Financial Performance & Strategic Review - Century Casinos' Q2 2025 net operating revenue reached $15081 million[122] - Adjusted EBITDAR for Q2 2025 was $3030 million[122] - The company initiated a strategic review process to explore options for enhancing shareholder value, including potential asset sales, partnerships, or a company sale[108] Regional Market Overview - US regional Gross Gaming Revenue (GGR) has shown stable growth since 2001[20] - Missouri's gaming revenue was approximately $19 billion in 2024, with over 9% growth since 2019[63] - West Virginia's gaming market experienced 43% growth from 2019 to 2024[39] Capital Expenditures & Debt - Total growth capital expenditures are estimated at $385 million, excluding VICI funding[101] - Regular maintenance capital expenditures are projected at $68 million spent and $81 million remaining for 2025[101] - The company's total principal debt as of June 30, 2025, was $3381 million[99] - Net debt leverage was 62x, with expectations to trend towards 47-60x by the end of 2025[96]

Company Overview - Sunrise Realty Trust (SUNS) is an institutional lender focused on commercial real estate projects in the Southern United States, targeting a low-teens net internal rate of return (IRR)[16] - The management team has structured over $21 billion in CRE and credit transactions[16] - SUNS deal selectivity since inception is approximately 1.5%, reflecting a focus on high-quality originations[17, 51] - The company has an active pipeline of over $1 billion in potential investments[17, 51] Financial Performance and Portfolio Composition - As of August 1, 2025, SUNS had approximately $360 million in current commitments[51, 57] - The portfolio is heavily weighted towards residential assets, comprising approximately 71% of current commitments[57] - Approximately 86% of the portfolio consists of floating-rate loans[60] - The portfolio's weighted average yield to maturity is approximately 12.2%[56, 57] Market Opportunity and Strategy - Over $2 trillion in CRE loans maturing by the end of 2027 create opportunity for SUNS to scale quickly[17] - SUNS is strategically focused on established and high-growth areas in the Southern U S , benefiting from accelerated population and employment migration trends[17] - The company targets opportunities with clear potential for value creation, focusing on supply-constrained markets, sound business plans, and strong financial sponsors[43, 48]

Financial Performance - Starwood Property Trust reported GAAP net income of $129.8 million and Distributable Earnings (DE) of $151.1 million for Q2 2025[6] - The company invested $3.2 billion in assets during the quarter, bringing the total for the first six months of 2025 to $5.5 billion, surpassing the full-year 2024 capital deployment[5] - The company paid a dividend of $0.48 per share for Q2 and declared a $0.48 dividend for Q3[5] Strategic Acquisitions and Capitalization - Acquired Fundamental Income Properties, a $2.2 billion fully integrated net lease real estate operating platform and owned portfolio[6] - Raised $502 million of common stock and repriced term loans totaling $1.6 billion at record low spreads[29] - The company has $5.0 billion in unencumbered assets and over $1.4 billion in unrealized property gains[7] Portfolio Composition and Diversification - Total assets are approximately $27.5 billion, with U S office representing only 9% of the diversified asset base[25, 30] - Commercial real estate lending represents about half of the company's asset base[7] - The company has successfully deployed $108 billion of capital since inception and manages a portfolio of over $27 billion across debt and equity investments[11] Lending Segment - The Commercial Lending Portfolio totals $15.5 billion[35] - The Infrastructure Lending Segment portfolio reached a record high of $3.1 billion[61]

Financial Performance - The company increased its fiscal 2025 indicated annual dividend by 8.1% to $3.48 per diluted share[3] - Year-to-date diluted EPS reached $6.40[6] - The company raised its fiscal 2025 EPS guidance range to $7.35 to $7.45, up from $7.20 to $7.30[6] - Net income for the three months ended June 30, 2025, was $186 million, compared to $166 million for the same period in 2024[7] - Capital expenditures year-to-date totaled $2.6 billion, with 86% allocated to safety and reliability spending[6] Financing and Liquidity - The company issued $650 million in 30-year senior notes at 5.00% and $500 million in 10-year senior notes at 5.20%[6] - The company settled $569 million of equity forwards[6] - Available liquidity stood at approximately $5.5 billion[6] - $1.7 billion was available under equity forward agreements[6, 21] Regulatory and Rate Adjustments - Implemented $350.8 million in rate adjustments as of August 6, 2025[6] - Approved annualized operating income increases totaled $350.8 million, with $229.1 million currently in progress[6, 34] - The company implemented a GRIP filing for Atmos Pipeline - Texas (APT), authorizing an increase in annual operating income of $77.2 million[33, 51]

