Financial Performance - F&G reported strong 3Q25 gross sales of $4.2 billion, an increase of 8% compared to 3Q24[4] - Net sales for 3Q25 reached $2.8 billion, up 17% from 3Q24[4] - Assets Under Management (AUM) before flow reinsurance increased to $71.4 billion, a 14% year-over-year increase[4] - Total F&G Equity ex AOCI reached $6.0 billion[4] - Adjusted Return on Equity (ROE) for 3Q25 was 8.8%, in line with 2Q25[4] - YTD 3Q25 Capital Return to Shareholders was $98 million[4] Investment Portfolio - The investment portfolio is conservatively positioned and well-diversified, with $55 billion in assets[54] - Fixed income constitutes 96% investment grade[57] - The structured credit portfolio includes $12 billion in assets, with 39% in CLOs and 33% in CMBS[60] - The mortgage loans portfolio totals $9 billion, diversified across property types[62] Growth and Strategy - F&G is targeting a 50% growth in AUM and an adjusted ROA ex significant items of 1.33% to 1.55%[18] - The company aims to increase adjusted ROE ex AOCI and significant items to 13% to 14% and expand its P/E multiple to 7-8x[18]

Brookfield Asset Management Overview BAM is a leading alternative asset manager with a +25-year track record of delivering strong, risk-adjusted returns by investing in high-quality assets, forming the backbone of the global economy | Fee-Bearing Capital | $581B | Our Businesses by Fee-Bearing Capital | | | | --- | --- | --- | --- | --- | | | | Infrastructure | | | | | | | $101B | | | Assets Under Management | $1T+ | Renewable Power & Transition | | | | | | $69B | | | | Operating Employees | 250K+ | Private ...

Financial Performance - The company's net investment income and adjusted net investment income per share for Q3 2025 was $040, resulting in an annualized net investment income yield on book value of 125%[11] - The company's earnings per share for Q3 2025 was $022[11] - The company's net asset value (NAV) per share decreased by 21% to $1275 as of September 30, 2025, from $1302 as of June 30, 2025[11] - The company declared a Q4 2025 base dividend of $032 per share[11] - The company also declared a Q3 2025 supplemental dividend of $004 per share[11] Portfolio Composition and Investment Activity - As of September 30, 2025, the company's total investments at fair value and commitments were $38332 million, invested in 171 portfolio companies across 40 industries, with 982% in senior secured debt, including 967% in first lien investments[11] - The company had new investment commitments of approximately $4706 million, of which $2669 million were funded[11] - Sales and repayments activity totaled $3744 million, resulting in net funded investment activity of $(598) million[11] - As of September 30, 2025, investments on non-accrual status amounted to 15% and 25% of the total investment portfolio at fair value and amortized cost, respectively[11] Debt and Leverage - The company's ending net debt-to-equity ratio was 117x as of September 30, 2025, compared to 112x as of June 30, 2025[11] - As of September 30, 2025, 702% of the company's approximately $18530 million aggregate principal amount of debt outstanding was comprised of unsecured debt and 298% was comprised of secured debt[11]

Financial Performance - Adjusted revenue for Q3 2025 was $767 million, a decrease of 1.8% year-over-year, or 2.2% in constant currency[5, 23] - Adjusted EBITDA for Q3 2025 was $40 million, with an adjusted EBITDA margin of 5.2%, up year-over-year and sequentially[5, 25] - The company expects full year 2025 adjusted revenue to be between $3.05 billion and $3.1 billion, and adjusted EBITDA margin to be between 50% and 5.5%[42] Sales Metrics - New business signings ACV (Annual Contract Value) for Q3 2025 was $111 million, consistent year-over-year[5, 8] - Net ARR (Annual Recurring Revenue) activity impact (TTM - Trailing Twelve Months) was $25 million[5, 11] - New Business ARR Avg Contract Length was 30 years[20] Segment Performance - Commercial segment adjusted revenue was $367 million, a decrease of 4.7% year-over-year[31] - Government segment adjusted revenue was $238 million, a decrease of 6.7% year-over-year[31] - Transportation segment adjusted revenue was $162 million, an increase of 14.9% year-over-year[31] Cash Flow and Balance Sheet - Adjusted Free Cash Flow for Q3 2025 was negative $54 million[37, 41] - The company had $264 million in cash at the end of Q3 2025[36, 41] - Net adjusted leverage ratio was 32x[36, 41] Portfolio Rationalization - The company has deployed 87% of its $1 billion capital target for portfolio rationalization[46]

Q3 2025 Performance - Total revenue increased by 170% year-over-year, reaching $5728 million, with a 106% increase excluding the impact of the Nova acquisition[12] - Adjusted EBITDA grew by 171% year-over-year to $1189 million, with a slight increase in Adjusted EBITDA margin to 208%[11, 12] - Workers' Compensation visits per day (VPD) increased by 44% year-over-year, excluding the impact of the Nova acquisition[11] - Employer Services VPD increased by 19% year-over-year[11] - Revenue per visit (RPV) increased by 42% year-over-year to $147[11] YTD 2025 Performance - Total revenue increased by 132% year-over-year, reaching $16243 billion[13] - Adjusted EBITDA increased by 125% year-over-year to $3366 million[13] - Capital expenditures increased by 305% year-over-year to $622 million, including approximately $11 million of one-time transition capex for Nova[13] Financial Position and Guidance - The company is focused on deleveraging, with net leverage lowered to 36x in Q3 2025 and on pace for ≤35x by year-end[11] - The revolving credit facility was completely paid down, with $50 million repaid in Q3 and $35 million repaid in October[11] - Full-year 2025 guidance for revenue was raised to $2145 billion - $2160 billion, and Adjusted EBITDA guidance was raised to $425 million - $430 million[11, 18]

Included in this Presentation are certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP") that are designed to supplement, and not substitute Holley's financial information presented in accordance with GAAP, including, but not limited to, EBITDA, Adjusted EBITDA, Adjusted EDBITDA Margin, Bank-adjusted EBITDA Leverage Ratio, Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Net Income, Adjusted Diluted EPS, and Free Cash Flow. T ...

