Market Newsdesk

April 29, 2026 4:27 pm

Adamas Trust, Inc. Reports First Quarter 2026 Results

NEW YORK, April 29, 2026 (GLOBE NEWSWIRE) — Adamas Trust, Inc. (Nasdaq: ADAM) (“Adamas,” the “Company,” “we,” “our” or “us”) today reported results for the three months ended March 31, 2026.

Financial Highlights:

GAAP basic earnings per share of $0.41
Earnings available for distribution (or “EAD”) ⁽¹⁾per common share of $0.29, up 45% year-over-year and 26% quarter-over-quarter, reflecting continued portfolio expansion and earnings momentum
Quarterly economic return ⁽²⁾ of 6.35%; Quarterly economic return on adjusted book value ⁽¹⁾⁽²⁾of 3.76%
Book value per share of $9.98, up 4.0% quarter-over-quarter
Adjusted book value ⁽¹⁾ per share of $10.80, up 1.6% quarter-over-quarter
Total net interest income of $48.4 million, up 12.1% quarter-over-quarter; Total adjusted net interest income ⁽¹⁾ of $48.2 million, up 3.9% quarter-over-quarter
Declared first quarter common stock dividend of $0.23 per share, representing a 12.50% annualized yield ⁽³⁾
Cumulative stockholder return ⁽⁴⁾ of 4.06% for the quarter; 28.58% over the last twelve months
Company Recourse Leverage Ratio of 5.2x; Portfolio Recourse Leverage Ratio of 4.9x

Management Update To Our Stockholders

Jason Serrano, Chief Executive Officer, commented: “Adamas delivered strong first quarter results, with continued growth in earnings and book value despite a volatile macro environment. We delivered GAAP earnings of $0.41 per share and EAD of $0.29 per share, well ahead of our dividend, highlighting the strength and scalability of our platform. Our diversified strategy, pairing Agency RMBS with a growing credit and origination business, has performed as designed, generating stable book value and expanded earnings. We also saw meaningful contribution and operating leverage from our Constructive platform during the quarter. We are energized by the flexibility of our balance sheet and its ability to drive long-term stockholder value.”

_______________
⁽¹⁾ Represents a non-GAAP financial measure. A reconciliation of the Company’s non-GAAP financial measures to their most directly comparable GAAP measure is included below in “Non-GAAP Financial Measures.”
⁽²⁾ Economic return on book value and economic return on adjusted book value are based on the periodic change in GAAP book value and adjusted book value, respectively, per common share plus dividends declared per common share, if any, during the period.
⁽³⁾ Annualized yield is calculated using the current quarter dividend declared on common stock (annualized) and the closing share price of the Company’s common stock on March 31, 2026.
⁽⁴⁾ Cumulative stockholder return includes common stock price appreciation and common stock dividend reinvestment. Dividends assumed to be reinvested at the closing price on the ex-dividend date.

Business Highlights:

Investing & Origination Activity

Acquired $1.0 billion of new single-family residential investments during the quarter, including $510.1 million of Agency investments and $487.2 million of business purpose loans ⁽⁵⁾
Expanded Agency investment portfolio to $6.8 billion, with 96% of holdings in specified pools and an average coupon of 5.50%
BPL-Rental portfolio grew to $1.8 billion in UPB, supported by strong credit fundamentals, including average FICO of 748, average LTV of 71% and average DSCR of 1.35x
Constructive originated $422.2 million of business purpose loans in the quarter, surpassing $6.5 billion in cumulative originations since inception in 2017 ⁽⁶⁾
Sold a property within our Cross-collateralized mezzanine lending investment, resulting in a net gain attributable to Adamas of $13.8 million

Financing & Capital

Issued $90.0 million of 9.250% senior unsecured notes due 2031
Redeemed $100.0 million of 5.75% senior unsecured notes due 2026
Completed a $310.4 million BPL-Rental securitization at a 4.88% effective cost ⁽⁷⁾
Subsequent to quarter end, completed an additional $261.5 million BPL-Rental securitization at a 5.54% effective cost ⁽⁷⁾

Stockholder Value

Repurchased 612,464 shares of common stock at an accretive price of $8.17 per share
$1.5 billion in cumulative common stock dividends declared since June 2004

_______________
⁽⁵⁾ Acquired business purpose loans include $252.6 million of loans originated by Constructive and transferred at fair value to the Company’s investment portfolio.
⁽⁶⁾ Origination amounts represent total loan commitments.
⁽⁷⁾ Effective cost represents the weighted average yield at issuance of all tranches sold in the securitization, weighted by the issuance proceeds of each tranche, and reflecting the modeling assumptions set forth in the related offering documents.

Capital Allocation

The following table sets forth our allocated capital at March 31, 2026 (dollar amounts in thousands):

	Investment Portfolio⁽¹⁾			Constructive			Corporate/Other			Total
Investment securities available for sale and TBAs⁽²⁾	$	7,108,203		$	—		$	—		$	7,108,203
Residential loans		4,378,501			119,526			—			4,498,027
Consolidated SLST CDOs		(983,717	)		—			—			(983,717	)
Residential loans held for sale		—			121,607			—			121,607
Multi-family loans		55,910			—			—			55,910
Equity investments		23,468			—			—			23,468
Equity investments in consolidated multi-family properties⁽³⁾		132,916			—			—			132,916
Single-family rental properties		121,340			—			—			121,340
Mortgage servicing rights		19,965			—			—			19,965
Total investments		10,856,586			241,133			—			11,097,719
Liabilities:
Repurchase agreements, warehouse facilities and TBA cost basis⁽⁴⁾		(6,949,260	)		(219,171	)		—			(7,168,431	)
Collateralized debt obligations
Residential loan securitization CDOs		(2,421,525	)		—			—			(2,421,525	)
Non-Agency RMBS re-securitization		(63,702	)		—			—			(63,702	)
Senior unsecured notes		—			—			(339,648	)		(339,648	)
Subordinated debentures		—			—			(45,000	)		(45,000	)
Cash, cash equivalents and restricted cash⁽⁵⁾		117,731			12,130			200,104			329,965
Goodwill		—			22,396			—			22,396
Cumulative adjustment of redeemable non-controlling interest to estimated redemption value		(23,304	)		—			—			(23,304	)
Other		108,358			13,541			(53,908	)		67,991
Net Company capital allocated	$	1,624,884		$	70,029		$	(238,452	)	$	1,456,461

Company Recourse Leverage Ratio⁽⁶⁾										5.2x
Portfolio Recourse Leverage Ratio										4.9x

⁽¹⁾		The Company, through its ownership of certain securities, has determined it is the primary beneficiary of Consolidated SLST and has consolidated the assets and liabilities of Consolidated SLST in the Company’s consolidated financial statements. Consolidated SLST is primarily presented on our consolidated balance sheets as residential loans, at fair value and collateralized debt obligations, at fair value. Our investment in Consolidated SLST as of March 31, 2026 was limited to the RMBS comprised of first loss subordinated securities and certain IOs issued by the respective securitizations with an aggregate net carrying value of $146.7 million.
⁽²⁾		Includes implied fair value of outstanding TBAs of $147.9 million. TBAs are recorded as derivative instruments in the Company’s condensed consolidated financial statements. As of March 31, 2026, our TBAs had a net carrying value of $1.5 million reported in other liabilities on the Company’s condensed consolidated balance sheets. The net carrying value represents the difference between the implied fair value of the underlying security in the TBA contract and the price to be paid or received for the underlying security (or cost basis).
⁽³⁾		Represents the Company’s equity investments in consolidated multi-family properties. See “Reconciliation of Financial Information” section below for a reconciliation of equity investments in consolidated multi-family properties to the Company’s condensed consolidated financial statements.
⁽⁴⁾		Includes repurchase agreements and warehouse facilities with a carrying value of $7.0 billion and outstanding TBAs with a cost basis of $149.4 million.
⁽⁵⁾		Excludes cash in the amount of $3.9 million held in the Company’s equity investments in consolidated multi-family properties. Restricted cash of $156.5 million is included in the Company’s accompanying condensed consolidated balance sheets in other assets.
⁽⁶⁾		Company Recourse Leverage Ratio does not include Consolidated SLST CDOs amounting to $983.7 million, residential loan securitization CDOs amounting to $2.4 billion, non-Agency RMBS re-securitization CDOs amounting to $63.7 million and mortgages payable on real estate totaling $276.0 million as they are non-recourse debt.

Net Interest Spread

The following table sets forth certain information about our interest earning assets by category and their related adjusted interest income, adjusted interest expense, adjusted net interest income (loss), yield on average interest earning assets, average financing cost and net interest spread for the three months ended March 31, 2026 (dollar amounts in thousands):

Three Months Ended March 31, 2026

	Agency			Single-Family Credit			Multi-Family Credit			Corporate/Other			Total
Adjusted Interest Income⁽¹⁾⁽²⁾	$	94,242		$	62,337		$	1,654		$	2,999		$	161,232
Adjusted Interest Expense⁽¹⁾		(58,977	)		(42,075	)		—			(12,014	)		(113,066	)
Adjusted Net Interest Income (Loss)⁽¹⁾	$	35,265		$	20,262		$	1,654		$	(9,015	)	$	48,166

Average Interest Earning Assets⁽³⁾	$	6,648,680		$	3,620,780		$	55,263		$	262,680		$	10,587,403
Average Interest Bearing Liabilities⁽⁴⁾	$	5,991,016		$	3,225,961		$	—		$	675,849		$	9,892,826

Yield on Average Interest Earning Assets⁽¹⁾⁽⁵⁾		5.67	%		6.89	%		11.97	%		4.57	%		6.09	%
Average Financing Cost⁽¹⁾⁽⁶⁾		(3.99	)%		(5.29	)%		—			(7.21	)%		(4.64	)%
Net Interest Spread⁽¹⁾⁽⁷⁾		1.68	%		1.60	%		11.97	%		(2.64	)%		1.45	%

⁽¹⁾		Represents a non-GAAP financial measure. A reconciliation of the Company’s non-GAAP financial measures to their most directly comparable GAAP measure is included below in “Reconciliation of Financial Information.”
⁽²⁾		Includes interest income earned on cash accounts held by the Company.
⁽³⁾		Average Interest Earning Assets for the period include residential loans, residential loans held for sale, multi-family loans and investment securities, to the extent applicable, and exclude all Consolidated SLST assets other than those securities owned by the Company. Average Interest Earning Assets is calculated based on the daily average amortized cost for the period.
⁽⁴⁾		Average Interest Bearing Liabilities for the period include repurchase agreements and warehouse facilities, residential loan securitization and non-Agency RMBS re-securitization CDOs, senior unsecured notes and subordinated debentures, to the extent applicable, and exclude Consolidated SLST CDOs and mortgages payable on real estate as the Company does not directly incur interest expense on these liabilities that are consolidated for GAAP purposes. Average Interest Bearing Liabilities is calculated based on the daily average outstanding balance for the period.
⁽⁵⁾		Yield on Average Interest Earning Assets is calculated by dividing our annualized adjusted interest income relating to our portfolio of interest earning assets by our Average Interest Earning Assets for the period.
⁽⁶⁾		Average Financing Cost is calculated by dividing our annualized adjusted interest expense by our Average Interest Bearing Liabilities.
⁽⁷⁾		Net Interest Spread is the difference between our Yield on Average Interest Earning Assets and our Average Financing Cost.

Segment Information

The following tables present summarized financial information by reportable segment for the three months ended March 31, 2026, which in total reconciles to the same data for the Company on a consolidated basis (dollar amounts in thousands):

	For the Three Months Ended March 31, 2026
	Investment Portfolio			Constructive		Corporate/Other			Total
Total net interest income (loss)	$	57,259		$	509	$	(9,357	)	$	48,411
Total net loss from real estate		(2,602	)		—		—			(2,602	)
Total other income		6,477			15,769		58,701			80,947
Total general, administrative and operating expenses⁽¹⁾		14,034			15,621		10,376			40,031
Income from operations before income taxes		47,100			657		38,968			86,725
Income tax expense		15			—		144			159
Net income		47,085			657		38,824			86,566
Net income attributable to non-controlling interests		(37,965	)		—		—			(37,965	)
Net income attributable to Company		9,120			657		38,824			48,601
Preferred stock dividends		—			—		(11,704	)		(11,704	)
Net income attributable to Company’s common stockholders	$	9,120		$	657	$	27,120		$	36,897

⁽¹⁾		General, administrative and operating expenses of the Constructive segment include $9.3 million of direct general and administrative expenses and $4.0 million of direct loan origination costs incurred by Constructive.

Conference Call

On Thursday, April 30, 2026 at 9:00 a.m., Eastern Time, Adamas Trust’s executive management is scheduled to host a conference call and audio webcast to discuss the Company’s financial results for the three months ended March 31, 2026. To access the conference call, please pre-register using this link. Registrants will receive confirmation with dial-in details. A live audio webcast of the conference call can be accessed, on a listen-only basis, at the Investor Relations section of the Company’s website at www.adamasreit.com or using this link. Please allow extra time, prior to the call, to visit the site and download the necessary software to listen to the Internet broadcast. A webcast replay link of the conference call will be available on the Investor Relations section of the Company’s website approximately two hours after the call and will be available for 12 months.

In connection with the release of these financial results, the Company will also post a supplemental financial presentation that will accompany the conference call on its website at www.adamasreit.com under the “Investors — Events and Presentations” section. First Quarter 2026 financial and operating data can be viewed in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. A copy of the Form 10-Q will be posted at the Company’s website as soon as reasonably practicable following its filing with the Securities and Exchange Commission.

About Adamas Trust

Adamas Trust, Inc. is an internally managed real estate investment trust (“REIT”) focused on strategically deploying capital across complementary businesses to generate durable earnings and long-term value for stockholders through disciplined portfolio management and an operating platform designed to capture opportunities across real estate and capital markets. For a list of defined terms used from time to time in this press release, see “Defined Terms” below.

Defined Terms

The following defines certain of the commonly used terms that may appear in this press release: “UPB” refers to unpaid principal balance; “LTV” refers to loan-to-value ratio; “DSCR” refers to debt service coverage ratio; Constructive” refers to Constructive Loans, LLC, the Company’s wholly-owned origination platform; “RMBS” refers to residential mortgage-backed securities backed by adjustable-rate, hybrid adjustable-rate, or fixed-rate residential loans; “Agency RMBS” refers to RMBS representing interests in or obligations backed by pools of residential loans guaranteed by a government sponsored enterprise (“GSE”), such as the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or an agency of the U.S. government, such as the Government National Mortgage Association (“Ginnie Mae”); “TBAs” refers to to-be-announced securities that are forward contracts for the purchase or sale of Agency fixed-rate RMBS at a predetermined price, face amount, issuer, coupon, and stated maturity on an agreed-upon future date; “Agency investments” refer to Agency RMBS and TBAs; “TBA dollar roll income” refers to the difference in price between two TBA contracts with the same terms but different settlement dates that are simultaneously bought and sold; “non-Agency RMBS” refers to RMBS that are not guaranteed by any agency of the U.S. Government or any GSE; “IOs” refers collectively to interest only and inverse interest only mortgage-backed securities that represent the right to the interest component of the cash flow from a pool of mortgage loans; “POs” refers to mortgage-backed securities that represent the right to the principal component of the cash flow from a pool of mortgage loans; “CDO” refers to collateralized debt obligation and includes debt that permanently finances the residential loans held in Consolidated SLST, the Company’s residential loans held in securitization trusts and a non-Agency RMBS re-securitization that we consolidate or consolidated in our financial statements in accordance with GAAP; “Consolidated SLST” refers to Freddie Mac-sponsored residential loan securitizations, comprised of seasoned re-performing and non-performing residential loans, of which we own the first loss subordinated securities and certain IOs, that we consolidate in our financial statements in accordance with GAAP; “Consolidated VIEs” refers to variable interest entities (“VIE”) where the Company is the primary beneficiary, as it has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE and that we consolidate in our financial statements in accordance with GAAP; “Consolidated Real Estate VIEs” refers to Consolidated VIEs that own multi-family properties; “business purpose loans” refers to (i) short-term loans that are collateralized by residential properties and are made to investors who intend to rehabilitate and sell the residential property for a profit (or “BPL-Bridge”) or (ii) loans that finance (or refinance) non-owner occupied residential properties that are rented to one or more tenants (or “BPL-Rental”); “Mezzanine Lending” refers to preferred equity investments in multi-family properties; “Cross-collateralized mezzanine lending investment” refers to a cross-collateralized preferred equity and joint venture equity investment in multi-family properties; “Multi-Family Credit” includes Mezzanine Lending; “Single-Family Credit” includes residential loans, residential loans held for sale, non-Agency RMBS and single-family rental properties; “Corporate/Other” includes, or included, other investment securities and an equity investment in an entity that originates residential loans; “Company Recourse Leverage” represents the Company’s total outstanding recourse repurchase agreement and warehouse facility financing, subordinated debentures, senior unsecured notes and cost basis of outstanding TBAs, to the extent applicable, divided by the Company’s total stockholders’ equity; and “Portfolio Recourse Leverage” represents the Company’s outstanding recourse repurchase agreement and warehouse facility financing and cost basis of outstanding TBAs, to the extent applicable, divided by the Company’s total stockholders’ equity.

Cautionary Statement Regarding Forward-Looking Statements

When used in this press release, in future filings with the Securities and Exchange Commission (the “SEC”) or in other written or oral communications, statements which are not historical in nature, including those containing words such as “will,” “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “could,” “would,” “should,” “may” or similar expressions, are intended to identify “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 (the “Exchange Act”), and, as such, may involve known and unknown risks, uncertainties and assumptions.

Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results and outcomes could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation: changes in the Company’s business and investment strategy; inflation and changes in interest rates and the fair market value of the Company’s assets, including negative changes resulting in margin calls relating to the financing of the Company’s assets; changes in credit spreads; changes in the long-term credit ratings of the U.S., Fannie Mae, Freddie Mac, and Ginnie Mae; general volatility of the markets in which the Company invests; changes in prepayment rates on the loans the Company owns or that underlie the Company’s investment securities; increased rates of default, delinquency or vacancy and/or decreased recovery rates on or at the Company’s assets; the Company’s ability to identify and acquire targeted assets, including assets in its investment pipeline; the Company’s ability to dispose of assets from time to time on terms favorable to it; changes in relationships with the Company’s financing counterparties and the Company’s ability to borrow to finance its assets and the terms thereof; changes in the Company’s relationships with and/or the performance of its operating partners; the Company’s ability to predict and control costs; changes in laws, regulations or policies affecting the Company’s business; the Company’s ability to make distributions to its stockholders in the future; the Company’s ability to maintain its qualification as a REIT for U.S. federal income tax purposes; the Company’s ability to maintain its exemption from registration under the Investment Company Act of 1940, as amended; impairments and declines in the value of the collateral underlying the Company’s investments; changes in the benefits the Company anticipates from the acquisition of Constructive; the Company’s ability to effectively integrate Constructive into the Company and the risks associated with the ongoing operation thereof; the Company’s ability to manage or hedge credit risk, interest rate risk, and other financial and operational risks; the Company’s exposure to liquidity risk, risks associated with the use of leverage, and market risks; and risks associated with investing in real estate assets and/or operating companies, including changes in business conditions and the general economy, the availability of investment opportunities and conditions in markets for residential loans, mortgage-backed securities, structured multi-family investments and other assets that the Company owns or in which the Company invests.

These and other risks, uncertainties and factors, including the risk factors and other information described in the Company’s reports filed with the SEC pursuant to the Exchange Act, could cause the Company’s actual results to differ materially from those projected in any forward-looking statements the Company makes. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time and it is not possible to predict those events or how they may affect the Company. Except as required by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For Further Information

CONTACT:	AT THE COMPANY Phone: 212-792-0107 Email: [email protected]

FINANCIAL TABLES FOLLOW ADAMAS TRUST, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except share data)

	March 31, 2026			December 31, 2025
	(unaudited)
ASSETS
Investment securities available for sale, at fair value	$	6,960,313		$	6,904,781
Residential loans, at fair value		4,498,027			4,358,175
Residential loans held for sale, at fair value		121,607			80,707
Multi-family loans, at fair value		55,910			55,476
Equity investments, at fair value		23,468			24,711
Cash and cash equivalents		208,915			210,333
Real estate, net		465,846			553,496
Goodwill		22,396			22,396
Other assets		433,859			428,772
Total Assets⁽¹⁾	$	12,790,341		$	12,638,847
LIABILITIES AND EQUITY
Liabilities:
Repurchase agreements and warehouse facilities	$	7,019,017		$	6,753,417
Collateralized debt obligations ($3,115,903 at fair value and $353,041 at amortized cost, net as of March 31, 2026 and $3,148,157 at fair value and $363,645 at amortized cost, net as of December 31, 2025)		3,468,944			3,511,802
Senior unsecured notes ($339,648 at fair value as of March 31, 2026 and $260,852 at fair value and $99,585 at amortized cost, net as of December 31, 2025)		339,648			360,437
Subordinated debentures		45,000			45,000
Mortgages payable on real estate, net		276,032			332,131
Other liabilities		183,883			205,623
Total liabilities⁽¹⁾		11,332,524			11,208,410

Commitments and Contingencies

Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities		4,078			3,016

Stockholders’ Equity:
Preferred stock, par value $0.01 per share, 31,500,000 shares authorized, 22,385,674 shares issued and outstanding ($559,642 aggregate liquidation preference)		540,472			540,472
Common stock, par value $0.01 per share, 200,000,000 shares authorized, 89,861,108 and 90,303,863 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively		899			903
Additional paid-in capital		2,308,286			2,294,194
Accumulated deficit		(1,393,196	)		(1,408,647	)
Company’s stockholders’ equity		1,456,461			1,426,922
Non-controlling interests		(2,722	)		499
Total equity		1,453,739			1,427,421
Total Liabilities and Equity	$	12,790,341		$	12,638,847

⁽¹⁾		Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) as the Company is the primary beneficiary of these VIEs. As of March 31, 2026 and December 31, 2025, assets of consolidated VIEs totaled $4,238,982 and $4,367,560, respectively, and the liabilities of consolidated VIEs totaled $3,775,241 and $3,881,273, respectively.

