Financial Performance - Quarterly Net Income was $4 million, or $0.25 per share, a decrease of $0.3 million, or $0.02 per share, compared to the same period in 2024[9] - Quarterly Adjusted Net Income was $4.7 million, or $0.29 per share, an increase of $0.4 million, or $0.02 per share, compared to the same period in 2024 when excluding transaction costs[9] - Year-to-Date Net Income was $31.5 million, or $1.94 per share, consistent with Net Income but $0.02 lower earnings relative to the first six months of 2024[9] - Year-to-Date Adjusted Net Income was $33.1 million, or $2.03 per share, an increase of $1.6 million, or $0.07 per share, compared to the first six months of 2024 when excluding transaction costs[9] Acquisitions and Growth - Bangor Natural Gas ("BNG") acquisition was completed in January 2025[9] - Maine Natural Gas ("MNG") and Aquarion acquisitions are expected to close by the end of 2025[9] - Acquisitions are expected to support earnings growth towards the upper-end of the guidance range over the next five years[9] - The company anticipates a long-term EPS growth rate of 5% - 7% and a long-term rate base growth of 6.5% - 8.5%[9] - The company projects a five-year capital investment of approximately $980 million, which is 46% higher than the prior five years[46] Customer Base and Regulatory Matters - The company has 86,600 natural gas customers[3, 28, 29, 55, 59, 61, 75] - A temporary electric rate award of $7.8 million was approved as-requested in New Hampshire[9]

Financial Performance & Guidance - Sabra is updating its 2025 Net Income guidance to a range of $0.77 to $0.79 per diluted common share[18] - The company projects 2025 FFO (Funds From Operations) to be in the range of $1.52 to $1.54 per diluted common share[18] - Normalized FFO for 2025 is guided between $1.45 and $1.47 per diluted common share[18] - Sabra anticipates 2025 AFFO (Adjusted Funds From Operations) to range from $1.47 to $1.49 per diluted common share[18] - Normalized AFFO for 2025 is expected to be between $1.49 and $1.51 per diluted common share, implying a 4% year-over-year growth[18, 19] Portfolio Metrics - As of June 30, 2025, the weighted average remaining lease term for the portfolio is 7 years[43] - The company has 392 investments and 58 relationships[43] - Skilled Nursing facilities represent 38% of the portfolio mix[43] - The average occupancy percentage is 83% for SNF/TC (Skilled Nursing/Transitional Care) Leased, 90% for SH (Senior Housing) - Leased, and 78% for BH/Hosp/Oth (Behavioral Health/Hospital/Other)[43] - SNF/TC EBITDARM coverage is 2.27x, and SH EBITDARM coverage is 1.49x[43] Balance Sheet & Capitalization - As of June 30, 2025, the company's consolidated enterprise value is $6.7 billion[67] - Common equity represents 64% of the capital structure[67] - Secured debt accounts for 1% of the capital structure[67]

Financial Performance - The company reported a GAAP net loss of $11 million, equivalent to a loss of $0.20 per diluted common share[12] - Distributable Earnings (Loss) amounted to $(28) million, or $(0.51) per diluted common share[12] - Excluding realized losses of $33 million from the exit of an office (life sciences) loan, Distributable Earnings were $5 million, or $0.09 per diluted common share[12] - The book value stood at $524 million, or $9.52 per common share ($11.69 excluding CECL reserve)[12] Portfolio & CECL Reserve - The CECL reserve was $119 million, representing 9% of the outstanding principal balance for loans held for investment[12] - The CECL reserve decreased by $20 million in 2Q 2025 due to the exit of an office (life sciences) loan, loan repayments, and other loan-specific attributes[12] - 94% of CECL reserves relates to risk rated 4 and 5 loans[45] - 89% of CECL reserves relates to office and residential / condo loans[45] Strategic Initiatives & Balance Sheet - Office loans were reduced by $61 million QoQ to $524 million, a decrease of 10% QoQ and 30% YoY[12] - Available capital as of June 30, 2025, was $178 million, including $94 million of cash[12] - The company amended and extended a $150 million Morgan Stanley secured funding facility, which includes a $100 million accordion option[12] Dividend - A cash dividend of $0.15 per common share was declared for shareholders for 3Q 2025, equating to an annualized implied dividend yield of 13% to the stock price as of July 31, 2025[12]

