Revenue and Earnings - Total revenues for the three months ended February 28, 2025, increased to $7.63 billion, up from $7.31 billion for the same period in 2024, representing a growth of approximately 4.4%[17] - Homebuilding revenues rose to $7.28 billion, compared to $6.93 billion in the prior year, reflecting an increase of about 5.0%[17] - Net earnings attributable to Lennar for the three months ended February 28, 2025, were $519.5 million, down from $719.3 million in the same period of 2024, a decrease of approximately 27.7%[17] - The company reported a basic and diluted earnings per share of $1.96 for the three months ended February 28, 2025, compared to $2.57 for the same period in 2024, a decline of approximately 23.7%[17] - Operating earnings for the Homebuilding segment were $809,273 for the three months ended February 28, 2025, down from $1,028,796 in the same period of 2024, a decline of about 21.3%[39] - The Financial Services segment reported operating earnings of $143,483 for the three months ended February 28, 2025, compared to $131,296 for the same period in 2024, an increase of approximately 9.2%[39] Assets and Liabilities - Total assets decreased to $34.99 billion as of February 28, 2025, from $41.31 billion as of November 30, 2024, a decline of about 15.3%[12] - Total liabilities decreased to $12.12 billion as of February 28, 2025, down from $13.29 billion as of November 30, 2024, a decrease of about 8.8%[12] - The company’s inventory owned and consolidated inventory not owned totaled $13.61 billion as of February 28, 2025, down from $19.72 billion as of November 30, 2024, a decrease of approximately 30.9%[7] - The company’s total homebuilding assets decreased to $29,885,928 as of February 28, 2025, from $35,594,469 as of November 30, 2024, reflecting a reduction of approximately 16.1%[44] Cash and Cash Equivalents - Cash and cash equivalents decreased significantly to $2.28 billion from $4.66 billion, a reduction of approximately 51.1%[7] - The company reported a net decrease in cash and cash equivalents and restricted cash of $2.40 billion, compared to a decrease of $1.31 billion in the prior year[23] - The cash and cash equivalents and restricted cash at the end of the period were $2.59 billion, down from $5.26 billion a year earlier[23] - Cash and cash equivalents decreased to $2,516,772 as of February 28, 2025, from $4,909,664 as of November 30, 2024, a decline of about 48.8%[38] Investments and Acquisitions - The company completed the spin-off of Millrose Properties, Inc., contributing $5.6 billion in land assets and $1.0 billion in cash, which included $584 million in cash deposits related to option contracts[33] - The acquisition of Rausch Coleman Homes involved $312.2 million in assets, expanding the company's footprint into new markets in Arkansas, Oklahoma, Alabama, and Kansas/Missouri[34] - The company’s investments in unconsolidated entities increased to $2.65 billion as of February 28, 2025, compared to $1.34 billion as of November 30, 2024, an increase of approximately 96.9%[7] - The Company has investments in unconsolidated entities totaling $2.646 billion as of February 28, 2025, an increase from $1.345 billion as of November 30, 2024[57] Stockholder Equity and Repurchases - Total stockholders' equity decreased to $22.87 billion as of February 28, 2025, from $28.02 billion as of November 30, 2024[71] - The company repurchased 4,770,000 shares of Class A common stock at an average price of $135.14, totaling $644.6 million, during the three months ended February 28, 2025[74] - The company has a remaining authorization to repurchase $2.7 billion in value of its Class A or B common stock as of February 28, 2025[72] Financial Services Performance - Financial Services segment revenues increased to $277,077 for the three months ended February 28, 2025, up from $249,720 in the same period last year, representing an increase of 11%[39] - The Financial Services segment originated $127.965 million in commercial loans for the three months ended February 28, 2025, compared to $140.825 million for the same period in 2024, representing a decrease of approximately 9.5%[50] - The Financial Services segment had outstanding debt of $124.651 million, net of debt issuance costs, as of February 28, 2025, compared to $126.164 million as of November 30, 2024[52] Market Conditions and Risks - The company continues to face risks including inflation, increased mortgage financing costs, and potential slowdowns in real estate markets[133] - The company expects continued variability in quarterly results, indicating that the results for the three months ended February 28, 2025, may not be indicative of the full year[25] Miscellaneous - The company granted 1.4 million nonvested shares to employees during the three months ended February 28, 2025, compared to 1.2 million shares in the same period of 2024[28] - The provision for income taxes for the three months ended February 28, 2025, was $169.5 million, with an effective tax rate of 24.6%, up from 22.7% in the prior year[75] - The Company recorded a total loss of $20,343 thousand on finished homes and construction in progress for the three months ended February 28, 2025[96] - The Company reported a delinquency rate of 14% as of February 28, 2025, compared to 12% on November 30, 2024[91]