ADAMAS TRUST, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share data) (unaudited)

	For the Three Months Ended March 31,
		2026			2025
NET INTEREST INCOME:
Interest income	$	172,065		$	129,734
Interest expense		123,654			96,636
Total net interest income		48,411			33,098

NET LOSS FROM REAL ESTATE:
Rental income		12,625			17,534
Other real estate income		1,943			3,121
Total income from real estate		14,568			20,655
Interest expense, mortgages payable on real estate		3,821			6,007
Depreciation expense		4,623			5,895
Other real estate expenses		8,726			10,988
Total expenses related to real estate		17,170			22,890
Total net loss from real estate		(2,602	)		(2,235	)

OTHER INCOME (LOSS):
Realized losses, net		(10,680	)		(41,100	)
Unrealized (losses) gains, net		(62,568	)		118,203
Gains (losses) on derivative instruments, net		87,814			(46,802	)
Mortgage banking activities, net		15,330			—
Income from equity investments		721			3,589
Impairment of real estate		(2,231	)		(3,905	)
Other income		52,561			1,967
Total other income		80,947			31,952

GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:
General and administrative expenses		24,487			12,414
Portfolio operating expenses		6,137			7,206
Loan origination costs		4,025			—
Financing transaction costs		5,382			5,482
Total general, administrative and operating expenses		40,031			25,102

INCOME FROM OPERATIONS BEFORE INCOME TAXES		86,725			37,713
Income tax expense		159			648

NET INCOME		86,566			37,065
Net (income) loss attributable to non-controlling interests		(37,965	)		5,090
NET INCOME ATTRIBUTABLE TO COMPANY		48,601			42,155
Preferred stock dividends		(11,704	)		(11,870	)
NET INCOME ATTRIBUTABLE TO COMPANY’S COMMON STOCKHOLDERS	$	36,897		$	30,285

Basic earnings per common share	$	0.41		$	0.33
Diluted earnings per common share	$	0.40		$	0.33
Weighted average shares outstanding-basic		90,353			90,583
Weighted average shares outstanding-diluted		92,060			91,091

ADAMAS TRUST, INC. AND SUBSIDIARIES SUMMARY OF QUARTERLY EARNINGS (LOSS) (Dollar amounts in thousands, except per share data) (unaudited)

	For the Three Months Ended
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Interest income	$	172,065		$	170,680		$	160,633		$	140,901		$	129,734
Interest expense		123,654			127,510			124,047			104,454			96,636
Total net interest income		48,411			43,170			36,586			36,447			33,098
Total net loss from real estate		(2,602	)		(3,292	)		(3,878	)		(3,014	)		(2,235	)
Total other income (loss)		80,947			52,568			48,604			(9,264	)		31,952
Total general, administrative and operating expenses		40,031			36,123			41,825			19,890			25,102
Income from operations before income taxes		86,725			56,323			39,487			4,279			37,713
Income tax expense (benefit)		159			(44	)		(298	)		(161	)		648
Net income		86,566			56,367			39,785			4,440			37,065
Net (income) loss attributable to non-controlling interests		(37,965	)		(2,840	)		5,035			4,106			5,090
Net income attributable to Company		48,601			53,527			44,820			8,546			42,155
Preferred stock dividends		(11,704	)		(11,922	)		(12,118	)		(12,032	)		(11,870	)
Net income (loss) attributable to Company’s common stockholders		36,897			41,605			32,702			(3,486	)		30,285

Basic earnings (loss) per common share	$	0.41		$	0.46		$	0.36		$	(0.04	)	$	0.33
Diluted earnings (loss) per common share	$	0.40		$	0.45		$	0.36		$	(0.04	)	$	0.33
Weighted average shares outstanding – basic		90,353			90,399			90,406			90,324			90,583
Weighted average shares outstanding – diluted		92,060			91,986			91,614			90,324			91,091

Yield on average interest earning assets⁽¹⁾		6.09	%		6.23	%		6.33	%		6.48	%		6.47	%
Net interest spread⁽¹⁾		1.45	%		1.52	%		1.50	%		1.50	%		1.32	%
Earnings available for distribution attributable to Company’s common stockholders⁽¹⁾	$	26,423		$	20,414		$	21,991		$	20,024		$	18,194
Earnings available for distribution per common share – basic⁽¹⁾	$	0.29		$	0.23		$	0.24		$	0.22		$	0.20
Book value per common share	$	9.98		$	9.60		$	9.20		$	9.11		$	9.37
Adjusted book value per common share⁽¹⁾	$	10.80		$	10.63		$	10.38		$	10.26		$	10.43

Dividends declared per common share	$	0.23		$	0.23		$	0.23		$	0.20		$	0.20
Dividends declared per preferred share on Series D Preferred Stock	$	0.50		$	0.50		$	0.50		$	0.50		$	0.50
Dividends declared per preferred share on Series E Preferred Stock	$	0.65		$	0.68		$	0.70		$	0.69		$	0.69
Dividends declared per preferred share on Series F Preferred Stock	$	0.43		$	0.43		$	0.43		$	0.43		$	0.43
Dividends declared per preferred share on Series G Preferred Stock	$	0.44		$	0.44		$	0.44		$	0.44		$	0.44

⁽¹⁾		Represents a non-GAAP financial measure. A reconciliation of the Company’s non-GAAP financial measures to their most directly comparable GAAP measure is included below in “Reconciliation of Financial Information.”

Reconciliation of Financial Information

Non-GAAP Financial Measures

In addition to the results presented in accordance with GAAP, this press release includes certain non-GAAP financial measures, including adjusted interest income, adjusted interest expense, adjusted net interest income (loss), yield on average interest earning assets, average financing cost, net interest spread, earnings available for distribution and adjusted book value per common share. Our management team believes that these non-GAAP financial measures, when considered with our GAAP financial statements, provide supplemental information useful for investors as it enables them to evaluate our current performance and trends using the metrics that management uses to operate our business. Our presentation of non-GAAP financial measures may not be comparable to similarly-titled measures of other companies, who may use different calculations. Because these measures are not calculated in accordance with GAAP, they should not be considered a substitute for, or superior to, the financial measures calculated in accordance with GAAP. Our GAAP financial results and the reconciliations of the non-GAAP financial measures included in this press release to the most directly comparable financial measures prepared in accordance with GAAP should be carefully evaluated.

Adjusted Net Interest Income (Loss) and Net Interest Spread

Financial results for the Company during a given period include the net interest income earned on our investments, such as residential loans, residential loans held for sale, investment securities and Mezzanine Lending investments, where the risks and payment characteristics are equivalent to and accounted for as loans (collectively, our “interest earning assets”). Adjusted net interest income (loss) and net interest spread (both supplemental non-GAAP financial measures) are impacted by factors such as our cost of financing, including our hedging costs, and the interest rate that our investments bear. Furthermore, the amount of premium or discount paid on purchased investments and the prepayment rates on investments will impact adjusted net interest income (loss) as such factors will be amortized over the expected term of such investments.

We provide the following non-GAAP financial measures, in total and by investment category, for the respective periods:

adjusted interest income – calculated as our GAAP interest income reduced by the interest expense recognized on Consolidated SLST CDOs and adjusted to include TBA dollar roll income,
adjusted interest expense – calculated as our GAAP interest expense reduced by the interest expense recognized on Consolidated SLST CDOs and adjusted to include the net interest component of interest rate swaps,
adjusted net interest income (loss) – calculated by subtracting adjusted interest expense from adjusted interest income,
yield on average interest earning assets – calculated as the quotient of our adjusted interest income and our average interest earning assets and excludes all Consolidated SLST assets other than those securities owned by the Company,
average financing cost – calculated as the quotient of our adjusted interest expense and the average outstanding balance of our interest bearing liabilities, excluding Consolidated SLST CDOs and mortgages payable on real estate, and
net interest spread – calculated as the difference between our yield on average interest earning assets and our average financing cost.

These measures remove the impact of Consolidated SLST that we consolidate in accordance with GAAP and include both the net interest component of interest rate swaps utilized to hedge the variable cash flows associated with our variable-rate borrowings and dollar roll income associated with TBAs, which are included in gains (losses) on derivative instruments, net in the Company’s condensed consolidated statements of operations. With respect to Consolidated SLST, we only include the interest income earned by the Consolidated SLST securities that are actually owned by the Company as the Company only receives income or absorbs losses related to the Consolidated SLST securities actually owned by the Company. We include the net interest component of interest rate swaps in these measures to more fully represent the cost of our financing strategy. We include TBA dollar roll income as it represents the economic equivalent of net interest income on the underlying Agency RMBS over the TBA dollar roll period (interest income less implied financing cost).

We provide the non-GAAP financial measures listed above because we believe these non-GAAP financial measures provide investors and management with additional detail and enhance their understanding of our interest earning asset yields, in total and by investment category, relative to the cost of our financing and the underlying trends within our portfolio of interest earning assets. In addition to the foregoing, our management team uses these measures to assess, among other things, the performance of our interest earning assets in total and by asset, possible cash flows from our interest earning assets in total and by asset, our ability to finance or borrow against the asset and the terms of such financing and the composition of our portfolio of interest earning assets, including acquisition and disposition determinations.

A reconciliation of GAAP interest income to adjusted interest income, GAAP interest expense to adjusted interest expense and GAAP total net interest income (loss) to adjusted net interest income (loss) for the three months ended as of the dates indicated is presented below (dollar amounts in thousands):

	March 31, 2026
	Agency			Single-Family Credit			Multi-Family Credit		Corporate/Other			Total
GAAP interest income	$	93,955		$	73,457		$	1,654	$	2,999		$	172,065
GAAP interest expense		(58,596	)		(53,206	)		—		(11,852	)		(123,654	)
GAAP total net interest income (loss)	$	35,359		$	20,251		$	1,654	$	(8,853	)	$	48,411

GAAP interest income	$	93,955		$	73,457		$	1,654	$	2,999		$	172,065
Adjusted for:
Consolidated SLST CDO interest expense		—			(11,120	)		—		—			(11,120	)
TBA dollar roll income		287			—			—		—			287
Adjusted interest income	$	94,242		$	62,337		$	1,654	$	2,999		$	161,232

GAAP interest expense	$	(58,596	)	$	(53,206	)	$	—	$	(11,852	)	$	(123,654	)
Adjusted for:
Consolidated SLST CDO interest expense		—			11,120			—		—			11,120
Net interest component of interest rate swaps		(381	)		11			—		(162	)		(532	)
Adjusted interest expense	$	(58,977	)	$	(42,075	)	$	—	$	(12,014	)	$	(113,066	)

Adjusted net interest income (loss)⁽¹⁾	$	35,265		$	20,262		$	1,654	$	(9,015	)	$	48,166

	December 31, 2025
	Agency			Single-Family Credit			Multi-Family Credit		Corporate/Other			Total
GAAP interest income	$	94,743		$	71,700		$	1,711	$	2,526		$	170,680
GAAP interest expense		(63,766	)		(52,710	)		—		(11,034	)		(127,510	)
GAAP total net interest income (loss)	$	30,977		$	18,990		$	1,711	$	(8,508	)	$	43,170

GAAP interest income	$	94,743		$	71,700		$	1,711	$	2,526		$	170,680
Adjusted for:
Consolidated SLST CDO interest expense		—			(10,955	)		—		—			(10,955	)
TBA dollar roll income		12			—			—		—			12
Adjusted interest income	$	94,755		$	60,745		$	1,711	$	2,526		$	159,737

GAAP interest expense	$	(63,766	)	$	(52,710	)	$	—	$	(11,034	)	$	(127,510	)
Adjusted for:
Consolidated SLST CDO interest expense		—			10,955			—		—			10,955
Net interest component of interest rate swaps		2,904			105			—		156			3,165
Adjusted interest expense	$	(60,862	)	$	(41,650	)	$	—	$	(10,878	)	$	(113,390	)

Adjusted net interest income (loss)⁽¹⁾	$	33,893		$	19,095		$	1,711	$	(8,352	)	$	46,347

	September 30, 2025
	Agency			Single-Family Credit			Multi-Family Credit		Corporate/Other			Total
GAAP interest income	$	85,975		$	70,504		$	2,124	$	2,030		$	160,633
GAAP interest expense		(60,472	)		(53,080	)		—		(10,495	)		(124,047	)
GAAP total net interest income (loss)	$	25,503		$	17,424		$	2,124	$	(8,465	)	$	36,586

GAAP interest income	$	85,975		$	70,504		$	2,124	$	2,030		$	160,633
Adjusted for:
Consolidated SLST CDO interest expense		—			(11,199	)		—		—			(11,199	)
TBA dollar roll income		66			—			—		—			66
Adjusted interest income	$	86,041		$	59,305		$	2,124	$	2,030		$	149,500

GAAP interest expense	$	(60,472	)	$	(53,080	)	$	—	$	(10,495	)	$	(124,047	)
Adjusted for:
Consolidated SLST CDO interest expense		—			11,199			—		—			11,199
Net interest component of interest rate swaps		5,204			504			—		392			6,100
Adjusted interest expense	$	(55,268	)	$	(41,377	)	$	—	$	(10,103	)	$	(106,748	)

Adjusted net interest income (loss)⁽¹⁾	$	30,773		$	17,928		$	2,124	$	(8,073	)	$	42,752

	June 30, 2025
	Agency			Single-Family Credit			Multi-Family Credit		Corporate/Other			Total
GAAP interest income	$	69,743		$	67,506		$	2,203	$	1,449		$	140,901
GAAP interest expense		(48,564	)		(48,637	)		—		(7,253	)		(104,454	)
GAAP total net interest income (loss)	$	21,179		$	18,869		$	2,203	$	(5,804	)	$	36,447

GAAP interest income	$	69,743		$	67,506		$	2,203	$	1,449		$	140,901
Adjusted for:
Consolidated SLST CDO interest expense		—			(8,429	)		—		—			(8,429	)
TBA dollar roll income		7			—			—		—			7
Adjusted interest income	$	69,750		$	59,077		$	2,203	$	1,449		$	132,479

GAAP interest expense	$	(48,564	)	$	(48,637	)	$	—	$	(7,253	)	$	(104,454	)
Adjusted for:
Consolidated SLST CDO interest expense		—			8,429			—		—			8,429
Net interest component of interest rate swaps		3,149			183			—		322			3,654
Adjusted interest expense	$	(45,415	)	$	(40,025	)	$	—	$	(6,931	)	$	(92,371	)

Adjusted net interest income (loss)⁽¹⁾	$	24,335		$	19,052		$	2,203	$	(5,482	)	$	40,108

	March 31, 2025
	Agency			Single-Family Credit			Multi-Family Credit		Corporate/Other			Total
GAAP interest income	$	55,668		$	67,266		$	2,605	$	4,195		$	129,734
GAAP interest expense		(38,367	)		(48,308	)		—		(9,961	)		(96,636	)
GAAP total net interest income (loss)	$	17,301		$	18,958		$	2,605	$	(5,766	)	$	33,098

GAAP interest income	$	55,668		$	67,266		$	2,605	$	4,195		$	129,734
Adjusted for:
Consolidated SLST CDO interest expense		—			(6,964	)		—		—			(6,964	)
Adjusted interest income	$	55,668		$	60,302		$	2,605	$	4,195		$	122,770

GAAP interest expense	$	(38,367	)	$	(48,308	)	$	—	$	(9,961	)	$	(96,636	)
Adjusted for:
Consolidated SLST CDO interest expense		—			6,964			—		—			6,964
Net interest component of interest rate swaps		2,180			258			—		674			3,112
Adjusted interest expense	$	(36,187	)	$	(41,086	)	$	—	$	(9,287	)	$	(86,560	)

Adjusted net interest income (loss)⁽¹⁾	$	19,481		$	19,216		$	2,605	$	(5,092	)	$	36,210

⁽¹⁾		Adjusted net interest income (loss) is calculated by subtracting adjusted interest expense from adjusted interest income.

Earnings Available for Distribution

Earnings available for distribution attributable to Company’s common stockholders (“EAD”) (and by calculation, EAD per common share) is a supplemental non-GAAP financial measure comparable to GAAP net income (loss) attributable to Company’s common stockholders. EAD is defined as GAAP net income (loss) attributable to Company’s common stockholders excluding (a) realized and unrealized gains (losses) on our investment portfolio, (b) gains (losses) on derivative instruments (excluding the net interest component of interest rate swaps and TBA dollar roll income), (c) impairment of real estate, (d) other non-recurring gains (losses), (e) depreciation of operating real estate, (f) non-cash expenses, (g) financing transaction costs, (h) non-recurring restructuring and transaction expenses, (i) the income tax effect of non-EAD income (loss) items and (j) EAD adjustments attributable to non-controlling interests.

We believe EAD provides management, analysts and investors with additional details regarding our underlying operating results and investment trends by excluding certain unrealized, non-cash or non-recurring components of GAAP net income (loss) in order to provide additional transparency into our operating performance. In addition, EAD serves as a useful indicator for investors in evaluating our performance and facilitates comparisons to industry peers and period to period. EAD should not be utilized in isolation, nor should it be considered as a substitute for or superior to GAAP net income (loss) attributable to Company’s common stockholders or GAAP net income (loss) attributable to Company’s common stockholders per basic share. Our presentation of EAD may not be comparable to similarly-titled measures of other companies, who may use different calculations. We may add additional reconciling items to our EAD calculation as appropriate.

We view EAD as one measure of our ability to generate income for distribution to common stockholders. EAD is one factor, but not the exclusive factor, that our Board of Directors uses to determine the amount, if any, of dividends on our common stock. Other factors that our Board of Directors may consider when determining the amount, if any, of dividends on our common stock include, among others, our earnings and financial condition, capital requirements, maintenance of our REIT qualification, restrictions on making distributions under Maryland law and such other factors as our Board of Directors deems relevant. EAD should not be considered as an indication of our REIT taxable income, a guaranty of our ability to pay dividends, or as a proxy for the amount of dividends we may pay, as EAD excludes certain items that impact our liquidity.

A reconciliation of GAAP net income (loss) attributable to Company’s common stockholders to EAD for the respective periods ended is presented below (amounts in thousands, except per share data):

	For the Three Months Ended
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
GAAP net income (loss) attributable to Company’s common stockholders	$	36,897		$	41,605		$	32,702		$	(3,486	)	$	30,285
Adjustments:
Realized losses, net		10,680			14,947			5,610			3,771			41,100
Unrealized losses (gains), net		62,568			(19,726	)		(54,852	)		(24,614	)		(118,203	)
(Gains) losses on derivative instruments, net⁽¹⁾		(88,059	)		(25,294	)		19,172			30,627			49,914
Unrealized losses, net on equity investments⁽²⁾		46			4,505			2,860			3,352			1,098
Impairment of real estate		2,231			330			1,619			3,913			3,905
Other (gains) losses⁽³⁾		(50,266	)		(8,691	)		358			(535	)		(775	)
Depreciation of operating real estate		4,623			5,366			5,936			5,928			5,895
Non-cash expenses⁽⁴⁾		3,157			3,096			2,961			2,561			2,199
Financing transaction costs		5,382			—			7,941			750			5,482
Restructuring and transaction expenses⁽⁵⁾		—			109			1,245			577			835
Income tax effect of adjustments		4			(75	)		(336	)		(173	)		486
EAD adjustments attributable to non-controlling interests		39,160			4,242			(3,225	)		(2,647	)		(4,027	)
Earnings available for distribution attributable to Company’s common stockholders	$	26,423		$	20,414		$	21,991		$	20,024		$	18,194

Weighted average shares outstanding – basic		90,353			90,399			90,406			90,324			90,583
GAAP net income (loss) attributable to Company’s common stockholders per common share – basic	$	0.41		$	0.46		$	0.36		$	(0.04	)	$	0.33
EAD per common share – basic	$	0.29		$	0.23		$	0.24		$	0.22		$	0.20

⁽¹⁾		Excludes net interest expense of interest rate swaps of approximately $0.5 million for the three months ended March 31, 2026 and net interest benefit of interest rate swaps of approximately $3.2 million, $6.1 million, $3.7 million and $3.1 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively. Also excludes TBA dollar roll income of approximately $0.3 million, $12.0 thousand, $66.2 thousand and $7.0 thousand for the three months ended March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively.
⁽²⁾		Included in income (loss) from equity investments on the Company’s condensed consolidated statements of operations.
⁽³⁾		Primarily includes non-recurring items such as gains (losses) on sales of real estate, gains (losses) on extinguishment of debt, Mezzanine Lending premiums resulting from early redemption, property loss insurance proceeds and provision for uncollectible receivables.
⁽⁴⁾		Includes stock-based compensation and intangible asset amortization.
⁽⁵⁾		Includes non-recurring expenses such as restructuring expenses and transaction expenses related to our acquisition of Constructive, professional fees incurred related to our name change and other non-recurring transaction expenses.

Adjusted Book Value Per Common Share

Adjusted book value per common share is a supplemental non-GAAP financial measure calculated by making the following adjustments to GAAP book value: (i) exclude the Company’s share of cumulative depreciation and lease intangible amortization expenses related to real estate held at the end of the period for which an impairment has not been recognized, (ii) exclude the cumulative adjustment of redeemable non-controlling interests to estimated redemption value and (iii) adjust our amortized cost liabilities that finance our investments to fair value.

