Financial Performance - Q3 2025 - Net income decreased by 51% to $0.7 million, compared to $1.4 million in Q3 2024, due to expenses related to the Altman Logistics platform acquisition and lower operating profit in the Industrial and Commercial segment[6] - Pro rata NOI decreased by 16% to $9.5 million, compared to $11.3 million in Q3 2024[6] - Multifamily pro rata NOI decreased by 3% to $4.57 million[6, 10] - Industrial and Commercial NOI decreased by 25% due to vacancies and lease expirations[6] - Mining Royalty Lands NOI decreased by 26% to $3.756 million, primarily due to the absence of a one-time catch-up minimum royalty payment of $1.9 million in the prior year period[6] Financial Performance - Year-to-Date (YTD) 2025 - Net income decreased by 37% to $3.0 million, compared to $4.7 million YTD 2024, largely due to Altman Logistics platform acquisition expenses and higher G&A expenses[6] - Pro rata NOI decreased by 2% to $28.6 million, compared to $29.0 million YTD 2024[6] - Multifamily pro rata NOI increased by 0% to $13.937 million[11] - Industrial & Commercial NOI decreased to $3.053 million[15] - Mining & Royalties NOI decreased by 2% to $10.705 million[21] Strategic Developments - FRP entered a JV with Strategic Real Estate Partners to develop 377,892 square feet of industrial space in Lake County, FL[6] - FRP completed the acquisition of Altman Logistics Properties, LLC, expanding FRP's professional capabilities and deal flow[6] Sum of the Parts Analysis - The total value of FRP is estimated to be between $699 million and $789 million, or $36.59 to $41.29 per share[31] - Income Producing Properties total value range from $515.7 million to $577.5 million[28] - Development Pipeline FRP Equity Investment is $85.1 million[31]

Financial Highlights - Adjusted net income available to common shareholders reached $152.8 million[5], or $0.81 per diluted common share[6] - Adjusted pre-tax pre-provision net revenue (PPNR) was $224.1 million, an increase of 8.8% compared to the second quarter of 2025[5, 6] - Net interest margin improved to 3.46%, a linked quarter increase of 6 basis points[5, 6] - Total loans grew by $1.3 billion, including $1.0 billion through acquisition and $0.3 billion in net organic growth[6] - Total deposits grew by $3.4 billion, with core customer deposits up $3.1 billion[6] Acquisition and Expansion - Completed the acquisition of Industry Bancshares, Inc, adding approximately $4.1 billion in assets[6] - Converted First Chatham Bank and Industry Bancshares banks to Cadence systems and branding[6] Loan Portfolio - Total loans and leases increased $1.3 billion to $36.8 billion[10, 13] - Commercial and Industrial (C&I) loans represent 39.5% of total loans, totaling $14.5 billion[10, 14, 19] - Commercial Real Estate (CRE) loans represent 28% of total loans, totaling $10.4 billion[10, 20, 24] Credit Quality - Net charge-offs for 3Q25 were $23.6 million, or 0.26% of average net loans and leases on an annualized basis[27, 30] - Total nonperforming assets excluding government guaranteed assets were 0.41% of total assets[25, 30] Capital Strength - Total shareholders' equity was $6.1 billion[58, 60] - Common Equity Tier 1 capital was 11.5%[5, 58, 60] - Total Capital Ratio was 13.1%[5, 58, 60] Industry Bancshares Acquisition Update - Updated purchase accounting resulted in improved tangible common equity of $143 million and reduced goodwill of $133 million compared to initial estimates[64] - Recognized net deferred tax asset of $100 million, initially modeled at $20 million[61, 64]

