Category: Finance

MIL-OSI: AGF Reports April 2025 Assets Under Management and Fee-Earnings Assets

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 05, 2025 (GLOBE NEWSWIRE) — AGF Management Limited reported total assets under management (AUM) and fee-earning assets¹ of $51.3 billion as at April 30, 2025.

AUM ($ billions)	April 30, 2025	March 31, 2025	% Change Month-Over- Month	April 30, 2024	% Change Year-Over- Year
Total Mutual Fund	$29.3	$29.8		$26.2
Exchange-traded funds + Separately managed accounts	$2.8	$3.0		$1.9
Segregated accounts and Sub-advisory	$6.2	$6.2		$7.2
AGF Private Wealth	$8.3	$8.5		$7.8
Subtotal (before AGF Capital Partners AUM and fee-earning assets¹)	$46.6	$47.5		$43.1
AGF Capital Partners	$2.6	$2.5		$2.6
Total AUM	$49.2	$50.0	-1.6%	$45.7	7.7%
AGF Capital Partners fee-earning assets¹	$2.1	$2.1		$2.1
Total AUM and fee-earning assets¹	$51.3	$52.1	-1.5%	$47.8	7.3%

Average Daily Mutual Fund AUM	$28.6	$30.1		$26.4

¹ Fee-earning assets represent assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.

Mutual Fund AUM by Category ($ billions)	April 30, 2025	March 31, 2025	April 30, 2024
Domestic Equity Funds	$4.3	$4.4	$4.1
U.S. and International Equity Funds	$18.0	$18.1	$15.4
Domestic Balanced Funds	$0.1	$0.1	$0.1
U.S. and International Balanced Funds	$1.4	$1.7	$1.6
Domestic Fixed Income Funds	$2.0	$2.0	$1.6
U.S. and International Fixed Income Funds	$3.2	$3.2	$3.1
Domestic Money Market	$0.3	$0.3	$0.3
Total Mutual Fund AUM	$29.3	$29.8	$26.2

AGF Capital Partners AUM and fee- earning assets ($ billions)	April 30, 2025	March 31, 2025	April 30, 2024
AGF Capital Partners AUM	$2.6	$2.5	$2.6
AGF Capital Partners fee-earning assets	$2.1	$2.1	$2.1
Total AGF Capital Partners AUM and fee-earning assets	$4.7	$4.6	$4.7

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $51 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

AGF Management Limited shareholders, analysts and media, please contact:

Nick Smerek
VP, Financial Planning & Analysis
416-865-4337, InvestorRelations@agf.com

MIL-OSI: Dime Adds Fund Finance Banking Vertical

Source: GlobeNewswire (MIL-OSI)

HAUPPAUGE, N.Y., May 05, 2025 (GLOBE NEWSWIRE) — As part of the continued execution of its growth plan, Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), announced the launch of a new fund finance vertical. Led by Michael Watts, the Fund Finance vertical will provide customized fund-level financing to the private equity industry and expand Dime’s coverage across this ecosystem. Watts, who will be based in Manhattan, was most recently a Senior Vice President at East West Bank.

Stuart H. Lubow, President and Chief Executive Officer of Dime, said, “We are committed to growing our coverage, and position Dime for success, as we respond to the growth in the Fund Finance space. The addition of this vertical is yet another example of targeted strategic investments to expand our commercial expertise and capabilities. For the twelve month period ended March 31, 2025, Dime grew Business loans by over $450 million and we expect Fund Finance to contribute to future growth once we get the vertical up and running.”

The expansion into Fund Finance, which follows the previous successful buildouts of a Healthcare vertical and a Not-for-Profit vertical, is part of Dime’s recent geographic and vertical expansion. Dime is focused on expanding capabilities and industry-specific coverage expertise by recruiting talented individuals from a variety of financial institutions.

“Dime has strong momentum and is firmly establishing diversification in its business lines. Within the Fund Finance space, there is an opportunity for Dime to help private equity firms and their portfolio companies with bespoke solutions. I’m looking forward to Michael being part of Dime’s growth and leading the Bank’s efforts in this new vertical,” said Tom Geisel, Dime’s Senior Executive Vice President of Commercial Lending.

ABOUT DIME COMMUNITY BANCSHARES, INC.

Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 billion in assets and the number one deposit market share among community banks on Greater Long Island ⁽¹⁾.

Dime Community Bancshares, Inc.
Investor Relations Contact:
Avinash Reddy
Senior Executive Vice President – Chief Financial Officer
Phone: 718-782-6200; Ext. 5909
Email: avinash.reddy@dime.com

¹ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

FORWARD-LOOKING STATEMENTS

Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated.

MIL-OSI: Canoe EIT Income Fund Announces May 2025 Monthly Distribution and Quarterly Distribution on Preferred Units

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 05, 2025 (GLOBE NEWSWIRE) — Canoe EIT Income Fund (the “Fund”) (TSX – EIT.UN) announces the May 2025 monthly distribution of $0.10 per unit. Additionally, the Fund announces a quarterly distribution for preferred units. Cumulative Redeemable Series 1 (EIT.PR.A) and Series 2 Preferred (EIT.PR.B) unitholders will receive a distribution of $0.30 per unit. Unitholders of record on May 23, 2025, will receive distributions payable on June 13, 2025.

About Canoe EIT Income Fund
Canoe EIT Income Fund is one of Canada’s largest closed-end investment funds, designed to maximize monthly distributions and capital appreciation by investing in a broadly diversified portfolio of high quality securities. The Fund is listed on the TSX under the symbol EIT.UN, and is actively managed by Robert Taylor, Senior Vice President and Chief Investment Officer, Canoe Financial.

About Canoe Financial
Canoe Financial is one of Canada’s fastest growing independent mutual fund companies managing approximately $20.0 billion in assets across a diversified range of award-winning investment solutions. Founded in 2008, Canoe Financial is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe Financial has a significant presence across Canada, including offices in Calgary, Toronto and Montreal.

For further information, please contact:
Investor Relations
1–877–434–2796
www.canoefinancial.com
info@canoefinancial.com

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States of America.

The Fund makes monthly distributions of an amount comprised in whole or in part of Return of Capital (ROC) of the net asset value per unit. A ROC reduces the amount of your original investment and may result in the return to you of the entire amount of your original investment. ROC that is not reinvested will reduce the net asset value of the fund, which could reduce the fund’s ability to generate future income. You should not draw any conclusions about the fund’s investment performance from the amount of this distribution.

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the information filed about the fund on www.sedar.com before investing. Investment funds are not guaranteed and past performance may not be repeated.

This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.

MIL-OSI: Precipitate to Present at the OTC’s Metals & Mining Virtual Investor Conference May 6th at 2:00pm (EST)

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 05, 2025 (GLOBE NEWSWIRE) — Precipitate Gold Corp. (the “Company” or “Precipitate”) (TSXV: PRG, OTCQB: PREIF) is pleased to announce that the Company’s President & CEO, Jeffrey Wilson will present live at the OTC’s Metals & Mining Virtual Investor Conference hosted by VirtualInvestorConferences.com, on May 6^th.

DATE: May 6, 2025
PRESENTATION TIME: 2:00pm ET (11:00 am Pacific Standard Time)
PRESENTATION LINK: REGISTER HERE

Available for 1×1 meetings with Company CEO, Jeffrey Wilson:

Monday, May 5^th, 12:00pm EST to 8:00pm EST

Tuesday, May 6^th, 12:00pm EST to 1:00pm EST

Wednesday, May 7^th, 12:00pm EST to 1:00pm EST and 5pm EST

Thursday, May 8^th, 12:00pm EST to 1:00pm EST

Alternative times can be arranged directly

This will be a live, interactive online event where investors are invited to ask the Company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register to expedite participation and receive event updates. Learn more about the event at www.virtualinvestorconferences.com.

About Virtual Investor Conferences^®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

About Precipitate Gold:
Precipitate Gold Corp. is a mineral exploration company focused on exploring and advancing its mineral property interests in the Dominican Republic, including its 100% owned Juan de Herrera project located immediately adjacent to GoldQuest Mining’s Romero Project, its 100% owned Pueblo Grande project located immediately adjacent to the Pueblo Viejo mine operated by Barrick, and its 100% owned Ponton project located 30km east of the Pueblo Viejo mine. Precipitate is also actively evaluating additional high-impact property acquisitions with the potential to expand the Company’s portfolio and increase shareholder value, in other favourable jurisdictions.

Additional information can be viewed at the Company’s website www.precipitategold.com.

On Behalf of the Board of Directors of Precipitate Gold Corp.,
“Jeffrey Wilson”
President & CEO
For further information, please contact:

Tel: 604-558-0335 Toll Free: 855-558-0335 investor@precipitategold.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

^{This press release may contain “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Precipitate Gold Corp.’s (“Precipitate” or the “Company”) current beliefs and is based on information currently available to Company and on assumptions it believes are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Precipitate to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the exploration concessions may not be granted on terms acceptable to the Company, or at all; general business, economic, competitive, political and social uncertainties; the concessions acquired by the Company may not have attributes similar to those of surrounding properties; delay or failure to receive governmental or regulatory approvals; changes in legislation, including environmental legislation affecting mining; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Precipitate has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Precipitate does not undertake to update any forward-looking information, except in accordance with applicable securities laws.}

MIL-OSI: RUA GOLD to Present at the Metals & Mining Virtual Investor Conference May 6th 2025

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 05, 2025 (GLOBE NEWSWIRE) — Rua Gold Inc. (TSXV: RUA, OTC: NZAUF, WKN: A40QYC) (“RUA GOLD” or the “Company“) announces that it will present live at the Metals & Mining Virtual Investor Conference hosted by VirtualInvestorConferences.com, on May 6^th. The Company invites individual and institutional investors as well as advisors and analysts, to attend its real-time, interactive presentation online at VirtualInvestorConferences.com.

This live, interactive online event will give existing shareholders and the investment community the opportunity to interact with the Company’s CEO, Robert Eckford in real time.

DATE: May 6^th
TIME: 2:30PM EDT (11:30AM PDT)
LINK: REGISTER HERE
Available for 1×1 meetings: May 7^th -13^th

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to attend the event live on the day of the conference, an archived webcast will also be made available after the event.

Recent Company highlights that will be discussed include:

Updates on the latest moves from the pro-mining New Zealand government;
Latest news from the aggressive drill program at the Reefton Goldfield; and
The outlook on upcoming catalysts across both the North and South Island Project.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

About Virtual Investor Conferences^®

Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

About RUA GOLD

RUA GOLD is an exploration company, strategically focused on New Zealand. With decades of expertise, our team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of RUA’s two highly prospective high-grade gold projects.

The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand’s South Island with over 120,000 hectares of tenements, in a district that historically produced over 2 million ounces of gold grading between 9 and 50 grams per tonne.

The Company’s Glamorgan Project solidifies RUA GOLD’s position as a leading high-grade gold explorer on New Zealand’s North Island. This highly prospective project is located within the North Islands’ Hauraki district, a region that has produced an impressive 15 million ounces of gold and 60 million ounces of silver. Glamorgan is adjacent to OceanaGold Corporation’s biggest gold mining project, WKP.

For further information, please refer to the Company’s disclosure record on SEDAR+ at www.sedarplus.ca.

RUA GOLD Contact

Robert Eckford
Chief Executive Officer
Email: reckford@RUAGOLD.com
Website: www.RUAGOLD.com

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur and specifically include statements regarding: the Company’s strategies, expectations, planned operations or future actions; and the effects and benefits of the Transaction. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.

Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company’s control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavorable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s short form base shelf prospectus dated July 11, 2024, and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

MIL-OSI: Archrock Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 05, 2025 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE: AROC) (“Archrock” or the “Company”) today reported results for the first quarter 2025.

First Quarter 2025 and Recent Highlights

Revenue for the first quarter of 2025 was $347.2 million compared to $268.5 million in the first quarter of 2024.
Net income for the first quarter of 2025 was $70.9 million and EPS was $0.40, compared to $40.5 million and $0.26, respectively, in the first quarter of 2024.
Adjusted net income (a non-GAAP measure defined below) for the first quarter of 2025 was $74.5 million and adjusted EPS (a non-GAAP measure defined below) was $0.42, compared to $40.5 million and $0.26, respectively, in the first quarter of 2024.
Adjusted EBITDA (a non-GAAP measure defined below) for the first quarter of 2025 was $197.8 million compared to $131.0 million in the first quarter of 2024.
Announced acquisition of Natural Gas Compression Systems, Inc. (“NGCSI”) and NGCSE, Inc. (“NGCSE”) (collectively “NGCS”), which closed on May 1, 2025.
Declared a quarterly dividend of $0.19 per common share for the first quarter of 2025, approximately 15% higher compared to the first quarter of 2024, resulting in dividend coverage of 3.9x.
Raised full-year 2025 Adjusted EBITDA guidance to a range of $790 to $830 million.

Management Commentary and Outlook

“Our outstanding first quarter results were driven by solid execution and our operational transformation from prior and ongoing investments in our high-quality asset base and innovative processes and technology,” said Brad Childers, Archrock’s President and Chief Executive Officer. “We maintained record equipment utilization and, excluding asset sales, grew our operating fleet by over 70,000 horsepower. In addition, we delivered outstanding profitability in both business segments and maintained our sector-leading balance sheet, including a leverage ratio of 3.2x.

“Our excellent underlying business performance and financial strength have positioned us to participate in value-creating industry consolidation. The integration of Total Operations and Production Services is progressing as planned and during the first quarter, we also announced the strategic acquisition of NGCS. The addition of complementary, large horsepower and electric compression assets further enhances our earnings power and position as a premier provider of natural gas compression services.

“We believe our production-oriented business, high-graded operation and outstanding financial position provide us with differentiated cash flow stability. These factors, combined with our robust and committed backlog, give us good visibility into our outlook this coming year, even in the face of macroeconomic uncertainty.

“We are committed to our prudent and returns-based capital allocation approach. Our cash available for dividend coverage remains over 3.0x, we’ve repurchased approximately 977,000 shares totaling $22.7 million during 2025 and the Board of Directors approved an increase in the Company’s share repurchase program by an additional $50 million. We believe the growth in global natural gas demand continues to support infrastructure investment in the U.S., but we are prepared to take decisive action should production growth decelerate,” concluded Childers.

First Quarter 2025 Financial Results

Archrock’s first quarter 2025 net income of $70.9 million included transaction-related costs totaling $3.9 million, a non-cash long-lived and other asset impairment of $1.0 million, and restructuring charges of $0.7 million. Archrock’s first quarter 2024 net income of $40.5 million included a non-cash long-lived and other asset impairment of $2.6 million.

Adjusted EBITDA for the first quarter of 2025 and 2024 included $7.3 million and $2.4 million, respectively, in net gains related to the sale of compression and other assets.

Contract Operations

For the first quarter of 2025, contract operations segment revenue totaled $300.4 million, an increase of 35% compared to $223.1 million in the first quarter of 2024. Adjusted gross margin for the first quarter of 2025 was $210.6 million, up 45% from $145.3 million in the first quarter of 2024. Adjusted gross margin percentage for the first quarter of 2025 was 70%, compared to 65% in the first quarter of 2024. Total operating horsepower at the end of the first quarter of 2025 was 4.3 million, compared to 3.6 million at the end of the first quarter of 2024. Utilization at the end of the first quarter of 2025 was 96%, compared to 95% at the end of the first quarter of 2024.

Aftermarket Services

For the first quarter of 2025, aftermarket services segment revenue totaled $46.8 million, compared to $45.4 million in the first quarter of 2024. Adjusted gross margin for the first quarter of 2025 was $11.5 million, compared to $10.4 million in the first quarter of 2024. Adjusted gross margin percentage for the first quarter of 2025 was 25%, compared to 23% for the first quarter of 2024.

Balance Sheet

Long-term debt was $2.3 billion and our available liquidity totaled $589.9 million at March 31, 2025. Our leverage ratio was 3.2x as of both March 31, 2025 and 2024.

Shareholder Returns

Quarterly Dividend

Our Board of Directors recently declared a quarterly dividend of $0.19 per share of common stock, or $0.76 per share on an annualized basis. Dividend coverage in the first quarter of 2025 was 3.9x. The first quarter 2025 dividend will be paid on May 13, 2025 to stockholders of record at the close of business on May 6, 2025.

Share Repurchase Program

Year to date through May 1, 2025, Archrock repurchased 977,218 common shares at an average price of $23.22 per share, for an aggregate of approximately $22.7 million. Since April 2023, the Company has repurchased 2,460,418 common shares at an average price of $18.24 per share for an aggregate of $44.9 million.

The Board of Directors approved an increase in the Company’s share repurchase program by an additional $50 million through April 27, 2026, resulting in available capacity of $65.2 million as of May 1, 2025.

Updated 2025 Annual Guidance

Archrock is providing revised guidance for the full year 2025. The full-year 2025 guidance below incorporates eight months of the financial impact of the NGCS acquisition that closed on May 1, 2025.

(in thousands, except percentages, per share amounts, and ratios)

	Full Year 2025 Guidance
	Low			High
Net income^{(1) (2)}	$	245,000		$	285,000
Adjusted EBITDA⁽³⁾		790,000			830,000
Cash available for dividend⁽^{4) (5)}		480,000			495,000

Segment
Contract operations revenue	$	1,260,000		$	1,290,000
Contract operations adjusted gross margin percentage		69	%		71	%
Aftermarket services revenue	$	190,000		$	210,000
Aftermarket services adjusted gross margin percentage		22	%		24	%

Selling, general and administrative	$	149,000		$	144,000

Capital expenditures
Growth capital expenditures	$	330,000		$	370,000
Maintenance capital expenditures		110,000			120,000
Other capital expenditures		35,000			50,000

_______________⁽¹⁾2025 annual guidance for net income includes $1.0 million of long-lived and other asset impairment as of March 31, 2025, but does not include the impact of any such future costs, because due to its nature, it cannot be accurately forecasted. Long-lived and other asset impairment does not impact adjusted EBITDA or cash available for dividend, however it is a reconciling item between these measures and net income. Long-lived and other asset impairment for the years 2024 and 2023 was $10.7 million and $12.0 million, respectively.
⁽²⁾Reflects an estimate of expenses incurred related to the acquisitions of Total Operations and Production Services, LLC (“TOPS”) and NGCS.
⁽³⁾Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.
⁽⁴⁾Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.
⁽⁵⁾A forward-looking estimate of cash provided by operating activities is not provided because certain items necessary to estimate cash provided by operating activities, including changes in assets and liabilities, are not estimable at this time. Changes in assets and liabilities were $(25.8) million and $(28.0) million for the years 2024 and 2023, respectively.

Summary Metrics
(in thousands, except percentages, per share amounts and ratios)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net income	$	70,850		$	59,758		$	40,532
Adjusted net income ⁽¹⁾	$	74,484		$	61,533		$	40,532
Adjusted EBITDA ⁽¹⁾	$	197,845		$	183,844		$	131,024

Contract operations revenue	$	300,397		$	286,466		$	223,051
Contract operations adjusted gross margin	$	210,598		$	200,245		$	145,308
Contract operations adjusted gross margin percentage		70	%		70	%		65	%

Aftermarket services revenue	$	46,766		$	39,950		$	45,437
Aftermarket services adjusted gross margin	$	11,509		$	9,054		$	10,437
Aftermarket services adjusted gross margin percentage		25	%		23	%		23	%

Selling, general, and administrative	$	37,207		$	42,234		$	31,665

Net cash provided by operating activities	$	115,628		$	124,338		$	137,702
Cash available for dividend⁽¹⁾	$	132,247		$	118,089		$	82,026
Cash available for dividend coverage ⁽²⁾		3.9	x		3.5	x		3.2	x

Adjusted free cash flow ⁽¹⁾	$	(48,403	)	$	68,945		$	51,779
Adjusted free cash flow after dividend ⁽¹⁾	$	(82,588	)	$	38,255		$	25,779

Total available horsepower (at period end) ⁽³⁾		4,461			4,401			3,780
Total operating horsepower (at period end) ⁽⁴⁾		4,283			4,227			3,593
Horsepower utilization spot (at period end) ⁽⁵⁾		96	%		96	%		95	%

_______________⁽¹⁾Management believes adjusted net income, adjusted EBITDA, cash available for dividend, adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.
⁽²⁾Defined as cash available for dividend divided by dividends declared for the period.
⁽³⁾Defined as idle and operating horsepower and includes new compressor units completed by a third-party manufacturer that have been delivered to us.
⁽⁴⁾Defined as horsepower that is operating under contract and horsepower that is idle but under contract and generating revenue such as standby revenue.
⁽⁵⁾Defined as total available horsepower divided by total operating horsepower at period end.

Conference Call Details

Archrock will host a conference call on May 6, 2025, to discuss first quarter 2025 financial results. The call will begin at 10:30 a.m. Eastern Time.

To listen to the call via a live webcast, please visit Archrock’s website at www.archrock.com. The call will also be available by dialing 1 (800) 715-9871 in the United States or 1 (646) 307-1963 for international calls. The access code is 4749623.

A replay of the webcast will be available on Archrock’s website for 90 days following the event.

Adjusted net income, a non-GAAP measure, is defined as net income (loss) excluding restructuring charges and transaction-related costs adjusted for income taxes. A reconciliation of net income to adjusted net income, the most directly comparable GAAP measure, and a reconciliation of basic and diluted earnings per common share to adjusted earnings per share, the most directly comparable GAAP measure, appear below.

Adjusted EBITDA, a non-GAAP measure, is defined as net income (loss) excluding interest expense, income taxes, depreciation and amortization, long-lived and other asset impairment, unrealized change in fair value of investment in unconsolidated affiliate, restructuring charges, transaction-related costs, non-cash stock-based compensation expense, amortization of capitalized implementation costs and other items. A reconciliation of net income to adjusted EBITDA, the most directly comparable GAAP measure, and a reconciliation of our full year 2025 net income to adjusted EBITDA guidance appear below.

