Financial Performance - Gray Media's 2Q25 total revenue exceeded guidance, reaching $772 million [9] - Core advertising revenue for 2Q25 was $361 million, a 3% decline [9] - Retransmission revenue for 2Q25 was $369 million, aligning with guidance [9] - Adjusted EBITDA for the six months ending June 30, 2025, was $329 million [11] - The company reduced debt principal by $22 million in 2Q25 [12] Debt and Leverage - As of 2Q25, Gray Media's leverage ratio was 560x [12] - First lien leverage ratio at 2Q25 was 299x [12] - Total outstanding principal secured by a first lien as of June 30, 2025, was $3112 billion [15] - Adjusted Total Indebtedness was $5460 billion as of June 30, 2025 [15] Strategic Initiatives - Gray Media is focused on a multi-pronged deleveraging approach, including refinancing and debt reduction [21] - The company issued 9625% 2L Secured Notes to extend portfolio duration and reduce 1L leverage [23]

Q2 2025 Performance Highlights - VAALCO reported strong operational results, exceeding high-end guidance with NRI production of 16,956 BOEPD and NRI sales of 19,393 BOEPD[9] - The company generated solid financial results, including net income of $84 million ($008 per diluted share) and adjusted EBITDAX of $499 million[9] - VAALCO reiterated its full-year 2025 guidance, which included reductions to capital expenditures through delaying Canada drilling and discretionary capital[10] Financial Position and Shareholder Returns - VAALCO's cash at the end of Q2 2025 was $68 million, with $127 million available under the credit facility[24] - The company has returned over ~$100 million to shareholders through dividends and share buybacks since 2022[9] - The current dividend yield is about ~7%[9] Operational Updates and Strategy - The MV-10 FPSO refurbishment project is progressing ahead of schedule, supporting a 2026 deployment timeline[10] - VAALCO secured a drilling rig for the 2026 development campaign following the FPSO return to service[10] - The company strategically expands its diversified African-focused portfolio, building scale and diversification with a full-cycle, low-risk, high-return portfolio[11] Asset-Specific Information - Gabon's WI production was 8,563 BOEPD in Q2 2025, with ~94% operational production uptime in 2025 through June[41, 43] - Egypt's WI production was 10,929 BOEPD in Q2 2025, with continued drilling program in 2025 and 10 wells completed in the first half of the year[48] - Canada's WI production was 2,162 BOEPD in Q2 2025, with a shift towards longer laterals to enhance returns[50]

Financial Performance - Total investment income for Q2 2025 was $12.63 million, compared to $12.1 million in Q1 2025 and $16.337 million in Q2 2024[11] - Core investment income for Q2 2025 was $12.63 million, compared to $12.102 million in Q1 2025 and $16.225 million in Q2 2024[11] - Net investment income (NII) for Q2 2025 was $4.6 million ($0.50 per share), compared to $4.34 million ($0.47 per share) for Q1 2025 and $6.477 million ($0.70 per share) for Q2 2024[11] - Net asset value (NAV) as of June 30, 2025, was $164.7 million ($17.89 per share), compared to $173.5 million ($18.85 per share) for Q1 2025[11] Portfolio Composition and Activity - Investment portfolio at fair value as of June 30, 2025, was $395.109 million, comprised of 96 different portfolio companies[11] - Deployments of approximately $10.9 million and repayments and sales of approximately $17.0 million, resulting in net repayments and sales of approximately $6.1 million[11] - Debt investments on non-accrual, as of June 30, 2025, were six, representing 2.1% of the Company's investment portfolio at fair value and 4.8% at amortized cost[11] - Weighted average annualized yield, excluding income from non-accruals and collateralized loan obligations, was approximately 10.7% as of June 30, 2025[11] Capital Structure and Distributions - Par value of outstanding borrowings, as of June 30, 2025, was $255.4 million, with an asset coverage ratio of total assets to total borrowings of 165%[11] - Declared a regular quarterly base distribution of $0.47 per share of common stock, and a supplemental cash distribution of $0.02 per share of common stock[11] Recent Developments - The company announced the closing of the merger with Logan Ridge Finance Corporation on July 15, 2025, with the combined company having total assets in excess of $600 million based on July 11, 2025, financial data[9]

