Track market-moving stories before they get noisy

On May 11, 2026, FTAI Aviation Ltd FTAI shares rose 3.7% to a current price of $280.36. Over the past week, the stock has performed well, increasing by 16.8%, and it has shown a remarkable rise of 163.9% over the last year. The stock has a 52-week range of $105.59 to $323.51.

GF Value™ verdict: FTAI is currently priced at $280.36, which is 42.7% above the GF Value™ estimate of $196.42.GF Score™: 87/100, indicating a strong overall performance based on key financial metrics.Most notable signal: Insiders sold $64.6M in stock over the last 3 months with no buying activity. Is FTAI Overvalued or Undervalued? Based on the GF Value™ analysis, FTAI is significantly overvalued at its current price of $280.36, which is 42.7% higher than the GF Value™ estimate of $196.42. This suggests that there may be limited margin of safety for potential investors, as the current price is well above intrinsic value. The GF Valuation label indicates that the stock is significantly overvalued, which raises a cautionary flag for those considering entering a position at this price level. The high valuation may expose investors to potential downside risk if the market corrects or if the company fails to meet future growth expectations.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.

How Does FTAI's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 55.6x 42.4x Forward P/E 42.6x - Currently, FTAI's P/E ratio stands at 55.6x, which is significantly above its 5-year median P/E of 42.4x, reflecting that the stock is trading at a higher valuation compared to its historical averages. The forward P/E ratio of 42.6x suggests that while future earnings may be more reasonably priced, the current P/E analysis aligns with the GF Value™ verdict indicating that the stock remains overvalued.

What Does FTAI's GF Score™ Tell Us? Metric Rating GF Score™ 87/100 Financial Strength 5/10 Profitability 7/10 Growth 10/10 Valuation 5/10 Momentum 6/10 The GF Score™ of 87/100 reflects a strong position for FTAI, particularly in terms of growth, where it achieved a perfect score of 10/10. However, the financial strength rating of 5/10 indicates a need for improvement in this area, suggesting potential vulnerabilities. Overall, the strong growth potential juxtaposed with moderate financial strength presents a mixed view of the company's stability moving forward.

What Are Insiders Doing with FTAI Stock? Recent insider activity at FTAI has shown a significant trend towards selling, with insiders offloading a total of $64.6 million in shares over the past three months, and no recorded buying activity. This heavy selling by insiders may suggest a lack of confidence in the current valuation or future performance of the company, which could be a red flag for potential investors. Insider sentiment can be a critical indicator of a company’s outlook, and the lack of buying activity raises questions about the optimism regarding the stock's future.

What This Means for Investors Based on the GF Value™ assessment, FTAI Aviation Ltd FTAI is currently overvalued. The current trading price is significantly higher than the intrinsic value estimated by GF Value™, indicating potential risks for investors considering the stock at this valuation level.

For the complete analysis, visit the FTAI Aviation Ltd FTAI stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is FTAI's GF Score™?

FTAI's GF Score™ is 87/100, indicating a strong overall performance based on key financial metrics.

Is FTAI overvalued or undervalued?

FTAI is currently overvalued, with a price that is 42.7% above its GF Value™ estimate.

What is FTAI's P/E ratio?

FTAI's P/E ratio is 55.6x, which is significantly higher than its 5-year median P/E of 42.4x, indicating that the stock is trading at an elevated valuation compared to its historical averages.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

$612 Million Issuance Backed by Aircraft Receives Strong Investor Reception and Marks Strategic Entry into ABS Capital Markets May 22, 2026 06:30 ET  | Source: FTAI Aviation Ltd.

NEW YORK, May 22, 2026 (GLOBE NEWSWIRE) -- FTAI Aviation Ltd. (NASDAQ: FTAI; the “Company” or “FTAI”) today announced the successful pricing of its Strategic Capital vehicle’s inaugural asset-backed securitization, FTAI MRE 2026-1. The offering consists of $612 million of notes backed by a portfolio of 48 A320ceo and 737NG aircraft on-lease to 23 airlines globally. FTAI MRE 2026-1 will issue two classes of investment grade notes, with the Series A notes expected to be rated Asf / A(sf) by Fitch and KBRA, respectively, and the Series B notes expected to be rated BBB+sf by Fitch. The transaction is expected to close on June 4, 2026.

The aircraft backing the ABS are owned by FTAI’s first Strategic Capital vehicle, which completed its fundraising in October 2025 with $2.0 billion of equity commitments and currently owns 292 aircraft. The transaction generated strong investor demand, reflecting FTAI’s longstanding leadership in the narrowbody aircraft market, with both classes of notes significantly oversubscribed.

“This inaugural securitization is an important milestone for FTAI and our Strategic Capital vehicles as we diversify our financing sources and deepen our presence in the capital markets,” said Kallie Steffes, Head of Strategic Capital at FTAI. “We believe the strong investor interest in the offering is an affirmation of our differentiated approach to investing in narrowbody aircraft, which combines FTAI’s leading engine maintenance capabilities with aircraft ownership. We are grateful to the ATLAS SP Partners and Deutsche Bank teams for their partnership since the launch of our initial warehouse through this ABS issuance.”

ATLAS SP Partners and Deutsche Bank served as joint structuring agents and joint lead bookrunners on the transaction. BNP Paribas, Citigroup and PNC Capital Markets served as joint bookrunners and Standard Chartered Bank and KeyBanc Capital Markets served as co-managers.

Gibson, Dunn & Crutcher LLP served as issuer’s counsel, Milbank LLP served as initial purchaser’s counsel and McGuireWoods LLP served as servicer’s counsel. Alton Aviation Consultancy will serve as maintenance support provider, and Collateral Verifications, AISI and mba Aviation will serve as appraisers. Pivotal Corporate AMS Limited will serve as managing agent and UMB Bank will serve as security trustee.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, expected timing for closing the ABS transaction, if at all, and the ability to successfully complete acquisitions for which we have letters of intent or “LOIs” which are reflected in the 292 owned aircraft. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.ftaiaviation.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions, or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. Nothing on the Company’s website is included or incorporated by reference herein.

About FTAI

FTAI combines advanced turbine technology and asset ownership to power the world’s most essential markets. Additional information is available at https://www.ftaiaviation.com.

For further information, please contact:
Alan Andreini
Investor Relations
FTAI Aviation Ltd.
(646) 734-9414
[email protected]

Media:
Tim Lynch / Kelly Sullivan
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

FTAI Aviation is innovatively leveraging jet engine cores to address the urgent power needs of data centers amid an energy bottleneck. FTAI's new power segment, repurposing CFM56 engines, could add 30% to company value by 2027, with significant upside if unit deliveries meet targets. The stock is rated Buy, with a $393 price target (57% upside) based on 25 power units sold in 2027; risk increases as FTAI enters the energy sector.

