Pipeline and Focus - Revolution Medicines' pipeline is led by three clinical-stage RAS(ON) inhibitors: Daraxonrasib (MULTI), Elironrasib (G12C), and Zoldonrasib (G12D)[6, 15] - The company's strategy is to maximize the impact of its RAS(ON) inhibitor portfolio by commercializing daraxonrasib initially in late-stage disease and developing RAS(ON) inhibitors in earlier lines of therapy[18, 19] - Revolution Medicines is also innovating for patients by producing new, differentiated drug candidates, including RMC-5127 (G12V-selective inhibitor) and next-generation programs[19, 15] Daraxonrasib (MULTI) - In 2L patients with KRAS G12X PDAC treated with daraxonrasib at 300 mg daily, the median PFS was 8.8 months, and the OS rate at 6 months was 100%[24] - In 2L/3L patients with RAS G12X NSCLC treated with daraxonrasib at 120-220 mg daily, the median PFS was 9.8 months, and the median OS was 17.7 months[28] - In 1L RAS mutant NSCLC patients treated with Daraxonrasib 100-200 mg + Pembrolizumab + Chemotherapy, the ORR was 60% and the DCR was 90% in the TPS < 50% subgroup[32] - In 1L RAS mutant NSCLC patients treated with Daraxonrasib 200 mg + Pembrolizumab, the ORR was 86% and the DCR was 100% in the TPS ≥ 50% subgroup[32] Elironrasib (G12C) - In previously treated RAS G12C NSCLC patients, Elironrasib (200 mg BID) showed an ORR of 56% and a DCR of 94%[40] - In previously treated RAS G12C NSCLC patients, Elironrasib (200 mg BID) showed a median PFS of 9.9 months[40] - In 1L RAS G12C NSCLC patients with TPS ≥ 50%, Elironrasib 200 mg BID + Pembrolizumab showed an ORR of 100% and a DCR of 100%[45] - In CRC patients previously treated with KRAS(OFF) G12C inhibitor, Elironrasib + Daraxonrasib doublet showed an ORR of 25% and a DCR of 92%[51] - In 2L+ NSCLC patients following G12C(OFF) inhibitor, Elironrasib showed an ORR of 42% and a DCR of 79%[55] - In 2L+ NSCLC patients following G12C(OFF) inhibitor, Elironrasib + Daraxonrasib showed an ORR of 62% and a DCR of 92%[56] Zoldonrasib (G12D) - In previously treated patients with KRAS G12D PDAC treated with 1200 mg daily dose, the ORR was 30% and the DCR was 80%[67] - In previously treated patients with KRAS G12D NSCLC treated with 1200 mg QD, the ORR was 61% and the DCR was 89%[72] Financials - Revolution Medicines has $2.1 billion in cash, cash equivalents, and marketable securities as of June 30, 2025[119] - The company anticipates a 2025 GAAP Net Loss of $1.03 – $1.09 billion, including $115 million to $130 million in non-cash stock-based compensation expense[119] - Royalty Pharma partnership bolsters financial position by providing $2 billion in flexible committed capital[116]

Bempikibart (ADX-914) for Alopecia Areata (AA) - Bempikibart demonstrated proof of concept in alopecia areata with favorable safety profile and robust changes in Th2 clinical biomarkers[9] - SIGNAL-AA Phase 2a Part A showed continued benefit through Week 36, supporting potential for durable effect following dosing cessation[25] - In SIGNAL-AA Part A, patients with baseline SALT 50-100 showed a mean SALT score percentage change of 163% at Week 24 and 199% at Week 36[29] - In SIGNAL-AA Part A, patients with baseline SALT 50-95 showed a mean SALT score percentage change of 245% at Week 24 and 278% at Week 36[29] - The company anticipates Bempikibart SIGNAL-AA Phase 2a Part B topline results in the first half of 2026[10, 71] - The company has received FDA Fast Track designation for Bempikibart for the treatment of AA[11] Alopecia Areata Market and Unmet Need - There are approximately 700,000 AA patients in the US[9, 45, 49] - The expected market size for AA is $26 billion by 2030[9] - Approximately 300,000 US Alopecia Areata (AA) Patients have Severe (SALT > 50)[49] - Currently available therapies for AA lack the desired profile, and doctors and patients seek alternatives to currently approved agents including JAK inhibitors which carry significant safety risks[9, 45, 46] ADX-097 and Complement Platform - ADX-097 is Phase 2 ready and the company is evaluating strategic next steps for ADX-097 and the complement inhibitor platform[11] - ADX-097 Phase 1 study achieved primary goals, demonstrating dose-dependent PK/PD and a favorable safety profile[62] Financial Overview - The company's Q2 2025 cash balance was $548 million, providing expected cash runway into 2027[71]

