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 ...

Core Insights - The company reported earnings of $1.85 per share for the quarter, a significant improvement from a loss of $1.47 per share in the same quarter last year, with adjusted earnings per share at $2.24 compared to $1.99 previously [1] - Net sales increased by 4.2% year-on-year, driven by a 12% rise in shipments in European beverage, despite lower volumes in Latin America [1][4] - The company achieved a segment income of $490 million, up from $472 million in the prior year, reflecting operational improvements and increased volumes in Europe [1][8] - Free cash flow for the nine months ending September 30 improved to $887 million from $668 million, with a commitment to return excess cash to shareholders [1][8] - The company raised its full-year adjusted EPS guidance to a range of $7.7 to $7.8, projecting fourth-quarter adjusted EPS between $1.65 and $1.75 [1] Financial Performance - Earnings per share increased by 13% compared to the previous year, with strong demand in European beverage offsetting weaknesses in Latin America [2][8] - The company repurchased $105 million of common stock in the quarter and $314 million year-to-date, returning over $400 million to shareholders this year [1][8] - The company achieved its long-term net leverage target of 2.5 times in September, indicating a strong balance sheet [1][8] Market Dynamics - European beverage segment income rose by 27% year-on-year, supported by a 12% volume growth, while North American volumes were mixed, down 3% [5][8] - Latin American beverage volumes declined by 5%, primarily due to a 15% drop in Brazil and Mexico, attributed to consumer uncertainty and adverse weather conditions [4][5] - The company noted limited direct impacts from tariffs but remains cautious about indirect effects on global demand [1][8] Operational Insights - The company is focused on maintaining a healthy balance sheet while returning cash to shareholders, with expectations of continued operational improvements [1][8] - The North American food can segment benefited from strong harvest demand and efficiency improvements, contributing to better-than-expected results [7][8] - The company is optimistic about growth in Brazil for the fourth quarter and 2026, supported by government initiatives to lower interest rates [4][8] Future Outlook - The company expects to achieve approximately $1 billion in adjusted free cash flow for 2025 after capital spending of $400 million, with net leverage remaining close to the long-term target [1][8] - The long-term growth rate in Europe is anticipated to stabilize around 4% to 5%, with the company well-positioned to capitalize on market opportunities [12][24] - The company is exploring additional capacity in Europe and is modernizing facilities to enhance output and efficiency [54][65]

Financial Data and Key Metrics Changes - Earnings for the quarter were $1.85 per share compared to a loss of $1.47 per share in the prior year quarter, with adjusted earnings per share at $2.24 compared to $1.99 in the prior year quarter [4] - Net sales in the quarter increased by 4.2% compared to the prior year, driven by a 12% increase in shipments across European beverage [4] - Free cash flow improved to $887 million from $668 million in the prior year, reflecting higher income and lower capital spending [5] - Segment income was $490 million in the quarter compared to $472 million in the prior year, indicating year-on-year improvements in segment income, adjusted EBITDA, and free cash flow [5] Business Line Data and Key Metrics Changes - European beverage posted a record quarter with income 27% above the prior year, supported by 12% volume growth [13] - Americas beverage volumes were down 5% in the quarter, primarily due to a 15% volume decline across Brazil and Mexico [12] - North American volumes were mixed, down 3% overall, but showed a rebound of 3% in September [12] - Transit packaging income remained level to the prior year, with increased shipments offsetting the impact of lower equipment activity [13] Market Data and Key Metrics Changes - Delivered aluminum reached $2.1 per pound, up $0.74 per pound or 54% in the last ten months, impacting North American beverage margins [9][10] - European beverage growth was driven by market growth and substitution, with margins remaining strong despite lower Southeast Asian volumes [13][14] Company Strategy and Development Direction - The company is committed to maintaining a healthy balance sheet while returning excess cash to shareholders, having achieved its long-term net leverage target of 2.5 times [5][6] - The company expects to continue benefiting from strong demand in European beverage and improving cost structures across its operations [8][14] - The company is cautious about future growth rates, indicating that while 12% growth was achieved, historical growth rates in the can business are typically lower [22][47] Management's Comments on Operating Environment and Future Outlook - Management raised guidance for the full year adjusted EPS to $7.7 to $7.8, projecting fourth quarter adjusted EPS to be in the range of $1.65 to $1.75 [6] - Management noted limited direct impact from tariffs but remains attentive to indirect effects on global consumer and industrial demand [5][6] - The company expects fourth quarter in Brazil to return to growth, supported by government initiatives to lower interest rates [12] Other Important Information - The company repurchased $105 million of common stock in the quarter and $314 million year to date, returning more than $400 million to shareholders this year [5] - The company is monitoring the impact of the Novelis fire, which has a more significant effect on other customers but not directly on its operations [126] Q&A Session Summary Question: Growth in Europe and potential concerns about pre-buying - Management indicated that the growth in Europe is driven by underlying market growth and substitution, with historical growth rates expected to be around 4% to 5% [22][47] Question: Outlook for Americas EBIT and impact from Mexico and Brazil - Management confirmed that the EBIT target of $1 billion is still aspirational but achievable this year, with significant impacts from Brazil and Mexico noted [30] Question: North American market performance and promotional spending - Management acknowledged underperformance due to customer pruning but noted that the overall market was estimated to be up 2% [39][40] Question: Capacity and growth expectations in Europe - Management expressed confidence in their capacity to meet demand, with ongoing investments in new lines in Germany and Greece [85][86] Question: Capital allocation and share repurchase strategy - Management emphasized flexibility in capital allocation, with potential for share repurchases depending on market conditions [106][107]