NEW YORK, April 27, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Willis Lease Finance Corporation’s (NASDAQ: WLFC) board of directors as well as executive chairman Charles F. Willis, IV (as the controlling shareholder) for potential breaches of their fiduciary duties to shareholders in connection with WLFC’s past and ongoing practices of paying potentially excessive compensation to Mr. Willis.

If you are a current shareholder of Willis Lease Finance, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/willis-lease-investigation

Why is Willis Lease Finance being Investigated?

Willis Lease is “effectively controlled” by Charles F. Willis, IV, who founded the company in 1985 and owns approximately 40% of the company’s stock. Willis Lease’s board of directors consists of Mr. Willis, his son (who serves as the CEO of Willis Lease), and three additional directors (who are purportedly independent and constitute the Company’s compensation committee).

In fiscal year 2022, Mr. Willis received compensation totaling approximately $6.2 million. In fiscal year 2023, he received compensation totaling approximately $10.7 million. In fiscal year 2024, he received compensation totally approximately $14.0 million. In fiscal year 2025, he received compensation totaling approximately $14.2 million. Over half of Mr. Willis’ total compensation for these years has been in the form of stock awards.

In 2024, the Company’s board of directors issued additional “one-time performance” stock awards to the Company’s executives, including an unexplained double-issuance of stock options worth $23.9 million to Mr. Willis.

Despite this substantial compensation, on November 10, 2025, Willis Lease’s compensation committee awarded Mr. Willis an option grant to purchase up to 300,000 shares of Willis Lease common stock “intended to retain and incentivize Mr. Willis to continue in the role of Executive Chairman” with a four-year vesting period and an exercise price linked to Willis Lease’s stock price at the time of the option grant. In the months following this option grant, Willis Lease’s stock price has risen significantly, giving the options significant value to Mr. Willis.

BFA is investigating whether Willis Lease’s compensation to Charles F. Willis, IV, represents excessive or wasteful compensation, and whether the Company’s board of directors, together with Charles F. Willis, IV (as the controlling shareholder) have breached their fiduciary duties to Willis Lease’s stockholders in connection with the compensation.

Click here for more information: https://www.bfalaw.com/cases/willis-lease-investigation

What Can You Do?

If you are a current holder of Willis Lease Finance Corporation stock, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases/willis-lease-investigation

Or contact:
Adam McCall
[email protected]
212.789.3619

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases/willis-lease-investigation

Attorney advertising. Past results do not guarantee future outcomes.

NEW YORK, May 01, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Willis Lease Finance Corporation’s (NASDAQ: WLFC) board of directors as well as executive chairman Charles F. Willis, IV (as the controlling shareholder) for potential breaches of their fiduciary duties to shareholders in connection with WLFC’s past and ongoing practices of paying potentially excessive compensation to Mr. Willis.

If you are a current shareholder of Willis Lease Finance, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/willis-lease-investigation

Why is Willis Lease Finance being Investigated?

Willis Lease is “effectively controlled” by Charles F. Willis, IV, who founded the company in 1985 and owns approximately 40% of the company’s stock. Willis Lease’s board of directors consists of Mr. Willis, his son (who serves as the CEO of Willis Lease), and three additional directors (who are purportedly independent and constitute the Company’s compensation committee).

In fiscal year 2022, Mr. Willis received compensation totaling approximately $6.2 million. In fiscal year 2023, he received compensation totaling approximately $10.7 million. In fiscal year 2024, he received compensation totally approximately $14.0 million. In fiscal year 2025, he received compensation totaling approximately $14.2 million. Over half of Mr. Willis’ total compensation for these years has been in the form of stock awards.

In 2024, the Company’s board of directors issued additional “one-time performance” stock awards to the Company’s executives, including an unexplained double-issuance of stock options worth $23.9 million to Mr. Willis.

Despite this substantial compensation, on November 10, 2025, Willis Lease’s compensation committee awarded Mr. Willis an option grant to purchase up to 300,000 shares of Willis Lease common stock “intended to retain and incentivize Mr. Willis to continue in the role of Executive Chairman” with a four-year vesting period and an exercise price linked to Willis Lease’s stock price at the time of the option grant. In the months following this option grant, Willis Lease’s stock price has risen significantly, giving the options significant value to Mr. Willis.

BFA is investigating whether Willis Lease’s compensation to Charles F. Willis, IV, represents excessive or wasteful compensation, and whether the Company’s board of directors, together with Charles F. Willis, IV (as the controlling shareholder) have breached their fiduciary duties to Willis Lease’s stockholders in connection with the compensation.

Click here for more information: https://www.bfalaw.com/cases/willis-lease-investigation

What Can You Do?

If you are a current holder of Willis Lease Finance Corporation stock, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases/willis-lease-investigation

Or contact:
Adam McCall
[email protected]
212.789.3619

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases/willis-lease-investigation

Attorney advertising. Past results do not guarantee future outcomes.

Declares Second Quarter 2026 Dividend of $0.40 Per Share May 05, 2026 06:31 ET  | Source: Willis Lease Finance Corp.

COCONUT CREEK, Fla., May 05, 2026 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, today announced its financial results for the first quarter ended March 31, 2026. The Company also announced a quarterly dividend of $0.40 per share of common stock outstanding. The dividend is expected to be paid on May 22, 2026 to shareholders of record at the close of business on May 11, 2026.

First Quarter 2026 Highlights (All metrics compared to first quarter 2025, except where noted)

Quarterly total revenue of $194.3 million, an increase of 23.2%Income from operations of $33.8 million, an increase of 41.4%Quarterly pre-tax income of $36.8 million, an increase of 45.9%Diluted weighted average income per common share of $3.26, an increase of 47.5%Record high quarterly lease rent revenue of $77.4 million, an increase of 14.2%Record high quarterly maintenance services revenue of $9.8 million, an increase of 74.9%Gain on sale of leased equipment of $18.0 million, and increase of 304.8%Net income attributable to common shareholders of $23.7 million, an increase of 52.9%Adjusted EBITDA of $123.8 million, an increase of 19.9%Portfolio utilization increased to 85.8% at quarter end, compared to 79.9% For the three months ended March 31, 2026, total revenue was $194.3 million, up 23.2% as compared to $157.7 million for the same period in 2025. For the first quarter of 2026, core lease rent and maintenance reserve revenues were $132.9 million in the aggregate, up 8.4% as compared to $122.6 million for the same period in 2025. The growth was predominantly driven by core lease and maintenance revenues associated with the continued strength of the aviation marketplace, as airlines leverage the Company’s extensive portfolio of in-demand engines as well as our parts and maintenance capabilities to avoid protracted, expensive engine shop visits.