Adjusted gross margin, a non-GAAP measure, is defined as revenue less cost of sales, exclusive of depreciation and amortization. Adjusted gross margin percentage, a non-GAAP measure, is defined as adjusted gross margin divided by revenue. A reconciliation of net income to adjusted gross margin, the most directly comparable GAAP measure, and a reconciliation of gross margin to adjusted gross margin and adjusted gross margin percentage appear below.

Cash available for dividend, a non-GAAP measure, is defined as net income (loss) excluding interest expense, income taxes, depreciation and amortization, long-lived and other asset impairment, unrealized change in fair value of investment in unconsolidated affiliate, restructuring charges, transaction-related costs, non-cash stock-based compensation expense, amortization of capitalized implementation costs and other items, less maintenance capital expenditures, other capital expenditures, cash taxes and cash interest expense. Reconciliations of net income to cash available for dividend and net income to net cash provided by operating activities, the most directly comparable GAAP measures, and a reconciliation of our full year 2025 net income to cash available for dividend guidance appear below.

Adjusted free cash flow, a non-GAAP measure, is defined as net cash provided by operating activities plus net cash provided by (used in) investing activities. A reconciliation of net cash provided by operating activities to adjusted free cash flow, the most directly comparable GAAP measure, appears below.

Adjusted free cash flow after dividend, a non-GAAP measure, is defined as net cash provided by operating activities plus net cash provided by (used in) investing activities less dividends paid to stockholders. A reconciliation of net cash provided by operating activities to adjusted free cash flow after dividend, the most directly comparable GAAP measure, appears below.

About Archrock

Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how Archrock embodies its purpose, WE POWER A CLEANER AMERICA, visit www.archrock.com.

Forward–Looking Statements

All statements in this release (and oral statements made regarding the subjects of this release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Archrock. Forward-looking information includes, but is not limited to statements regarding: guidance or estimates related to Archrock’s results of operations or of financial condition; fundamentals of Archrock’s industry, including the attractiveness of returns and valuation, stability of cash flows, demand dynamics and overall outlook, and Archrock’s ability to realize the benefits thereof; Archrock’s expectations regarding future economic, geopolitical and market conditions and trends; Archrock’s operational and financial strategies, including planned growth, coverage and leverage reduction strategies, Archrock’s ability to successfully effect those strategies, and the expected results therefrom; Archrock’s financial and operational outlook; demand and growth opportunities for Archrock’s services; structural and process improvement initiatives, the expected timing thereof, Archrock’s ability to successfully effect those initiatives and the expected results therefrom; the operational and financial synergies provided by Archrock’s size; statements regarding Archrock’s dividend policy; the expected benefits of the TOPS Acquisition, including its expected accretion and the expected impact on Archrock’s leverage ratio; and plans and objectives of management for future operations.

While Archrock believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: inability to achieve the expected benefits of the NGCS acquisition and difficulties in integrating NGCS; risks of acquisitions or mergers, including the NGCS acquisition, to reduce our ability to make distributions to our common stockholders; risks related to macroeconomic conditions, including an increase in inflation and trade tensions; pandemics and other public health crises; ongoing international conflicts and tensions; risks related to our operations; competitive pressures; risks of acquisitions to reduce our ability to make distributions to our common stockholders; inability to make acquisitions on economically acceptable terms; uncertainty to pay dividends in the future; risks related to a substantial amount of debt and our debt agreements; inability to access the capital and credit markets or borrow on affordable terms to obtain additional capital; inability to fund purchases of additional compression equipment; vulnerability to interest rate increases; erosion of the financial condition of our customers; risks related to the loss of our most significant customers; uncertainty of the renewals for our contract operations service agreements; risks related to losing management or operational personnel; dependence on particular suppliers and vulnerability to product shortages and price increases; information technology and cybersecurity risks; tax-related risks; legal and regulatory risks, including climate-related and environmental, social and governance risks.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Archrock’s Annual Report on Form 10-K for the year ended December 31, 2024, Archrock’s Quarterly Reports on Form 10-Q and those set forth from time to time in Archrock’s filings with the Securities and Exchange Commission, which are available at www.archrock.com. Except as required by law, Archrock expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

SOURCE: Archrock, Inc.

For information, contact:

Megan Repine
VP of Investor Relations
281-836-8360
investor.relations@archrock.com

Archrock, Inc. Unaudited Condensed Consolidated Statements of Operations (in thousands, except per share amounts)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Revenue:
Contract operations	$	300,397		$	286,466		$	223,051
Aftermarket services		46,766			39,950			45,437
Total revenue		347,163			326,416			268,488

Cost of sales, exclusive of depreciation and amortization
Contract operations		89,799			86,221			77,743
Aftermarket services		35,257			30,896			35,000
Total cost of sales, exclusive of depreciation and amortization		125,056			117,117			112,743

Selling, general and administrative		37,207			42,234			31,665
Depreciation and amortization		57,620			58,129			42,835
Long-lived and other asset impairment		972			1,203			2,568
Restructuring charges		665			—			—
Interest expense		37,741			38,238			27,334
Transaction-related costs		3,935			2,247			—
Gain on sale of assets, net		(7,335	)		(12,712	)		(2,381	)
Other (income) expense, net		(684	)		1,598			139
Income before income taxes		91,986			78,362			53,585
Provision for income taxes		21,136			18,604			13,053
Net income	$	70,850		$	59,758		$	40,532

Basic and diluted net income per common share ⁽¹⁾	$	0.40		$	0.34		$	0.26

Weighted-average common shares outstanding:
Basic		174,014			173,451			154,187
Diluted		174,371			173,848			154,501

_______________
⁽¹⁾Basic and diluted net income per common share is computed using the two-class method to determine the net income per share for each class of common stock and participating security (restricted stock and stock-settled restricted stock units that have non-forfeitable rights to receive dividends or dividend equivalents) according to dividends declared and participation rights in undistributed earnings. Accordingly, we have excluded net income attributable to participating securities from our calculation of basic and diluted net income per common share.

Archrock, Inc. Unaudited Supplemental Information (in thousands, except percentages, per share amounts and ratios)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Revenue:
Contract operations	$	300,397		$	286,466		$	223,051
Aftermarket services		46,766			39,950			45,437
Total revenue	$	347,163		$	326,416		$	268,488

Adjusted gross margin:
Contract operations	$	210,598		$	200,245		$	145,308
Aftermarket services		11,509			9,054			10,437
Total adjusted gross margin ⁽¹⁾	$	222,107		$	209,299		$	155,745

Adjusted gross margin percentage:
Contract operations		70	%		70	%		65	%
Aftermarket services		25	%		23	%		23	%
Total adjusted gross margin percentage ⁽¹⁾		64	%		64	%		58	%

Selling, general and administrative	$	37,207		$	42,234		$	31,665
% of revenue		11	%		13	%		12	%

Adjusted EBITDA ⁽¹⁾	$	197,845		$	183,844		$	131,024
% of revenue		57	%		56	%		49	%

Capital expenditures	$	168,140		$	97,988		$	99,755
Proceeds from sale of property, plant and equipment and other assets		(2,904	)		(43,387	)		(13,844	)
Net capital expenditures	$	165,236		$	54,601		$	85,911

Total available horsepower (at period end) ⁽²⁾		4,461			4,401			3,780
Total operating horsepower (at period end) ⁽³⁾		4,283			4,227			3,593
Average operating horsepower		4,254			4,205			3,606
Horsepower utilization:
Spot (at period end) ⁽⁴⁾		96	%		96	%		95	%
Average ⁽⁴⁾		96	%		95	%		96	%

Dividend declared for the period per share	$	0.190		$	0.190		$	0.165
Dividend declared for the period to all stockholders	$	33,758		$	33,487		$	25,978
Cash available for dividend coverage ⁽⁵⁾		3.9	x		3.5	x		3.2	x

Adjusted free cash flow ⁽¹⁾	$	(48,403	)	$	68,945		$	51,779
Adjusted free cash flow after dividend ⁽¹⁾	$	(82,588	)	$	38,255		$	25,779

_______________⁽¹⁾Management believes adjusted gross margin, adjusted EBITDA, adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.
⁽²⁾Defined as idle and operating horsepower and includes new compressor units completed by a third-party manufacturer that have been delivered to us.
⁽³⁾Defined as horsepower that is operating under contract and horsepower that is idle but under contract and generating revenue such as standby revenue.
⁽⁴⁾Defined as total available horsepower divided by total operating horsepower at period end (spot) or over time (average).
⁽⁵⁾Defined as cash available for dividend divided by dividends declared for the period.

	March 31,		December 31,		March 31,
	2025		2024		2024
Balance Sheet
Long-term debt ⁽¹⁾	$	2,297,767	$	2,198,376	$	1,566,566
Total equity		1,349,983		1,323,531		882,080

_______________
⁽¹⁾Carrying values are shown net of unamortized premium and deferred financing costs.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Net Income to Adjusted Net Income and Earnings Per Share to Adjusted Earnings Per Share (in thousands, except per share amounts)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net income	$	70,850		$	59,758		$	40,532
Restructuring charges		665			—			—
Transaction-related costs		3,935			2,247			—
Tax effect of adjustments ⁽¹⁾		(966	)		(472	)		—
Adjusted net income ⁽²⁾	$	74,484		$	61,533		$	40,532

Weighted-average common shares outstanding used in diluted earnings per common share		174,371			173,451			154,401

Basic and diluted earnings per common share ⁽³⁾	$	0.40		$	0.34		$	0.26
Restructuring charges per share		0.00			—			—
Transaction-related costs per share		0.03			0.01			—
Tax effect of adjustments per share		(0.01	)		(0.00	)		—
Adjusted earnings per share ⁽²⁾	$	0.42		$	0.35		$	0.26

_______________
⁽¹⁾Represents tax effect of restructuring charges and transaction-related costs based on statutory tax rate.
⁽²⁾Management believes adjusted net income and adjusted earnings per share provides useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review our current period operating performance, comparability measure and performance measure for period-to-period comparisons without burdened earnings and earnings per share for non-recurring transactional costs.
⁽³⁾Basic and diluted net income per common share is computed using the two-class method to determine the net income per share for each class of common stock and participating security (restricted stock and stock-settled restricted stock units that have non-forfeitable rights to receive dividends or dividend equivalents) according to dividends declared and participation rights in undistributed earnings. Accordingly, we have excluded net income attributable to participating securities from our calculation of basic and diluted net income per common share.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Net Income to Adjusted EBITDA and Adjusted Gross Margin (in thousands)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net income	$	70,850		$	59,758		$	40,532
Depreciation and amortization		57,620			58,129			42,835
Long-lived and other asset impairment		972			1,203			2,568
Unrealized change in fair value of investment in unconsolidated affiliate		—			1,484			—
Restructuring charges		665			—			—
Interest expense		37,741			38,238			27,334
Transaction-related costs		3,935			2,247			—
Stock-based compensation expense		4,027			3,431			3,964
Amortization of capitalized implementation costs		762			750			738
Indemnification expense, net		137			—			—
Provision for income taxes		21,136			18,604			13,053
Adjusted EBITDA ⁽¹⁾		197,845			183,844			131,024
Selling, general and administrative		37,207			42,234			31,665
Stock-based compensation expense		(4,027	)		(3,431	)		(3,964	)
Amortization of capitalized implementation costs		(762	)		(750	)		(738	)
Gain on sale of assets, net		(7,335	)		(12,712	)		(2,381	)
Other (income) expense, net		(684	)		1,598			139
Adjusted gross margin ⁽¹⁾	$	222,107		$	209,299		$	155,745

_______________
⁽¹⁾Management believes adjusted EBITDA and adjusted gross margin provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Total Revenue to Adjusted Gross Margin and Adjusted Gross Margin Percentage (in thousands)

	Three Months Ended
	March 31,					December 31,					March 31,
	2025					2024					2024
Total revenues	$	347,163				$	326,416				$	268,488
Cost of sales, exclusive of depreciation and amortization		(125,056	)				(117,117	)				(112,743	)
Depreciation and amortization		(57,620	)				(58,129	)				(42,835	)
Gross margin and gross margin percentage		164,487		47	%		151,170		46	%		112,910		42	%
Depreciation and amortization		57,620					58,129					42,835
Adjusted gross margin and adjusted gross margin percentage ⁽¹⁾	$	222,107		64	%	$	209,299		64	%	$	155,745		58	%

_______________
⁽¹⁾Management believes adjusted gross margin and adjusted gross margin percentage provide useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Net Income to Adjusted EBITDA and Cash Available for Dividend (in thousands)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net income	$	70,850		$	59,758		$	40,532
Depreciation and amortization		57,620			58,129			42,835
Long-lived and other asset impairment		972			1,203			2,568
Unrealized change in fair value of investment in unconsolidated affiliate		—			1,484			—
Restructuring charges		665			—			—
Interest expense		37,741			38,238			27,334
Transaction-related costs		3,935			2,247			—
Stock-based compensation expense		4,027			3,431			3,964
Amortization of capitalized implementation costs		762			750			738
Indemnification expense, net		137			—			—
Provision for income taxes		21,136			18,604			13,053
Adjusted EBITDA ⁽¹⁾		197,845			183,844			131,024
Less: Maintenance capital expenditures		(22,753	)		(21,623	)		(19,525	)
Less: Other capital expenditures		(6,019	)		(7,023	)		(2,920	)
Less: Cash tax (payment) refund		(92	)		134			89
Less: Cash interest expense		(36,734	)		(37,243	)		(26,642	)
Cash available for dividend ⁽²⁾	$	132,247		$	118,089		$	82,026

_______________⁽¹⁾Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.
⁽²⁾Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Net Cash Provided by Operating Activities to Cash Available for Dividend (in thousands)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net cash provided by operating activities	$	115,628		$	124,338		$	137,702
Inventory write-downs		(188	)		18			(199	)
Provision for credit losses		(156	)		(286	)		75
Gain on sale of assets, net		7,335			12,712			2,381
Current income tax provision		1,182			997			593
Cash tax (payment) refund		(92	)		134			89
Amortization of operating lease ROU assets		(1,204	)		(1,063	)		(947	)
Amortization of contract costs		(5,889	)		(6,106	)		(5,768	)
Deferred revenue recognized in earnings		3,746			5,294			2,859
Indemnification expense, net		137			—			—
Cash restructuring charges		665			—			—
Cash transaction-related costs		3,935			2,247			—
Time-based cash or equity settled units settled as equity		(1,756	)		—			—
Changes in assets and liabilities		37,676			8,450			(32,314	)
Maintenance capital expenditures		(22,753	)		(21,623	)		(19,525	)
Other capital expenditures		(6,019	)		(7,023	)		(2,920	)
Cash available for dividend ⁽¹⁾	$	132,247		$	118,089		$	82,026

_______________
⁽¹⁾Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Net Cash Provided By Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow After Dividend (in thousands)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net cash provided by operating activities	$	115,628		$	124,338		$	137,702
Net cash used in investing activities		(164,031	)		(55,393	)		(85,923	)
Adjusted free cash flow ⁽¹⁾		(48,403	)		68,945			51,779
Dividends paid to stockholders		(34,185	)		(30,690	)		(26,000	)
Adjusted free cash flow after dividend ⁽¹⁾	$	(82,588	)	$	38,255		$	25,779

_______________
⁽¹⁾Management believes adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Net Income to Adjusted EBITDA and Cash Available for Dividend Guidance (in thousands)

	Annual Guidance Range
	2025
	Low			High
Net income ⁽¹⁾	$	245,000		$	285,000
Interest expense		165,000			165,000
Provision for income taxes		98,000			98,000
Depreciation and amortization		248,000			248,000
Stock-based compensation expense		18,000			18,000
Long-lived and other asset impairment		1,000			1,000
Amortization of capitalized implementation costs		4,000			4,000
Transaction-related costs ⁽²⁾		10,000			10,000
Restructuring charges		1,000			1,000
Adjusted EBITDA ⁽³⁾		790,000			830,000
Less: Maintenance capital expenditures		(110,000	)		(120,000	)
Less: Other capital expenditures		(35,000	)		(50,000	)
Less: Cash tax expense		(5,000	)		(5,000	)
Less: Cash interest expense		(160,000	)		(160,000	)
Cash available for dividend ⁽⁴⁾⁽⁵⁾	$	480,000		$	495,000

_______________⁽¹⁾2025 annual guidance for net income includes $1.0 million of long-lived and other asset impairment as of March 31, 2025, but does not include the impact of any such future costs, because due to its nature, it cannot be accurately forecasted. Long-lived and other asset impairment does not impact Adjusted EBITDA or cash available for dividend, however it is a reconciling item between these measures and net income. Long-lived and other asset impairment for the years 2024 and 2023 was $10.7 million and $12.0 million, respectively.
⁽²⁾Reflects an estimate of expenses to be incurred related to the TOPS and NGCS acquisitions.
⁽³⁾Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.
⁽⁴⁾Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.
⁽⁵⁾A forward-looking estimate of cash provided by operating activities is not provided because certain items necessary to estimate cash provided by operating activities, including changes in assets and liabilities, are not estimable at this time. Changes in assets and liabilities were $(25.8) million and $(28.0) million for the years 2024 and 2023, respectively.

MIL-OSI USA: Sen. Banks, Rep. Mrvan Push for Northwest Indiana Hydrogen Hub

Source: United States House of Representatives – Congressman Frank J. Mrvan (IN)

Washington, D.C – Senator Jim Banks (R-Ind.) and Representative Frank Mrvan (IN-01) sent a bipartisan letter to Energy Secretary Chris Wright urging the Trump administration to prioritize Northwest Indiana as a regional Hydrogen Hub. They highlighted the region’s unmatched manufacturing strength, existing energy infrastructure, and readiness to lead in blue hydrogen production using natural gas and carbon capture. The lawmakers argued that investing in Indiana’s hydrogen project would support President Trump’s push for American energy dominance, create jobs, lower costs, and strengthen the U.S. industrial base for decades to come.

In part, the letter reads: “Prioritizing a Hydrogen Hub in Northwest Indiana is a bold, pro-America decision that plays to our state’s strengths. Indiana offers the Hoosier workforce, infrastructure and industrial knowledge to deliver results fast. This project is a key step in strengthening America’s energy dominance, ensuring we remain the world leader in energy production while creating jobs and boosting economic growth. We respectfully ask that the Administration make the Hydrogen Hub project in Indiana a top priority.”

The full text of the letter is below and a pdf is available here.

We write today to express our strong support for the ongoing development of blue hydrogen energy in Northwest Indiana’s industrial corridor.

This region is home to a dense manufacturing hub, containing the largest inland oil refinery and two of the largest integrated steel production facilities in our nation. For over a century, major industry titans have made decisions to invest and locate along Northwest Indiana’s Lake Michigan shoreline. As a result, Hoosiers in the Northwest region and across the state have been world leaders in manufacturing.

Keeping in line with President Trump’s efforts to bolster American energy, this Hydrogen Hub presents a significant opportunity to expand energy production. In particular, the Whiting “Refinery in Northwest Indiana is an ideal location for blue hydrogen production, which is produced from clean and reliable natural gas using carbon capture technology. Blue hydrogen offers a quick, cost-effective solution by utilizing existing infrastructure, and will provide a scalable energy source capable of meeting immediate energy demands. Investing in blue hydrogen production at this facility will bolster existing supply chains and will best position the United States for energy dominance.

Further, we believe the success of the hydrogen energy project will support the Administration’s stated goal to reshore our critical industries and strengthen our manufacturing base. With our region’s established downstream infrastructure, midstream pipeline capacity and manufacturing prowess, the continued support for this project will ensure that our energy and steel industries remain well positioned for success into the next century.

Notably, the Whiting Refinery in Northwest Indiana can process up to 440,000 barrels of crude oil daily and would be an ideal site to locate a regional Hydrogen Hub. Continuing this project means investing in Hoosiers and a state that delivers. Indiana is ready to lead the way in blue hydrogen innovation, strengthening American manufacturing, boosting our domestic energy supply and lowering costs by maximizing the potential of our abundant and reliable fossil fuel resources.

Prioritizing a Hydrogen Hub in Northwest Indiana is a bold, pro-America decision that plays to our state’s strengths. Indiana offers the Hoosier workforce, infrastructure and industrial knowledge to deliver results fast. This project is a key step in strengthening America’s energy dominance, ensuring we remain the world leader in energy production while creating jobs and boosting economic growth. We respectfully ask that the Administration make the Hydrogen Hub project in Indiana a top priority.

Thank you for your consideration.

###

MIL-OSI: SiriusPoint reports tenth consecutive quarter of underwriting profits and strong net income of $58m

Source: GlobeNewswire (MIL-OSI)

HAMILTON, Bermuda, May 05, 2025 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its first quarter ended March 31, 2025

Combined ratio of 95.4% in the first quarter for Core business with underwriting income of $29 million
Net premiums written growth of 20%, outpacing gross premiums written growth of 12% in the quarter for Core business, with strong growth from Insurance & Services
First quarter return on equity of 12.9%, within 12-15% ‘across the cycle’ return on equity target range
$59 million net impact from California Wildfires in the quarter, below guided range from the fourth quarter
Book value per diluted common share (ex. AOCI) of $15.15, up 3.5% in the quarter. Balance sheet remains strong with Q1’25 BSCR estimate at 227%
During the quarter, AM Best and Fitch affirmed our ratings and revised our outlook to Positive from Stable

Scott Egan, Chief Executive Officer, said: “2025 has got off to a strong start. Our aim to deliver stable and consistent earnings can be seen with our first quarter return on equity of 12.9%, well within our 12-15% target range as our diverse portfolio performed well against the backdrop of elevated natural catastrophe losses.

Our growth momentum continues, with Core gross premiums written growing by 12% in the quarter, while net premiums written increased at a faster pace of 20%, as we seek to retain a greater proportion of our increasingly profitable book. The Core underwriting result saw improvements across multiple fronts, with the attritional loss ratio, acquisition cost ratio, and underwriting expense ratios all decreasing and contributing to a 3.0 point reduction in total across these areas.

