Perella Weinberg Partners(PWP) - 2025 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION Presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition and results of operations Item 1. Financial Statements (Unaudited) Presents unaudited condensed consolidated financial statements and detailed notes on accounting policies, revenue, leases, and other financial aspects Condensed Consolidated Statements of Financial Condition Summarizes the company's assets, liabilities, and equity at specific reporting dates | Metric | June 30, 2025 (Thousands) | December 31, 2024 (Thousands) | | :----------------------------------- | :-------------------------- | :-------------------------- | | Assets | | | | Cash and cash equivalents | $145,037 | $331,558 | | Investments in short-term marketable debt securities | — | $75,830 | | Accounts receivable, net | $47,724 | $73,293 | | Total assets | $606,702 | $876,751 | | Liabilities | | | | Accrued compensation and benefits | $106,694 | $325,225 | | Total liabilities | $430,606 | $646,986 | | Redeemable non-controlling interests | $494,518 | $651,140 | | Total equity | $(318,422) | $(421,375) | | Total liabilities, redeemable non-controlling interests, and equity | $606,702 | $876,751 | Condensed Consolidated Statements of Operations Details the company's revenues, expenses, operating income, and net income (loss) over specified periods | Metric | Three Months Ended June 30, 2025 (Thousands) | Three Months Ended June 30, 2024 (Thousands) | Six Months Ended June 30, 2025 (Thousands) | Six Months Ended June 30, 2024 (Thousands) | | :----------------------------------- | :--------------------------------------- | :--------------------------------------- | :-------------------------------------- | :-------------------------------------- | | Revenues | $155,267 | $271,998 | $367,098 | $374,125 | | Total compensation and benefits | $108,314 | $310,471 | $257,558 | $425,868 | | Total expenses | $146,319 | $354,230 | $346,482 | $509,920 | | Operating income (loss) | $8,948 | $(82,232) | $20,616 | $(135,795) | | Net income (loss) | $4,268 | $(80,845) | $25,641 | $(150,845) | | Net income (loss) attributable to Perella Weinberg Partners | $2,738 | $(66,028) | $20,077 | $(101,872) | | Basic EPS | $0.04 | $(1.21) | $0.32 | $(1.96) | | Diluted EPS | $0.04 | $(1.21) | $0.29 | $(1.96) | Condensed Consolidated Statements of Comprehensive Income (Loss) Presents net income (loss) and other comprehensive income (loss) components for the reporting periods | Metric | Three Months Ended June 30, 2025 (Thousands) | Three Months Ended June 30, 2024 (Thousands) | Six Months Ended June 30, 2025 (Thousands) | Six Months Ended June 30, 2024 (Thousands) | | :----------------------------------- | :--------------------------------------- | :--------------------------------------- | :-------------------------------------- | :-------------------------------------- | | Net income (loss) | $4,268 | $(80,845) | $25,641 | $(150,845) | | Foreign currency translation gain (loss), net of tax | $4,996 | $(16) | $7,752 | $(1,206) | | Comprehensive income (loss) | $9,264 | $(80,861) | $33,393 | $(152,051) | | Comprehensive income (loss) attributable to Perella Weinberg Partners | $6,278 | $(66,080) | $25,549 | $(102,558) | Condensed Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interests Outlines changes in total equity and redeemable non-controlling interests over the reporting period | Metric | Balance at December 31, 2024 (Thousands) | Balance at June 30, 2025 (Thousands) | | :----------------------------------- | :--------------------------------------- | :--------------------------------------- | | Total Equity | $(421,375) | $(318,422) | | Redeemable Non-Controlling Interests | $651,140 | $494,518 | | Net income (loss) attributable to Perella Weinberg Partners (Six Months) | N/A | $20,077 | | Changes in redemption value of redeemable non-controlling interests (Six Months) | N/A | $(139,162) (Q1) / $(5,343) (Q2) | | Treasury stock purchase (Six Months) | N/A | $(14,442) (Q1) / $(17,306) (Q2) | Condensed Consolidated Statements of Cash Flows Reports cash flows from operating, investing, and financing activities for the specified periods | Cash Flow Activity | Six Months Ended June 30, 2025 (Thousands) | Six Months Ended June 30, 2024 (Thousands) | | :----------------------------------- | :--------------------------------------- | :--------------------------------------- | | Net cash provided by (used in) operating activities | $(120,394) | $(116,336) | | Net cash provided by (used in) investing activities | $73,080 | $76,464 | | Net cash provided by (used in) financing