“In the first quarter we outperformed nearly every revenue and earnings metric compared to Q1 2025,” said Austin Willis, CEO of WLFC, “and, thanks to the capital strategy we executed, we are poised for significant growth.”

First Quarter 2026 Operating Results

Lease rent revenue increased by $9.6 million, or 14.2%, to $77.4 million in the three months ended March 31, 2026 from $67.7 million for the three months ended March 31, 2025. The increase is due to an increase in the average size of the portfolio as compared to that of the prior year period as well as an increase in average utilization (based on net book value of equipment held for operating lease, maintenance rights, and notes receivable and investments in sales-type leases net of allowances) of equipment held in our operating lease portfolio.

During the first quarter of 2026, the Company recognized $12.4 million of long-term maintenance revenue, compared to $9.6 million for the quarter ended March 31, 2025. Long-term maintenance is recognized at the end of a lease period as the related maintenance reserve liability is released from the balance sheet.

For the quarter ended March 31, 2026, the gain on sale of leased equipment was $18.0 million, reflecting the sale of 14 engines from the lease portfolio. During the three months ended March 31, 2025, the Company sold seven engines, one airframe, and other parts and equipment for a net gain of $4.4 million.

In March 2026, the Company’s investment fund partnership with Liberty Mutual Investments commenced operations.

The book value of lease assets owned either directly or through WLFC’s joint ventures, inclusive of the Company’s equipment held for operating lease, maintenance rights, notes receivable, and investments in sales-type leases was $3,563.5 million as of March 31, 2026.

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA

We analyze our financial data to evaluate the health of our business and assess our performance. As appropriate, in addition to income or loss from operations under GAAP, we use Adjusted EBITDA, a non-GAAP financial measure, to evaluate our business. We believe that this non-GAAP financial measure provides meaningful supplemental information regarding our performance as it excludes certain items that may not be indicative of our recurring operating results. We also believe that investors, in addition to management, benefit from referring to this non-GAAP financial measure in assessing our performance, when viewed together with our GAAP results. While items excluded from Adjusted EBITDA may be recurring in nature and should not be disregarded in evaluating performance, it can be useful to exclude such items as they can vary significantly between periods and or not be indicative of current or future operating results.

Because non-GAAP financial measures are not standardized, our calculation of Adjusted EBITDA may differ from similarly titled non-GAAP measures, if any, reported by other companies. This non-GAAP financial measure should not be considered in insolation from, or as a substitute for, financial information performed in accordance with GAAP.

We define Adjusted EBITDA as net income attributable to common shareholders, excluding (i) income tax expense, (ii) interest expense, (iii) preferred stock dividends/costs, (iv) loss on debt extinguishment, (v) depreciation and amortization expense, (vi) stock compensation expense, (vii) write-down of equipment, (viii) acquisition, financing and divestitures related expenses, and (ix) other items not indicative of our ongoing operating performance.

Adjusted EBITDA was approximately $123.8 million and $103.3 million for the three months ended March 31, 2026 and 2025, respectively. See below for the reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net income attributable to common shareholders.

  Three months ended March 31,   2026
 2025
  (in thousands) Net income attributable to common shareholders $23,661  $15,476 Add: Income tax expense  11,755   8,385 Add: Interest expense  32,633   32,094 Add: Preferred stock dividends/costs  1,422   1,393 Add: Loss on debt extinguishment  7,027   — Add: Depreciation and amortization expense  30,178   25,024 Add: Stock compensation expense  13,752   6,907 Add: Write-down of equipment  1,149   2,109 Add: Acquisition, financing and divestitures related expenses  2,242   166 Add: Other (1)  28   11,777 Adjusted EBITDA $123,847  $103,331  ________________________________________________________

In Q1 2026 and 2025, the Company recognized $0.03 million and $11.8 million, respectively, in non-recurring project expenses associated with the sustainable aviation fuels project, which the Company decided to cease investment in and pursue strategic alternatives for, including, a potential sale. Balance Sheet

As of March 31, 2026, the Company’s lease portfolio was $2,857.0 million, consisting of $2,760.5 million of equipment held in its operating lease portfolio, $65.6 million of notes receivable, $30.6 million of maintenance rights, and $0.3 million of investments in sales-type leases, which represented 342 engines, 20 aircraft, one marine vessel, and other leased parts and equipment. As of December 31, 2025, the Company’s lease portfolio was $2,988.9 million, consisting of $2,801.7 million of equipment held in its operating lease portfolio, $139.9 million of notes receivable, $30.6 million of maintenance rights, and $16.6 million of investments in sales-type leases, which represented 363 engines, 20 aircraft, one marine vessel, and other leased parts and equipment.

Conference Call

WLFC will hold a conference call led by the executive management team today at 10:00 a.m. Eastern Time to discuss its first quarter 2026 results.

To participate in the conference call, please use the following dial-in numbers:

U.S. and Canada: +1 (800) 330-6730
International: +1 (786) 297-8585
Conference ID: 3012326
Participant Passcode: 989617

The conference call may also be accessed by registering via the following link:
https://event.webcasts.com/starthere.jsp?ei=1759374&tp_key=c0ab3b632b.

A digital replay will be available two hours after the completion of the conference call. To access the replay, please visit the Investor Relations sections of our website at https://www.wlfc.global/investor-center.

About Willis Lease Finance Corporation

Willis Lease Finance Corporation (WLFC) leases large and regional spare commercial aircraft engines and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Additionally, through Willis Engine Repair Center®, Jet Centre
by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO, and ground and cargo handling services.

Forward-Looking Statements

Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. By their nature, forward-looking statements involve a number of inherent risks, uncertainties and assumptions and are subject to change in circumstances that are difficult to predict and many of which are outside of our control. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed, either expressly or implicitly, in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and natural disasters; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors, as well as the impact of new or increased tariffs; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

CONTACT:Scott B. Flaherty Executive Vice President & Chief Financial Officer 561.413.0112   Unaudited Condensed Consolidated Statements of Income
(In thousands, except per share data) 

