Financial Performance - Consolidated diluted earnings per share increased by $0.02 to $0.87 in Q2 2025, compared to $0.85 in Q2 2024 [12, 13] - Year-to-date consolidated diluted earnings per share increased by $0.10 to $1.57 in 2025, compared to $1.47 in 2024 [12, 19] - Total operating revenues increased to $163 million in Q2 2025, compared to $155.3 million in Q2 2024, a $7.7 million increase [14] Segment Performance - Water segment diluted EPS increased by $0.06 to $0.73 in Q2 2025, compared to $0.67 in Q2 2024 [13] - Electric segment diluted EPS increased by $0.02 to $0.03 in Q2 2025, compared to $0.01 in Q2 2024 [13] - Contracted Services diluted EPS decreased by $0.06 to $0.13 in Q2 2025, compared to $0.19 in Q2 2024 [13, 34] Regulatory and Capital Investment - GSWC is authorized to invest $573.1 million in capital infrastructure over a three-year capital cycle [23, 28] - BVES is authorized to invest $75.6 million in capital infrastructure over a four-year rate cycle [24] - Capital expenditures for 2025 are expected to be in the range of $170-$210 million [12, 20] Dividends and Liquidity - The Board of Directors approved an 8.3% increase in the third quarter cash dividend for 2025, from $0.4655 to $0.5040 per share [12, 37] - Operating cash flows were $109.6 million year-to-date in 2025, compared to $70.5 million year-to-date in 2024 [20]

Company Strategy and Outlook - MDU Resources aims for a long-term EPS growth rate of 6%-8%[10] - The company targets an annual dividend payout ratio of 60%-70%[10] - MDU anticipates continued customer growth in the electric and natural gas sectors at a rate of 1%-2% annually[12][26] - The company narrows its 2025 earnings per share guidance to a range of $0.88 to $0.95[24] Regulatory Updates and Projects - Natural Gas Distribution in Montana: A settlement agreement is pending for an 8.6% or $7.3 million increase, with interim rates of 10.25% or $7.7 million already effective[13] - Natural Gas Distribution in Wyoming: A settlement agreement was approved for an 11.7% or $2.1 million increase, with rates effective August 1, 2025[13] - The company has signed electric service agreements for 580 MW of data center load[12][16] - MDU has a 49% ownership interest representing 122.5 MW in the Badger Wind Project, with a total capacity of 250 MW, and an estimated cost of $294 million[12][21] Financial Performance - MDU Resources Group's net income for the second quarter of 2025 was $14.1 million, or $0.07 per share, compared to $20.2 million, or $0.10 per share in 2024[31] - The Electric Utility reported earnings of $10.4 million, with retail sales volumes increasing 12.0%[34][35] - The Natural Gas Utility experienced a seasonal loss of $7.4 million, with customer count increasing 1.5% year-over-year[37][38] - The Pipeline segment reported earnings of $15.4 million[40]

Company Overview - As of June 30, 2025, CareTrust REIT's real estate portfolio has grown to 393 net-leased healthcare properties across 32 states and the United Kingdom, consisting of 35,719 operating beds/units[15] - CareTrust REIT also had 22 other real estate related investments related to 142 healthcare properties across 17 states, consisting of 13,944 operating beds/units and one financing receivable related to 46 properties in one state consisting of 3,820 operating beds/units[15] - The company's total investments reached $4,760 million, encompassing 581 properties and 53,483 operating beds/units across 46 operators and 34 states plus the UK[19] Portfolio Performance - As of June 30, 2025, Skilled Nursing Facilities (SNF) constitute 47.3% of the total investment, amounting to $2,252.12 million and generating $234.715 million in rent, with a current yield of 10.4%[31] - UK Care Homes represent 18.9% of the total investment, valued at $901.593 million, producing $67.500 million in rent, with a current yield of 7.5%[31] - Multi-Service Campuses account for 10.4% of the total investment, totaling $494.236 million and yielding $47.776 million in rent, with a current yield of 9.7%[31] - Seniors Housing makes up 3.8% of the total investment, with a value of $178.997 million, generating $17.010 million in rent, with a current yield of 9.5%[31] - Total Net-Leased Assets represent 80.4% of the total investment, amounting to $3,826.946 million and producing $367.001 million in rent, with a current yield of 9.6%[31] Financial Highlights - For the three months ended June 30, 2025, rental income was $86.033 million, compared to $55.407 million for the same period in 2024[52] - Net income attributable to CareTrust REIT, Inc for the three months ended June 30, 2025, was $68.545 million, or $0.36 per basic share[52] - The company's debt structure as of July 31, 2025, includes $400 million in senior unsecured notes payable at 3.875% and $500 million in senior unsecured term loan at 4.630%[63]