Financial Performance - Q2 2025 - The company reported a net loss of $106 million and a diluted EPS of negative $2.95[7] - Adjusted EBITDA was $42 million, which included a $10 million unfavorable net timing impact, and was $25 million lower than the previous year due to lower volumes and reduced equity income from Americas Styrenics[8] - Cash provided by operations was $7 million, and capital expenditures were $10 million, resulting in a negative Free Cash Flow of $3 million[10] Sales and Volume Analysis - Q2 2025 - Net sales were $784 million[15, 20] - Sales volume decreased year-over-year by 11% in Europe, 9% in the U S, 17% in Asia-Pacific, and 9% in the Rest of World[15] - Engineered Materials net sales were $293 million, down from $324 million in Q2 2024[23] - Latex Binders net sales were $204 million, a decrease from $252 million in Q2 2024[26] - Polymer Solutions net sales were $287 million, compared to $344 million in Q2 2024[29] Full Year 2025 Outlook - The company anticipates a net loss of approximately $320 million and an Adjusted EBITDA of approximately $200 million[11, 44] - Free Cash Flow is projected to be approximately negative $165 million[11, 44] Sustainability Initiatives - The company achieved five key sustainability goals, including increasing the share of electricity from non-fossil sources from 5% to 30% and reducing Scope 1 & 2 GHG Emissions intensity by 35%[11, 13] - The share of electricity coming from renewable sources increased to 22%, a 4% increase compared to 2023[13] Debt and Liquidity - The company had $139 million in cash at the end of the second quarter, with $2 million restricted, and total liquidity of $399 million[10]

Financial Performance - Shareholder remuneration reached R$ 4 billion in dividends[10] - Generation contribution margin increased by 21% compared to 1Q25 and 16% compared to 2Q24, offsetting a drop in transmission revenue[10] - Compulsory Loan was reduced by R$ 1.2 billion, reaching R$ 11.97 billion[10] - Investments increased by 116% compared to 1Q25[10] - Adjusted net income decreased by 176%[21] Energy Trading - Eletrobras' generation contribution margin from ACL+MCP increased from R$ 1.124 billion in 2Q24 to R$ 1.615 billion in 2Q25[39] - Uncontracted energy considering hedge estimate is 13% in 2025[43] Capital Allocation - Proposal for dividends of R$ 4 billion in 2Q25[51] - TNE's RAP is expected to increase from R$ 416 million to R$ 561.7 million in July 2025[56] - Personnel expenses fell 15% YoY, even when considering the 5.35% IPCA inflation rate in the period[29] - The company has released R$ 2.4 billion in amounts from court deposits and other guarantees since 2Q22[85]

Company Overview - UMH Properties Inc is a leading owner and operator of manufactured home communities, with a portfolio of 144 communities across 12 states, containing approximately 26,800 developed homesites[8] - The company has a growing rental portfolio of approximately 10,600 units, reflecting an increase of 500 homes in the last 12 months, and anticipates adding an additional 700-800 homes this year[8] - UMH has a $95.3 million loan portfolio with a weighted average interest rate of approximately 7.1%, generating approximately $13.9 million in principal and interest payments annually[10,65] Financial Performance - Same Property Occupancy increased by 80 basis points from 87.4% to 88.2%[16] - Rental and Related Income increased by 9%, Sales of Manufactured Homes increased by 19%, Community Net Operating Income ("NOI") increased by 11%, and Normalized Funds from Operations ("Normalized FFO") increased by 16%[18] - The company completed the addition of ten communities to its Fannie Mae credit facility through Wells Fargo Bank, N A, for total proceeds of approximately $101.4 million at a fixed rate of 5.855% with a 10-year term[18] Portfolio and Growth - The company's gross asset value is $2.1 billion, with a gross real estate book value of $1.8 billion and a total market capitalization of $2.4 billion[21] - UMH has approximately 2,300 vacant acres on which to build approximately 9,200 future lots[8] - The company issued and sold approximately 1.8 million shares of Common Stock through its At-the-Market Sale Program at a weighted average price of $17.60 per share, generating gross proceeds of $31.0 million and net proceeds of $30.3 million[18] Future Outlook - The company is well-positioned for growth with 3,100 existing vacant lots to fill[8] - UMH anticipates overall capital needs to fund rental home purchases, notes, expansions, and improvements of approximately $120 - $150 million for the year[109] - The company's 2025 guidance for Normalized FFO Per Share is in the range of $0.96 to $1.04[106]

