Key Management Andrew Spodek Chief Executive Officer Jeremy Garber President, Treasurer & Secretary Steve Bakke Chief Financial Officer Board of Directors Board Responsibilities Patrick Donahoe Chair of the Board, Member - Audit Committee Andrew Spodek Chief Executive Officer, Director Barry Lefkowitz Chair of Audit Committee, Member - Corporate Governance & Compensation Committee Anton Feingold Chair of Corporate Governance & Compensation Committee, Member - Audit Committee Jane Gural-Senders Member - Corp ...

Financial Data and Key Metrics Changes - Discretionary assets under management (AUM) increased by $687 million during Q3 2025, reaching $24.3 billion, representing a 3% sequential increase and an 8% year-over-year increase [3][4] - Total AUM hit a new high of $37.6 billion at the end of Q3 2025, with non-discretionary AUM comprising $13.3 billion, which accounts for only 4% of total revenue [4][8] - Revenue for Q3 2025 was $31.3 million, an increase of $0.9 million or 2.9% year-over-year [8][9] - Reported net income for Q3 2025 was approximately $1.1 million, with adjusted net income of approximately $2.4 million, or $0.19 per adjusted basic and diluted earnings per share [9][10] Business Line Data and Key Metrics Changes - The firm added $46.4 million in organic new client accounts during Q3 2025, totaling $564 million in new client accounts year-to-date [3] - Approximately $2 billion in organic new client accounts were added year-over-year, indicating a strong focus on organic growth [3][4] - Adjusted EBITDA for Q3 2025 was approximately $4.5 million, or 14.5% of revenue [10] Market Data and Key Metrics Changes - The firm is actively expanding its marketing efforts in Europe, Oceania, and Asia, with a focus on institutional and family clients [6][28] - The OCIO assets currently stand at almost $2.2 billion, with a strong pipeline and recent new client additions [36] Company Strategy and Development Direction - The company is focused on significant strategic investments to promote growth opportunities, particularly in intellectual capital and headcount [5][6] - A new global value equity strategy is being emphasized, with a robust new business pipeline [6][28] - The firm plans to adjust how it reports non-discretionary AUM in 2026 to provide a clearer picture of its asset management and advisory businesses [4][5] Management's Comments on Operating Environment and Future Outlook - Management expects that the increase in AUM will bode well for future revenue, barring short-term market volatility [5] - The company anticipates that investments made will start yielding results within 6 to 12 months, with a longer-term horizon of 18 to 24 months for other initiatives [19][20] - Management expressed confidence in the potential for substantial progress from recent investments and expects to report meaningful improvements soon [20][46] Other Important Information - The company announced a dividend of $0.21 per share of Class A common stock, payable around December 19, 2025 [8] - A buyback program of $25 million was initiated, with approximately $16 million worth of shares repurchased by the end of Q3 2025 [6][7] Q&A Session Summary Question: Timing of AUM and revenue recovery - Management indicated a longer-term horizon of 18 to 24 months for overall investments to pay off, but expects shorter-term results from the new global value equity strategy within 6 to 12 months [19][20] Question: Professional fees and future expenses - Some professional fees are temporary, particularly related to global initiatives, and disclosures are available in the earnings release [21] Question: Future EBITDA margins - Management expects EBITDA margins to return to previous levels barring new investments, with ongoing investments being on a larger scale [22][23] Question: Current status of OCIO assets - OCIO assets are nearly $2.2 billion, with a strong performance and pipeline [36] Question: Share buyback pricing - Management did not disclose specific buyback prices but indicated favorable pricing during the buyback period [37][38]