Our rental property portfolio includes, or has included, fee simple interests in single-family rental homes and joint venture equity interests and a cross-collateralized mezzanine lending investment in multi-family properties owned by Consolidated Real Estate VIEs. By excluding our share of cumulative non-cash depreciation and amortization expenses related to real estate held at the end of the period for which an impairment has not been recognized, adjusted book value reflects the value, at their undepreciated basis, of our single-family rental properties, joint venture equity investments and cross-collateralized mezzanine lending investment that the Company has determined to be recoverable at the end of the period.

Additionally, in connection with third party ownership of certain of the non-controlling interests in an entity in which we maintain our cross-collateralized mezzanine lending investment, we record redeemable non-controlling interests as mezzanine equity on our condensed consolidated balance sheets. The holders of the redeemable non-controlling interests may elect to sell their ownership interests to us at fair value once a year, subject to annual minimum and maximum amount limitations, resulting in an adjustment of the redeemable non-controlling interests to fair value that is accounted for by us as an equity transaction in accordance with GAAP. A key component of the estimation of fair value of the redeemable non-controlling interests is the estimated fair value of the multi-family apartment properties held by the entity in which we maintain our cross-collateralized mezzanine lending investment. However, because the corresponding real estate assets are not reported at fair value and thus not adjusted to reflect unrealized gains or losses in our condensed consolidated financial statements, the cumulative adjustment of the redeemable non-controlling interests to fair value directly affects our GAAP book value. By excluding the cumulative adjustment of redeemable non-controlling interests to estimated redemption value, adjusted book value more closely aligns the accounting treatment applied to these real estate assets and reflects our cross-collateralized mezzanine lending investment at its undepreciated basis.

The substantial majority of our remaining assets are financial or similar instruments that are carried at fair value in accordance with the fair value option in our condensed consolidated financial statements. However, unlike our use of the fair value option for these assets, certain CDOs issued by our residential loan securitizations, certain senior unsecured notes and subordinated debentures that finance our investments are, or were, carried at amortized cost in our condensed consolidated financial statements. By adjusting these financing instruments to fair value, adjusted book value reflects the Company’s net equity in investments on a comparable fair value basis.

We believe that the presentation of adjusted book value per common share provides a useful measure for investors and us as it provides a consistent measure of our value, allows management to effectively consider our financial position and facilitates the comparison of our financial performance to that of our peers.

A reconciliation of GAAP book value to adjusted book value and calculation of adjusted book value per common share as of the dates indicated is presented below (amounts in thousands, except per share data):

	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Company’s stockholders’ equity	$	1,456,461		$	1,426,922		$	1,390,777		$	1,381,203		$	1,401,946
Preferred stock liquidation preference		(559,642	)		(559,642	)		(559,642	)		(558,498	)		(554,110	)
GAAP book value		896,819			867,280			831,135			822,705			847,836
Add:
Cumulative depreciation expense on real estate⁽¹⁾		24,751			26,864			26,357			25,170			22,989
Cumulative amortization of lease intangibles related to real estate⁽¹⁾		3,794			4,106			4,620			4,620			4,620
Cumulative adjustment of redeemable non-controlling interest to estimated redemption value		23,304			42,222			54,782			49,574			46,011
Adjustment of amortized cost liabilities to fair value		22,257			19,202			20,481			24,153			22,488
Adjusted book value	$	970,925		$	959,674		$	937,375		$	926,222		$	943,944

Common shares outstanding		89,861			90,304			90,308			90,314			90,529
GAAP book value per common share⁽²⁾	$	9.98		$	9.60		$	9.20		$	9.11		$	9.37
Adjusted book value per common share⁽³⁾	$	10.80		$	10.63		$	10.38		$	10.26		$	10.43

⁽¹⁾		Represents cumulative adjustments for the Company’s share of depreciation expense and amortization of lease intangibles related to real estate held as of the end of the period presented for which an impairment has not been recognized.
⁽²⁾		GAAP book value per common share is calculated using the GAAP book value and the common shares outstanding for the periods indicated.
⁽³⁾		Adjusted book value per common share is calculated using the adjusted book value and the common shares outstanding for the periods indicated.

Equity Investments in Multi-Family Entities

We own, and have owned, a cross-collateralized mezzanine lending and joint venture equity investments in entities that own multi-family properties. We determined that these entities are VIEs and that we are or was the primary beneficiary of these VIEs, resulting in consolidation of the VIEs, including their assets, liabilities, income and expenses, in our condensed consolidated financial statements with non-controlling interests for the third-party ownership of the entities’ membership interests.

We also own a preferred equity investment in a VIE that owns a multi-family property and for which, as of March 31, 2026, the Company is the primary beneficiary, resulting in consolidation of the assets, liabilities, income and expenses of the VIE in our condensed consolidated financial statements with a non-controlling interest for the third-party ownership of the VIE’s membership interests.

A reconciliation of our net equity investments in consolidated multi-family properties to our condensed consolidated financial statements as of March 31, 2026 is shown below (dollar amounts in thousands):

Cash and cash equivalents	$	3,914
Real estate, net		344,507
Other assets		43,306
Total assets	$	391,727

Mortgages payable on real estate, net	$	276,032
Other liabilities		4,852
Total liabilities	$	280,884

Redeemable non-controlling interest in Consolidated VIEs	$	4,078
Less: Cumulative adjustment of redeemable non-controlling interest to estimated redemption value		(23,304	)
Non-controlling interest in Consolidated VIEs		(2,847	)
Net equity investment in consolidated multi-family properties	$	132,916

April 29, 2026 4:27 pm

Independence Realty Trust Announces First Quarter 2026 Financial Results

Independence Realty Trust Announces First Quarter 2026 Financial Results

PHILADELPHIA–(BUSINESS WIRE)–
Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, announces its first quarter 2026 financial results.

First Quarter 2026 EPS of $0.00

First Quarter 2026 CFFO Per Share of $0.26

In Line with Expectations

Same-Store Portfolio NOI Growth of 1.0% for the First Quarter 2026

1.4% Increase in Rental Revenue and 2.0% Increase in Property Operating Expenses, Year Over Year

Continued Strong Resident Retention Rate of 60.5%

Completed 426 Renovations in Value Add Initiative for the First Quarter 2026

Achieved Average ROI of 15.4%

Repurchased 1.8 Million Shares of Our Common Stock for $29.9 Million in the First Quarter 2026

Balance Sheet Remains Strong

Conservative Leverage and Ample Liquidity to Fund Growth

$350 Million Unsecured Term Loan Refinanced 2026 Debt Maturities; No Debt Maturities Until 2028

Affirm Full Year 2026 Core FFO Per Share Guidance

Management Commentary

“First quarter 2026 results were in line with our expectations and marked a solid start to the year,” said Scott Schaeffer, Chairman and CEO of IRT. “Portfolio occupancy and retention rates remain stable and supply pressure continues to abate across our portfolio. Asking rents have increased 2.8% to-date, driven by consistent demand for our communities. We expect market fundamentals to continue to improve during the rest of the year which, combined with our proven ability to manage expenses, will drive NOI growth that supports our 2026 outlook.”

First Quarter Summary

Net (loss) income available to common shares of $(0.1) million for the quarter ended March 31, 2026 compared to $8.4 million for the quarter ended March 31, 2025. Earnings per diluted share (“EPS”) of $0.00 for the quarter ended March 31, 2026 compared to $0.04 for the quarter ended March 31, 2025.
Core Funds from Operations (“CFFO”) of $63.5 million for the quarter ended March 31, 2026 compared to $64.2 million for the quarter ended March 31, 2025. CFFO per share was $0.26 for the first quarter of 2026 and compared to $0.27 for the first quarter of 2025.
Same-store portfolio net operating income (“NOI”) growth of 1.0% for the quarter ended March 31, 2026 compared to the quarter ended March 31, 2025.
Adjusted EBITDA of $86.4 million for the quarter ended March 31, 2026 compared to $85.7 million for the quarter ended March 31, 2025.
Value Add Initiative completed renovations of 426 units during the quarter ended March 31, 2026, achieving a weighted average return on investment during the quarter of 15.4%.

Included later in this press release are definitions of NOI, CFFO, Adjusted EBITDA and other Non-GAAP financial measures used herein and reconciliations of such measures to their most comparable financial measures as calculated and presented in accordance with GAAP, as well as discussion of our same-store methodology.

Same-Store Portfolio⁽¹⁾ Operating Results

		Three Months Ended
		March 31, 2026 Compared to
		Three Months Ended
		March 31, 2025
Rental and other property revenue		1.4% increase
Property operating expenses		2.0% increase
NOI		1.0% increase
Portfolio average occupancy		10 bps decrease to 95.2%
Portfolio average rental rate		0.4% increase to $1,595
NOI Margin		30 bps decrease to 62.9%

	Q4 2025⁽²⁾			Q1 2026⁽³⁾
Same-Store Portfolio⁽¹⁾
Average Occupancy		95.3	%		95.2	%
Lease Over Lease Effective Rental Rate Growth:
New Leases		(3.5	)%		(4.0	)%
Renewal Leases		3.0	%		3.2	%
Blended		1.0	%		0.7	%
Resident Retention Rate		61.2	%		60.5	%
Same-Store Portfolio excluding Ongoing Value Add
Average Occupancy		95.5	%		95.4	%
Lease Over Lease Effective Rental Rate Growth:
New Leases		(4.4	)%		(4.8	)%
Renewal Leases		3.2	%		3.6	%
Blended		0.9	%		0.7	%
Resident Retention Rate		60.2	%		59.9	%
Value Add (34 properties with Ongoing Value Add)
Average Occupancy		94.9	%		94.9	%
Lease Over Lease Effective Rental Rate Growth:
New Leases		(1.8	)%		(2.4	)%
Renewal Leases		2.5	%		2.4	%
Blended		1.2	%		0.8	%
Resident Retention Rate		63.1	%		61.7	%

(1)		Same-store portfolio includes 109 properties, containing 31,735 units.
(2)		In Q4 2025, new, renewal, and blended lease over lease rent growth for all leases was (6.3)%, 3.1%, and (1.0)%, respectively.
(3)		In Q1 2026, new, renewal, and blended lease over lease rent growth for all leases was (5.1)%, 3.4% and (0.5)%, respectively.

Value Add Initiative

We completed renovations of 426 units during the three months ended March 31, 2026, achieving a weighted average return on investment of 15.4%, with an average cost per unit renovated of $20,364, and an average monthly rent increase per unit of $261 over unrenovated comparable units. See the Value Add Summary page of our supplemental information for additional information on our projects’ life to date as of March 31, 2026.

Investment Activity

Acquisitions

On January 15, 2026, we acquired a 140-unit community in Columbus, Ohio, for $29.5 million. The acquisition increased our exposure in Columbus, Ohio from 2,510 units to 2,650 units.

Joint Ventures

Tisdale at Lakeline Station, Austin, Texas: On January 20, 2026, we acquired our joint venture partner’s 10% membership interest and assumed full operational control and 100% equity ownership of the Tisdale at Lakeline Station property underlying this joint venture. We began consolidating the assets and liabilities of the property and its operating results on January 20, 2026. The property is a 378-unit community in lease-up and was 33.6% occupied as of April 27, 2026.

Capital Expenditures

Across our total portfolio for the three months ended March 31, 2026, recurring capital expenditures were $6.1 million, or $176 per unit; Value Add Initiative expenditures were $8.6 million; non-recurring expenditures were $5.5 million; and development expenditures were $1.9 million, respectively.

Capital Markets

$350 Million Unsecured Term Loan: As previously disclosed, on February 11, 2026, we entered into an amended and restated credit agreement that provides for a new $350 million unsecured term loan that was used to repay our $200 million term loan and fund mortgage maturities set for 2026. The $350 million unsecured term loan matures in February 2030, subject to a one-year extension option. This amended and restated credit agreement strengthened our balance sheet by increasing the capacity under our unsecured credit agreement to $1.5 billion (with the ability to request the capacity be further increased to $2.0 billion) and extending our debt maturity profile.
Stock Repurchases: Our Board of Directors previously authorized a stock repurchase program for the repurchase of up to $250.0 million of the Company’s common stock. During the three months ended March 31, 2026, we repurchased approximately 1.8 million shares of common stock at an average price per share of $16.24. The total aggregate cost for the quarter was approximately $29.9 million. As of March 31, 2026, there was approximately $190.1 million remaining under our stock repurchase program.

Balance Sheet and Liquidity

At March 31, 2026, our net debt to Adjusted EBITDA was 6.5x. As of the same date and including the effect of hedges, our weighted average effective interest rate on our consolidated debt was 4.3% with a weighted average maturity of 3.1 years, and 89.3% of our debt was either subject to fixed interest rates or was hedged. Also as of March 31, 2026, we had approximately $563.0 million in liquidity through a combination of unrestricted cash and cash equivalents, and capacity under our unsecured revolver.

Dividend Distribution

On March 9, 2026, our Board of Directors declared a quarterly dividend of $0.17 per share of common stock. The first quarter dividend was paid on April 17, 2026 to stockholders of record at the close of business on March 27, 2026.

2026 EPS, FFO and CFFO Guidance

We affirm our guidance ranges for 2026 EPS, FFO, and CFFO per share and same-store NOI. We have updated our outlook for weighted average shares/units outstanding to reflect the stock repurchase activity completed in Q1 2026. A reconciliation of our projected EPS to our projected FFO and CFFO per share is included below. See the schedules and definitions at the end of this release for further information regarding how we calculate CFFO and for management’s definition and rationale for the usefulness of CFFO.


2026 Full Year EPS and CFFO Guidance(1)(2)	Low			High
Earnings per share	$	0.21		$	0.28
Adjustments:
Depreciation and amortization		1.06			1.06
Gain on sale of real estate assets (3)		(0.12	)		(0.15	)
FFO per share		1.15			1.19
Loan (premium accretion) discount amortization, net		(0.03	)		(0.03	)
CFFO per share (2)	$	1.12		$	1.16

(1)		This guidance, including the underlying assumptions presented in the 2026 Guidance Assumptions table that follows, constitutes forward-looking information. Actual full year 2026 EPS, FFO, and CFFO could vary significantly from the projections presented. See “Forward-Looking Statements”.
(2)		Per share guidance is based on 242.2 million weighted average shares and units outstanding.
(3)		Gain on sale of real estate assets includes gains on sale expected to be recognized with respect to two properties classified as held for sale as of March 31, 2026.

2026 Guidance Assumptions⁽¹⁾

Our key guidance assumptions for 2026 are enumerated below. See the definitions at the end of this release for further information regarding our same-store definitions.

Same-Store Portfolio:		2026 Outlook:
Number of properties/units		109 properties / 31,735 units
Property revenue growth		1.0% – 2.4%
Controllable operating expense growth		4.6% – 5.6%
Real estate tax and insurance expense growth		0.0% – 1.0%
Total operating expense growth		2.9% – 3.9%
NOI growth		(0.6%) – 2.2%

Corporate Expenses ($ in millions)
General and administrative & property management expenses		$55 – $57
Interest expense(2)		$93 – $97

Transaction/Investment Volume(3) ($ in millions)
Acquisition volume		$145
Disposition volume		$106 – $112

Capital Expenditures ($ in millions)
Recurring		$29 – $33
Value add renovation program		$42 – $46
Non-recurring and revenue enhancing		$32 – $36
Development		—

(1)		This guidance, including the underlying assumptions, constitutes forward-looking information. Actual results could vary significantly from the projections presented. We undertake no duty to update the assumptions used in our guidance except as required by law. See “Forward-Looking Statements.”
(2)		Interest expense includes amortization of deferred financing costs but excludes loan premium accretion, net. As a result of purchase accounting we recorded loan premiums, net, that are accreted into and reduce GAAP interest expense over the remaining term of the associated debt. However, loan premium accretion is excluded from CFFO.
(3)		Acquisition volume reflects one property in Columbus, Ohio and the consolidation of a property underlying our joint venture investment in Austin, Texas, both of which occurred during the first quarter. Disposition volume reflects $106 million to $112 million related to the expected disposition of two properties classified as held for sale as of March 31, 2026. There can be no assurance that these dispositions will be consummated at expected pricing levels, within expected time frames, or at all. We continue to evaluate our portfolio for capital recycling opportunities so actual acquisition and disposition volume could vary significantly from our projections.

Selected Financial Information

See the schedules at the end of this earnings release for selected financial information for IRT.

Non-GAAP Financial Measures and Definitions

We disclose the following non-GAAP financial measures in this earnings release: FFO, CFFO, NOI and Adjusted EBITDA. Included at the end of this release are definitions of these non-GAAP financial measures and a reconciliation of our reported net income to our FFO and CFFO, a reconciliation of our same-store NOI to our reported net income, a reconciliation of our Adjusted EBITDA to net income, and management’s rationales for the usefulness of each of these and other non-GAAP financial measures used in this release.

Conference Call

All interested parties can listen to the live conference call webcast at 9:00 AM ET on Thursday, April 30, 2026 from the investor relations section of the IRT website at www.irtliving.com or by dialing 1.888.440.3307, access code 1963990. For those who are not available to listen to the live call, the replay will be available shortly following the live call from the investor relations section of IRT’s website until the next earnings release. A replay of the conference call can also be accessed telephonically until Thursday, May 7, 2026 by dialing 1.800.770.2030, access code 1963990.

Supplemental Information

We produce supplemental information that includes details regarding the performance of the portfolio, financial information, non-GAAP financial measures, same-store portfolio information and other useful information for investors. The supplemental information is available via our website, www.irtliving.com, through the “Investors” section.

About Independence Realty Trust, Inc.

Independence Realty Trust, Inc. (NYSE: IRT), an S&P 400 MidCap Company, is a real estate investment trust (“REIT”) that owns and operates multifamily communities, across non-gateway U.S. markets. IRT’s investment strategy is focused on gaining scale near major employment centers within key amenity rich submarkets that offer good school districts and high-quality retail. IRT’s main investment objective is to provide attractive risk-adjusted returns to shareholders through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation. More information may be found on the Company’s website, www.irtliving.com.

Forward-Looking Statements

This release contains certain 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. Such forward-looking statements include, but are not limited to, our earnings guidance, and the assumptions underlying such guidance, our expectations with respect to the timing and terms of sales, if any, with respect to the two properties which are classified as held for sale as of March 31, 2026, the assumptions underlying the determination of the fair value of our impairment charge for one of our properties held for sale as of March 31, 2026, our expectations with respect to projects scheduled to start in 2026 and our expectations with respect to future acquisitions and dispositions. All statements in this release that address financial and operating performance, events or developments that we expect or anticipate will occur or be achieved in the future are forward-looking statements.

Our forward-looking statements are not guarantees of future performance and involve estimates, projections, forecasts and assumptions, including as to matters that are not within our control, and are subject to risks and uncertainties including, without limitation, risks and uncertainties related to changes in market demand for rental apartment homes and pricing pressures, including from competitors, that could lead to declines in occupancy and rent levels, uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital, unexpected changes in our intention or ability to repay certain debt prior to maturity, increased costs on account of inflation, increased competition in the labor market, delays in the completion of, and failure to achieve anticipated benefits of, our projects with our joint venture partners, inability to sell certain assets, including those assets designated as held for sale, within the time frames or at the pricing levels expected, failure to achieve expected benefits from the redeployment of proceeds from asset sales, inability or failure to achieve anticipated benefits from future acquisitions and dispositions, delays in completing, and cost overruns incurred in connection with, our Value Add initiatives and failure to achieve rent increases and occupancy levels on account of the Value Add initiatives, unexpected impairments or impairments in excess of our estimates, new and/or increased regulations generally and specifically on the rental housing market, including legislation that may regulate rents and fees or delay or limit our ability to evict non-paying residents, risks endemic to real estate and the real estate industry generally, the impact of potential outbreaks of infectious diseases and measures intended to prevent the spread or address the effects thereof, economic conditions, including inflation and recessionary conditions and their related impacts on the real estate industry, U.S. and global trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, the impacts from a new or prolonged U.S. government shutdown, the impacts from existing and/or future U.S. foreign policy decisions including the involvement of the U.S. in foreign disputes and foreign wars, the effects of natural and other disasters, unknown or unexpected liabilities, including the cost of legal proceedings, costs and disruptions as the result of a cybersecurity incident or other technology disruption, including but not limited to a third party’s unauthorized access to our data or the data of our residents, unexpected capital needs, inability to obtain appropriate insurance coverages at reasonable rates, or at all, or losses from catastrophes in excess of our insurance coverages, and share price fluctuations. Please refer to the documents filed by us with the SEC, including specifically the “Risk Factors” sections of our Annual Report on Form 10-K for the year ended December 31, 2025 and our other filings with the SEC, which identify additional factors that could cause actual results to differ from those contained in forward-looking statements.

These forward-looking statements are based upon the beliefs and expectations of our management at the time of this release and our actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.