Q1 FY2026 Results - GAAP Net Revenue reached $1504 million, exceeding the guidance range of $1350 million to $1400 million[6] - Net Bookings were $1423 million, significantly above the guidance range of $1250 million to $1300 million[8] - Recurrent Consumer Spending (RCS) grew by 17%, surpassing the guidance of 7% year-over-year[8] - GAAP Net Loss was $(12) million, better than the guided loss of $(139) million to $(115) million[6] FY2026 Guidance - GAAP Net Revenue is projected to be $6100 million to $6200 million, revised up from the prior guidance of $5950 million to $6050 million[19] - Net Bookings are expected to be $6050 million to $6150 million, an increase from the previous guidance of $5900 million to $6000 million, representing 8% growth at the midpoint[21] - Recurrent Consumer Spending (RCS) growth is now expected to be 4% year-over-year, revised upward from the prior expectation of flat growth[21, 23] - GAAP Net Loss is projected to be $(442) million to $(377) million, an improvement from the prior guidance of $(499) million to $(439) million[19] Q2 FY2026 Guidance - GAAP Net Revenue is projected to be $1650 million to $1700 million[24] - Net Bookings are expected to be $1700 million to $1750 million[26] - Recurrent Consumer Spending (RCS) is projected to increase by approximately 1% year-over-year[26, 27]

Core Insights - Qualstar Corporation reported a gross margin expansion to 34% in Q2 2025, up from 22% in Q2 2024, alongside positive net income and a solid cash position [6][15] - Despite a year-over-year revenue decline due to the loss of a significant power-supply customer, the company is focused on strategic growth initiatives in data storage and power solutions [2][4] Financial Performance - Revenues for Q2 2025 were $1.43 million, a decrease of 39.6% from $2.37 million in Q2 2024; for the first half of 2025, revenues were $3.09 million, down 33.6% from $4.65 million in the same period in 2024 [5][15] - Gross profit for Q2 2025 was $482,000, down 7.8% from $523,000 in Q2 2024; for the first half of 2025, gross profit was $1.09 million, a decrease of 10.8% from $1.22 million in the first half of 2024 [5][15] - Net income for Q2 2025 was $204,000, or $0.14 per share, compared to a net loss of $327,000, or ($0.23) per share in Q2 2024; for the first half of 2025, net income was $387,000, compared to a loss of $427,000 in the first half of 2024 [5][6][15] Strategic Initiatives - The company is actively pursuing acquisitions and strategic alliances to enhance its data management capabilities and add complementary software offerings, aiming to drive recurring revenue [6][4] - Qualstar's management emphasizes a disciplined operating model that has led to gross margin expansion and positive net income despite lower revenues [4][6] Cash Position - As of June 30, 2025, Qualstar had cash and cash equivalents totaling $2.2 million, with no debt [6][15]

Financial Performance - Net income was $100.2 million, which translates to $0.50 per diluted share[5] - Operating net income reached $81.7 million, or $0.41 per diluted share, marking a 21% increase compared to the previous quarter[5] - Net interest margin expanded by 21 basis points to 3.59%[7] - Operating efficiency ratio improved to 50.8%[9] Balance Sheet & Loan Portfolio - Total loans increased by $385 million, representing an annualized growth of 8%[54] - Total deposits remained consistent with the previous quarter[24] - Non-performing loans decreased to $54.7 million, accounting for 0.30% of total loans, an improvement from $91.6 million or 0.51% at March 31, 2025[7] - Wealth management assets under management reached a record high of $8.7 billion[7] Commercial Real Estate (CRE) - CRE portfolio totaled $7.3 billion, representing 39% of total loans[79, 83] - Non-performing CRE loans decreased to $25 million, or 0.4% of total CRE loans, compared to $58 million, or 0.8% in the prior quarter[83] - CRE investor office loans amounted to $828 million, or 4% of total loans[89] Capital & Outlook - Common Equity Tier 1 (CET1) capital ratio stood at 14.4%[64] - Tangible book value per share increased by $0.52 to $12.53, a 4% increase compared to the previous quarter[5] - The company expects loan growth of 3%-5% and deposit growth of 0%-1% for the full year 2025[91]