Company Overview and Strategy - Main Street Capital Corporation (MAIN) focuses on Lower Middle Market (LMM) debt and equity investments and has an asset management business[7] - The company manages over $8.4 billion in capital, with over $6.5 billion managed internally and approximately $1.9 billion managed for external parties[8] - MAIN aims to provide sustainable growth in recurring monthly dividends, supplemental dividends, and long-term capital appreciation to shareholders[9] Dividend and NAV Growth - Monthly dividends have increased by 132% from $0.33 per share in Q4 2007 to $0.765 per share for Q4 2025[12, 16] - Supplemental dividends of $1.20 per share were paid or declared during the last twelve months[12] - Net Asset Value (NAV) has grown by $19.45 per share (or 151%) since 2007[14, 16] Investment Portfolio - The total investment portfolio is diversified, with approximately 52% in LMM investments and 38% in Private Loan investments[50] - The LMM portfolio has 88 companies with $2.7 billion in fair value, with debt yielding 12.8% and an average equity ownership of 38%[62, 63] - The Private Loan portfolio consists of 87 investments with $1.9 billion in fair value, yielding 11.4%[81, 82] Financial Performance - Total investment income for the year-to-date 2025 is $541 million[93] - Distributable Net Investment Income (DNII) for the year-to-date 2025 is $281 million[93] - DNII per share for Q2 2025 is $1.06[104] Capital Structure and Liquidity - The company has total SBIC debentures regulatory financing capacity of $350 million[12, 35] - Total liquidity is $1.351 billion, including cash and availability under credit facilities[108] - 79% of MAIN's outstanding debt obligations have fixed interest rates[118]

Financial Performance - Q2 2025 - Revenue decreased slightly by 0.5% to $35.5 million compared to $35.7 million in Q2 2024[5] - Adjusted net revenue increased by 5.8% to $18.6 million from $17.6 million in Q2 2024[5] - SG&A expenses increased by 2.7% to $17.3 million compared to $16.9 million in Q2 2024[5] - Adjusted EBITDA increased significantly by 76.6% to $1.3 million from $0.7 million in Q2 2024[5] - Net loss increased by 56.3% to $(0.7) million from $(0.4) million in Q2 2024[5] Financial Performance - YTD Q2 2025 - Revenue decreased by 3.2% to $67.4 million compared to $69.6 million in YTD Q2 2024[8] - Adjusted net revenue increased by 3.2% to $35.0 million from $33.9 million in YTD Q2 2024[8] - SG&A expenses decreased by 1.0% to $34.4 million compared to $34.7 million in YTD Q2 2024[8] - Adjusted EBITDA increased significantly by 181.4% to $0.6 million from $(0.8) million in YTD Q2 2024[8] - Net loss decreased by 26.8% to $(2.4) million from $(3.3) million in YTD Q2 2024[8] Regional Performance - Q2 2025 - Americas revenue increased by 2.4% to $7.1 million[11] - Asia Pacific revenue decreased by 4.8% to $21.6 million, but adjusted net revenue increased by 15.9% to $8.8 million[14] - EMEA revenue increased by 12.2% to $6.8 million, but adjusted net revenue decreased by 4.0% to $3.5 million[17]

Company Overview - As of June 30, 2025, the company owns 94 properties with 20,982 hotel rooms[3] - The company's market capitalization is $1.1 billion, with a total enterprise value (TEV) of $3.3 billion and total capitalization of $3.7 billion[3] - The share price is $7.28 with 151.2 million total shares and units outstanding[3] - The company has $0.3 billion in preferred equity and $1.9 billion in net debt outstanding[3] Debt Maturity - 31% of the company's debt, amounting to $181 million, is maturing in 2025[6] - 10% of the company's debt, amounting to $25 million, is maturing in 2026[6] - 46% of the company's debt, amounting to $225 million, is maturing in 2027[6] - Total debt outstanding is $2.2 billion[6] Financial Performance (Q2 2025) - Total revenue for comparable hotels is $363.085 million[8] - Comparable Hotel EBITDA is $113.023 million with a 31.1% margin[8] - Occupancy is 75.5% with an Average Daily Rate (ADR) of $205.27 and Room Revenue per Available Room (RevPAR) of $155.08[8] Financial Performance (Q2 2025 TTM) - Comparable Hotel EBITDA is $389.3 million[10, 15] - Net income is $58.0 million[15] - EBITDA is $340.7 million[15] - Adjusted EBITDA is $354.7 million[15]

