Financial Performance - The cumulative outstanding net profits shortfall decreased from approximately $1.1 million to approximately $0.6 million, resulting in no distribution for May 2025[3]. - Recorded oil cash receipts totaled $2.8 million for the current month, consistent with the prior month, while natural gas cash receipts increased by $0.1 million to $1.0 million[5][6]. - Total accrued operating expenses decreased by $0.2 million to $2.1 million, while capital expenditures remained steady at $1.0 million[7]. Production and Pricing - Oil production for January 2025 was reported at 37,927 Bbls, with an average wellhead price of $72.92/Bbl, while natural gas production for December 2024 was 379,445 Mcf at $2.66/Mcf[5][6]. - The Trust owns a net profits interest representing 80% of the net profits from oil and natural gas production from properties in Texas, Louisiana, and New Mexico[9]. Future Distributions - The Trust will not receive proceeds from net profits interest until the cumulative shortfall is eliminated, with expectations of returning to positive net profits in 2025 based on current commodity prices[8]. - Future distributions are expected to fluctuate based on production volumes, oil and gas prices, capital expenditures, and administrative expenses[9]. - The anticipated distribution is influenced by cash received from the Sponsor, which is affected by commodity price volatility[10]. - Low oil and natural gas prices may reduce profits and cash available for distribution, potentially resulting in no distributions in certain periods[10]. Risks and Considerations - The Trust's filings with the SEC detail risks associated with investments in its units, including potential future capital expenditures exceeding historical averages[10].

Revenue and Income - Revenue decreased by $95.7 million, or 9%, to $977.5 million for Q1 2025 compared to $1.1 billion for Q1 2024[129] - Operating income fell by $97.3 million to $18.2 million for Q1 2025 compared to $115.4 million for Q1 2024[128] - Net income decreased by $61.8 million to $20.1 million for Q1 2025 compared to $81.9 million for Q1 2024[128] - EBITDA for the three months ended March 31, 2025, was $165.2 million, a decrease of $73.4 million from $238.6 million in the same period of 2024[140] - Adjusted EBITDA for the three months ended March 31, 2025, was $168.2 million, down $76.6 million from $244.8 million in the prior year[140] Expenses - Cost of services decreased by $21.1 million, or 3%, to $761.6 million for Q1 2025 compared to $782.7 million for Q1 2024[130] - General and administrative expenses increased by 24% to $65.8 million for Q1 2025 compared to $53.0 million for Q1 2024[131] Cash Flow and Investments - Net cash provided by operating activities increased by $32.7 million to $192.1 million for the three months ended March 31, 2025, compared to $159.4 million for the same period in 2024[148] - Cash and cash equivalents increased by $4.1 million to $24.1 million as of March 31, 2025, from $20.0 million as of December 31, 2024[142] - Net cash used in investing activities was $106.2 million for the three months ended March 31, 2025, compared to $142.0 million in the same period of 2024, primarily due to proceeds from the sale of common shares and assets[149] - The Company acquired IMG Energy Solutions for approximately $15.2 million during the three months ended March 31, 2025[149] Acquisitions and New Initiatives - The company completed the acquisition of IMG Energy Solutions for approximately $19.6 million on March 3, 2025[123] - Liberty Power Innovations LLC was launched in early 2023 to support the transition to natural gas fueled technologies[122] Market Conditions and Expectations - The average WTI price for Q1 2025 was $71.78 per barrel, down from $77.50 per barrel in Q1 2024[127] - The average Henry Hub price for Q1 2025 was $4.14 per MMBtu, up from $2.44 per MMBtu in Q1 2024[127] - The company expects modest production growth for 2025, with natural gas fundamentals anticipated to be more favorable due to rising LNG export capacity demand[126] Financing and Credit - As of March 31, 2025, the Company had a revolving line of credit of up to $525.0 million, with $210.0 million outstanding and $139.9 million of remaining availability[143] - The Company expanded its equipment lease facilities, resulting in the addition of $27.7 million in new finance lease obligations during the three months ended March 31, 2025[151] Taxation - The effective global income tax rate for the three months ended March 31, 2025, was 28%, compared to 24% for the same period in 2024[154] Shareholder Actions - The Company repurchased and retired shares of Class A Common Stock for $24.0 million during the three months ended March 31, 2025[146]