Our earnings per share of $0.49 was flat to prior year despite lower net income, demonstrating the significant accretion benefits now being derived from the previously announced share repurchases. Our strong earnings resulted in an increase to book value of 5% in the quarter.

Our focus will be to maintain this momentum and continue to deliver and improve throughout 2025. We are pleased to see our outlook move to Positive from Stable this year for both AM Best and Fitch. These are important proof points of our progress.”

First Quarter 2025 Highlights

Net income attributable to SiriusPoint common shareholders of $57.6 million, or $0.49 per diluted common share
Core income of $47.4 million, including underwriting income of $28.5 million, Core combined ratio of 95.4%
Core net services fee income of $19.0 million, with service margin of 30.6%
Net investment income of $71.2 million and total investment result of $70.9 million
Book value per diluted common share increased $0.77 per share, or 5.3%, from December 31, 2024 to $15.37
Annualized return on average common equity of 12.9%

Key Financial Metrics

The following table shows certain key financial metrics for the three months ended March 31, 2025 and 2024:

		2025			2024
	($ in millions, except for per share data and ratios)
Combined ratio		91.4	%		84.9	%
Core underwriting income (1)	$	28.5		$	44.3
Core net services income (1)	$	18.9		$	18.1
Core income (1)	$	47.4		$	62.4
Core combined ratio (1)		95.4	%		91.4	%
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders		12.9	%		15.4	%
Book value per common share (2)	$	15.73		$	14.92
Book value per diluted common share (2)	$	15.37		$	14.60
Book value per diluted common share ex. AOCI (1) (2)	$	15.15		$	14.64
Tangible book value per diluted common share (1) (2)	$	14.21		$	13.42

(1)

Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Reporting.” Book value per diluted common share ex. AOCI and tangible book value per diluted common share are non-GAAP financial measures. See definition and reconciliation in “Non-GAAP Financial Measures.”

(2)

Prior year comparatives represent amounts as of December 31, 2024.

First Quarter 2025 Summary

Consolidated underwriting income for the three months ended March 31, 2025 was $54.1 million compared to $89.6 million for the three months ended March 31, 2024. The decrease was primarily driven by increased catastrophe losses from the California wildfires, partially offset by increased favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, and in A&H, due to lower than expected reported attritional losses.

Reportable Segments

The determination of our reportable segments is based on the manner in which management monitors the performance of our operations, which consist of two reportable segments – Reinsurance and Insurance & Services.

Collectively, the sum of our two segments, Reinsurance and Insurance & Services, constitute our “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in “Segment Reporting”. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

Core Premium Volume

Gross premiums written increased by $109.2 million, or 12.4%, to $989.9 million for the three months ended March 31, 2025 compared to $880.7 million for the three months ended March 31, 2024. Net premiums earned increased by $108.0 million, or 20.9%, to $625.8 million for the three months ended March 31, 2025 compared to $517.8 million for the three months ended March 31, 2024. The increases in premium volume were primarily driven by our Insurance & Services segment, including growth across A&H, expansion of Surety within our Other Specialties business line and continued strategic organic and new program growth in our international business.

Core Results

Core results for the three months ended March 31, 2025 included income of $47.4 million compared to $62.4 million for the three months ended March 31, 2024. Income for the three months ended March 31, 2025 consists of underwriting income of $28.5 million (95.4% combined ratio) and net services income of $18.9 million, compared to underwriting income of $44.3 million (91.4% combined ratio) and net services income of $18.1 million for the three months ended March 31, 2024. The decrease in net underwriting results was primarily driven by increased catastrophe losses, partially offset by increased favorable development and lower attritional losses.

Catastrophe losses for the three months ended March 31, 2025 were $67.9 million, or 10.9 percentage points on the combined ratio, primarily from the California wildfires, compared to minimal losses for the three months ended March 31, 2024. Losses incurred included $34.3 million of favorable prior year loss reserve development for the three months ended March 31, 2025 primarily driven by favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, as well as favorable development in A&H, due to lower than expected reported attritional losses, compared to $8.0 million for the three months ended March 31, 2024 driven by decreased ultimate losses in the Credit reinsurance portfolio.

Net services income remained stable for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Service margin, which is calculated as Net service fee income as a percentage of services revenues, increased to 30.6% for the three months ended March 31, 2025 from 30.1% for the three months ended March 31, 2024.

Reinsurance Segment

Reinsurance gross premiums written were $354.8 million for the three months ended March 31, 2025, an decrease of $1.6 million, or 0.4%, compared to the three months ended March 31, 2024, primarily driven by reduced premiums written in Casualty reflecting underwriting actions to improve profitability, partially offset by increased reinstatement premiums of $8.9 million related to our Property Catastrophe business.

Reinsurance generated underwriting income of $8.4 million (97.1% combined ratio) for the three months ended March 31, 2025, compared to underwriting income of $39.9 million (84.2% combined ratio) for the three months ended March 31, 2024. The decrease in net underwriting results was primarily driven by increased catastrophe losses of $63.1 million, or 21.8 percentage points on the combined ratio, primarily from the California wildfires, compared to minimal losses for the three months ended March 31, 2024. This was partially offset by increased favorable prior year loss reserve development of $31.8 million for the three months ended March 31, 2025 primarily driven by favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, compared to $10.3 million for the three months ended March 31, 2024 primarily driven by decreased ultimate losses in the Credit reinsurance portfolio.

Insurance & Services Segment

Insurance & Services gross premiums written were $635.1 million for the three months ended March 31, 2025, an increase of $110.8 million, or 21.1%, compared to the three months ended March 31, 2024, primarily driven by growth across A&H, expansion of Surety within our Other Specialties business line and continued strategic organic and new program growth in our international business.

Insurance & Services generated segment income of $39.0 million for the three months ended March 31, 2025, compared to $22.5 million for the three months ended March 31, 2024. Segment income for the three months ended March 31, 2025 consists of underwriting income of $20.1 million (94.0% combined ratio) and net services income of $18.9 million, compared to underwriting income of $4.4 million (98.4% combined ratio) and net services income of $18.1 million for the three months ended March 31, 2024. The improvement in underwriting results was primarily driven by our decreased loss ratio mainly from lower attritional losses, as well as net favorable prior year loss reserve development of $2.5 million for the three months ended March 31, 2025, mainly in A&H, compared to net adverse prior year loss reserve development of $2.3 million for the three months ended March 31, 2024.

Investments

Net investment income and net realized and unrealized investment gains (losses) for the three months ended March 31, 2025 and 2024 were mainly driven by interest income of $63.4 million and $76.9 million, respectively, on our debt securities and short-term investments. The decrease is driven by a lower asset base as of March 31, 2025 after executing various share repurchase transactions in 2024 and 2025.

Webcast Details

The Company will hold a webcast to discuss its first quarter 2025 results at 8:30 a.m. Eastern Time on May 6, 2025. The webcast of the conference call will be available over the Internet from the Company’s website at www.siriuspt.com under the “Investor Relations” section. Participants should follow the instructions provided on the website to download and install any necessary audio applications. The conference call will be available by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international). Participants should ask for the SiriusPoint Ltd. first quarter 2025 earnings call.

The online replay will be available on the Company’s website immediately following the call at www.siriuspt.com under the “Investor Relations” section.

Safe Harbor Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “guidance,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases. Specific forward-looking statements in this press release include, but are not limited to, statements regarding the trend of our performance as compared to the previous guidance, the current insurtech market trends, our ability to generate shareholder value, and whether we will continue to have momentum in our business in the future. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improve underwriting performance, de-risking our investment portfolio, and transforming our business; the impact of unpredictable catastrophic events, including uncertainties with respect to current and future COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility; inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates; the performance of financial markets, impact of inflation and interest rates, and foreign currency fluctuations; our ability to compete successfully in the insurance and reinsurance market and the effect of consolidation in the insurance and reinsurance industry; technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers; the effects of global climate change, including wildfires, and increased severity and frequency of weather-related natural disasters and catastrophes and increased coastal flooding in many geographic areas; geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East and the new presidential administration in the U.S.; global economic uncertainty caused by the imposition and/or announcement of tariffs imposed on the import of certain goods into the U.S. from various countries which may have unpredictable consequences including, but not limited to, inflation or trade wars, potential impact on the Company’s credit and mortgage business and potential increase in credit spread which could impact the Company’s short-term capital and liquidity; our ability to retain key senior management and key employees; a downgrade or withdrawal of our financial ratings; fluctuations in our results of operations; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; the outcome of legal and regulatory proceedings and regulatory constraints on our business; reduced returns or losses in SiriusPoint’s investment portfolio; our exposure or potential exposure to corporate income tax in Bermuda and the E.U., U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced; risks associated with delegating authority to third party managing general agents; future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; and other risks and factors listed under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission.

All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures and Other Financial Metrics

In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, and Core combined ratio are non-GAAP financial measures. Management believes it is useful to review Core results as it better reflects how management views the business and reflects the Company’s decision to exit the runoff business. Book value per diluted common share excluding accumulated other comprehensive income (loss) (“AOCI”) and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Management believes the effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP figures are included in the attached financial information in accordance with Regulation G and Item 10(e) of Regulation S-K, as applicable.

About the Company

SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With approximately $2.7 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s. For more information, please visit www.siriuspt.com.

Contacts

Investor Relations
Liam Blackledge – Investor Relations and Strategy Manager
Liam.Blackledge@siriuspt.com
+ 44 203 772 3082

Media
Natalie King – Global Head of Marketing and External Communications
Natalie.King@siriuspt.com
+ 44 770 728 8817


SIRIUSPOINT LTD. CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of March 31, 2025 and December 31, 2024 (expressed in millions of U.S. dollars, except per share and share amounts)

	March 31, 2025		December 31, 2024
Assets
Debt securities, available for sale, at fair value, net of allowance for credit losses of $0.0 (2024 – $1.1) (cost – $4,617.0; 2024 – $5,143.8)	$	4,635.2	$	5,131.0
Debt securities, trading, at fair value (cost – $140.9; 2024 – $187.3)		117.6		162.2
Short-term investments, at fair value (cost – $48.2; 2024 – $95.3)		48.2		95.8
Other long-term investments, at fair value (cost – $437.9; 2024 – $438.2) (includes related party investments at fair value of $220.1 (2024 – $217.2))		317.7		316.5
Total investments		5,118.7		5,705.5
Cash and cash equivalents		740.3		682.0
Restricted cash and cash equivalents		184.9		212.6
Due from brokers		18.8		11.2
Interest and dividends receivable		42.1		44.0
Insurance and reinsurance balances receivable, net		2,240.8		2,054.4
Deferred acquisition costs, net		369.3		327.5
Unearned premiums ceded		514.3		463.9
Loss and loss adjustment expenses recoverable, net		2,335.7		2,315.3
Deferred tax asset		293.3		297.0
Intangible assets		137.9		140.8
Other assets		284.4		270.7
Total assets	$	12,280.5	$	12,524.9
Liabilities
Loss and loss adjustment expense reserves	$	5,762.6	$	5,653.9
Unearned premium reserves		1,816.8		1,639.2
Reinsurance balances payable		1,707.5		1,781.6
Deposit liabilities		15.6		17.4
Deferred gain on retroactive reinsurance		6.6		8.5
Debt		663.5		639.1
Due to brokers		6.6		18.0
Deferred tax liability		94.2		76.2
Share repurchase liability		—		483.0
Other liabilities		180.4		269.2
Total liabilities		10,253.8		10,586.1
Commitments and contingent liabilities
Shareholders’ equity
Series B preference shares (par value $0.10; authorized and issued: 8,000,000)		200.0		200.0
Common shares (issued and outstanding: 116,020,526; 2023 – 116,429,057)		11.6		11.6
Additional paid-in capital		944.7		945.0
Retained earnings		842.5		784.9
Accumulated other comprehensive income (loss), net of tax		26.4		(4.1	)
Shareholders’ equity attributable to SiriusPoint shareholders		2,025.2		1,937.4
Noncontrolling interests		1.5		1.4
Total shareholders’ equity		2,026.7		1,938.8
Total liabilities, noncontrolling interests and shareholders’ equity	$	12,280.5	$	12,524.9


SIRIUSPOINT LTD. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the three months ended March 31, 2025 and 2024 (expressed in millions of U.S. dollars, except per share and share amounts)

		2025			2024
Revenues
Net premiums earned	$	626.7		$	593.8
Net investment income		71.2			78.8
Net realized and unrealized investment gains (losses)		(0.3	)		1.0
Net investment income and net realized and unrealized investment gains (losses)		70.9			79.8
Other revenues		29.7			27.8
Loss on settlement and change in fair value of liability-classified capital instruments		—			(15.9	)
Total revenues		727.3			685.5
Expenses
Loss and loss adjustment expenses incurred, net		401.8			317.5
Acquisition costs, net		129.7			144.9
Other underwriting expenses		41.1			41.8
Net corporate and other expenses		60.6			56.0
Intangible asset amortization		2.9			2.9
Interest expense		18.1			20.5
Foreign exchange gains		(2.2	)		(3.7	)
Total expenses		652.0			579.9
Income before income tax expense		75.3			105.6
Income tax expense		(13.3	)		(9.7	)
Net income		62.0			95.9
Net income attributable to noncontrolling interests		(0.4	)		(1.1	)
Net income available to SiriusPoint		61.6			94.8
Dividends on Series B preference shares		(4.0	)		(4.0	)
Net income available to SiriusPoint common shareholders	$	57.6		$	90.8
Earnings per share available to SiriusPoint common shareholders
Basic earnings per share available to SiriusPoint common shareholders	$	0.50		$	0.50
Diluted earnings per share available to SiriusPoint common shareholders	$	0.49		$	0.49
Weighted average number of common shares used in the determination of earnings per share
Basic		115,975,961			168,934,114
Diluted		118,555,166			174,380,963


SIRIUSPOINT LTD. SEGMENT REPORTING

	Three months ended March 31, 2025
	Reinsurance			Insurance & Services			Core			Eliminations ⁽²⁾			Corporate			Segment Measure Reclass			Total
Gross premiums written	$	354.8		$	635.1		$	989.9		$	—		$	(5.2	)	$	—		$	984.7
Net premiums written		268.5			483.5			752.0			—			(9.0	)		—			743.0
Net premiums earned		289.6			336.2			625.8			—			0.9			—			626.7
Loss and loss adjustment expenses incurred, net		195.3			209.9			405.2			(2.0	)		(1.4	)		—			401.8
Acquisition costs, net		67.1			87.3			154.4			(28.0	)		3.3			—			129.7
Other underwriting expenses		18.8			18.9			37.7			—			3.4			—			41.1
Underwriting income (loss)		8.4			20.1			28.5			30.0			(4.4	)		—			54.1
Services revenues		—			62.1			62.1			(30.2	)		—			(31.9	)		—
Services expenses		—			43.1			43.1			—			—			(43.1	)		—
Net services fee income		—			19.0			19.0			(30.2	)		—			11.2			—
Services noncontrolling income		—			(0.1	)		(0.1	)		—			—			0.1			—
Net services income		—			18.9			18.9			(30.2	)		—			11.3			—
Segment income (loss)		8.4			39.0			47.4			(0.2	)		(4.4	)		11.3			54.1
Net investment income														71.2			—			71.2
Net realized and unrealized investment losses														(0.3	)		—			(0.3	)
Other revenues														(2.2	)		31.9			29.7
Net corporate and other expenses														(17.5	)		(43.1	)		(60.6	)
Intangible asset amortization														(2.9	)		—			(2.9	)
Interest expense														(18.1	)		—			(18.1	)
Foreign exchange gains														2.2			—			2.2
Income before income tax expense	$	8.4		$	39.0			47.4			(0.2	)		28.0			0.1			75.3
Income tax expense								—			—			(13.3	)		—			(13.3	)
Net income								47.4			(0.2	)		14.7			0.1			62.0
Net income attributable to noncontrolling interest								—			—			(0.3	)		(0.1	)		(0.4	)
Net income available to SiriusPoint							$	47.4		$	(0.2	)	$	14.4		$	—		$	61.6

Attritional losses	$	164.0		$	207.6		$	371.6		$	(2.0	)	$	(1.5	)	$	—		$	368.1
Catastrophe losses		63.1			4.8			67.9			—			—			—			67.9
Prior year loss reserve development		(31.8	)		(2.5	)		(34.3	)		—			0.1			—			(34.2	)
Loss and loss adjustment expenses incurred, net	$	195.3		$	209.9		$	405.2		$	(2.0	)	$	(1.4	)	$	—		$	401.8

Underwriting Ratios: ⁽¹⁾
Attritional loss ratio		56.6	%		61.7	%		59.3	%											58.8	%
Catastrophe loss ratio		21.8	%		1.4	%		10.9	%											10.8	%
Prior year loss development ratio	(11.0)%			(0.7)%			(5.5)%												(5.5)%
Loss ratio		67.4	%		62.4	%		64.7	%											64.1	%
Acquisition cost ratio		23.2	%		26.0	%		24.7	%											20.7	%
Other underwriting expenses ratio		6.5	%		5.6	%		6.0	%											6.6	%
Combined ratio		97.1	%		94.0	%		95.4	%											91.4	%

(1)	Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)	Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

	Three months ended March 31, 2024
	Reinsurance			Insurance & Services			Core			Eliminations ⁽²⁾			Corporate			Segment Measure Reclass			Total
Gross premiums written	$	356.4		$	524.3		$	880.7		$	—		$	25.9		$	—		$	906.6
Net premiums written		290.1			337.1			627.2			—			12.1			—			639.3
Net premiums earned		253.6			264.2			517.8			—			76.0			—			593.8
Loss and loss adjustment expenses incurred, net		124.6			176.5			301.1			(1.4	)		17.8			—			317.5
Acquisition costs, net		69.8			65.2			135.0			(33.2	)		43.1			—			144.9
Other underwriting expenses		19.3			18.1			37.4			—			4.4			—			41.8
Underwriting income		39.9			4.4			44.3			34.6			10.7			—			89.6
Services revenues		—			65.8			65.8			(37.1	)		—			(28.7	)		—
Services expenses		—			46.0			46.0			—			—			(46.0	)		—
Net services fee income		—			19.8			19.8			(37.1	)		—			17.3			—
Services noncontrolling income		—			(1.7	)		(1.7	)		—			—			1.7			—
Net services income		—			18.1			18.1			(37.1	)		—			19.0			—
Segment income		39.9			22.5			62.4			(2.5	)		10.7			19.0			89.6
Net investment income														78.8			—			78.8
Net realized and unrealized investment gains														1.0			—			1.0
Other revenues														(0.9	)		28.7			27.8
Loss on settlement and change in fair value of liability-classified capital instruments														(15.9	)		—			(15.9	)
Net corporate and other expenses														(10.0	)		(46.0	)		(56.0	)
Intangible asset amortization														(2.9	)		—			(2.9	)
Interest expense														(20.5	)		—			(20.5	)
Foreign exchange gains														3.7			—			3.7
Income before income tax expense	$	39.9		$	22.5			62.4			(2.5	)		44.0			1.7			105.6
Income tax expense								—			—			(9.7	)		—			(9.7	)
Net income								62.4			(2.5	)		34.3			1.7			95.9
Net (income) loss attributable to noncontrolling interest								—			—			0.6			(1.7	)		(1.1	)
Net income available to SiriusPoint							$	62.4		$	(2.5	)	$	34.9		$	—		$	94.8

Attritional losses	$	134.9		$	174.2		$	309.1		$	(1.4	)	$	48.7		$	—		$	356.4
Prior year loss reserve development		(10.3	)		2.3			(8.0	)		—			(30.9	)		—			(38.9	)
Loss and loss adjustment expenses incurred, net	$	124.6		$	176.5		$	301.1		$	(1.4	)	$	17.8		$	—		$	317.5

Underwriting Ratios: ⁽¹⁾
Attritional loss ratio		53.2	%		65.9	%		59.7	%											60.0	%
Prior year loss development ratio	(4.1)%				0.9	%	(1.6)%												(6.5)%
Loss ratio		49.1	%		66.8	%		58.1	%											53.5	%
Acquisition cost ratio		27.5	%		24.7	%		26.1	%											24.4	%
Other underwriting expenses ratio		7.6	%		6.9	%		7.2	%											7.0	%
Combined ratio		84.2	%		98.4	%		91.4	%											84.9	%

(1)	Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)	Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

SIRIUSPOINT LTD.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS & OTHER FINANCIAL MEASURES

Non-GAAP Financial Measures

Core Results

Collectively, the sum of the Company’s two segments, Reinsurance and Insurance & Services, constitute “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

Core underwriting income – calculated by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned.

Core net services income – consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, as well as services expenses which include direct expenses related to consolidated MGAs and services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company’s services provided.

Core income – consists of two components, core underwriting income and core net services income. Core income is a key measure of our segment performance.

Core combined ratio – calculated by dividing the sum of Core loss and loss adjustment expenses incurred, net, acquisition costs, net and other underwriting expenses by Core net premiums earned. Accident year loss ratio and accident year combined ratio are calculated by excluding prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the Core loss ratio and Core combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount. These ratios are useful indicators of our underwriting profitability.

Book Value Per Diluted Common Share Metrics

Book value per diluted common share excluding AOCI and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Tangible book value per diluted common share excludes intangible assets. Management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Tangible book value per diluted common share is useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets.