Financial Performance - Q2 2025 - Net sales reached $540 million[17] - Adjusted EBITDA was $26 million[17] - Orders totaled $454 million[17] - Non-new machine sales increased by 10% year-over-year, reaching $162 million[13] Market Conditions - North America is experiencing a market on hold due to tariff-related uncertainty, but with high fleet utilization and declining dealer inventory[20] - Asia Pacific is seeing prolonged weakness in China, but improving sentiment in South Korea and mixed results in Australia[20] - Europe has varying market sentiment depending on the country, with new government stimulus programs and increasing residential permits[20] - The Middle East shows robust market demand driven by major residential, data center, and stadium project activity[20] Full Year 2025 Guidance - Net sales are projected to be between $2.175 billion and $2.275 billion[47] - Adjusted EBITDA is expected to be between $120 million and $145 million[47] - Capital expenditures are estimated at $47 million, with $23 million related to the rental fleet[47] - Adjusted free cash flows are projected to be between $55 million and $85 million, excluding EPA payment[47]

Financial Performance - Net revenues reached Ps 174511 million, down 80% (US$ 149 million)[12] - Adjusted EBITDA stood at Ps 37005 million, down 306% (US$ 34 million)[12] - Consolidated Adjusted EBITDA margin reached 212%, with a contraction of 691 bps YoY from 281%[11] - Net Profit Attributable to Owners of the Company in 2Q25 was Ps 04 billion, down from Ps 41309 million in 2Q24[36] - Consolidated Gross Profit declined 305% year-over-year, while margin contracted by 659 basis points to 204%[28] Volumes and Sales - Cement business dispatches continue its recovery, growing 11% YoY[9] - Total Net Revenues decreased by 80% year-over-year[22] - Concrete sales volumes improved by 440% year-over-year[22] - Aggregates sales volumes increased by 341% year-over-year[22] Balance Sheet - Balance sheet remains solid, with Net Debt of US$ 215 million, representing a Net Debt/LTM Adjusted EBITDA ratio of 134x[11] - Cash position and Investments of Ps 159 billion and total debt at Ps 2721 billion as of end of 2Q25[37] - Successful US$1129 million Class 5 bond issuance in July to refinance short-term debt, extending average duration and preserving a balanced maturity profile[11]

Financial Performance - Underlying net income reached $1,015 million, a 2% increase compared to Q2 2024[11] - Reported net income increased by 11% to $716 million[11] - Underlying EPS grew by 4% to $1.79, while reported EPS increased by 14% to $1.26[11] - New business CSM remained flat at $435 million[11] - Total CSM increased by 9% to $137 billion[11] Growth & Sales - Asset management net flows & net wealth sales increased by $47 billion to $(149) billion[23] - Group - Health & Protection sales increased by 8% to $535 million[11] - Individual - Protection sales increased by 15% to $863 million[11] - Total AUM increased by 5% to $1541 billion[23] Financial Strength - SLF Inc's LICAT ratio increased by 2 percentage points to 151%[25] - The financial leverage ratio increased by 03 percentage points to 204%[23] Business Segment Performance - SLC Management's fee-related earnings increased by 37% to $89 million[33] - Asia's underlying net income increased by 13% to $206 million[43]

Load Growth Opportunities - Alliant Energy anticipates a greater than 30% increase in projected demand by 2030, using a 2024 base of approximately 6 GW maximum demand[7] - The company has contracted peak demand of +2.1 GW, representing potential load served through a combination of existing or new resources, short-term market purchases, and/or load flexibility[6,9] - Alliant Energy projects electric sales growth at a CAGR of 9-10% from 2025-2030[6] Tax Credits and Financing - Alliant Energy expects approximately $350 million of tax credits to be generated and transferred in 2025[26] - The company anticipates generating $1.5 billion in transferable tax credits through 2028, as projects are either already in service or safe harbored[10,13] - Alliant Energy plans to issue approximately $725 million in debt for AE Finance/Parent, $400 million for IPL, and $300 million for WPL in 2025[26] Regulatory and Financial Performance - Alliant Energy reaffirms its 2025 EPS guidance range of $3.15 - $3.25[23] - Q2 2025 earnings per share (EPS) were $0.68, compared to $0.57 ongoing earnings per share in Q2 2024[20] - The company plans approximately 800 MW of energy storage in service by 2027 and aims to safe harbor 100% of approximately 1,200 MW of new wind capacity[12]