Schedule I
Independence Realty Trust, Inc.
Selected Financial Information
Dollars in thousands, except per share data
(unaudited)

	For the Three Months Ended
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Selected Financial Information:
Operating Statistics:
Net (loss) income available to common shares	$	(68	)	$	33,266		$	6,893		$	8,046		$	8,354
Earnings per share — diluted	$	0.00		$	0.14		$	0.03		$	0.03		$	0.04
Rental and other property revenue	$	165,213		$	166,797		$	166,888		$	161,891		$	160,905
Property operating expenses	$	62,124		$	57,260		$	61,699		$	60,935		$	59,263
NOI	$	103,089		$	109,537		$	105,189		$	100,956		$	101,642
NOI margin		62.4	%		65.7	%		63.0	%		62.4	%		63.2	%
Adjusted EBITDA	$	86,447		$	98,520		$	92,643		$	87,556		$	85,748
FFO per share	$	0.27		$	0.33		$	0.30		$	0.28		$	0.28
CFFO per share	$	0.26		$	0.32		$	0.29		$	0.28		$	0.27
Dividends per share	$	0.17		$	0.17		$	0.17		$	0.17		$	0.16
CFFO payout ratio		65.4	%		53.1	%		58.6	%		60.7	%		59.3	%

Portfolio Data:
Total gross assets	$	7,167,416		$	7,030,516		$	7,058,026		$	6,874,320		$	6,844,114
Total number of operating properties (a)		115			114			115			113			113
Total units (a)		33,602			33,462			33,818			33,175			33,175
Portfolio period end occupancy (a)		94.7	%		94.9	%		95.1	%		95.2	%		94.9	%
Portfolio average occupancy (a)		94.6	%		94.8	%		94.9	%		95.2	%		95.3	%
Portfolio average effective monthly rent, per unit (a)	$	1,593		$	1,593		$	1,593		$	1,582		$	1,583
Same-store portfolio (b):
Period end occupancy (b)		95.2	%		95.6	%		95.6	%		95.4	%		94.9	%
Average occupancy (b)		95.2	%		95.3	%		95.3	%		95.3	%		95.3	%
Average effective monthly rent, per unit (b)	$	1,595		$	1,597		$	1,597		$	1,591		$	1,588

Capitalization:
Total debt (c)	$	2,433,543		$	2,281,475		$	2,296,202		$	2,249,801		$	2,253,957
Common share price, period end	$	14.89		$	17.48		$	16.39		$	17.69		$	21.23
Market equity capitalization	$	3,598,014		$	4,250,723		$	4,016,286		$	4,241,203		$	5,088,933
Total market capitalization	$	6,031,557		$	6,532,198		$	6,312,488		$	6,491,004		$	7,342,890
Total debt/total gross assets		34.0	%		32.5	%		32.5	%		32.7	%		32.9	%
Net debt to adjusted EBITDA (d)	6.5x			5.7x			6.0x			6.3x			6.3x
Interest coverage	4.2x			4.8x			4.5x			4.7x			4.4x

Common shares and OP Units:
Shares outstanding		235,698,008			237,234,750			239,103,283			233,809,823			233,763,180
OP units outstanding		5,941,643			5,941,643			5,941,643			5,941,643			5,941,643
Common shares and OP units outstanding		241,639,651			243,176,393			245,044,926			239,751,466			239,704,823
Weighted average common shares and OP units		242,374,371			243,707,137			239,576,189			239,438,276			236,665,226

(a)		Excludes our development projects Flatiron Flats and Tisdale at Lakeline Station, as applicable. See the definitions at the end of this release.
(b)		Same-store portfolio consists of 109 properties, which represent 31,735 units.
(c)		Includes indebtedness associated with real estate held for sale, as applicable.
(d)		Reflects net debt to Adjusted EBITDA, which is annualized for each period presented, including adjustments for the timing and stabilization of acquisitions and the timing of dispositions impacting quarterly EBITDA. For the five quarters ended March 31, 2026, net debt to Adjusted EBITDA excluding adjustments for timing of acquisitions and dispositions was 6.9x, 5.7x, 6.1x, 6.3x, and 6.4x, respectively.

Schedule II
Independence Realty Trust, Inc.
Reconciliation of Net (Loss) Income to Funds from Operations and Core Funds From Operations
Dollars in thousands, except per share data
(unaudited)

	For the Three Months Ended March 31,
	2026			2025
Funds From Operations (FFO):
Net (loss) income	$	(127	)	$	8,526
Add-Back (Deduct):
Real estate depreciation and amortization		64,114			58,308
Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities		876			457
Loss on impairment of real estate assets, net, excluding prepayment gains		—			73
FFO	$	64,863		$	67,364
FFO per share	$	0.27		$	0.28
CORE Funds From Operations (CFFO):
FFO	$	64,863		$	67,364
Add-Back (Deduct):
Other depreciation and amortization		518			417
Casualty losses (gains), net		77			(115	)
Loan (premium accretion) discount amortization, net		(2,017	)		(2,029	)
Prepayment (gains) penalties on asset dispositions		—			(1,569	)
Loss on extinguishment of debt		—			67
Other loss		86			103
CFFO	$	63,527		$	64,238
CFFO per share	$	0.26		$	0.27
Weighted-average shares and units outstanding		242,374,371			236,665,226

Schedule III
Independence Realty Trust, Inc.
Reconciliation of Net (Loss) Income to Same-Store Net Operating Income ^(a)
Dollars in thousands
(unaudited)

	For the Three Months Ended
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Net (loss) income	$	(127	)	$	34,015		$	6,995		$	8,172		$	8,526
Other revenue		(109	)		(330	)		(250	)		(297	)		(338	)
Property management expenses		8,237			6,674			7,891			7,715			7,826
General and administrative expenses		8,514			4,673			4,905			5,982			8,406
Depreciation and amortization expense		64,632			62,984			61,735			59,794			58,725
Casualty losses (gains), net		77			755			419			255			(115	)
Interest expense		20,732			20,422			20,455			18,773			19,348
(Gain on sale) loss on impairment of real estate assets, net		—			(17,491	)		12,841			—			(1,496	)
Loss on extinguishment of debt		—			—			—			—			67
Other loss		86			238			12			—			103
Loss (income) from investments in unconsolidated real estate entities		1,047			(2,403	)		(9,814	)		562			590
NOI	$	103,089		$	109,537		$	105,189		$	100,956		$	101,642
Less: Non same-store portfolio NOI		4,833			5,375			4,878			3,703			4,342
Same-store portfolio NOI	$	98,256		$	104,162		$	100,311		$	97,253		$	97,300

(a)

Same-store portfolio consists of 109 properties, which represent 31,735 units.

Schedule IV
Independence Realty Trust, Inc.
Reconciliation of Net Income (Loss) to Adjusted EBITDA and Interest Coverage Ratio
Dollars in thousands
(unaudited)

	Three Months Ended
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025		March 31, 2025
Net (loss) income	$	(127	)	$	34,015		$	6,995		$	8,172	$	8,526
Add-Back (Deduct):
Interest expense		20,732			20,422			20,455			18,773		19,348
Depreciation and amortization		64,632			62,984			61,735			59,794		58,725
Casualty losses (gains), net		77			755			419			255		(115	)
(Gain on sale) loss on impairment of real estate assets, net		—			(17,491	)		12,841			—		(1,496	)
Loss on extinguishment of debt		—			—			—			—		67
Loss (income) from investments in unconsolidated real estate entities		1,047			(2,403	)		(9,814	)		562		590
Other loss		86			238			12			—		103
Adjusted EBITDA	$	86,447		$	98,520		$	92,643		$	87,556	$	85,748

INTEREST COST:
Interest expense	$	20,732		$	20,422		$	20,455		$	18,773	$	19,348

INTEREST COVERAGE:	4.2x			4.8x			4.5x			4.7x		4.4x

	For the Three Months Ended March 31,
	2026			2025
Net (loss) income	$	(127	)	$	8,526
Add-Back (Deduct):
Interest expense		20,732			19,348
Depreciation and amortization		64,632			58,725
Casualty losses (gains), net		77			(115	)
Gain on sale of real estate assets, net		—			(1,496	)
Loss on extinguishment of debt		—			67
Loss from investments in unconsolidated real estate entities		1,047			590
Other loss		86			103
Adjusted EBITDA	$	86,447		$	85,748

INTEREST COST:
Interest expense	$	20,732		$	19,348

INTEREST COVERAGE:	4.2x			4.4x

Schedule V

Independence Realty Trust, Inc.

Definitions

Average Effective Monthly Rent per Unit

Average effective rent per unit represents the average of net rent amounts, after concessions amortized over the life of the lease, divided by the average occupancy (in units) for the period presented. We believe average effective rent is a helpful measurement in evaluating average pricing. This metric, when presented, reflects the average effective rent per month.

Average Occupancy

Average occupancy represents the average occupied units for the reporting period divided by the average of total units available for rent for the reporting period.

Development Property

A development property is a property that is either currently under development or is in lease-up prior to reaching overall occupancy of 90%.

EBITDA and Adjusted EBITDA

Each of EBITDA and Adjusted EBITDA is a non-GAAP financial measure. EBITDA is defined as net income before interest expense including amortization of deferred financing costs, income tax expense, and depreciation and amortization expenses. Adjusted EBITDA is EBITDA before certain other non-cash or non-operating gains or losses related to items such as loss on impairment (gain on sale) of real estate, debt extinguishments and acquisition related debt extinguishment expenses, casualty (gains) losses and income (loss) from investments in unconsolidated real estate entities. We consider each of EBITDA and Adjusted EBITDA to be an appropriate supplemental measure of performance because it eliminates interest, income taxes, depreciation and amortization, and other non-cash or non-operating gains and losses, which permits investors to view income from operations without these non-cash or non-operating items. Our calculation of Adjusted EBITDA differs from the methodology used for calculating Adjusted EBITDA by certain other REITs and, accordingly, our Adjusted EBITDA may not be comparable to Adjusted EBITDA reported by other REITs.

Funds From Operations (“FFO”) and Core Funds From Operations (“CFFO”)

We believe that FFO and CFFO, each of which is a non-GAAP financial measure, are additional appropriate measures of the operating performance of a REIT and us in particular. We compute FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), as net income or loss allocated to common shares (computed in accordance with GAAP), excluding real estate-related depreciation and amortization expense, loss on impairment (gain on sale) of real estate and unconsolidated real estate entities, and the cumulative effect of changes in accounting principles. While our calculation of FFO is in accordance with NAREIT’s definition, it may differ from the methodology for calculating FFO utilized by other REITs and, accordingly, may not be comparable to FFO computations of such other REITs.

CFFO is a computation made by analysts and investors to measure a real estate company’s operating performance by removing the effect of items that do not reflect ongoing property operations, including depreciation and amortization of other items not included in FFO, and other non-cash or non-operating gains or losses related to items such as casualty (gains) losses, loan premium accretion and discount amortization and debt extinguishment costs from the determination of FFO.

Our calculation of CFFO may differ from the methodology used for calculating CFFO by other REITs and, accordingly, our CFFO may not be comparable to CFFO reported by other REITs. Our management utilizes FFO and CFFO as measures of our operating performance, and believe they are also useful to investors, because they facilitate an understanding of our operating performance after adjustment for certain non-cash or non-recurring items that are required by GAAP to be expensed but may not necessarily be indicative of current operating performance and our operating performance between periods. Furthermore, although FFO, CFFO and other supplemental performance measures are defined in various ways throughout the REIT industry, we believe that FFO and CFFO may provide us and our investors with an additional useful measure to compare our financial performance to certain other REITs. Neither FFO nor CFFO is equivalent to net income or cash generated from operating activities determined in accordance with GAAP. Furthermore, FFO and CFFO do not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Accordingly, FFO and CFFO do not measure whether cash flow is sufficient to fund all of our cash needs, including principal amortization and capital improvements. Neither FFO nor CFFO should be considered as an alternative to net income or any other GAAP measurement as an indicator of our operating performance or as an alternative to cash flow from operating, investing, and financing activities as a measure of our liquidity.

Interest Coverage

Interest coverage is a ratio computed by dividing Adjusted EBITDA by interest expense.

Lease Over Lease Effective Rent Growth

Lease Over Lease Effective Rent Growth represents the change in the weighted average effective monthly rental rate, including the impact of concessions, where both the current and prior lease associated with a unit reflect standard leasing activity and have terms of 9-14 months. We also report Lease Over Lease Effective Rent Growth for All Leases, which represents the change in the weighted average effective monthly rental rate, including the impact of concessions, for all leases regardless of lease terms. We may report Lease Over Lease Effective Rent Growth for new leases, renewal leases, or blended across both new and renewal leases.

Net Debt

Net debt, a non-GAAP financial measure, equals total consolidated debt less cash and cash equivalents and loan premiums and discounts. The following table provides a reconciliation of total consolidated debt to net debt (dollars in thousands).

	As of
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Total debt	$	2,433,543		$	2,281,475		$	2,296,202		$	2,249,801		$	2,253,957
Less: cash and cash equivalents		(23,341	)		(23,564	)		(23,290	)		(19,491	)		(29,055	)
Less: loan discounts and premiums, net		(19,833	)		(21,850	)		(23,863	)		(25,469	)		(27,454	)
Total net debt	$	2,390,369		$	2,236,061		$	2,249,049		$	2,204,841		$	2,197,448

We present net debt and net debt to Adjusted EBITDA because management believes it is a useful measure of our credit position and progress toward reducing leverage. The calculation is limited because we may not always be able to use cash to repay debt on a dollar for dollar basis.

Net Operating Income

We believe that Net Operating Income (“NOI”), a non-GAAP financial measure, is a useful measure of our operating performance. We define NOI as total property revenues less total property operating expenses, excluding interest expense, depreciation and amortization, casualty related costs and gains, property management expenses, general and administrative expenses and net gains on sale of assets.

Other REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REITs. We believe that this measure provides an operating perspective not immediately apparent from GAAP operating income or net income. We use NOI to evaluate our performance on a same-store and non same-store basis because NOI measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance and captures trends in rental housing and property operating expenses. However, NOI should only be used as an alternative measure of our financial performance.

Non Same-Store Properties and Non Same-Store Portfolio

Properties that did not meet the definition of a same-store property as of the beginning of the previous year.

Same-Store Properties and Same-Store Portfolio

We review our same-store portfolio at the beginning of each calendar year. Properties are added into the same-store portfolio if they were owned and not a development property at the beginning of the previous year. Properties that are held for sale or have been sold are excluded from the same-store portfolio.

Rent Premium on Value Add Renovations

The rent premium reflects the per unit per month difference between the rental rate on the renovated unit excluding the impact of upfront concessions, if any, and the market rent for an unrenovated unit as of the date presented, as determined by management consistent with its customary rent-setting and evaluation procedures. We believe excluding the impact of upfront concessions from our rental rates when comparing to the market rental rates for unrenovated units makes the comparison most relevant and the resulting premium provides management with an indicator of the increased rent generated by the unit renovation.

Renovation Costs per Unit

Renovation costs per unit includes all costs to renovate the interior units and make certain exterior renovations, including clubhouses and amenities. Interior costs per unit are based on units leased. Exterior costs per unit are based on total units at the community. Excludes overhead costs to support and manage the value add program as those costs relate to the entire program and cannot be allocated to individual projects.

Return on Investment (“ROI”) on Value Add Renovations

ROI is calculated using the Rent Premium per unit per month, multiplied by 12, divided by the interior renovation costs per unit or the total renovation costs, as applicable. We use ROI on value add renovation projects to measure the profitability of a renovation project relative to other projects or relative to other uses of our capital.

Total Gross Assets

Total Gross Assets equals total assets plus accumulated depreciation and accumulated amortization, including fully depreciated or amortized real estate and real estate related assets. The following table provides a reconciliation of total assets to total gross assets (dollars in thousands).

	As of
	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Total assets	$	6,099,308	$	6,021,750	$	6,092,592	$	5,962,626	$	5,983,494
Plus: accumulated depreciation (a)		989,530		932,347		890,039		838,718		789,619
Plus: accumulated amortization		78,578		76,419		75,395		72,976		71,001
Total gross assets	$	7,167,416	$	7,030,516	$	7,058,026	$	6,874,320	$	6,844,114

(a)

Includes accumulated depreciation associated with real estate held for sale, as applicable.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429544780/en/

Investor Relations Contact:

Stephanie Krewson-Kelly

267.270.4815

[email protected]

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Residential Building & Real Estate Commercial Building & Real Estate Construction & Property REIT

MEDIA:

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April 29, 2026 4:27 pm

AVITA Medical Announces TGA Certification in Australia and Medsafe WAND Listing in New Zealand for RECELL GO

RECELL GO^® receives regulatory clearance in Australia and New Zealand, enabling commercialization across both markets
RECELL GO is AVITA Medical’s next-generation system that automates and standardizes the preparation of RECELL
^®
Spray-On Skin™ for the treatment of burn and trauma wounds

VALENCIA, Calif., April 29, 2026 (GLOBE NEWSWIRE) — AVITA Medical^®, Inc. (NASDAQ: RCEL, ASX: AVH), a leading therapeutic acute wound care company delivering transformative solutions, today announced that RECELL GO, its next-generation system for preparing RECELL Spray-On Skin, has received certification from Australia’s Therapeutic Goods Administration (“TGA”) and has been listed on New Zealand’s Web Assisted Notification of Devices (“WAND”) database by Medsafe, enabling commercialization in both markets for burn and acute wound treatment.

AVITA Medical’s exclusive distribution partner in Australia and New Zealand, Revolution Surgical Pty Ltd (“Revolution Surgical”), expects to initiate commercial launch within the coming weeks.

Professor Fiona Wood, Director of the Burns Service of Western Australia and Director of the Burn Injury Research Unit at the University of Western Australia, commented: “RECELL GO represents the evolution of a technology we developed in Australia, building on our original approach by eliminating manual preparation steps and reducing the burden on clinical teams. Its certification is significant in expanding RECELL access for burn and trauma patients across Australia and New Zealand.”

“The TGA certification and WAND listing of RECELL GO represents an important step in expanding access to RECELL,” said Cary Vance, Interim Chief Executive Officer of AVITA Medical. “With RECELL GO, we are bringing greater standardization and efficiency to the preparation process, and together with our partner Revolution Surgical, we look forward to supporting adoption across Australia and New Zealand.”

About RECELL GO

RECELL GO combines a reusable, AC-powered RECELL Processing Device (“RPD”) with a single-use RECELL Preparation Kit (“RPK”), with one RPK capable of treating wounds up to 1,920 cm².

In Australia, RECELL has historically been prepared using a manual process. RECELL GO precisely regulates enzyme incubation times and processing conditions, helping to optimize cell yield and viability while reducing operator variability, training burden, and operating room complexity.

RECELL works by using a small sample of a patient’s own healthy skin to prepare a suspension of skin cells that is sprayed onto the wound. This approach can promote faster wound healing while reducing the need for large skin grafts – lowering donor-site pain and scarring – and shortening hospital stays.

RECELL was originally developed in Australia by renowned burn surgeon Professor Fiona Wood, who was recently awarded the Lifetime Achievement Award by the American Burn Association (“ABA”) at the ABA’s 2026 Annual Meeting. RECELL GO represents the evolution of that innovation into a standardized, device-enabled system that is now approved for use in the U.S., Europe, the U.K., Australia and New Zealand.

About AVITA Medical, Inc.

AVITA Medical^® is a leading therapeutic acute wound care company delivering transformative solutions. Our technologies are designed to optimize wound healing, effectively accelerating the time to patient recovery. At the forefront of our platform is RECELL^®, approved by the FDA for the treatment of thermal burn and trauma wounds. RECELL harnesses the healing properties of a patient’s own skin to create Spray-On Skin™, offering an innovative solution for improved clinical outcomes at the point-of-care. In the U.S., AVITA Medical also holds the exclusive rights to market, sell, and distribute Cohealyx^®, an AVITA Medical-branded collagen-based dermal matrix, and the exclusive rights to manufacture, market, sell, and distribute PermeaDerm^®, a biosynthetic wound matrix.

In international markets, RECELL is approved to promote skin healing in a wide range of applications, including thermal burn and trauma wounds. RECELL and RECELL GO^® are CE-marked in Europe and have TGA certification in Australia and are listed with Medsafe in New Zealand; RECELL is PMDA-approved in Japan.

To learn more, visit www.avitamedical.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements generally may be identified by the use of words such as “anticipate,” “could,” “expect,” “may,” and similar words or expressions, and the use of future dates. Forward-looking statements include, but are not limited to, statements relating to the timing and realization of regulatory approvals of our products; anticipated market share growth and revenue generation; failure to achieve the anticipated benefits from approval of our products; risks associated with international operations and expansion; and other business effects, including the effects of industry, as well as other economic or political conditions outside of the Company’s control. These statements are made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any of these statements, except as required by law. For additional information and other important factors that may cause actual results to differ materially from forward-looking statements, please see the “Risk Factors” section of the Company’s latest Annual Report on Form 10-K and other publicly available filings for a discussion of these and other risks and uncertainties.

Investor & Media Contact:

Ben Atkins
Phone +1-805 341 1571
[email protected] | [email protected]

Authorized for release by the Chief Financial Officer of AVITA Medical, Inc.

©2026 AVITA Medical. AVITA Medical^®, Cohealyx^®, RECELL^®, RECELL GO^®, and Spray-On Skin™ are trademarks of AVITA Medical. PermeaDerm^® is a registered trademark of Stedical Scientific, Inc. All other trademarks are the properties of their respective owners.

April 29, 2026 4:27 pm

Acadia Healthcare Announces First Quarter 2026 Results

Acadia Healthcare Announces First Quarter 2026 Results

Company Increases Full Year 2026 Adjusted EBITDA and Adjusted EPS Guidance

FRANKLIN, Tenn.–(BUSINESS WIRE)–
Acadia Healthcare Company, Inc. (“Acadia” or the “Company”) (NASDAQ: ACHC) today announced financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Results

Revenue totaled $828.8 million, a 7.6% increase compared with the first quarter of 2025
Same-facility revenue increased 7.3% compared with the first quarter of 2025, including an increase in revenue per patient day of 5.6% and an increase in patient days of 1.6%
Net income attributable to Acadia totaled $0.05 per diluted share, compared with $0.09 per diluted share in the prior-year period
Adjusted net income attributable to Acadia totaled $33.3 million, or $0.37 per diluted share, compared with $36.9 million, or $0.40 per diluted share, in the prior-year period
Adjusted EBITDA was $144.2 million, compared with $134.2 million in the prior-year period
Added 82 newly licensed beds during the first quarter, including 42 beds to existing facilities and 40 beds from newly constructed facilities

Adjusted net income attributable to Acadia, Adjusted EBITDA and Adjusted earnings per diluted share are non-GAAP financial measures. A reconciliation of all non-GAAP financial measures in this press release begins on page 10.