Revenue and Earnings - Total revenues for the three months ended February 28, 2025, increased to $7.63 billion, up from $7.31 billion for the same period in 2024, representing a growth of approximately 4.4%[17] - Homebuilding revenues rose to $7.28 billion, compared to $6.93 billion in the prior year, reflecting an increase of about 5.0%[17] - Net earnings attributable to Lennar for the three months ended February 28, 2025, were $519.5 million, a decrease of 27.7% from $719.3 million in the same period last year[17] - Basic and diluted earnings per share for the three months ended February 28, 2025, were $1.96, compared to $2.57 for the same period in 2024, a decline of 23.7%[17] Assets and Liabilities - Total assets decreased to $34.99 billion as of February 28, 2025, down from $41.31 billion as of November 30, 2024, a decline of approximately 15.3%[12] - Total liabilities decreased to $12.12 billion as of February 28, 2025, down from $13.29 billion as of November 30, 2024, a decrease of approximately 8.8%[12] - The company’s inventory owned and consolidated inventory not owned totaled $13.61 billion as of February 28, 2025, down from $19.72 billion, a decrease of about 30.9%[7] - The company reported a total inventory owned of $10.15 billion, down from $15.63 billion, a decrease of 35.0%[7] Cash and Financing Activities - Cash and cash equivalents decreased significantly to $2.28 billion from $4.66 billion, a reduction of about 51.1%[7] - For the three months ended February 28, 2025, net cash used in financing activities was $2,134,643, an increase of 39.5% compared to $1,529,422 for the same period in 2024[23] - The company reported a net cash used in financing activities of $(2.1) billion, compared to $(1.5) billion in the same period last year, indicating increased cash outflows[23] - The cash and cash equivalents at the end of the period were $2,588,015, down from $5,261,468 at the end of the same period last year[23] Homebuilding Costs and Earnings - Homebuilding costs increased to $6.54 billion, up from $5.98 billion in the previous year, indicating a rise of approximately 9.4%[17] - Operating earnings for the Homebuilding segment were $809,273 for the three months ended February 28, 2025, down from $1,028,796 in the same period of 2024, a decline of 21.3%[39] Financial Services Performance - Financial Services segment revenues increased to $277,077 for the three months ended February 28, 2025, up from $249,720 in the prior year, representing an increase of 11.0%[39] - The Financial Services segment reported operating earnings of $143,483 for the three months ended February 28, 2025, compared to $131,296 in the prior year, marking an increase of 9.3%[39] - The Financial Services segment originated commercial loans totaling $127.965 million for the three months ended February 28, 2025, compared to $140.825 million for the same period in 2024, reflecting a decrease of approximately 9.5%[50] - The Company sold $94.887 million in commercial loans during the three months ended February 28, 2025, a significant increase from $26.950 million in the prior year, indicating a growth of approximately 252%[50] Investments and Acquisitions - The company completed the spin-off of Millrose Properties, Inc., contributing $5.6 billion in land assets and $1.0 billion in cash, which included $584.0 million in cash deposits related to option contracts[33] - The acquisition of Rausch Coleman Homes on February 10, 2025, involved $312.2 million in assets and assumed liabilities of $50.4 million, expanding the company's footprint into new markets[34] - The company’s investments in unconsolidated entities increased to $2.65 billion as of February 28, 2025, compared to $1.34 billion as of November 30, 2024, an increase of approximately 96.9%[7] Stockholder Equity and Share Repurchase - Total stockholders' equity decreased to $22.87 billion as of February 28, 2025, from $28.02 billion as of November 30, 2024[71] - The company has a remaining authorization to repurchase $2.7 billion in value of its Class A or B common stock as of February 28, 2025[72] - The company repurchased 4,770,000 shares of Class A common stock at an average price of $135.14, totaling $644.6 million, during the three months ended February 28, 2025[74] Future Outlook and Variability - The company expects continued variability in quarterly results, indicating that the results for the three months ended February 28, 2025, may not be indicative of the full year[25] - The company is currently evaluating the impact of recently adopted accounting pronouncements, including ASU 2023-07 and ASU 2023-09, which may affect future financial disclosures[29][30]