Financial Performance - The company reported record quarterly revenue of $202.3 million, a 3% increase year-over-year[16] - Net income increased by 63% to $12.6 million, representing 6.2% of revenue[16] - Adjusted EBITDA reached an all-time high of $32.4 million, or 16% of revenue, up 80 bps year-over-year[16] - GAAP Operating Income was $17.2 million, while Adjusted Operating Income was $20 million, a 1% increase year-over-year[16] - GAAP EPS was $0.82, and Adjusted EPS was $0.88[16] Backlog and Bookings - The company's backlog stands at $1,018 million[18] - Bookings for Q2 2025 were $141 million[18] - The book-to-bill ratio for Q2 2025 is 0.7[19] Segment Performance - Structural Systems segment revenue was $92.0 million, a decrease of 3.7% year-over-year[28] - Electronic Systems segment revenue was $110.2 million, an increase of 8.7% year-over-year[34] - Electronic Systems operating margin was 19.0%, an increase of 250 bps[34] Outlook and Strategy - The company is on track to meet VISION 2027 targets, with revenue between $950 million and $1,000 million and an Adjusted EBITDA margin of 18%[13, 14] - The company reiterates its 2025 full-year revenue outlook, expecting mid-single-digit growth[21, 22] - Tariffs are not expected to have a significant impact on 2025 performance, with the majority of manufacturing in the USA (85%) and sales primarily in the USA (>95%)[25, 26]

Financial Highlights - Q1 2026 Pre-Tax Net Investment Income ("NII") was $32.7 million, or $0.61 per share[16] - Net realized gains of $27.2 million were generated from the exit of two equity investments[16] - Undistributed Taxable Income ("UTI") increased to $1.00 per share as of June 30, 2025, from $0.79 per share as of March 31, 2025[16] - The investment portfolio at fair value was approximately $1.8 billion[16] - Net Asset Value per share was $16.59[16] Investment Activity - CSWC originated $115.2 million in total new committed investments during the quarter, with $63.9 million funded at close[17] - New committed investments consisted of $113.4 million in first lien debt and $1.8 million in equity[17] - Total proceeds of $80.6 million were generated from the exit of three debt investments and two equity investments, including net realized gains of $27.1 million[17] - Cumulative weighted average IRR of 13.6% on 101 portfolio company exits, generating $1.2 billion in proceeds since launch of credit strategy in January 2015[17] Portfolio Composition - First lien investments accounted for 89.6% of the portfolio at fair value as of June 30, 2025[20, 32] - Equity investments accounted for 9.3% of the portfolio at fair value as of June 30, 2025[20, 32] - Approximately 92% of all debt investments are currently rated a "1" or "2"[22]

Financial Performance & Debt Reduction - Occidental generated approximately $2.6 billion in operating cash flow before working capital in Q2 2025[6, 11] - The company repaid $7.5 billion of debt over the last 13 months, reducing annual interest expense by ~$410 million[7, 24] - Additional divestitures of approximately $950 million were announced since Q1 2025[7, 11, 24] - Unrestricted cash balance as of June 30, 2025, was $2.3 billion[27] Cost Reduction & Efficiency - $150 million of additional 2025 capital and opex reductions are planned[7, 13] - Cumulative cost reductions of $500 million are expected in 2025, enhancing cash flow[7] - Domestic operating cost reduction drivers are expected to save ~$150 million in 2025[13] - Permian unconventional well costs in 1H25 were 13% lower than the 2024 average[15] Production & Operations - Total company production was 1,400 Mboed in Q2 2025[11, 27] - OxyChem pre-tax income was $213 million in Q2 2025[27] - Midstream adjusted pre-tax income was $116 million in Q2 2025[27]

