Financial Performance - Revenue for the second quarter of 2025 reached $172.3 million, an increase of 8.8% year-over-year[13] - Net loss for the second quarter was $(11.0) million, a 99.3% change year-over-year[13] - Adjusted EBITDA for the second quarter was $1.5 million, representing a 1.0% increase year-over-year[13] - Year-to-date revenue totaled $317.3 million, up 10.4% compared to the previous year[14] - Year-to-date net loss was $(15.5) million, a (0.4)% change year-over-year[14] - Year-to-date Adjusted EBITDA was $(7.3) million, a 15.7% increase year-over-year[14] Operational Highlights - Sales volume for the second quarter reached $12.3 billion, a 29.9% increase year-over-year[13] - Transaction closings for the second quarter totaled 2,070, up 15.0% year-over-year[13] - The number of investment sales and financing professionals as of June 30, 2025, was 1,640, a decrease of (5.0)% year-over-year[13] Market Trends - Private investors dominate the U S commercial real estate market, accounting for 59% of dollar volume[34] - Transactions in the $1 million to <$10 million range constitute 66% of the total[16]

Financial Performance - Record sales of $304 million and record adjusted EBITDA of $132.5 million were achieved in Q2 2025[22] - Net leverage ratio improved to 07x from 15x in the prior quarter[22] - The company generated $1618 million in cash from operations and a record quarterly free cash flow of $1038 million[22] - Silver accounted for 41% of Q2 2025 revenues, which totaled $297 million[33] - The Q2 silver margin was 85% of the silver price[35] Operational Highlights - 45 million ounces of silver and 45895 ounces of gold were produced in Q2 2025[22] - The silver cash cost was ($546)/oz and AISC was $519/oz, both after by-product credits[22] - Casa Berardi unit costs decreased by over $600/oz from the prior quarter[22] - Lucky Friday achieved a new quarterly milling record of 114475 tons[22] Keno Hill Strategic Shift - Keno Hill is maintained as a core portfolio asset, meeting investment hurdle rates at $25/oz silver[11] - The revised production target for Keno Hill is 440 tons per day (TPD), down from the original 550-600 TPD baseline[12] - At the 440 TPD production target, robust positive free cash flow is expected[11]

Portfolio & Strategy - Orion Properties is shifting its focus to properties with specialized use components, targeting sectors like government, medical, laboratory, and R&D facilities[7, 30] - The company aims to reduce exposure to traditional office properties and recycle capital into dedicated use assets[7, 26] - Orion seeks to increase exposure to creditworthy tenants on long net leases to reduce portfolio income volatility[26] - As of June 30, 2025, the portfolio consists of 66 operating properties and 6 Arch Street Joint Venture properties, totaling 7,780,000 rentable square feet with 77.4% occupancy[34] - The portfolio's annualized base rent (ABR) is $118,884,000, with an average of $15.28 per rentable square foot[34] - 68.5% of the ABR comes from investment-grade tenants, and the weighted average remaining lease term is 5.5 years[34] Diversification & Leasing - The top 10 tenants account for 56.0% of the ABR[39] - The portfolio is diversified across industries, with Government & Public Services being the largest at 16.8% of ABR[38] - The largest geographic concentration is in Texas, accounting for 17.4% of ABR[41] - In 2025, Orion completed 639,000 square feet of lease renewals and new leases across nine properties, with a weighted average lease term of 6.4 years[53] Balance Sheet - As of June 30, 2025, Orion Properties had $257,700,000 in liquidity, including $17,700,000 in cash and $240,000,000 available on the credit facility revolver[53]

Strategic Transaction & Company Overview - Pershing Square invested $900 million in HHH, purchasing 9 million newly issued shares at $100 per share, representing a 48% premium[12] - Pershing Square's beneficial ownership increased to approximately 469%, with voting power capped at 40% and beneficial ownership limited to 47%[12] - Howard Hughes is transforming into a diversified holding company seeking controlling stakes in high-quality, durable growth companies while continuing to invest and grow the core real estate development business[12] - Howard Hughes has 34,000 acres of raw land[16] Financial Performance - The company's 2024 Master Planned Communities (MPC) Earnings Before Tax (EBT) was $349 million[18] - The company's 2024 Adjusted Condo Gross Profit was $211 million[20] - The company's 2024 Operating Assets Net Operating Income (NOI) was $257 million[23] - The company's Adjusted Operating Cash Flow for 2025 is projected to be $410 million[42] Operating Assets - Operating Assets In-Place NOI is $265 million with $353 million expected at stabilization[100]