Financial Performance - Net income for Q1 2025 was $7.8 million, a 5.12% increase from Q4 2024 and a 26.5% increase from Q1 2024[1][2][13]. - Revenue for Q1 2025 reached $34.7 million, up 0.6% compared to Q4 2024[1]. - Net income attributable to the company for Q1 2025 was $7,778,000, representing a 26.4% increase compared to $6,151,000 in Q1 2024[21]. - Earnings per common share increased to $0.66 in Q1 2025 from $0.51 in Q1 2024, reflecting a growth of 29.4%[21]. - Return on average assets improved to 1.48% in Q1 2025 from 1.27% in Q1 2024[22]. - Return on average common equity rose to 10.36% in Q1 2025, up from 8.60% in Q1 2024[22]. Income and Expenses - Net interest income increased by $2.6 million, or 18.2%, to $16.6 million for Q1 2025 compared to Q1 2024[2][4]. - Total interest income for Q1 2025 was $33,846,000, an increase of 14.4% from $29,477,000 in Q1 2024[21]. - Non-interest income decreased by $0.2 million, or 22.7%, to $0.8 million for Q1 2025 compared to Q1 2024[2][7]. - Total non-interest income for Q1 2025 was $821,000, a decrease from $1,062,000 in Q1 2024[21]. - Net interest income after provision for credit losses was $16,017,000 in Q1 2025, compared to $13,850,000 in Q1 2024, marking a 15.7% increase[21]. Asset and Loan Management - Total assets remained flat at $2.14 billion as of March 31, 2025, compared to December 31, 2024[1][10]. - Total loans increased by $15.0 million, or 0.8%, to $1.88 billion from December 31, 2024[1][10]. - Total deposits rose to $1.67 billion, an increase of $35.6 million or 2.2% from December 31, 2024[1][15]. - The allowance for credit losses was $33.1 million, representing 1.76% of total loans as of March 31, 2025[11][12]. - The allowance for credit losses on loans increased to $33,091,000 as of March 31, 2025, compared to $32,573,000 at December 31, 2024[23]. - Non-accrual loans decreased to $11,122,000 as of March 31, 2025, down from $11,782,000 at December 31, 2024[23]. Efficiency and Management - The efficiency ratio improved to 37.1% in Q1 2025 from 43.2% in Q1 2024[13]. - The efficiency ratio improved to 37.51% in Q1 2025, down from 43.23% in Q1 2024, indicating better cost management[22]. - The provision for credit losses was $0.6 million for Q1 2025, up from $0.2 million in Q1 2024[2][6].

Financial Performance - First quarter net income for 2025 was $44.4 million, or $1.04 per diluted share, down from $50.0 million, or $1.18 per diluted share in the previous quarter[1] - Return on average assets and return on average common equity for Q1 2025 were 0.93% and 5.94%, respectively, compared to 1.02% and 6.64% in the prior quarter[2] - Net income for the quarter was $44,424 thousand, down 11.21% from $50,033 thousand in the prior quarter[27] - Diluted earnings per share on an operating basis (Non-GAAP) decreased to $1.06, down 12.40% from $1.21 in the previous quarter[28] - Total revenue for the three months ended March 31, 2025, was $178,044 thousand, a 6.36% increase from $167,382 thousand in the same period last year[38] Asset and Deposit Growth - Deposit balances increased by $370.0 million, or 2.4% (9.8% annualized), to $15.7 billion at March 31, 2025[2] - Total assets grew by $514.6 million, or 2.7% (10.8% annualized), to $19.9 billion at March 31, 2025[4] - Total deposits rose to $15,676,017 thousand, marking a 2.42% increase from December 2024 and a 4.21% increase from March 2024[25] - Average assets increased to $19,460,957 thousand as of March 31, 2025, compared to $19,278,891 thousand a year earlier, marking a growth of 0.94%[38] Credit Quality and Loss Provisions - Net charge-offs rose to $40.9 million, or 1.14% of average loans annualized, compared to $1.2 million, or 0.03%, in the prior quarter[11] - The provision for credit losses increased to $15.0 million in Q1 2025, up from $7.5 million in the previous quarter[11] - Total nonperforming assets decreased to $89,493 thousand, down from $101,529 thousand in the previous quarter[30] - Nonperforming loans as a percentage of gross loans improved to 0.62%, compared to 0.70% in the previous quarter[30] Interest Income and Margins - Net interest margin increased by 9 basis points to 3.42% in Q1 2025, while core margin rose by 6 basis points to 3.37%[2] - Total interest income decreased by 2.03% to $211,920 thousand compared to the previous quarter[27] - Net interest income after provision for credit losses decreased by 4.85% to $130,505 thousand from the previous quarter[27] - The interest rate spread improved to 2.68% for the three months ended March 31, 2025, compared to 2.52% for the previous quarter[35] Capital and Equity - The tangible book value per share grew by $0.85, or 1.8%, to $47.81 at March 31, 2025[2] - Total stockholders' equity rose to $3,033,392 thousand, marking a 1.35% increase compared to the previous quarter[26] - The tangible common equity to tangible assets ratio was 10.78% as of March 31, 2025, compared to 10.86% on December 31, 2024[32] - Tangible common equity increased to $2,037,379 thousand as of March 31, 2025, up from $1,882,510 thousand a year earlier, representing a growth of 8.25%[37] Operational Efficiency - The efficiency ratio (GAAP) improved slightly to 59.47% from 60.18% in the previous quarter[29] - The efficiency ratio improved to 59.47% for the three months ended March 31, 2025, compared to 59.68% in the same period last year[39] Risks and Challenges - The company faces risks related to geopolitical concerns, economic volatility, and regulatory changes that could impact operations[17] - The company’s ability to adapt to technological changes and cyber threats is critical for maintaining operational integrity[23] - The company emphasizes the importance of understanding risk factors outlined in its Annual Report and Quarterly Reports[18]

