Second Quarter 2025 Results August 7, 2025 1 Safe Harbor Statements Cautionary Note Regarding Forward-Looking Statements The information presented herein includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Vistra Corp. ("Vistra") operates and beliefs of and assumptions made by Vistra's management, involve risk ...

Q2 2025 Investor Presentation August 7, 2025 Use of Data Industry and market data used in this Presentation have been obtained from third-party industry publications and sources, as well as from research reports prepared for other purposes. Redwire has not independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. This data is subject to change. Statements other than historical facts, including, but not limited to, those concerning market condit ...

Company Overview - Chicago Atlantic is a commercial mortgage REIT and lender focused on state-licensed cannabis operators[11] - The company has closed over 100 cannabis loans across its platform[9] - Since its inception in 2019, the origination team has closed over $28 billion in credit facilities, with $22 billion to cannabis operators[11] - The company is evaluating a near-term pipeline of approximately $650 million in potential loans[9] Portfolio Highlights - The outstanding loan principal is $4219 million with a gross portfolio yield of 168%[9] - The real estate collateral coverage in the current portfolio is 12x[9] - The top 10 loans account for 616% of the total principal outstanding[28] - Floating-rate loans constitute 407% of the portfolio, while fixed-rate loans make up 593%[29] Financial Performance - For the three months ended June 30, 2025, net income was $887 million, or $042 per basic share[75] - Distributable Earnings for the quarter were $1085 million, or $052 per basic share[76] - The company's total assets as of June 30, 2025, were $4552 million[71] Market Opportunity - The U S cannabis industry is estimated to reach $35 billion in retail revenue in 2025 and is projected to grow to $69 billion by 2031[55] - Chicago Atlantic estimates the current value of the U S cannabis debt market to be $12 billion, with the company holding approximately 18% market share[57] - Assuming the company maintains its 18% debt market share, the private credit opportunity could grow to over $4 billion by 2031[58]

Financial Performance - Net investment income per share was $008 in Q2 2025, compared to $013 in Q2 2024[7] - Distributions declared and paid were $0105 per share for each quarter from Q2 2024 to Q2 2025[7] - Net asset value was $206 per share at the end of Q2 2025, a decrease from $243 in Q2 2024[7] - Total fair value of investments was $2415 million in Q2 2025, down from $2521 million in Q2 2024[7] - Net assets were $1574 million in Q2 2025, compared to $1524 million in Q2 2024[7] Portfolio Composition and Activity - New investments were $0 million in Q2 2025, a significant decrease from $288 million in Q2 2024[9] - The portfolio consisted of 50% first-lien secured debt, 11% second-lien secured debt, 37% CLO equity, and 2% other investments as of Q2 2025[9] - The weighted average yield of total investments at current cost was 116% in Q2 2025, compared to 118% in Q2 2024[9] - 608% of the company's investments are in senior secured debt[22] Debt and Non-Accrual Status - Principal amount of debt outstanding was $1153 million in Q2 2025[7] - Total non-accrual investments at fair value were $50 million in Q2 2025[28]

Financial Performance - Adjusted EBITDA for Q2 2025 was $243 million[8] - Free Cash Flow for Q2 2025 was $8 million[8] - Capital Expenditures for Q2 2025 were $126 million[8] - Leverage Ratio stood at 3.6x[8] - Midstream Logistics Adjusted EBITDA for Q2 2025 was $151 million, a 3% year-over-year increase, benefiting from an 11% year-over-year processed gas volume growth[12] - Pipeline Transportation Adjusted EBITDA for Q2 2025 was $97 million, a 3% year-over-year increase, benefiting from EPIC Crude ownership and PHP/Kinetik NGL outperformance[15] Guidance and Outlook - FY 2025 Adjusted EBITDA Guidance updated to a range of $1.03 billion to $1.09 billion[9] - FY 2025 Capital Guidance narrowed to a range of $460 million to $530 million[9] - The company maintains ~$1.2 billion annualized 4Q25E Adjusted EBITDA[23] Strategic Initiatives - The company repurchased $173 million of Class A common stock year-to-date, with $73 million repurchased in Q2 2025[9] - Commissioning at Kings Landing is underway, with full commercial in-service expected in late September 2025[9] - Construction began on the ECCC Pipeline, with expected in-service in the first half of 2026[9]