“The good start to the year reflects disciplined execution throughout Acadia as we provide quality care for individuals seeking treatment for mental health and substance abuse issues,” said Debbie Osteen, Chief Executive Officer of Acadia. “Strong patient volumes across our Acute and RTC businesses, along with continued operating efficiencies across the Company, enabled us to exceed the high end of our Adjusted EBITDA guidance. I am very pleased with how the team has responded in my first few months back as CEO, and we are building on this progress with a clear focus on sustained performance and long‑term value.”

First Quarter Financial Summary
(dollars in millions, except per share amounts)	2026	2025	Change (%)

Acute Inpatient Psychiatric Facilities	$471	$412	14%
Specialty Treatment Facilities	$128	$137	(7%)
Comprehensive Treatment Facilities	$140	$137	2%
Residential Treatment Facilities	$90	$85	6%
Total Revenue	$829	$771	8%
Reported Net Income	$4	$9	(56%)
Adjusted EBITDA	$144	$134	7%
Reported EPS	$0.05	$0.09	(44%)
Adjusted EPS	$0.37	$0.40	(8%)

Discussion of First Quarter Results

Acadia reported first quarter revenue of $828.8 million, an increase of 7.6% year-over-year. Same-facility revenue increased 7.3%, driven by a 1.6% increase in patient days and a 5.6% increase in revenue per patient day. A portion of the increase in revenue per patient day reflects supplemental payments received from Tennessee and Ohio that were not included in the prior-year period, but were contemplated in the first-quarter 2026 guidance issued in February. Same-facility admissions increased 6.5% compared with the prior-year period. Facilities closed over the last twelve months represented a 1.5% drag to reported revenue growth in the first quarter.

Acute inpatient psychiatric facility revenue was $470.7 million, an increase of 14% over the prior year’s first quarter. First quarter acute inpatient volumes increased 6.2%, driven primarily by expanded capacity from both newly constructed and existing facilities.

Specialty treatment facility revenue was $128.1 million, a decrease of 6.5% compared with the prior year’s first quarter. The revenue decline was related to Specialty facilities in Pennsylvania and the impact from having closed a number of Specialty facilities after the first quarter of 2025.

Comprehensive treatment facility (“CTC”) revenue was $140.4 million, an increase of 2.5% compared with the prior year’s first quarter. Residential treatment facility (“RTC”) revenue of $89.6 million increased by 6.3% compared to the prior year’s first quarter.

Total operating expenses were $684.6 million for the first quarter of 2026, an increase of $48.3 million, or 7.6%, over the prior year’s first quarter. Total operating expenses included an increase related to the Company’s reserve for PLGL costs of $10.3 million, in line with the Company’s guidance for 2026, and a $6.0 million increase in provider taxes related to state Medicaid supplemental payment programs.

Salaries, wages and benefits increased by 4.9% primarily due to new facility openings, which generally run net loss positions as occupancy builds, as well as routine annual wage increases. On a per-patient-day basis, total salaries, wages and benefits increased by 3.3%. Same-facility salaries, wages and benefits increased by 3.7%. On a per-patient-day basis, same-facility salaries, wages and benefits increased by 2.0%.

Adjusted EBITDA for the quarter was $144.2 million, compared with $134.2 million in the prior-year period with volume growth in Acute and RTC, along with disciplined cost controls driving the increase. The Company’s Adjusted EBITDA was favorably impacted by $3.2 million less in benefit expenses that are expected to reverse in the second half of 2026.

Interest expense was $38 million in the first quarter of 2026, compared with $29 million in the first quarter of 2025. The increase was primarily driven by increased borrowings.

Transaction, legal and other costs were $22 million for the first quarter of 2026, compared with $31 million in the first quarter of 2025. Transaction, legal and other costs include the cost of government investigations, which was $12.4 million for the first quarter of 2026 compared to $31.0 million in the first quarter of 2025.

Development Activity

The Company added 42 beds to existing facilities in the first quarter and added 40 beds from newly constructed facilities, including the Company’s joint venture with Tufts Medicine.

Cash and Liquidity

As of March 31, 2026, the Company had $158.5 million in cash and cash equivalents and $564.8 million available under its $1.0 billion revolving credit facility. As of March 31, 2026, Acadia’s net leverage ratio was 3.9x Adjusted EBITDA, calculated in accordance with its Credit Agreement as disclosed in the Company’s latest periodic reports and other filings with the Securities and Exchange Commission (“SEC”).

Q2 and Full Year 2026 Financial Guidance

While Acadia does not typically provide financial guidance for the second quarter, given the substantial out-of-period supplemental payments received from the state of Tennessee in the second quarter of 2025, the Company is choosing to do so this year. Acadia’s financial guidance for the second quarter of 2026 and its updated 2026 full year guidance is as follows, subject to the assumptions described below:

		Second Quarter 2026 Guidance Range
Revenue		$835 to $850 million
Adjusted EBITDA		$142 to $152 million
Adjusted earnings per diluted share		$0.30 to $0.40

The Company’s second quarter guidance includes the following assumptions:

Startup losses of approximately $15 million
No incremental new supplemental payments
Net leverage at the end of the second quarter is expected at 4.4x-4.5x Adjusted EBITDA (calculated in accordance with the Credit Agreement) because of the significant out-of-period benefit from Tennessee supplemental payments in Q2 of 2025. The Company expects net leverage at year-end 2026 to be in the range of 3.9x to 4.2x.

	Full Year 2026 April Guidance Range	Full Year 2026 February Guidance Range
Revenue	$3.37 to $3.45 billion	$3.37 to $3.45 billion
Adjusted EBITDA	$580 to $615 million	$575 to $610 million
Adjusted earnings per diluted share	$1.35 to $1.60	$1.30 to $1.55
Operating Cash Flow	$285 to $325 million	$280 to $320 million
Capital expenditures	$255 to $280 million	$255 to $280 million

The Company expects its Specialty revenue and contribution to Adjusted EBITDA to increase relative to its guidance provided in February; however, the increase in Specialty is expected to be off-set by modestly higher bad debts and denials.

The Company’s guidance does not include the impact of any future acquisitions, divestitures, transaction, legal and other costs or non-recurring legal settlements expense.

Conference Call

Acadia will hold a conference call to discuss its first quarter financial results at 8:00 a.m. Central Time / 9:00 a.m. Eastern Time on Thursday, April 30, 2026. A live webcast of the conference call will be available at www.acadiahealthcare.com in the “Investors” section of the website. The webcast of the conference call will be available for 30 days.

About Acadia

Acadia is a leading provider of behavioral healthcare services across the United States (the “U.S.”). As of March 31, 2026, Acadia operated a network of 275 behavioral healthcare facilities with approximately 12,400 beds in 40 states and Puerto Rico. With approximately 25,000 employees serving more than 84,000 patients daily, Acadia is the largest stand-alone behavioral healthcare company in the U.S. Acadia provides behavioral healthcare services to its patients in a variety of settings, including inpatient psychiatric hospitals, specialty treatment facilities, RTCs and outpatient clinics.

Description of Business

Unless the context otherwise requires, all references herein to “Acadia,” “the Company,” “we,” “us” or “our” mean Acadia Healthcare Company, Inc. and its consolidated subsidiaries. Acadia Healthcare Company, Inc. is a holding company whose direct and indirect subsidiaries own and operate acute inpatient psychiatric facilities, specialty treatment facilities, CTCs, RTCs and facilities providing outpatient behavioral healthcare services to serve the behavioral healthcare and recovery needs of communities throughout the U.S. and Puerto Rico. The terms “facilities,” “centers,” “clinics,” and “hospitals” refer to entities owned, operated, or managed by subsidiaries of Acadia Healthcare Company, Inc. References herein to “employees” refer to employees of subsidiaries of Acadia Healthcare Company, Inc.

Forward-Looking Information

This press 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 (the “Exchange Act”), including statements related to our strategy, growth and anticipated operating results for future periods. Generally, words such as “may,” “will,” “should,” “could,” “anticipate,” “expect,” “intend,” “estimate,” “plan,” “continue” and “believe” or the negative of or other variation on these and other similar expressions identify forward-looking statements. These forward-looking statements are made only as of the date of this press release. We do not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are based on current expectations and involve risks and uncertainties, and our future results could differ significantly from those expressed or implied by our forward-looking statements. Factors that may cause actual results to differ materially include, without limitation, (i) potential difficulties in successfully integrating the operations of acquired facilities or realizing the expected benefits and synergies of facility expansions, acquisitions, joint ventures and de novo transactions; (ii) Acadia’s ability to add beds, expand services, enhance marketing programs and improve efficiencies at its facilities; (iii) potential reductions in payments received by Acadia from government and commercial payors, including because of the significant changes to Medicaid financing mechanisms introduced by the One Big Beautiful Bill Act (the “OBBBA”) enacted on July 4, 2025; (iv) the occurrence of patient incidents, governmental investigations, litigation and adverse regulatory actions, which could adversely affect the price of our common stock and result in substantial payments and incremental regulatory burdens; (v) the risk that Acadia may not generate sufficient cash from operations to service its debt and meet its working capital and capital expenditure requirements; (vi) changes in expectations resulting from actuarial and other reviews of the Company’s liability reserves and other aspects of its business; (vii) potential disruptions to our information technology systems or adverse impacts of a cybersecurity incident; and (viii) potential operating difficulties, including, without limitation, disruption to the U.S. economy and financial markets; reduced admissions and patient volumes, including, without limitation, due to the OBBBA’s introduction of work or community engagement requirements in the Medicaid expansion population; increased costs relating to labor, supply chain and other expenditures; changes in competition and client preferences; and general economic or industry conditions that may prevent Acadia from realizing the expected benefits of its business strategies. These factors and others are more fully described in Acadia’s periodic reports and other filings with the SEC.

Acadia Healthcare Company, Inc.
Condensed Consolidated Statements of Income
(Unaudited)

	Three Months Ended March 31,
		2026			2025
	(In thousands, except per share amounts)

Revenue	$	828,802		$	770,505

Salaries, wages and benefits (including equity-based compensation expense of $7,956 and $8,677, respectively)		467,040			445,271
Professional fees		53,197			45,707
Supplies		29,491			28,342
Rents and leases		11,733			11,656
Other operating expenses		131,079			114,002
Depreciation and amortization		52,426			47,032
Interest expense, net		38,330			29,182
Debt extinguishment costs		—			1,269
Legal settlements expense		13,751			3,504
Gain on sale of property, net		(1,222	)		—
Transaction, legal and other costs		22,013			31,072
Total expenses		817,838			757,037
Income before income taxes		10,964			13,468
Provision for income taxes		6,500			4,404
Net income		4,464			9,064
Net income attributable to noncontrolling interests		(359	)		(690	)
Net income attributable to Acadia Healthcare Company, Inc.	$	4,105		$	8,374

Earnings per share attributable to Acadia Healthcare Company, Inc. stockholders:
Basic	$	0.05		$	0.09
Diluted	$	0.05		$	0.09

Weighted-average shares outstanding:
Basic		90,530			91,654
Diluted		90,859			92,038

Acadia Healthcare Company, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)

	March 31,			December 31,
		2026			2025
	(In thousands)

ASSETS
Current assets:
Cash and cash equivalents	$	158,472		$	133,242
Accounts receivable, net		471,752			440,604
Other current assets		206,974			240,293
Total current assets		837,198			814,139
Property and equipment, net		3,106,635			3,111,212
Goodwill		1,301,412			1,296,342
Intangible assets, net		98,585			96,672
Deferred tax assets		2,493			2,528
Operating lease right-of-use assets		132,159			134,005
Other assets		67,969			72,550
Total assets	$	5,546,451		$	5,527,448


LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	32,500		$	28,438
Accounts payable		142,201			150,403
Accrued salaries and benefits		157,057			188,638
Current portion of operating lease liabilities		20,735			21,160
Other accrued liabilities		136,863			136,555
Total current liabilities		489,356			525,194
Long-term debt		2,494,293			2,471,529
Deferred tax liabilities		76,909			66,605
Operating lease liabilities		121,362			121,961
Other liabilities		196,271			201,607
Total liabilities		3,378,191			3,386,896
Redeemable noncontrolling interests		209,983			191,592
Equity:
Common stock		908			905
Additional paid-in capital		2,719,105			2,713,896
Accumulated deficit		(761,736	)		(765,841	)
Total equity		1,958,277			1,948,960
Total liabilities and equity	$	5,546,451		$	5,527,448

Acadia Healthcare Company, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)

	Three Months Ended March 31,
		2026			2025
	(In thousands)
Operating activities:
Net income	$	4,464		$	9,064
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		52,426			47,032
Amortization of debt issuance costs		1,253			1,056
Equity-based compensation expense		7,956			8,677
Deferred income taxes		10,340			(5,621	)
Debt extinguishment costs		—			1,269
Non-cash legal settlements expense		—			3,504
Gain on sale of property, net		(1,222	)		—
Other		401			73
Change in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable, net		(31,148	)		(30,993	)
Other current assets		27,501			(9,019	)
Other assets		(542	)		(1,214	)
Accounts payable and other accrued liabilities		24,402			(9,242	)
Accrued salaries and benefits		(34,570	)		(19,801	)
Other liabilities		270			16,692
Net cash provided by operating activities		61,531			11,477

Investing activities:
Cash paid for acquisitions, net of cash acquired		—			(8,594	)
Cash paid for capital expenditures		(76,564	)		(174,631	)
Proceeds from sale of property and equipment		16,383			43
Other		(30	)		(56	)
Net cash used in investing activities		(60,211	)		(183,238	)

Financing activities:
Borrowings on long-term debt		—			1,200,000
Borrowings on revolving credit facility		85,000			760,000
Principal payments on revolving credit facility		(55,000	)		(1,035,000	)
Principal payments on long-term debt		(4,063	)		—
Repayment of long-term debt		—			(670,856	)
Payment of debt issuance costs		—			(18,615	)
Repurchase of shares for payroll tax withholding, net of proceeds from stock option exercises		(2,744	)		(1,936	)
Repurchase of common stock		—			(46,880	)
Contributions from noncontrolling partners in joint ventures		743			—
Other		(26	)		(21	)
Net cash provided by financing activities		23,910			186,692

Net increase in cash and cash equivalents		25,230			14,931
Cash and cash equivalents at beginning of the period		133,242			76,305
Cash and cash equivalents at end of the period	$	158,472		$	91,236

Effect of acquisitions:
Assets acquired, excluding cash	$	17,290		$	19,768
Liabilities assumed		—			(300	)
Redeemable noncontrolling interest resulting from an acquisition		(17,290	)		(10,874	)
Cash paid for acquisitions, net of cash acquired	$	—		$	8,594

Acadia Healthcare Company, Inc.
Operating Statistics⁽¹⁾
(Unaudited, $ in thousands except per Patient Day metrics)

	Three Months Ended March 31,
		2026		2025	% Change
Same Facility Results ⁽²⁾
Revenue	$	813,384	$	758,346	7.3	%
Patient Days		772,858		760,664	1.6	%
Admissions		51,959		48,776	6.5	%
Average Length of Stay ⁽³⁾		14.9		15.6	-4.6	%
Revenue per Patient Day	$	1,052	$	997	5.6	%
Adjusted EBITDA	$	199,490	$	178,449	11.8	%

Total Facility Results
Revenue	$	828,802	$	770,505	7.6	%
Patient Days		786,780		774,933	1.5	%
Admissions		53,558		49,683	7.8	%
Average Length of Stay⁽³⁾		14.7		15.6	-5.8	%
Revenue per Patient Day	$	1,053	$	994	5.9	%
Adjusted EBITDA	$	185,489	$	172,361	7.6	%


⁽¹⁾ Total facility and same facility results may not be indicative of the overall performance of our business and should not be considered as alternatives for net income or any other performance measures in accordance with GAAP (as defined herein).
⁽²⁾ Same facility results for the periods presented include facilities we have operated for more than one year and exclude certain closed services.
⁽³⁾Average length of stay is defined as patient days divided by admissions.

Acadia Healthcare Company, Inc.
Reconciliation of Net Income Attributable to Acadia Healthcare Company, Inc. to Adjusted EBITDA and Same Facility Adjusted EBITDA
(Unaudited)

	Three Months Ended March 31,
		2026			2025
	(in thousands)

Net income attributable to Acadia Healthcare Company, Inc.	$	4,105		$	8,374
Net income attributable to noncontrolling interests		359			690
Provision for income taxes		6,500			4,404
Interest expense, net		38,330			29,182
Depreciation and amortization		52,426			47,032
EBITDA		101,720			89,682

Adjustments:
Equity-based compensation expense (a)		7,956			8,677
Transaction, legal and other costs (b)		22,013			31,072
Debt extinguishment costs (c)		—			1,269
Legal settlements expense (d)		13,751			3,504
Gain on sale of property, net (e)		(1,222	)		—
Adjusted EBITDA	$	144,218		$	134,204

Corporate general and administrative costs (f)		(41,271	)		(38,157	)
Total Facility Adjusted EBITDA		185,489			172,361
De novos, acquisitions, and closed facilities (g)		(14,001	)		(6,088	)
Same Facility Adjusted EBITDA	$	199,490		$	178,449


See footnotes on pages 12-13.

Acadia Healthcare Company, Inc.
Reconciliation of Net Income Attributable to Acadia Healthcare Company, Inc. to
Adjusted Income Attributable to Acadia Healthcare Company, Inc.
(Unaudited)

	Three Months Ended March 31,
		2026			2025
	(in thousands, except per share amounts)

Net income attributable to Acadia Healthcare Company, Inc.	$	4,105		$	8,374

Adjustments to income:
Transaction, legal and other costs (b)		22,013			31,072
Debt extinguishment costs (c)		—			1,269
Legal settlements expense (d)		13,751			3,504
Gain on sale of property, net (e)		(1,222	)		—
Provision for income taxes		6,500			4,404
Adjusted income before income taxes attributable to Acadia Healthcare Company, Inc.		45,147			48,623
Income tax effect of adjustments to income (h)		11,824			11,694
Adjusted income attributable to Acadia Healthcare Company, Inc.		33,323			36,929

Weighted-average shares outstanding – diluted		90,859			92,038

Adjusted income attributable to Acadia Healthcare Company, Inc. per diluted share	$	0.37		$	0.40


See footnotes on pages 12-13.

Acadia Healthcare Company, Inc.
Footnotes

We have included certain financial measures in this press release, including those listed below, which are “non-GAAP financial measures” as defined under the rules and regulations promulgated by the SEC. These non-GAAP financial measures include, and are defined, as follows:

	• EBITDA: net income attributable to Acadia Healthcare Company, Inc. adjusted for net income attributable to noncontrolling interests, provision for income taxes, net interest expense and depreciation and amortization.

	• Adjusted EBITDA: EBITDA adjusted for equity-based compensation expense, transaction, legal and other costs, debt extinguishment costs, legal settlements expense, and gain on sale of property, net.

	• Adjusted income before income taxes attributable to Acadia Healthcare Company, Inc.: net income attributable to Acadia Healthcare Company, Inc. adjusted for transaction, legal and other costs, debt extinguishment costs, legal settlements expense, gain on sale of property, net, and provision for income taxes.

	• Adjusted income attributable to Acadia Healthcare Company, Inc.: Adjusted income before income taxes attributable to Acadia Healthcare Company, Inc. adjusted for the income tax effect of adjustments to income.

	• Total facility adjusted EBITDA: Adjusted EBITDA adjusted for general and administrative costs related to our corporate functions. General and administrative costs directly related to the facilities are included in total facility results.

	• Same facility adjusted EBITDA: Adjusted EBITDA for facilities and services to those facilities operated in both the current and prior year. These metrics exclude the operating results associated with facilities under operation for less than one year and facilities acquired, divested or removed from service during the current or prior year.

The non-GAAP financial measures presented herein are supplemental measures of our performance and are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The non-GAAP financial measures presented herein are not measures of our financial performance under GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from operating activities as measures of our liquidity. Our measurements of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies. We have included information concerning the non-GAAP financial measures in this press release because we believe that such information is used by certain investors as measures of a company’s historical performance. We believe these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of issuers of equity securities, many of which present similar non-GAAP financial measures when reporting their results. Because the non-GAAP financial measures are not measurements determined in accordance with GAAP and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly titled measures of other companies. Our presentation of these non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items.

Total facility results include operating results for all of our facilities and services but exclude general and administrative costs related to our corporate functions. Such costs related to our corporate functions include, amongst others, costs for accounting and finance, information systems, human resources, legal and operational and executive leadership. General and administrative costs directly related to the facilities are included in facility results. Such costs directly related to our facilities include, amongst others, labor at the facility level, insurance, including property, professional, legal and general liability insurance, hospital supplies, including medication, utilities and food service, and general maintenance costs for the facility. We determine which general and administrative costs to exclude and include in total facility results by ensuring those costs directly associated with facility operations are captured at the facility level for reporting. Note that total facility costs include those related to new facilities and the cost of closure and run-out costs related to facilities we have closed. We believe that providing results on a total facility basis is helpful to our investors as a measure of our financial and operating performance because it neutralizes the impact of corporate-level items that do not arise out of our core operations at our facilities.

Same facility results include operating results only for facilities and services operated in both the current and prior year. These metrics exclude the operating results associated with facilities under operation for less than one year and facilities acquired during the current or prior year, as well as facilities divested or removed from service. We believe that providing results on a same facility basis is helpful to investors because it neutralizes the impact of new facilities that are in early stages of operation and facilities that we no longer operate, each of which may distort investors’ understanding of the Company’s underlying performance at our existing and continuing facilities. Further, we believe that providing same facility information is helpful to our investors as a measure of the financial and operating performance of our existing and continuing facilities on a comparable basis, and same facility results provide investors with information useful in understanding underlying organic growth in such facilities. For these reasons, we believe that same facility results are particularly useful during periods of significant expansion or contraction.