Financial Performance - GAAP net income was $77.1 million for the quarter, a decrease of 12% compared to the three months ended June 30, 2024[8] - Net income attributable to Hamilton Lane Incorporated was $53.7 million for the quarter, a decrease of 9% compared to the three months ended June 30, 2024[8] - Management and advisory fees were $133.7 million, a decrease of 4% year-over-year[14, 29] - Incentive fees decreased by 26% year-over-year to $42 million[9, 37] - Fee Related Earnings increased 31% compared to the three months ended June 30, 2024, reaching $83.7 million[10, 16] - Adjusted EBITDA was $95.8 million, remaining flat year-over-year[14, 45] Assets Under Management - Assets under management reached $141 billion as of June 30, 2025, an increase of 9% compared to June 30, 2024[16] - Fee-earning assets under management were $74 billion as of June 30, 2025, an increase of 10% compared to June 30, 2024[16] Unrealized Carried Interest - Unrealized carried interest was $1.309 billion as of June 30, 2025[38, 40] - 52% of the unrealized carry is from vehicles aged 5-8 years[41] Other - The company declared a quarterly dividend of $0.54 per share of Class A common stock[15]

Viper Energy Investment Highlights - Viper's Q2 2025 cash available for distribution was $0.74 per share, with a total return of capital to Class A shareholders of $0.56 per share[14] - The company turned 302 total gross (6.5 net 100% royalty interest) horizontal wells to production during Q2 2025, with an average lateral length of 12,846 feet[14] - Viper closed a drop-down acquisition of Diamondback's mineral and royalty interests on May 1, 2025, for approximately $1 billion in cash and 69.6 million OpCo units[14] - Q3 2025 average production guidance is 46,000 - 49,000 bo/d (86,000 - 92,000 boe/d)[14] - Viper entered into a definitive agreement to acquire Sitio Royalties Corp in an all-equity transaction on June 3, 2025[14] - Post-Sitio Acquisition, estimated production for the balance of 2025 is 64,000 - 68,000 bo/d (122,000 - 130,000 boe/d)[14] Return of Capital - The base dividend of $0.33 per share implies a 3.6% annualized yield, representing approximately 45% of estimated cash available for distribution assuming $50 WTI[14] - A variable dividend for Q2 2025 of $0.20 per share was declared, bringing the total base-plus-variable dividend to $0.53 per share, implying a 5.8% annualized yield[14] - The board authorized a $750 million share repurchase program, with 13.7 million shares repurchased through August 1, 2025, for an aggregate of $326 million at an average price of $23.76 per share[14] Financial Position - Viper has a market capitalization of $10.9 billion, net debt of $1.1 billion, and liquidity of $1.2 billion[21] - The company has approximately 61,275 net royalty acres in the Permian Basin, with 69 rigs currently operating on its acreage[14, 21]

Vitesse Asset & Strategy - Vitesse's asset base is heavily weighted towards undeveloped locations, comprising over 80% of its total assets[6,22] - The company focuses on non-operated working and mineral interests, primarily in the Bakken oil field in North Dakota[8] - Vitesse aims to maintain a Net Debt / Adjusted EBITDA ratio of less than 10x, demonstrating prudent risk management[7,23] - Vitesse has interests in 7,507 productive wells (223 net wells) with an average working interest of 3.6% per working interest well[11] Financial Performance & Capital Allocation - Vitesse estimates 2025 net production to be between 15000 and 17000 MBoe/d, with oil weighting between 64% and 68%[10] - The company's 1P PV-10 is valued at $806 million, while the PDP PV-10 is $609 million[10] - Vitesse offers a fixed dividend of $0.5625 per share quarterly[7,22] - The company has an approved $60 million share repurchase program[7] Operational Efficiency & Data Management - Vitesse estimates there are >200 remaining net undeveloped locations across its asset, of which 38.4 were Proved Undeveloped as of December 31, 2024[11] - Vitesse utilizes a proprietary data system called Luminis for data modeling and asset management[15,16,18]

Financial Performance - Adjusted EBITDA was $3286 million[16], with Refining & Marketing contributing $1890 million[21], and Midstream contributing $1641 million[67] - Cash Flow from Operations, excluding changes in working capital, reached $2605 million[10, 16] - Share repurchases amounted to $692 million[8, 16] - Dividends paid out totaled $279 million[16] Strategic Initiatives - Announced the Northwind Midstream acquisition for $2375 million[7, 11], expecting a mid-teen return on investment[13] - The Northwind Midstream acquisition supports MPLX's Permian wellhead-to-water strategy, covering over 200,000 dedicated acres and 200+ miles of gathering pipelines[11] Segment Performance - Refining & Marketing segment Adjusted EBITDA per Barrel was $6.79[16] - Refining & Marketing margin reached $4895 million[24] - Year-to-date Midstream Segment Adjusted EBITDA increased by 5% year-over-year to $3361 million[27, 28] Sustainability - The company is targeting a 30% reduction in Scope 1 & 2 GHG Emissions Intensity by 2030 and a 38% reduction by 2035 from 2014 levels[38] - The company is targeting a 20% reduction in Freshwater Withdrawal Intensity by 2030 from 2016 levels[39]