Financial Performance & Outlook - The company reported record revenue of $3.8 million and Total Revenue, Land Agreement Proceeds and Interest of $4.4 million (1,249 GEOs)[22] - Adjusted EBITDA reached a record $2.4 million[22] - The company reiterates its 2025 guidance for total GEOs to be between 5,700 and 7,000[23] - The company forecasts peer-leading growth of over 360% in the next five years, with GEOs expected to increase to between 23,000 and 28,000 in 2029[23] Key Growth Assets & Catalysts - Côté Gold is operating at a steady-state nameplate throughput rate of 36,000 tons per day as of July 2025, ahead of the Q4 2025 target[24] - Production from Côté Gold is expected to approximately double in 2025 to 360,000-400,000 ounces of gold (100% basis)[24] - Borborema achieved initial production in Q1 2025, with commercial production expected in Q3 2025, and is expected to reach between 40% and 48% of designed nominal capacity in 2025, equivalent to an annualized rate of 83,000 ounces of gold[24] - Vareš is expected to ramp up to an 800ktpa run rate during H2 2025, with fully funded growth to 1.0Mtpa expected in 2026 and expansion to 1.3Mtpa expected in 2027, representing a total throughput increase of 63%[24] Valuation & Investment - The company's valuation is attractive, with significant potential for growth and re-rating[33] - The company offers a quality portfolio of Tier 1 royalties and an experienced management team[35]

Financial Performance - Sales for Q2 2025 were $106.5 million, compared to $99.6 million in Q2 2024[10] - Net income attributable to Rayonier Inc was $408.7 million in Q2 2025, compared to $1.9 million in Q2 2024[10] - Adjusted EBITDA for Q2 2025 was $44.9 million, compared to $33.3 million in Q2 2024[10] - Cash Available for Distribution (CAD) for the six months ended June 30, 2025, was $46.7 million, compared to $38.4 million for the same period in 2024[10] Segment Performance - Southern Timber operating income for Q2 2025 was $12.6 million, compared to $17.1 million in Q2 2024[12] - Pacific Northwest Timber operating income for Q2 2025 was $1.6 million, compared to a loss of $1.5 million in Q2 2024[12] - Real Estate operating income for Q2 2025 was $9.8 million, compared to $0.5 million in Q2 2024[12] - Southern Timber YTD Adjusted EBITDA was $55.4 million, compared to $78.7 million in the same period of 2024[15] - Pacific Northwest Timber YTD Adjusted EBITDA was $13.3 million, compared to $10.6 million in the same period of 2024[15] - Real Estate YTD Adjusted EBITDA was $20.6 million, compared to $9.1 million in the same period of 2024[15] Discontinued Operations - The company sold its 77% New Zealand joint venture interest on June 30, 2025, which is reflected as discontinued operations[10] - Total sales from discontinued operations for the six months ended June 30, 2025, were $109.3 million[40] - Income from discontinued operations for the six months ended June 30, 2025, was $406.3 million, including a gain on sale of $404.4 million[40]

Financial Performance - Net sales decreased to $4001 million in Q2 2025 from $4326 million in Q2 2024[6] - Adjusted EPS decreased to $075 per diluted share in Q2 2025 from $102 per diluted share in Q2 2024[6] - EBITDA decreased to $352 million in Q2 2025 from $394 million in Q2 2024[6] - Gross margin expanded to 170% in Q2 2025 from 168% in Q1 2025[5] Segment Performance - Supply Technologies net sales decreased to $187 million in Q2 2025 from $203 million in Q2 2024, with adjusted operating income decreasing to $167 million from $192 million[8,9] - Assembly Components net sales decreased to $95 million in Q2 2025 from $103 million in Q2 2024, with adjusted operating income decreasing to $61 million from $69 million[12,14] - Engineered Products net sales decreased to $118 million in Q2 2025 from $127 million in Q2 2024, with adjusted operating income decreasing to $64 million from $73 million[17,18] Backlog and Bookings - Engineered Products backlog increased by 19% to $172 million at June 30, 2025, from $145 million at year-end[5,19] - Record quarterly bookings of new capital equipment totaled $85 million, including a $47 million order in the Engineered Products segment[5] Outlook - The recent refinancing is expected to reduce Adjusted EPS by approximately $020 per diluted share[20] - Full-year 2025 net sales are expected to be between $1620 billion and $1650 billion[20] - Full-year 2025 Adjusted EPS is expected to be between $290 and $320 per diluted share[21] - Free cash flow is expected to improve from FY2024 and approximate $20 million to $30 million in FY2025[21]