Financial Performance - The Interactive segment achieved record quarterly gaming revenue, leading to strong year-over-year improvements in Adjusted Revenue and Adjusted EBITDA[7, 32] - Q2 2025 Adjusted Revenue for the Interactive segment was $178 million, a $28 million increase year-over-year[33] - Q2 2025 Adjusted EBITDA for the Interactive segment improved by $41 million year-over-year[33] - For the first half of 2025, Adjusted Revenue for the Interactive segment was $340 million, a $99 million increase year-over-year[33] - For the first half of 2025, Adjusted EBITDA for the Interactive segment improved by $148 million year-over-year[33] - The company repurchased $115 million of shares year-to-date and aims to repurchase at least $350 million of shares this year[7] Retail Business - The total retail portfolio experienced a 1% revenue growth year-over-year in Q2[9] - Excluding new supply markets, the retail portfolio saw a 4% revenue growth year-over-year in Q2[9] Interactive Segment - Standalone iCasino incrementality is at 73%[39] - Q2 North America iCasino saw a 29% NGR growth year-over-year[39] - Q2 North America iCasino saw a 49% MAU growth year-over-year[39]

Financial Performance - The company reported Q2 2025 earnings per share (EPS) of $0.33 and adjusted EPS of $0.26[17] - The company's cash and cash equivalents stood at $522 million as of June 30, 2025, with total liquidity of $922 million[17] - The company returned $27 million to shareholders through buybacks in Q2 2025, an 80% increase from the previous quarter[17] - H1 2025 shareholder returns included $20.6 million in dividends and $42.0 million in buybacks[17] Production and Costs - Q2 2025 consolidated gold production was 63,311 ounces, and copper production was 12.4 million pounds[17] - Gold production costs were $1,308 per ounce, and all-in sustaining costs (AISC) on a by-product basis were $1,652 per ounce[17] - Mount Milligan produced 35,058 ounces of gold and 12.4 million pounds of copper in Q2 2025[30] - Öksüt Mine produced 28,253 ounces of gold in Q2 2025[37] Goldfield Project - The Goldfield project is expected to yield $245 million after-tax NPV5% and a 30% IRR based on a gold price of $2,500 per ounce[18] - The Goldfield project has an initial capital cost of $252 million[24] - The Goldfield project is expected to have an average annual production of 100,000 ounces of gold in peak years (2029-2032), with an AISC of $1,392 per ounce[24] Thompson Creek Restart - Q2 2025 non-sustaining capital expenditures for the Thompson Creek restart were $27 million, bringing the total since the restart decision to $82 million[45] - The company anticipates total initial capital estimates of $397 million for the Thompson Creek restart[45]

