Financial Performance - Q3 2025 vs Q3 2024 - Net sales decreased by 8% to $663 million[12] - Adjusted EBITDA decreased to $82 million from $153 million[12] - Adjusted EPS decreased to $036 from $122[12] Siding Segment - Q3 2025 vs Q3 2024 - Siding sales increased by 5%[12] - Siding net sales increased from $420 million to $443 million[19] - Siding adjusted EBITDA decreased from $123 million to $117 million[19] OSB Segment - Q3 2025 vs Q3 2024 - OSB adjusted EBITDA decreased from $33 million to $(27) million[23] - OSB net sales decreased from $253 million to $179 million[23] Liquidity and Capital Allocation - Total liquidity stands at $11 billion[13] - Return to shareholders was $19 million[12] 2025 Guidance - Siding revenue is expected to be approximately $370 million for Q4, representing approximately 3% growth[27] - Siding adjusted EBITDA is expected to be approximately $82 million for Q4, with a margin of approximately 22%[27] - OSB adjusted EBITDA is expected to be approximately $(45) million for Q4[27] - Total LP adjusted EBITDA is expected to be approximately $32 million for Q4[27]

Financial Performance - Core earnings per share (EPS) increased by 64% year-over-year to $1.36[7] - The Property & Casualty (P&C) combined ratio improved by over 10 points year-over-year to 87.8%[7] - Core return on equity (ROE) was 13.8%[7] - The company repurchased $20 million of shares at an average purchase multiple of 1.06x adjusted book value year-to-date[8] - Total net investment income on the managed portfolio increased nearly 11% year-over-year[8] Growth & Revenue - Total revenues increased 6% year-over-year to $439 million[8] - Net premiums and contract charges earned increased 7% year-over-year[8] - Group new business sales were up 91% year-over-year[8] - Individual Supplemental new business sales were up 41% year-over-year[8] - Life new business sales were up 16% year-over-year[8] - Retirement deposits were up 9% year-over-year[8] - Property new business sales were up 8% year-over-year[8] - Auto new business sales were up 4% year-over-year[8] Portfolio & Investments - The investment portfolio has a fair value of $7.1 billion[13] - The fixed-maturity portfolio is $5.7 billion[14] - The commercial mortgage loan fund portfolio is $593 million[15] - The limited partnership portfolio is $545 million[15] Future Outlook - The company revised its full-year 2025 core EPS guidance to $4.50 to $4.70, representing core earnings of $187 million to $195 million[20] - The company is targeting a 10%+ increase in EPS through strong top-line premium and deposit growth[25] - The company is aiming for a 12%-13% core ROE[26]

Financial Performance - Rental revenue for the three months ended September 30, 2025, was $49421 thousand[9], compared to $46118 thousand for the same period in 2024[9] - Net income attributable to common stockholders for the three months ended September 30, 2025, was $11609 thousand[9], compared to $11935 thousand for the same period in 2024[9] - EBITDAre for the three months ended September 30, 2025, was $39475 thousand[9], compared to $36060 thousand for the same period in 2024[9] - FFO for the three months ended September 30, 2025, was $30976 thousand[9], compared to $30568 thousand for the same period in 2024[9] - Core FFO for the three months ended September 30, 2025, was $31154 thousand[9], compared to $30798 thousand for the same period in 2024[9] - AFFO for the three months ended September 30, 2025, was $31081 thousand[9], compared to $31714 thousand for the same period in 2024[9] Portfolio Metrics - The number of properties as of September 30, 2025, was 140[9] - Rentable square feet as of September 30, 2025, was 5323 thousand[9] - The leased rate as of September 30, 2025, was 991%[9] - Weighted average remaining lease term as of September 30, 2025, was 97 years[9]

