Financial Performance - Rental revenue for the three months ended June 30, 2025, was $48544 thousand[9] - Net income attributable to common stockholders for the three months ended June 30, 2025, was $8598 thousand[9] - EBITDAre for the three months ended June 30, 2025, was $37870 thousand[9] - FFO per common share - diluted was $054 for the three months ended June 30, 2025[9] - AFFO for the three months ended June 30, 2025, was $29997 thousand[9] Portfolio Metrics - The company had 136 properties as of June 30, 2025[9] - Rentable square feet was 5194 thousand as of June 30, 2025[9] - Weighted average leased rate was 992% as of June 30, 2025[9] - Triple net lease exposure was 999% as of June 30, 2025[9, 10] Debt and Liquidity - Principal debt outstanding was $581000 thousand as of June 30, 2025[11] - Net debt was $556168 thousand as of June 30, 2025[11] - Liquidity was $568832 thousand as of June 30, 2025[13]

Q2 2025 Performance Highlights - Ring Energy's Q2 2025 net production reached 21,295 Boe/d, with 68% oil and 85% liquids[7] - The company achieved a realized price of $42.63 per Boe in Q2 2025[13] - Adjusted EBITDA for Q2 2025 was $51.5 million, compared to $46.4 million in Q1 2025[13] - Adjusted Free Cash Flow (AFCF) hit a company record of $24.8 million in Q2 2025[11, 13] - Lease operating costs were reduced by 12% quarter-over-quarter to $10.45 per Boe[11, 13] - Capital expenditures decreased by 48% quarter-over-quarter to $16.8 million[11, 13] Updated Guidance and Reserves - The company updated its FY 2025E AFCF guidance to between ~$50 to ~$75 million, assuming $55 to $75 per BO WTI[11] - FY 2025 capital expenditure guidance was reduced by 36% year-over-year, while maintaining 2% year-over-year growth[11] - 2024 SEC Proved Reserves are 134 MMBoe with a PV10 of ~$1.5 billion[7] - The Lime Rock Acquisition added ~12 MMBoe with a PV10 of ~$160 million[7] Strategic Focus and Valuation - The company's leverage ratio decreased from ~40x in early 2021 to ~20x in Q2 2025[11] - The company hedged the remainder of 2025 with ~13 million BO at an average floor price of $64.87 per Bbl and FY 2026 with ~23 million BO at an average floor price of $65.44 per Bbl[11] - An analysis suggests that Ring Energy is trading at a discount, with a potential share price of $2.51 based on APA Divestiture and MNR Acquisition valuation metrics[56]

Financial Performance - Revenue decreased by 5.4% year-over-year, from $115.1 million to $108.9 million[32] - Organic revenue declined by 11% due to tariff-driven booking softness and delayed backlog conversion[15,34] - Adjusted EBITDA decreased by 8.6%, from $23.2 million to $21.2 million[32,34] - Adjusted EPS decreased by 5.3%, from $0.38 to $0.36[32] - Free cash flow was $8.3 million, a decrease of 4.6% year-over-year[36] Orders and Backlog - Orders decreased by 5.1%, from $127.2 million to $120.7 million[32,34] - Backlog increased by 27.1%, from $198.5 million to $252.2 million[32,34] - Book-to-bill ratio was 1.11x, compared to 1.10x in the previous year[32,34] Strategic Initiatives and Market Opportunities - OPEX sales accounted for 85% of total revenue[9,51] - CAPEX sales accounted for 15% of total revenue[9] - The company is targeting a net debt to adjusted EBITDA leverage ratio of 1.5x - 2.0x under normal conditions[18] - The company sees a significant opportunity in the data center market, with liquid load bank market projected to grow at a CAGR of approximately 21%[20]

Financial Performance & Strategy - APA Corporation aims to return at least 60% of free cash flow to investors through dividends and share repurchases[14] - The company initiated a long-term net debt target of $30 billion[14] - APA reduced net debt by over $850 million due to the New Mexico asset sale and progress on Egypt payments[29] - Share repurchases amounted to approximately $30 billion since year-end 2020[20] Operational Highlights - Permian Basin accounted for 75% of APA's total adjusted production[14] - Second quarter 2025 global reported production was 465078 BOE/D, with the United States contributing 289902 BOE/D and international operations producing 175176 BOE/D[28] - APA secured presidential approval for approximately 2 million acres, increasing its Egypt footprint by over 35%[29, 38] Cost Savings & Capital Efficiency - APA is accelerating controllable spend reduction targets, with realized savings of $200 million YTD 2025 and an expected YE25 run-rate of $300 million[15] - The company has reduced per-foot drilling and completion costs by over 20% since the first half of 2024 in both the Midland and Delaware Basins[33] Suriname Project - The Suriname Block 58 project is expected to generate significant free cash flow growth starting in 2028[14] - The Suriname GranMorgu project is on track for first oil in mid-2028, with an estimated recoverable resource of over 750 million barrels of oil[52, 53] Guidance - The company expects U S & U K current income tax expense of $240 million in FY25[74]

