Acquisition Overview - TopBuild will acquire Progressive Roofing for a cash consideration of $810 million[3] - The acquisition represents a valuation of 91x Progressive Roofing's EBITDA[3] - Post-synergies, considering $5 million in synergies, the valuation is 86x EBITDA[3] - The transaction is expected to close in early Q3 2025[3] Progressive Roofing Highlights - Progressive Roofing has a revenue of $438 million and an EBITDA of $89 million, resulting in an EBITDA margin of 203%[3] - Approximately 70% of Progressive Roofing's revenue comes from re-roofing and maintenance services, which are considered non-discretionary[6,22] - Progressive Roofing has a customer retention rate of approximately 80% with multi-year repeat customers[10] Market Opportunity - The commercial roofing market has a total addressable market (TAM) of $75 billion[3,4,27] - The top 20 commercial roofing companies hold approximately 10% of the market share, indicating a highly fragmented market[27,30] TopBuild's Financial Performance - TopBuild's sales increased from $1617 million in 2015 to $5330 million in 2024, representing a CAGR of 142%[32] - TopBuild's adjusted EBITDA increased from $107 million in 2015 to $1075 million in 2024, representing a CAGR of 292%[33]

Company Overview - Spyre Therapeutics anticipates 9 proof-of-concept readouts in 2026-27 for IBD and beyond[6, 113] - The company had $565 million in cash as of March 31, 2025, with an expected runway into the second half of 2028[8] - Spyre's next-generation antibodies are engineered to match or exceed the potency of first-generation molecules[13] Clinical Trials and Programs - SKYLINE-UC Phase 2 platform study is evaluating SPY001, SPY002, SPY003 and pairwise combinations in ulcerative colitis[35, 68] - SKYWAY-RD Phase 2 basket trial is evaluating SPY072 in rheumatoid arthritis, psoriatic arthritis, and axial spondyloarthritis, with initiation anticipated in Q3 2025[37, 38] - The company is transitioning to a mid-stage development company with two innovative Phase 2 clinical trials[35] Pipeline and Target Profiles - SPY001, SPY002, and SPY003 are being developed with a target profile of 2-4 chronic doses per year[26] - Spyre is developing potential paradigm-changing combination therapies in IBD, such as SPY120 (α4β7+TL1A), SPY130 (α4β7+IL-23), and SPY230 (TL1A+IL-23)[28, 29] - SPY072 is a potential first-in-class anti-TL1A for rheumatologic conditions, targeting Q3M-Q6M dosing[12, 34] Market and Unmet Needs - Approximately 24 million individuals in the U S are diagnosed with IBD (~1 3M UC and ~1 0M CD)[44] - Over 3 million individuals in the U S are diagnosed with RA (>1 5M), PsA (~1M), and axSpA (~1M)[80]

Pipeline and Strategy - Spyre Therapeutics is developing next-generation monotherapies and paradigm-changing combinations for IBD and beyond, with potential subcutaneous Q3M-Q6M dosing [6] - The company's portfolio aims for superior efficacy and convenience compared to existing IBD biologics, potentially breaking the efficacy ceiling with combinations [7, 8] - Spyre's MOAs were rationally chosen based on attractive risk-benefit profiles, targeting an ~$8B 2030 IBD sales market for α4β7 and a ~$7B market for TL1A [11] SPY Programs and Clinical Development - SPY001 has a half-life of >90 days, exceeding expectations, and showed target engagement in Phase 1, with potential for twice-yearly maintenance dosing [18, 25] - SPY002 has a half-life of ~24 days in NHP PK studies, while Tulisokibart has a half-life of ~12 days [18] - SPY003 has a half-life of ~30 days in NHP PK studies, while Risankizumab has a half-life of ~9 days [18] - A Phase 2 platform trial is planned to enable multiple placebo-controlled readouts of monotherapies and combinations in ulcerative colitis, with ~600 patients [33, 34] TL1A and Rheumatoid Arthritis - TL1A is implicated in a wide range of human diseases, including Rheumatoid Arthritis (RA), where it is elevated in patients and exacerbates arthritis in murine models [41, 44, 46] - Spyre's anti-TL1A antibody (SPY002) meets or exceeds the efficacy of etanercept (anti-TNF) in rat models of RA [49]