Financial Performance - Revenue for the year ended December 31, 2024, was $8,006,000, a decrease of 7.7% compared to $8,678,000 in 2023[397] - Gross profit margin for 2024 was 63.2%, down from 63.9% in 2023, with gross profit amounting to $5,057,000[397] - The net loss for 2024 was $7,130,000, a reduction of 37.5% from the net loss of $11,387,000 in 2023[397] - Adjusted EBITDA for 2024 was $(6,320,000), an improvement from $(13,575,000) in 2023[402] - Total revenue for the year ended December 31, 2024, was $8.0 million, a decrease of 7.7% or $0.7 million compared to 2023[403] - Gross profit for 2024 was $5.1 million, down 8.9% from $5.5 million in 2023, with a gross profit margin of 63.2% compared to 63.9% in 2023[404] Operating Expenses - Total operating expenses for 2024 were $12,785,000, representing 159.7% of revenue, compared to $20,931,000 or 241.3% of revenue in 2023[397] - Operating expenses decreased by 38.9% to $12.8 million in 2024 from $20.9 million in 2023, primarily due to significant reductions in sales and marketing expenses[405] - Sales and marketing expenses dropped by 60.4% to approximately $3.0 million in 2024, down from $7.5 million in 2023[405] - General and administrative expenses decreased by 32.9% to approximately $6.9 million in 2024, compared to $10.3 million in 2023[406] - Research and development expenses fell by 22.1% to $1.8 million in 2024, down from $2.3 million in 2023[407] Cash Flow and Financing - Net cash used in operating activities was $4.4 million in 2024, a significant improvement from $17.0 million in 2023[415] - The company raised $0.7 million from financing activities in 2024, compared to $17.6 million in 2023[420] - In February 2025, the company raised $4.5 million in a public offering, which will be used for operations and transaction costs[422] Mergers and Agreements - The company entered into a merger agreement with Vyome Therapeutics, focusing on advancing immune-inflammatory assets[385] - The company plans to merge with Vyome Therapeutics, Inc. and expand the Lap-Band product line both domestically and internationally[421] - An exclusive distribution agreement was established with Liaison Medical Ltd. for the Lap-Band® 2.0 FLEX system in Canada, effective until December 31, 2028[388] Intellectual Property and Technology - The company was granted a key international patent for its Diabetes Neuromodulation technology, valid until December 4, 2039[386] Asset Management - The company plans to sell substantially all of its assets to Ninjour Health International Limited for a purchase price of $5.16 million[392] - A reverse stock split of 1-for-58 was executed on September 23, 2024, affecting the number of shares outstanding[396] Revenue Recognition and Accounting - Revenue is recorded net of taxes collected from customers, with amounts billed for shipping and handling included in revenue[430] - Customers of the Lap-Band product can return or exchange products within 30 days, subject to a 10% restocking fee, impacting revenue recognition[431] - Volume rebates or discounts for Lap-Band customers are treated as reductions in sales price and revenue at the point of sale[432] - The company is assessing the impact of competing products, clinical device costs, and regulatory approvals on future revenue generation[433] Reserves and Valuation - Warranty reserves are established based on specific assessments of claims related to product defects, with a five-year warranty provided for the vBloc product line[435][436] - Stock-based compensation expenses are measured based on estimated fair values using the Black-Scholes option valuation model[437] - Accounts receivable reserves are provided for estimated losses based on customer-specific analysis and current economic conditions[438] - Inventory reserves for obsolescence are established based on specific identification of expired or unusable units[439] - The fair value of warrants is analyzed to determine their classification as liability or equity, using various valuation models[440] - Recent accounting standards have been adopted and discussed in the financial statements[441]

Financial Performance - Forte Biosciences reported a net loss per share of $(12.17) for the year ended December 31, 2024, compared to $(24.92) for 2023, indicating an improvement in loss per share by 51.1%[6]. - Forte's accumulated deficit increased to $(153.998) million in 2024 from $(118.520) million in 2023, reflecting a rise of 29.9% in accumulated losses[8]. Expenses - Research and development expenses decreased to $21.2 million in 2024 from $21.9 million in 2023, a reduction of $0.7 million, primarily due to a $7.0 million decrease in manufacturing expenses[4]. - General and administrative expenses increased to $15.4 million in 2024, up from $10.6 million in 2023, reflecting a rise of $4.8 million mainly due to higher professional and legal expenses[5]. Cash and Assets - Forte ended 2024 with $58.4 million in cash, cash equivalents, and short-term investments, down from $37.1 million in cash and cash equivalents at the end of 2023[6]. - Total current assets increased to $61.3 million as of December 31, 2024, compared to $38.3 million in 2023, reflecting a growth of 60.0%[8]. Liabilities - Total liabilities rose to $9.1 million in 2024 from $3.7 million in 2023, an increase of 147.0%[8]. Clinical Trials - The company initiated a celiac patient trial for FB102, with nearly half of the patients having completed both dosing and gluten challenge, and topline results expected in Q2 2025[3]. - The company anticipates dosing the first patient in the FB102 vitiligo trial shortly, indicating ongoing commitment to expanding its clinical programs[3]. Fundraising - Forte raised $53.0 million in gross proceeds from an over-subscribed private placement in November 2024, enhancing its financial position[6].

