Q2 2025 EARNINGS & UPDATED GUIDANCE NYSE American: REI www.ringenergy.com www.ringenergy.com Forward-Looking Statements and Supplemental Non-GAAP Financial Measures Forward – Looking Statements This Presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this Presentation, regarding our strategy, future ...

Second Quarter 2025 Results August 6, 2025 Forward looking statements This presentation includes certain statements that may constitute "forward-looking statements" for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may, ...

Financial Performance - Genesis Energy reported Adjusted EBITDA of $1229 million in the second quarter[10] - The company's leverage ratio was 552x at the end of the second quarter[10, 14] - Available Cash Before Reserves was $32227 thousand in Q2 2025, with a Common Unit Distribution Coverage Ratio of 159x[18, 24] - Total Segment Margin for the second quarter was $135869 thousand[14, 22] Operational Highlights & Future Outlook - Shenandoah achieved first oil in late July, with production expected to ramp up to 90-100k/d[16] - Salamanca remains on track for first oil by the end of 3Q, expecting production to reach 40-50k/d[10, 16] - The company expects a notable step change in the financial contribution from its offshore pipeline transportation segment starting in 3Q 2025[10] - Genesis Energy has $800 million in credit facility commitments, providing adequate liquidity[7] Capital Allocation & Debt Management - The company aims to maintain a leverage ratio at or near 40x[10] - Genesis Energy repurchased $325 million of Class A convertible preferred securities and 114900 common units at an average price of $909 per unit[10]

Core Insights - CVS Health aims to reduce its leverage ratio to a low 3X range, with a current ratio of 4.32 as of March 2025, down from 4.70 at the end of 2024 [1][9] - The company generated approximately $4.6 billion in operating cash flows in Q1 and returned $840 million to shareholders as dividends, maintaining its current dividend level [2][9] - Aetna, CVS' insurance arm, is on a multi-year path to recover margins, addressing challenges from elevated medical costs and Medicaid redeterminations [3] Financial Position Overview - UnitedHealth Group holds liquid and marketable equity securities of $79.1 billion, with cash flows from operations of $5.5 billion in Q1, reflecting low financial leverage at 1.99 times EBITDA [4] - Cigna Group reported a debt-to-capitalization ratio of 43.1% and has repurchased 8.2 million shares for approximately $2.6 billion, indicating a strong balance sheet [5] Market Performance - CVS Health shares have surged 49.2% year-to-date, contrasting with a 2.8% decline in the industry [8] - The stock is trading at a forward five-year sales multiple of 0.22, compared to the industry average of 0.39, and carries a Value Score of A [10] Earnings Estimates - Consensus estimates for CVS' earnings in 2025 and 2026 show a bullish trend, with current estimates of $6.12 for 2025 and $7.00 for 2026 [11][12]

Group 1 - Upstart Holdings Inc (NASDAQ:UPST) is experiencing a breakout above its June closing highs, surpassing its 200-day moving average and year-to-date anchored volume-weighted average price (AVWAP) [1] - The stock has bounced near peak put open interest at the 50-strike and is now breaking above the $55 pivot point from a November earnings gap, which has previously acted as both support and resistance [1] - The 65-strike call option is set to expire next week, potentially leading to higher prices as shorts begin to cover, with over 25% of UPST's total available float sold short [2] Group 2 - The Schaeffer's Volatility Index (SVI) for UPST is in the 10th percentile of its annual range, indicating that options traders can acquire premiums at a relative bargain [2] - A recommended call option has a leverage ratio of 3.7, suggesting it will double in value with a 29.1% move in the underlying equity [3]

Capital Requirement Adjustment - The Fed proposed easing capital requirements for the largest banks in the US [1] - The proposal aims to address banks' concerns about intervening in treasury markets during stress or taking additional deposits during crises [3] - Dissenters argue the proposal weakens the banking system by reducing capital buffers [3] Financial Impact - The proposal reduces Tier 1 capital requirements by 140 basis points (1.4%) for the biggest banks [1] - It is estimated to release approximately $13 billion in capital [2] - Depository institution subsidiaries' capital requirement would decline by $210 billion in aggregate [2] Regulatory Context - The proposal involves the Supplementary Leverage Ratio (SLR), where capital is the numerator and total assets (including risk-free assets) are the denominator [2] - The change is not a unanimous decision within the Fed [4]

