024, attributed to increased client activity[258]. - Investment banking revenues for the nine months ended September 30, 2025, increased by 15.1% to $794.9 million from $690.4 million in the comparable period in 2024[261]. - Asset management revenues for the nine months ended September 30, 2025, grew by 10.1% to $1.24 billion from $1.13 billion in the same period in 2024[265]. Expenses and Costs - Compensation and benefits comprised 58.8% of total net revenues for the three months ended September 30, 2025[252]. - Total non-interest expenses for the nine months ended September 30, 2025, increased by 15.7% to $3.41 billion from $2.94 billion in the same period in 2024[253]. - Total non-interest expenses for the three months ended September 30, 2025, increased 13.4% to $1.14 billion from $1.01 billion during the comparable period in 2024[274]. - Compensation and benefits expense increased 17.0% to $839.8 million for the three months ended September 30, 2025, from $718.1 million during the comparable period in 2024[275]. Interest and Revenue - For the three months ended September 30, 2025, net interest income increased 6.4% to $276.3 million from $259.6 million during the comparable period in 2024[269]. - Interest revenue for the three months ended September 30, 2025, decreased 5.7% to $481.5 million from $510.8 million in the comparable period in 2024[270]. - Interest expense decreased by 18.3% to $205.2 million for the three months ended September 30, 2025[252]. - For the nine months ended September 30, 2025, interest expense decreased 16.9% to $625.5 million from $753.2 million in the comparable period in 2024[273]. Acquisitions - The company completed the acquisition of a portion of B. Riley Financial, Inc.'s traditional wealth management business, adding 36 advisors with approximately $4 billion in assets under management[241]. - The company also acquired Bryan, Garnier & Co., an independent full-service investment bank focused on European technology and healthcare companies[242]. Client Assets and Deposits - Client assets as of September 30, 2025, reached $544.0 billion, a 9.6% increase from $496.3 billion in the comparable period in 2024[298]. - Total deposits rose to $30.1 billion as of September 30, 2025, compared to $29.1 billion at December 31, 2024, marking a 3.4% increase[386]. Risk Management - The company actively manages various risks, including market, credit, capital and liquidity, operational, and regulatory risks, which are critical to its soundness and profitability[427]. - The Risk Management Committee of the Board of Directors conducts periodic reviews and discussions with management regarding risk assessment and management processes[428]. - Market risk is inherent to the company's financial instruments, which include tax-exempt and taxable debt obligations, U.S. treasury bills, and corporate obligations[429].