  Three months ended March 31,      2026   2025  % ChangeREVENUE        Lease rent revenue $77,385  $67,739  14.2 %Maintenance reserve revenue  55,512   54,859  1.2 %Spare parts and equipment sales  21,687   18,240  18.9 %Interest revenue  2,788   3,934  (29.1)%Gain on sale of leased equipment  17,959   4,437  304.8 %Gain on sale of financial assets  438   378  15.9 %Maintenance services revenue  9,769   5,586  74.9 %Management and advisory fees  7,895   1,963  302.2 %Other revenue  913   596  53.2 %Total revenue  194,346   157,732  23.2 %         EXPENSES        Depreciation and amortization expense  30,178   25,024  20.6 %Cost of spare parts and equipment sales  14,417   15,323  (5.9)%Cost of maintenance services  8,860   5,329  66.3 %Write-down of equipment  1,149   2,109  (45.5)%General and administrative  56,604   47,720  18.6 %Technical expense  9,688   6,230  55.5 %Net finance costs:        Interest expense  32,633   32,094  1.7 %Loss on debt extinguishment  7,027   —  nmTotal net finance costs  39,660   32,094  23.6 %Total expenses  160,556   133,829  20.0 %         Income from operations  33,790   23,903  41.4 %Income from investments  3,048   1,351  125.6 %Income before income taxes  36,838   25,254  45.9 %Income tax expense  11,755   8,385  40.2 %Net income  25,083   16,869  48.7 %Preferred stock dividends  1,353   1,323  2.3 %Accretion of preferred stock issuance costs  69   70  (1.4)%Net income attributable to common shareholders $23,661  $15,476  52.9 %         Basic weighted average income per common share $3.49  $2.34   Diluted weighted average income per common share $3.26  $2.21            Basic weighted average common shares outstanding  6,778   6,606   Diluted weighted average common shares outstanding  7,252   7,000                          Unaudited Condensed Consolidated Balance Sheets
(In thousands, except per share data)

  March 31, 2026 December 31, 2025ASSETS    Cash and cash equivalents $24,554  $16,441 Restricted cash  196,023   530,500 Equipment held for operating lease, less accumulated depreciation  2,760,517   2,801,683 Maintenance rights  30,576   30,632 Equipment held for sale  14,764   20,509 Receivables, net  38,886   35,717 Spare parts inventory  56,321   56,577 Investments  128,996   104,250 Property, equipment & furnishings, less accumulated depreciation  75,767   73,835 Intangible assets, net  271   271 Notes receivable, net  65,551   139,945 Investments in sales-type leases, net  344   16,595 Due from affiliates  229   — Other assets  113,386   109,360 Total assets $3,506,185  $3,936,315      LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY    Liabilities:    Accounts payable and accrued expenses $72,636  $105,706 Deferred income taxes  240,112   228,547 Debt obligations  2,253,705   2,700,338 Maintenance reserves  124,562   116,185 Security deposits  24,398   24,651 Unearned revenue  32,928   35,350 Total liabilities  2,748,341   3,210,777      Redeemable preferred stock ($0.01 par value)  63,470   63,401      Shareholders’ equity:    Common stock ($0.01 par value)  77   76 Paid-in capital in excess of par  83,751   72,663 Retained earnings  611,333   590,785 Accumulated other comprehensive loss, net of tax  (787)  (1,387)Total shareholders’ equity  694,374   662,137 Total liabilities, redeemable preferred stock and shareholders’ equity $3,506,185  $3,936,315 

NEW YORK, May 06, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm  Bleichmar Fonti & Auld LLP announces an investigation into Willis Lease Finance Corporation's (NASDAQ: WLFC) board of directors as well as executive chairman Charles F. Willis, IV (as the controlling shareholder) for potential breaches of their fiduciary duties to shareholders in connection with WLFC's past and ongoing practices of paying potentially excessive compensation to Mr.

NEW YORK, May 11, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Willis Lease Finance Corporation’s (NASDAQ: WLFC) board of directors as well as executive chairman Charles F. Willis, IV (as the controlling shareholder) for potential breaches of their fiduciary duties to shareholders in connection with WLFC’s past and ongoing practices of paying potentially excessive compensation to Mr. Willis.

If you are a current shareholder of Willis Lease Finance, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/willis-lease-investigation

Why is Willis Lease Finance being Investigated?

Willis Lease is “effectively controlled” by Charles F. Willis, IV, who founded the company in 1985 and owns approximately 40% of the company’s stock. Willis Lease’s board of directors consists of Mr. Willis, his son (who serves as the CEO of Willis Lease), and three additional directors (who are purportedly independent and constitute the Company’s compensation committee).

In fiscal year 2022, Mr. Willis received compensation totaling approximately $6.2 million. In fiscal year 2023, he received compensation totaling approximately $10.7 million. In fiscal year 2024, he received compensation totally approximately $14.0 million. In fiscal year 2025, he received compensation totaling approximately $14.2 million. Over half of Mr. Willis’ total compensation for these years has been in the form of stock awards.

In 2024, the Company’s board of directors issued additional “one-time performance” stock awards to the Company’s executives, including an unexplained double-issuance of stock options worth $23.9 million to Mr. Willis.

Despite this substantial compensation, on November 10, 2025, Willis Lease’s compensation committee awarded Mr. Willis an option grant to purchase up to 300,000 shares of Willis Lease common stock “intended to retain and incentivize Mr. Willis to continue in the role of Executive Chairman” with a four-year vesting period and an exercise price linked to Willis Lease’s stock price at the time of the option grant. In the months following this option grant, Willis Lease’s stock price has risen significantly, giving the options significant value to Mr. Willis.

BFA is investigating whether Willis Lease’s compensation to Charles F. Willis, IV, represents excessive or wasteful compensation, and whether the Company’s board of directors, together with Charles F. Willis, IV (as the controlling shareholder) have breached their fiduciary duties to Willis Lease’s stockholders in connection with the compensation.

Click here for more information: https://www.bfalaw.com/cases/willis-lease-investigation

What Can You Do?

If you are a current holder of Willis Lease Finance Corporation stock, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases/willis-lease-investigation

Or contact:
Adam McCall
[email protected]
212.789.3619

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases/willis-lease-investigation

Attorney advertising. Past results do not guarantee future outcomes.

May 11, 2026 15:33 ET  | Source: Four Tree Island Advisory LLC

Highlights $52.1 million 2025 Compensation for Executive Chairman Charles Willis Far Exceeds Pay at Exponentially Larger, Better-Performing Companies

Calls on Stockholders to Send a Clear Message of Dissatisfaction by Opposing All Proposals Other than Ratification of Independent Auditor

PORTSMOUTH, N.H., May 11, 2026 (GLOBE NEWSWIRE) -- Four Tree Island Advisory LLC (“Four Tree Island”), a top-10 stockholder of Willis Lease Finance Corporation (NASDAQ:WLFC) (“WLFC” or the “Company”) based on public information, today urged fellow stockholders to vote AGAINST all proposals set forth in WLFC’s proxy statement for the 2026 Annual Meeting of Stockholders scheduled to be held on May 26, 2026 (the “Annual Meeting”), except the proposal to ratify the appointment of Grant Thornton LLP as the Company’s independent registered public accounting firm.

As WLFC stockholders consider how to vote their shares at the upcoming Annual Meeting, Four Tree Island believes that stockholders should focus on Executive Chairman Charles Willis’s egregious $52.1 million in total 2025 compensation as disclosed in the Company’s proxy statement, which appears entirely unjustifiable in light of the Company’s size and 2025 total shareholder returns (TSR), and even more absurd when compared to pay levels at far larger, better performing companies.