activities | $(144,719) | $(22,957) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $(186,581) | $(63,591) | | Cash, cash equivalents and restricted cash, end of period | $146,190 | $186,511 | Notes to Condensed Consolidated Financial Statements (Unaudited) Provides detailed explanations and disclosures supporting the condensed consolidated financial statements Note 1—Organization and Nature of Business Describes Perella Weinberg Partners as a global independent advisory firm and details its recent internal reorganization - PWP is a global independent advisory firm offering M&A, shareholder engagement, financing, capital solutions, and capital markets advisory services[24] - An internal reorganization in 2023-2024, including the Division and Merger, simplified the structure for partners' indirect interests in PWP OpCo without affecting the Company's rights or economic interests[26][27] Note 2—Summary of Significant Accounting Policies Outlines significant accounting policies, including basis of presentation, estimates, cash, consolidation, and redeemable non-controlling interests - Redeemable non-controlling interests are recorded at the higher of their redemption value or ASC Topic 810 measurement, with changes recorded to Additional paid-in capital or Retained earnings[36] - The Company does not expect the adoption of ASU 2023-09 (Income Tax Disclosures) and ASU 2024-03 (Expense Disaggregation) to have a material impact on its consolidated financial statements[42][43] Note 3—Revenue and Receivables from Contracts with Customers Details revenue recognition by type, contract balances, accounts receivable, and client concentrations | Revenue Type | Three Months Ended June 30, 2025 (Thousands) | Three Months Ended June 30, 2024 (Thousands) | Six Months Ended June 30, 2025 (Thousands) | Six Months Ended June 30, 2024 (Thousands) | | :------------- | :--------------------------------------- | :--------------------------------------- | :-------------------------------------- | :-------------------------------------- | | Over time | $154,391 | $261,860 | $363,122 | $362,865 | | Point in time | $876 | $10,138 | $3,976 | $11,260 | | Total revenue | $155,267 | $271,998 | $367,098 | $374,125 | - As of June 30, 2025, $25.1 million of accounts receivable were concentrated with one client, all of which was subsequently received[47] Note 4—Leases Covers operating lease agreements for office space and equipment, including a new sublease generating $27.5 million in income - The Company expects to recognize $27.5 million in sublease income over the seven-year term of a new sublease agreement for its New York office, commencing in Q3 2025[50] | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Weighted-average discount rate – operating leases | 4.8% | 4.8% | | Weighted-average remaining lease term – operating leases | 12.8 years | 13.3 years | | Lease Cost | Three Months Ended June 30, 2025 (Thousands) | Six Months Ended June 30, 2025 (Thousands) | | :----------------- | :--------------------------------------- | :-------------------------------------- | | Total net lease cost | $5,755 | $11,459 | Note 5—Intangible Assets Details intangible assets, primarily customer relationships and trade names, and their amortization schedule through November 2026 | Intangible Asset | Net Carrying Amount (June 30, 2025, Thousands) | Net Carrying Amount (December 31, 2024, Thousands) | | :----------------------- | :--------------------------------------- | :--------------------------------------- | | Customer relationships | $6,715 | $9,085 | | Trade names and trademarks | $2,607 | $3,527 | | Total | $9,322 | $12,612 | | Amortization Expense | Three Months Ended June 30, 2025 (Thousands) | Six Months Ended June 30, 2025 (Thousands) | | :------------------- | :--------------------------------------- | :-------------------------------------- | | Intangible assets | $1,600 | $3,300 | - Intangible assets are expected to be fully amortized by November 30, 2026, with expected amortization of $6.6 million in 2025 and $6.0 million in 2026[53] Note 6—Regulatory Requirements Confirms compliance of consolidated broker-dealer subsidiaries with minimum regulatory capital requirements - All regulated subsidiaries had capital in excess of their applicable minimum capital requirements as of June 30, 2025, and December 31, 2024[54] Note 7—Fixed Assets Details fixed assets, including leasehold improvements, furniture, equipment, and software, recorded at cost less depreciation | Fixed Asset Category | June 30, 2025 (Thousands) | December 31, 2024 (Thousands) | | :------------------- | :-------------------------- | :-------------------------- | | Leasehold