Financial Performance - Adjusted EPS for YTD Q3 2025 was $1.52, compared to $0.88 for the same period in the prior year[15, 24] - The company expects results to be above the midpoint of the 2025 adjusted EPS range of $2.75 - $2.95[15, 33] - NWN Gas Utility EPS increased by $0.58 YTD, primarily due to new rates in Oregon[28] - SiEnergy Gas Utility EPS increased by $0.20 YTD, reflecting the first year of results after acquisitions[28] - NWN Water Utility EPS increased by $0.14 YTD, mainly due to new rates in Arizona and earnings from acquired utilities[28] Growth and Investment - Over $330 million was invested in gas and water systems in the first nine months of 2025[15] - Over 95,000 gas and water utility connections were added in the last 12 months, representing a combined growth rate of 10.9%[15] - The company reaffirmed a long-term EPS growth target of 4% - 6% from the midpoint of the 2025 adjusted EPS guidance range[15, 33] Strategic Initiatives - The Oregon general rate case resulted in a $20.7 million revenue requirement increase and a 9.5% ROE[16] - A multi-year general rate case request in Washington provides a total $42.4 million revenue requirement increase over three years and a 10.2% ROE starting in year 2[16]

Financial Performance & Guidance - Southwest Gas Holdings (SWX) expects 2025 Utility net income toward the top end of the $265 - $275 million guidance range[19] - The Utility is targeting 60% to 80% net income growth and 60% to 80% rate base growth from 2025-2029[19] - Q3 2025 net income was approximately $55 million, a significant improvement over Q3 2024, and year-to-date net income reached $1821 million, an 111% increase compared to the same period in 2024[26] - Capital expenditure for 2025 is projected to be around $880 million, supporting customer growth, system improvements, and pipe replacement programs[73] - The company reaffirms its forward-looking guidance for 2025-2029, with a capital expenditure plan of $43 billion[74] Strategic Initiatives & Regulatory Updates - SWX completed the full separation of Centuri (CTRI), generating approximately $135 billion of total net sales proceeds[19, 23] - The company expects no near-term equity needs through the end of 2025 and finished the quarter with approximately $779 million in consolidated cash and nearly $15 billion in available liquidity[27] - Great Basin is pursuing a potential expansion project in 2028, which could add up to approximately 176 BCF/day of incremental capacity, with a potential capital expenditure of approximately $12 billion - $16 billion[34] - The company anticipates rate case filings in the first half of 2026, requesting alternative forms of rate making in Arizona (AZ) and Nevada (NV)[26] Regulatory Outcomes - The Arizona Corporation Commission (ACC) approved an increase in rates effective in March 2025, resulting in an approximately $802 million revenue increase[108] - The Public Utilities Commission of Nevada authorized an approximately $59 million revenue increase, with rates effective in April 2024[117] - The Federal Energy Regulatory Commission (FERC) approved an increase in rates for Great Basin Gas Transmission Company (GBGTC) effective March 3, 2025, estimating an annual margin increase of approximately $96 million[120, 124]

Financial Performance Highlights - The company achieved record revenues of $2503 million, a 4% year-over-year increase[5] - Record Adjusted EBITDA reached $1603 million, a 10% year-over-year increase[5] - The company reported a record distribution coverage of 161x[5] - Average revenue generating horsepower was 355 million, with pricing continuing at record levels of $2146 per revenue generating horsepower, a 4% year-over-year increase[5] Operational Efficiency - Total utilization remained strong at 94%, with large horsepower utilization at 98%[5] Debt Management - The company extended the majority of its debt maturities in Q3 at lower rates[5] - $420 million of $500 million Series A Preferred Units have been converted into Common Units[36] Future Growth and Market Position - The company is well-positioned to benefit from natural gas demand growth, driven by increased LNG exports and the electrification of everything (EoE)[6, 8] - Over 60% of the company's active fleet is located within the Permian and along the Gulf Coast, regions expected to benefit most from increased exports[9] - Approximately 33 million additional contract compression HP capacity is projected to be required to meet the incremental U S natural gas demand[9] Capital Structure and Returns - USAC has outperformed the S&P Value Index and MLP peers over the past three years on a total equity return basis[22] - Conversions of 84% of Preferred to Common Units has minimal impact on USAC's financial metrics[26]