Portfolio Overview - As of June 30, 2025, the company's gross investment totaled $2,109,864 thousand, diversified across 188 properties [28] - The triple-net portfolio ("NNN") comprises 108 properties with a gross investment of $1,154,836 thousand, representing 54.8% of the total investment [28] - The Seniors Housing Operating Portfolio ("SHOP") includes 13 properties, accounting for $174,847 thousand or 8.3% of the gross investment [28] - Mortgage loans represent $356,815 thousand or 16.9% of the gross investment [28] - Long-term investments, including the Owned Portfolio, Properties accounted for as Financing Receivables, and Long-Term Mortgage Loans (Prestige), constitute 92% of the company's Gross Investments [30] Financial Performance - The company's total debt stood at $696,457 thousand, with a weighted average interest rate of 4.3%, representing 30.4% of the total value [69] - Debt to Enterprise Value ratio is 29.4% [69] - Debt to Annualized Adjusted EBITDAre is 4.2x [69] - For the three months ended June 30, 2025, rental income was $30,177 thousand [91] - For the six months ended June 30, 2025, rental income was $61,621 thousand [91] Investment Activities - Approximately $320,000 thousand of investments are expected to close in the next 60 days, including a $60,000 thousand five-year mortgage loan and $260,000 thousand in SHOP investments [17] - The company purchased a 67-unit seniors housing community in CA for $35,200 thousand in July 2025 [16] Debt and Capital Structure - The company has a revolving line of credit with $168,550 thousand outstanding [69] - Subsequent to June 30, 2025, a new four-year unsecured credit agreement was entered into, increasing the aggregate commitment on the revolver from $425,000 thousand to $600,000 thousand [69]

Financial Performance & Guidance - Q2 2025 diluted EPS was $1.85[9], compared to $2.07 in Q2 2024, representing a decrease of approximately 10%[11] - Year-to-date diluted EPS decreased by approximately 10% from $3.84 in 2024 to $3.46 in 2025[11] - The company increased its 2025 EPS guidance to a range of $6.06 to $6.46, up from the previous guidance of $5.68 to $6.08, representing an increase of approximately 6% at the midpoint[9, 12] - The company reaffirmed a 7% EPS growth for the Electric segment[9] - The company's Return on Equity (ROE) is 17%[9] Capital Investments & Rate Base - The company anticipates a $1.4 billion capital investment spending plan to remain intact[19] - Significant rate base growth is expected, with a Compound Annual Growth Rate (CAGR) of 9%[26] - The company expects to convert rate base growth into electric EPS growth near a 1:1 ratio[29] Projects & Regulatory Updates - Regulatory approval was obtained for the direct assignment of Abercrombie Solar and Solway Solar projects, totaling 345 MW[9] - A South Dakota rate case was filed, seeking a $5.7 million net revenue increase, representing a 12.5% increase, with a proposed ROE of 10.8%[9, 23] - The company is investing an estimated $230 million in wind repowering projects, with completion dates in 2024 and 2025[30] - The company is investing an estimated $80 million in Solway Solar, with completion dates in 2026-2027[30] - The company is investing an estimated $450 million in Abercrombie Solar, with completion dates in 2028[30] Manufacturing Platform - PVC pipe sales prices have declined since late 2022[48] - Year-over-year trends show sales prices down 15% QTD and 13% YTD, while sales volumes are up 11% QTD and 12% YTD[48]

Financial Performance - Boise Cascade's Q2 2025 sales were $1.7 billion, a decrease of 3% compared to Q2 2024[6] - Net income for Q2 2025 was $62.0 million, or $1.64 per share, compared to $112.3 million, or $2.84 per share, in Q2 2024[6] - Adjusted EBITDA for Q2 2025 was $119.0 million, a decrease of 34% compared to $181.2 million in Q2 2024[8] Segment Performance - Building Materials Distribution (BMD) sales were $1.6149 billion in Q2 2025, down from $1.6552 billion in Q2 2024[8] - Wood Products sales were $447.2 million in Q2 2025, down from $489.8 million in Q2 2024[8] - BMD Adjusted EBITDA was $91.8 million in Q2 2025, compared to $97.1 million in Q2 2024[8] - Wood Products Adjusted EBITDA was $37.3 million in Q2 2025, compared to $95.1 million in Q2 2024[8] Capital Allocation - Capital expenditures year-to-date (YTD) 2025 totaled $132 million, with $70 million allocated to Wood Products and $62 million to BMD[25] - Share repurchases YTD July 2025 amounted to approximately $96 million[25] Outlook for Q3 2025 - Wood Products Adjusted EBITDA is projected to be $20 - $30 million[26] - BMD Adjusted EBITDA is projected to be $70 - $80 million[26] - Total Company Adjusted EBITDA is projected to be $80 - $100 million, net of approximately $10 million of estimated unallocated corporate costs[26]