improvements | $82,818 | $81,860 | | Furniture and fixtures | $13,439 | $12,801 | | Equipment | $16,139 | $15,322 | | Software | $4,914 | $4,456 | | Total fixed assets, net | $80,547 | $84,886 | | Depreciation Expense | Three Months Ended June 30, 2025 (Thousands) | Six Months Ended June 30, 2025 (Thousands) | | :------------------- | :--------------------------------------- | :-------------------------------------- | | Fixed assets | $3,300 | $6,600 | Note 8—Income Taxes Explains the effective income tax rate, its variances, and the liability for unrecognized tax benefits | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Income (loss) before income taxes | $6,248 | $(81,487) | $18,147 | $(132,393) | | Income tax expense (benefit) | $1,980 | $(642) | $(7,494) | $18,452 | | Effective income tax rate | 31.7% | 0.8% | (41.3)% | (13.9)% | - The effective tax rate change is primarily due to the relative size of permanent differences to pre-tax income/loss and a $12.6 million tax benefit from RSU vesting appreciation in H1 2025[56][136] Note 9—Stockholders' Equity and Redeemable Non-Controlling Interests Details Class A common stock, share repurchases, redeemable non-controlling interests, and PWP OpCo Unitholder exchange rights - The Company repurchased 1,000,000 founder shares for $15.0 million on June 3, 2024, and has purchased 14,653,188 shares for $137.9 million since the program's inception through June 30, 2025[59] - PWP OpCo Unitholders can exchange units for Class A common stock (one-for-one) or cash, at the Company's discretion, with certain lock-up periods for working partners[61] - During Q2 2025, the Company settled exchanges for 1,234,357 Class A common shares; in Q1 2025, it settled exchanges for $28.3 million in cash for 1,270,086 PWP OpCo Units[62] Note 10—Debt Reports no outstanding debt and details the $50.0 million revolving credit facility with additional commitments - The Company has a $50.0 million Revolving Credit Facility with an additional $20.0 million in incremental revolving commitments, maturing July 1, 2028, with no outstanding balance as of June 30, 2025[64] Note 11—Equity-Based Compensation Details equity-based compensation awards, including RSUs, PSUs, and Professional Partners Awards, and their expense recognition | Equity-Based Compensation | Three Months Ended June 30, 2025 (Thousands) | Three Months Ended June 30, 2024 (Thousands) | Six Months Ended June 30, 2025 (Thousands) | Six Months Ended June 30, 2024 (Thousands) | | :----------------------------------- | :--------------------------------------- | :--------------------------------------- | :-------------------------------------- | :-------------------------------------- | | PWP Incentive Plan Awards (Professional fees) | $188 | $508 | $339 | $1,014 | | PWP Incentive Plan Awards (Equity-based compensation) | $28,034 | $30,459 | $54,279 | $63,324 | | Professional Partners Awards (equity-classified) | — | $60,794 | — | $74,736 | | Professional Partners Awards (liability-classified) | — | $69,245 | — | $69,245 | | Total Equity-based compensation | $28,034 | $160,498 | $54,279 | $207,305 | - As of June 30, 2025, total unrecognized compensation expense for unvested equity-based awards was $187.1 million, to be recognized over a weighted average period of 2.1 years[74] - The Vesting Acceleration of Professional Partners Awards in Q2 2024 resulted in $130.0 million of equity-based compensation expense, including $69.2 million for liability-classified awards[71] Note 12—Other Compensation and Benefits Covers compensation and benefits expenses, including salaries, bonuses, taxes, and costs related to employee plans and business realignment | Expense Type | Three Months Ended June 30, 2025 (Thousands) | Six Months Ended June 30, 2025 (Thousands) | | :------------------------- | :--------------------------------------- | :-------------------------------------- | | Employee benefit plans | $1,700 | $3,400 | | Business realignment (2024) | $2,400 (payments) | $13,600 (payments) | | Business realignment (2024) | $1,800 (separation/transition benefits) | $1,500 (equity-based comp amortization) | Note 13—Net Income (Loss) Per Share Attributable to Class A Common Shareholders Provides calculations for basic and diluted net income (loss) per share, including adjustments for dilutive effects | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) attributable to Perella Weinberg Partners – basic | $2,738 | $(66,028) | $20,077 | $(101,872) | | Weighted average shares of Class A common stock outstanding – basic | 63,064,731 | 54,589,542 | 62,604,779 | 51,894,913 | | Basic EPS | $0.04 | $(1.21) | $0.32 | $(1.96) | | Diluted EPS | $0.04 | $(1.21) | $0.29 | $(1.96) | | Weighted average potentially dilutive shares excluded (H1 2025) | — | 42,156,385 | 26,305,163 | 44,376,769 | Note 14—Fair Value Measurements and Investments Explains fair value measurement hierarchy and confirms no financial instruments were subject to fair value measurement as of June 30, 2025 - As of June 30, 2025, the Company held no financial instruments subject to fair value measurement[89] - As of December 31, 2024, the Company held $95.994 million in U.S. Treasury securities classified as Level 1 financial assets[88] Note 15—Related Party Transactions Describes transactions with related parties, including the tax receivable agreement, partner notes, and loans - The Company has a liability of $75.6 million as of June 30, 2025, under the tax receivable agreement, with estimated payments totaling $75.566 million through 2029 and thereafter[92] - Substantially all Partner Promissory Notes were settled as of June 30, 2025. During H1 2025, $0.5 million of partner loans were repaid through the cancellation of PWP OpCo units[93][94] Note 16—Commitments and Contingencies Details indemnification provisions and ongoing legal actions, with management assessing no material adverse effect - The Company is a defendant in a lawsuit against three former partners and one former employee, with a bench trial concluded in March 2025 and a decision pending[98] - Legal and professional fees related to this litigation were $11.3 million for the six months ended June 30, 2025, and $5.9 million for the six months ended June 30, 2024[99] Note 17—Segment and Geographic Information Describes the company's single Advisory segment and the geographic distribution of revenues and assets | Geographic Region | Six Months Ended June 30, 2025 (Thousands) | Six Months Ended June 30, 2024 (Thousands) | | :---------------- | :--------------------------------------- | :--------------------------------------- | | Revenues | | | | United States | $288,094 | $322,477 | | International | $79,004 | $51,648 | | Total | $367,098 | $374,125 | | Assets | | | | United States | $439,441 | $687,784 | | International | $167,261 | $188,967 | | Total | $606,702 | $876,751 | - For the six months ended June 30, 2025, no individual client accounted for more than 10% of aggregate revenues[104] Note 18—Subsequent Events Reports a declared cash dividend and the agreement to acquire Devon Park Advisors, LLC, expected to close in Q4 - On August 1, 2025, a cash dividend of $0.07 per Class A common share was declared, payable September 10, 2025[106] - The Company entered an agreement to acquire Devon Park Advisors, LLC, a GP-led secondaries advisory firm, with closing expected in early Q4 2025, pending regulatory approval[107] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Provides management's perspective on financial condition, operational results, key measures, revenue, expenses, and liquidity Executive Overview Provides a high-level summary of Perella Weinberg Partners as a global independent advisory firm - Perella Weinberg Partners is a leading global independent advisory firm providing strategic and financial advice to a diverse client base across active industry sectors and international markets[110] Business Environment Discusses how economic and market conditions influence the company's advisory services and strategic investments - The Company's financial performance is influenced by economic and global financial market conditions, with advisory services benefiting from macroeconomic changes driving client activity in business combinations, acquisitions, divestitures, capital raises, and restructurings[112] - The Company continues to invest in its platform to achieve scale, accelerate growth, and deliver value[112] Key Financial Measures Explains the nature and variability of key financial measures, including revenue, compensation, and non-compensation expenses - Revenue generation is highly competitive and unpredictable, often tied to transaction completion, which can be delayed or terminated due to various factors[114][115] - Compensation and benefits expenses are determined by revenues, headcount, labor market conditions, and anticipated requirements, leading to material fluctuations[119] - Non-compensation expenses, including professional fees, technology, rent, and travel, are variable due to headcount, business needs, and inflation[121] - Non-controlling interests represent ownership in PWP OpCo by other holders, with profits and losses allocated proportionally, except for certain