Total facility results reflect adjustments that are intended to provide the specific presentation described above, and same facility results reflect adjustments that may be irregular in timing from period to period related to newly opened or acquired facilities or facilities that we no longer operate, and may omit certain results that investors may view as important. Total facility and same facility results may therefore not be indicative of the overall performance of our business and should be not be considered as alternatives for net income or any other performance measures derived in accordance with GAAP.

The Company is not able to provide a reconciliation of projected Adjusted EBITDA and adjusted earnings per diluted share, where provided, to expected results due to the unknown effect, timing and potential significance of transaction-related expenses and the tax effect of such expenses.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429308753/en/

Investor Contact:

[email protected]

KEYWORDS: Tennessee United States North America

INDUSTRY KEYWORDS: Mental Health Health Infectious Diseases Hospitals Physical Therapy Managed Care General Health

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April 29, 2026 4:27 pm

Ategrity Specialty Insurance Company Holdings Reports First Quarter 2026 Results

Ategrity Specialty Insurance Company Holdings Reports First Quarter 2026 Results

Combined ratio of 87.4% drives underwriting income growth of 86.6% and record earnings

NEW YORK–(BUSINESS WIRE)–
Ategrity Specialty Insurance Company Holdings (NYSE: ASIC) today announced financial results for the quarter ended March 31, 2026. The Company reported net income attributable to stockholders of $25.5 million, or $0.51 per diluted share, compared to $8.5 million, or $0.20 per diluted share, in the prior-year period. Adjusted net income attributable to stockholders⁽¹⁾ was $25.6 million, or $0.51 per diluted share⁽¹⁾.

First Quarter 2026 Highlights

Gross written premiums increased 23.1% to $142.9 million
Net income attributable to stockholders was $25.5 million, or $0.51 per diluted share, up 201.0%
Adjusted net income attributable to stockholders⁽¹⁾ was $25.6 million, or $0.51 per diluted share
Combined ratio was 87.4%, compared to 90.9% in Q1 2025
Adjusted return on stockholders’ equity⁽¹⁾ was 16.4%
Book value per share at quarter-end was $13.13 per share, up 24.3% from Q1 2025

Chief Executive Officer Justin Cohen said, “Ategrity delivered another quarter of record earnings, as underwriting income increased 86.6% year-over-year, driven by top-line growth and margin expansion. Our business scaled efficiently, generating operating leverage and a lower expense ratio.

We continued to see strong opportunity flow across our distribution network and remained highly selective in how we deployed capital, producing profitable growth and strong returns on equity.

We also invested for the future, launching new regional strategies to broaden our market reach and advancing our automation and AI initiatives to expand margins.

This quarter’s results reflect a productionized underwriting model gaining market share and delivering consistent, profitable performance.”

Underwriting Results

For the quarter ended March 31, 2026, gross written premiums increased 23.1% compared to the prior-year period, driven by execution of our growth initiatives and increased engagement across our expanding distribution network. Gross written premiums for casualty lines increased 27.4% year-over-year, reflecting the Company’s strategic focus on broadening casualty-related products and verticals. Gross written premiums in property lines increased 12.6% year-over-year, driven by growth in areas with limited catastrophe exposure.

Underwriting income⁽¹⁾ was $13.3 million for the quarter, up 86.6% from $7.1 million in the prior-year period. The combined ratio for the quarter was 87.4%, a decrease from 90.9% in the prior-year period, driven by improvements in both the loss and expense ratios. The loss ratio decreased by 1.0 percentage point to 58.8%, supported by strong underwriting results in property, including lower attritional losses and favorable catastrophe experience.

The overall expense ratio was 28.6% for the quarter, compared to 31.1% in the prior-year period, driven by operating expense leverage and lower net policy acquisition costs. Operating expenses, net of fee income, decreased as a percentage of net earned premiums by 1.3 percentage points to 10.9%, reflecting emerging scale benefits of our centralized model and stronger fee income. Policy acquisition costs also improved, decreasing by 1.2 percentage points to 17.6% of net earned premiums due to a favorable shift in our business mix.

President and Chief Underwriting Officer Chris Schenk said, “We achieved higher retention year-over-year, and new business submission activity was strong, reflecting growing demand for our product and the strength of our distribution network. Our strategic initiatives contributed meaningfully to growth, and policy count in our middle-market business nearly doubled. Technical pricing remained aligned with our target loss ratios, and underlying frequency and severity trends performed better than expected.

We also launched several initiatives focused on expanding our submission pipeline, including new regional strategies in Texas, Florida and New England. We are seeing early traction through new brokerage appointments and expanded market access, as these differentiated solutions position Ategrity for continued above-market growth.”

_________________
¹		See the definitions and reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures in the section titled “Non-GAAP Financial Measures” below.

Summary of Operating Results

The following table summarizes the Company’s results of operations for the three months ended March 31, 2026 and 2025:

	Three Months Ended March 31,
($ in thousands, except percentages and per share data)		2026			2025
Gross written premiums	$	142,927		$	116,143
Ceded written premiums		(24,221	)		(26,272	)
Net written premiums	$	118,706		$	89,871

Net earned premiums	$	105,210		$	78,301
Fee income		2,224			560
Losses and loss adjustment expenses		61,880			46,862
Underwriting, acquisition and insurance expenses		32,279			24,885
Underwriting income ⁽¹⁾		13,275			7,114
Net investment income		12,042			7,895
Net realized and unrealized gains (losses) on investments		9,464			(4,599	)
Interest expense		4			447
Other income		24			965
Other expenses		572			238
Income before income taxes		34,229			10,690
Income tax expense		7,052			2,240
Net income	$	27,177		$	8,450
Less: Net (loss) income attributable to non-controlling interest – General Partner		1,710			(11	)
Net income attributable to stockholders	$	25,467		$	8,461

Key Metrics
Adjusted net income attributable to stockholders ⁽¹⁾	$	25,603		$	8,542
Loss ratio		58.8	%		59.8	%
Expense ratio		28.6	%		31.1	%
Combined ratio		87.4	%		90.9	%
Return on stockholders’ equity ⁽²⁾		16.4	%		8.2	%
Adjusted return on stockholders’ equity ^{(1) (2)}		16.4	%		8.3	%
Diluted earnings per share	$	0.51		$	0.20
Adjusted diluted earnings per share⁽¹⁾	$	0.51		$	0.21

⁽¹⁾		Each of these metrics is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure.
⁽²⁾		For the three months ended March 31, 2026 and 2025, net income attributable to stockholders and adjusted net income attributable to stockholders are annualized to arrive at return on stockholders’ equity and adjusted return on stockholders’ equity.

Gross Written Premiums

The following table presents gross written premiums by product for the three months ended March 31, 2026 and 2025:

	Three Months Ended March 31,
($ in thousands, except percentages)		2026		2025	$ Change		% Change
Casualty	$	104,653	$	82,140	$	22,513	27.4	%
Property		38,274		34,003		4,271	12.6	%
Gross written premiums	$	142,927	$	116,143	$	26,784	23.1	%

Expense Ratio

The following tables summarize the components of our expense ratio for the three months ended March 31, 2026 and 2025:

	Three Months Ended March 31,
($ in thousands, except percentages)	2026				2025
	Expenses		% of Net Earned Premiums⁽²⁾		Expenses		% of Net Earned Premiums
Policy acquisition costs	$	18,544	17.6	%	$	14,733	18.8	%
Operating expenses, net of fee income ⁽¹⁾		11,511	10.9	%		9,592	12.3	%
Underwriting, acquisition and insurance expenses, net of fee income	$	30,055	28.6	%	$	24,325	31.1	%

⁽¹⁾		Net of fee income of $2.2 million and $0.6 million for the three months ended March 31, 2026 and 2025, respectively.
⁽²⁾		The sum of components differs slightly from the total shown due to rounding.

Investment results

The following tables summarize net investment income and net realized and unrealized gains on investments for the three months ended March 31, 2026 and 2025:

	Three Months Ended March 31,
($ in thousands)		2026			2025
Investment income
Fixed-maturity securities	$	8,356		$	6,264
Short-term investments		1,629			570
Cash equivalents		415			436
Loans to affiliates		1,529			250
Total fixed income		11,929			7,520
Utility & Infrastructure Investments		241		$	511
Other expenses		(128	)	$	(136	)
Net investment income	$	12,042		$	7,895

Net realized and unrealized gains (losses) on investments	$	9,464		$	(4,599	)

Non-GAAP Financial Measures

We report our financial results in accordance with GAAP. However, we believe that certain non-GAAP financial measures provide investors in our common stock with additional useful information in evaluating our performance. Management believes that excluding certain items that are not indicative of core performance assists in evaluating our ability to generate earnings and to more readily compare these metrics between past and future periods. These non-GAAP financial measures may be different than similarly titled measures used by other companies.

These non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP. There are limitations related to the use of these non-GAAP financial measures as compared to the most directly comparable GAAP financial measures.

Underwriting Income

We define underwriting income as income before income taxes excluding the impact of net investment income, net realized and unrealized gains (losses) on investments, other income, interest expense, and other expenses (which include expenses related to corporate activities and expenses recorded by us in connection with the Company’s initial public offering). Underwriting income is a measure of the pre-tax profitability of our underwriting operations and allows us to evaluate our underwriting performance without regard to net investment income among other things. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income should not be viewed as a substitute for income before income taxes calculated in accordance with GAAP, and other companies may define underwriting income differently.

Underwriting income for the three months ended March 31, 2026 and 2025 reconciles to income before income taxes as follows:

	Three Months Ended March 31,
($ in thousands)		2026			2025
Income before income taxes	$	34,229		$	10,690
Less:
Net investment income		(12,042	)		(7,895	)
Net realized and unrealized (gains) losses on investments		(9,464	)		4,599
Other income		(24	)		(965	)
Add:
Interest expense		4			447
Other expenses		572			238
Underwriting income	$	13,275		$	7,114

Adjusted net income attributable to stockholders

We define adjusted net income attributable to stockholders as net income attributable to stockholders excluding certain other non-operating expenses, which include expenses recorded by us in connection with the Company’s initial public offering. We use adjusted net income attributable to stockholders as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted net income attributable to stockholders should not be viewed as a substitute for net income attributable to stockholders calculated in accordance with GAAP, and other companies may define adjusted net income differently.

Adjusted net income attributable to stockholders for the three months ended March 31, 2026 and 2025 reconciles to net income attributable to stockholders as follows:

	Three Months Ended March 31,
($ in thousands)		2026			2025
Net income attributable to stockholders	$	25,467		$	8,461
Adjustments:
Other non-operating expenses ⁽¹⁾		172			103
Tax impact		(36	)		(22	)
Adjusted net income attributable to stockholders	$	25,603		$	8,542

⁽¹⁾

In the three months ended March 31, 2026 and 2025, other non-operating expenses includes share-based compensation expenses recorded by us related to our initial public offering.

Adjusted return on stockholders’ equity

We define adjusted return on stockholders’ equity as adjusted net income attributable to stockholders, expressed as a percentage of average beginning and ending stockholders’ equity during the period. Adjusted net income attributable to stockholders excludes the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We use adjusted return on stockholders’ equity as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted return on stockholders’ equity should not be viewed as a substitute for return on stockholders’ equity calculated in accordance with GAAP, and other companies may define adjusted return on stockholders’ equity and adjusted net income attributable to stockholders differently.

Adjusted return on stockholders’ equity for the three months ended March 31, 2026 and 2025 reconciles to return on stockholders’ equity as follows:

	Three Months Ended March 31,
($ in thousands, except percentages)		2026			2025
Numerator: Adjusted net income attributable to stockholders, annualized⁽¹⁾	$	102,412		$	34,168
Denominator: Average stockholders’ equity		622,667			412,562
Adjusted return on stockholders’ equity		16.4	%		8.3	%

⁽¹⁾

For the three months ended March 31, 2026 and 2025, net income and adjusted net income are annualized to arrive at return on stockholders’ equity and adjusted return on stockholders’ equity.

Adjusted diluted earnings per share

We define adjusted diluted earnings per share as adjusted net income attributable to stockholders, divided by weighted average common shares outstanding – diluted for the period. We use adjusted diluted earnings per share as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted diluted earnings per share should not be viewed as a substitute for diluted earnings per share calculated in accordance with GAAP, and other companies may define adjusted diluted earnings per share differently.

Adjusted diluted earnings per share for the three months ended March 31, 2026 and 2025 reconciles to diluted earnings per share as follows:

	Three Months Ended March 31,
($ in thousands, except share and per share data)		2026		2025
Numerator: Adjusted net income attributable to stockholders	$	25,603	$	8,542
Denominator: Weighted-average shares outstanding – diluted		49,769,894		41,073,271
Adjusted diluted earnings per share	$	0.51	$	0.21

Conference Call

Ategrity will hold a conference call to discuss this press release today, April 29, at 5:00 p.m. Eastern Time. Interested parties may access the conference call via a live webcast, which can be accessed at https://events.q4inc.com/attendee/389772287 or by visiting the Company’s Investor Relations website. Please join the webcast at least 10 minutes before the scheduled start time. A replay of the event webcast will be available on the Company’s Investor Relations website approximately two hours following the call, for a period of at least 30 days.

About Ategrity Specialty Insurance Company Holdings

Ategrity Specialty Insurance Company Holdings is a profitable and growing specialty insurance company dedicated to providing excess and surplus (“E&S”) products to small to medium-sized businesses across the United States. We have built a proprietary underwriting platform that combines sophisticated data analytics with automated and streamlined processes to efficiently serve our clients and deliver long-term value to our stockholders. The small to medium-sized business market is characterized by large volumes of small-sized policies, and we believe our competitive edge lies in our ability to offer consistent, high-speed, and low-touch interactions that our distribution partners value. This advantage stems from our technology-driven method of standardizing, simplifying, and automating our transaction process, which we call productionized underwriting.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. You can identify forward-looking statements in this press release by the use of words such as “anticipates,” “estimates,” “expects,” “intends,” “plans,” and “believes,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” These forward-looking statements include, among others, statements relating to our investments in automation and analytics and their expected impact and expected profitable growth. These forward-looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks, and changes in circumstances that are difficult to predict.

Our actual results may differ materially from those expressed in, or implied by, the forward-looking statements included in this press release as a result of various factors, including, among others: the risks and uncertainties discussed under the caption “Risk Factors” in our 2025 Form 10-K filed with the Securities and Exchange Commission, (the “SEC”) on March 4, 2026. Accordingly, you should read this press release completely and with the understanding that our actual future results may be materially different from what we expect.

Forward-looking statements speak only as of the date of this press release. Except as expressly required under federal securities laws and the rules and regulations of the SEC, we do not have any obligation, and do not undertake, to update any forward-looking statements to reflect events or circumstances arising after the date of this press release, whether as a result of new information, future events, or otherwise. You should not place undue reliance on the forward-looking statements included in this press release or that may be made elsewhere from time to time by us, or on our behalf. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

Condensed Consolidated Balance Sheets (Unaudited)

	March 31, 2026		December 31, 2025
	($ in thousands)
Assets:
Fixed-maturity securities available-for-sale, at fair value	$	574,396	$	558,428
Utility & Infrastructure Investments, at fair value		198,314		189,859
Short-term investments		219,865		220,241
Loans to affiliates		106,500		106,500
Other invested assets		280		280
Total invested assets		1,099,355		1,075,308

Cash and cash equivalents		47,477		29,721
Investment income due and accrued		9,586		10,186
Premiums receivable, net of allowance for credit losses		80,297		75,244
Deferred policy acquisition costs, net of ceding commissions		33,835		30,204
Deferred income tax asset, net		15,381		13,289
Reinsurance recoverable, net of allowance for credit losses		157,778		150,386
Ceded unearned premiums		60,917		74,317
Other assets		16,357		15,658
Total assets	$	1,520,983	$	1,474,313

Liabilities, stockholders’ equity and non-controlling interest:
Liabilities:
Reserves for unpaid losses and loss adjustment expenses		538,249		502,248
Unearned premiums		281,960		281,864
Payable to reinsurers		21,614		31,064
Accounts payable and accrued expenses		28,783		31,684
Income tax payable		13,169		8,414
Other liabilities		3,923		4,180
Total liabilities		887,698		859,454

Stockholders’ equity:
Total stockholders’ equity		631,025		614,309
Non-controlling interest – General Partner		2,260		550
Total stockholders’ equity and non-controlling interest		633,285		614,859
Total liabilities, stockholders’ equity and non-controlling interest	$	1,520,983	$	1,474,313

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)

	Three Months Ended March 31,
		2026			2025
	($ in thousands, except share and per share data)
Revenues
Gross written premiums	$	142,927		$	116,143
Ceded written premiums		(24,221	)		(26,272	)
Net written premiums		118,706			89,871
Change in unearned premiums		(13,496	)		(11,570	)
Net earned premiums		105,210			78,301
Fee income		2,224			560
Net investment income		12,042			7,895
Net realized and unrealized gains (losses) on investments		9,464			(4,599	)
Other income		24			965
Total revenues		128,964			83,122

Expenses
Losses and loss adjustment expenses		61,880			46,862
Underwriting, acquisition and insurance expenses		32,279			24,885
Interest expense		4			447
Other expenses		572			238
Total expenses		94,735			72,432
Income before income taxes		34,229			10,690
Income tax expense		7,052			2,240
Net income		27,177			8,450

Less: Net income (loss) attributable to non-controlling interest – General Partner		1,710			(11	)
Net income attributable to stockholders		25,467			8,461

Other comprehensive income:
Unrealized gains (losses), net of taxes		(8,971	)		(114	)
Total comprehensive income attributable to stockholders	$	16,496		$	8,347

Earnings per share:
Basic	$	0.53		$	0.20
Diluted	$	0.51		$	0.20
Weighted-average shares outstanding:
Basic		48,066,667			40,288,309
Diluted		49,769,894			41,073,271

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429749346/en/

Investor Relations Contact[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Insurance Professional Services

MEDIA:

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April 29, 2026 4:26 pm

Medallion Bank Reports 2026 First Quarter Results and Declares Series G Preferred Stock Dividend

SALT LAKE CITY, April 29, 2026 (GLOBE NEWSWIRE) — Medallion Bank (Nasdaq: MBNKO, the “Bank”), an FDIC-insured bank providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners, announced today its results for the quarter ended March 31, 2026. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

2026
First
Quarter Highlights

Net income of $13.0 million, compared to $15.6 million in the prior year quarter.
Net income attributable to common shareholder of $10.7 million, compared to $14.1 million in the prior year quarter.
Net interest income of $54.6 million, compared to $52.2 million in the prior year quarter. Total non-interest income of $1.1 million, compared to $1.7 million in the prior year quarter.
Net interest margin of 8.39%, compared to 8.35% in the prior year quarter.
Recreation loan originations grew 64% from the prior year quarter to $142.5 million, and the loan portfolio grew 17% to $1.7 billion.
Home Improvement loan originations grew 32% from the prior year quarter to $64.4 million, and the loan portfolio grew less than 1% to $814.9 million.
Strategic partnership loan originations grew 25% from the prior year quarter to $170.0 million.
Total provision for credit losses was $22.1 million, compared to $19.0 million in the prior year quarter.
Annualized net charge-offs were 3.40% of average loans outstanding, compared to 3.41% in the prior year quarter.
Annualized return on assets and return on equity were 2.03% and 11.93%, respectively, compared to 2.51% and 16.49%, respectively, for the prior year period.
Total assets were $2.6 billion and the Tier 1 leverage ratio was 17.4% at March 31, 2026.

Series G Preferred Stock Dividend

On April 28, 2026, the Bank’s Board of Directors declared a quarterly cash dividend of $0.5625 per share on the Bank’s Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, which trades on the Nasdaq Capital Market under the ticker symbol “MBNKO.” The dividend is payable on July 1, 2026, to holders of record at the close of business on June 15, 2026.

Other Information

Beginning this quarter, the Bank has updated the format of its earnings press release. The Bank’s quarterly and annual filings with the FDIC are available in the Investor Relations section of the Bank’s website.

About Medallion Bank

Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

For more information, visit

www.medallionbank.com

For a description of certain risks to which Medallion Bank is or may be subject, please refer to the factors discussed under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in Medallion Bank’s Form 10-K for the year ended December 31, 2025, and in its Quarterly Reports on Form 10-Q, filed with the FDIC. Medallion Bank’s Form 10-K, Form 10-Qs and other FDIC filings are available in the Investor Relations section of Medallion Bank’s website. Medallion Bank’s financial results for any period are not necessarily indicative of Medallion Financial Corp.’s results for the same period.