Financial Performance - Total net service revenue increased by 2.1% year-over-year to $266.1 million in Q2 2025[20] - Hospice net service revenue increased significantly by 19.4% year-over-year to $60.2 million[20] - Net income attributable to Enhabit, Inc was $5.2 million, a substantial increase compared to a loss of $0.2 million in Q2 2024[19, 20] - Adjusted EBITDA increased by 6.7% year-over-year to $26.9 million, with an Adjusted EBITDA margin of 10.1%[19, 20] - Home health net service revenue decreased by 2.0% year-over-year to $205.9 million[19, 20] Operational Metrics - Home Health non-Medicare admissions increased by 5.2% year-over-year[18, 63] - Hospice average daily census (ADC) grew by 12.3% year-over-year[18, 40] - Home Health Medicare ADC decreased by 3.4% compared to a 14.1% decline in the corresponding 2024 period[28] Debt and Liquidity - Bank debt was reduced by $10.0 million in Q2 2025, and is $70.0 million lower than Q1 2024[19] - Total debt decreased from $515.4 million at the end of 2024 to $479.3 million as of June 30, 2025[53] - Available liquidity was $113.5 million as of June 30, 2025[53, 55] Guidance - Updated 2025 net service revenue guidance to $1.06 billion to $1.073 billion[56]

Financial Performance - Western Midstream Partners (WES) achieved a record quarterly Adjusted EBITDA of $618 million, a 4% increase quarter-over-quarter[13] - Operating cash flow was $564 million in the second quarter of 2025[20] - Free cash flow for the second quarter of 2025 was $3884 million[20] - Cash distributions paid in the second quarter of 2025 were $35534 million[20] - Net income for the second quarter of 2025 was $334 million[21] Operational Performance - Total natural gas throughput was 54 Bcf/d, a 3% increase quarter-over-quarter[13] - Total crude oil and NGLs throughput was 543 MBbls/d, a 6% increase quarter-over-quarter[13] - Total produced water throughput was 1242 MBbls/d[13] Strategic Growth - WES sanctioned a new 300 MMcf/d cryogenic processing train at the North Loving plant in the Delaware Basin, expected to be in service by the second quarter of 2027[13, 17] - The company is constructing the Pathfinder Pipeline, an ~800 MBbls/d produced-water transportation pipeline, expected to be in service by the first quarter of 2027, with ~85% of the total project capex to be spent in 2026[17] Ownership Structure - Occidental owns 447% of Western Midstream Partners, LP, while public unitholders own 553%[8] - The market capitalization of Western Midstream Partners, LP is approximately $15 billion[8]

Financial Performance - The company's net asset value per share decreased slightly to $15.03, compared to $15.14 as of March 31, 2025 [2] - Adjusted net investment income per share increased to $0.4030, up from $0.3930 as of March 31, 2025 [2] - Adjusted net income per share decreased to $0.2730, down from $0.3230 as of March 31, 2025 [2] - The company declared a Q2 2025 total dividend per share of $0.39, resulting in an annualized dividend yield of 10.4% [2] Portfolio Composition and Activity - The total portfolio at fair value was $16.9 billion, compared to $17.7 billion as of March 31, 2025, comprising 233 portfolio companies compared to 236 as of March 31, 2025 [2] - New investment commitments (net of sell downs) amounted to $1.1 billion, while net fundings were ($1.0) billion [2] - Investments on non-accrual represent 1.6% and 0.7% of total portfolio at cost and fair value, respectively [2] - Senior secured investments represent 81% of the portfolio, with 76% being first lien investments and 98% being floating rate debt investments [5, 12] Balance Sheet and Liquidity - The company has $4.1 billion of liquidity in cash and undrawn debt [2] - Debt to equity ratio decreased to 1.17x, down from 1.26x as of March 31, 2025 [2] - Unsecured debt comprises 59% of the debt funding mix [2, 30]