equity-based compensation prior to the Merger[123] Results of Operations Analyzes the company's revenues, expenses, operating income, and net income for the reported periods | Metric | Three Months Ended June 30, 2025 (Thousands) | Three Months Ended June 30, 2024 (Thousands) | Change (%) | Six Months Ended June 30, 2025 (Thousands) | Six Months Ended June 30, 2024 (Thousands) | Change (%) | | :----------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------- | :-------------------------------------- | :-------------------------------------- | :--------- | | Revenues | $155,267 | $271,998 | (43)% | $367,098 | $374,125 | (2)% | | Total compensation and benefits | $108,314 | $310,471 | (65)% | $257,558 | $425,868 | (40)% | | Non-compensation expenses | $38,005 | $43,759 | (13)% | $88,924 | $84,052 | 6% | | Operating income (loss) | $8,948 | $(82,232) | NM | $20,616 | $(135,795) | NM | | Other income (expense) | $(2,700) | $745 | NM | $(2,469) | $3,402 | NM | | Net income (loss) attributable to Perella Weinberg Partners | $2,738 | $(66,028) | NM | $20,077 | $(101,872) | NM | - Revenues decreased by 43% for Q2 2025 and 2% for H1 2025, primarily due to decreased M&A activity and a significant fee event in the prior year, partially offset by increased financing and capital solutions activity[126][127] - Total compensation and benefits expenses decreased significantly (65% for Q2, 40% for H1) due to the prior year's Vesting Acceleration of Professional Partners Awards and a lower bonus accrual in the current period[128][129] - Non-compensation expenses decreased by 13% for Q2 2025 due to lower litigation and bad debt, but increased by 6% for H1 2025 due to higher litigation, travel, rent, and technology costs[130][131] - Non-operating income shifted to expenses for both Q2 and H1 2025, primarily due to net losses from foreign exchange rate fluctuations, partially offset by interest income[132][133] Liquidity and Capital Resources Details the company's sources of liquidity, primary cash needs, and capital management strategies - Primary liquidity sources include cash, cash equivalents, short-term marketable debt securities, net cash from operations, and the $50.0 million Revolving Credit Facility (with no outstanding balance as of June 30, 2025)[137][140] - Primary cash needs are for working capital, operating expenses (especially cash compensation in Q1), share repurchases, withholding tax payments, cash-settled PWP OpCo Unit exchanges, income taxes, dividends, capital expenditures, and tax receivable agreement payments[137] | Metric | June 30, 2025 (Thousands) | December 31, 2024 (Thousands) | | :----------------------------------- | :-------------------------- | :-------------------------- | | Cash and cash equivalents | $145,037 | $331,558 | | Accounts receivable, net | $47,724 | $73,293 | - The Company believes current liquidity sources are sufficient to meet operating needs and commitments for the next twelve months[142] - As of June 30, 2025, $62.1 million remains authorized for share repurchases under the $200.0 million program[149] Cash Flows Summarizes cash flows from operating, investing, and financing activities and their primary drivers | Cash Flow Activity | Six Months Ended June 30, 2025 (Thousands) | Six Months Ended June 30, 2024 (Thousands) | | :----------------------------------- | :--------------------------------------- | :--------------------------------------- | | Operating Activities | $(120,394) | $(116,336) | | Investing Activities | $73,080 | $76,464 | | Financing Activities | $(144,719) | $(22,957) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $(186,581) | $(63,591) | | Cash, cash equivalents and restricted cash, end of period | $146,190 | $186,511 | - Operating activities resulted in net cash outflows for both periods, primarily due to cash operating expenses and discretionary bonuses[144][146] - Investing activities generated net cash inflows, mainly from maturities of U.S. Treasury securities, partially offset by capital expenditures[145][147] - Financing activities resulted in net cash outflows, driven by withholding tax payments, cash settlement of PWP OpCo Units, share repurchases, and dividend payments[145][148] Market Risk and Credit Risk Assesses the company's exposure to market risk, credit risk, and foreign exchange rate fluctuations - The Company's business is not capital-intensive and does not invest in derivative instruments, resulting in low exposure to market risk (interest rate, commodity price) or significant credit risk[154] - Credit risk is managed by regularly reviewing accounts receivable, maintaining an allowance for