Revenue and Financial Performance - UFG's revenue accounted for 62%, 54%, and 39% of total revenue for the years ended December 31, 2024, 2023, and 2022, respectively[39]. - For the year ended December 31, 2024, consolidated total revenue reached $18,227,537, an increase from $17,252,662 in 2023, representing a growth of approximately 5.6%[66]. - The cost of revenue for 2024 was $11,033,219, compared to $9,105,337 in 2023, indicating an increase of about 21.1%[66]. - Net income for 2024 was reported at $756,285, a significant recovery from a net loss of $629,740 in 2023[66]. - Income from VIEs for 2024 amounted to $2,060,482, up from $1,765,358 in 2023, reflecting a growth of approximately 16.7%[66]. - Comprehensive income for 2024 was $472,096, a recovery from a comprehensive loss of $97,190 in 2023[66]. - The company has not distributed any earnings or settled amounts owed under the VIE Agreements as of the date of the annual report[55]. VIE Structure and Agreements - Xinjiang United Family controls 52 VIEs through VIE Agreements, consolidating their financial results under U.S. GAAP[38]. - The VIE structure provides contractual exposure to foreign investment in China-based companies, presenting unique risks to investors[27]. - The VIE Agreements allow the company to consolidate the financial results of the VIEs in its financial statements under U.S. GAAP[53]. - The Exclusive Service Agreement allows Xinjiang United Family to collect a service fee equal to the net profit after tax of each UFG Entity[40]. - The term of the Exclusive Service Agreement is 10 years, with automatic renewal unless terminated by Xinjiang United Family[41]. - Under the Call Option Agreement, Xinjiang United Family has the exclusive option to require the UFG Operator to transfer all or part of its assets in the UFG Entity at any time[46]. - The company’s ability to pay dividends in the future will depend on receiving funds from its PRC subsidiary and VIEs in accordance with the VIE Agreements[61]. Risks and Regulatory Environment - The company is subject to risks related to the VIE structure, including potential changes in PRC laws that could affect the validity and enforcement of the VIE Agreements[54]. - The PRC government has implemented measures that could affect the company's operations, including potential changes in tax regulations and capital investment controls[91]. - The amended PRC Company Law, effective July 1, 2024, introduces stricter capital contribution requirements, which may impact the company's financial obligations[93]. - The company's reliance on transfer pricing arrangements with UFG may lead to adverse tax consequences if deemed non-compliant by PRC tax authorities[81]. - The Chinese government has significant oversight and discretion over the operations of the company's PRC subsidiary and VIEs, which may lead to material changes in operations or the value of Class A Ordinary Shares[97]. - Future government actions could limit the company's ability to offer securities to investors, potentially leading to a significant decline in the value of such securities[101]. Operational Challenges - The company has expanded its store network significantly, with multiple locations under the UFG brand[31]. - The operating entities compete in a highly competitive market, with pressure from both existing and new competitors affecting pricing and market share[152]. - The COVID-19 pandemic has adversely impacted the company's financial condition and operations due to government-imposed restrictions and store closures[154]. - The PRC Stores and the U.S. Stores experienced significant operational disruptions due to COVID-19, with all PRC Stores and the central factory closed from October 5, 2022, to November 30, 2022[155]. - The operating entities rely on a limited number of third-party producers, and disruptions in their operations could delay product delivery and harm financial results[166]. Financial Position and Cash Flow - Total assets as of December 31, 2024, were $41,775,834, compared to $23,603,182 in 2023, showing a substantial increase of about 76.8%[68]. - Total liabilities for 2024 were $23,350,388, a decrease from $25,669,681 in 2023, indicating a reduction of approximately 9.0%[68]. - Cash and cash equivalents as of December 31, 2024, totaled $12,102,763, compared to $17,653,086 in 2023, reflecting a decrease of about 31.4%[68]. - The company reported a net cash used in operating activities of $(1,345,862) for the year ended December 31, 2022, highlighting a trend of cash outflows[70]. - The