Company Overview - Vertex aims to accelerate global commerce and empower businesses to transact, comply, and grow with confidence by delivering a global, best-in-class, end-to-end indirect tax platform[12, 15] - The company boasts a 95% gross retention rate and serves over 60% of the Fortune 500[17] - Vertex has demonstrated strong growth with a 33.5% cloud subscription Compound Annual Growth Rate (CAGR) from 2020 to 2024 and a 17.5% Annual Recurring Revenue (ARR) CAGR during the same period[17] - Scaled customer count, defined as those driving over $100,000 in annual revenue, grew by 69% from 2020 to 2024[17, 18] Market and Solutions - The global indirect tax revenue is $4.4 trillion, which is 3.1 times greater than corporate income tax revenue[22] - Vertex offers a comprehensive ecosystem of solutions, including determination, compliance, integration, and audit & planning applications[28, 29] - The company's tax content database includes over 1 billion tax rates and rules, updated continually, covering 20,000+ global jurisdictions and supporting 195 countries[30] Financial Performance - Vertex has shown consistent long-term revenue growth, with a 15% CAGR from 2016 to 2024[54] - Annual Recurring Revenue (ARR) has grown at a 17.5% CAGR from 2020 to 2024, reaching $603 million[59] - Cloud subscription revenue has increased at a 33.5% CAGR from 2020 to 2024, reaching $276 million[61] - Adjusted EBITDA increased from $78.4 million in 2020 to $151.9 million in 2024, with the Adjusted EBITDA margin increasing from 20.9% to 22.8% over the same period[64]

Company Overview - Par Pacific is a growing energy company focused on renewable and conventional fuels in the western United States[10] - The company has an integrated logistics network with 13 million barrels (MMbbls) of storage capacity[10] - Par Pacific's system-wide refining capacity is 219,000 barrels per day (bpd)[10, 19] - The company owns a 46% interest in Laramie Energy, a natural gas E&P company[10] - As of December 31, 2024, Par Pacific had approximately $1 billion in federal tax attributes[10] Refining Segment - Par Pacific's system-wide distillate & low sulfur fuel oil (LSFO) yield is 52%[22, 25] - The company has up to 20% system-wide exposure to Western Canadian Select (WCS) heavy crude[22] - The Hawaii refinery has a crude capacity of 94,000 bpd, Montana 63,000 bpd, Washington 42,000 bpd, and Wyoming 20,000 bpd[19] Retail & Logistics Segments - The Retail & Logistics segments' Adjusted EBITDA has been growing, reaching $81 million and $122 million respectively for the Last Twelve Months (LTM) ending March 31, 2025[39, 40] - The company has 87 retail locations in Hawaii and 32 in the Pacific Northwest[38] Capital Expenditure and Turnarounds - The company's 2024 actual capital expenditures were $209 million[44] - The company is executing approximately $90 million investment in Hawaii to produce renewable fuels[48] Financial Position - As of March 31, 2025, Par Pacific's total liquidity was $525 million[50] - As of March 31, 2025, the Term Debt / LTM Retail & Logistics Adjusted EBITDA ratio was 32x, with a target of 3-4x[55]

4D-150 Clinical Activity and Tolerability - 4D-150 demonstrates robust and durable clinical activity across all studied populations, including recently diagnosed patients with wet AMD[7] - 4D-150 exhibits a tolerability profile comparable to approved anti-VEGF agents[8] 4D-150 Injection-Free Rates in Wet AMD - In the severe wet AMD population, 44% of patients were injection-free through 52 weeks, with 48% requiring >1 injection and 8% requiring 1 injection, resulting in an 83% treatment burden reduction[13] - In the broad wet AMD population (including recently diagnosed), 70% of patients were injection-free through 52 weeks, with 20% requiring >1 injection and 10% requiring 1 injection, resulting in an 89% treatment burden reduction[16] - In the recently diagnosed wet AMD population, 87% of patients were injection-free through 52 weeks, with 13% requiring 1 injection, resulting in a 98% treatment burden reduction[19] 4D-150 Intraocular Inflammation (IOI) Profile - 4D-150 development is enabled by a favorable IOI profile, with IOI rates of 2-3%[22] 4FRONT Phase 3 Program Design - The 4FRONT Phase 3 program in treatment-naïve wet AMD is designed to maximize the probabilities of clinical, regulatory, and commercial success[10, 24, 35] - The 4FRONT-1 Phase 3 study's primary endpoint is BCVA noninferiority of 4D-150 3E10 vg/eye to Aflibercept 2mg Q8 weeks[33]