Financial Highlights - ConocoPhillips reported adjusted earnings of $1.793 billion in 2Q25, compared to $2.329 billion in 2Q24[25] - The adjusted EPS was $1.42 in 2Q25[6] - Cash from operations (CFO) was $4.7 billion in 2Q25[6] - Free cash flow (FCF) was $1.4 billion in 2Q25[6] - The company had an ending cash balance of $5.7 billion in 2Q25[6] - The company remains on track to distribute about 45% of full-year CFO to shareholders[6] Production and Sales - 2Q25 production averaged 2,391 MBOED, exceeding the high end of the guidance range (2,340 – 2,380 MBOED)[6] - An agreement to sell Anadarko Basin assets for $1.3 billion in proceeds was announced[6] - Full-year production midpoint remains unchanged, even with the announced Anadarko sale[6] - The company expects APLNG full-year distributions of $0.8 billion, with $0.5 billion in 3Q and $0.1 billion in 4Q[43] Marathon Oil Integration and Synergies - Marathon Oil integration is complete, with >25% increase in low cost of supply resource[8] - >$1 billion of synergies are on track, plus >$1 billion one-time benefits[8] - ~30% fewer rigs and frac crews are delivering more combined production[8] - >$2.5 billion of announced asset sales ahead of schedule, with $5 billion of total asset sales now expected[8] - >$7 billion of incremental FCF is expected by 2029[8]

Financial Performance - Sales increased by 47% year-over-year to $230.4 million in Q2 2025[9, 10, 14] - Adjusted EBITDA margin reached a record 55% in Q2 2025, compared to 50% in Q1 2025[3, 14, 16] - Attributable net income from continuing operations was $42.6 million, or $0.14 per share, a 100% increase year-over-year[14] - Free cash flow from ongoing operations was $57.4 million in Q2 2025[3, 14, 16] Liquidity and Cash Flow - The company's liquidity position is strong, with $537 million in total liquidity[3] - Net cash position of $215 million after debt[3, 25] - Cash position increased by $78 million to $387 million[25] Production and Operations - Gold production from continuing operations was 71,229 GEO in Q2 2025[3, 4] - Séguéla mine produced 38,186 ounces of gold in Q2 2025[4] - Lindero mine produced 23,550 ounces of gold in Q2 2025[4] Cost Metrics - Cash cost at Séguéla mine was $670/oz Au in Q2 2025[4] - All-in sustaining cost (AISC) at Séguéla mine was $1,634/oz Au in Q2 2025[4] - Consolidated AISC is guided between $1,670 and $1,765/GEO for 2025[32] Resource Expansion - Increased gold resources at Diamba Sud with 724 koz Indicated (53% increase) and 285 koz Inferred (93% increase)[3]

Financial Performance - Adjusted Net Investment Income (NII) was $0.31 per share, exceeding the regular dividend of $0.25 per share[9] - The company declared a regular dividend of $0.25 per share and a special dividend of $0.04 per share for Q2 2025[9] - The regular dividend coverage ratio in Q2 2025 was 124%[9] - The annualized adjusted NII Return on Equity (ROE) was 13.6% for the second quarter[9] Portfolio Composition - The total portfolio fair value is $1.8 billion, diversified across 153 portfolio companies[9] - 89.4% of the portfolio is invested in senior secured debt, with 82.4% in 1st lien[9] - The weighted average yield of the performing debt portfolio is 12.0%[9] - Non-accruals declined to 3.7% of the portfolio at fair value in Q2 2025[52] Leverage and Liquidity - The company has a diverse leverage program totaling $1.6 billion[9] - 63% of the outstanding leverage is unsecured as of June 30, 2025[9] - Available liquidity is $565.5 million, including $455 million of available borrowing capacity[9]

Second Quarter 2025 Results August 7, 2025 Cautionary Statements Important Additional Information and Where to Find It: In connection with the proposed transactions, Royal Gold, Sandstorm and Horizon intend to file materials with the SEC and on SEDAR+, as applicable. Royal Gold plans to file proxy materials with the SEC in connection with the solicitation of proxies for Royal Gold's special meeting of shareholders (the "Royal Gold Special Meeting"). Prior to the Royal Gold Special Meeting, Royal Gold will f ...