AMERICAN STRATEGIC INVESTMENT CO. Third Quarter Investor Presentation 0 196 Orchard Street Retail Condominium - New York, NY_ Third Quarter 2025 Highlights Manhattan focused real estate portfolio features an underlying tenant base in core commercial businesses, and an attractive top 10 tenant base that is 69% Investment Grade(1)(2) 2) Refer to slide 6 – Top 10 Tenant Investment Grade Profile. Based on Annualized Straight-line Rent and on ratings information as of September 30, 2025. For our purposes, includ ...

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Financial Data and Key Metrics Changes - In Q3 2025, the company achieved oil production of 187,000 barrels per day, a 6% increase from Q2, and total production of 410,000 barrels of oil equivalent per day [3][4] - Adjusted operating cash flow reached $949 million, with record adjusted free cash flow of $469 million, despite $480 million in cash capital expenditures [4][5] - Controllable cash costs were reduced by 6% quarter over quarter, with lease operating expenses (LOE) decreasing to $5.07 per BOE and drilling and completion (D&C) costs averaging $7.25 per foot [4][6] Business Line Data and Key Metrics Changes - The company closed 250 deals in Q3, primarily in New Mexico, adding 5,500 net leasehold acres and 2,400 net royalty acres for approximately $180 million [11] - The company raised its full-year production guidance to 181.5 thousand barrels of oil per day and 394 thousand barrels of oil equivalent per day, reflecting a 5% increase from the original guidance [6][7] Market Data and Key Metrics Changes - The company has agreements to sell approximately 330 million cubic feet per day of gas out of the basin in 2026, increasing to 700 million cubic feet per day in 2028, which is expected to realize approximately $1 per MCF higher pricing net of fees in 2026 [12] - The company has reduced its Waha exposure to approximately 25% of total gas volumes in 2026, positioning itself to benefit from growing natural gas demand and higher realized prices [12] Company Strategy and Development Direction - The company emphasizes a flexible capital allocation strategy, allowing it to pursue acquisitions, buybacks, and debt repayment simultaneously [13] - The management highlighted a strong focus on maintaining a competitive cost structure in the Delaware Basin, which is seen as a key advantage [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, indicating it could be the most capital-efficient year, with expectations of better realizations and continued strong productivity [17][18] - The management acknowledged a slowdown in activity in the Permian Basin but noted the resilience of the region historically [48] Other Important Information - The company received its first investment-grade credit rating from Fitch and a positive outlook upgrade from Moody's, enhancing its financial standing [5][45] - The company has been actively reducing debt, with over $450 million in debt reduction during the quarter [5] Q&A Session Summary Question: Thoughts on activity pace and oil production for 2026 - Management indicated that they will provide guidance for 2026 in February, emphasizing flexibility to adapt to macro conditions [16] Question: Opportunities across acreage and performance of the Haley pad - Management noted that the Haley pad outperformed expectations and highlighted the overall performance consistency across their portfolio [19][20] Question: Gas marketing agreements and optionality between markets - Management confirmed flexibility to shift gas volumes between DFW and Gulf Coast markets, expecting a balanced distribution [25][27] Question: Dividend growth and capital allocation strategy - Management stated that growing the dividend is a priority, with expectations for continued growth in the future [82][83] Question: M&A activity and deal pipeline - Management reported a robust M&A pipeline, with more transactions completed this year than any previous year, indicating a strong ground game [39][40] Question: Investment-grade status and implications - Management expressed confidence in achieving investment-grade status soon, which would lower the cost of capital and enhance financial flexibility [45][46] Question: Maintenance CapEx and dividend break-even - Management indicated maintenance CapEx is around $1 billion, with expectations for improved dividend break-even over time [97][98]