company relies on dividend payments from its PRC subsidiary to meet cash and financing requirements, with current regulations allowing dividends only from accumulated profits[142]. Corporate Governance and Shareholder Structure - Mr. Gang Li, the Chairman, holds approximately 93.80% of the voting rights due to the dual-class structure, owning 2,700,000 Class A Ordinary Shares (12.48%) and 5,670,000 Class B Ordinary Shares (100%)[218]. - The company is classified as a "controlled company" under Nasdaq rules, which may allow it to follow exemptions from certain corporate governance requirements[220]. - The dual-class structure may lead to negative commentary from shareholder advisory firms, potentially affecting the value of Class A Ordinary Shares[219]. - Future issuances of Class B Ordinary Shares may dilute the holdings of Class A Ordinary Shareholders, adversely affecting their market price[218]. Compliance and Legal Risks - The company has identified a material weakness in internal control over financial reporting, which could affect the accuracy of financial statements and investor confidence[216]. - The company may face securities litigation due to market volatility, which could divert resources and adversely affect its business[226]. - The company faces uncertainties regarding indirect transfers of equity interests in PRC resident enterprises by non-PRC holding companies, which may lead to tax obligations[137]. - The company cannot assure timely completion of necessary registrations or government approvals for future loans or capital contributions to its PRC subsidiary, potentially affecting liquidity and business expansion[130].

Financial Performance - In Q2 fiscal 2025, average net selling prices for ferrous products decreased by 14% compared to the prior year quarter, influenced by high levels of Chinese steel exports[151]. - Average net selling prices for finished steel products in Q2 fiscal 2025 were 9% lower than the prior year quarter, contributing to lower metal spreads[151]. - The net loss for Q2 fiscal 2025 was $33 million, a slight improvement from a net loss of $34 million in the prior year quarter[154]. - Adjusted EBITDA for Q2 fiscal 2025 was break-even, compared to $3 million in the prior year quarter[154]. - Net loss for Q2 2025 was $32,965,000, a 3% improvement from $34,010,000 in Q2 2024, and for the first six months, the loss was $69,894,000 compared to $51,808,000 in the prior year[162]. - Adjusted EBITDA for the six months ended February 28, 2025, was $(452) thousand, a decrease from $3,858 thousand for the same period in 2024[202]. - Diluted loss per share from continuing operations attributable to Radius shareholders was $(1.15) for the three months ended February 28, 2025, compared to $(1.19) for the same period in 2024[206]. Revenue and Sales - Ferrous revenues for Q2 2025 were $318,955,000, a 1% increase from $316,097,000 in Q2 2024, while nonferrous revenues increased by 9% to $179,012,000 from $164,481,000[157]. - Total revenues for the first six months of fiscal 2025 were $1,299,045,000, remaining flat compared to $1,293,956,000 in the prior year[161]. - Average net selling prices for nonferrous products increased by 10% in both Q2 and the first six months of fiscal 2025, while ferrous product prices decreased by 14% and 9%, respectively[161]. Cash Flow and Operating Activities - For the first six months of fiscal 2025, net cash provided by operating activities was $18 million, a significant improvement from net cash used of $56 million in the prior year period[155]. - Net cash provided by operating activities in the first six months of fiscal 2025 was $18,000,000, a significant improvement from a net cash used of $56,000,000 in the same period of fiscal 2024[170]. - Net cash provided by financing activities was $1,000,000 in the first six months of fiscal 2025, a decrease from $108,000,000 in the prior year[175]. Debt and Capital Expenditures - Debt increased to $430 million as of February 28, 2025, up from $415 million as of August 31, 2024, primarily due to increased borrowings for working capital and capital expenditures[155]. - Capital expenditures in the first six months of fiscal 2025 were $23,000,000, focused on upgrading equipment and investing in advanced technologies[174]. - Capital expenditures for the first six months of fiscal 2025 totaled $23 million, down from $40 million in the prior year, with a planned investment of approximately $60 million for the full fiscal year[187]. Cost Management - The company implemented productivity