credit losses, and holding investments primarily with investment-grade credit quality[156][157] - The Company is exposed to exchange rate risk from foreign subsidiaries and non-functional currency transactions, resulting in a net loss of $(4.5) million from foreign exchange rate fluctuations in H1 2025[158] Critical Accounting Estimates Highlights management's significant estimates and assumptions used in preparing the financial statements - Management makes significant estimates and assumptions in preparing financial statements, including those related to the tax receivable agreement, revenue recognition, income taxes, equity-based compensation, goodwill and intangible assets, and fair value measurements[31][32][159] Item 3. Quantitative and Qualitative Disclosures About Market Risk Refers to the Market Risk and Credit Risk section for detailed disclosures on market risk - Quantitative and qualitative disclosures about market risk are set forth in the 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Market Risk and Credit Risk' section[160] Item 4. Controls and Procedures Details the evaluation of disclosure controls and procedures and reports on changes in internal control over financial reporting Management's Evaluation of Disclosure Controls and Procedures Reports management's conclusion on the effectiveness of disclosure controls and procedures as of June 30, 2025 - Management, under the supervision of the principal executive and financial officers, concluded that disclosure controls and procedures were effective as of June 30, 2025[163] Changes in Internal Control over Financial Reporting Confirms no material changes in internal control over financial reporting during the six months ended June 30, 2025 - There were no material changes in internal control over financial reporting during the six months ended June 30, 2025[164] PART II. OTHER INFORMATION Provides additional legal, risk, equity, and other disclosures not covered in the financial statements Item 1. Legal Proceedings Details the company's involvement in legal actions in the ordinary course of business, referencing Note 16 - The Company is named as a defendant in legal actions relating to transactions in the ordinary course of business, with details provided in Note 16[165][166] Item 1A. Risk Factors States no material changes or updates to risk factors since the Annual Report on Form 10-K for 2024 - No material changes or updates to risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[167] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Summarizes the company's repurchases of equity securities during the three months ended June 30, 2025 Repurchases of Equity Securities Details the total number of shares repurchased and the average price paid per unit during the quarter | Period | Total Number of Shares Repurchased | Average Price Paid Per Unit | Approximate Dollar Value of Shares yet to be Purchased Under the Publicly Announced Plans or Programs | | :-------------------------- | :------------------------------- | :-------------------------- | :------------------------------------------------------------------------------------------ | | April 1, 2025 - April 30, 2025 | — | $— | $— | | May 1, 2025 - May 31, 2025 | 876,409 | $17.47 | $64,074,631 | | June 1, 2025 - June 30, 2025 | 106,648 | $18.76 | $62,074,357 | | Total | 983,057 | $17.61 | | Item 3. Defaults Upon Senior Securities Reports no defaults upon senior securities during the reporting period - There were no defaults upon senior securities[169] Item 4. Mine Safety Disclosures States that Mine Safety Disclosures are not applicable to the company - Mine Safety Disclosures are not applicable[170] Item 5. Other Information Provides other relevant information, including details on insider trading arrangements and policies Insider Trading Arrangements and Policies Confirms no director or officer adopted, modified, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements - No director or officer adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[171] Item 6. Exhibits Lists all exhibits filed with the Quarterly Report on Form 10-Q, including certifications and XBRL documents - Exhibits include certifications from the Principal Executive Officer and Principal Financial Officer (31.1, 31.2, 32.1, 32.2) and Inline XBRL documents (101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE, 104)[173] Signatures Confirms the report is duly signed by the Chief Executive Officer and Chief Financial Officer - The report is signed by Andrew Bednar, Chief Executive Officer, and Alexandra Gottschalk, Chief Financial Officer, on August 1, 2025[178]