The following table sets forth the computation of book value per common share, book value per diluted common share and tangible book value per diluted common share as of March 31, 2025 and December 31, 2024:

	March 31, 2025		December 31, 2024
	($ in millions, except share and per share amounts)
Common shareholders’ equity attributable to SiriusPoint common shareholders	$	1,825.2	$	1,737.4

Accumulated other comprehensive income (loss), net of tax		26.4		(4.1	)
Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI		1,798.8		1,741.5

Intangible assets		137.9		140.8
Tangible common shareholders’ equity attributable to SiriusPoint common shareholders	$	1,687.3	$	1,596.6

Common shares outstanding		116,020,526		116,429,057
Effect of dilutive stock options, restricted share units and warrants		2,708,756		2,559,359
Book value per diluted common share denominator		118,729,282		118,988,416

Book value per common share	$	15.73	$	14.92
Book value per diluted common share	$	15.37	$	14.60
Book value per diluted common share ex. AOCI	$	15.15	$	14.64
Tangible book value per diluted common share	$	14.21	$	13.42

Other Financial Measures

Annualized Return on Average Common Shareholders’ Equity Attributable to SiriusPoint Common Shareholders

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three months ended March 31, 2025 and 2024 was calculated as follows:

		2025			2024
	($ in millions)
Net income available to SiriusPoint common shareholders	$	57.6		$	90.8
Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period		1,737.4			2,313.9
Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period		1,825.2			2,402.6
Average common shareholders’ equity attributable to SiriusPoint common shareholders	$	1,781.3		$	2,358.3
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders		12.9	%		15.4	%

MIL-OSI USA: ICE prevents UAC smuggling incident in Arizona

Source: US Immigration and Customs Enforcement

YUMA, Ariz. — U.S. Immigration and Customs Enforcement and U.S. Customs and Border Protection thwarted an attempted smuggling incident with an unaccompanied alien child in Yuma April 29. U.S. border officials apprehended a woman attempting to smuggle a 5-year-old boy — identified as “John Doe” in the legal complaint — after the child’s mother allegedly paid a smuggler to transport him illegally into the United States.

CBP worked with the Mexican Consulate to find the child’s mother, a 24-year-old woman living in Veracruz, Mexico, who presented herself at the San Luis Port of Entry later that night to recover her child.

The mother claimed that the smuggler coordinated with the child’s father to drop off the little boy, however, the child told investigators that he was being taken to live with a man he didn’t know.

“The smuggling of unaccompanied alien children is among the most vile and inhumane crimes imaginable,” said ICE Homeland Security Investigation Arizona Special Agent in Charge Francisco B. Burrola. “Even more vile, in this case the child’s own mother handed him over to strangers—mules—who attempted to smuggle him into the U.S. using fake identity documents. The woman posing as his guardian also admitted she was going to leave him with a man she didn’t know. It’s horrifying, heartbreaking, and a stark reminder of why HSI aggressively pursues these criminals and the networks that enable them.”

During an interview with ICE HSI special agents, the boy’s mother also revealed that she paid the smuggler, Gloria Lopez Corona, to bring her child to the United States — and that she intended to illegally enter the U.S. April 30 to join her husband, the child’s father, who is an illegal alien with a prior history of illegally entering the U.S.

ICE HSI takes swift action to investigate any criminal activity related to unaccompanied alien children. This includes investigating the exploitive smuggling networks that bring UACs to the United States as well as any criminals who may exploit these at-risk youths here in the United States.

“The mother and father in this case are actively violating U.S. border laws and undermining our nation’s security,” continued Burrola. “The father has been deported three times previously, and now both parents have endangered their young child by paying smugglers to facilitate illegal entry. Criminal smuggling networks have no regard for human life and trusting them with a child is both reckless and tragic.”

ICE HSI combats human smuggling by working with its law enforcement partners to deter, disrupt and dismantle the criminal networks that engage in it. Special agents use their expertise and rely on HSI’s authorities to seize assets and eliminate profit incentives, work with nongovernmental organizations to protect and assist victims, and bring traffickers to justice.

If you suspect someone may be involved in or a victim of human smuggling or trafficking contact local law enforcement, dial 911 or the ICE Tip Line: 866-DHS-2-ICE.

MIL-OSI Security: Dallas man sentenced to 10 years in federal prison for East Texas methamphetamine trafficking

Source: Office of United States Attorneys

TEXARKANA, Texas – A Dallas man has been sentenced to 10 years in federal prison for drug trafficking violations in the Eastern District of Texas, announced Acting U.S. Attorney Abe McGlothin, Jr.

Emmanuel Robles, 39, pleaded guilty to conspiracy to possess with intent to distribute methamphetamine and was sentenced to 120 months in federal prison by U.S. District Judge Robert W. Schroeder III on May 5, 2025.

According to information presented in court, between 2019 and 2021, Robles conspired with others to bring methamphetamine to East Texas for distribution. During this time, Robles distributed more than 1.5 kilograms of actual methamphetamine. Robles admitted to providing controlled substances to another co-conspirator in July 2019; August 2019; September 2019; October 2019; December 2019; January 2020; February 2020; March 2020; and April 2020. Robles also agreed to a forfeiture of a money judgment in the amount of $20,000.

This case was investigated by the U.S. Drug Enforcement Administration, Texas Department of Public Safety – Criminal Investigation Division, and the U.S. Postal Inspection Service. This case was prosecuted by Assistant U.S. Attorney Alan Jackson.

###

MIL-OSI Security: Man Charged with Multiple Counts of Involuntary Manslaughter Following Fatal High-Speed Rollover Crash

Source: Office of United States Attorneys

ALBUQUERQUE – An Arizona man has been charged with involuntary manslaughter and assault resulting in serious bodily injury following a fatal rollover crash that killed two people and injured two others.

According to court documents, on the afternoon of November 14, 2024, emergency responders were dispatched to mile marker five on Navajo Route 54 after reports of a single-vehicle rollover. Investigators determined that Marvin Wauneka, 40, an enrolled member of the Navajo Nation, was driving at excessive speeds of up to 95 MPH-while consuming alcohol. The crash resulted in the deaths of two occupants and left three others, including Wauneka, hospitalized with serious injuries.

A witness at the scene reported seeing Wauneka exit the vehicle after the crash, and a bottle of vodka was recovered near one of the victims. Surviving passengers confirmed Wauneka was driving and drinking at the time of the crash. Wauneka’s blood alcohol content was measured at .298 upon arrival at the hospital. He has a prior record of multiple DWI offenses and failures to appear in state court.

Wauneka is charged with two counts of involuntary manslaughter and one count of assault resulting in serious bodily injury and will remain in custody trial. If convicted of the current charges, Wauneka faces up to 26 years in prison.

U.S. Attorney Ryan Ellison made the announcement today.

The Navajo Nation Police Department and Navajo Department of Criminal Investigations are investigating this case. Assistant U.S. Attorney Mark A. Probasco is prosecuting the case.

A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL-OSI Canada: Tribunal Issues Determination—Renewable Diesel from the United States

Source: Government of Canada News (2)

Ottawa, Ontario, May 5, 2025—The Canadian International Trade Tribunal today determined that the evidence does not disclose a reasonable indication that the dumping and subsidizing of renewable diesel from the United States of America have caused injury or are threatening to cause injury to the domestic industry. Therefore, the Tribunal terminated its preliminary injury inquiry.

The Tribunal’s inquiry was conducted pursuant to the Special Import Measures Act as a result of the initiation of dumping and subsidizing investigations by the Canada Border Services Agency (CBSA). Having determined that there was no reasonable indication that the alleged dumping and subsidizing have caused or threaten to cause injury or retardation, the CBSA will terminate its dumping and subsidizing investigations and the Tribunal will not initiate a final injury inquiry.

The Tribunal is an independent quasi-judicial body that reports to Parliament through the Minister of Finance. It hears cases on dumped and subsidized imports, safeguard complaints, complaints about federal government procurement and appeals of customs and excise tax rulings. When requested by the federal government, the Tribunal also provides advice on other economic, trade and tariff matters.

MIL OSI Canada News –

MIL-OSI Canada: Tribunal Initiates Expiry Review—Carbon Steel Screws from China and Chinese Taipei

Source: Government of Canada News (2)

Ottawa, Ontario, May 5, 2025—The Canadian International Trade Tribunal today initiated an expiry review of its order made on September 2, 2020, in expiry review RR‑2019‑002, to determine if the expiry of the order is likely to lead to continued or resumed dumping of certain carbon steel fasteners originating in or exported from the People’s Republic of China and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, and the subsidizing of such products originating in or exported from the People’s Republic of China and is likely to result in injury to the domestic industry.

No later than October 2, 2025, the Canada Border Services Agency will determine if there is a likelihood of resumed or continued dumping or subsidizing. In the event of a positive determination, the Tribunal will determine, no later than March 11, 2026, whether the continued or resumed dumping or subsidizing is likely to result in injury to the domestic industry.

The Tribunal is an independent quasi-judicial body that reports to Parliament through the Minister of Finance. It hears cases on dumped and subsidized imports, safeguard complaints, complaints about federal government procurement and appeals of customs and excise tax rulings. When requested by the federal government, the Tribunal also provides advice on other economic, trade and tariff matters.

Any interested person, association or government that wishes to participate in the Tribunal’s expiry review may do so by filing Form I—Notice of Participation.

MIL OSI Canada News –

MIL-OSI Security: Agawam Man Charged with Possession of Child Pornography

Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

BOSTON – An Agawam man was charged with possession of child sexual abuse material (CSAM).

Warren Messeck, 75, was charged by criminal complaint with one count of possession of child pornography. He made an initial appearance before U.S. Magistrate Judge Katherine A. Robertson in Springfield.

In 2021, Messeck was identified as a user of an internet-based peer-to-peer network downloading CSAM. A subsequent search of his residence resulted in the recovery of over 40 electronic devices including a laptop, hard drives and other electronic storage devices. A forensic examination allegedly revealed over 10,000 files depicting CSAM on six of the seized devices.

The charge of possession of child pornography provides for a sentence of at least 10 years and up to 20 years in prison, a minimum of five years and up to life of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

United States Attorney Leah B. Foley and James Crowley, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement today. Valuable assistance was provided by the Agawam Police Department. Assistant U.S. Attorney Caroline Merck of the Springfield Branch Office is prosecuting the case.

This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse, launched in May 2006 by the Department of Justice. Led by the U.S. Attorneys’ Offices and the DOJ’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend and prosecute individuals who exploit children, as well as identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc.

The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

MIL-OSI: SiriusPoint Announces Dividend on Series B Preference Shares

Source: GlobeNewswire (MIL-OSI)

HAMILTON, Bermuda, May 05, 2025 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), an international specialty insurer and reinsurer, has announced that the Audit Committee of the Board of Directors of SiriusPoint Ltd. approved a quarterly cash dividend of $0.50 per share on its 8.00% Resettable Fixed Rate Preference Shares, Series B, $0.10 par value, $25.00 liquidation preference per share payable on or prior to May 30, 2025 to Series B shareholders of record as of May 15, 2025.

About SiriusPoint

SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With approximately $2.7 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s. For more information, please visit www.siriuspt.com.

Contacts

Investor Relations
Liam Blackledge, SiriusPoint
Liam.Blackledge@siriuspt.com
+ 44 203 772 3082

Media
Sarah Hills, Rein4ce
Sarah.Hills@rein4ce.co.uk
+ 44 7718 882011

MIL-OSI: Aterian Sets Date for First Quarter 2025 Earnings Announcement & Investor Conference Call

Source: GlobeNewswire (MIL-OSI)

SUMMIT, N.J., May 05, 2025 (GLOBE NEWSWIRE) — Aterian, Inc. (Nasdaq: ATER) (“Aterian” or the “Company”), a technology-enabled consumer products company, today announced that it will issue its financial results for the first quarter ended March 31, 2025 on Wednesday, May 14, 2025 after the close of the stock market. The Company will host a corresponding conference call at 5:00 p.m. ET that day to discuss the results.

Investors interested in participating in the live call can dial:

(800) 715-9871 (Domestic)
(646) 307-1963 (International)
Passcode: 1616427

Participants may also access the call through a live webcast at https://ir.aterian.io. The archived online replay will be available for a limited time after the call in the investors section of the Aterian corporate website.

About Aterian, Inc.
Aterian, Inc. (Nasdaq: ATER) is a technology-enabled consumer products company that builds and acquires leading e-commerce brands with top selling consumer products, in multiple categories, including home and kitchen appliances, health and wellness and air quality devices. The Company sells across the world’s largest online marketplaces with a focus on Amazon, Walmart and Target in the U.S. and on its own direct to consumer websites. Our primary brands include Squatty Potty, hOmeLabs, Mueller Living, PurSteam, Healing Solutions and Photo Paper Direct. To learn more about Aterian and its brands, visit aterian.io

Contact:
The Equity Group

Devin Sullivan
Managing Director
dsullivan@equityny.com

Conor Rodriguez
Associate
crodriguez@equityny.com

MIL-OSI: Onity Group to Present at Upcoming Investor Conferences

Source: GlobeNewswire (MIL-OSI)

WEST PALM BEACH, Fla., May 05, 2025 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”) today announced that executive management will participate in two upcoming conferences in May 2025.

Glen Messina, Chair, President and Chief Executive Officer, and Sean O’Neil, Executive Vice President and Chief Financial Officer, will meet with investors at the following conferences:

BTIG 5^thAnnual Housing Ecosystem Conference
Date: Wednesday, May 7, 2025
For more information, please contact USCorporateAccess@btig.com. Please note participants must be pre-registered to attend.

KBW Real Estate Finance & Technology Conference
Date: Tuesday, May 20, 2025
Virtual conference
For more information, please contact kbwevents@kbw.com.

An investor presentation will be made available on the Events & Presentations section of the Company’s shareholder relations page at onitygroup.com prior to the meetings on May 7 and May 20, 2025.

About Onity Group

Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

For Further Information Contact:

Valerie Haertel, VP, Investor Relations
(561) 570-2969
shareholderrelations@onitygroup.com

MIL-OSI: T1 Energy Announces First Quarter 2025 Earnings Release and Conference Call Schedule

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas and NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) announced this afternoon that the Company will publish a press release detailing first quarter 2025 results and conduct a conference call on May 15, 2025.

The first quarter 2025 press release will be issued by 6:00 am U.S. Eastern Daylight Time. The conference call is scheduled to begin at 8:00 am Eastern Daylight Time.

To access the conference call, listeners should proceed as follows:

Click on the call link and complete the online registration form.
Upon registering, you will receive dial-in information and a unique PIN to join the call as well as an email confirmation with details.
Select a method for joining the call:
1. Dial in: A dial in number and unique PIN are displayed to connect directly by phone.
2. Call Me: Enter your phone number and a click “Call Me” for an immediate callback from the system. The call will come from a U.S. number.
The MIL Network –

MIL-OSI: Great Elm Capital Corp. Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

PALM BEACH GARDENS, Fla., May 05, 2025 (GLOBE NEWSWIRE) — Great Elm Capital Corp. (“we,” “our,” the “Company” or “GECC”) (NASDAQ: GECC), a business development company, today announced its financial results for the first quarter ended March 31, 2025.

First Quarter and Other Recent Highlights

GECC increased its quarterly distribution by 5.7% for the first quarter of 2025 to $0.37 per share, from $0.35 per share, which was paid on March 31, 2025.
- The Board of Directors approved a quarterly dividend of $0.37 per share for the second quarter of 2025, equating to a 14.7% annualized yield on GECC’s May 2, 2025 closing price of $10.09.
Total investment income (“TII”) for the quarter ended March 31, 2025 was a record $12.5 million.
- Highest cash income quarter in the Company’s history, with only 12% of GECC’s TII attributable to PIK and accretion income.
Net investment income (“NII”) for the quarter ended March 31, 2025 was $4.6 million, or $0.40 per share, as compared to $2.1 million, or $0.20 per share, for the quarter ended December 31, 2024.
- Increase in NII primarily driven by the receipt of distributions from the CLO Formation JV, LLC (“CLO JV”), as well as income from other new investments.
- GECC received $3.8 million of cash distributions from the CLO JV in the quarter ended March 31, 2025, as compared to $0.5 million in the quarter ended December 31, 2024. Additionally, in April, GECC received $4.3 million of cash distributions from the CLO JV.
Net assets were $132.3 million, or $11.46 per share, on March 31, 2025, as compared to $136.1 million, or $11.79 per share, on December 31, 2024.
- Decrease in NAV primarily driven by unrealized losses in certain investment positions marked down amid broader market volatility, which we expect would reverse over time assuming market conditions stabilize.
GECC’s asset coverage ratio was 163.8% as of March 31, 2025, as compared to 169.7% as of December 31, 2024.

Management Commentary

“We are pleased to report strong first quarter results, generating record total investment income of $12.5 million, driven by cash flows from our CLO JV and income from new investments, with NII that exceeded our increased quarterly distribution,” said Matt Kaplan, GECC’s Chief Executive Officer. “Looking ahead, we expect NII to increase in the second quarter, and we remain well positioned to cover our distributions over the course of 2025. We continue to closely monitor the uncertain macro environment and will look to thoughtfully deploy capital into opportunities with compelling risk-adjusted returns, with a focus on creating meaningful value for our shareholders.”

Financial Highlights – Per Share Data

	Q1/2024	Q2/2024	Q3/2024	Q4/2024	Q1/2025
Earnings Per Share (“EPS”)	($0.05)	($0.14)	$0.33	$0.17	$0.04
Net Investment Income (“NII”) Per Share	$0.37	$0.32	$0.39	$0.20	$0.40
Pre-Incentive Net Investment Income Per Share	$0.46	$0.40	$0.49	$0.20	$0.50
Net Realized and Unrealized Gains / (Losses) Per Share	($0.42)	($0.46)	($0.06)	($0.03)	($0.36)
Net Asset Value Per Share at Period End	$12.57	$12.06	$12.04	$11.79	$11.46
Distributions Paid / Declared Per Share	$0.35	$0.35	$0.35	$0.40	$0.37

Portfolio and Investment Activity

As of March 31, 2025, GECC held total investments of $341.9 million at fair value, as follows:

57 debt investments in corporate credit, totaling approximately $213.2 million, representing 62.4% of the fair market value of the Company’s total investments. Secured debt investments comprised a substantial majority of the fair market value of the Company’s debt investments.
An investment in Great Elm Specialty Finance, totaling approximately $42.8 million, comprised of one debt investment of $29.7 million and one equity investment of $13.0 million, representing 8.7% and 3.8%, respectively, of the fair market value of the Company’s total investments.
CLO investments, totaling approximately $52.2 million, representing 15.3% of the fair market value of the Company’s total investments.
Three dividend paying equity investments, totaling approximately $9.3 million, representing 2.7% of the fair market value of the Company’s total investments.
Other equity investments, totaling approximately $24.4 million, representing 7.1% of the fair market value of the Company’s total investments.

As of March 31, 2025, the weighted average current yield on the Company’s debt portfolio was 12.3%. Floating rate instruments comprised approximately 73% of the fair market value of debt investments (comparable to last quarter) and the Company’s fixed rate debt investments had a weighted average maturity of 3.0 years.

During the quarter ended March 31, 2025, we deployed approximately $37.4 million into 16 investments⁽¹⁾ at a weighted average current yield of 15.1%.

During the quarter ended March 31, 2025, we monetized, in part or in full, 36 investments for approximately $13.8 million⁽²⁾, at a weighted average current yield of 12.3%. Monetizations include $7.4 million of mandatory debt paydowns and redemptions at a weighted average current yield of 11.3%.

Financial Review

Total investment income for the quarter ended March 31, 2025 was $12.5 million, or $1.08 per share. Total expenses for the quarter ended March 31, 2025 were approximately $7.9 million, or $0.69 per share, inclusive of excise tax expense.

Net realized and unrealized losses for the quarter ended March 31, 2025 were approximately $4.1 million, or $0.36 per share.

Liquidity and Capital Resources

As of March 31, 2025, cash totaled approximately $1.3 million.

As of March 31, 2025, total debt outstanding (par value) was $207.4 million, comprised of 5.875% senior notes due June 2026 (NASDAQ: GECCO), 8.75% senior notes due September 2028 (NASDAQ: GECCZ), 8.50% senior notes due April 2029 (NASDAQ: GECCI) and 8.125% senior notes due December 2029 (NASDAQ: GECCH), and $12.0 million outstanding on the $25.0 million revolving line of credit.

Distributions

The Company’s Board of Directors has approved a quarterly cash distribution of $0.37 per share for the quarter ending June 30, 2025. The second quarter distribution will be payable on June 30, 2025 to stockholders of record as of June 16, 2025.

The distribution equates to a 14.7% annualized dividend yield on the Company’s closing market price on May 2, 2025 of $10.09 and a 12.9% annualized dividend yield on the Company’s March 31, 2025 NAV of $11.46 per share.

Conference Call and Webcast

GECC will discuss these results in a conference at 8:30 a.m. ET on May 6, 2025.

Conference Call Details

Date/Time:		Tuesday, May 6, 2025 – 8:30 a.m. ET

Participant Dial-In Numbers:
(United States):		877-407-0789
(International):		201-689-8562

To access the call, please dial-in approximately five minutes before the start time and, when asked, provide the operator with passcode “GECC”. An accompanying slide presentation will be available in pdf format via the “Events and Presentations” section of Great Elm Capital Corp.’s website here after the issuance of the earnings release.

Webcast

The call and presentation will also be simultaneously webcast over the internet via the “Events and Presentations” section of GECC’s website or by clicking on the webcast link here.

About Great Elm Capital Corp.

GECC is an externally managed business development company that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses and CLOs. For additional information, please visit http://www.greatelmcc.com.

Cautionary Statement Regarding Forward-Looking Statements

Statements in this communication that are not historical facts are “forward-looking” statements within the meaning of the federal securities laws. These statements include statements regarding our future business plans and expectations. These statements are often, but not always, made through the use of words or phrases such as “expect,” “anticipate,” “should,” “will,” “estimate,” “designed,” “seek,” “continue,” “upside,” “potential” and similar expressions. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. The key factors that could cause actual results to differ materially from those projected in the forward-looking statements include, without limitation: conditions in the credit markets, our expected financings and investments, including interest rate volatility, inflationary pressure, the price of GECC common stock and the performance of GECC’s portfolio and investment manager. Information concerning these and other factors can be found in GECC’s Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. GECC assumes no obligation to, and expressly disclaims any duty to, update any forward-looking statements contained in this communication or to conform prior statements to actual results or revised expectations except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

This press release does not constitute an offer of any securities for sale.