Core Insights - The Royce Micro-Cap Trust, Inc. aims for long-term capital growth by investing primarily in equity securities of companies with market capitalizations of $1 billion or less [10] Performance Summary - As of August 31, 2025, the Net Asset Value (NAV) is $11.54, while the market price (MKT) is $10.17 [1] - The average annual total return for the Fund as of August 31, 2025, is as follows: - One-Month: NAV 7.25%, MKT 7.39% - Year to Date: NAV 9.64%, MKT 8.81% - One-Year: NAV 12.74%, MKT 12.85% - Three-Year: NAV 13.82%, MKT 13.45% - Five-Year: NAV 12.70%, MKT 13.69% - Ten-Year: NAV 11.35%, MKT 11.81% [1] Portfolio Diagnostics - The average market capitalization of the portfolio is $795.9 million [4] - The weighted average Price-to-Book (P/B) ratio is 1.9x [5] - The net assets of the Fund total $606.9 million, with a net leverage of 1.4% [4] Portfolio Composition - The top ten positions in the portfolio, each representing 1.2% of net assets, include: - CECO Environmental - Montrose Environmental Group - nLIGHT - NWPX Infrastructure - NPK International [6][8] - The top five sectors by percentage of net assets are: - Industrials: 27.8% - Information Technology: 20.1% - Financials: 17.1% - Health Care: 10.7% - Consumer Discretionary: 9.9% [9] Trading and Management - The average weekly trading volume of the Fund is approximately 580,845 shares [7] - The Fund's adviser has over 50 years of experience in small- and micro-cap investments [7]