Business Overview - Solaris Energy Infrastructure has a market capitalization of approximately $1.5 billion and an enterprise value of approximately $2.0 billion[4] - The company anticipates its power solutions segment to contribute over 80% of its Adjusted EBITDA, while logistics solutions are expected to contribute less than 20%[6, 9] Growth and Expansion - Solaris expects to grow its fleet to 1.7 GW by the second half of 2027, with 71% of the pro forma fleet already contracted[10, 13] - The company has established a joint venture with a key data center customer for approximately 900 MW of power generation[18] - Additional orders for 330 MW will expand the fleet to approximately 1.7 GW by 2H 2027[13] Financial Performance and Projections - Solaris anticipates an annual Adjusted EBITDA contribution of $575-600 million pro forma for power fleet equipment deliveries[22] - The company projects a potential annual Adjusted EBITDA of $440-465 million from its 1.7 GW power solutions fleet[22] - Q1 2025 Adjusted EBITDA was $47 million, with Q2 2025 guidance between $50-55 million and Q3 2025 guidance between $55-60 million[93] Fleet Composition - The pro forma 1.7 GW fleet includes 55% of 16.5 MW units and 37% of units greater than 35 MW[52] - Approximately 67% of the 1.7 GW fleet is contracted to data centers, with 4% contracted to energy and 29% available beginning in 2H 2026[44]

Company Overview - Ryan Specialty Group (RSG) is a rapidly growing provider of specialty products and solutions for insurance brokers, agents, and carriers[11] - RSG was founded in 2010[12] - As of September 30, 2021, RSG's LTM (Last Twelve Months) revenue was $1.4 billion[12] - RSG is the 2nd largest U S P&C wholesale broker[12] Financial Performance - RSG's organic revenue growth for the period ending September 30, 2021, YTD (Year-to-Date) was 25 6%[12] - RSG's LTM total revenue growth as of September 30, 2021, was 51 6%[12] - The Adjusted EBITDAC for LTM was $442 million[49] - The Adjusted EBITDAC Margin was 32 0%[49] Market Position and Growth Strategy - 71% of RSG's premiums are placed in the attractive E&S (Excess & Surplus) market[19] - The E&S market has experienced a CAGR (Compound Annual Growth Rate) of 6 4% compared to the admitted market's CAGR of 4 0% over the past decade[21] - RSG's revenue growth with the top 100 retail brokerage firms exceeded RSG's organic revenue growth of 20% in 2020[31] - RSG has completed over 40 acquisitions since its founding[31]

Company Overview - Ryan Specialty Group (RSG) was founded in 2010 and has grown to $1 billion in revenue by 2020[12] - RSG is the 2nd largest U S P&C wholesale broker and the largest U S P&C MGU[12] - The company experienced 20% organic revenue growth in 2020[12] - Total revenue growth in 2020 was 33%[12] Market Position and Strategy - 71% of RSG's premiums are placed in the E&S market[20] - The E&S market has a Compound Annual Growth Rate (CAGR) of 6 4% compared to the admitted market's 4 0% over the past decade[23] - RSG's revenue growth with the top 100 retail brokerage firms exceeded RSG's organic revenue growth of 20% in 2020[31] - Approximately $59 million of revenue was acquired in 2019, and $240 million in 2020 through strategic acquisitions[31] Financial Performance - Adjusted EBITDAC increased from $191 million in 2019 to $294 million in 2020[40] - The Adjusted EBITDAC Margin increased from 25% in 2019 to 29% in 2020[40] - The company's revenue increased from $765 million in 2019 to $1 018 billion in 2020[40]

Targa's Value Proposition and Growth - Targa is the largest gatherer and processor in the Permian Basin, driving integrated returns through NGL pipeline transportation, fractionation, and LPG exports[9] - The company has experienced significant volume growth, with a +24% CAGR in fractionation volumes and +12% CAGR in LPG export volumes from FY 2019 to YTD 3Q24[12] - Permian natural gas inlet volumes have grown at a +25% CAGR from Q4 2019 to YTD 3Q24[16] - Targa's adjusted EBITDA has grown by +182% since 2019, driven by its integrated NGL business and strong business fundamentals[19] Financial Performance and Shareholder Returns - Management expects to recommend to Targa's Board of Directors an increase to the 2025 quarterly cash common dividend to $4.00 per share annualized for the first quarter of 2025, representing a +33% YoY increase[9, 10] - Targa has repurchased over 202 million shares since October 2020 at a weighted average price of ~$7069[19] - The company's 2024E fee-based volumes in G&P are approximately ~90%[9, 66] - Targa expects to return 40-50% of adjusted cash flow from operations across a multi-year horizon[75] Permian Basin and Infrastructure - Targa has a premier Permian asset footprint with ~88 Bcf/d gross processing capacity across 43 plants[26, 27, 80] - The company is expanding its Permian G&P footprint, with several new plants scheduled to come online between 1Q25 and 3Q26[32, 94] - Targa's Daytona NGL Pipeline has a capacity of 400 MBbl/d and was expected to be in service in 3Q24[95]