Endnotes:

⁽¹⁾ This includes new deals, additional fundings (inclusive of those on revolving credit facilities), refinancings and capitalized PIK income. Amounts included herein do not include investments in short-term securities, including United States Treasury Bills.
⁽²⁾ This includes scheduled principal payments, prepayments, sales and repayments (inclusive of those on revolving credit facilities). Amounts included herein do not include investments in short-term securities, including United States Treasury Bills.

Media & Investor Contact:

Investor Relations
investorrelations@greatelmcap.com

GREAT ELM CAPITAL CORP.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (unaudited)
Dollar amounts in thousands (except per share amounts)

	March 31, 2025			December 31, 2024
Assets
Investments
Non-affiliated, non-controlled investments, at fair value (amortized cost of $258,148 and $244,378, respectively)	$	253,112		$	240,958
Non-affiliated, non-controlled short-term investments, at fair value (amortized cost of $0 and $8,448, respectively)		–			8,448
Affiliated investments, at fair value (amortized cost of $12,378 and $12,378, respectively)		–			–
Controlled investments, at fair value (amortized cost of $94,829 and $87,014, respectively)		88,798			83,304
Total investments		341,910			332,710

Cash and cash equivalents		1,273			–
Receivable for investments sold		2,513			5,065
Interest receivable		4,090			3,306
Dividends receivable		360			364
Due from portfolio company		32			32
Due from affiliates		157			160
Deferred financing costs		213			237
Prepaid expenses and other assets		282			154
Total assets	$	350,830		$	342,028

Liabilities
Notes payable (including unamortized discount of $5,321 and $5,705, respectively)	$	190,079		$	189,695
Revolving credit facility		12,000			–
Payable for investments purchased		10,558			11,194
Interest payable		61			32
Accrued incentive fees payable		2,862			1,712
Distributions payable		–			577
Due to affiliates		1,562			1,385
Accrued expenses and other liabilities		1,413			1,320
Total liabilities	$	218,535		$	205,915

Commitments and contingencies	$	–		$	–

Net Assets
Common stock, par value $0.01 per share (100,000,000 shares authorized, 11,544,415 shares issued and outstanding and 11,544,415 shares issued and outstanding, respectively)	$	115		$	115
Additional paid-in capital		332,111			332,111
Accumulated losses		(199,931	)		(196,113	)
Total net assets	$	132,295		$	136,113
Total liabilities and net assets	$	350,830		$	342,028
Net asset value per share	$	11.46		$	11.79

GREAT ELM CAPITAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Dollar amounts in thousands (except per share amounts)

	For the Three Months Ended March 31,
	2025			2024
Investment Income:
Interest income from:
Non-affiliated, non-controlled investments	$	6,402		$	5,987
Non-affiliated, non-controlled investments (PIK)		611			630
Affiliated investments		–			33
Controlled investments		953			931
Total interest income		7,966			7,581
Dividend income from:
Non-affiliated, non-controlled investments		236			386
Controlled investments		3,376			385
Total dividend income		3,612			771
Other commitment fees from non-affiliated, non-controlled investments		–			525
Other income from:
Non-affiliated, non-controlled investments		743			32
Non-affiliated, non-controlled investments (PIK)		174			–
Total other income		917			32
Total investment income	$	12,495		$	8,909

Expenses:
Management fees	$	1,272		$	940
Incentive fees		1,150			798
Administration fees		355			385
Custody fees		38			36
Directors’ fees		53			54
Professional services		424			388
Interest expense		4,251			2,807
Other expenses		308			303
Total expenses	$	7,851		$	5,711
Net investment income before taxes	$	4,644		$	3,198
Excise tax	$	68		$	5
Net investment income	$	4,576		$	3,193

Net realized and unrealized gains (losses):
Net realized gain (loss) on investment transactions from:
Non-affiliated, non-controlled investments	$	264		$	2,356
Total net realized gain (loss)		264			2,356
Net change in unrealized appreciation (depreciation) on investment transactions from:
Non-affiliated, non-controlled investments		(2,066	)		(3,533	)
Affiliated investments		–			(850	)
Controlled investments		(2,321	)		(1,624	)
Total net change in unrealized appreciation (depreciation)		(4,387	)		(6,007	)
Net realized and unrealized gains (losses)	$	(4,123	)	$	(3,651	)
Net increase (decrease) in net assets resulting from operations	$	453		$	(458	)

Net investment income per share (basic and diluted):	$	0.40		$	0.37
Earnings per share (basic and diluted):	$	0.04		$	(0.05	)
Weighted average shares outstanding (basic and diluted):		11,544,415			8,659,344

MIL-OSI Russia: The Asian Development Bank has provided Georgia with a 98 million euro loan for an energy saving and clean hydrogen project

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

Source: People’s Republic of China – State Council News

Tbilisi, May 5 (Xinhua) — The Asian Development Bank (ADB) has provided Georgia with a 98 million euro (about 110.7 million U.S. dollars) loan for an energy conservation and clean hydrogen sector development project, the Georgian Finance Ministry said on Monday.

As specified by the department, the loan agreement was signed by the Minister of Finance of Georgia Lasha Khutsishvili and the head of the ADB Resident Mission in Georgia Leslie Berman Lam.

The project includes the installation of a climate-friendly energy storage system (BESS) at the Ksani substation in eastern Georgia, exploration of opportunities for the production and use of green hydrogen, practical training in the operation of the BESS, and exchange of technical knowledge with Georgian State Electricity System.

The implementation of the project will ensure increased sustainability, flexibility and security of the Georgian power system, improve the quality of energy supply, and contribute to the country’s energy independence.

ADB’s Georgia-related portfolio currently stands at about $5.1 billion. –0–

MIL OSI Russia News –

MIL-OSI USA: The Good, the Bad, the Ugly: How Wildfires Reshape Landscapes

Source: US Geological Survey

The Good, the Bad, the Ugly: How Wildfires Reshape Landscapes

Exploring USGS’s Role in Understanding Postfire Changes

Background

Wildfires have long played a crucial role in reshaping and rejuvenating landscapes. They can clear out dead vegetation, return nutrients to the soil, and promote the growth of diverse plant species. However, the aftermath of wildfires also brings significant changes to the environment, some of which pose challenges to ecosystems and dangers to local communities. The USGS conducts extensive research to understand these changes and to develop strategies for hazard mitigation and recovery in fire-prone communities.

The Good: The Beneficial Role of Fire in Landscapes

First, let’s discuss “the good” and why wildfires are a natural part of forest and rangeland habitats. While wildfires can have destructive effects, they play a beneficial role in many ecosystems:

Nutrient Cycling. Fires consume dead and decaying matter, returning nutrients to the soil, which promotes new plant growth.
Habitat Diversity. By clearing dense vegetation, fires create a mosaic of different habitats, supporting a variety of plant and animal species.
Pest and Disease Control. Fires can reduce populations of pests and pathogens, contributing to the overall health of forests and grasslands.

The Bad: How Wildfires Alter Landscapes

Next, let’s discuss “the bad” and how wildfires potentially negatively alter the landscape:

Soil Becomes Water-Repellent. Intense heat from wildfires can cause soils to become hydrophobic, meaning they repel water. This occurs when organic materials in the soil are vaporized by the heat, and upon cooling, these vapors condense and form a waxy coating around soil particles. As a result, rainwater cannot easily penetrate the soil, leading to increased surface runoff and a higher risk of flash flooding.
Streams Become Polluted. After a wildfire, ash and debris can be washed into nearby rivers and streams during rainfall. This runoff may contain elevated levels of nutrients, sediments, and heavy metals, which can degrade water quality and pose risks to aquatic life and human health. For instance, following Colorado’s 2020 Cameron Peak Fire, water supplies experienced significant contamination, highlighting the long-term impacts wildfires can have on water resources.
Slopes Become Unstable. Vegetation plays a vital role in stabilizing soil on slopes. When wildfires destroy this vegetation, the roots that bind the soil together decay, increasing the likelihood of landslides and debris flows, especially during subsequent rainstorms. The USGS has developed models to assess and predict these post-wildfire debris-flow hazards, aiding in the development of early warning systems and mitigation strategies.
Invasive Plants Can Spread. Wildfires can create opportunities for invasive plant species to establish themselves in burned areas. These species often outcompete native vegetation, leading to reduced biodiversity and altered ecosystem functions. The USGS collaborates with land managers to monitor these changes and develop strategies to promote the recovery of native plant communities.

The Ugly: The Future Impacts of Wildfires on Society

Lastly, “the ugly.” Wildfires are not going away. In fact, wildfires in the United States are becoming more frequent, intense, and destructive. Several factors contribute to this trend, including prolonged droughts and increasing urban development in fire-prone areas. Scientists predict that future wildfire seasons will last longer, burn larger areas, and pose even greater challenges for communities, ecosystems, and emergency responders. The increasing severity of wildfires will have profound effects on public safety, public health, and the economy. For example, some ways wildfires will continue to be problematic include:

More Frequent Disruptions. Longer fire seasons will lead to more evacuations, power outages, and damage to infrastructure. Areas that were once considered safe may now face a growing threat of wildfire.
Air Quality and Health Concerns. Wildfire smoke contains harmful pollutants that can worsen respiratory illnesses, particularly for children, the elderly, and individuals with preexisting health conditions. Regions far from active fires can still experience dangerous air quality levels due to drifting smoke.
Economic Costs. Wildfires already cost billions of dollars annually for firefighting efforts, property damage, and lost economic productivity. As fires become more extreme, these costs are expected to rise, placing strain on local, state, and federal budgets.
Water and Food Security. Wildfires can damage watersheds, leading to long-term impacts on water supply and quality. Agricultural areas near fire zones may also suffer losses, reducing food production and increasing prices.

The USGS plays a vital role in helping communities recover from wildfires and prepare for future events. By partnering with federal and state agencies, including the U.S. Forest Service, the Department of the Interior, and state Geological Surveys, the USGS is driving innovation in fire science and management. These partnerships ensure that responders and decision-makers have the best available information to protect lives, property, and natural resources.

The USGS employs more than 100 scientists whose research focuses on fire-related topics, including using high-resolution remote sensing to characterize vegetative fuel loads; applying the latest satellite technology to detect fires and map wildfire perimeters; evaluating best practices to reduce wildfire risks; and assessing post-wildfire flooding and debris-flow hazards. This work also includes creating and sharing best practices to support recovery across landscapes. Together, USGS expertise and monitoring capabilities are greatly improving the safety of first responders and the public-at-large.

Researchers across the USGS are working with the interagency fire community to expand the use of artificial intelligence, machine learning and other rapid-computing capabilities. For example, the USGS uses artificial intelligence with satellite imagery to detect fire boundaries and develop burn severity maps, and to identify distribution and abundance of fire-adapted invasive species like cheatgrass in the Great Basin.

The USGS Wildland Fire Science Strategy aligns with national initiatives as defined in the National Cohesive Wildland Fire Management Strategy. Developed by a broad swath of stakeholders at all levels, the Cohesive Strategy calls for science and management that promote resilient landscapes and fire-adapted communities for safe and effective wildfire responses.

Preparing for the Future

While wildfires are a natural part of many ecosystems, things are changing and society must take proactive steps to protect lives, property, and the environment from the growing wildfire threat. Given the increasing risks, wildfire management strategies must evolve. Investments in forest management, improved building codes, early warning systems, and resilient infrastructure will be crucial in reducing wildfire impacts. The USGS and other agencies will continue to play a key role in researching fire behavior, mapping high-risk areas, and providing vital information to help communities adapt.

Understanding both the positive and negative impacts of wildfires is essential for effective land management. The USGS’s comprehensive research and collaboration with other agencies enhance public safety, inform policy decisions, and promote resilient ecosystems in the face of wildfire events.

As part of the wildfire community, USGS is deeply connected to the people and landscapes we serve. Wildfires often affect our colleagues, friends, and neighbors, underscoring the importance of our mission to provide critical fire science. Each new fire reminds us of our shared responsibility to understand, adapt to, and mitigate wildfire risks in the face of future challenges.

Case Study: The January 2025 Los Angeles Fires

In January 2025, Southern California faced an unprecedented wildfire crisis as extreme Santa Ana winds fueled four large wildfires (the Palisades, Eaton, Hurst, and Kenneth Fires) and dozens of smaller blazes that scorched the region. The fires burned more than 40,000 acres, destroyed 12,000 structures, and led to at least 30 fatalities. Amid this devastation, the USGS delivered essential science and information that supported fire response efforts, assessed postfire hazards, and aided recovery in impacted communities.

The USGS worked alongside federal and state agencies, providing critical tools and information for every stage of the fire management.

Real-Time Fire Mapping. The USGS National Civil Applications Center generated wildfire boundary maps for the Palisades, Eaton, and Hurst fires. Using satellite imagery, these maps were delivered to Incident Commanders each morning to inform daily firefighting strategies and evacuation plans.
Ecological Research and Recovery. The USGS Western Ecological Research Center advised land managers on fire behavior and postfire recovery strategies. This included addressing erosion risks, invasive species management, and advising how to use native vegetation to restore burned areas. The Suppression and Planning Actions for Restoring Communities and Species (SPARCS) team collaborated directly with resource managers to assess their needs and provide support.
Postfire Hazard Assessments. The USGS Geologic Hazards Science Center led assessments of postfire debris flow risks in the steep terrain of the Santa Monica Mountains. Working with the California Geological Survey and other partners, USGS scientists mapped soil burn severity and modelled the likelihood and volume of debris flows during future storms. This data will help the National Weather Service issue warnings and guide local recovery efforts.

MIL-OSI USA: Eighth co-conspirator convicted for role in botched human smuggling attempt that resulted in 2 aliens being shot

Source: US Immigration and Customs Enforcement

HOUSTON – Mailon Almendares-Martinez, a 21-year-old resident of New Orleans, was convicted of conspiracy to transport illegal aliens April 30 for his role in a botched human smuggling attempt that resulted in two of the aliens being shot by suspected rival smugglers. U.S. Immigration and Customs Enforcement and the Houston Police Department conducted the investigation that has now resulted in the conviction of eight human smugglers.

“This is another unfortunate example of the dangers of relying on human smugglers to circumvent U.S. immigration law,” said ICE Homeland Security Investigations Houston Special Agent in Charge Chad Plantz. “Driven exclusively by greed and their own personal safety, these human smugglers recklessly put the lives of two aliens in jeopardy to avoid being caught and keep their smuggling operation from being discovered. Thanks to the tireless efforts of the HSI special agents and HPD officers who investigated this case, eight of the human smugglers involved have now been convicted and their alien smuggling organization has been dismantled.”

The investigation revealed that Almendares-Martinez conspired with others from Oct. 30 – Nov. 2, 2022, to transport aliens from the South Texas border to Houston. During the hearing, the jury heard testimony that Almendares-Martinez recruited friends and conspirators from New Orleans to carry out the scheme and that he and his co-conspirators offered to pay the smugglers $1,000 to $2,000 per alien that they transported.

Evidence revealed he had directed them through WhatsApp messages and phone calls on where to pick up the aliens. After picking up the aliens near the border, the conspirators headed back to Houston. En route, individuals believed to be a part of a rival human smuggling organization fired several shots at them and two of the aliens being smuggled suffered gunshot wounds to the arm and leg.

After the shooting, Almendares-Martinez told the co-conspirators to return to Houston and not seek medical attention for the two wounded aliens. Co-conspirators then brought the aliens to a motel in Houston Nov. 1, 2022. The next day, the illegal aliens escaped. Law enforcement arrived at the scene and took four people in custody, to include Jonathan Melendez-Merino, Oscar Melendez-Sosa, Cristian Mencias-Padilla and Cesar Monge-Milla.

The defense attempted to convince the jury that Almendares-Martinez was not part of the conspiracy and that someone else was using his WhatsApp account to communicate with co-conspirators. They did not believe those claims and found Almendares-Martinez guilty as charged.

Almendares-Martinez is scheduled to be sentenced Aug. 11. At that time, he faces up to 10 years in federal prison and $250,000 in fines.

Previously released on bond, Almendares-Martinez was taken into custody following the verdict where he will remain pending that hearing.

Seven others, all from New Orleans, Louisiana, previously pleaded guilty in the case – Melendez-Merino, 32, Melendez-Sosa, 22, Mencias-Padilla, 21, and Monge-Milla, 25, along with Yunior Sorto-Ramirez, 23, Bayron Pineda-Alvarado, and Alan Galvez-Baquedano, 22.

Assistant U.S. Attorneys Michael Day and Anthony Franklyn prosecuted the case.

MIL-OSI: Diamondback Energy, Inc. Announces First Quarter 2025 Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

MIDLAND, Texas, May 05, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the first quarter ended March 31, 2025.

FIRST QUARTER 2025 AND RECENT HIGHLIGHTS

Average oil production of 475.9 MBO/d (850.7 MBOE/d)
Net cash provided by operating activities of $2.4 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $2.5 billion
Cash capital expenditures of $942 million
Free Cash Flow (as defined and reconciled below) of $1.5 billion; Adjusted Free Cash Flow (as defined and reconciled below) of $1.6 billion
Declared Q1 2025 base cash dividend of $1.00 per share payable on May 22, 2025; implies a 2.9% annualized yield based on May 2, 2025 closing share price of $136.81
Repurchased 3,656,044 shares of common stock in Q1 2025 for $575 million excluding excise tax (at a weighted average price of $157.15 per share); repurchased 1,965,180 shares of common stock to date in Q2 2025 for $255 million excluding excise tax (at a weighted average price of $129.71 per share)
Total Q1 2025 return of capital of $864 million; represents ~55% of Adjusted Free Cash Flow (as defined and reconciled below) from stock repurchases and the declared Q1 2025 base dividend
As previously announced, closed acquisition of certain subsidiaries of Double Eagle IV Midco, LLC (“Double Eagle”) on April 1st
Closed drop down transaction to Viper Energy, Inc. (“Viper”), a subsidiary of Diamondback, on May 1st

UPDATED 2025 GUIDANCE HIGHLIGHTS

As a result of recent commodity price volatility, Diamondback is reducing activity in order to prioritize free cash flow generation. The Company believes this revised plan enhances capital efficiency and provides flexibility to (i) cut additional capital if prices weaken further or (ii) resume its original 2025 plan if commodity prices strengthen.

Full year oil production of 480 – 495 MBO/d (857 – 900 MBOE/d)
Full year 2025 cash capital expenditures guidance of $3.4 – $3.8 billion
The Company expects to drill 385 – 435 gross (349 – 395 net) wells and complete between 475 – 550 gross (444 – 514 net) wells with an average lateral length of approximately 11,500 feet in 2025
Q2 2025 oil production guidance of 485 – 500 MBO/d (866 – 900 MBOE/d)
Q2 2025 cash capital expenditures guidance of $800 – $900 million
Implies full year 2025 oil production per million dollars of cash capital expenditures (“MBO per $MM of CAPEX”) of 49.4, ~10% better than the Company’s original full year 2025 guidance provided in February 2025

OPERATIONS UPDATE

The tables below provide a summary of operating activity for the first quarter of 2025.

Total Activity (Gross Operated):
	Number of Wells Drilled	Number of Wells Completed
Midland Basin	124	116
Delaware Basin	2	7
Total	126	123

Total Activity (Net Operated):
	Number of Wells Drilled	Number of Wells Completed
Midland Basin	116	112
Delaware Basin	2	7
Total	118	119

During the first quarter of 2025, Diamondback drilled 124 gross wells in the Midland Basin and two gross wells in the Delaware Basin. The Company turned 116 operated wells to production in the Midland Basin and seven gross wells in the Delaware Basin, with an average lateral length of 11,978 feet. Operated completions during the first quarter consisted of 30 Wolfcamp A wells, 28 Lower Spraberry wells, 22 Wolfcamp B wells, 17 Jo Mill wells, eight Middle Spraberry wells, four Dean wells, four Barnett wells, three Third Bone Spring wells, three Wolfcamp D wells, two Second Bone Spring wells and two Upper Spraberry wells.

FINANCIAL UPDATE

Diamondback’s first quarter 2025 net income was $1.4 billion, or $4.83 per diluted share. Adjusted net income (as defined and reconciled below) for the first quarter was $1.3 billion, or $4.54 per diluted share.

First quarter 2025 net cash provided by operating activities was $2.4 billion.

During the first quarter of 2025, Diamondback spent $864 million on operated drilling and completions, $21 million on capital workovers and non-operated drilling and completions and $57 million on infrastructure, environmental and midstream, for total cash capital expenditures of $942 million.

First quarter 2025 Consolidated Adjusted EBITDA (as defined and reconciled below) was $2.9 billion. Adjusted EBITDA net of non-controlling interest (as defined and reconciled below) for the first quarter was $2.8 billion.

Diamondback’s first quarter 2025 Free Cash Flow (as defined and reconciled below) was $1.5 billion. Adjusted Free Cash Flow (as reconciled and defined below) for the first quarter was $1.6 billion.

First quarter 2025 average unhedged realized prices were $70.95 per barrel of oil, $2.11 per Mcf of natural gas and $23.94 per barrel of natural gas liquids (“NGLs”), resulting in a total equivalent unhedged realized price of $47.77 per BOE.

Diamondback’s cash operating costs for the first quarter of 2025 were $10.48 per BOE, including lease operating expenses (“LOE”) of $5.33 per BOE, cash general and administrative (“G&A”) expenses of $0.72 per BOE, production and ad valorem taxes of $2.98 per BOE and gathering, processing and transportation expenses of $1.45 per BOE.

As of March 31, 2025, Diamondback had $1.3 billion in standalone cash and no borrowings outstanding under its revolving credit facility, with approximately $2.5 billion available for future borrowings under the facility and approximately $3.8 billion of total liquidity. As of March 31, 2025, the Company had consolidated total debt of $14.1 billion and consolidated net debt (as defined and reconciled below) of $12.3 billion, up from consolidated total debt of $13.2 billion and consolidated net debt of $13.0 billion as of December 31, 2024.