Equilar, a leading provider of corporate leadership data solutions that specializes in executive compensation, published “Equilar 100: An Early Look at the Highest-Paid CEOs in 2025” on April 23, 2026 (https://www.equilar.com/reports/126-highest-paid-ceos-2026-equilar-100.html).

Using the list of the top 20 highest-paid CEOs in 2025 as identified in Equilar’s report and comparing it with year-end 2025 market capitalizations and 2025 TSR for those companies, WLFC’s compensation practices stand out in stark relief:

If Executive Chairman Willis were included in the Equilar 100 analysis, his 2025 total compensation would place him 18th highest paid, ahead of Nvidia CEO Jensen Huang, despite WLFC’s dramatically smaller scale (0.02% the market capitalization of Nvidia) and weaker stock performance (WLFC’s TSR underperformed that of Nvidia in 2025 by 73%: +39% for Nvidia vs. -34% for WLFC).The smallest market capitalization among companies with a top 20 paid CEO in 2025 was roughly 14x the size of WLFC’s market capitalization.The median market capitalization for a company with a top 20 paid CEO in 2025 was approximately 174x the market capitalization of WLFC.The weakest 2025 TSR for companies with a top 20 paid CEO in 2025 still exceeded WLFC’s 2025 TSR by ~1,300 basis points.The median TSR for a company with a top 20 paid CEO in 2025 was 68% better than WLFC’s 2025 TSR.
In our view, it is impossible to reconcile approximately $52.1 million in 2025 compensation for an Executive Chairman – who is not the Company’s CEO – with the economic reality faced by WLFC’s minority stockholders. When an executive at a small cap company is effectively paid like the leadership of exponentially larger, better performing enterprises, we believe stockholders are entitled to ask whether the Board is fulfilling its fiduciary responsibilities.

Four Tree Island previously outlined significant concerns about WLFC’s governance, related party transactions and executive compensation practices in a letter sent privately to the independent members of the Board on January 6, 2026, which was subsequently made public as an attachment to its March 30, 2026 press release. These concerns focus on whether the Board has exercised appropriate oversight and care in approving executive compensation arrangements and other matters that primarily benefit Executive Chairman Willis.

In his letter to stockholders accompanying the proxy statement for the Annual Meeting, Executive Chairman Willis stated that “the Board values your engagement.” Consistent with that invitation, Four Tree Island Advisory is calling on minority stockholders to send a clear message this year.

Four Tree Island therefore urges WLFC stockholders to:

Vote AGAINST every proposal at the Annual Meeting, except the proposal to ratify Grant Thornton LLP as WLFC’s independent auditor.Recognize that the Company needs to secure support from 80% of the outstanding shares to approve the proposed increase in share capital and potential 3-for-1 forward stock split proposal (the “Charter Amendment”), so minority stockholders will determine whether this proposal passes or not. In our view, the Board has routinely made decisions benefiting Executive Chairman Willis at the expense of minority stockholders, so we question the true motivations for the Board seeking approval of the Charter Amendment. As indicated in Four Tree Island’s original private letter to the Board sent on November 25, 2025 and made public on January 6, 2026, WLFC has suffered a consistent, high rate of stockholder dilution through stock-based compensation. Four Tree Island submits that anything that may be used to potentially further dilute minority stockholders is not deserving of an affirmative vote, and a protest AGAINST vote is warranted based on Executive Chairman Willis’s egregious compensation alone.
Based on an abundance of outreach from fellow WLFC stockholders, Four Tree Island believes that minority investors share serious concerns regarding the Company’s executive compensation, governance and capital allocation. The firm encourages stockholders to convey their views directly to the Board. According to the Company’s proxy statement, communications to the Board may be directed through WLFC’s General Counsel and Corporate Secretary, who can be reached at [email protected].

Stockholders should refer to their proxy materials for detailed instructions on how to vote or change previously submitted votes. According to the Company’s proxy materials, votes must be received by 11:59pm Eastern Time on May 25, 2026, and may be submitted by telephone or online at proxydocs.com/WLFC. Stockholders who have already voted retain the right to change their vote at any time before the deadline.

THIS COMMUNICATION IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY AND DOES NOT REQUEST OR SEEK THE POWER TO ACT AS A PROXY FOR ANY STOCKHOLDER. DO NOT SEND US YOUR PROXY CARD. FOUR TREE ISLAND IS NOT ASKING FOR YOUR PROXY CARD AND WILL NOT ACCEPT PROXY CARDS IF SENT. FOUR TREE ISLAND IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.

Contact
Four Tree Island Advisory LLC 
[email protected]
(603) 427-8053

May 13, 2026 16:09 ET  | Source: Willis Lease Finance Corp.

COCONUT CREEK, Fla., May 13, 2026 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, announced today its intention to offer, subject to market and other conditions, $175.0 million aggregate principal amount of convertible senior notes due 2031 (the “Notes”) in a public offering (the “Notes Offering”) registered under the Securities Act of 1933, as amended (the “Act”). The Company intends to grant the underwriters a 30-day option to purchase up to an additional $25.0 million principal amount of Notes, solely to cover over-allotments, if any. The Company currently intends to use the net proceeds from the issuance of the Notes to temporarily repay amounts outstanding under the Company’s revolving credit facility until deployed for general corporate purposes. There can be no assurance as to whether or when the Notes Offering may be completed or as to the actual size or terms of the offering.

Morgan Stanley & Co. LLC, BofA Securities, and Deutsche Bank Securities Inc. are acting as joint book-running managers for the Notes Offering.

The Notes will be senior, unsecured obligations of the Company, will accrue interest payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2026, and will mature on May 15, 2031, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their Notes in certain circumstances and during specified periods based on the applicable conversion rate. The Company will settle conversions of Notes by paying or delivering, as applicable, cash or a combination of cash and shares of its common stock, at its election.

The Notes will be redeemable, in whole or in part (subject to certain limitations), at the Company’s option at any time, and from time to time, on or after May 21, 2029 and on or before the 41st scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of its common stock exceeds 130% of the conversion price for a specified period of time. The Company may not redeem less than all of the outstanding Notes unless the excess of the principal amount of the Notes outstanding as of the time the Company sends the related redemption notice over the aggregate principal amount of the Notes subject to such redemption is at least $75.0 million.

If a “fundamental change” (which will be defined in the indenture that will govern the Notes to include certain change-of-control events and the delisting of the Company’s common stock) occurs, then, subject to a limited exception, noteholders may require the Company to repurchase their Notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date.

The interest rate, initial conversion rate and other terms of the Notes will be determined at the pricing of the Notes Offering.