Financial Performance & Valuation - Amplify's enterprise value is \$283 million, including a market capitalization of \$153 million and net debt of \$130 million as of June 30, 2025[15] - The company's LTM Adjusted EBITDA as of 2Q25 is \$86 million, with a net debt to LTM Adjusted EBITDA ratio of 15x[15] - The implied equity value per share, based on proved reserves, shows a premium to the recent share price, with a potential premium of 147% at \$65 WTI and \$400 Henry Hub flat pricing[22] Asset Portfolio & Operations - The company's asset portfolio includes Beta, Bairoil, ETX/NLA (East Texas/North Louisiana), and Oklahoma, with a total production of 179 thousand barrels of oil equivalent per day (MBoe/d), 62% liquids, and 94 million barrels of oil equivalent (MMBoe) in proved reserves[15] - The Beta asset has approximately 17000 net acres and produced 39 MBoe/d with 100% oil, with proved reserves of 17 MMBoe[15] - East Texas/North Louisiana (ETX/NLA) has approximately 180000 net acres and produced 64 MBoe/d with 32% liquids, with proved reserves of 35 MMBoe[15] Strategy & Outlook - The company divested its non-operated Eagle Ford asset, generating \$23 million in net proceeds, and is currently undergoing a monetization process for its East Texas and Oklahoma assets[18] - Amplify is guiding for 2025 free cash flow (FCF) of \$0 - \$10 million and has reduced net debt by approximately \$60 million from year-end 2022 to 2Q25[18] - The company's legacy proved developed (PD) reserves base is expected to generate substantial free cash flow over the next ten years, with an average decline rate of approximately 5% annually through 2034[30]

Acquisitions and Financial Performance - Granite acquired Warren Paving and Papich Construction for a combined $710 million[8] - The acquisitions are expected to contribute approximately $425 million in annual revenue with an Adjusted EBITDA margin of approximately 18%[8] - Granite's Materials segment aggregate sales volumes are expected to increase approximately 27% annually due to the acquisitions[8] - Granite's aggregates reserves and resources are expected to increase by approximately 30% due to the acquisitions[8] - Q2 2025 total revenue was $1,126 million, an increase of $43 million year-over-year[34] - Adjusted EBITDA for Q2 2025 was $152 million, with an Adjusted EBITDA margin of 135%, representing a 150 basis points increase year-over-year[34] Market and Operational Highlights - Warren Paving has estimated aggregates reserves and resources of over 400 million tons[11, 14] - Papich Construction has estimated aggregates reserves and resources of over 40 million tons[21] - Mississippi and Louisiana are expected to receive a combined $30 billion in data center investments[19] Guidance and Targets - The company updated its 2025 revenue guidance to $435 billion - $455 billion[40] - The company is targeting a 65%-85% free cash flow margin in 2027[40]

Financial Performance & Strategic Objectives - GNL reduced net debt by $748 million in Q2 2025, decreasing Net Debt to Adjusted EBITDA to 66x[10] - GNL increased the low end of its AFFO per Share guidance to a new range of $092 to $096[22] - GNL reaffirms its Net Debt to Adjusted EBITDA range of 65x to 71x[22] - GNL's liquidity totaled $10 billion in Q2 2025[36] Portfolio Transformation & Leasing Activity - GNL completed the final phases of the ~$18 billion Multi-Tenant Portfolio Sale, transforming into a pure-play net-lease REIT[11] - GNL achieved 60% renewal spreads and increased occupancy to 98% across the portfolio[12] - GNL's total non-core dispositions reach over $30 billion[24] - GNL repurchased 102 million shares for a total of $77 million[13] Balance Sheet & Credit Rating - S&P upgraded GNL's corporate credit rating to BB+ from BB[12] - GNL reduced net debt by $20 billion since Q2'24[13, 29] - GNL refinanced its Revolving Credit Facility, extending weighted average debt maturity to 37 years[11, 13]