DIVIDEND DECLARATIONS

Diamondback announced today that the Company’s Board of Directors declared a base cash dividend of $1.00 per common share for the first quarter of 2025 payable on May 22, 2025 to stockholders of record at the close of business on May 15, 2025.

Future base and variable dividends remain subject to review and approval at the discretion of the Company’s Board of Directors.

COMMON STOCK REPURCHASE PROGRAM

During the first quarter of 2025, Diamondback repurchased ~3.7 million shares of common stock at an average share price of $157.15 for a total cost of approximately $575 million, excluding excise tax. To date, Diamondback has repurchased ~30.2 million shares of common stock at an average share price of $137.55 for a total cost of approximately $4.2 billion and has approximately $1.8 billion remaining on its current share buyback authorization. Subject to factors discussed below, Diamondback intends to continue to purchase common stock under the common stock repurchase program opportunistically with cash on hand, free cash flow from operations and proceeds from potential liquidity events such as the sale of assets. This repurchase program has no time limit and may be suspended from time to time, modified, extended or discontinued by the Board at any time. Purchases under the repurchase program may be made from time to time in privately negotiated transactions, or in open market transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and will be subject to market conditions, applicable regulatory and legal requirements and other factors. Any common stock purchased as part of this program will be retired.

FULL YEAR 2025 GUIDANCE

Below is Diamondback’s updated guidance for the full year 2025, which includes second quarter production, cash tax and capital guidance. Given recent weakness in commodity prices, the Company is reducing its activity levels and lowering its capital budget to prioritize free cash generation. Diamondback will continue to closely monitor the macro environment and has flexibility to (i) cut additional capital if prices weaken further or (ii) resume its original 2025 plan if commodity prices strengthen.

	2025 Guidance	2025 Guidance
	Diamondback Energy, Inc.	Viper Energy, Inc.

2025 Net production – MBOE/d	857 – 900 (from 883 – 909)	74.5 – 79.0
2025 Oil production – MBO/d	480 – 495 (from 485 – 498)	41.0 – 43.5
Q2 2025 Oil production – MBO/d (total – MBOE/d)	485 – 500 (866 – 900)	40.0 – 43.0 (72.5 – 78.0)

Unit costs ($/BOE)
Lease operating expenses, including workovers	$5.65 – $6.05 (from $5.90 – $6.30)
G&A
Cash G&A	$0.60 – $0.75	$0.80 – $1.00
Non-cash equity-based compensation	$0.25 – $0.35	$0.10 – $0.20
DD&A	$14.00 – $15.00	$15.50 – $16.50
Interest expense (net of interest income)	$0.40 – $0.65 (from $0.25 – $0.50)	$2.00 – $2.50
Gathering, processing and transportation	$1.40 – $1.60 (from $1.20 – $1.40)

Production and ad valorem taxes (% of revenue)	~7%	~7%
Corporate tax rate (% of pre-tax income)	23%
Cash tax rate (% of pre-tax income)	19% – 22% (from 17% – 20%)	21% – 23%
Q2 2025 Cash taxes ($ – million)⁽¹⁾	$340 – $400	$10 – $15

Capital Budget ($ – million)
Operated drilling and completion	$2,780 – $3,090 (from $3,130 – $3,440)
Capital workovers, non-operated properties and science	$280 – $320
Infrastructure, environmental and midstream⁽²⁾	$340 – $390 (from $390 – $440)
2025 Total capital expenditures	$3,400 – $3,800 (from $3,800 – $4,200)
Q2 2025 Capital expenditures	$800 – $900

Gross horizontal wells drilled (net)	385 – 435 (349 – 395) (from 446 – 471 (406 – 428))
Gross horizontal wells completed (net)	475 – 550 (444 – 514) (from 557 – 592 (526 – 560))
Average lateral length (Ft.)	~11,500′
FY 2025 Midland Basin well costs per lateral foot	$550 – $590 (from $555 – $605)
FY 2025 Delaware Basin well costs per lateral foot	$860 – $910
Midland Basin completed net lateral feet (%)	~95%
Delaware Basin completed net lateral feet (%)	~5%

^⁽¹⁾	Includes approximately $170 million of cash taxes related to the Viper dropdown transaction.
^⁽²⁾	Includes approximately $60 million in estimated midstream capital expenditures for the full year 2025.

CONFERENCE CALL

Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the first quarter of 2025 on Tuesday, May 6, 2025 at 8:00 a.m. CT. Access to the webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Diamondback’s website at www.diamondbackenergy.com under the “Investor Relations” section of the site.

About Diamondback Energy, Inc.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Diamondback’s: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and its ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the recently completed Endeavor merger, the recently completed Double Eagle acquisition and other acquisitions or divestitures); and plans and objectives of management (including plans for future cash flow from operations and for executing environmental strategies) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Diamondback are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback’s control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback’s actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements.

Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases and any related company or government policies or actions; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial markets; inflationary pressures; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production, or governmental orders, rules or regulations that impose production limits; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change; those risks described in Item 1A of Diamondback’s Annual Report on Form 10-K, filed with the SEC on February 26, 2025, and those risks disclosed in its subsequent filings on Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.

In light of these factors, the events anticipated by Diamondback’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Diamondback operates in a very competitive and rapidly changing environment and new risks emerge from time to time. Diamondback cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this letter or, if earlier, as of the date they were made. Diamondback does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.


Diamondback Energy, Inc.
Condensed Consolidated Balance Sheets
(unaudited, in millions, except share amounts)

	March 31,			December 31,
	2025			2024
Assets
Current assets:
Cash and cash equivalents ($560 million and $27 million related to Viper)	$	1,816		$	161
Restricted cash		225			3
Accounts receivable:
Joint interest and other, net		257			198
Oil and natural gas sales, net ($146 million and $149 million related to Viper)		1,334			1,387
Inventories		117			116
Derivative instruments		267			168
Prepaid expenses and other current assets		67			77
Total current assets		4,083			2,110
Property and equipment:
Oil and natural gas properties, full cost method of accounting ($22,019 million and $22,666 million excluded from amortization at March 31, 2025 and December 31, 2024, respectively) ($6,097 million and $5,713 million related to Viper and $2,279 million and $2,180 million excluded from amortization related to Viper)		83,727			82,240
Other property, equipment and land		1,452			1,440
Accumulated depletion, depreciation, amortization and impairment ($1,148 million and $1,081 million related to Viper)		(20,283	)		(19,208	)
Property and equipment, net		64,896			64,472
Funds held in escrow		208			1
Equity method investments		383			375
Derivative instruments		61			2
Deferred income taxes, net ($249 million and $185 million related to Viper)		235			173
Other assets		200			159
Total assets	$	70,066		$	67,292
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable – trade	$	124		$	253
Accrued capital expenditures		754			690
Current maturities of debt		914			900
Other accrued liabilities		761			1,020
Revenues and royalties payable		1,575			1,491
Derivative instruments		75			43
Income taxes payable		550			414
Total current liabilities		4,753			4,811
Long-term debt ($822 million and $1,083 million related to Viper)		12,996			12,075
Derivative instruments		93			106
Asset retirement obligations		586			573
Deferred income taxes		9,887			9,826
Other long-term liabilities		8			39
Total liabilities		28,323			27,430
Stockholders’ equity:
Common stock, $0.01 par value; 800,000,000 shares authorized; 287,287,926 and 290,984,373 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		3			3
Additional paid-in capital		33,125			33,501
Retained earnings (accumulated deficit)		5,352			4,238
Accumulated other comprehensive income (loss)		(7	)		(6	)
Total Diamondback Energy, Inc. stockholders’ equity		38,473			37,736
Non-controlling interest		3,270			2,126
Total equity		41,743			39,862
Total liabilities and stockholders’ equity	$	70,066		$	67,292


Diamondback Energy, Inc.
Condensed Consolidated Statements of Operations
(unaudited, $ in millions except per share data, shares in thousands)

	Three Months Ended March 31,
		2025			2024
Revenues:
Oil, natural gas and natural gas liquid sales	$	3,657		$	2,101
Sales of purchased oil		374			116
Other operating income		17			10
Total revenues		4,048			2,227
Costs and expenses:
Lease operating expenses		408			255
Production and ad valorem taxes		228			119
Gathering, processing and transportation		111			77
Purchased oil expense		382			117
Depreciation, depletion, amortization and accretion		1,097			469
General and administrative expenses		73			46
Merger and integration expense		37			12
Other operating expenses		39			14
Total costs and expenses		2,375			1,109
Income (loss) from operations		1,673			1,118
Other income (expense):
Interest expense, net		(40	)		(39	)
Other income (expense), net		27			(3	)
Gain (loss) on derivative instruments, net		226			(48	)
Gain (loss) on extinguishment of debt		—			2
Income (loss) from equity investments, net		8			2
Total other income (expense), net		221			(86	)
Income (loss) before income taxes		1,894			1,032
Provision for (benefit from) income taxes		403			223
Net income (loss)		1,491			809
Net income (loss) attributable to non-controlling interest		86			41
Net income (loss) attributable to Diamondback Energy, Inc.	$	1,405		$	768

Earnings (loss) per common share:
Basic	$	4.83		$	4.28
Diluted	$	4.83		$	4.28
Weighted average common shares outstanding:
Basic		289,612			178,477
Diluted		289,612			178,477


Diamondback Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in millions)

	Three Months Ended March 31,
		2025			2024
Cash flows from operating activities:
Net income (loss)	$	1,491		$	809
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for (benefit from) deferred income taxes		6			52
Depreciation, depletion, amortization and accretion		1,097			469
(Gain) loss on extinguishment of debt		—			(2	)
(Gain) loss on derivative instruments, net		(226	)		48
Cash received (paid) on settlement of derivative instruments		85			(4	)
(Income) loss from equity investment, net		(8	)		(2	)
Equity-based compensation expense		18			14
Other		24			16
Changes in operating assets and liabilities:
Accounts receivable		(6	)		(95	)
Income tax receivable		3			12
Prepaid expenses and other current assets		6			89
Accounts payable and accrued liabilities		(374	)		(110	)
Income taxes payable		135			70
Revenues and royalties payable		84			(35	)
Other		20			3
Net cash provided by (used in) operating activities		2,355			1,334
Cash flows from investing activities:
Additions to oil and natural gas properties		(942	)		(609	)
Property acquisitions		(750	)		(153	)
Proceeds from sale of assets		41			12
Other		(2	)		(1	)
Net cash provided by (used in) investing activities		(1,653	)		(751	)
Cash flows from financing activities:
Proceeds from borrowings under credit facilities		2,277			90
Repayments under credit facilities		(2,538	)		(80	)
Proceeds from senior notes		1,200			—
Repayment of senior notes		—			(25	)
Repurchased shares under buyback program		(575	)		(42	)
Proceeds from partial sale of investment in Viper Energy, Inc.		—			451
Net proceeds from Viper’s issuance of common stock		1,232			—
Dividends paid to stockholders		(290	)		(548	)
Dividends/distributions to non-controlling interest		(95	)		(44	)
Other		(36	)		(71	)
Net cash provided by (used in) financing activities		1,175			(269	)
Net increase (decrease) in cash and cash equivalents		1,877			314
Cash, cash equivalents and restricted cash at beginning of period		164			585
Cash, cash equivalents and restricted cash at end of period	$	2,041		$	899


Diamondback Energy, Inc.
Selected Operating Data
(unaudited)

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Production Data:
Oil (MBbls)		42,835		43,785		24,874
Natural gas (MMcf)		100,578		107,249		50,602
Natural gas liquids (MBbls)		16,961		19,615		8,653
Combined volumes (MBOE)⁽¹⁾		76,559		81,275		41,961

Daily oil volumes (BO/d)		475,944		475,924		273,341
Daily combined volumes (BOE/d)		850,656		883,424		461,110

Average Prices:
Oil ($ per Bbl)	$	70.95	$	69.48	$	75.06
Natural gas ($ per Mcf)	$	2.11	$	0.48	$	0.99
Natural gas liquids ($ per Bbl)	$	23.94	$	19.27	$	21.26
Combined ($ per BOE)	$	47.77	$	42.71	$	50.07

Oil, hedged ($ per Bbl)⁽²⁾	$	70.06	$	68.72	$	74.13
Natural gas, hedged ($ per Mcf)⁽²⁾	$	3.34	$	0.82	$	1.36
Natural gas liquids, hedged ($ per Bbl)⁽²⁾	$	23.94	$	19.27	$	21.26
Average price, hedged ($ per BOE)⁽²⁾	$	48.89	$	42.76	$	49.97

Average Costs per BOE:
Lease operating expenses	$	5.33	$	5.67	$	6.08
Production and ad valorem taxes		2.98		2.77		2.84
Gathering, processing and transportation expense		1.45		1.17		1.84
General and administrative – cash component		0.72		0.69		0.76
Total operating expense – cash	$	10.48	$	10.30	$	11.52

General and administrative – non-cash component	$	0.24	$	0.20	$	0.34
Depreciation, depletion, amortization and accretion	$	14.33	$	14.22	$	11.18
Interest expense, net	$	0.52	$	0.42	$	0.93

(1)	Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
(2)	Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices and include gains and losses on cash settlements for matured commodity derivatives, which we do not designate for hedge accounting. Hedged prices exclude gains or losses resulting from the early settlement of commodity derivative contracts.

NON-GAAP FINANCIAL MEASURES

ADJUSTED EBITDA

Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDA as net income (loss) attributable to Diamondback Energy, Inc., plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before non-cash (gain) loss on derivative instruments, net, interest expense, net, depreciation, depletion, amortization and accretion, depreciation and interest expense related to equity method investments, (gain) loss on extinguishment of debt, if any, non-cash equity-based compensation expense, capitalized equity-based compensation expense, merger and integration expenses, other non-cash transactions and provision for (benefit from) income taxes, if any. Adjusted EBITDA is not a measure of net income as determined by United States generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because the measure allows it to more effectively evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company adds the items listed above to net income (loss) to determine Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Further, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets. The Company’s computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts.

The following tables present a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP financial measure of Adjusted EBITDA:

Diamondback Energy, Inc.
Reconciliation of Net Income (Loss) to Adjusted EBITDA
(unaudited, in millions)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Net income (loss) attributable to Diamondback Energy, Inc.	$	1,405		$	1,074		$	768
Net income (loss) attributable to non-controlling interest		86			216			41
Net income (loss)		1,491			1,290			809
Non-cash (gain) loss on derivative instruments, net		(141	)		(51	)		44
Interest expense, net		40			34			39
Depreciation, depletion, amortization and accretion		1,097			1,156			469
Depreciation and interest expense related to equity method investments		21			30			23
(Gain) loss on extinguishment of debt		—			—			(2	)
Non-cash equity-based compensation expense		23			24			21
Capitalized equity-based compensation expense		(5	)		(8	)		(7	)
Merger and integration expenses		37			30			12
Other non-cash transactions		(19	)		2			2
Provision for (benefit from) income taxes		403			115			223
Consolidated Adjusted EBITDA		2,947			2,622			1,633
Less: Adjustment for non-controlling interest		146			118			86
Adjusted EBITDA attributable to Diamondback Energy, Inc.	$	2,801		$	2,504		$	1,547

ADJUSTED NET INCOME

Adjusted net income is a non-GAAP financial measure equal to net income (loss) attributable to Diamondback Energy, Inc. plus net income (loss) attributable to non-controlling interest (“net income (loss)”) adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, if any, merger and integration expense, other non-cash transactions and related income tax adjustments, if any. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors. Further, in order to allow investors to compare the Company’s performance across periods, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods.

The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP measure of adjusted net income:

Diamondback Energy, Inc.
Adjusted Net Income
(unaudited, $ in millions except per share data, shares in thousands)

	Three Months Ended March 31, 2025
	Amounts			Amounts Per Diluted Share
Net income (loss) attributable to Diamondback Energy, Inc.⁽¹⁾	$	1,405		$	4.83
Net income (loss) attributable to non-controlling interest		86			0.30
Net income (loss)⁽¹⁾		1,491			5.13
Non-cash (gain) loss on derivative instruments, net		(141	)		(0.49	)
Merger and integration expense		37			0.13
Other non-cash transactions		(19	)		(0.07	)
Adjusted net income excluding above items⁽¹⁾		1,368			4.70
Income tax adjustment for above items		26			0.09
Adjusted net income⁽¹⁾		1,394			4.79
Less: Adjusted net income attributable to non-controlling interest		74			0.25
Adjusted net income attributable to Diamondback Energy, Inc.⁽¹⁾	$	1,320		$	4.54

Weighted average common shares outstanding:
Basic					289,612
Diluted					289,612

(1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of common stock and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Diamondback Energy, Inc, (ii) less the reallocation of $6 million in earnings attributable to participating securities, (iii) divided by diluted weighted average common shares outstanding for the respective periods.

OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES AND FREE CASH FLOW

Operating cash flow before working capital changes, which is a non-GAAP financial measure, represents net cash provided by operating activities as determined under GAAP without regard to changes in operating assets and liabilities. The Company believes operating cash flow before working capital changes is a useful measure of an oil and natural gas company’s ability to generate cash used to fund exploration, development and acquisition activities and service debt or pay dividends. The Company also uses this measure because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. This allows the Company to compare its operating performance with that of other companies without regard to financing methods and capital structure.

Free Cash Flow, which is a non-GAAP financial measure, is cash flow from operating activities before changes in working capital in excess of cash capital expenditures. The Company believes that Free Cash Flow is useful to investors as it provides measures to compare both cash flow from operating activities and additions to oil and natural gas properties across periods on a consistent basis as adjusted for non-recurring tax impacts from divestitures, merger and integration expenses, the early termination of derivative contracts and settlements of treasury locks. These measures should not be considered as an alternative to, or more meaningful than, net cash provided by operating activities as an indicator of operating performance. The Company’s computation of Free Cash Flow may not be comparable to other similarly titled measures of other companies. The Company uses Free Cash Flow to reduce debt, as well as return capital to stockholders as determined by the Board of Directors.

The following tables present a reconciliation of the GAAP financial measure of net cash provided by operating activities to the non-GAAP measure of operating cash flow before working capital changes and to the non-GAAP measure of Free Cash Flow:

Diamondback Energy, Inc.
Operating Cash Flow Before Working Capital Changes and Free Cash Flow
(unaudited, in millions)

	Three Months Ended
	March 31, 2025			December 31, 2024
Net cash provided by operating activities	$	2,355		$	2,341
Less: Changes in cash due to changes in operating assets and liabilities:
Accounts receivable		(6	)		(103	)
Income tax receivable		3			(3	)
Prepaid expenses and other current assets		6			(24	)
Accounts payable and accrued liabilities		(374	)		114
Income taxes payable		135			138
Revenues and royalties payable		84			59
Other		20			(100	)
Total working capital changes		(132	)		81
Operating cash flow before working capital changes		2,487			2,260
Additions to oil and natural gas properties		(942	)		(933	)
Total Cash CAPEX		(942	)		(933	)
Free Cash Flow		1,545			1,327
Merger and integration expenses		37			30
Treasury locks		1			—
Adjusted Free Cash Flow	$	1,583		$	1,357

NET DEBT

The Company defines the non-GAAP measure of net debt as total debt (excluding debt issuance costs, discounts, premiums and unamortized basis adjustments) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

Diamondback Energy, Inc.
Net Debt
(unaudited, in millions)

	March 31, 2025			Net Q1 Principal Borrowings/(Repayments)			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(in millions)
Diamondback Energy, Inc.⁽¹⁾	$	13,269		$	1,200		$	12,069		$	12,284		$	11,169		$	5,669
Viper Energy, Inc.⁽¹⁾		830			(261	)		1,091			830			1,007			1,103
Total debt		14,099		$	939			13,160			13,114			12,176			6,772
Cash and cash equivalents		(1,816	)					(161	)		(370	)		(6,908	)		(896	)
Net debt	$	12,283					$	12,999		$	12,744		$	5,268		$	5,876

(1)	Excludes debt issuance costs, discounts, premiums and unamortized basis adjustments.

DERIVATIVES

As of May 2, 2025, the Company had the following outstanding consolidated derivative contracts, including derivative contracts at Viper Energy, Inc. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent pricing and with natural gas derivative settlements based on the New York Mercantile Exchange Henry Hub pricing. When aggregating multiple contracts, the weighted average contract price is disclosed.

	Crude Oil (Bbls/day, $/Bbl)
	Q2 2025		Q3 2025		Q4 2025		Q1 2026
Long Puts – Crude Brent Oil		50,000		36,000		21,000		4,000
Long Put Price ($/Bbl)		$58.30		$56.39		$55.00		$55.00
Deferred Premium ($/Bbl)		$-1.50		$-1.50		$-1.47		$-1.45
Long Puts – WTI (Magellan East Houston)		96,000		102,000		65,000		15,000
Long Put Price ($/Bbl)		$55.10		$54.75		$54.62		$55.00
Deferred Premium ($/Bbl)		$-1.59		$-1.61		$-1.63		$-1.66
Long Puts – WTI (Cushing)		152,000		146,000		86,000		25,000
Long Put Price ($/Bbl)		$55.53		$54.40		$53.98		$55.00
Deferred Premium ($/Bbl)		$-1.59		$-1.55		$-1.55		$-1.32
Basis Swaps – WTI (Midland)		71,000		76,000		76,000		—
Basis Swaps – WTI (Midland)		$1.05		$1.05		$1.05		—
Roll Swaps – WTI		25,000		25,000		25,000		—
Roll Swaps – WTI		$0.93		$0.93		$0.93		—

	Natural Gas (Mmbtu/day, $/Mmbtu)
	Q2 2025		Q3 2025		Q4 2025		FY 2026		FY 2027
Costless Collars – Henry Hub		690,000		690,000		690,000		620,000		40,000
Floor Price ($/Mmbtu)		$2.49		$2.49		$2.49		$2.77		$3.00
Ceiling Price ($/Mmbtu)		$5.28		$5.28		$5.28		$6.33		$6.65
Natural Gas Basis Swaps – Waha Hub		610,000		610,000		610,000		460,000		240,000
Natural Gas Basis Swaps – Waha Hub		$-0.88		$-0.88		$-0.88		$-1.62		$-1.48
Natural Gas Basis Swaps – Houston Ship Channel		13,407		20,000		20,000		40,000		—
Natural Gas Basis Swaps – Houston Ship Channel		$-0.49		$-0.49		$-0.49		$-0.37		—

Investor Contact:
Adam Lawlis
+1 432.221.7467
alawlis@diamondbackenergy.com

MIL-OSI: Gibson Energy Reports 2025 First Quarter Results Driven by Record Infrastructure EBITDA and All-Time High Volumes at Gateway and Edmonton

Source: GlobeNewswire (MIL-OSI)

^{All financial figures are in Canadian dollars unless otherwise noted}

CALGARY, Alberta, May 05, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (TSX:GEI) (“Gibson” or the “Company”) announced today its financial and operating results for the three months ended March 31, 2025.