Concurrently with the Notes Offering, Morgan Stanley & Co. LLC, acting on behalf of itself and/or its affiliates (in such capacity, the “delta underwriter”) intends to offer and sell short, in a separate, underwritten public offering under the Act, a number of shares of the Company’s common stock borrowed from non-affiliate third parties to facilitate hedging transactions by certain investors subscribing for the Notes (the “Concurrent Delta Offering”). The number of shares of the Company’s common stock subject to the Concurrent Delta Offering will be determined at the time of pricing of the Concurrent Delta Offering, will depend on what portion of such investors desire to hedge their investment in the Notes and is expected to be no greater than the commercially reasonable initial short positions of such investors being established to hedge their market risk with respect to the Notes they acquire. No new shares of the Company’s common stock will be issued, and the Company will not receive the proceeds from the short sale of its common stock.

The Concurrent Delta Offering and Notes Offering are contingent upon one another.

The Notes Offering will be made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 15, 2025 (the “Registration Statement”) and a prospectus supplement. The Notes Offering will be made only by means of a prospectus supplement and an accompanying prospectus. The Concurrent Delta Offering will be made pursuant to the Registration Statement and a prospectus supplement. The Concurrent Delta Offering will be made only by means of a prospectus supplement and an accompanying prospectus. A copy of the preliminary prospectus supplements, together with the accompanying prospectuses and the Registration Statement relating to each offering, when available, may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, a copy of the preliminary prospectus supplements, together with the accompanying prospectuses relating to each offering, when available, may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, email: [email protected], and a copy of the preliminary prospectus supplement, together with the accompanying prospectus relating to the Notes Offering, may also be obtained from BofA Securities, 201 North Tryon Street, Charlotte, North Carolina 28255, Attention: Prospectus Department, email: [email protected], and from Deutsche Bank Securities Inc., Attention: Prospectus Department, 1 Columbus Circle, New York, New York 10019, telephone: 800-503-4611, email: [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Willis Lease Finance Corporation

Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools, and asset management services through Willis Mitsui & Co. Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions, or circumstances on which the forward-looking statement is based, except as required by law. The Company’s actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and the Company’s ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; the Company’s ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to the Company and its customers; the Company’s ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in the Company’s portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

CONTACT:Scott B. Flaherty EVP & Chief Financial Officer (561) 413-0112  

NEW YORK, May 15, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm  Bleichmar Fonti & Auld LLP announces an investigation into Willis Lease Finance Corporation's (NASDAQ: WLFC) board of directors as well as executive chairman Charles F. Willis, IV (as the controlling shareholder) for potential breaches of their fiduciary duties to shareholders in connection with WLFC's past and ongoing practices of paying potentially excessive compensation to Mr.

June 01, 2026 14:06 ET  | Source: Four Tree Island Advisory LLC

Notes that Over 92% of Unaffiliated Stockholders Opposed WLFC’s Executive Compensation and Nearly 84% Opposed Re-Election of Stephen Jones

Calls on Stockholders to Continue Opposing Charter Amendment Proposal that would Triple Authorized Share Count at Reconvened Annual Meeting

PORTSMOUTH, N.H., June 01, 2026 (GLOBE NEWSWIRE) -- Four Tree Island Advisory LLC (“Four Tree Island Advisory” or “we”), a top-10 stockholder of Willis Lease Finance Corporation (NASDAQ:WLFC) (“WLFC” or the “Company”) based on public information, today commented on the decisive rebuke to the Company’s Board of Directors and management team delivered by stockholders at the Company’s 2026 Annual Meeting of Stockholders (the “Annual Meeting”).

Based on the voting results from the Annual Meeting disclosed by the Company, nearly 84% of unaffiliated stockholders opposed the re-election of director Stephen Jones, demonstrating a profound lack of confidence in the Company’s governance and oversight. Furthermore, over 92% of unaffiliated stockholders voted AGAINST the Company’s executive compensation program, underscoring widespread dissatisfaction with WLFC’s pay practices.1

WLFC also failed to secure sufficient stockholder support for its proposal to triple the Company’s authorized share count. Rather than accept this outcome, the Company adjourned the Annual Meeting and announced its intention to solicit additional votes in an effort to pass the proposal. A subsequent vote has been scheduled for a reconvened Annual Meeting on June 23, 2026.

Four Tree Island Advisory believes these results reflect a clear and unambiguous message from minority stockholders: fundamental changes are required at the Company.

In our view, stockholders have spoken decisively against entrenched governance practices, excessive compensation and value destructive capital allocation decisions. We believe it is incumbent upon the Board, particularly its independent directors, to respect this mandate rather than attempt to override it through continued solicitation efforts.

Four Tree Island Advisory is urging stockholders to continue to vote AGAINST the proposed increase in authorized shares unless and until the Company implements three critical governance and capital discipline measures:

The cancellation and rescission of the 300,000-share option grant awarded to Executive Chairman Charles Willis in November 2025. The sale of the Company’s luxury superyacht and the sale of one of the Company’s two corporate aircraft, accompanied by a binding commitment not to acquire similar assets in the future. For point of reference, no company in WLFC’s broader peer group (FTAI, AerCap and Air Lease which are 19x, 16x and 5x (at its recent acquisition price) WLFC’s market capitalization, respectively) has more than one corporate aircraft and none has a corporate luxury yacht. A formal agreement that no member of the Willis family will receive any further equity compensation for a minimum of ten years. Four Tree Island Advisory further calls on the Board – especially those designated as independent – to take immediate action to address what it believes can only be described as an egregious compensation and perquisite culture that is plaguing the Company.

We believe that continuing to ignore the will of minority stockholders and the Board’s fiduciary responsibilities risks further erosion of trust and value. We encourage all stockholders to remain engaged and to hold the Board accountable in the coming weeks and beyond subject to fundamental, positive change.

THIS COMMUNICATION IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY AND DOES NOT REQUEST OR SEEK THE POWER TO ACT AS A PROXY FOR ANY STOCKHOLDER. DO NOT SEND US YOUR PROXY CARD. FOUR TREE ISLAND ADVISORY IS NOT ASKING FOR YOUR PROXY CARD AND WILL NOT ACCEPT PROXY CARDS IF SENT. FOUR TREE ISLAND ADVISORY IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.

Contact
Four Tree Island Advisory LLC 
[email protected]
(603) 427-8053

______________________________
1 Calculated based on 7,604,821 shares outstanding less 3,768,660 shares owned by the Company’s directors & executive officers as disclosed in the Company’s proxy statement (4,128,608 reported beneficial ownership for directors & executive officers less unexercised options and performance-based awards), and assumes that the Company’s directors & executive officers voted in favor of the proposals.