Company Overview - Monro, Inc is a leading national automotive service and tire provider with 1,296 locations in 32 states[10, 13] - The company's fiscal 2023 sales reached $1,325.4 million[7] - Monro has expanded through 33 acquisitions in the past 9 years, adding 429 locations and $626 million in revenue, entering 10 new states[10] Industry Trends - The automotive aftermarket's "Do-It-For-Me" (DIFM) segment is valued at $311 billion, within the larger $389 billion U S automotive aftermarket industry[24] - The number of vehicles in operation (VIO) is over 280 million, with an increasing average vehicle age of approximately 12 years[23] Financial Performance - In the third quarter of fiscal year 2024, sales decreased by 5.2% to $317.7 million, primarily due to lower tire unit sales[32, 36] - Comparable store sales decreased by 6.1% in Q3FY24, compared to an increase of 5.6% in Q3FY23[32, 36] - The gross margin improved to 35.5% in Q3FY24, a 170 basis points increase from 33.8% in Q3FY23[36] - Adjusted diluted EPS for Q3FY24 was $0.39, a 9.3% decrease compared to $0.43 in Q3FY23[36] Capital Allocation - Year-to-date fiscal 2024, Monro generated approximately $130 million in operating cash flow[32, 40] - The company repurchased approximately 1.5 million shares of common stock at an average price of $28.50, totaling approximately $44 million[40]

Financial Performance - Sales decreased by 4.9% to $295.0 million in Q4FY25 compared to $310.1 million in Q4FY24 [13] - Comparable store sales increased by 2.8% in Q4FY25, adjusted for selling days [11, 13] - Gross margin decreased by 250 bps to 33.0% in Q4FY25 [13] - Operating margin decreased by 1,140 bps to -8.1% in Q4FY25 [13] - Adjusted diluted EPS decreased by 142.9% to $(0.09) in Q4FY25 [13] Strategic Initiatives - The company identified 145 underperforming stores for closure in fiscal 2026 [6] - Store closures are expected to reduce total sales by approximately $45 million in fiscal 2026 [19] - The company is working to improve customer experience and selling effectiveness [6] - The company is narrowing the breadth of core tire assortment to simplify the in-store selling process [6] Financial Position and Outlook - The company generated approximately $132 million in operating cash flow in fiscal 2025 [17] - The company expects comparable store sales growth in fiscal 2026 [19] - The company expects to incur store closure costs of approximately $10 million to $15 million in fiscal 2026 [19]

Company Overview - Vitesse's assets are comprised of over 80% undeveloped locations, indicating a long-term growth potential[8, 27] - Vitesse estimates having over 200 net remaining undeveloped locations across its asset[15, 18] - Vitesse has interests in 7,397 productive wells (221 net wells) with an average working interest of 3.6% per working interest well[18] Financial Performance & Strategy - Vitesse estimates 2025 net production to be 15.0 – 17.0 MBoe/d with 64-68% oil weighting[15] - Vitesse offers an 11% fixed dividend yield[8] - Vitesse has a returns-based capital allocation framework, including a $0.5625 per share quarterly cash dividend and a $60 million share repurchase program[10] - Vitesse targets a net debt to adjusted EBITDA ratio of less than 1.0x[10, 27] Asset Valuation - Vitesse's 1P PV-10 is $806 million, and PDP PV-10 is $609 million[15] - Vitesse has nearly 200 acquisitions and divestitures totaling $757 million[27]

Q1 2025 Financial Performance - The company reported a net loss of $217.7 million, or $1.08 per diluted share, primarily due to the sale of $1.3 billion of low-yielding available-for-sale (AFS) securities[5,7] - Operating net income reached $67.5 million, or $0.34 per diluted share[5,7] - Net interest margin (NIM) expanded by 33 basis points to 3.38%[5,7] Asset Quality and Capital - Non-performing loans (NPLs) decreased to $91.6 million, representing 0.51% of total loans, an improvement from $135.8 million, or 0.76% at year-end 2024[5,7] - The company's CET1 ratio stood at 14.2% and allowance coverage to total loans was 1.25%[5,7,67] - The company repurchased 2.9 million shares for $48.7 million at a weighted average price of $16.62 per share[7] Deposits and Loans - Total deposits decreased by $636 million linked-quarter to $20.828 billion, with 50% in checking accounts[25,46,53] - Total loans increased by $125 million linked quarter, or 3% annualized[57] - The CRE portfolio totaled $7.2 billion, representing 39% of total loans[87] Merger with HarborOne - The company announced a merger with HarborOne, a transaction valued at $490 million[137,154] - The merger is expected to result in approximately 16% EPS accretion in 2026[137,156] - The company anticipates cost savings of approximately $55 million, representing about 40% of HarborOne's operating non-interest expenses[154,166]