Capital Requirement Changes - The Fed is announcing a proposal to ease capital requirements for the biggest banks [2] - The proposal would reduce tier one capital requirements by 1.4% for the biggest banks [2] - This reduction is expected to release approximately 13 billion USD in capital [3] - Capital requirement would decline in aggregate by 210 billion USD at their depositories institution subsidiaries [3] Supplementary Leverage Ratio (SLR) - The SLR, or supplementary leverage requirement, involves a ratio where the numerator is capital requirement and the denominator includes all assets, including risk-free assets like treasuries [3] - Banks have argued that the SLR restricts their ability to intervene in treasury markets during stress or take additional deposits during crises [4] Dissent and Potential Risks - Some Fed members, like Michael Barr, argue that the proposal weakens the banking system by releasing capital requirements and reducing buffers during times of stress [4] - The decision to ease capital requirements was not unanimous within the Fed [5]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the equity markets, focusing on positioning metrics and trading activities related to global equities, particularly in the US market. Core Insights and Arguments 1. **CTA Positioning**: - CTAs are currently long $75 billion in global equities, which is at the 64th percentile historically. They reduced their positions by $3.3 billion last week, with a long position of $21 billion in the US. Future estimates suggest a tendency to sell, but the expected magnitude is small [2][3][50]. 2. **Performance Metrics**: - The GS Equity Fundamental Long/Short Performance Estimate fell by 0.50% from June 13 to June 19, while the MSCI World Total Return Index dropped by 1.43%. This decline was primarily due to a beta impact of -0.68%, partially offset by an alpha of +0.17% from long side gains [3][50]. 3. **Buyback Activity**: - It is estimated that over 70% of companies are currently in a blackout period for buybacks, with this figure expected to rise to 85% by the end of the week. The blackout period typically starts 4-6 weeks before earnings announcements and ends 1-2 days after [3][63]. 4. **Market Sentiment**: - The GS Sentiment Indicator recorded a value of -1.2, marking the 16th consecutive week of negative readings. This indicates a bearish sentiment among investors [76][79]. 5. **Trading Activity**: - Global equities experienced a modest net sell for the first time in seven weeks, with a net selling of $10.03 billion. This was accompanied by an increase in gross trading activity, driven by short sales slightly outpacing long buys [50][52]. 6. **Sector Performance**: - Nine out of eleven global sectors saw net buying, led by Information Technology, Financials, Industrials, and Consumer Discretionary. Health Care and Materials were the only sectors to experience net selling [52]. 7. **Chinese Equities**: - Hedge funds net sold Chinese equities for the fourth consecutive week, with the selling pace being the fastest in 2.5 months, driven entirely by short sales. The allocation to Chinese equities stands at 4.8% gross and 6.8% net of total Prime book exposure [52]. 8. **Financial Stocks**: - Global Financial stocks have been net bought for nine consecutive weeks, with the buying pace being the fastest since December 2024. The long/short ratio for Financials is currently at 2.09, placing it in the 80th percentile compared to the past year [52]. Additional Important Information - The overall book gross leverage increased to 294.4%, a five-year high, while net leverage decreased to 77.2%. The overall long/short ratio fell to 1.711, indicating a shift in market positioning [50]. - The macro products saw the largest net selling in nearly three months, while single stocks were net bought for the sixth straight week [52]. - The sentiment indicator readings below -1.0 or above +1.0 are significant in predicting future returns, indicating extreme positions in the market [79]. This summary encapsulates the key insights and metrics discussed during the conference call, providing a comprehensive overview of the current state of the equity markets and investor sentiment.

Core Insights - The article focuses on analyzing Rithm Capital Corp.'s (RITM) recent performance and comparing it with 17 mortgage real estate investment trust (mREIT) peers, highlighting key metrics such as investment composition, leverage, hedging coverage ratio, and economic returns [1][2][3]. Investment Composition and Performance - As of March 31, 2025, RITM's investment portfolio consisted of 21% fixed-rate agency mortgage-backed securities (MBS), 0% variable-rate agency MBS, and 36% allocated to mortgage servicing rights (MSR) investments, with 43% in non-agency MBS and non-MBS holdings [17][18]. - RITM's book value (BV) per share decreased from $12.56 at the end of Q4 2024 to $12.39 at the end of Q1 2025, resulting in a quarterly BV decrease of 1.35% [20][21]. - Despite the minor BV decrease, RITM has managed to grow its BV over the past three years, outperforming most mREIT peers in terms of economic return [21][48]. Leverage and Hedging Coverage - RITM's on-balance sheet leverage ratio was 2.6x, with an at-risk (total) leverage ratio of 1.1x as of March 31, 2025, indicating a slight decrease in on-balance sheet leverage and a slight increase in at-risk leverage compared to the previous quarter [19][49]. - The hedging coverage ratio for RITM was geared towards lower mortgage interest rates, which helped mitigate BV volatility during periods of declining rates [50]. Economic Returns and Valuation - RITM's trailing 24-month economic return was 23.31%, significantly outperforming the average returns of its mREIT peers, which ranged from 2.43% to 20.02% across various classifications [48]. - As of June 6, 2025, RITM's stock price was trading at a 9.64% discount to the estimated current BV of $12.55 per share, suggesting that RITM is slightly undervalued compared to its peers [45][46]. Diversification and Investment Strategy - RITM's investment strategy includes a diverse array of financial investments, which provides natural hedges against market fluctuations, particularly in rising interest rate environments [25][26]. - The company has recently expanded its asset management services and diversified its investment portfolio through acquisitions, including Sculptor Capital Management [27][31].

Financial Performance - Auna's consolidated revenue for Q1 2025 was S/ 1,042 million, a decrease of 3% year-over-year, but an increase of 4% on a foreign exchange neutral basis[19] - Adjusted EBITDA for Q1 2025 was S/ 222 million, down 8% year-over-year, but up 1% on a foreign exchange neutral basis, with a margin of 214%[19] - Adjusted Net Income increased 15x year-over-year, marking the fifth consecutive quarter of positive Adjusted Net Income[48] - The leverage ratio remained flat at 36x[16] Segment Performance - Healthcare Services in Mexico saw a revenue decrease of 21% to S/ 243 million, impacted by new doctor/supplier standards[25] - Healthcare Services in Peru & Oncosalud Peru experienced a revenue increase of 10% to S/ 460 million[28] - Healthcare Services in Colombia reported a revenue decrease of 3% to S/ 339 million[34] Cash Flow and Debt - End-of-period cash decreased 15% compared to Q4 2024[54] - The company successfully offered an additional $621 million in aggregate principal amount of the 10000% senior secured notes due 2029 in May 2025[57] - Consolidated debt was S/ 3,735 million, with more than half in direct local currency funding and the remaining US$ debt 94% hedged to PEN[57]