Financial Performance & Metrics - TPL's 2Q 2025 total revenues reached $187.5 million [12] - Adjusted EBITDA for 2Q 2025 was $166.2 million, with an 89% margin [12] - Free cash flow for 2Q 2025 amounted to $130.1 million, representing a 69% margin [12] - The company held $544 million in cash and cash equivalents as of June 30, 2025, with no debt [28, 32] - FY 2024 Adjusted EBITDA was $611 million [26] - FY 2024 Free Cash Flow was $461 million [26] Operational Highlights - Oil and gas royalties contributed $95.0 million to the total revenue in 2Q 2025 [12] - Water sales generated $25.6 million in revenue during 2Q 2025 [12] - Produced water royalties amounted to $30.7 million in 2Q 2025 [12] - Easements and other surface income reached $36.2 million in 2Q 2025 [12] Assets and Strategy - TPL has approximately 874,000 surface acres located in the Permian Basin [28, 38] - The company has ~25,800 net royalty acres [28, 32] - TPL is focused on maximizing shareholder value through active management of surface and royalty interests [38]

Company Overview and Strategy - Douglas Emmett (DEI) focuses on premium Los Angeles and Honolulu markets with a best-in-class operating platform[6, 12] - The company has a fully-integrated operating platform that includes in-house leasing, space planning, legal, construction, and design, which lowers costs and provides a competitive advantage[7, 8] - DEI's strategy focuses on small affluent tenants in diverse industries, mitigating risk and reducing volatility[10] Portfolio and Market Position - The company's office portfolio comprises 18 million square feet, representing 78% of total annual rent, while the multifamily portfolio consists of 5,442 units, accounting for 22% of total annual rent[13] - DEI has approximately 39% average market share of Class A office space in its regions and is the largest office landlord in Los Angeles and Honolulu[19] - The company's total capitalization is approximately $7 billion, with annual revenues of approximately $1 billion[19] Rent Growth and Stability - DEI's leases benefit from strong 3% to 5% annual rent increases[11] - The company has demonstrated consistent rent growth through three down cycles over 28 years, with a 3.4% compounded annual growth rate[31] - West Los Angeles has shown better long-term rent growth and less volatility compared to other gateway markets[11, 34] Operational Efficiency and Sustainability - DEI's efficient management and overhead allow it to convert an extra 10.9% of NOI to cash flow compared to its benchmark group[45] - The company aims to keep at least 80% of its stabilized eligible office space "ENERGY STAR Certified"[56] - DEI has reduced its greenhouse gas emissions by 13% versus 2019 through December 31, 2024[56]

Financial Performance - The company generated $324 million of Adjusted EBITDAX in 2Q25, exceeding guidance[8] - Operating cash flow for 2Q25 reached $165 million[4] - Free cash flow for 2Q25 was $109 million[5] - Shareholder returns totaled $287 million in 2Q25, including dividends of $35 million and share repurchases of $252 million[4] - $422 million was returned to shareholders in 1H25, and $1482 million since May 2021[16] Operational Highlights - Net production in 2Q25 was 137 thousand barrels of oil equivalent per day (MBOE/D), with 80% oil, 7% NGLs, and 13% gas[6, 7] - The company reduced 2025 estimated drilling & completion (D&C) and workover capital by approximately 3%[8] - The company raised the midpoints of 2025 estimated net production by approximately 1% and adjusted EBITDAX by approximately 7%[8] - Aera merger synergies of $235 million were implemented 3 months ahead of schedule[8, 26] Carbon Management - The CTV JV received authorization to construct from the U S EPA[8] - The company has 7 EPA Class VI permits in queue for approximately 287 million metric tons of storage[64]

Financial Performance - Avnet's Q4 FY25 revenue reached $5.62 billion, a 1% year-over-year increase[13] - The adjusted diluted EPS for Q4 FY25 was $0.81, a 34% decrease year-over-year[20] - Adjusted operating income for Avnet in Q4 FY25 was $143 million, a 26% decrease year-over-year, with an adjusted operating margin of 2.5%, down 94 bps[18] - Gross margin was 10.6% in Q4, influenced by a sales mix shift towards Asia[14] - SG&A expenses were $451 million, remaining relatively flat year-over-year but increasing 4% quarter-over-quarter due to foreign exchange impacts[14] Regional Performance - Asia experienced year-over-year growth, offsetting declines in EMEA and the Americas[8] - Asia's revenue was $2.691 billion, an 18% increase as reported and a 17% increase in constant currency[13] - Americas revenue was $1.327 billion, a 2% decrease as reported and in constant currency[13] - EMEA revenue was $1.600 billion, a 17% decrease as reported and a 21% decrease in constant currency[13] Balance Sheet and Liquidity - Inventory was $5.2 billion, a $35 million decrease quarter-over-quarter as reported, and a $185 million decrease excluding foreign exchange impacts[22] - The company returned $28 million to shareholders through a dividend of $0.33 per share[22] Outlook for Q1 FY26 - Avnet projects sales between $5.55 billion and $5.85 billion, with a midpoint of $5.70 billion, implying a 2% sequential sales growth[23, 24] - The company anticipates adjusted diluted EPS between $0.75 and $0.85, with a midpoint of $0.80[23]