Financial Performance - Net income before non-controlling interests for Q1 2025 was $1,412 million, a slight decrease from $1,424 million in Q1 2024[13] - Comprehensive income attributable to the Company increased to $1,725 million in Q1 2025 from $1,186 million in Q1 2024, representing a growth of 45.4%[13] - Basic net income attributable to the Company for Q1 2025 was $1,381 million, slightly down from $1,400 million in Q1 2024[60] - Diluted net income per share for Q1 2025 was calculated based on 495 million shares, compared to 497 million shares in Q1 2024[60] - The company reported operating income of $2,005 million for the total consolidated results in Q1 2025, compared to $1,925 million in Q1 2024, marking an increase of about 4.2%[147] Revenue Growth - For the three months ended March 31, 2025, total revenue for the Risk and Insurance Services segment was $4,762 million, an increase from $4,273 million in the same period of 2024, representing a growth of 11.4%[49] - The Consulting segment reported total revenue of $2,314 million for the three months ended March 31, 2025, compared to $2,214 million in 2024, reflecting a year-over-year increase of 4.5%[50] - The total revenue for Marsh was $3,453 million for the three months ended March 31, 2025, compared to $3,003 million in 2024, reflecting a growth of 15%[49] - Guy Carpenter's revenue was $1,206 million for the three months ended March 31, 2025, an increase from $1,148 million in the same period of 2024, representing a growth of 5.1%[49] - Total consolidated revenue for the three months ended March 31, 2025, was $7,061 million, an increase from $6,473 million in the same period of 2024, representing a growth of approximately 9%[147] Assets and Liabilities - Total current assets decreased to $22,117 million as of March 31, 2025, down from $22,461 million at the end of 2024[15] - Total liabilities increased to $42,747 million as of March 31, 2025, compared to $41,946 million at the end of 2024[17] - The Company’s total equity increased to $14,268 million as of March 31, 2025, compared to $13,535 million at the end of 2024[17] - The Company’s goodwill increased to $23,538 million as of March 31, 2025, from $23,306 million at the end of 2024[15] - Contract assets increased to $502 million as of March 31, 2025, compared to $473 million at December 31, 2024, indicating a rise of 6.1%[51] - Contract liabilities rose to $952 million as of March 31, 2025, from $866 million at December 31, 2024, marking an increase of 9.9%[51] Cash Flow and Investments - The Company reported a net cash used by operations of $622 million for Q1 2025, an improvement from $781 million in Q1 2024[19] - Cash and cash equivalents at the end of Q1 2025 were $1,604 million, compared to $1,452 million at the end of Q1 2024[19] - The Company recorded net investment income of $5 million for the three months ended March 31, 2025, up from $1 million in the same period of 2024[35] - The net investment income from private equity investments was $2 million for the three months ended March 31, 2025, compared to a net loss of $1 million for the same period in 2024[102] - The Company recorded a mark-to-market gain of $3 million on equity investments with readily determinable market values for the three months ended March 31, 2025[105] Dividends and Share Repurchases - The Company declared dividends of $405 million in Q1 2025, up from $354 million in Q1 2024[19] - The company repurchased 1.3 million shares of common stock for $300 million in Q1 2025, with an authorization remaining for approximately $2.0 billion in share repurchases[133] - The company declared a quarterly dividend of $0.815 per share on outstanding common stock in March 2025, payable in May 2025[135] Acquisitions and Restructuring - The Company completed three acquisitions in Q1 2025, including the acquisition of a 51.5% stake in Carpenter Turner Cyprus Ltd.[69] - The Company incurred approximately $78 million in acquisition-related expenses in Q1 2025, compared to $3 million in Q1 2024[75] - The Company recorded a net cash outflow for acquisitions of $18 million in Q1 2025, significantly lower than $301 million in Q1 2024[61] - Restructuring costs for Q1 2025 totaled $32 million, down from $42 million in Q1 2024, primarily related to severance and lease exit charges[129][130] Tax and Regulatory Matters - The effective tax rate for the three months ended March 31, 2025, was 22.7%, a decrease from 23.9% in the corresponding period of 2024[36] - A number of lawsuits and regulatory proceedings are pending, which may impact future operations[253] - The company anticipates that additional claimants may seek to recover against the letter of credit related to the English & American Insurance Company, which could affect future financial results[141] Future Projections and Risks - Approximately 51% of the company's total revenue is exposed to foreign currency exchange fluctuations, which could impact net operating income significantly[249] - If foreign exchange rates of major currencies moved 10% against the U.S. dollar, the company estimates a potential impact of approximately $104 million on full year net operating income[250] - The company is currently evaluating new accounting standards that are expected to impact disclosures but not the results of operations, cash flows, or financial condition[150]