MAYODAN, N.C.--(BUSINESS WIRE)--Sturm, Ruger & Company, Inc. (NYSE: RGR) (“Ruger” or the “Company”) today announced the launch of ruger.com/proxy2026, a website dedicated to hosting materials relating to the Company's 2026 Annual Meeting of Shareholders (the “Annual Meeting”). The website provides shareholders with detailed information on the recently refreshed Ruger Board, which includes five new directors who have joined over the past year. The website also includes information on the Com.

Beretta Holding has attempted to increase its stake in Sturm, Ruger & Company, the latest move in an escalating dispute between the two firearms makers.

MAYODAN, N.C.--(BUSINESS WIRE)--Sturm, Ruger & Company, Inc. (NYSE: RGR) is proud to announce the appointment of Andrew Wieland as Senior Vice President and Chief Financial Officer, following the planned transition of Tom Dineen. In this role, Mr. Wieland will lead all financial operations, including forecasting, corporate budgeting, financial reporting and evaluation of potential investment opportunities. This leadership position is central to the continued execution of Ruger's long-term p.

Malibu Boats (NASDAQ:MBUU – Get Free Report) and Sturm, Ruger & Company, Inc. (NYSE:RGR – Get Free Report) are both small-cap consumer discretionary companies, but which is the superior business? We will contrast the two companies based on the strength of their valuation, earnings, profitability, analyst recommendations, risk, institutional ownership and dividends.

Valuation and Earnings This table compares Malibu Boats and Sturm, Ruger & Company, Inc.”s gross revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Malibu Boats $819.06 million 0.59 $14.88 million $0.73 35.38 Sturm, Ruger & Company, Inc. $546.06 million 1.21 -$4.39 million ($0.28) -147.84 Malibu Boats has higher revenue and earnings than Sturm, Ruger & Company, Inc.. Sturm, Ruger & Company, Inc. is trading at a lower price-to-earnings ratio than Malibu Boats, indicating that it is currently the more affordable of the two stocks.

Analyst Recommendations This is a breakdown of recent ratings and price targets for Malibu Boats and Sturm, Ruger & Company, Inc., as provided by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Malibu Boats 1 3 1 1 2.33 Sturm, Ruger & Company, Inc. 2 0 1 0 1.67 Malibu Boats currently has a consensus price target of $32.40, suggesting a potential upside of 25.44%. Sturm, Ruger & Company, Inc. has a consensus price target of $43.00, suggesting a potential upside of 3.88%. Given Malibu Boats’ stronger consensus rating and higher probable upside, equities analysts plainly believe Malibu Boats is more favorable than Sturm, Ruger & Company, Inc..

Volatility & Risk Malibu Boats has a beta of 1.22, meaning that its share price is 22% more volatile than the S&P 500. Comparatively, Sturm, Ruger & Company, Inc. has a beta of 0.15, meaning that its share price is 85% less volatile than the S&P 500.

Insider and Institutional Ownership 91.3% of Malibu Boats shares are owned by institutional investors. Comparatively, 64.0% of Sturm, Ruger & Company, Inc. shares are owned by institutional investors. 1.2% of Malibu Boats shares are owned by company insiders. Comparatively, 4.6% of Sturm, Ruger & Company, Inc. shares are owned by company insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a stock will outperform the market over the long term.

Profitability This table compares Malibu Boats and Sturm, Ruger & Company, Inc.’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Malibu Boats 1.76% 4.25% 2.95% Sturm, Ruger & Company, Inc. -0.80% 6.93% 5.76% Summary Malibu Boats beats Sturm, Ruger & Company, Inc. on 10 of the 14 factors compared between the two stocks.

About Malibu Boats (Get Free Report)

Malibu Boats, Inc. designs, engineers, manufactures, markets, and sells a range of recreational powerboats. It operates through three segments: Malibu, Saltwater Fishing, and Cobalt. The company provides performance sport boats, and sterndrive and outboard boats under the Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes, and Cobalt brands. Its products are used for a range of recreational boating activities, including water sports, such as water skiing, wakeboarding, and wake surfing; and general recreational boating and fishing. The company sells its products through independent dealers in North America, Europe, Asia, the Middle East, South America, South Africa, and Australia/New Zealand. Malibu Boats, Inc. was founded in 1982 and is based in Loudon, Tennessee.

About Sturm, Ruger & Company, Inc. (Get Free Report)

Sturm, Ruger & Co., Inc. engages in the business of designing, manufacturing, and selling firearms to domestic customers. It operates through the Firearms and Castings segments. The Firearms segment focuses on manufacturing and selling rifles, pistols, and revolvers principally to a number of federally licensed, independent wholesale distributors. The Castings segment offers steel investment castings and metal injection molding parts. The company was founded by William B. Ruger in 1949 and is headquartered in Southport, CT.

Receive News & Ratings for Malibu Boats Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Malibu Boats and related companies with MarketBeat.com's FREE daily email newsletter.

Malibu Boats (NASDAQ:MBUU – Get Free Report) and Sturm, Ruger & Company, Inc. (NYSE:RGR – Get Free Report) are both small-cap consumer discretionary companies, but which is the superior stock? We will contrast the two businesses based on the strength of their dividends, valuation, risk, profitability, analyst recommendations, earnings and institutional ownership.

Volatility & Risk Malibu Boats has a beta of 1.22, suggesting that its stock price is 22% more volatile than the S&P 500. Comparatively, Sturm, Ruger & Company, Inc. has a beta of 0.15, suggesting that its stock price is 85% less volatile than the S&P 500.

Institutional & Insider Ownership 91.4% of Malibu Boats shares are held by institutional investors. Comparatively, 64.0% of Sturm, Ruger & Company, Inc. shares are held by institutional investors. 1.2% of Malibu Boats shares are held by company insiders. Comparatively, 4.6% of Sturm, Ruger & Company, Inc. shares are held by company insiders. Strong institutional ownership is an indication that hedge funds, endowments and large money managers believe a company is poised for long-term growth.

Valuation & Earnings This table compares Malibu Boats and Sturm, Ruger & Company, Inc.”s gross revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Malibu Boats $807.56 million 0.61 $14.88 million $0.73 36.21 Sturm, Ruger & Company, Inc. $546.06 million 1.23 -$4.39 million ($0.28) -150.96 Malibu Boats has higher revenue and earnings than Sturm, Ruger & Company, Inc.. Sturm, Ruger & Company, Inc. is trading at a lower price-to-earnings ratio than Malibu Boats, indicating that it is currently the more affordable of the two stocks.

Analyst Recommendations This is a summary of recent recommendations for Malibu Boats and Sturm, Ruger & Company, Inc., as reported by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Malibu Boats 1 3 1 1 2.33 Sturm, Ruger & Company, Inc. 2 0 1 0 1.67 Malibu Boats presently has a consensus price target of $32.40, suggesting a potential upside of 22.59%. Sturm, Ruger & Company, Inc. has a consensus price target of $43.00, suggesting a potential upside of 1.73%. Given Malibu Boats’ stronger consensus rating and higher probable upside, equities analysts plainly believe Malibu Boats is more favorable than Sturm, Ruger & Company, Inc..