Key Highlights:

All-time high volumes at both the Gateway and Edmonton terminals drove record Infrastructure Adjusted EBITDA⁽¹⁾ of $155 million
Realized recurring and non-recurring cost savings of approximately $6 million, increasing DCF per share in the first quarter by 7%, with line of sight to $18 million of total savings, relative to our target of over $25 million
Secured a strategic long-term partnership with Baytex Energy Corp. (“Baytex”)
Appointed Riley Hicks as Senior Vice President and Chief Financial Officer effective February 4, 2025, and Dave Gosse as Senior Vice President and Chief Operating Officer to become effective May 20, 2025
Subsequent to the quarter, completed the Gateway dredging project safely, on time and on budget

“We are off to a solid start to 2025, delivering record quarterly Infrastructure EBITDA,” said Curtis Philippon, President & Chief Executive Officer. “Our cost focus efforts continue to deliver results, and we are seeing great progress on our key capital projects at Gateway. With a revitalized leadership team in place and disciplined execution underway, we are well positioned to deliver a strong finish to the year.”

Financial Highlights:

Revenue of $2,748 million decreased by $541 million in the first quarter, compared to $3,289 million in the first quarter of 2024, primarily due to the impact of reduced sales volumes and lower commodity prices within the Marketing segment
Infrastructure Adjusted EBITDA⁽¹⁾ of $155 million in the first quarter, a $4 million or 2% increase from the first quarter of 2024, primarily due to increased throughput at the Edmonton Terminal and Gateway, and lower operating and other costs, partially offset by lower volume at the Hardisty Terminal, and the disposal of non-core assets in the prior period
Marketing Adjusted EBITDA⁽¹⁾ of $0 in the first quarter, a $33 million decrease from the first quarter of 2024, primarily due to the Crude Marketing business’ lower contribution as continued increased demand for Canadian heavy oil has maintained steep backwardation and limited volatility, impacting storage, quality and time-based opportunities. For the Refined Products business, slightly stronger crack spreads during the quarter were offset by higher feedstock costs driven by continued strength in the WCS differential, as well as the impact of seasonal reduction in demand for asphalt products
Adjusted EBITDA⁽¹⁾ on a consolidated basis of $142 million in the first quarter, a $28 million or 16% decrease from the first quarter of 2024, primarily due to lower contributions from the Marketing segment and the other factors impacting segment EBITDA noted above, as well as the impact of unrealized gains and losses on derivative financial instruments recorded in both periods
Net income of $50 million in the first quarter, a $9 million or 23% increase from the first quarter of 2024, primarily due to the impact of items affecting segment EBITDA noted above as well as lower general and administrative costs primarily due to executive transition and restructuring costs in the prior period, partially offset by higher corporate foreign exchange losses
Distributable Cash Flow⁽¹⁾ of $91 million in the first quarter, a $24 million or 21% decrease from the first quarter of 2024, primarily due to lower Adjusted EBITDA from the Marketing segment, partially offset by increased Infrastructure Adjusted EBITDA
Dividend Payout ratio⁽²⁾ on a trailing twelve-month basis of 77%, which is within the 70% – 80% target range
Net debt to Adjusted EBITDA⁽²⁾ ratio of 3.7x at March 31, 2025, compared to 3.5x at March 31, 2024, primarily due to lower contributions from the Company’s Marketing segment and higher interest expenses compared to the same period last year

Strategic Developments:

Appointed Riley Hicks as Senior Vice President and Chief Financial Officer, effective February 4, 2025; Riley joined Gibson in 2018 and has held various finance and commercial roles, including most recently Senior Vice President Corporate Development, Marketing and Strategy
Entered into a long-term strategic partnership with Baytex; under the initial 10-year take-or-pay and area dedication agreement, Gibson will invest approximately $50 million in new liquids infrastructure and Baytex will direct production to Gibson’s core Edmonton terminal, enhancing the Company’s quality of cash flows
Surpassed a major safety milestone, with over 9 million hours worked without a lost time injury
Subsequent to the quarter, Dave Gosse was appointed as Senior Vice President and Chief Operating Officer, to become effective May 20, 2025; with more than 30 years of operational and engineering leadership, in roles including President of Energy Transfer Canada, Dave adds strong expertise to Gibson’s executive team
Subsequent to the quarter, successfully completed the dredging project at Gateway safely, on time and on budget, making Gateway one of only two terminals in Texas capable of loading up to 1.6 million barrels on a Very Large Crude Carrier and up to full capacity on a Suezmax vessel

(1) Adjusted EBITDA and distributable cash flow are non-GAAP financial measures. See the “Specified Financial Measures” section of this release.
(2) Net debt to adjusted EBITDA ratio and dividend payout ratio are non-GAAP financial ratios. See the “Specified Financial Measures” section of this release.

Management’s Discussion and Analysis and Financial Statements
The 2025 first quarter Management’s Discussion and Analysis and unaudited Condensed Consolidated Financial Statements provide a detailed explanation of Gibson’s financial and operating results for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. These documents are available at www.gibsonenergy.com and on SEDAR+ at www.sedarplus.ca.

Earnings Conference Call & Webcast Details
A conference call and webcast will be held to discuss the 2025 first quarter financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Tuesday, May 6, 2025.

To register for the call, view dial-in numbers, and obtain a dial-in PIN, please access the following URL:

Registration at least five minutes prior to the conference call is recommended.

This call will also be broadcast live on the Internet and may be accessed directly at the following URL:

The webcast will remain accessible for a 12-month period at the above URL.

Supplementary Information

Gibson has also made available certain supplementary information regarding the 2025 first quarter financial and operating results, available at www.gibsonenergy.com.

About Gibson
Gibson is a leading liquids infrastructure company with its principal businesses consisting of storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.

Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements). All statements other than statements of historical fact are forward-looking statements. The use of any of the words ‘‘anticipate’’, ‘‘plan’’, ‘‘contemplate’’, ‘‘continue’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘propose’’, ‘‘might’’, ‘‘may’’, ‘‘will’’, ‘‘shall’’, ‘‘project’’, ‘‘should’’, ‘‘could’’, ‘‘would’’, ‘‘believe’’, ‘‘predict’’, ‘‘forecast’’, ‘‘pursue’’, ‘‘potential’’ and ‘‘capable’’ and similar expressions are intended to identify forward looking statements. The forward-looking statements reflect Gibson’s beliefs and assumptions with respect to, among other things, future cost savings to be realized by the Company, the future effective date of appointment of the Company’s new Senior Vice President and Chief Operating Officer, results through the remainder of the current fiscal year, and the capital expenditure in relation to the project with Baytex, and Gibson’s ability to achieve the anticipated benefits of such project, including the enhancement of the quality of the Company’s cash flows. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Company’s Annual Information Form dated February 18, 2025, and Management’s Discussion and Analysis dated May 5, 2025, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com.

For further information, please contact:

Investor Relations
(403) 776-3077
investor.relations@gibsonenergy.com

Media Relations
(403) 476-6334
communications@gibsonenergy.com

Specified Financial Measures
This press release refers to certain financial measures that are not determined in accordance with GAAP, including non-GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entities. Management considers these to be important supplemental measures of the Company’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.

For further details on these specified financial measures, including relevant reconciliations, see the “Specified Financial Measures” section of the Company’s MD&A for the three months ended March 31, 2025 and 2024, which is incorporated by reference herein and is available on Gibson’s SEDAR+ profile at www.sedarplus.ca and Gibson’s website at www.gibsonenergy.com.

a) Adjusted EBITDA

Noted below is the reconciliation to the most directly comparable GAAP measures of the Company’s segmented and consolidated adjusted EBITDA for the three months ended March 31, 2025, and 2024:

Three months ended March 31,	Infrastructure			Marketing			Corporate and Adjustments				Total
($ thousands)	2025		2024	2025		2024	2025		2024		2025		2024

Segment profit	154,079		145,663	13,860		19,381	—		—		167,939		165,044
Unrealized (gain) loss on financial instruments	(455	)	4,149	(13,746	)	14,217	—		—		(14,201	)	18,366
General and administrative	—		—	—		—	(14,323	)	(21,920	)	(14,323	)	(21,920	)
Adjustments to share of profit from equity accounted investees	1,173		1,481	—		—	—		—		1,173		1,481
Executive transition and restructuring costs	—		—	—		—	2,405		7,135		2,405		7,135
Renewable power purchase agreement	—		—	—		—	(806	)	—		(806	)	—
Adjusted EBITDA	154,797		151,293	114		33,598	(12,724	)	(14,785	)	142,187		170,106

	Three months ended March 31,
($ thousands)	2025		2024

Net Income	49,953		40,489

Income tax expense	14,044		12,455
Depreciation, amortization, and impairment charges	42,532		43,431
Finance costs, net	33,658		35,403
Unrealized (gain) loss on derivative financial instruments	(14,201	)	18,366
Unrealized loss on renewable power purchase agreement	6,787		9,476
Share-based compensation	3,128		5,064
Acquisition and integration costs	—		1,305
Adjustments to share of profit from equity accounted investees	1,173		1,481
Corporate foreign exchange loss (gain) and other	2,708		(4,499	)
Executive transition and restructuring costs	2,405		7,135
Adjusted EBITDA	142,187		170,106

b) Distributable Cash Flow

The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, cash flow from operating activities:

	Three months ended March 31,
($ thousands)	2025		2024

Cash flow from operating activities	121,852		192,833
Adjustments:
Changes in non-cash working capital and taxes paid	15,417		(26,078	)
Replacement capital	(5,808	)	(4,372	)
Cash interest expense, including capitalized interest	(31,549	)	(33,878	)
Acquisition and integration costs⁽¹⁾	—		1,305
Executive transition and restructuring costs⁽¹⁾	2,405		—
Lease payments	(6,317	)	(8,034	)
Current income tax	(5,226	)	(7,312	)
Distributable cash flow	90,774		114,464

c) Dividend Payout Ratio

	Twelve months ended March 31,
	2025		2024
Distributable cash flow	351,583		392,853
Dividends declared	270,630		247,946
Dividend payout ratio	77	%	63	%

d) Net Debt To Adjusted EBITDA Ratio

	Twelve months ended March 31,
	2025		2024

Current and long-term debt	2,619,116		2,643,464
Lease liabilities	47,752		58,480
Less: unsecured hybrid debt	(450,000	)	(450,000	)
Less: cash and cash equivalents	(46,090	)	(108,858	)

Net debt	2,170,778		2,143,086
Adjusted EBITDA	582,223		605,095
Net debt to adjusted EBITDA ratio	3.7		3.5

MIL-OSI: Viper Energy, Inc., a Subsidiary of Diamondback Energy, Inc., Reports First Quarter 2025 Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

MIDLAND, Texas, May 05, 2025 (GLOBE NEWSWIRE) — Viper Energy, Inc., (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced financial and operating results for the first quarter ended March 31, 2025.

FIRST QUARTER HIGHLIGHTS

As previously announced, Q1 2025 average production of 31,311 bo/d (57,378 boe/d)
Q1 2025 consolidated net income (including non-controlling interest) of $153 million; net income attributable to Viper of $75 million, or $0.62 per Class A common share
Q1 2025 cash available for distribution to Viper’s Class A common shares (as defined and reconciled below) of $100 million, or $0.76 per Class A common share
Declared Q1 2025 base cash dividend of $0.30 per Class A common share; implies a 2.9% annualized yield based on the May 2, 2025, Class A common share closing price of $42.08
Declared Q1 2025 variable cash dividend of $0.27 per Class A common share; total base-plus-variable dividend of $0.57 per Class A common share implies a 5.4% annualized yield based on the May 2, 2025, Class A common share closing price of $42.08
Total Q1 2025 return of capital to Class A shareholders of $75 million, or $0.57 per Class A common share, represents 75% of cash available for distribution
442 total gross (8.0 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q1 2025 with an average lateral length of 11,946 feet

RECENT EVENTS AND FORWARD OUTLOOK

As previously announced, on May 1, 2025, closed the Drop Down transaction, whereby Viper Energy Partners LLC (“OpCo”), the Company’s operating subsidiary, acquired all of the equity interests of certain mineral and royalty subsidiaries of Diamondback for consideration of $1.0 billion of cash and 69.6 million limited liability company units of OpCo and an equivalent number of shares of the Company’s Class B common stock (the “Drop Down”)
Following the close of the Drop Down, Viper’s long-term issuer default rating was upgraded to BBB- by Fitch; represents second investment grade rating for Viper
As of May 2, 2025, during the second quarter of 2025, repurchased 239,374 shares of the Company’s Class A common stock for an aggregate purchase price of approximately $9 million, excluding excise tax (average price of $37.85 per Class A common share)
As of May 2, 2025, during the second quarter of 2025, repurchased approximately $36 million in aggregate principal amount of the Company’s 5.375% Senior Notes due 2027 (“2027 Notes”)
Initiating average daily production guidance for Q2 2025 of 40,000 to 43,000 bo/d (72,500 to 78,000 boe/d)
Maintaining average daily production for the balance of 2025, following the closing of the Drop Down, of 47,000 to 49,000 bo/d (85,000 to 88,000 boe/d), resulting in expected full year 2025 average daily production of 41,000 to 43,500 bo/d (74,500 to 79,000 boe/d)

“As previously announced, we are excited the transformative Drop Down transaction between Viper and Diamondback has closed. As a result of the conservative financing of this transaction, as well as Viper’s continued strong financial and operating results, we expect leverage to remain below 1.0x even in a sustained $50 per barrel WTI environment. Given the strength of our balance sheet, we will look to use this period of volatility to our advantage where we can, as highlighted by the opportunistic share repurchases we have been able to make so far this quarter,” stated Kaes Van’t Hof, Chief Executive Officer of Viper.

Mr. Van’t Hof continued, “Despite the potential for sustained weakness in commodity prices and reduced activity levels, we expect Viper’s production to remain durable and are maintaining our previous guidance for oil production for the balance of 2025, although we continue to monitor operator activity levels. The symbiotic relationship between Diamondback and Viper is highlighted during times like these where Diamondback continues to focus its development on wells where Viper owns high royalty interests, and therefore enhances Diamondback’s consolidated capital efficiency. Further, the roughly 45% of Viper’s current production that is operated by third parties is predominately exposed to well-capitalized operators in the best parts of the Permian Basin, led by Exxon operating almost half of our third party production.”

FINANCIAL UPDATE

As previously announced, Viper’s first quarter 2025 average unhedged realized prices were $71.33 per barrel of oil, $2.08 per Mcf of natural gas and $24.52 per barrel of natural gas liquids, resulting in a total equivalent realized price of $47.25/boe.

As previously announced, Viper’s first quarter 2025 average hedged realized prices were $70.26 per barrel of oil, $3.74 per Mcf of natural gas and $24.52 per barrel of natural gas liquids, resulting in a total equivalent realized price of $48.99/boe.

During the first quarter of 2025, the Company recorded total operating income of $245 million and consolidated net income (including non-controlling interest) of $153 million.

As of March 31, 2025, the Company had a cash balance of $560 million and total long-term debt outstanding (excluding debt issuance costs, discounts and premiums) of $830 million, resulting in net debt (as defined and reconciled below) of $270 million. Viper’s outstanding long-term debt as of March 31, 2025 consisted of $430 million in aggregate principal amount of its 2027 Notes, $400 million in aggregate principal amount of its 7.375% Senior Notes due 2031 and no borrowings on its revolving credit facility, leaving $1.3 billion available for future borrowings and $1.9 billion of total liquidity.

As of May 1, 2025, after giving effect to the closing of the Drop Down, Viper had roughly $255 million in borrowings on its revolving credit facility, leaving approximately $995 million available for future borrowings and a similar amount of total liquidity.

As of May 2, 2025, during the second quarter of 2025, Viper had repurchased approximately $36 million in aggregate principal amount of the Company’s 2027 Notes.

FIRST QUARTER 2025 CASH DIVIDEND & CAPITAL RETURN PROGRAM

Viper announced today that the Company’s Board of Directors (the “Board”) declared a base cash dividend of $0.30 per Class A common share for the first quarter of 2025, payable on May 22, 2025 to Class A common shareholders of record at the close of business on May 15, 2025.

The Board also declared a variable cash dividend of $0.27 per Class A common share for the first quarter of 2025, payable on May 22, 2025 to Class A common shareholders of record at the close of business on May 15, 2025.

As of May 2, 2025, during the second quarter of 2025, Viper repurchased 239,374 shares of Class A common stock for an aggregate purchase price of approximately $9 million, excluding excise tax (average price of $37.85 per Class A common share). In total, since the initiation of Viper’s common stock repurchase program on November 9, 2020 through May 2, 2025, the Company has repurchased 13,683,957 shares of Class A common stock for an aggregate purchase price of approximately $325 million, reflecting an average price of $23.74 per Class A common share. Future base and variable cash dividends and stock repurchases are at the discretion of the Board and are subject to a number of factors discussed in Viper’s reports filed with the Securities and Exchange Commission.

OPERATIONS UPDATE

During the first quarter of 2025, Viper estimates that 442 gross (8.0 net 100% royalty interest) horizontal wells with an average royalty interest of 1.8% were turned to production on its acreage position with an average lateral length of 11,946 feet. Of these 442 gross wells, Diamondback is the operator of 108 gross wells, with an average royalty interest of 4.0%, and the remaining 334 gross wells, with an average royalty interest of 1.1%, are operated by third parties.

As of March 31, 2025, Viper’s footprint of mineral and royalty interests was 37,573 net royalty acres on a historical basis and 60,725 net royalty acres on a pro forma basis, after giving effect to the Drop Down.

Our gross well information as of May 1, 2025 is as follows, after giving effect to the Drop Down:

	Diamondback Operated	Third-Party Operated	Total
Q1 2025 Horizontal wells turned to production⁽¹⁾⁽²⁾:
Gross wells	108	334	442
Net 100% royalty interest wells	4.3	3.7	8.0
Average percent net royalty interest	4.0%	1.1%	1.8%

Horizontal producing well count:
Gross wells	3,725	11,546	15,271
Net 100% royalty interest wells	235.0	165.0	400.0
Average percent net royalty interest	6.3%	1.4%	2.6%

Horizontal active development well count:
Gross wells	239	682	921
Net 100% royalty interest wells	13.0	10.4	23.4
Average percent net royalty interest	5.4%	1.5%	2.5%

Line of sight wells:
Gross wells	417	677	1,094
Net 100% royalty interest wells	27.1	8.9	36.0
Average percent net royalty interest	6.5%	1.3%	3.3%

(1) Represents wells turned to production on Viper’s standalone acreage position; does not give effect to the Drop Down.
(2) Average lateral length of 11,946 feet.

The 921 gross wells currently in the process of active development are those wells that have been spud and are expected to be turned to production within approximately the next six to eight months. Further in regard to the active development on Viper’s asset base, after giving effect to the Drop Down, there are currently 63 gross rigs operating on Viper’s acreage, 16 of which are operated by Diamondback. The 1,094 line-of-sight wells are those that are not currently in the process of active development, but for which Viper has reason to believe that they will be turned to production within approximately the next 15 to 18 months. The expected timing of these line-of-sight wells is based primarily on permitting by third-party operators or Diamondback’s current expected completion schedule. Existing permits or active development of Viper’s royalty acreage does not ensure that those wells will be turned to production.

GUIDANCE UPDATE

Below is Viper’s guidance for the full year 2025, as well as average production guidance for Q2 2025, which gives effect to the Drop Down. Given recent market volatility, Diamondback and our other operators are closely monitoring the macro environment and may review their operating plans for the remainder of 2025, and thus our production guidance could be subject to change.


	Viper Energy, Inc.

Q2 2025 Net Production – Mbo/d	40.0 – 43.0
Q2 2025 Net Production – Mboe/d	72.5 – 78.0
Full Year 2025 Net Production – Mbo/d	41.0 – 43.5
Full Year 2025 Net Production – Mboe/d	74.5 – 79.0

Unit costs ($/boe)
Depletion	$15.50 – $16.50
Cash G&A	$0.80 – $1.00
Non-Cash Share-Based Compensation	$0.10 – $0.20
Net Interest Expense	$2.00 – $2.50

Production and Ad Valorem Taxes (% of Revenue)	~7%
Cash Tax Rate (% of Pre-Tax Income Attributable to the Company)⁽¹⁾	21% – 23%
Q2 2025 Cash Taxes ($ – million)⁽²⁾	$10 – $15

(1) Pre-tax income attributable to the Company is reconciled below.
(2) Attributable to the Company.

CONFERENCE CALL

Viper will host a conference call and webcast for investors and analysts to discuss its results for the first quarter of 2025 on Tuesday, May 6, 2025 at 10:00 a.m. CT. Access to the live audio-only webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Viper’s website at www.viperenergy.com under the “Investor Relations” section of the site.

About Viper Energy, Inc.

Viper is a corporation formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin in West Texas. For more information, please visit www.viperenergy.com.