Summary of Key Points from the Conference Call Industry Overview - The reports focus on the performance of hedge funds and mutual funds, analyzing $8 trillion of equity positions at the start of Q3 2025 [3][4] - Hedge funds have returned 8% YTD, while large-cap mutual funds have also returned 8% YTD, with 39% of large-cap mutual funds outperforming their benchmarks [3][5] Core Insights - Hedge funds and mutual funds have both navigated beta and alpha headwinds to generate solid YTD returns [5] - Mutual funds have cut cash allocations to near-record lows, while hedge fund net leverage remains near its 5-year average [3][11] - Health Care and Industrials are the most overweight sectors for both fund types, while Financials have seen increased exposure from both groups [3][17][19] - Mutual funds have reduced their exposure to the "Magnificent 7" stocks, increasing their underweights from 723 basis points in Q1 to 819 basis points [3][22] - Hedge funds have increased their exposure to the Magnificent 7, with the weight in their long portfolio rising from 11.8% in Q1 to 12.8% [3][22] Notable Stock Movements - COF has seen the largest increase in popularity among fund managers based on net changes in shares owned [3] - Seven "shared favorites" this quarter include APP, CRH, MA, SCHW, SPOT, V, and VRT, which have returned 20% YTD compared to 9% for the S&P 500 [3][22] Sector Positioning - Both hedge funds and mutual funds are underweight in Technology, with mutual funds carrying the largest underweight in Info Tech on record [17][18] - Financials dominate the list of stocks with the largest increase in hedge fund popularity, with FI, NU, and SSB joining COF and BRO among the most popular mutual fund increases [19] Performance Metrics - The Hedge Fund VIP basket has returned 13% YTD, while a basket of Concentrated Shorts has returned 8% YTD after a surge of more than 60% in recent months [5] - Mutual funds have seen a decline in cash balances to 1.4% of assets, nearly a record low [11][14] Economic Indicators - The median S&P 500 stock has a short interest of 2.3% of float, ranking in the 96th percentile relative to the last 5 years [11] - The S&P 500 is forecasted to have an EPS of $246 for 2024, with a year-over-year growth of 10% [29] Conclusion - The analysis indicates a cautious but optimistic outlook for hedge funds and mutual funds, with strategic positioning in sectors like Health Care and Industrials while navigating challenges in the Technology sector [3][17][19]

Core Insights - Ingevity Corporation (NGVT) reported a second-quarter 2025 loss of $146.5 million or $4.02 per share, an improvement from a loss of $283.7 million or $7.81 per share in the same quarter last year [1] - Adjusted earnings for the quarter were $1.39 per share, up from $1.01 a year ago, surpassing the Zacks Consensus Estimate of $1.02 per share [1][9] - Revenues decreased by 6.5% year over year to $365.1 million, primarily due to lower sales in the Performance Chemicals segment [2] Segment Performance - The Performance Chemicals division generated revenues of $167.9 million, down approximately 9.5% year over year, with Road Technologies sales at $119.5 million (down 7.4%) and Industrial Specialties at $48.4 million (down 14.2%) [3] - EBITDA for the Performance Chemicals segment increased by 244% to $32 million, attributed to successful repositioning and cost savings [3] - Performance Materials revenues fell by 2.1% year over year to $153.9 million, impacted by lower sales in Asia and Europe, while North America saw higher sales; segment EBITDA was $77.1 million, down 6.2% [4] - Advanced Polymer Technologies segment sales decreased by 9.6% to $43.3 million due to reduced customer demand, particularly in Europe, with segment EBITDA down 90.8% to $0.9 million [5] Financial Overview - Operating cash flow for the second quarter was $79 million, with free cash flow of $66.8 million; no share repurchases occurred during the quarter, leaving $353.4 million remaining under the current $500 million authorization [6] - Net leverage improved to 3x from 3.3x in the previous quarter [6] 2025 Outlook - NGVT has revised its 2025 EBITDA guidance upwards, now expecting adjusted EBITDA between $390 million and $415 million, compared to the previous range of $380 million to $415 million; sales estimates remain between $1.25 billion and $1.40 billion [7][9] Stock Performance - NGVT shares have increased by 50.8% over the past year, outperforming the industry average increase of 1.2% [8]

Portfolio Highlights - The company's Manhattan-focused real estate portfolio features a tenant base in core commercial businesses, with the top 10 tenants being 77% Investment Grade rated[5, 9] - Portfolio occupancy is at 82.0%, with a weighted-average remaining lease term of 6.0 years[9] - Over 53% of the company's leases expire after 2030[9, 17] - The real estate investments are valued at $432.4 million, spread across 6 properties with a total square footage of 1.0 million[14] - Annualized Straight-line Rent is $45.1 million[14] Financial Highlights - The company has a 100% fixed-debt capital structure with a weighted-average interest rate of 6.4%[9, 38] - Total debt amounts to $350.0 million[38] - Net Leverage is at 63.8%[9, 38, 46] - Revenue from tenants for the quarter was $12.2 million, while the net loss was $41.7 million[38] - Cash NOI decreased year-over-year from $7.4 million in Q2'24 to $4.2 million in Q2'25[42, 38] Strategic Initiatives - The company continued marketing efforts for the sale of 123 William Street ($269.5 million at cost, 84% occupancy) and 196 Orchard Street ($66.6 million at cost, 100% occupancy)[9, 10, 24]

