Financial Performance - GAAP Book Value was $1312 per common share and Economic Book Value was $1369 per common share[4] - GAAP Net Income was $022 per common share and Distributable Earnings was $024 per common share[4] - Quarterly Dividend was $036 per common share, resulting in a Dividend Yield of 158%[4] Portfolio Activity - Acquired $876 million of residential mortgage loans and securities, growing the investment portfolio to $108 billion[7] - Purchased $503 million of Non-QM loans[4, 8] - Lima One originated $217 million of new business purpose loans (BPLs)[4, 8] - Added $131 million of Agency MBS[4, 8] Liability Management - Overall leverage rose to 52x, while recourse leverage remained 18x[9] - Issued the 18th Non-QM securitization in May, collateralized by $318 million UPB of loans[11, 23] - Effective cost of funds remained stable at 468%[11] Lima One Highlights - Lima One originated $217 million in total origination volume, with an average coupon of 102% for Q2 originations[4, 12] - New Construction Loans were $72 million, New Rehab Loans were $63 million, and New Bridge Loans were $32 million[12] - Rental Loans Originated were $50 million, and Rental Loans Sold were $38 million, generating $11 million in Gain-on-sale Income with an average coupon of 75%[12] Loan Portfolio Credit Metrics - Non-QM Loans UPB is $488 billion, with an average loan balance of $514K and an LTV of 59%[6, 21] - Single-family Rental Loans UPB is $132 billion, with an average loan balance of $226K and an LTV of 60%[6, 21] - Single-family Transitional Loans UPB is $886 million, with an average loan balance of $540K and an LTV of 68%[6, 21]

Financial Performance & Strategic Focus - Southwest Gas Holdings (SWX) reported Q2 2025 net income of approximately $34 million, a 22% increase compared to Q2 2024, and year-to-date net income of approximately $177 million, an 8.1% increase compared to the same period in 2024[26] - SWX is committed to a pure-play, fully regulated natural gas business strategy through the disposition of its remaining interest in Centuri[22] - SWX expects 2025 Utility net income to fall within the $265 - $275 million guidance range[22] - The company is targeting 6% to 8% net income growth and 6% to 8% rate base growth from 2025-2029[22] Centuri Separation & Financing - Secondary offerings in Q2 2025 reduced SWX ownership in Centuri to approximately 52.1%[23] - Net proceeds of approximately $470 million from the Centuri secondary offerings were used to repay debt and strengthen the balance sheet[23] - SWX no longer expects to issue equity in 2025 due to proceeds from Centuri follow-on offerings[70] Regulatory & Operational Updates - Approximately 40,000 new meter sets were added during the last 12 months, leading to a 1.8% customer growth rate[26] - The company received approval to accelerate the return to Nevada customers of over-collected purchased gas costs, beginning July 1, 2025[26] - Great Basin successfully completed its binding open season, identifying potential incremental capacity of up to 1.76 billion cubic feet (Bcf)/day[26] - The potential incremental capital expenditure opportunity for the Great Basin expansion is approximately $1.2 - $1.6 billion[36]

Forward Looking Statements This presentation contains forward-looking statements based on current expectations, including statements regarding our earnings guidance and financial outlook and goals. These forward-looking statements are often identified by words such as "estimate," "predict," "may," "believe," "plan," "expect," "require," "intend," "assume," "project," "anticipate," "goal," "seek," "strategy," "likely," "should," "will," "could," and similar words. Because actual results may differ materially ...