Financial Data and Key Metrics Changes - Ladder generated distributable earnings of $32.1 million or $0.25 per share, achieving a return on equity of 8.3% with adjusted leverage of 1.7 times [4][12] - The loan portfolio grew by approximately $354 million to $1.9 billion, representing 40% of total assets [5][17] - The company maintained $879 million in liquidity, including $49 million in cash and $830 million of undrawn capacity on its unsecured revolver [10][14] Business Line Data and Key Metrics Changes - Loan origination activity accelerated with $511 million of new loans across 17 transactions, marking the highest quarterly origination volume in over three years [5][6] - The securities portfolio totaled $1.9 billion, with a weighted average yield of 5.7%, of which 99% was investment grade and 96% was AAA rated [19] - The real estate portfolio generated $15.1 million in net operating income during the third quarter, primarily consisting of net lease properties with long-term leases [7][19] Market Data and Key Metrics Changes - Office loan exposure was reduced to $652 million, or 14% of total assets, following the full payoff of a $63 million office loan [5][6] - The company closed its inaugural $500 million investment grade bond offering at a rate of 5.5%, which was the tightest new issuance spread in Ladder's history [8][9] Company Strategy and Development Direction - Ladder aims to capitalize on investment opportunities while maintaining prudent credit risk management, with expectations for fourth quarter loan originations to exceed third quarter production [10][11] - The company plans to position itself alongside high-quality peers, including equity REITs, rather than solely within the commercial mortgage REIT space [11][12] - The focus will be on organic growth of the loan portfolio, with expectations of significant growth in the coming year [23][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the balance sheet and the ability to deliver strong, stable returns for shareholders across market cycles [11][12] - The company anticipates that the yield curve will steepen next year, which could lead to more regular contributions to securitizations [23] - Management noted that the quality of borrowers remains strong, with no new loans added to nonaccrual in the third quarter [18][51] Other Important Information - The company repurchased $1.9 million of common stock in the third quarter, with a total of $9.3 million repurchased year-to-date [14][15] - The dividend declared was $0.23 per share, with a current dividend yield of approximately 8.5% [15][16] Q&A Session Summary Question: Are there any changes in origination strategy since obtaining the investment grade rating? - Management indicated they are looking at slightly larger transactions and noted improved stability in financing [26][27] Question: Is there growth expected in the $1.9 billion loan portfolio? - Management expects the loan portfolio to grow by approximately $1 billion, driven by a strong origination quarter and a larger revolver [41][42] Question: Will improving ROE be part of the strategy in the next one to two years? - Management confirmed that the plan is to write more loans and improve ROE through better capital allocation [45][46] Question: What is the outlook for the office equity investment made? - Management expressed satisfaction with the investment, noting it has performed well and is expected to be a long-term hold [78][80]

Financial Data and Key Metrics Changes - The third quarter net loss was $26.2 million or $0.15 per share, while the FFO totaled $28 million or $0.16 per diluted share, exceeding consensus estimates by $0.01 [21] - The annualized combined core net debt to EBITDA was 8.1 and 7.6, respectively, both within or below the business plan range [21][30] - The FFO payout ratio for the third quarter was 93.8% [29] Business Line Data and Key Metrics Changes - The quarterly tenant retention rate was 68%, with leasing activity approximating 343,000 square feet [3] - The operating portfolio leasing pipeline remains solid at 1.7 million square feet, including about 72,000 square feet in advanced stages of negotiations [7] - The mark-to-market was negative 1.8% on a GAAP basis and negative 4.8% on a cash basis, heavily influenced by a large renewal in Austin [4][5] Market Data and Key Metrics Changes - In Philadelphia, occupancy was 94% and leased at 96%, while the Pennsylvania suburbs were at 88% occupied and 89% leased [4] - Boston's occupancy was at 77% and leased at 78%, expected to drop to about 74% by year-end due to a known move-out [4] - The life science sector in the city is in recovery, supported by a strong regional healthcare ecosystem [11] Company Strategy and Development Direction - The company aims to stabilize development projects and capitalize on the recovering market while reducing overall leverage [32][63] - The focus is on recapitalizing high-quality, stabilized assets to improve earnings and cash flow [14][70] - The company plans to maintain minimal balances on its line of credit to ensure ample liquidity [8] Management's Comments on Operating Environment and Future Outlook - Management noted that the real estate market sentiment continues to improve, with strong demand for high-quality buildings [9][10] - The company anticipates a significant increase in NOI from the consolidation of 3025 JFK, expected to grow from $8 million to over $20 million in the first quarter of 2026 [25] - The board's decision to reduce the dividend was based on the need for sustainable cash flow and capital conservation [70] Other Important Information - The company issued $300 million of bonds due January 2031, generating $296 million in gross proceeds [8] - The average cost of bond debt is slightly above 6%, with $900 million of outstanding bonds having coupons above 8% [9] - The company sold $73 million of properties at an average cap rate of 6.9% [17] Q&A Session Summary Question: Could you go over in more detail how we should think about the timing and process of the recapitalizations? - Management explained that recapitalizations are designed to eliminate high-cost capital structures and bring high-quality assets onto the balance sheet, with various financing options available [34][36] Question: Could you provide some detail on the board's decision to reduce the dividend? - The board considered operating cash flow, refinancing requirements, and the cost of outside capital, concluding that a reduced dividend is sustainable and allows for future growth [68][70] Question: Can you explain why you decided to issue the unsecured notes and take out the CMBS debt? - The decision was based on the opportunity to unencumber assets, improve unleveraged ratios, and reset rates in the debt capital markets [55][56]