Q2 2025 Performance Highlights - Concentra's Q2 2025 total revenue increased by 152% year-over-year to $5508 million, with an 87% increase excluding the impact of the Nova acquisition[17] - Adjusted EBITDA for Q2 2025 grew by 132% year-over-year to $1150 million[17] - The number of onsite health clinics significantly increased to 406, a rise of 252 clinics, primarily due to the Pivot Onsite acquisition[17] - Revenue per visit (RPV) increased by 44% year-over-year to $146 in Q2 2025[17] YTD 2025 Performance Highlights - Total revenue for YTD 2025 increased by 112% year-over-year to $10515 billion, or 121% on a per-day basis[18] - Adjusted EBITDA for YTD 2025 increased by 101% year-over-year to $2177 million[18] - The number of occupational health centers increased to 628, a rise of 81 centers, due to the Nova acquisition and other M&A activities[18] - Revenue per visit (RPV) increased by 50% year-over-year to $146 in YTD 2025[18] Guidance and Financial Strategy - The company is raising its FY 2025 revenue guidance to $213 billion-$216 billion and Adjusted EBITDA guidance to $420 million-$430 million[16] - Concentra is targeting a net leverage ratio of less than 30x by the end of 2026[16]

Financial Performance - Second quarter Adjusted EBITDA was $282 million[6, 10], compared to $338 million in the prior quarter[10] - Free cash flow for the second quarter was $107 million[6, 10], down from $173 million in the first quarter[10] - Capital expenditures, net of insurance proceeds, were $110 million in the second quarter[10], compared to $98 million in the previous quarter[10] - The company returned over $1.1 billion to shareholders since Q4 2022, including a Q3 dividend of $0.50 per share[6] Contract Backlog and Fleet - Current contract backlog stands at $6.9 billion[10, 12], a decrease from $7.5 billion in the previous quarter[10] - Approximately $380 million in new contracts were secured[6] - 62% of floater rig days are committed for 2025, 49% for 2026, and 36% for 2027[13] - 20% of floater rig days are committed for 2028, and 5% for 2029-2031[13] Guidance and Fleet Rationalization - Full year 2025 Adjusted EBITDA guidance is $1.075 billion to $1.15 billion[32] - Full year 2025 capital additions, net of reimbursements, are guided at $400 million to $450 million[32] - Revenue guidance for 2025 is $3.2 billion to $3.3 billion[32] - The company completed the retirement of Meltem and Scirocco rigs and plans to retire Globetrotter II, Highlander, and Reacher rigs[8]

Portfolio Overview - The company's Manhattan-focused real estate portfolio features an underlying tenant base in core commercial businesses, with 77% Investment Grade rated among the top 10 tenants[4] - Portfolio Occupancy is at 82% with a weighted-average Remaining Lease Term of 5.4 years[4] - Over 51% of leases expire after 2030, based on Annualized Straight-Line Rent as of March 31, 2025[4] Property Details - Real Estate Investments are valued at $470.9 million at cost, comprising 6 properties with a total of 1.0 million square feet[12] - The portfolio generates $45.5 million in Annualized Straight-line Rent[12] - 123 William Street accounts for $269.4 million in real estate assets, 84% occupancy, 3.4 years remaining lease term, 46% of Annualized Straight-Line Rent, and 55% of Portfolio Square Feet[23] Tenant Profile - Top 10 tenants are 77% Investment Grade rated, with a Remaining Lease Term of 7.8 years[4] - The top 10 tenants contribute to 50.5% of Portfolio SLR and 42.4% of Portfolio SF[27] - Financial Services represent 26% of tenant industry diversity, followed by Government/Public Administration at 17%[15] Financial Highlights - Total Debt amounts to $350.0 million, with a weighted-average interest rate of 4.4%[36] - Net Leverage stands at 57.9%[36] - Revenue from Tenants is $12.3 million, while the Net Loss is ($8.6) million for Q1'25[36]