Company Overview - The GEO Group, Inc owns and/or delivers support services for 97 facilities with approximately 74,000 beds worldwide[8] - The company specializes in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers[8] Financial Performance - Total revenue for YTD 2025 was $1,241,513 thousand, compared to $1,212,857 thousand for YTD 2024[16] - Net income attributable to The GEO Group, Inc for YTD 2025 was $48,666 thousand, compared to a loss of $9,845 thousand for YTD 2024[16] - Adjusted EBITDA for YTD 2025 was $218,363 thousand, compared to $236,893 thousand for YTD 2024[17] - The company's revenue guidance for 2025 is between $2,550,000 thousand and $2,575,000 thousand[14] Operational Metrics - The company's global operating portfolio includes 94 facilities in the United States with 68,944 beds and 3 international facilities with 5,246 beds[24] - The occupancy rate for owned and leased secure services facilities was 86% in Q2 2025[22] - Capital expenditures for YTD 2025 totaled $64,190 thousand, including $25,640 thousand for growth, $19,141 thousand for technology, and $19,409 thousand for facility maintenance[21] Debt and Capital Structure - As of June 30, 2025, the company's total debt payments were $220,115 thousand[37] - The company's outstanding principal for the Revolving Credit Facility due 2029 was $115,000 thousand as of June 30, 2025[39] - The outstanding principal for the Term Loan due 2029 was $296,867 thousand as of June 30, 2025[40] Customer Data - ICE accounted for 45% of GEO's revenue by customer type YTD 2025[31] - The contract retention rate for owned and leased facilities was 94%[30]

Financial Performance - The company's total production averaged 841,000 BOE per day[2], with oil production reaching 387,000 barrels per day[2] - The company increased cash balances by $525 million to $1.8 billion[2] - Free cash flow was $589 million[12] - Q2 2025 core earnings were $0.84 per share[18] - The company paid $156 million in dividends and $249 million in share buybacks[19] Capital Management - Capital spending was $932 million, 7% under midpoint guidance[2, 13] - The company realized $400 million of annual benefit from Business Optimization Plan[3] - Full-year capital guidance lowered to a midpoint of $3.7 billion[3] - The company expects to retire $2.5 billion in absolute debt[22] Operational Efficiency - The company achieved 40% of its Business Optimization Plan[3] - Williston Basin 2-mile well costs improved by $1 million[15] - Delaware capital efficiencies improved by 12% for drilling and 15% for completions (2025 YTD vs FY 2024)[15]

Financial Performance - Q2 2025 vs Q2 2024 - Net sales decreased by 7% from $814 million to $755 million[14, 34] - Adjusted EBITDA decreased by $(87) million from $229 million to $142 million[14, 35] - Adjusted EPS decreased by $(1.10) from $2.09 to $0.99[14, 36] Segment Performance - Siding - Siding Solutions sales increased by 11%[14] - Siding net sales increased from $415 million to $460 million[22, 37] - Siding adjusted EBITDA increased from $105 million to $125 million[21, 37] Segment Performance - OSB - OSB price impact decreased by $(102) million[14] - OSB net sales decreased from $351 million to $250 million, a (30)% decrease[25, 37] - OSB adjusted EBITDA decreased from $125 million to $19 million[25, 37] Cash Flow - Operating cash flow decreased from $212 million to $162 million[14, 27] - Capital expenditures increased from $36 million to $68 million[14, 27] - The company returned $19 million to shareholders[14] 2025 Guidance - Siding revenue is expected to be approximately $430 million in Q3 2025, representing approximately 3% growth[28] - Full year siding revenue is projected to be approximately $1.7 billion, representing approximately 9% growth[28] - Full year total LP adjusted EBITDA is expected to be approximately $405 million[28]