Financial Performance - Adjusted EBITDA increased by 18% from Q2 2024 to Q2 2025[6] - Adjusted EBITDA decreased by 1% from Q1 2025 to Q2 2025[12] - G&P segment operating margin increased by $15 million from Q2 2024[8] - L&T segment operating margin increased by $85 million from Q2 2024[9] - G&P segment operating margin decreased by $15 million from Q1 2025[14] - L&T segment operating margin decreased by $14 million from Q1 2025[14] - Net income attributable to Targa Resources Corp was $6291 million for the three months ended June 30, 2025[41] - Adjusted EBITDA was $11630 million for the three months ended June 30, 2025[41] Operational Performance - Permian inlet volumes increased from 969 MBbl/d in Q1 2025 to 980 MBbl/d in Q2 2025[17] - NGL Production increased from 6006 MBbl/d in Q1 2025 to 6278 MBbl/d in Q2 2025[17] Outlook - FY25 Adjusted EBITDA is estimated to be in the range of $465 billion to $485 billion[27] - Net Growth Capex is estimated to be approximately $3 billion[28] - Net Maintenance Capex is estimated to be approximately $250 million[28]

Financial Performance - The company reported a Net Income of $0.04 million and an Adjusted Net Income of $13.2 million[9] - Adjusted EBITDA reached $69 million[9] - The company declared a dividend of $0.05 per share[9] - The company's cash position is approximately $407 million[9] - Proforma Debt and lease obligations are $1,121 million[9] - Additional liquidity of $115 million is available through undrawn revolver facilities, resulting in proforma liquidity in excess of $520 million[9] - TCE per vessel was $13,624, while average daily OPEX per vessel was $4,928, and average daily net cash G&A expenses per vessel were $1,349, resulting in TCE less OPEX less G&A expenses of $7,347[8] Shareholder Value & Fleet Management - The company repurchased approximately 3.3 million SBLK shares for $54 million during Q2 2025[9] - The company sold 9 vessels with equity proceeds of approximately $82.1 million, with $50.6 million to be received in H2 2025[9] - The company renewed its Share Repurchase program of up to $100 million[9] - The company has twelve debt free vessels with an aggregate market value of $246 million[9] Eagle Bulk Integration & Cost Synergies - Over $53 million of Cumulative Cost Synergies have been achieved since closing of the Eagle Bulk transaction in April 2024[23] - Q2 2025 Synergies are around $13 million[24] Fleet & Coverage - Fleet wide coverage for Q3 2025 is 72% at a TCE of $16,326/day[59] - The company operates a fleet of 142 vessels with an average age of ~11.9 years[37] - The company expects to receive on aggregate net sale proceeds of $104 million in Q3 and Q4 2025 and make debt prepayments of approximately $18.9 million related to the sold ships[37] Dry Bulk Market - Dry bulk trade in 2025 is projected at -0.9% in tons and +0.2% ton-miles[52] - Orderbook is relatively low at ~10.8% of the fleet (~113.2 million dwt)[46] - Vessels above 15 years of age are at ~27.7% of the fleet (~291 million dwt)[46]

Company Overview - Liquidity Services operates a global commerce company powering the Circular Economy[7] - The company has over 15,000 trusted clients worldwide and has completed over 1 million transactions annually in 100+ countries[14] - Liquidity Services has completed over $10 billion in transactions[14] Financial Performance - Q3 Fiscal Year 2025 Gross Merchandise Volume (GMV) reached $413 million[63] - Q3 Fiscal Year 2025 Revenue reached $120 million[65] - Q3 Fiscal Year 2025 Non-GAAP Adjusted EBITDA reached $17 million[68] Segment Performance - GovDeals segment GMV for Q3 Fiscal Year 2025 was $252.3 million[41] - RSCG segment GMV for Q3 Fiscal Year 2025 was $102.6 million[47] - CAG segment GMV for Q3 Fiscal Year 2025 was $58.2 million[53] - Machinio segment revenue for Q3 Fiscal Year 2025 was $4.4 million[57] Marketplace Growth - AllSurplus marketplace saw an 18% increase in buyer registrations in Q3 Fiscal Year 2025[38] - GovDeals marketplace saw a 19% increase in buyer registrations, a 22% increase in auction participants, and a 15% increase in completed transactions in Q3 Fiscal Year 2025[38] - Liquidationcom marketplace saw a 2% increase in buyer registrations in Q3 Fiscal Year 2025[38]