About Diamondback Energy, Inc.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

Forward-Looking Statements

This news release contains “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, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Viper’s: future performance; business strategy; future operations; estimates and projections of operating income, losses, costs and expenses, returns, cash flow, and financial position; production levels on properties in which Viper has mineral and royalty interests, developmental activity by other operators; reserve estimates and Viper’s ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the Drop Down and any other acquisitions or divestitures); and plans and objectives (including Diamondback’s plans for developing Viper’s acreage and Viper’s cash dividend policy and common stock repurchase program) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Viper are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Viper believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond its control. Accordingly, forward-looking statements are not guarantees of Viper’s future performance and the actual outcomes could differ materially from what Viper expressed in its forward-looking statements.

Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases, and any related company or government policies or actions; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial sector; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production on Viper’s mineral and royalty acreage, or governmental orders, rules or regulations that impose production limits on such acreage; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change and the risks and other factors disclosed in Viper’s filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov.

In light of these factors, the events anticipated by Viper’s forward-looking statements may not occur at the time anticipated or at all. Moreover, new risks emerge from time to time. Viper cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements made in this news release. All forward-looking statements speak only as of the date of this news release or, if earlier, as of the date they were made. Viper does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

Viper Energy, Inc.
Condensed Consolidated Balance Sheets
(unaudited, in millions, except par values and share data)

	March 31,			December 31,
		2025			2024
Assets
Current assets:
Cash and cash equivalents	$	560		$	27
Royalty income receivable (net of allowance for credit losses)		146			149
Royalty income receivable—related party		41			31
Income tax receivable		2			2
Derivative instruments		31			18
Prepaid expenses and other current assets		12			11
Total current assets		792			238
Property:
Oil and natural gas interests, full cost method of accounting ($2,279 and $2,180 excluded from depletion at March 31, 2025 and December 31, 2024, respectively)		6,097			5,713
Land		6			6
Accumulated depletion and impairment		(1,148	)		(1,081	)
Property, net		4,955			4,638
Derivative instruments		12			—
Deferred income taxes (net of allowances)		249			185
Funds held in escrow		223			1
Other assets		7			7
Total assets	$	6,238		$	5,069
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable—related party	$	2		$	2
Accrued liabilities		66			43
Derivative instruments		5			2
Income taxes payable		18			2
Total current liabilities		91			49
Long-term debt, net		822			1,083
Derivative instruments		2			—
Other long-term liabilities		—			30
Total liabilities		915			1,162
Stockholders’ equity:
Class A Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 131,323,078 shares issued and outstanding as of March 31, 2025 and 102,977,142 shares issued and outstanding as of December 31, 2024		—			—
Class B Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 87,831,750 shares issued and outstanding as of March 31, 2025 and 85,431,453 shares issued and outstanding as of December 31, 2024		—			—
Additional paid-in capital		2,566			1,569
Retained earnings (accumulated deficit)		108			118
Total Viper Energy, Inc. stockholders’ equity		2,674			1,687
Non-controlling interest		2,649			2,220
Total equity		5,323			3,907
Total liabilities and stockholders’ equity	$	6,238		$	5,069

Viper Energy, Inc.
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share amounts, shares in thousands)

	Three Months Ended March 31,
		2025			2024
Operating income:
Oil income	$	201		$	177
Natural gas income		15			7
Natural gas liquids income		28			21
Royalty income		244			205
Lease bonus income		1			—
Total operating income		245			205
Costs and expenses:
Production and ad valorem taxes		17			14
Depletion		67			47
General and administrative expenses—related party		4			2
General and administrative expenses		2			3
Total costs and expenses		90			66
Income (loss) from operations		155			139
Other income (expense):
Interest expense, net		(13	)		(20	)
Gain (loss) on derivative instruments, net		32			(7	)
Total other income (expense), net		19			(27	)
Income (loss) before income taxes		174			112
Provision for (benefit from) income taxes		21			13
Net income (loss)		153			99
Net income (loss) attributable to non-controlling interest		78			56
Net income (loss) attributable to Viper Energy, Inc.	$	75		$	43

Net income (loss) attributable to common shares:
Basic	$	0.62		$	0.49
Diluted	$	0.62		$	0.49
Weighted average number of common shares outstanding:
Basic		120,926			87,537
Diluted		121,030			87,629

Viper Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in millions)

	Three Months Ended March 31,
		2025			2024
Cash flows from operating activities:
Net income (loss)	$	153		$	99
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for (benefit from) deferred income taxes		(1	)		(1	)
Depletion		67			47
(Gain) loss on derivative instruments, net		(32	)		7
Net cash receipts (payments) on derivatives		9			(3	)
Other		1			2
Changes in operating assets and liabilities:
Royalty income receivable		3			(23	)
Royalty income receivable—related party		(10	)		(30	)
Accounts payable and accrued liabilities		(4	)		5
Accounts payable—related party		—			(1	)
Income taxes payable		15			12
Other		—			1
Net cash provided by (used in) operating activities		201			115
Cash flows from investing activities:
Acquisitions of oil and natural gas interests		(486	)		(21	)
Proceeds from sale of oil and natural gas interests		—			1
Net cash provided by (used in) investing activities		(486	)		(20	)
Cash flows from financing activities:
Proceeds from borrowings under credit facility		295			90
Repayment on credit facility		(556	)		(80	)
Net proceeds from public offering		1,232			—
Dividends to stockholders		(85	)		(44	)
Dividends to Diamondback		(59	)		(67	)
Dividends to other non-controlling interest		(9	)		—
Net cash provided by (used in) financing activities		818			(101	)
Net increase (decrease) in cash and cash equivalents		533			(6	)
Cash, cash equivalents and restricted cash at beginning of period		27			26
Cash, cash equivalents and restricted cash at end of period	$	560		$	20

Viper Energy, Inc.
Selected Operating Data
(unaudited)

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Production Data:
Oil (MBbls)		2,818		2,747		2,312
Natural gas (MMcf)		7,221		7,236		5,589
Natural gas liquids (MBbls)		1,142		1,209		954
Combined volumes (Mboe)⁽¹⁾		5,164		5,162		4,198

Average daily oil volumes (bo/d)		31,311		29,859		25,407
Average daily combined volumes (boe/d)		57,378		56,109		46,132

Average sales prices:
Oil ($/Bbl)	$	71.33	$	69.91	$	76.61
Natural gas ($/Mcf)	$	2.08	$	0.84	$	1.22
Natural gas liquids ($/Bbl)	$	24.52	$	22.15	$	22.17
Combined ($/boe)⁽²⁾	$	47.25	$	43.56	$	48.85

Oil, hedged ($/Bbl)⁽³⁾	$	70.26	$	69.00	$	75.64
Natural gas, hedged ($/Mcf)⁽³⁾	$	3.74	$	1.05	$	1.12
Natural gas liquids ($/Bbl)⁽³⁾	$	24.52	$	22.15	$	22.17
Combined price, hedged ($/boe)⁽³⁾	$	48.99	$	43.38	$	48.19

Average Costs ($/boe):
Production and ad valorem taxes	$	3.29	$	3.13	$	3.43
General and administrative – cash component		0.97		0.72		1.08
Total operating expense – cash	$	4.26	$	3.85	$	4.51

General and administrative – non-cash stock compensation expense	$	0.19	$	0.16	$	0.12
Interest expense, net	$	2.52	$	3.70	$	4.67
Depletion	$	12.97	$	12.51	$	11.18

(1) Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
(2) Realized price net of all deducts for gathering, transportation and processing.
(3) Hedged prices reflect the impact of cash settlements of our matured commodity derivative transactions on our average sales prices.

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA is a supplemental non-GAAP (as defined below) financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Viper defines Adjusted EBITDA as net income (loss) attributable to the Company, plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before interest expense, net, non-cash share-based compensation expense, depletion, non-cash (gain) loss on derivative instruments, (gain) loss on extinguishment of debt, if any, other non-cash operating expenses, if any, other non-recurring expenses, if any, and provision for (benefit from) income taxes. Adjusted EBITDA is not a measure of net income as determined by United States’ generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because it allows them to more effectively evaluate Viper’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income, royalty income, cash flow from operating activities or any other measure of financial performance or liquidity presented as determined in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA.

Viper defines cash available for distribution to the Company’s shareholders generally as an amount equal to its Adjusted EBITDA for the applicable quarter less cash needed for income taxes payable for the current period, debt service, contractual obligations, fixed charges and reserves for future operating or capital needs that the Board may deem appropriate, lease bonus income, net of tax, distribution equivalent rights payments, preferred dividends, and an adjustment for changes in ownership interests that occurred subsequent to the quarter, if any. Management believes cash available for distribution is useful because it allows them to more effectively evaluate Viper’s operating performance excluding the impact of non-cash financial items and short-term changes in working capital. Viper’s computations of Adjusted EBITDA and cash available for distribution may not be comparable to other similarly titled measures of other companies or to such measure in its credit facility or any of its other contracts. Viper further defines cash available for variable dividends as at least 75 percent of cash available for distribution less base dividends declared and repurchased shares as part of its share buyback program for the applicable quarter.

The following tables present a reconciliation of the GAAP financial measure of net income (loss) to the non-GAAP financial measures of Adjusted EBITDA, cash available for distribution and cash available for variable dividends:

Viper Energy, Inc.
(unaudited, in millions, except per share data)

	Three Months Ended March 31, 2025
Net income (loss) attributable to Viper Energy, Inc.	$	75
Net income (loss) attributable to non-controlling interest		78
Net income (loss)		153
Interest expense, net		13
Non-cash share-based compensation expense		1
Depletion		67
Non-cash (gain) loss on derivative instruments		(23	)
Provision for (benefit from) income taxes		21
Consolidated Adjusted EBITDA		232
Less: Adjusted EBITDA attributable to non-controlling interest		99
Adjusted EBITDA attributable to Viper Energy, Inc.	$	133

Adjustments to reconcile Adjusted EBITDA to cash available for distribution:
Income taxes payable for the current period	$	(23	)
Debt service, contractual obligations, fixed charges and reserves		(9	)
Lease bonus income, net of tax		(1	)
Cash available for distribution to Viper Energy, Inc. shareholders	$	100

	Three Months Ended March 31, 2025
	Amounts		Amounts Per Common Share
Reconciliation to cash available for variable dividends:
Cash available for distribution to Viper Energy, Inc. shareholders	$	100	$	0.76

Return of Capital	$	75	$	0.57
Less:
Base dividend		39		0.30
Cash available for variable dividends	$	36	$	0.27

Total approved base and variable dividend per share			$	0.57

Class A common stock outstanding				131,323

The following table presents a reconciliation of the GAAP financial measure of income (loss) before income taxes to the non-GAAP financial measure of pre-tax income attributable to the Company. Management believes this measure is useful to investors given it provides the basis for income taxes payable by Viper, which is an adjustment to reconcile Adjusted EBITDA to cash available for distribution to holders of the Company’s Class A common stock.

Viper Energy, Inc.
Pre-tax income attributable to Viper Energy, Inc.
(unaudited, in millions)

	Three Months Ended March 31, 2025
	Three Months Ended March 31, 2025
Income (loss) before income taxes	$	174
Less: Net income (loss) attributable to non-controlling interest		78
Pre-tax income attributable to Viper Energy, Inc.	$	96

Income taxes payable for the current period	$	23
Effective cash tax rate attributable to Viper Energy, Inc.		24.0	%

Adjusted net income (loss) is a non-GAAP financial measure equal to net income (loss) attributable to the Company plus net income (loss) attributable to non-controlling interest adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, if any, other non-cash operating expenses, if any, other non-recurring expenses, if any, and related income tax adjustments. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors.

The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to the Company to the non-GAAP financial measure of adjusted net income (loss):

Viper Energy, Inc.
Adjusted Net Income (Loss)
(unaudited, in millions, except per share data)

	Three Months Ended March 31, 2025
	Amounts			Amounts Per Diluted Share
Net income (loss) attributable to Viper Energy, Inc. ⁽¹⁾	$	75		$	0.62
Net income (loss) attributable to non-controlling interest		78			0.64
Net income (loss)⁽¹⁾		153			1.26
Non-cash (gain) loss on derivative instruments, net		(23	)		(0.19	)
Adjusted income excluding above items⁽¹⁾		130			1.07
Income tax adjustment for above items		3			0.03
Adjusted net income (loss)⁽¹⁾		133			1.10
Less: Adjusted net income (loss) attributed to non-controlling interests		68			0.56
Adjusted net income (loss) attributable to Viper Energy, Inc. ⁽¹⁾	$	65		$	0.54

Weighted average Class A common shares outstanding:
Basic					120,926
Diluted					121,030

(1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of Class A common shares and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to the Company, (ii) less any reallocation of earnings attributable to participating securities, and (iii) divided by diluted weighted average Class A common shares outstanding.

RECONCILIATION OF LONG-TERM DEBT TO NET DEBT

The Company defines the non-GAAP measure of net debt as debt (excluding debt issuance costs, discounts and premiums) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

	March 31, 2025			Net Q1 Principal Borrowings/ (Repayments)			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(in millions)
Total long-term debt⁽¹⁾	$	830		$	(261	)	$	1,091		$	831		$	1,007		$	1,103
Cash and cash equivalents		(560	)					(27	)		(169	)		(35	)		(20	)
Net debt	$	270					$	1,064		$	662		$	972		$	1,083

(1) Excludes debt issuance costs, discounts & premiums.

Derivatives

As of the filing date, the Company had the following outstanding derivative contracts. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent. When aggregating multiple contracts, the weighted average contract price is disclosed.

	Crude Oil (Bbls/day, $/Bbl)
	Q2 2025			Q3 2025			Q4 2025		FY 2026		FY 2027
Deferred Premium Puts – WTI (Cushing)		20,000			18,000			—		—		—
Strike	$	55.00		$	55.00		$	—	$	—	$	—
Premium	$	(1.61	)	$	(1.60	)	$	—	$	—	$	—

	Natural Gas (Mmbtu/day, $/Mmbtu)
	Q2 2025		Q3 2025		Q4 2025		FY 2026		FY 2027
Costless Collars – Henry Hub		60,000		60,000		60,000		60,000		—
Floor	$	2.50	$	2.50	$	2.50	$	2.75	$	—
Ceiling	$	4.93	$	4.93	$	4.93	$	6.64	$	—

	Natural Gas (Mmbtu/day, $/Mmbtu)
	Q2 2025			Q3 2025			Q4 2025			FY 2026			FY 2027
Natural Gas Basis Swaps – Waha Hub		60,000			60,000			60,000			60,000			40,000
Swap Price	$	(0.80	)	$	(0.80	)	$	(0.80	)	$	(1.50	)	$	(1.40	)

Investor Contact:

Chip Seale
+1 432.247.6218
cseale@viperenergy.com

Source: Viper Energy, Inc.; Diamondback Energy, Inc.

MIL-OSI: ARRAY Technologies Enhances ARRAY STI H250™ Tracker with SmarTrack® Backtracking and Diffuse Capabilities

Source: GlobeNewswire (MIL-OSI)

ALBUQUERQUE, N.M., May 05, 2025 (GLOBE NEWSWIRE) — ARRAY Technologies (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading global provider of solar tracking technology products, software and services, today announced the expansion of its SmarTrack^® software to include backtracking and diffuse optimization capabilities for its ARRAY STI H250™ dual-row tracker. This advancement brings algorithm training and optimization tools, already proven on the DuraTrack^® platform, to H250 installations across Europe and other global markets.

“Our H250 tracker has long been a trusted solution in markets with challenging site conditions, and the addition of SmarTrack Backtracking and Diffuse takes its performance to the next level,” said Neil Manning, president and chief operating officer of ARRAY Technologies. “By applying algorithmic training and real-time sensor data, we’re empowering our customers to optimize their solar energy output across more geographies and more terrain types, ultimately improving project returns.”

Engineered to tackle the challenges of irregular terrain, the H250 tracker is widely deployed in Europe, South America, and Africa. With the addition of SmarTrack® Backtracking and Diffuse, project developers and asset owners can now further improve energy production in complex environments and variable weather conditions. These tools help trackers automatically adjust to minimize shading and maximize light capture, even on cloudy days.

ARRAY SmarTrack™ Backtracking uses algorithmic training and terrain analysis and production data to reduce shading and maximize morning and evening energy generation. The system intelligently adjusts each motor block based on its unique slope characteristics, leading to sustained improvements in energy yield. Once optimized, backtracking parameters remain valid for the life of the project.
ARRAY SmarTrack™ Diffuse allows projects to continue performing at a high level during overcast conditions. By analyzing real-time Global Horizontal Irradiance (GHI) sensor data, the system dynamically flattens tracker angles to capture more scattered light, increasing energy capture when direct sunlight is limited.

These capabilities were validated in Spain and Brazil and are available for immediate deployment on new and existing H250 projects. In combination with ARRAY’s hardware and integrated software platform, SmarTrack is currently optimizing over 5 GW of solar capacity worldwide.

To learn more about SmarTrack software or the H250 tracker, visit arraytechinc.com.

About ARRAY
ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology to utility-scale and distributed generation customers who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY’s high-quality solar trackers, software platforms and field services combine to maximize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology – relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit arraytechinc.com.

Forward Looking Statement
This press release contains forward-looking statements. These statements are not historical facts but rather are based on the Company’s current expectations and projections regarding its business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors. Forward-looking statements should be evaluated together with the risks and uncertainties that affect our business and operations, particularly those described in more detail in the Company’s most recent Annual Report on Form 10-K and other documents on file with the SEC, each of which can be found on our website www.arraytechinc.com. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Media Contact
Nicole Stewart
505-589-8257
nicole.stewart@arraytechinc.com

Investor Relations Contact
ARRAY Technologies, Inc.
Investor Relations
investors@arraytechinc.com

MIL-OSI: Nasdaq Reports April 2025 Volumes

Source: GlobeNewswire (MIL-OSI)

NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for April 2025 on its Investor Relations website. A data sheet showing this information can be found at: http://ir.nasdaq.com/financials/volume-statistics .

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

Cautionary Note Regarding Forward-Looking Statements
Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Media Relations Contacts:

Nick Jannuzzi
+1.973.760.1741
Nicholas.Jannuzzi@Nasdaq.com

Investor Relations Contact:

Ato Garrett
+1.212.401.8737
Ato.Garrett@Nasdaq.com

-NDAQF-

MIL-OSI: red violet to Participate in the 20th Annual Needham Technology, Media, & Consumer Conference

Source: GlobeNewswire (MIL-OSI)

BOCA RATON, Fla., May 05, 2025 (GLOBE NEWSWIRE) — Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and information solutions provider, today announced that it will participate in the 20th Annual Needham Technology, Media, & Consumer Conference being held May 8-13, 2025. Derek Dubner, Chief Executive Officer, and Daniel MacLachlan, Chief Financial Officer, will virtually host investor meetings on May 12, 2025.

About red violet®
At red violet, we build proprietary technologies and apply analytical capabilities to deliver identity intelligence. Our technology powers critical solutions, which empower organizations to operate with confidence. Our solutions enable the real-time identification and location of people, businesses, assets and their interrelationships. These solutions are used for purposes including identity verification, risk mitigation, due diligence, fraud detection and prevention, regulatory compliance, and customer acquisition. Our intelligent platform, CORE™, is purpose-built for the enterprise, yet flexible enough for organizations of all sizes, bringing clarity to massive datasets by transforming data into intelligence. Our solutions are used today to enable frictionless commerce, to ensure safety, and to reduce fraud and the concomitant expense borne by society. For more information, please visit www.redviolet.com.

Company Contact:
Camilo Ramirez
Red Violet, Inc.
561-757-4500
ir@redviolet.com

Investor Relations Contacts:
Steven Hooser
Three Part Advisors
214-872-2710
ir@redviolet.com

MIL-OSI: AvePoint to Participate in May Investor Conferences

Source: GlobeNewswire (MIL-OSI)

JERSEY CITY, N.J., May 05, 2025 (GLOBE NEWSWIRE) — AvePoint (Nasdaq: AVPT), the global leader in data security, governance and resilience, today announced that members of the Company’s executive management team will present at the following investor conferences:

TD Cowen 53^rd Annual Technology, Media & Telecom Conference (New York, NY): Thursday, 5/29 at 2:25 pm ET
Jefferies Public Technology Conference (Newport Coast, CA): Thursday, 5/29 at 10:30am PT

In addition, AvePoint will attend the following investor conferences:

20^th Annual Needham Technology, Media & Consumer 1×1 Conference (Virtual): Monday, 5/12
Evercore ISI Software 1×1 Day (New York, NY): Thursday, 5/29
Morgan Stanley Virtual ASEAN Conference 2025 (Virtual): Thursday, 5/29

A live and archived audio webcast of all presentations will be available on the AvePoint Investor Relations website.

About AvePoint:

Beyond Secure. AvePoint is the global leader in data security, governance, and resilience, going beyond traditional solutions to ensure a robust data foundation and enable organizations everywhere to collaborate with confidence. Over 25,000 customers worldwide rely on the AvePoint Confidence Platform to prepare, secure, and optimize their critical data across Microsoft, Google, Salesforce, and other collaboration environments. AvePoint’s global channel partner program includes approximately 5,000 managed service providers, value-added resellers, and systems integrators, with our solutions available in more than 100 cloud marketplaces. To learn more, visit www.avepoint.com.

Forward-Looking Statements:

This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Annual Report on Form 10-K. Copies of this and other documents filed by AvePoint from time to time are available on the SEC’s website, www.sec.gov. This filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations. Unless the context otherwise indicates, references in this press release to the terms “AvePoint,” “the Company,” “we,” “our” and “us” refer to AvePoint, Inc. and its subsidiaries.

Disclosure Information:

AvePoint uses the https://www.avepoint.com/ir website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Investor Contact
AvePoint
Jamie Arestia
ir@avepoint.com
(551) 220-5654

Media Contact
AvePoint
Nicole Caci
pr@avepoint.com
(201) 201-8143