Financial Results and Supplemental Information SECOND QUARTER 2025 July 30, 2025 Table of Contents QUARTERLY RESULTS | Office Properties Income Trust Announces Second Quarter 2025 Financial Results | | 4 | | --- | --- | --- | | Second Quarter 2025 Summary | | 5 | | FINANCIALS | | | | Key Financial Data | | 7 | | Condensed Consolidated Statements of Income (Loss) | | 8 | | Condensed Consolidated Balance Sheets | | 9 | | Debt Summary | | 10 | | Debt Maturity Schedule | | 11 | | Leverage Ratios, Coverage Ratio ...

Investor Presentation FOCUSED VALUE DRIVEN RESPONSIBLE Forward-Looking Statements Statements contained in this investor presentation that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "outlook," "plan," "project," "could," "may," ...

Q2 2025 Earnings Presentation July 31, 2025 Forward-Looking Statements This presentation includes contains statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by words such as "estimates," "guidance," "expects," "anticipates," "intends," "plans," "believes," "seeks" and similar expressions. Forward-looking statements include information with respect to financial condition, results of ...

Financial Performance - Net income attributable to common stockholders for the three months ended June 30, 2025, was $865079 thousand, or $082 per basic and diluted share[16, 21] - Adjusted Funds From Operations (AFFO) for the three months ended June 30, 2025, was $630178 thousand, or $060 per basic and diluted share[23] - Adjusted EBITDA attributable to common stockholders for the three months ended June 30, 2025, was $822239 thousand[16, 23] - The company is raising AFFO guidance for the full year 2025 to between $2500 million and $2520 million, or between $235 and $237 per diluted common share[31, 32] Portfolio and Lease Agreements - VICI Properties owns 93 experiential assets, including 54 gaming properties and 39 other experiential properties across the United States and Canada[12] - The portfolio features approximately 127 million square feet and approximately 60300 hotel rooms[12] - The weighted average lease term is 402 years as of June 30, 2025[16] - Annualized contractual rent from MGM Master Lease is $7747 million[29] - Total annualized contractual rent and income from loans and securities is $33752 million[29] Capital Structure and Credit Metrics - Total debt as of June 30, 2025, was $17273519 thousand[16, 34] - Equity market capitalization was $34874190 thousand, with a share price of $3260[16, 34] - LQA Net Leverage Ratio was 52x[16, 35]

Financial Performance - Blue Owl's AUM reached $284.1 billion as of June 30, 2025, a 48% increase since June 30, 2024[3, 39] - Fee-Related Earnings (FRE) for the last twelve months were $1370.9 million, a 23% increase compared to the prior year[32, 36] - Distributable Earnings (DE) for the last twelve months were $1201.7 million, a 20% increase compared to the prior year[32, 36] - The company announced an annual dividend of $0.90 per Class A Share for 2025, a 25% increase from 2024[26] Fundraising and Capital Deployment - New capital commitments raised in the second quarter of 2025 totaled $13.9 billion[26, 42] - Total equity fundraise in the second quarter of 2025 reached $12.1 billion, including $5.8 billion in Credit and $5.8 billion in Real Assets[26, 42] - Assets Under Management (AUM) not yet paying fees totaled $28.6 billion, expected to generate approximately $379 million in annual management fees once deployed[26, 39, 57] Platform Growth - Credit platform AUM increased by 53% since June 30, 2024, reaching $145.5 billion[22, 46] - Real Assets platform AUM increased by 82% since June 30, 2024, reaching $71.5 billion[22, 50] - GP Strategic Capital platform AUM increased by 16% since June 30, 2024, reaching $67.1 billion[22, 53]

Financial Performance - Sales for Q2 2025 reached $6767 million, compared to $5901 million in Q1 2025 and $4734 million in Q2 2024[27] - Adjusted EBITDA for Q2 2025 was $733 million, down from $769 million in Q1 2025 but up from $561 million in Q2 2024[27] - Adjusted Operating EPS decreased from $023 in Q1 2025 to $020 in Q2 2025[27] - Free Cash Flow improved significantly from $(618) million in Q1 2025 to $54 million in Q2 2025[27] Packaging Solutions North America (PS NA) - PS NA Sales increased to $3860 million in Q2 2025 from $3702 million in Q1 2025 and $3628 million in Q2 2024[34] - PS NA Adjusted EBITDA was $515 million in Q2 2025, compared to $554 million in Q1 2025 and $465 million in Q2 2024[35] - IP U S Box shipments decreased by 50% YoY/day[37] Packaging Solutions EMEA (PS EMEA) - PS EMEA Sales significantly increased to $2291 million in Q2 2025, including DS Smith results, compared to $1550 million in Q1 2025 and $328 million in Q2 2024[40] - PS EMEA Adjusted EBIT was $(1) million in Q2 2025, down from $46 million in Q1 2025 and $10 million in Q2 2024[40] - PS EMEA Adjusted EBITDA was $194 million in Q2 2025, up from $153 million in Q1 2025 and $26 million in Q2 2024[40] Global Cellulose Fibers (GCF) - GCF Sales decreased to $628 million in Q2 2025 from $643 million in Q1 2025 and $717 million in Q2 2024[45] - GCF Adjusted EBITDA decreased to $45 million in Q2 2025 from $68 million in Q1 2025 and $90 million in Q2 2024[46] - GCF Adjusted EBITDA Margin decreased to 72% in Q2 2025 from 106% in Q1 2025 and 126% in Q2 2024[47] Strategic Initiatives - Commercial Excellence actions are expected to yield ~$650 million YTD, targeting $11 billion by 2027[16] - Cost Out actions are expected to yield ~$550 million YTD, targeting $19 billion by 2027[20]