Portfolio Composition - As of November 4, 2025, LTC's portfolio consisted of 187 properties across 24 states, operated by 31 different operators[11] - The portfolio is diversified by investment type, with Seniors Housing - NNN accounting for 42.3%, Seniors Housing - SHOP for 20.0%, and Skilled Nursing for 37.1% of the portfolio[14, 20] - Long-term investments, including Owned Portfolio, Owned Properties accounted for as Financing Receivables and Long-Term Mortgage Loans (Prestige), represent 92% of Gross Investments[38, 39] - Short-term investments, including Notes Receivable, Unconsolidated Joint Ventures and Short-Term Mortgage Loans, represent 8% of Gross Investments[38, 39] Acquisitions and Investments - LTC expects to close approximately $70 million in SHOP acquisitions in 4Q 2025 and an additional approximately $110 million in SHOP acquisitions in January 2026[19, 24] - In 3Q25, LTC acquired 9 properties with 833 units for $291.65 million, including SHOP acquisitions from Discovery, Charter, Lifespark and Arbor[22, 26] - Mortgage loans in 3Q25 included $99.85 million invested in 3 properties with 421 units[26] Financial Performance - Proforma portfolio overview as of September 30, 2025, shows a gross investment of $2,348.749 million, with $182.740 million in NOI[37] - Triple-Net Portfolio ("NNN") accounts for 45.9% of the investment and 53.8% of the NOI[37] - Seniors Housing Operating Portfolio ("SHOP") accounts for 20.0% of the investment and 5.0% of the NOI[37] - Debt to Enterprise Value is 34.2% and Debt to Annualized Adjusted EBITDAre is 5.6x[83]

Financial Performance - Jackson Financial Inc reported GAAP earnings of $65 million, or $092 per diluted common share[8, 9] - Adjusted Operating Earnings were $433 million, or $616 per diluted common share[9] - The company returned $210 million of capital to common shareholders through dividends and repurchases[9] - Free cash flow was $216 million, representing cash distributed to JFI net of JFI expenses[10] Capital and Liquidity - Jackson National Life Insurance Company (JNL) estimated risk-based capital (RBC) ratio was 579%[9] - Holding company cash and highly liquid securities exceeded $750 million[14] - After-Tax Statutory Capital Generation was $579 million[51] Sales and Business Segments - Retail annuity sales increased by 22% compared to the second quarter of 2025[11] - Record RILA sales reached $21 billion, a 49% increase from the second quarter of 2025 and a 28% increase from the third quarter of 2024[31] - PPM America's assets under management (AUM) increased by 18% compared to the third quarter of 2024[31]

Carlyle Secured Lending, Inc. Quarterly Earnings Presentation September 30, 2025 1 Disclaimer and Forward-Looking Statement This presentation (the "Presentation") has been prepared by Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, "we," "us," "our," "CGBD" or the "Company") (NASDAQ: CGBD) and may only be used for informational purposes only. This Presentation should be viewed in conjunction with the earnings conference call of the Company held on November 5, 2025 and the Company ...

Financial Performance - Q3 2025 - Net income from continuing operations was $153 million[20] - Diluted net income from continuing operations per share was $1.11[20] - Adjusted diluted net operating income per share was $1.15, compared to $1.11 in Q2 2025 and $1.09 in Q3 2024[20] - Return on equity from continuing operations was 13.4%[21] - Adjusted net operating return on equity was 13.9%, compared to 13.5% in Q2 2025 and 14.7% in Q3 2024[21] - Primary mortgage insurance in force reached $280.6 billion, up from $276.7 billion as of June 30, 2025[26] - Total revenues were $303 million, compared to $299 million in Q2 2025[26] Strategic Initiatives - Radian announced the proposed acquisition of Inigo for $1.7 billion in cash[10] - The acquisition is expected to result in mid-teens GAAP EPS accretion and approximately 200 bps GAAP ROE accretion in FY 2026E[10] - Radian plans to divest its Mortgage Conduit, Title, and Real Estate Services businesses within one year[15] - The divestiture is expected to reduce expenses by 36% and improve Radian's standalone ROE by 120 bps[15]