Company Contact:

Investor Relations
212-328-2176
[email protected]

MEDALLION BANK STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended March 31,
(In thousands)	2026		2025
Interest income
Loan interest including fees	$	73,828	$	70,617
Investments		1,464		1,217
Total interest income		75,292		71,834
Interest expense		20,737		19,617
Net interest income		54,555		52,217
Provision for credit losses		22,063		19,038
Net interest income after provision for credit losses		32,492		33,179
Strategic partnership fees		823		685
Other non-interest income		281		996
Total non-interest income		1,104		1,681
Non-interest expense
Salaries and benefits		6,202		5,348
Loan servicing		3,537		3,154
Collection costs		1,909		1,691
Insurance including FDIC assessment		1,073		931
Professional fees		983		610
Information technology		417		322
Depreciation and amortization		592		579
Occupancy and equipment		164		148
Advertising		65		43
Other		612		558
Total non-interest expense		15,554		13,384
Income before income taxes		18,042		21,476
Provision for income taxes		5,037		5,837
Net income	$	13,005	$	15,639
Less: Preferred stock dividends		2,336		1,512
Net income attributable to common shareholder	$	10,669	$	14,127

MEDALLION BANK BALANCE SHEETS
	(UNAUDITED)						(UNAUDITED)
(In thousands)	March 31, 2026			December 31, 2025			March 31, 2025
Assets
Cash and federal funds sold	$	115,491		$	147,449		$	115,108
Investment securities, available-for-sale		67,934			60,183			60,424
Loans held for sale, at the lower of amortized cost or fair value		10,786			15,144			124,733

Loan receivables, inclusive of net deferred loan acquisition cost and fees		2,486,471			2,427,458			2,243,991
Allowance for credit losses		(107,025	)		(105,519	)		(91,807	)
Loans, net		2,379,446			2,321,939			2,152,184
Loan collateral in process of foreclosure		2,289			2,589			3,174
Fixed assets and right-of-use lease assets, net		8,131			8,564			8,543
Deferred tax assets		14,290			14,353			13,860
Accrued interest receivable		19,203			19,265			14,339
Other assets		28,301			25,953			38,598
Total assets	$	2,645,871		$	2,615,439		$	2,530,963
Liabilities and Shareholders’ Equity
Liabilities
Deposits	$	2,128,568		$	2,084,265		$	2,022,828
Short-term borrowings		40,000			50,000			65,000
Accrued interest payable		3,731			3,488			4,557
Income tax payable⁽¹⁾		11,048			15,229			23,853
Other liabilities		18,109			11,373			22,702
Due to affiliates		958			911			881
Total liabilities		2,202,414			2,165,266			2,139,821
Shareholders’ Equity
Series E preferred stock		26,303			26,303			26,303
Series F preferred stock		—			—			42,485
Series G preferred stock		73,126			73,126			—
Common stock		1,000			1,000			1,000
Additional paid in capital		77,500			77,500			77,500
Accumulated other comprehensive loss, net of tax		(3,599	)		(3,214	)		(3,842	)
Retained earnings		269,127			275,458			247,696
Total shareholders’ equity		443,457			450,173			391,142
Total liabilities and shareholders’ equity	$	2,645,871		$	2,615,439		$	2,530,963

(1) The majority of income tax payable is payable to Medallion Financial Corp, pursuant to a tax sharing agreement.

April 29, 2026 4:26 pm

Connection (CNXN) Reports First Quarter 2026 Results

Connection (CNXN) Reports First Quarter 2026 Results

FIRST QUARTER SUMMARY:

Net sales: $721.9 million, up 3.0% y/y
Gross billings: $1.0 billion, up 4.3%¹
Gross profit: $132.7 million, up 4.3% y/y
Gross margin: 18.4%, up 20 basis points y/y
Net income: $17.2 million, up 27.8% y/y
Diluted EPS: $0.68, compared to $0.51 y/y
Adjusted Diluted EPS: $0.77, compared to $0.60²

MERRIMACK, N.H.–(BUSINESS WIRE)–
Connection (PC Connection, Inc.; NASDAQ: CNXN), a leading information technology solutions provider to business, government, healthcare and education markets, today announced results for the first quarter ended March 31, 2026. The Company also announced that its Board of Directors declared a quarterly dividend of $0.20 per share of the Company’s common stock. Payment will be made on May 29, 2026, to shareholders of record on May 12, 2026.

“Our financial performance was strong as we experienced solid demand in Q1 for both our Enterprise and Business Solutions segments, driven in part by our customers moving from AI experimentation to AI production,” said Timothy McGrath, President and Chief Executive Officer. McGrath continued, “We believe that our experienced team is well positioned to help our customers navigate through the waves of technology.”

First Quarter of 2026 Results:

Net sales for the quarter ended March 31, 2026 increased by 3.0%, year over year. Gross billings increased by 4.3% to $1.0 billion, compared to $978.9 million in the first quarter of 2025¹. Gross profit increased by 4.3% to $132.7 million, compared to $127.3 million for the first quarter of 2025, and gross margin increased 20 basis points to 18.4%, compared to the prior year quarter. Net income increased 27.8% to $17.2 million, or $0.68 per diluted share, compared to $13.5 million, or $0.51 per diluted share, for the first quarter of 2025. Adjusted Diluted Earnings per Share² was $0.77 for the quarter ended March 31, 2026, compared to $0.60 per share for the quarter ended March 31, 2025.

Performance by Segment:

Net sales for the Business Solutions segment increased by 6.6% to $275.6 million in the first quarter of 2026, compared to $258.4 million in the prior year quarter. Gross billings increased by 9.3% to $446.0 million, compared to $408.0 million in the prior year quarter¹. Gross profit increased by 3.2% to $67.5 million, compared to $65.4 million in the prior year quarter. Gross margin decreased by 80 basis points to 24.5% for the first quarter of 2026.
Net sales for the Public Sector Solutions segment decreased by 31.0% to $99.8 million in the first quarter of 2026, compared to $144.6 million in the prior year quarter. Gross billings decreased by 21.2% to $135.7 million, compared to $172.2 million in the prior year quarter¹. Gross profit decreased by 23.4% to $15.0 million, compared to $19.6 million in the prior year quarter. Gross margin increased by 140 basis points to 15.0% for the first quarter of 2026.
Net sales for the Enterprise Solutions segment increased by 16.3% to $346.5 million in the first quarter of 2026, compared to $298.0 million in the prior year quarter. Gross billings increased by 10.3% to $439.6 million, compared to $398.8 million in the prior year quarter¹. Gross profit increased by 18.7% to $50.2 million, compared to $42.3 million in the prior year quarter. Gross margin increased by 30 basis points to 14.5% for the first quarter of 2026.

Sales by Product Mix:

Notebook/mobility and desktop sales increased by 1% year over year and accounted for 49% of net sales in the first quarter of 2026, compared to 50% of net sales in the first quarter of 2025.
Software sales increased by 6% year over year and accounted for 11% of net sales in the first quarter of both 2026 and 2025.
Servers/storage sales decreased by 10% year over year and accounted for 6% of net sales in the first quarter of 2026, compared to 7% of net sales in the first quarter of 2025.
Networking sales increased by 8% year over year and accounted for 7% of net sales in the first quarter of both 2026 and 2025.
Accessories sales increased by 1% year over year and accounted for 11% of net sales in the first quarter of both 2026 and 2025.

Selling, general and administrative (“SG&A”) expenses decreased slightly in the first quarter of 2026 by 0.4% to $109.5 million from $109.9 million in the prior year quarter. SG&A as a percentage of net sales decreased to 15.2%, compared to 15.7% in the prior year quarter.

In addition, the first quarter of 2026 results include $3.1 million of severance expenses related to internal cost reduction initiatives.

Interest income in the first quarter of 2026 was $3.4 million, compared to $3.9 million in the first quarter of 2025.

Cash and cash equivalents and short-term investments were $411.4 million as of March 31, 2026, compared to $406.7 million as of December 31, 2025. During the first quarter of 2026, the Company repurchased 41,987 shares of stock at an aggregate purchase price of $2.4 million.

Earnings before interest, taxes, depreciation and amortization, adjusted for stock-based compensation expense, restructuring and other charges and non-routine legal settlements (“Adjusted EBITDA”)² increased 7% to $132.3 million for the twelve months ended March 31, 2026, compared to $123.1 million for the twelve months ended March 31, 2025.

_________________________________

¹ Gross billings is the total dollar value of goods and services billed during the period, net of customer returns, credit memos, and any applicable sales or other taxes and include agency fees, and freight. As certain transactions are recognized on a net basis, gross billings include amounts not recognized in net sales.

² Adjusted Diluted Earnings per Share and Adjusted EBITDA are non-GAAP measures. See page 9 for definitions and reconciliations of these measures.

Conference Call and Webcast

Connection will host a conference call and live web cast today, April 29, 2026 at 4:30 p.m. EDT to discuss its first quarter financial results. For participants who would like to participate via telephone, please register here to receive the dial-in number along with a unique PIN number that is required to access the call. A web-cast of the conference call, which will be broadcast live via the Internet, and a copy of this press release, can be accessed on Connection’s website at ir.connection.com. For those unable to participate in the live call, a replay of the webcast will be available at ir.connection.com approximately 90 minutes after the completion of the call and will be accessible on the site for approximately one year.

Non-GAAP Financial Information

EBITDA, Adjusted EBITDA, LTM Adjusted EBITDA, Adjusted Net Income and Adjusted Diluted Earnings per Share are non-GAAP financial measures. These measures are included to provide additional information with respect to the Company’s operating performance and earnings. Non-GAAP measures are not a substitute for GAAP measures and should be considered together with the GAAP financial measures. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Definitions for each Non-GAAP measure and a reconciliation to their most directly comparable GAAP measures are available in the tables at the end of this release.

About Connection

PC Connection, Inc. and its subsidiaries, dba Connection, (www.connection.com; NASDAQ: CNXN) is a Fortune 1000 company headquartered in Merrimack, NH. With offices throughout the United States, Connection delivers custom-configured IT solutions from its ISO 9001:2015 SOC 2 Type 2 certified Technology Integration and Distribution Center in Wilmington, OH. In addition, the Company has more than 5,000 professional certifications to ensure that it can solve the most complex issues of its customers. Connection also services international customers through its GlobalServe subsidiary, a global IT procurement and service management company. Investors and media can find more information about Connection at http://ir.connection.com.

Connection Business Solutions (800.800.5555) is a rapid-response provider of IT products and services serving primarily the small- and medium-sized business sector. It offers more than 460,000 brand-name products through its staff of technically trained sales account managers, publications, and its website at www.connection.com.

Connection–Enterprise Solutions (561.237.3300), www.connection.com/enterprise, provides corporate technology buyers with best-in-class IT solutions, in-depth IT supply-chain expertise, and real-time access to over 460,000 products and 1,600 vendors through MarkITplace^®, a proprietary next-generation, cloud-based supply chain solution. The team’s engineers, software licensing specialists, and subject matter experts help reduce the cost and complexity of buying hardware, software, and services throughout the entire IT lifecycle.

Connection Public Sector Solutions (800.800.0019), is a rapid-response provider of IT products and services to federal, state, and local government agencies and educational institutions through specialized account managers, publications, and online at www.connection.com/publicsector.

Cautionary Note Regarding Forward-Looking Statements

This earnings 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. Forward-looking statements generally relate to future events or our future financial or operating performance and include statements concerning, among other things, our future financial results, business plans (including statements regarding new products and services we may offer and future expenditures, costs and investments), liabilities, impairment charges, competition and the expected impact of current macroeconomic conditions on our businesses and results of operations. You can generally identify forward-looking statements by words such as “believe,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “may,” “should,” “will,” or similar statements or variations of such terms, although not all forward-looking statements include such terms. These statements reflect our current views and are based on assumptions as of the date of this report. Such assumptions are based upon internal estimates and other analysis of current market conditions and trends, management’s expectations, plans and strategies, economic conditions and other factors. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements.

Such differences may result from actions taken by us, including expense reduction or strategic initiatives (including reductions in force, capital investments and new or expanded product offerings or services), the execution of our business plans (including our inventory management, cost structure and management and other personnel decisions) or other business decisions, as well as from developments beyond our control, including;

macroeconomic factors facing the global economy, including disruptions in or increased volatility of the capital markets, changes in trade policy, which may include the imposition of tariffs or other trade barriers, economic sanctions and economic slowdowns or recessions, government shutdowns, the impact of conflicts in Iran and the Middle East, changes in tax policy, rising inflation and changing interest rates modifying our potential for investment income and the timing thereof or reducing the level of investment our customers are willing to make in IT products;
supply constraints, such as the global memory (DRAM and NAND) shortage;
substantial competition reducing our market share;
significant price competition reducing our profit margins;
the loss of any of our major vendors adversely affecting the number or type of products we may offer;
virtualization of information technology resources and applications, including networks, servers, applications, and data storage disrupting or altering our traditional distribution models;
service interruptions at third party shippers negatively impacting our ability to deliver the products we offer to our customers;
increases in shipping and postage costs reducing our margins and adversely affecting our results of operations;
loss of key persons or the inability to attract, train and retain qualified personnel adversely affecting our ability to operate our business; and
cyberattacks or the failure to safeguard personal information and our IT systems resulting in liability and harm to our reputation.

Additional factors include those described in our Annual Report on Form 10-K for the year ended December 31, 2025, including under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” in our subsequent Quarterly Reports on Form 10-Q, including under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and in the other subsequent filings we make with the Securities and Exchange Commission from time to time.

A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances. You should not place undue reliance on the forward-looking statements included in this release. We assume no obligation to update any of these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated, to reflect circumstances or events that occur after the statements are made except as required by law.

CONSOLIDATED SELECTED FINANCIAL INFORMATION

	At or for the Three Months Ended March 31,
	2026			2025			% Change
Operating Data:
Net sales (in thousands)	$	721,866		$	701,046		3	%
Diluted earnings per share	$	0.68		$	0.51		33	%

Gross margin		18.4	%		18.2	%
Operating margin		2.8	%		2.1	%

Inventory turns ⁽¹⁾		15			18
Days sales outstanding ⁽²⁾		77			72

		% of			% of
Product Mix:		Net Sales			Net Sales
Notebooks/Mobility		37	%		37	%
Desktops		12			13
Accessories		11			11
Software		11			11
Displays and Sound		8			7
Net/Com Products		7			7
Servers/Storage		6			7
Other Hardware/Services		8			7
Total Net Sales		100	%		100	%

Stock Performance Indicators:
Actual shares outstanding (in thousands)		25,220			25,628
Closing price	$	58.46		$	62.42
Market capitalization (in thousands)	$	1,474,361		$	1,599,700
Trailing price/earnings ratio		17.0			18.9
LTM Net Income (in thousands)	$	87,464		$	87,422
LTM Adjusted EBITDA ⁽³⁾ (in thousands)	$	132,303		$	123,092

(1)		Represents the annualized cost of goods sold for the period divided by the average inventory for the prior four-month period.
(2)		Represents the trade receivable at the end of the period divided by average daily net sales for the same three-month period.
(3)		LTM Adjusted EBITDA is a non-GAAP measure defined as EBITDA (earnings before interest, taxes, depreciation and amortization) adjusted for stock-based compensation, severance expenses and non-routine legal settlements for the last twelve months. See page 9 for a reconciliation.

REVENUE AND MARGIN INFORMATION

	For the Three Months Ended March 31,
	2026				2025
	Net		Gross		Net		Gross
(amounts in thousands)	Sales		Margin		Sales		Margin
Enterprise Solutions	$	346,471	14.5	%	$	298,003	14.2	%
Business Solutions		275,562	24.5			258,385	25.3
Public Sector Solutions		99,833	15.0			144,658	13.6
Total	$	721,866	18.4	%	$	701,046	18.2	%

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended March 31,
(amounts in thousands, except per share data)	2026		2025
Net sales	$	721,866	$	701,046
Cost of sales		589,129		573,735
Gross profit		132,737		127,311
Selling, general and administrative expenses		109,452		109,859
Severance expenses		3,060		2,930
Income from operations		20,225		14,522
Interest income, net		3,363		3,900
Other income		—		76
Income tax provision		(6,365)		(5,017)
Net income	$	17,223	$	13,481

Earnings per common share:
Basic	$	0.68	$	0.52
Diluted	$	0.68	$	0.51

Shares used in the computation of earnings per common share:
Basic		25,201		26,076
Diluted		25,281		26,218

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31,		December 31,
(amounts in thousands)	2026		2025
ASSETS
Current Assets:
Cash and cash equivalents	$	196,259	$	193,221
Short-term investments		215,189		213,457
Accounts receivable, net		661,481		648,020
Inventories, net		194,294		143,567
Prepaid expenses and other current assets		23,382		22,607
Total current assets		1,290,605		1,220,872
Property and equipment, net		46,547		46,912
Right-of-use assets, net		7,173		1,569
Goodwill		73,602		73,602
Intangibles, net		684		989
Other assets		6,407		6,981
Total Assets	$	1,425,018	$	1,350,925

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	396,481	$	338,202
Accrued payroll		28,142		30,939
Accrued expenses and other liabilities		52,582		51,251
Total current liabilities		477,205		420,392
Deferred income taxes		19,695		19,905
Operating lease liability		6,426		498
Total Liabilities		503,326		440,795
Stockholders’ Equity:
Common stock		296		295
Additional paid-in capital		146,575		144,608
Retained earnings		918,073		905,890
Accumulated other comprehensive (loss) income		(88)		78
Treasury stock at cost		(143,164)		(140,741)
Total Stockholders’ Equity		921,692		910,130
Total Liabilities and Stockholders’ Equity	$	1,425,018	$	1,350,925

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
(amounts in thousands)	2026		2025
Cash Flows provided by (used in) Operating Activities:
Net income	$	17,223	$	13,481
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		2,797		3,099
Adjustments to credit losses reserve		239		395
Stock-based compensation expense		2,639		2,208
Deferred income taxes		(166)		—
Amortization of discount on short-term investments, net		(889)		(45)
Gain on sale of short-term investments		—		(76)
Loss on disposal of fixed assets		50		16
Changes in assets and liabilities:
Accounts receivable		(13,700)		7,054
Inventories		(50,727)		(56,738)
Prepaid expenses and other current assets		(775)		(2,668)
Other non-current assets		574		84
Accounts payable		58,086		(26,958)
Accrued expenses and other liabilities		(1,084)		7,761
Net cash provided by (used in) operating activities		14,267		(52,387)
Cash Flows (used in) provided by Investing Activities:
Purchases of short-term investments		(54,270)		(52,358)
Proceeds from sale of short-term investments		—		108,763
Maturities of short-term investments		53,217		50,000
Purchases of property and equipment		(1,984)		(1,711)
Net cash (used in) provided by investing activities		(3,037)		104,694
Cash Flows used in Financing Activities:
Proceeds from short-term borrowings		—		732
Repayment of short-term borrowings		—		(732)
Purchase of common stock for treasury shares		(2,481)		(43,739)
Dividend payments		(5,040)		(3,910)
Payment of payroll taxes on stock-based compensation through shares withheld		(671)		(519)
Net cash used in financing activities		(8,192)		(48,168)
Increase in cash and cash equivalents		3,038		4,139
Cash and cash equivalents, beginning of period		193,221		178,318
Cash and cash equivalents, end of period	$	196,259	$	182,457

Non-cash Investing and Financing Activities:
Accrued purchases of property and equipment	$	278	$	437
Accrued purchase of treasury shares	$	—	$	1,027
Accrued excise tax on treasury purchases	$	678	$	432

EBITDA AND ADJUSTED EBITDA

A reconciliation of EBITDA and Adjusted EBITDA to Net Income is detailed below. Adjusted EBITDA is defined as EBITDA (defined as earnings before interest, taxes, depreciation and amortization) adjusted for stock-based compensation, severance expenses and non-routine legal settlements. Both EBITDA and Adjusted EBITDA are considered non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either includes or excludes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP. We believe that EBITDA and Adjusted EBITDA provide helpful information with respect to our operating performance including our ability to fund our future capital expenditures and working capital requirements. Adjusted EBITDA also provides helpful information as it is the primary measure used in certain financial covenants contained in our credit agreement. When analyzing our operating performance, investors should use EBITDA and Adjusted EBITDA in addition to, and not as alternatives for Net income or any other performance measure presented in accordance with GAAP. Our non-GAAP financial measures may not be comparable to other similarly titled measures of other companies.

	Three Months Ended March 31,						LTM Ended March 31, ⁽¹⁾
(amounts in thousands)	2026		2025		% Change		2026		2025		% Change
Net income	$	17,223	$	13,481	28	%	$	87,464	$	87,422	0	%
Depreciation and amortization		2,797		3,099	(10)			11,401		12,817	(11)
Income tax expense		6,365		5,017	27			31,354		30,532	3
Interest income		(3,364)		(3,904)	(14)			(13,911)		(18,227)	(24)
Interest expense		1		4	(75)			78		169	(54)
EBITDA		23,022		17,697	30			116,386		112,713	3
Severance expenses ⁽²⁾		3,060		2,930	4			6,143		3,345	84
Legal settlement ⁽³⁾		—		—	—			—		(1,700)	(100)
Stock-based compensation		2,639		2,208	20			9,774		8,734	12
Adjusted EBITDA	$	28,721	$	22,835	26	%	$	132,303	$	123,092	7	%

(1)		LTM: Last twelve months
(2)		Severance expenses and other charges in 2026 consisted of voluntary retirement offering and internal restructuring activities and in 2025 consisted of internal restructuring activities.
(3)		The Company recorded $1.7 million of other income as a result of a legal settlement received.

ADJUSTED NET INCOME AND ADJUSTED DILUTED EARNINGS PER SHARE

A reconciliation of Adjusted Net Income to Net Income is detailed below. Adjusted Net Income is defined as Net Income plus severance expenses, net of tax plus or minus loss or income from non-routine legal settlements. A reconciliation of Adjusted Diluted Earnings per Share to Diluted Earnings per Share is detailed below. Adjusted Diluted Earnings per Share is defined as diluted earnings per share adjusted for severance expenses, net of tax. Adjusted Net Income and Adjusted Diluted Earnings Per Share are considered non-GAAP financial measures (see note above in EBITDA and Adjusted EBITDA for a description of non-GAAP financial measures). The Company believes that Adjusted Net Income and Adjusted Diluted Earnings per Share provide helpful information with respect to the Company’s operating performance. When analyzing our operating performance, investors should use Adjusted Net Income and Adjusted Diluted Earnings per Share in addition to, and not as alternatives for Net income and Diluted Earnings per Share or any other performance measure presented in accordance with GAAP. Our non-GAAP financial measures may not be comparable to other similarly titled measures of other companies.