Financial Data and Key Metrics Changes - The company reported FFO of $0.86 per share, with a net income of $12.9 million or $0.12 per share for the quarter [23][24] - The midpoint of the FFO outlook for 2025 was raised by $0.08, marking the third consecutive quarter of increases [10][26] - The debt to EBITDA ratio was 6.4x at quarter end, with expectations for improvement as signed leases convert to occupancy [24][25] Business Line Data and Key Metrics Changes - The company signed over 1 million sq ft of second-generation leasing volume, including 326,000 sq ft of new leases, marking strong leasing activity for eight consecutive quarters [5][10] - The lease percentage for the development pipeline increased to 72%, up from 64% in the previous quarter [7][15] - Net effective rents reached a new high, 18% above the 2019 average, indicating strong pricing power [7][14] Market Data and Key Metrics Changes - Dallas, Nashville, Charlotte, and Tampa were highlighted as standout markets, with Dallas experiencing significant in-migration and corporate expansions [16][18][20] - Nashville's unemployment rate was reported at 2.9%, the lowest among the company's markets, with asking rates up more than 11% year-over-year [18][19] - Charlotte saw a 77% year-over-year increase in leasing activity, with a strong demand for Class A space [20] Company Strategy and Development Direction - The company is focused on securing embedded NOI growth by leasing key vacancies and recycling non-core assets into higher quality properties [4][11] - The strategy includes maintaining a strong balance sheet while pursuing acquisitions and dispositions to enhance portfolio quality [10][11] - The company plans to provide its 2026 outlook in February, indicating a forward-looking approach to growth [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing pipeline and the potential for significant NOI growth from signed leases [12][24] - The company anticipates elevated capital expenditures due to leasing activity but expects cash flow levels to improve as occupancy builds [41][43] - Management noted that the capital markets environment is improving, which could facilitate future acquisitions and dispositions [66] Other Important Information - The company has $625 million of available liquidity and extended the maturity on its $200 million variable rate term loan to 2031 [25] - The acquisition of the Legacy Union Parking Garage for $111.5 million was funded on a leverage-neutral basis, demonstrating the company's financial strategy [9][26] Q&A Session Summary Question: Outlook on potential acquisitions or dispositions - Management indicated that acquisition opportunities are focused on existing markets, with ongoing portfolio rotation to trim non-core assets [31][32] Question: Financing for potential acquisitions - The plan is to primarily use disposition proceeds for funding acquisitions, with ATM issuance as a secondary option [33] Question: Market migration trends - Dallas is currently leading in tenant migration, with Charlotte and Nashville also experiencing significant activity [36][38] Question: Impact of elevated capital expenditures on cash flow - Elevated CapEx is expected to continue through 2026, but strong NOI growth is anticipated to improve cash flow levels [41][43] Question: Pricing expectations for sold assets - Pricing for dispositions is generally meeting or exceeding initial expectations, with more institutional capital entering the market [66]

Core Viewpoint - Investors are optimistic about Torm's stock following the company's strong Q2 2025 financial results and revised guidance for the remainder of the year, leading to a 7.7% increase in share price [1]. Financial Performance - Torm reported revenue of $315.2 million for Q2 2025, exceeding analysts' expectations with an earnings per share (EPS) of $0.60, compared to the consensus estimate of $0.57 [2]. - For 2025, Torm revised its time charter equivalent (TCE) earnings guidance to a range of $800 million to $950 million, up from the previous guidance of $700 million to $900 million. Additionally, EBITDA guidance was increased to $475 million to $625 million, from the earlier range of $400 million to $600 million [3]. Dividend Considerations - Torm offers a high forward dividend yield of 8.4%, attracting investors looking for income. However, the quarterly dividend has shown significant variability and has declined steadily over the past three years [4]. - The stock may not be suitable for those seeking a reliable passive income stream due to the uncertainty in quarterly payouts, but it may appeal to investors with a higher risk tolerance [6].

Financial Performance - Total revenue for Q1 2022 was $7057 million, an 112% increase year-over-year[11] - Total NOI for Q1 2022 increased 06% to $1583 million compared to the same quarter of the prior year[12] - Core EBITDA decreased by 59% to $1109 million, or 22% on a constant currency basis[13] - The company reported a net loss of $174 million, or $006 per diluted share[14] - Core FFO was $463 million, or $017 per diluted share[14] - AFFO was $689 million, or $026 per diluted share[15] Global Warehouse Segment - Global Warehouse segment revenue increased 114% to $5409 million[16] - Global Warehouse segment NOI increased 01% to $1463 million[16] - Global Warehouse segment same-store revenue increased 45%, or 60% on a constant currency basis[16] - Global Warehouse segment same-store NOI decreased by 47%, or 36% on a constant currency basis[16] - Global Warehouse segment margin was 270%, a 307 basis point decrease[19] Debt and Liquidity - The company had total liquidity of approximately $6570 million[28] - Total debt outstanding was $32 billion, with 83% in an unsecured structure[28] - Net debt to pro forma Core EBITDA was approximately 66x[28] - 72% of the company's total debt outstanding was at a fixed rate[28] Occupancy and Fixed Commitments - Economic occupancy for the total warehouse segment was 768%, and the warehouse segment same-store pool was 776%[26] - 398% of rent and storage revenue was generated from fixed commitment storage contracts, assuming a full twelve months of acquisitions revenue[25]