Financial Performance - Q1 Fiscal 2026 revenue shows mixed results, with ADS Legacy sales decreasing by 2% from $668 million to $652 million, while Infiltrator sales increased by 21% from $147 million to $178 million[9] - Adjusted EBITDA margin slightly decreased by 30 bps, from 33.8% in Q1 FY25 to 33.5% in Q1 FY26[11] - Consolidated Adjusted EBITDA increased from $275 million in FY 2025 to $278 million in FY 2026[20] - Consolidated Free Cash Flow increased from $126 million in FY 2025 to $222 million in FY 2026[20] Business Operations and Strategy - The company completed the River Valley Pipe acquisition in Q1 FY26 and launched Arcadia™ Hydrodynamic Separator technology[14, 16] - Capital expenditures are expected to remain elevated in Fiscal 2026 due to investments in growth, recycling capacity, productivity, and automation[16] - The company's diversified product mix is shifting towards higher margin categories, with Allied Products accounting for 56.2% of revenue and Water Management Solutions contributing 53.6% to Adjusted Gross Margin[26] Market Outlook - The company anticipates net sales between $2.825 billion and $2.975 billion for Fiscal Year 2026, representing a change of -3% to +2% year-over-year[22] - Adjusted EBITDA is projected to be between $850 million and $910 million for Fiscal Year 2026, indicating a change of -4% to +2% year-over-year[22] - Adjusted EBITDA margin is expected to be between 30.1% and 30.6% for Fiscal Year 2026, reflecting a change of -50 bps to flat[22]

Financial Performance - Q2 2025 - Net sales increased by 6% to $6.456 billion compared to $6.112 billion in 2Q 2024[35] - Operating EBITDA increased by 13% to $2.164 billion with an Operating EBITDA margin of 33.5%, a 215 bps increase[35] - Operating EPS increased by 20% to $2.20[35] Financial Performance - 1H 2025 - Net sales increased by 3% to $10.873 billion compared to $10.604 billion in 1H 2024[20, 94] - Operating EBITDA increased by 14% to $3.353 billion with an Operating EBITDA margin of 30.8%, a 301 bps increase[20, 92] Segment Performance - Seed - Seed net sales for 2Q 2025 increased by 5% to $4.537 billion[38] - Seed Operating EBITDA margin for 2Q 2025 was 41.1%, an increase of 186 bps[38] - Seed net sales for 1H 2025 increased by 2% to $7.244 billion[50] - Seed Operating EBITDA margin for 1H 2025 was 37.3%, an increase of 280 bps[50] Segment Performance - Crop Protection - Crop Protection net sales for 2Q 2025 increased by 8% to $1.919 billion[60] - Crop Protection Operating EBITDA margin for 2Q 2025 was 17.4%, an increase of 309 bps[60] - Crop Protection net sales for 1H 2025 increased by 3% to $3.629 billion[69] - Crop Protection Operating EBITDA margin for 1H 2025 was 19.6%, an increase of 355 bps[69] FY 2025 Guidance - Revised Operating EBITDA guidance to $3.75 - $3.85 billion, a 13% increase at the mid-point[27] - Expecting ~150 bps improvement in Operating EBITDA margin[12, 27] - Operating EPS guidance revised to $3.00 - $3.20, a 21% increase at the mid-point[27] - Free Cash Flow Conversion expected to be ~50%[27]

Financial Performance - F&G reported strong 2Q25 performance with $4.1 billion in gross sales, a 41% increase compared to 1Q25[4] - Net sales reached $2.7 billion in 2Q25, up 23% from 1Q25[4] - Assets Under Management (AUM) increased to $55.6 billion, a 7% year-over-year increase[4] - AUM before flow reinsurance rose to $69.2 billion, a 13% year-over-year increase[4] - The adjusted Return on Equity (ROE) was 8.8% for 1H25, a 40 bps increase year-over-year[4] - F&G returned $65 million of capital to shareholders in 1H25[4, 92] Investment Portfolio - The investment portfolio is conservatively positioned and well-diversified, with fixed income being 97% investment grade[52, 58] - The portfolio includes $13 billion in structured credit, $9 billion in mortgage loans, and $9 billion in private origination[61, 62, 66] - Alternative LPs comprise 6% of the total portfolio, with a NAV of $2.9 billion[58, 144, 145] Strategic Goals - F&G aims to grow AUM by 50%, expand adjusted ROA to 1.33%-1.55%, and increase adjusted ROE to 13%-14%[19] - The company is focused on margin expansion through retained business, flow reinsurance, and owned distribution[17]