Company Overview - Kingstone is the 12th largest homeowners' insurer in the State of New York, founded in 1886 [5] - The company's market capitalization is $208 million, with a stock price of $1458 as of October 31, 2025 [5] - Shares outstanding are 14,147,428 as of September 30, 2025 [4, 5] - Policies in-force of 78,000 at September 30, 2025 [5] Financial Performance (Q3 2025 vs Q3 2024) - Direct Written Premium Growth of +14% [5] - Net Investment Income Growth of 52% with an average portfolio yield of 403% [5] - Net premiums earned increased by 435% to $47925 thousand [72] - Net income increased by 558% to $10872 thousand [72] Profitability and Expense Management - Kingstone achieves superior profitability compared to the industry, which has an average combined ratio of 1036% (2017-2025E) [27] - The company reduced its net expense ratio by 10 points from 2021 to 2024 [33] - The company retired legacy systems saving $15 million annually [33] Strategic Initiatives and Guidance - The company estimates approximately $12 million in premiums beginning 9/1/2025 from AmGuard renewal rights transaction [44] - Direct premiums written growth is guided at 12% to 17% for 2025 [51] - The company anticipates net premiums earned of approximately $187 million for fiscal year 2025 [48] - The company aims for ~$500 million Direct Premiums Written by 2029 [59]

Financial Performance - Revenue reached $3.4 billion[8], while the company experienced a consolidated segment loss of $439 million[44], impacted by a $653 million charge related to the Santos litigation[45] - Adjusted EBITDA was $161 million[44] and diluted adjusted EPS was $0.68[44] - New awards totaled $3.3 billion[9], with 99% being reimbursable[9] - Backlog reached $28.2 billion[10], with 82% being reimbursable[10] Segment Results - Urban Solutions reported a segment profit of $61 million[17], with new awards of $1.8 billion[17] and a backlog of $20.5 billion[14, 17], representing 73% of the total backlog[17] - Energy Solutions experienced a segment loss of $533 million[30], including the $653 million court ruling related to the Santos project[30], with new awards of $222 million[30] and a backlog of $5.121 billion[28] - Mission Solutions reported a segment profit of $34 million[38], with new awards of $1.3 billion[38] and a backlog of $2.6 billion[36, 38] NuScale Investment - A major monetization milestone was achieved with the conversion of the remaining 111 million shares[7] - Monetization of Class A shares is expected to begin in November and finish in the second quarter of 2026[7] Outlook - The company expects 2025 new awards to reach $13 billion[57] - The company anticipates operating cash flow between $250 to $300 million[54] - The company projects adjusted EBITDA between $510 to $540 million and adjusted EPS between $2.10 to $2.25[56]

Financial Performance - Net investment income for the quarter ended September 30, 2025, was $353 million, or $038 per share[9] - Net realized and change in unrealized gains (losses) on investments for the quarter ended September 30, 2025, were $(79) million, or $(008) per share[9] - Net asset value per share as of the end of the quarter was $1466, a decrease of 06% compared to June 30, 2025[9] Investment Portfolio - New investment commitments made during the quarter totaled $138 million across 21 companies for an average new commitment of $66 million[9] - Gross fundings for the quarter, excluding revolver fundings, totaled $142 million[9] - The company received a net repayment of approximately $97 million from Merx Aviation Finance, LLC during the September quarter, reducing its exposure to approximately 33% of the total portfolio, at fair value[9] - The total investment portfolio was $318 billion, with 95% in direct origination and other investments, 3% in Merx Aviation, and 2% in acquired non-direct origination assets[10, 11] - Non-accrual investments represented 31% of the total portfolio at fair value[10] Portfolio Characteristics - The direct origination portfolio had a weighted average yield of 103% and a weighted average spread over SOFR of 559 bps[10] - First lien investments comprised 98% of the direct origination portfolio, which was 100% floating rate and 91% sponsored[10] - 93% of the direct origination portfolio was pursuant to co-investment order[10] Debt and Funding - Net leverage was 135x as of September 30, 2025[9] - Lender commitments under the Amended Senior Secured Facility decreased from $1660 billion to $1610 billion[8] - The weighted average annualized interest cost on total debt obligations was 6368%[32]

Financial Performance - Global systemwide sales decreased by 2.6%[25], and global system same-restaurant sales (SRS) declined by 3.7%[25] - U S systemwide sales decreased by 4.4%[25], with a SRS decline of 4.7%[25] - International systemwide sales experienced growth of 8.6%[25], and SRS grew by 3.0%[25] - Adjusted EBITDA increased by 2.1% to $138 million[32] - Adjusted EPS decreased by 4.0% to $0.24[32] Capital Allocation and Cash Flow - The company returned over $40 million to shareholders through dividends and share repurchases[25] - Year-to-date free cash flow was $195.6 million[34] - The company is on track to return over $325 million to shareholders in 2025[38] Strategic Initiatives - The company launched Project FRESH, a strategic plan to drive profitable growth and long-term value across the U S system[12] - The company opened 172 new restaurants globally year-to-date through Q3[25] 2025 Outlook - Global systemwide sales growth is projected to be between (5.0)% and (3.0)%[39] - Adjusted EBITDA is expected to be between $505 million and $525 million[39] - Adjusted EPS is projected to be between $0.82 and $0.89[39] - Free cash flow is expected to be between $195 million and $210 million[39]