Oct 10, 2025 6:45 AM Eastern Daylight Time Reflective of its Superior Tenancy and Conservative Balance Sheet, KBRA Affirms Easterly's BBB Rating with Stable Outlook WASHINGTON--(BUSINESS WIRE)--Easterly Government Properties, Inc. (NYSE: DEA) ("Easterly†or "the 'Company'†), a fully integrated real estate investment trust (REIT) focused primarily on the acquisition, development, and management of Class A commercial properties leased to the U.S. Government, today announced that Kroll Bond Rating Agency, L ...

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Core Viewpoint - S&P Global Ratings has maintained ARGAN's "Investment Grade" status with a "BBB-" rating and a "stable" outlook, indicating confidence in the company's financial metrics and asset quality despite recent portfolio changes [2][3]. Financial Metrics - ARGAN's level of indebtedness is consistent with its current rating, with a long-term issuer rating of 'BBB-' and a stable outlook [2]. - The company is targeting an LTV EPRA ratio excluding duties of 41.5% for 2025, down from 43.1% at the end of 2024, and a net debt to EBITDA ratio of 8.7 times for 2025, improved from 9.2 times [2]. Portfolio and Revenue - ARGAN has withdrawn a portfolio of warehouses valued at approximately €130 million from the market, but this decision does not negatively impact its credit metrics [2]. - As of June 30, 2025, ARGAN's portfolio consists of 3.7 million square meters of warehouses, appraised at a total of €4.0 billion, generating over €210 million in annual rental income [4]. Company Profile - ARGAN is a leading French real estate company specializing in the development and rental of premium warehouses, focusing on a customer-centric approach and sustainability [4]. - The company is listed on Euronext Paris and included in several indices, reflecting its significant market presence [5]. ESG Commitment - ARGAN is committed to an ESG policy that addresses all stakeholders, with achievements recognized by third-party agencies such as Sustainalytics and Ecovadis [4]. Upcoming Financial Calendar - Key upcoming dates include the publication of Q3 2025 net sales on October 1, 2025, and annual results on January 22, 2026 [3][7].

Core Viewpoint - Brompton Funds Limited has proposed a merger of the Symphony Floating Rate Senior Loan Fund into the Brompton Wellington Square Investment Grade CLO ETF, with the ETF being the continuing fund, and a special meeting will be held for unitholders to vote on this proposal [1][8]. Fund Merger Details - The merger will involve exchanging class A and class U units of the Fund for CAD and USD units of the ETF, respectively, based on their net asset values [2]. - The ETF aims to provide high monthly income and capital preservation through investments in primarily investment grade rated collateralized loan obligations (CLOs) [3]. Investment Quality and Management - The average credit rating of the Fund's current portfolio is B+, while at least 75% of the Continuing Fund's portfolio will be in Investment Grade CLOs, which are less likely to default [5]. - The management fee for the Continuing Fund will be reduced from 1.25% to 0.60%, and the management expense ratio (MER) is expected to decrease from 2.29% to less than 0.75% per annum [5]. - The Continuing Fund will not engage in borrowing, which is expected to further reduce costs and volatility [5]. Distribution and Trading Benefits - The current distribution rate of the Fund is 7.26%, and the Continuing Fund will maintain a focus on high monthly income distributions [5]. - The merger is expected to reduce the bid/ask spread significantly, leading to lower effective costs for investors [5][12]. - Post-merger, the Continuing Fund is anticipated to trade closer to its NAV, improving trading liquidity and allowing for large volume transactions without significantly affecting market prices [12]. Meeting and Implementation - A special meeting for unitholders to vote on the merger will be held on November 17, 2025, with an accelerated annual redemption option expected on December 30, 2025, if approved [7][8].

Credit Market Analysis - Junk debt is currently perceived as being nearly as safe as investment-grade debt, based on credit market pricing [1]