Financial Performance - Net income for Q1 2025 was $3.4 million, or $0.39 per share, up from $2.3 million, or $0.26 per share in Q1 2024, representing a 47.8% increase in earnings[2] - Net income rose to $3,443 thousand for the first quarter of 2025, up from $2,304 thousand in the same period of 2024, marking an increase of approximately 49.5%[25] - Basic and diluted earnings per share improved to $0.39 in Q1 2025, compared to $0.26 in Q1 2024, an increase of approximately 50%[25] Income Sources - Net interest income increased by $2.0 million, or 18.4%, to $12.9 million in Q1 2025 compared to Q1 2024, driven by higher loan volume and yield[6] - Noninterest income rose to $2.55 million in Q1 2025, a 17.0% increase from $2.18 million in Q1 2024, primarily due to higher wealth management income[8] - Noninterest income grew to $2,547 thousand in Q1 2025, up from $2,177 thousand in Q1 2024, representing an increase of about 17%[25] Efficiency and Management - The efficiency ratio improved to 66.38% in Q1 2025 from 77.92% in Q1 2024, reflecting better cost management and increased net interest margin[9] Assets and Liabilities - Total assets as of March 31, 2025, were $2.18 billion, a slight decrease of $7.5 million from $2.19 billion in the previous year[11] - Total assets decreased slightly to $2,184,293 thousand as of March 31, 2025, from $2,191,842 thousand in 2024, a decline of approximately 0.34%[23] - Total liabilities decreased to $2,001,237 thousand in 2025 from $2,026,302 thousand in 2024, a decline of approximately 1.2%[23] Loans and Deposits - Loans receivable increased to $1.31 billion, a 2.6% rise from $1.27 billion as of March 31, 2024, with growth in agriculture and residential real estate loans[13] - Deposits totaled $1.91 billion, up 1.8% from $1.87 billion in the previous year, driven by increases in time deposits and public funds[15] - Total deposits increased to $1,906,384 thousand in 2025, up from $1,872,123 thousand in 2024, reflecting a growth of about 1.8%[23] Credit and Dividends - The allowance for credit losses was $18.0 million, or 1.36% of loans, compared to $17.0 million, or 1.31% of loans, as of March 31, 2024[14] - Credit loss expense increased to $962 thousand in Q1 2025, compared to $169 thousand in Q1 2024, indicating a significant rise in provisions for potential loan losses[25] - The Company declared a quarterly cash dividend of $0.20 per share, with a dividend yield of 4.57%[4][19] - Dividends declared per share decreased to $0.20 in Q1 2025 from $0.27 in Q1 2024, a reduction of approximately 25.9%[25] Shareholder Actions - The Company repurchased 33,553 shares of common stock at an average price of $16.41 per share during the first quarter of 2025[18] - Retained earnings increased to $183,914 thousand as of March 31, 2025, compared to $180,316 thousand in 2024, reflecting a growth of about 2.9%[23]

FORM 20-F (Mark One) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission file number: 001-38237 Sea Limited (Exact name of Registrant as specified in its charter) N/A (Translation of Regis ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 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 001-41135 TARGET GLOBAL ACQUISITION I CORP. (Exact Name of Registrant as Specified in Its Charter) CAYMAN ISLANDS N/A (State or Other J ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ 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 001-41135 TARGET GLOBAL ACQUISITION I CORP. (Exact Name of Registrant as Specified in Its Charter) CAYMAN ISLANDS N/A (State or Other Jurisdiction of Incorporation or Organization) PO BOX 10176, GOVERNOR'S SQUARE 23 LIME TREE BAY AVENUE GRAND CAYMAN, KY1-1002, CAYM ...

Commission file number 001-34657 TEXAS CAPITAL BANCSHARES, INC. 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 March 31, 2025 ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from to (214) 932-6600 (Registrant's telephone number, including area code) (Exact Name of Registrant as Specif ...