Financial Performance - Revenue decreased by 11% year-over-year, from $820 million in Q2 2024 to $731 million in Q2 2025[11, 16] - Adjusted EBITDA decreased by 42% year-over-year, from $161 million in Q2 2024 to $93 million in Q2 2025[11, 24] - Adjusted EBITDA margin decreased by 690 basis points year-over-year, from 19.6% in Q2 2024 to 12.7% in Q2 2025[11, 24] - Free cash flow was a use of $55 million in Q2 2025, compared to a generation of $84 million in Q2 2024[11] - Net loss attributable to Tronox was $84 million in Q2 2025, compared to a net income of $16 million in Q2 2024[11] Operational Highlights - TiO2 volumes decreased by 11% year-over-year and 2% sequentially[10, 20] - Zircon volumes decreased by 10% year-over-year and increased 1% sequentially[10, 20] - The company is executing a cost improvement program targeting $125-$175 million in run-rate savings by the end of 2026[10] - Capital expenditures were $83 million in Q2 2025, with approximately 56% allocated to maintenance and safety, and 44% to mining extensions[13, 35] - The company reduced the dividend by 60% to $0.05 per share for Q3 2025[36, 37, 38]

Financial Performance - Total revenues reached $596.1 million, a 10.2% increase year-over-year[17] - SaaS revenues grew to $189.6 million, up by 21.5%[17] - Annual Recurring Revenue (ARR) increased to $2.07 billion, a 15.2% rise[17] - Non-GAAP earnings per share (EPS) increased by 21.3% to $2.91[17] - The company's non-GAAP operating margin expanded by 200 basis points to 26.5%[18] Recurring Revenue - Recurring revenues accounted for $517.2 million of total revenues[25] - Recurring revenues increased by 15.2% year-over-year[26] - Transaction revenues increased by 21.3%[26] - Maintenance revenues declined by 2.8%[26] SaaS and Flip Bookings - Total ARR of new SaaS deals reached $15.0 million in Q2 2025, a 105.8% sequential increase from Q1 2025[29] - Total ARR of new Flips deals reached $13.3 million in Q2 2025, a 10.9% sequential increase from Q1 2025[30]

Financial Performance - SNDL achieved its first profitable quarter with approximately $6 million in Adjusted Operating Income [17] - Net revenue increased by 73% year-over-year to $245 million [14] - Gross profit increased by 162% year-over-year to $676 million [14] - Adjusted Operating Income increased by 2263% year-over-year to $58 million [14] - Free Cash Flow decreased by 407% year-over-year to negative $79 million, driven by growth investments [14, 15] Segment Performance - Liquor Retail net revenue increased by 10% year-over-year to $1419 million [34] - Cannabis Retail net revenue increased by 11% year-over-year to $844 million [37] - Cannabis Operations net revenue increased by 43% year-over-year to $358 million [43] Strategic Highlights - Cannabis Retail same-store sales grew by 82% [51] - Liquor Retail same-store sales grew by 27% [51] - Cannabis Operations revenue growth was driven by the Indiva acquisition and international sales [52]

Financial Performance - The company's net income was $1571 million, or $430 per diluted share[6] - The company's operating income was $1587 million, or $435 per diluted share[6] - The company's net return on average equity was 201%, and the operating return on average equity was 187%[5,6] - The company's book value per share increased by 60% from March 31, 2025, to $8962[5] Underwriting Results - The company's combined ratio was 925%, with a combined ratio excluding catastrophes of 855%[5] - Catastrophe losses amounted to $1075 million, representing 70 points on the combined ratio[5] - The company's net premiums written increased by 41%[5] - The company's net investment income increased by 167% to $1055 million[5] Segment Performance - Core Commercial net premiums written grew by 44% to $5360 million[11] - Specialty net premiums written grew by 46% to $3682 million[18] - Personal Lines net premiums written grew by 37% to $6796 million[26] Pricing and Retention - Renewal price increases were 123% in Personal Lines, 107% in Core Commercial, and 78% in Specialty[5] - Core Commercial retention improved sequentially to 851%[17]