Q2 2025 Financial Performance - Hyster-Yale's Q2 2025 consolidated revenue reached $957 million, an 18% decrease compared to the prior year[14, 17] - The company reported an adjusted operating profit of $7 million, down from Q2 2024's strong results[14, 17] - Hyster-Yale's adjusted net loss was $2 million in Q2 2025[14, 20] - Lift Truck revenue was $904 million, a 19% year-over-year decrease[20, 23] - Bolzoni's revenue was $91 million, a 12% decrease compared to the prior year[20, 23] Liquidity and Outlook - Hyster-Yale extended its credit facility to 2030, maintaining liquidity of $300 million[17, 27] - The company's working capital as a percentage of sales decreased by 100 basis points to 21% compared to Q1 2025[17, 28] - The unit bookings value declined to $330 million, a 44% decrease compared to Q1 2025[17] - The unit value backlog is $17 billion, representing approximately 4-5 months of production[17] - Full year 2025 is projected to be below the robust results of 2024, with higher tariffs creating cost and market demand uncertainty[18, 35] Strategic Initiatives and Long-Term Objectives - Hyster-Yale aims for long-term financial objectives including revenue growth at GDP++, operating profit margins of 7% of sales, working capital at 15% of sales, and a Return on Total Capital Employed (ROTCE) greater than 20%[105] - The company is focused on modular, scalable product platforms and optimized manufacturing footprint to improve capital efficiency[75, 94]

Financial Performance - The company generated net investment income of $0.39 per common share on a GAAP basis and after adjusting for asset acquisition accounting[10] - The company declared a quarterly dividend of $0.40 for 3Q25, equating to an annualized dividend yield of 9.7% on its NAV as of 06/30/25[10] - Total investment income increased to $67.281 million in Q2 2025 from $54.864 million in Q1 2025[11] - Net asset value (NAV) per share was $16.43 as of June 30, 2025, compared to $16.63 as of March 31, 2025[10] Portfolio & Investment Activity - The total fair value of the portfolio increased to $2.3 billion across 148 portfolio companies with a weighted average yield of 10.9%[10] - Record originations resulted in $375.7 million of fundings with a weighted average yield of 10.0%[10] - Total repayments and sales during the quarter were $138.0 million with a weighted average yield of 10.9%[10] - Non-accrual investments represented 3.0% and 2.1% of the total portfolio based on amortized cost and fair value, respectively, as of June 30, 2025[10] Liquidity & Capital - Statutory leverage was 1.10x as of June 30, 2025, compared to 1.04x as of March 31, 2025[10] - Total liquidity as of June 30, 2025, was $613.1 million in cash and undrawn debt capacity[10]

Financial Performance - Q2 2025 - Net sales decreased by 1.4% to $977.9 million compared to $991.6 million in Q2 2024[4] - Gross profit decreased by 2.2% to $371.3 million, with a gross profit margin of 38.0%[4] - Operating income decreased by 11.6% to $155.4 million[4] - Net earnings decreased by 8.1% to $106.0 million[4] - Adjusted EBITDA decreased by 7.5% to $200.2 million, representing 20.5% of net sales[4] - Operating cash flow decreased by 18.4% to $122.0 million[4] Segment Performance - Q2 2025 - Commercial Foodservice net sales decreased by 4.8% to $580.6 million, with organic net sales declining by 5.5%[8] - Residential Kitchen net sales decreased by 6.1% to $181.1 million, with organic net sales declining by 7.8%[10] - Food Processing net sales increased by 14.4% to $216.2 million, but organic net sales decreased by 2.9%[13] Revenue Breakdown - YTD 2025 - Commercial Foodservice accounted for 61% of total revenue, Food Processing 20%, and Residential Kitchen 19%[6] - The United States and Canada accounted for 67% of total revenue, Europe and the Middle East 23%, Asia 6%, and Latin America 4%[7] Financial Outlook - The company projects total revenue of $950-975 million for Q3 2025 and $3.81-3.87 billion for the full year 2025[16] - Adjusted EBITDA is projected to be $185-195 million for Q3 2025 and $770-800 million for the full year 2025[16] Capital Allocation - The company repurchased 3.1 million shares, representing 5.7% of equity, for $449 million YTD 2025[18, 20]

SUPPLEMENTAL SLIDES 2Q 2025 RESULTS Forward-Looking Statements August 6, 2025 LEGAL DISCLAIMER This presentation contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Investors and prospective investors should understand that many factors govern whether any forward-looking statement contained herein will be or can be realized. Any one o ...