Operational Results - Total tonnes processed in Q2 2024 were 93,687[20], with a year-to-date (YTD) total of 192,576[20] - Gold ounces sold in Q2 2024 were 2,724[20], and YTD 2024 were 6,281[20] - Silver ounces sold in Q2 2024 reached 234,560[20], with a YTD figure of 451,095[20] - Copper tonnes sold were 197 in Q2 2024 and 461 YTD[20] - Lead tonnes sold were 491 in Q2 2024 and 1,158 YTD[20] - Zinc tonnes sold were 1,771 in Q2 2024 and 3,453 YTD[20] Financial Performance - The company's cash balance as of June 30, 2024, was $53 million[23] - Cash provided by operating activities totaled $14 million[23] - Net sales for the six months ended June 30, 2024, were $395 million[23] - The net loss for the six months ended June 30, 2024, was $(318) million[23] - Total cash costs per gold equivalent (AuEq) ounce were $1,950/oz for the three months ended June 30, 2024, and $1,789/oz for the six months ended June 30, 2024[23] - Total all-in sustaining cost (AISC) per AuEq ounce was $2,661/oz for the three months ended June 30, 2024, and $2,452/oz for the six months ended June 30, 2024[23] Investment and Exploration - Sustaining investments totaled $2221 thousand in Q2 2024 and $4296 thousand YTD, with a full-year guidance of $8800-$11000 thousand[21] - Growth investments amounted to $326 thousand in Q2 2024 and $1430 thousand YTD, with a full-year guidance of $3200-$5200 thousand[21] - The company drilled 30 exploration drill holes totaling over 2,652 meters and 16 infill drill holes totaling 5,949 meters at DDGM[17]

Company Overview - Trinity Capital has a diversified financial solution with $4.7 billion in fundings[8] - The company's portfolio includes $1,491.8 million in secured loans across 84 companies[8] - Trinity Capital has $2.3 billion assets under management[8] - The company's annualized dividend yield is 14.5%[8] - Available liquidity stands at $143.3 million[8] Financial Performance (Q2 2025) - Total investment income reached $69.5 million[41] - Net investment income (NII) was $34.8 million[41] - The company reported a net interest margin (NIM) of 11.7%[41] - Debt and equity commitments in 2Q25 totaled $519.8 million[41] - Total debt investments at cost amounted to $1,875.1 million[41]

Financial Performance - Total revenue decreased by 21% year-over-year to $38.3 million, primarily due to a strategic shift away from hardware-led growth[8, 11] - SaaS revenue grew by 11% year-over-year to $14.2 million, now representing 37% of total revenue[8, 12] - Annual Recurring Revenue (ARR) reached $56.9 million, an increase of 11% year-over-year[5, 8, 25] - Net loss was $(11.2) million, and Adjusted EBITDA was $(7.3) million, a decrease from $0.9 million in the same quarter of the prior year[8] - The company repurchased approximately 4.1 million shares at an aggregate cost of $3.7 million in Q2, with $16.8 million remaining in the authorized program[22] Operational Highlights - Approximately 848,000 units deployed, reflecting a 10% increase year-over-year[5, 8, 17] - Customer Net Revenue Retention was 108%, and Customer Churn was 0.08%, indicating strong customer loyalty[17] - 24,300 units booked, the highest in over a year, signaling early traction from the go-to-market rebuild[5, 24] - SaaS ARPU (Average Revenue Per Unit) improved to $5.66, up 1% year-over-year from $5.63[8, 20] Strategic Initiatives - The cost reduction program has been expanded to $30 million, aiming for adjusted EBITDA and cash flow neutrality by the end of 2025[5, 21] - The company is strategically shifting away from bulk hardware deals towards a recurring revenue model[5]

Financial Performance Highlights - Net earnings for the three months ended June 30, 2025 were $174 million, while core net operating earnings were $179 million[3] - Diluted earnings per share for the three months ended June 30, 2025 were $207, and core net operating earnings per share were $214[3] - Property and Casualty net written premiums for the three months ended June 30, 2025 were $1803 million[3] - The annualized return on equity was 150%, and the annualized core operating return on equity was 155% for the three months ended June 30, 2025[3] Property and Casualty Insurance Segment - Underwriting profit for Property and Casualty Insurance was $113 million for the three months ended June 30, 2025[5] - Net investment income for Property and Casualty Insurance was $179 million for the three months ended June 30, 2025[5] - The combined ratio for Specialty Property and Casualty was 931% for the three months ended June 30, 2025[3] Balance Sheet and Capitalization - Total assets as of June 30, 2025 were $30669 million[3] - Shareholders' equity, excluding AOCI, was $4648 million as of June 30, 2025[3] - The book value per share, excluding AOCI, was $5574 as of June 30, 2025[3] - Total principal amount of long-term debt was $1498 million as of June 30, 2025[14] Investment Portfolio - Total cash and investments were $16049 million as of June 30, 2025, with fixed maturities representing 66% of the investment portfolio[16, 20] - Average yield on the overall portfolio, net, was 450% for the three months ended June 30, 2025[17]