and cost reduction initiatives that led to a 12% reduction in selling, general and administrative expenses in Q2 fiscal 2025 compared to the prior year quarter[151]. - Selling, general and administrative (SG&A) expenses decreased by 12% in Q2 2025 and 11% in the first six months, reflecting cost reduction measures[163]. - Interest expense increased to $9,000,000 in Q2 2025 from $6,000,000 in Q2 2024, primarily due to higher average borrowings and interest rates[165]. Shareholder Actions - The Board of Directors declared a dividend of $0.1875 per common share for the second quarter of fiscal 2025, equating to an annual cash dividend of $0.75 per common share[190]. - The company had remaining authorization to repurchase up to 2.8 million shares of Class A common stock as of February 28, 2025, but did not repurchase any shares during the second quarter of fiscal 2025[191]. Risk Management - The company actively manages commodity price risk, with a 10% decrease in estimated selling price of inventory not having a material impact on net realizable value as of February 28, 2025[210]. - As of February 28, 2025, 17% of accounts receivable was covered by letters of credit, compared to 28% as of August 31, 2024[214]. Other Significant Events - The company entered into a Merger Agreement with Toyota Tsusho America, Inc., with each share of Radius Common Stock to be converted into $30.00 in cash upon closing[142]. - The company experienced a fire at its Everett facility in December 2021, with insurance claims resulting in an additional $6 million recognized in the first half of fiscal 2024[143]. - Business development costs for the three months ended February 28, 2025, were $2,541 thousand, compared to $140 thousand for the same period in 2024[202]. - Restructuring charges and other exit-related activities amounted to $1,422 thousand for the three months ended February 28, 2025, down from $3,175 thousand in the same period in 2024[202].

SABINE ROYALTY TRUST ANNOUNCES MONTHLY CASH DISTRIBUTION FOR APRIL 2025 Dallas, Texas, April 4, 2025 – Argent Trust Company, as Trustee of the Sabine Royalty Trust (NYSE: SBR), today declared a cash distribution to the holders of its units of beneficial interest of $0.503880 per unit, payable on April 29, 2025, to unit holders of record on April 15, 2025. Sabine's cash distribution history, current and prior year financial reports and tax information booklets, a link to filings made with the Securities and ...

Revenue Growth - FY 2024 revenue increased 32.9% year over year to $28.34 million, up from $21.33 million in FY 2023[5] - Revenue from direct patient services segment surged 253.4% year over year to $12.56 million, compared to $3.55 million in FY 2023[5] - Q4 2024 revenue increased 59.2% to $9.07 million compared to $5.70 million in Q4 2023, driven by expanded radiation therapy services[11] - Q4 2024 revenue from direct patient services segment was $4.75 million, a 420.2% increase from the same period last year[12] Net Income and Earnings - Net income attributable to the company for FY 2024 rose 258.4% to $2.19 million, or $0.34 per diluted share, compared to $610,000, or $0.10 per diluted share in FY 2023[9] - The overall net income for the twelve months ended December 31, 2024, was $2,186,000, compared to $610,000 in 2023, representing an increase of approximately 258.7%[28] Adjusted EBITDA - Adjusted EBITDA for FY 2024 increased 8.5% to $8.89 million from $8.19 million in FY 2023[10] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $8,885,000, up from $8,189,000 in 2023, reflecting a year-over-year increase of approximately 8.5%[28] Cash and Equity - Cash, cash equivalents, and restricted cash totaled $11.28 million as of December 31, 2024, down from $13.81 million a year earlier[16] - Shareholders' equity increased to $25.18 million or $3.92 per outstanding share at December 31, 2024, compared to $22.62 million or $3.59 per share at December 31, 2023[16] Expenses and Losses - Interest expense increased to $1,499,000 for the twelve months ended December 31, 2024, compared to $1,112,000 in 2023, representing a rise of about 34.8%[28] - Depreciation and amortization expense for the three months ended December 31, 2024, was $1,673,000, an increase from $1,291,000 in the same period of 2023, showing a growth of approximately 29.6%[28] - Loss on write down of impaired assets and associated removal costs for the three months ended December 31, 2024, was $2,896,000, compared to $362,000 in the same period of 2023, indicating a substantial