Financial Performance Highlights - Net income decreased by 32% to $23 million in Q2'25 compared to $33 million in Q2'24, and decreased by 72% to $06 million YTD compared to $20 million YTD, largely due to professional fees related to a transaction and lower net interest income [6] - Pro rata NOI increased by 7% to $191 million in Q2'25 compared to $178 million in Q2'24, and increased by 5% to $97 million YTD compared to $92 million YTD [6] - Pro rata revenue increased to $13997 million in Q2'25 from $13309 million in Q2'24, and increased to $27426 million YTD in 2025 from $26127 million YTD in 2024 [8] Segment Performance - Multifamily segment pro rata NOI increased by 1% to $4737 million in Q2'25 compared to Q2 2024, and increased by 2% to $9367 million YTD compared to YTD 2024, primarily due to improved occupancy at The Verge and Dock 79 [6, 11, 12] - Industrial and Commercial segment NOI decreased by 15% to $1010 million in Q2'25 compared to Q2 2024, and decreased to $2149 million YTD compared to YTD 2024, primarily due to an eviction and lease expirations [6, 15, 16] - Mining Royalty Lands segment NOI increased by 21% to $3665 million in Q2'25 compared to Q2 2024, and increased by 20% to $6949 million YTD compared to YTD 2024, primarily due to a reduction in royalty payments in the prior year [6, 21] Development and Strategic Initiatives - Amended the Company's Credit Agreement with Wells Fargo, establishing a five-year, $50 million revolver at SOFR + 225% [6] - Entered a JV with Strategic Real Estate Partners to develop 377892 square feet of industrial space in Lake County, FL [6] - Development activity continues with construction started on Lakeland, FL (200000 sq ft warehouse), Davie, FL (182000 sq ft warehouse redevelopment), and "Woven" – Greenville, SC (214 multifamily units and 14000 retail sq ft multifamily development) in Q2 '25 [10, 27]

Q2 2025 Performance - Record sales, operating income, and EPS were achieved in Q2 2025[5] - Organic sales increased by 6% due to favorable pricing, pull-forward demand, and incremental volume[5] - The adjusted operating margin reached a record of 21.6%, representing an expansion of 280 bps[5] - Adjusted EBITDA was $153 million, a 22% increase[13] - Adjusted EPS increased by 26% to $3.09[14] Segment Performance - Americas experienced a 10% increase in organic sales, with acquisitions adding $7 million[18] - Europe saw an 8% decrease in organic sales, but benefited from a $6 million FX benefit[18] - APMEA experienced a 1% decrease in organic sales due to project timing in China[18] Financial Position - Free cash flow was $105 million, a 12% decrease compared to the previous year[15] - The net debt to capitalization ratio was negative 10%[18] - Net leverage was negative 0.4x[18] 2025 Outlook - The full-year reported sales growth outlook was raised to between +2% and +5%[19] - The full-year organic sales growth outlook was raised to between flat and +3%[19] - The full-year adjusted EBITDA margin outlook was raised to between 20.7% and 21.3%[19]

Q2 2025 Financial Performance - Revenue decreased by 7% year-over-year, from $2.4 billion in Q2 2024 to $2.2 billion in Q2 2025, driven by lower fleet and pricing[10] - RPU decreased by 2% year-over-year, from $1,425 in Q2 2024 to $1,400 in Q2 2025, but was flat excluding fleet mix impact[10] - RPD decreased by 5% year-over-year, from $58.80 in Q2 2024 to $55.65 in Q2 2025, driven by market pricing and fleet mix shift[10] - DPU decreased significantly by 58% year-over-year, from $595 in Q2 2024 to $251 in Q2 2025, exceeding the North Star target by 16%[10] - Adjusted Corporate EBITDA improved from $(460) million in Q2 2024 to $1 million in Q2 2025, driven by lower vehicle depreciation and DOE[10] - Adjusted Free Cash Flow increased from $(553) million in Q2 2024 to $327 million in Q2 2025, driven by profitability improvement and increased vehicle funding advance rates[10] Operational Metrics - Transaction Days decreased by 3% year-over-year, from 39.7 million in Q2 2024 to 38.7 million in Q2 2025, reflecting strategic fleet reduction[10] - Average Fleet decreased by 6% year-over-year, from 577,000 in Q2 2024 to 543,000 in Q2 2025, aligning fleet size with demand[10] - Vehicle Utilization improved by 300 bps year-over-year, from 80% in Q2 2024 to 83% in Q2 2025, driven by fleet management and improved operations[10] - DOE per Transaction Day decreased by 1% year-over-year, from $36.25 in Q2 2024 to $36.03 in Q2 2025, driven by cost discipline and productivity[10]