	Three Months Ended March 31,
(amounts in thousands, except per share data)	2026		2025		% Change
Net income	$	17,223	$	13,481	28	%
Severance expenses ⁽¹⁾		3,060		2,930	4
Tax benefit		(826)		(795)	4
Adjusted Net Income		19,457		15,616	25
Diluted shares		25,281		26,218
Diluted Earnings per Share	$	0.68	$	0.51	33	%
Adjusted Diluted Earnings per Share	$	0.77	$	0.60	28	%

(1)

Severance expenses and other charges in 2026 consisted of voluntary retirement offering and internal restructuring activities and in 2025 consisted of internal restructuring activities.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429682111/en/

Investor Relations Contact:

Thomas Baker, 603.683.2505

Senior Vice President, CFO, and Treasurer

[email protected]

KEYWORDS: New Hampshire United States North America

INDUSTRY KEYWORDS: Mobile/Wireless Technology Semiconductor Telecommunications Software Audio/Video Networks Internet Hardware Consumer Electronics

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April 29, 2026 4:26 pm

Lifecore Biomedical to Report Financial Results for the First Quarter Ended March 31, 2026, on May 6, 2026

Webcast Scheduled for Wednesday, May 6 at 8:00 a.m. Eastern

CHASKA, Minn., April 29, 2026 (GLOBE NEWSWIRE) — Lifecore Biomedical, Inc. (NASDAQ: LFCR) (“Lifecore”), a fully integrated injectables contract development and manufacturing organization (“CDMO”), today announced that it will report financial results for the first quarter ended March 31, 2026, on Wednesday, May 6, 2026, before the market opens. At 8:00 a.m. Eastern Time that day, members of Lifecore’s senior management team will host a webcast to discuss the results.

To listen to the live webcast, or access the archived webcast, please visit the Investor Events & Presentations page of Lifecore’s website at: https://ir.lifecore.com/events-presentations. Following the live webcast, an archived version of the webcast will be available on the company’s website for 30 days.

About Lifecore Biomedical
Lifecore Biomedical, Inc. (Nasdaq: LFCR) is a fully integrated injectables contract development and manufacturing organization (CDMO) that offers highly differentiated capabilities in the development, fill and finish of sterile injectable pharmaceutical products in syringes, vials, and cartridges, including complex formulations. As a leading manufacturer of premium, injectable-grade hyaluronic acid, Lifecore brings more than 40 years of expertise as a partner for global and emerging biopharmaceutical and biotechnology companies across multiple therapeutic categories to bring their innovations to market. For more information about the company, visit Lifecore’s website at www.lifecore.com.

Lifecore Biomedical, Inc. Contact Information:

Vida Strategic Partners

Stephanie Diaz (Investors)
415-675-7401
[email protected]

Jennifer Arcure (Media)
917-603-0681
[email protected]

Lifecore Biomedical

Ryan D. Lake (CFO)
952-368-6244
[email protected]

April 29, 2026 4:26 pm

Empire State Realty Trust Announces First Quarter 2026 Results

Empire State Realty Trust Announces First Quarter 2026 Results

– Net Income Per Fully Diluted Share of $0.01 –

– Core FFO Per Fully Diluted Share of $0.20 –

– Acquired Prime Retail Asset in Williamsburg for $46M with Recycled Investment Capacity –

– Completed $184M of Financings that Extend Debt Maturities –

– 2026 Outlook Unchanged –

NEW YORK–(BUSINESS WIRE)–
Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World’s Most Famous Building,” features its iconic Observatory. The Company is a recognized leader in energy efficiency and indoor environmental quality. Today the Company reported its operational and financial results for the first quarter of 2026. All per share amounts are on a fully diluted basis, where applicable.

First Quarter and Recent Highlights

Net Income of $0.01 per share.
Core Funds From Operations (“Core FFO”) of $0.20 per share.
Same-Store Property Cash Net Operating Income (“NOI”), excluding lease termination fees, increased 5.5% year-over-year. The first quarter change was primarily attributed to increases in base rent and tenant reimbursement income, as well as approximately $3.0 million of first quarter 2026 non-recurring items, which predominately consisted of lease modification revenue and net insurance recoveries. These increases to cash NOI were partially offset by operating expense increases. Adjusted for the previously noted non-recurring items, Same-Store Property Cash NOI increased by 1.3%.
The total commercial portfolio was 93.2% leased and 88.2% occupied as of March 31, 2026, with occupancy reduced by approximately 140 basis points due to temporary downtime related to the previously disclosed FDIC expiration, which is fully re-leased.
Signed 113,484 rentable square feet of commercial leases, inclusive of 90,687 rentable square feet of office leases, in the first quarter.
In the office portfolio, blended leasing spreads were +6.8% in the first quarter, the 19^th consecutive quarter of positive leasing spreads.
Empire State Building Observatory generated NOI of $10.6 million in the seasonally light first quarter, which represents a year-over-year decline of approximately $3.5 million, excluding gift shop license revenue. As previously announced, gift shop license fees are expected to be more heavily weighted to the fourth quarter in 2026 as compared to 2025 due to a COVID-era license amendment.
Acquired a newly constructed, currently vacant, prime retail asset located at 41-55 North 6th Street in Williamsburg, Brooklyn for $46 million, which represents a redeployment of investment capacity from the December 2025 disposition of Metro Center, the Company’s last suburban commercial asset, without a recognition of a taxable gain, as previously announced.
Closed on a $53.5 million mortgage refinancing for 10 Union Square East, as previously announced.
In mid-April, announced the issuance of $130 million of 6-year senior unsecured notes in a private placement transaction. The Company now has no unaddressed debt maturity until January 2028.

Property Operations¹

As of March 31, 2026, the Company’s property portfolio comprised 7.6 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units, which were occupied and leased as shown below.

	March 31, 2026^2,3	December 31, 2025^2,3	March 31, 2025²
Percent occupied:
Total commercial portfolio	88.2%	90.3%	87.9%
Office	87.9%	89.9%	87.5%
Retail	91.2%	94.4%	91.2%
Percent leased (includes signed leases not commenced):
Total commercial portfolio	93.2%	93.6%	92.5%
Office	93.0%	93.5%	92.3%
Retail	95.4%	95.3%	94.1%
Total multifamily portfolio	96.4%	97.8%	99.0%
¹ Excludes approximately 15,000 square feet of retail space under redevelopment related to the June 2025 acquisition of 86-90 North 6th Street, approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, which will be redeveloped, and approximately 22,000 square feet of retail space related to the March 2026 acquisition of 41-55 North 6^th Street, which is newly constructed and currently vacant.
² All occupancy and leased percentages exclude broadcasting and storage space.
³ Occupancy and leased percentages for March 31, 2026 and December 31, 2025 exclude Metro Center, which was sold during the fourth quarter 2025.

Leasing

The tables that follow summarize leasing activity for the first quarter of 2026. During this period, the Company signed 11 leases that totaled 113,484 square feet with an average lease duration of 12.2 years.

Total Portfolio

Total Portfolio	Leases executed	Square footage executed	Average cash rent psf – leases executed	% of new cash rent over / under previously escalated rents
Office	9	90,687	59.46	6.8 %
Retail	2	22,797	135.49	(1.1) %
Total Overall	11	113,484	74.73	3.8 %

Office Portfolio

Office Portfolio	Leases executed	Square footage executed	Average cash rent psf – leases executed	% of new cash rent over / under previously escalated rents
New Office	7	83,397	58.54	5.9 %
Renewal Office	2	7,290	70.00	16.3 %
Total Office	9	90,687	59.46	6.8 %

Leasing Activity Highlights

A 13-year 60,003 square foot new office lease with Steve Madden at 501 Seventh Avenue.
A 20-year 21,683 square foot renewal retail lease with JP Morgan Chase at One Grand Central Place.
Subsequent to quarter-end, a 10.5-year 38,084 square foot new full-floor office lease with a financial services tenant at 130 Mercer Street.

Balance Sheet

The Company had $0.6 billion of total liquidity as of March 31, 2026, which was comprised of $69 million of cash, plus $530 million available under its revolving credit facility. At March 31, 2026, the Company had total debt outstanding of approximately $2.3 billion at a weighted average interest rate of 4.54%. At March 31, 2026, the Company’s ratio of net debt to adjusted EBITDA was 6.3x.

The Company closed on a $53.5 million mortgage refinancing for 10 Union Square East, as previously announced. The 10-year interest-only loan carries a fixed interest rate of 5.3% and replaces a $50.0 million loan that matured on April 1, 2026. In mid-April, the Company entered into a note purchase agreement to issue $130 million of senior unsecured notes in a private placement transaction at a fixed rate of 5.99% that matures in 2032. The private placement is scheduled to fund on July 15, 2026.

Portfolio Transaction Activity

The Company acquired a newly constructed, prime retail asset located at 41-55 North 6th Street in Williamsburg, Brooklyn for $46.0 million at the end of the first quarter, as previously announced. The approximately 22,000 square foot property, currently vacant, is located between Kent and Wythe Avenues and in close proximity to the Company’s existing 102,000 square foot portfolio of prime retail assets along North 6th Street. The property adds eight new storefronts to the Company’s already dominant position along the corridor. This acquisition, together with the Company’s purchase of 86-90 North 6th Street in mid-2025, completed the redeployment of investment capacity from the December 2025 disposition of Metro Center, its last suburban commercial asset, without a recognition of a taxable gain. These transactions were part of the Company’s strategy to recycle capital from non-core suburban assets into high-quality NYC assets with stronger long-term cash flow growth prospects.

Dividend

On March 31, 2026, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the first quarter of 2026 to holders of the Company’s Class A common stock (NYSE: ESRT) and Class B common stock and to holders of the Series ES, Series 250 and Series 60 partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR partnership units of Empire State Realty OP, L.P., the Company’s operating partnership (the “Operating Partnership”).

On March 31, 2026, the Company paid a quarterly preferred dividend of $0.15 and $0.175 per unit for the first quarter of 2026 to holders of the Operating Partnership’s Series 2014 and 2019 private perpetual preferred units, respectively.

2026 Earnings Outlook

The Company provides 2026 guidance and key assumptions, as summarized in the table below. The Company’s guidance does not include the impact of any significant future lease termination fee income or any unannounced acquisition, disposition or other capital markets activity.

Key Assumptions	2026 Guidance	2025 Actual Results	Comments
Earnings
Core FFO Per Fully Diluted Share	$0.85 to $0.89	$0.87	2026 assumes ~($0.03) impact from temporary downtime associated with the previously disclosed FDIC expiration, which has been re-leased
Property Assumptions
Commercial Occupancy at year-end	90% to 92%	90.3%
SS Property Cash NOI (excluding lease termination fees)	-1.5% to +2.0%	+0.6% (ex-one- time items)	Assumes positive y/y revenue growth Assumes a ~2.0 to 4.0% y/y increase in operating expenses and real estate taxes 2026 assumes ~(270 bps) impact from temporary downtime associated with the previously disclosed FDIC expiration, which has been re-leased
Observatory Drivers
Observatory NOI	$87M to $92M	$90M	Reflects average quarterly expenses of ~$10M

Net Income (Loss) Attributable to Common Stockholders and the Operating Partnership	Low	High
	$0.19	$0.23
Add:
Impairment Charge	0.00	0.00
Real Estate Depreciation & Amortization	0.65	0.65
Less:
Private Perpetual Distributions	0.02	0.02
Gain on Disposal of Real Estate, net	0.00	0.00
FFO Attributable to Common Stockholders and the Operating Partnership	$0.82	$0.86
Add:
Amortization of Below Market Ground Lease	0.03	0.03
Core FFO Attributable to Common Stockholders and the Operating Partnership	$0.85	$0.89

The estimates set forth above may be subject to fluctuations as a result of several factors, including continued impacts of changes in the use of office space and remote work on our business and our market, performance of the Observatory (including tourism levels, currency and geopolitical impacts, weather and competition), our ability to complete planned capital improvements in line with budget, costs of integration of completed acquisitions, costs associated with future acquisitions or other transactions, straight-line rent adjustments and the amortization of above and below-market leases. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.

Investor Presentation Update

The Company has posted on the “Investors” section of ESRT’s website the latest investor presentation, which contains additional information on its businesses, financial condition and results of operations.

Webcast and Conference Call Details

Empire State Realty Trust, Inc. will host a webcast and conference call, open to the general public, on Thursday, April 30, 2026 at 12:00 pm Eastern time.

The webcast will be available in the “Investors” section of ESRT’s website. To listen to the live broadcast, go to the site at least five minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The conference call can also be accessed by dialing 1-877-407-3982 for domestic callers or 1-201-493-6780 for international callers.

Starting shortly after the call until May 14, 2026, a replay of the webcast will be available on the Company’s website, and a dial-in replay will be available by dialing 1-844-512-2921 for domestic callers or 1-412-3176671 for international callers. The passcode for this dial-in replay is 13759470.

The Supplemental Report and Investor Presentation are additional components of the quarterly earnings announcement and are now available on the “Investors” section of ESRT’s website.

The Company uses, and intends to continue to use, the “Investors” page of its website, which can be found at www.esrtreit.com, as a means to disclose material nonpublic information and to comply with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the “Investors” page, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World’s Most Famous Building,” features its iconic Observatory. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of March 31, 2026, ESRT’s portfolio is comprised of approximately 8.0 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and can generally be identified by words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “project,” “estimate,” “may,” “will,” “should,” “would,” and similar expressions.

Forward-looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others: economic and market conditions (including the impact of catastrophic events, pandemics, extreme weather, terrorism, armed hostilities, cybersecurity threats and other technology disruptions); increased costs due to tariffs or other economic factors; changes in the New York City office, retail, multifamily and tourism markets (including changes in the use of office space and remote work); leasing activity, tenant defaults, early terminations and renewals, occupancy levels and rental rates; performance of the Observatory (including tourism levels, currency and geopolitical impacts, weather and competition); interest rate volatility and capital markets conditions, including our ability to refinance, restructure or extend indebtedness; real estate valuation declines and potential impairment charges; our ability to execute capital projects and complete acquisitions on acceptable terms; risks relating to governmental regulation, environmental and climate-related requirements (including Local Law 97), and our ability to achieve sustainability goals and metrics; risks relating to our ground leases; our ability to maintain our qualification as a REIT; potential taxable gain arising from transactions structured to qualify under Section 1031; legal proceedings; and risks relating to our disclosure controls and internal control over financial reporting. For a discussion of these and other factors, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2025 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission.

Any forward-looking statement speaks only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statement to reflect subsequent events or circumstances, except as required by law.

Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Operations
(unaudited and amounts in thousands, except per share data)

	Three Months Ended March 31,
	2026			2025
Revenues
Rental revenue	$	166,105		$	154,542
Observatory revenue		18,510			23,161
Lease termination fees		1,356			—
Third-party management and other fees		277			431
Other revenue and fees		4,077			1,932
Total revenues		190,325			180,066
Operating expenses
Property operating expenses		47,744			45,060
Ground rent expenses		2,331			2,331
General and administrative expenses		18,093			16,940
Observatory expenses		7,868			8,118
Real estate taxes		34,613			33,050
Depreciation and amortization		50,219			48,779
Total operating expenses		160,868			154,278
Total operating income		29,457			25,788
Other income (expense):
Interest income		613			3,786
Interest expense		(28,137	)		(26,938	)
Interest expense associated with property in receivership		—			(647	)
Gain on disposition of properties		—			13,170
Income before income taxes		1,933			15,159
Income tax benefit		1,062			619
Net income		2,995			15,778
Net income attributable to non-controlling interests:
Non-controlling interest in the Operating Partnership		(710	)		(5,508	)
Preferred unit distributions		(1,050	)		(1,050	)
Net income attributable to common stockholders	$	1,235		$	9,220
Total weighted average shares
Basic		170,673			167,181
Diluted		269,348			269,529
Earnings per share attributable to common stockholders
Basic	$	0.01		$	0.06
Diluted	$	0.01		$	0.05

Empire State Realty Trust, Inc.
Reconciliation of Net Income to Funds From Operations (“FFO”),
Modified Funds From Operations (“Modified FFO”) and Core Funds From Operations (“Core FFO”)
(unaudited and amounts in thousands, except per share data)

	Three Months Ended March 31,
	2026			2025
Net income	$	2,995		$	15,778
Preferred unit distributions		(1,050	)		(1,050	)
Real estate depreciation and amortization		49,292			47,871
Gain on disposition of properties		—			(13,170	)
FFO attributable to common stockholders and Operating Partnership units		51,237			49,429

Amortization of below-market ground leases		1,958			1,958
Modified FFO attributable to common stockholders and Operating Partnership units		53,195			51,387

Interest expense associated with property in receivership		—			647
Core FFO attributable to common stockholders and Operating Partnership units	$	53,195		$	52,034

Total weighted average shares and Operating Partnership units
Basic		268,792			267,073
Diluted		269,348			269,529

FFO per share
Basic	$	0.19		$	0.19
Diluted	$	0.19		$	0.18

Modified FFO per share
Basic	$	0.20		$	0.19
Diluted	$	0.20		$	0.19

Core FFO per share
Basic	$	0.20		$	0.19
Diluted	$	0.20		$	0.19

Empire State Realty Trust, Inc.
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI
(unaudited and amounts in thousands)

	Three Months Ended March 31,
	2026			2025
Net income	$	2,995		$	15,778
Add:
General and administrative expenses		18,093			16,940
Depreciation and amortization		50,219			48,779
Interest expense		28,137			26,938
Interest expense associated with property in receivership		—			647
Income tax benefit		(1,062	)		(619	)
Less:
Gain on disposition of property		—			(13,170	)
Third-party management and other fees		(277	)		(431	)
Interest income		(613	)		(3,786	)
Net operating income		97,492			91,076
Straight-line rent		(7,209	)		(5,283	)
Above/below-market rent revenue amortization		(670	)		(798	)
Below-market ground lease amortization		1,958			1,958
Total cash NOI – including Observatory and lease termination fees		91,571			86,953
Less: Observatory NOI		(10,642	)		(15,043	)
Less: cash NOI from non-Same Store properties		(5,383	)		(1,583	)
Total Same Store property cash NOI – including lease termination fees		75,546			70,327
Less: Lease termination fees		(1,356	)		—
Total Same Store property cash NOI – excluding Observatory and lease termination fees	$	74,190		$	70,327

Empire State Realty Trust, Inc.
Condensed Consolidated Balance Sheets
(unaudited and amounts in thousands)

	March 31, 2026			December 31, 2025
Assets
Real estate properties, at cost	$	4,267,420		$	4,205,907
Less: accumulated depreciation		(1,400,827	)		(1,366,829	)
Real estate properties, net		2,866,593			2,839,078
Cash and cash equivalents		68,820			132,657
Restricted cash		37,326			33,854
Tenant and other receivables		23,667			22,063
Deferred rent receivables		261,275			255,270
Prepaid expenses and other assets		62,849			93,355
Deferred costs, net		262,212			267,682
Acquired below market ground leases, net		303,621			305,579
Right of use assets		27,882			27,944
Goodwill		491,479			491,479
Total assets	$	4,405,724		$	4,468,961

Liabilities and equity
Mortgage notes payable, net	$	621,392		$	619,269
Senior unsecured notes, net		1,270,909			1,270,668
Unsecured term loan facility, net		336,972			336,794
Unsecured revolving credit facility		90,000			145,000
Accounts payable and accrued expenses		111,918			120,150
Acquired below market leases, net		37,948			39,767
Ground lease liabilities		27,882			27,944
Deferred revenue and other liabilities		57,601			59,901
Tenants’ security deposits		26,964			27,276
Total liabilities		2,581,586			2,646,769
Total equity		1,824,138			1,822,192
Total liabilities and equity	$	4,405,724		$	4,468,961

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429773743/en/

Investors and Media

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April 29, 2026 4:26 pm

California Water Service Group Board of Directors Declares 325th Consecutive Quarterly Dividend

SAN JOSE, Calif., April 29, 2026 (GLOBE NEWSWIRE) — At its meeting on April 29, 2026, the California Water Service Group (NYSE: CWT) Board of Directors declared the Company’s 325^th consecutive quarterly dividend in the amount of $0.3350 per common share, payable on May 22, 2026, to stockholders of record as of the close of business on May 11, 2026.

About California Water Service Group

California Water Service Group is the largest regulated water utility in the western United States. It provides high-quality, reliable water and/or wastewater services to more than 2.2 million people in California, Hawaii, New Mexico, Washington, and Texas through its regulated subsidiaries, California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, and its utility holding company, Texas Water Service. This year, the company commemorates a century of service.

Group’s purpose is to enhance the quality of life for customers, communities, employees, and stockholders. To do so, it invests responsibly in water and wastewater infrastructure, sustainability initiatives, and community well-being. The company’s nearly 1,300 employees live by a set of strong core values and share a commitment to protecting the planet, caring for people, and operating with the utmost integrity. The company has been named one of “America’s Most Responsible Companies” and the “World’s Most Trustworthy Companies” by Newsweek, a USA Top Workplace, and a Great Place to Work®. More information is available at www.calwatergroup.com.

Forward Looking Statements

This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The forward-looking statements are intended to qualify under provisions of the federal securities laws for “safe harbor” treatment established by the PSLRA. Forward-looking statements in this news release are based on currently available information, expectations, estimates, assumptions and projections, and our management’s beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks or variations of these words or similar expressions, are intended to identify forward-looking statements. Examples of forward-looking statements in this news release include, but are not limited to, statements describing the expected timing of the quarterly dividend payment. Forward-looking statements are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Consequently, actual results or outcomes may vary materially from what is contained in a forward-looking statement. Factors that may cause actual results or outcomes to be different than those expected or anticipated include, but are not limited to, those described under the section entitled “Risk Factors” and elsewhere in our most recent Annual Report on Form 10-K, our subsequent Quarterly Reports on Form 10-Q, and our other Securities and Exchange Commission filings. In light of these risks, uncertainties, and assumptions, investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. We are not under any obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise.

CONTACT:
Shannon Dean,
[email protected],
(408) 367-8243

Jim Lynch,
(408) 367-8200