increase[28] Tax and Interest Income - Income tax benefit for the three months ended December 31, 2024, was $(71,000), a decrease from $338,000 in 2023, reflecting a change in tax position[28] - Interest income for the twelve months ended December 31, 2024, was $(342,000), down from $(458,000) in 2023, indicating a decrease of approximately 25.3%[28] Stock-Based Compensation and Gains - Stock-based compensation expense for the twelve months ended December 31, 2024, was $373,000, slightly down from $389,000 in 2023, showing a decrease of about 4.1%[28] - The company reported a bargain purchase gain of $(148,000) for the three months ended December 31, 2024, compared to no gain in the same period of 2023[28]

Financial Results Announcement - Golub Capital BDC, Inc. will release its financial results for the quarter ended March 31, 2025, on May 5, 2025, after market close[4] - The press release regarding the financial results is attached as Exhibit 99.1[6] Company Information - The company is registered under the trading symbol GBDC on The Nasdaq Global Select Market[2]

Financial Performance - Radius Recycling reported a net loss of $(33) million in Q2 2025, compared to $(34) million in Q2 2024, with an adjusted loss per share of $(0.99) versus $(1.04) year-over-year[3]. - Adjusted EBITDA was approximately break-even in Q2 2025, a decline from $3 million in Q2 2024[3]. - Net income for Q2 2025 was a loss of $33 million, compared to a loss of $34 million in Q2 2024[30]. - Adjusted diluted earnings per share for Q2 2025 were $(0.99), compared to $(1.33) in Q2 2024[28]. - Net income per share for Q2 2025 was $(1.15), compared to $(1.30) in Q1 2025 and $(1.19) in Q2 2024[16]. Sales and Volumes - Ferrous sales volumes increased by 12% year-over-year, totaling 1,094 thousand long tons, while average net ferrous sales prices decreased by 14% to $330 per long ton[5][11]. - Finished steel sales volumes rose by 15% year-over-year, reaching 131 thousand short tons, despite a 9% decline in average net selling prices to $756 per short ton[5][12]. - Total ferrous volumes for Q2 2025 were 1,094 thousand LT, down from 1,106 thousand LT in Q1 2025[18]. - Total nonferrous volumes for Q2 2025 were 174,323 thousand pounds, compared to 177,255 thousand pounds in Q1 2025[18]. - Average ferrous selling price for domestic sales in Q2 2025 was $353 per LT, a decrease from $331 per LT in Q1 2025[18]. - Finished steel average sales price in Q2 2025 was $756 per ST, down from $775 per ST in Q1 2025[18]. Cash Flow and Debt - The company generated positive operating cash flow of $20 million and free cash flow of $13 million in Q2 2025, with total debt at $430 million[4]. - Free cash flow for Q2 2025 was $12.9 million, with cash flow from operating activities at $19.95 million[33]. - Total debt as of February 2025 was $429.9 million, a decrease from $445.4 million in November 2024[32]. Operational Efficiency - Radius Recycling's SG&A expenses decreased by 12% year-over-year to $55 million, driven by productivity initiatives[5]. - The mill utilization rate improved to 88% in Q2 2025, compared to 81% in the prior year's second quarter[12]. - Rolling mill utilization for Q2 2025 was 88%, compared to 81% in Q1 2025[18]. - Adjusted selling, general and administrative expenses for Q2 2025 were $53 million, down from $62 million in Q2 2024[31]. Future Outlook and Strategic Initiatives - Radius Recycling entered into a merger agreement with Toyota Tsusho America, Inc., expected to close in the second half of calendar 2025[8]. - The company is pursuing a merger with TAI, a subsidiary of Toyota Tsusho Corporation, which may impact future operations and growth strategies[37]. - The company is investing in processing and manufacturing technology improvements to enhance operational efficiency[37]. - The company anticipates potential impacts from supply chain disruptions and inflation on its financial performance[40]. - The company is focused on compliance with environmental regulations and managing associated costs[40]. Tax and Equity - The effective tax rate for Q2 2025 was a benefit of 11% on a pre-tax loss, reflecting a favorable true-up from changes in estimates[5]. - Total current assets as of February 28, 2025, were $546,161 thousand, down from $609,127 thousand as of August 31, 2024[25]. - Total liabilities as of February 28, 2025, were $913,179 thousand, compared to $908,029 thousand as of August 31, 2024[26]. - Total equity as of February 28, 2025, was $545,004 thousand, down from $625,740 thousand as of August 31, 2024[26].