Profitability This table compares Malibu Boats and Sturm, Ruger & Company, Inc.’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Malibu Boats 1.76% 4.25% 2.95% Sturm, Ruger & Company, Inc. -0.80% 6.93% 5.76% Summary Malibu Boats beats Sturm, Ruger & Company, Inc. on 10 of the 14 factors compared between the two stocks.

About Malibu Boats (Get Free Report)

Malibu Boats, Inc. designs, engineers, manufactures, markets, and sells a range of recreational powerboats. It operates through three segments: Malibu, Saltwater Fishing, and Cobalt. The company provides performance sport boats, and sterndrive and outboard boats under the Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes, and Cobalt brands. Its products are used for a range of recreational boating activities, including water sports, such as water skiing, wakeboarding, and wake surfing; and general recreational boating and fishing. The company sells its products through independent dealers in North America, Europe, Asia, the Middle East, South America, South Africa, and Australia/New Zealand. Malibu Boats, Inc. was founded in 1982 and is based in Loudon, Tennessee.

About Sturm, Ruger & Company, Inc. (Get Free Report)

Sturm, Ruger & Co., Inc. engages in the business of designing, manufacturing, and selling firearms to domestic customers. It operates through the Firearms and Castings segments. The Firearms segment focuses on manufacturing and selling rifles, pistols, and revolvers principally to a number of federally licensed, independent wholesale distributors. The Castings segment offers steel investment castings and metal injection molding parts. The company was founded by William B. Ruger in 1949 and is headquartered in Southport, CT.

Receive News & Ratings for Malibu Boats Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Malibu Boats and related companies with MarketBeat.com's FREE daily email newsletter.

VANCOUVER, BC / ACCESS Newswire / April 30, 2026 / Rio Grande Resources Ltd. (CSE:RGR)(OTCQB:RGRLF) ("Rio Grande" or "RIO" the "Company"), is pleased to announce results from its recently completed airborne magnetic and radiometric geophysical surveys conducted at its Winston Gold-Silver Project (the "Winston Project" or the "Project") located in the Black Range Mountains of Sierra County, New Mexico.

MAYODAN, N.C.--(BUSINESS WIRE)--Sturm, Ruger & Company, Inc. (NYSE: RGR) (“Ruger” or the “Company”) today announced that it has entered a Strategic Cooperation Agreement (“Agreement”) with Beretta Holding S.A. (“Beretta Holding”), the Company's largest shareholder. The Agreement reflects a shared commitment to long-term value creation, constructive engagement, and stability for Ruger's shareholders, employees, customers and industry partners. Under the terms of the Agreement, Ruger is expec.

VANCOUVER, BC / ACCESS Newswire / May 6, 2026 / Rio Grande Resources Ltd. (CSE:RGR)(OTCQB:RGRLF) ("Rio Grande" or "RIO" the "Company"), is pleased to announce a second phase of field sampling and mapping in support of planning efforts for its upcoming Phase 1 drill program at the Winston Gold-Silver Project ("Winston" or the "Project"), located in the Black Range Mountains of Sierra County, New Mexico. The field program is being carried out by Dahrouge Geological Consulting USA Ltd. ("Dahrouge") and is expected to include approximately seven days of detailed structural mapping and surface sampling during the second week of May 2026.

The upcoming fieldwork represents the next step in a systematic exploration approach following the Company's recent high-grade surface sampling results, which returned up to 41.2 g/t gold and 1,435 g/t silver from the Poverty Creek area (see news release February 19, 2026), as well as the completion of an airborne magnetic and radiometric survey that identified key structural corridors and zones of potential hydrothermal alteration across the property. The program is designed to integrate and ground-truth these datasets through detailed structural mapping and systematic sampling, with the objective of refining and prioritizing high-confidence drill targets for the Phase 1 Drill Program.

Field Program Focus and Objectives
The field program will focus on the Poverty Creek area, the Ivanhoe and Emporia patented claims, and additional target areas identified through interpretation of the recently completed airborne geophysical survey (see Figure 1). These areas were selected to follow up on previously reported high-grade surface sampling results and geophysical responses interpreted to reflect structural corridors and potential zones of hydrothermal alteration. Detailed structural mapping of vein orientations, fault systems, and alteration zones will be carried out alongside systematic sampling of in situ vein exposures.

Figure 1. Priority field target areas at the Winston Project, including Poverty Creek, Ivanhoe, and Emporia, identified through integration of surface sampling results and interpretation of airborne magnetic and radiometric data

Jason Barnard, Rio Grande's CEO commented: "This next phase of fieldwork is a key step in advancing the Winston Project toward drilling and unlocking the broader potential of the property. By integrating our recent high-grade sampling results with airborne geophysical data, we are focusing on structurally controlled targets that we believe offer strong discovery potential. This program is designed to refine and prioritize those targets, allowing us to move toward our Phase 1 Drill Program with a disciplined, data-driven approach while continuing to build value for shareholders."

Channel sampling will be the primary method used to evaluate vein continuity and grade distribution, with rock chip samples collected where channel sampling is not feasible (see Figure 2). This approach is consistent with the Company's December 2025 field program, where channel and rock chip sampling were used to evaluate exposed in situ veins, vein outcrops, subcrops, and historic workings. Data collected during the current program will be used to refine the Company's understanding of structural controls on mineralization and to finalize priority drill targets for the upcoming Phase 1 Drill Program.

Figure 2. Geologist preparing an in situ vein exposure for channel sampling during the December 2025 field program

Next Steps

The data collected during the program will be integrated with previously reported surface sampling results and the recently completed airborne geophysical survey to refine the Company's understanding of structural controls on mineralization across the property. This integrated dataset will be used to prioritize high-confidence drill targets based on structural continuity, association with known mineralization, and favorable geological characteristics ahead of the Phase 1 Drill Program.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Mr. Jacob Anderson CPG, MAusIMM, a Qualified Person as defined under National Instrument 43-101. Mr. Anderson is independent of Rio Grande Resources.

The Qualified Person has reviewed the sampling procedures, analytical methods, and results disclosed herein and is satisfied that the information has been accurately presented. Verification included a review of field procedures, sample locations, and consistency with historical records.

About Rio Grande Resources

Rio Grande Resources (CSE:RGR)(OTCQB:RGRLF) is a burgeoning mineral exploration company focused on unlocking the high-grade gold and silver potential within its 3,000-acre drill-ready property in the Black Range of Sierra County, New Mexico. The company holds 100% interest in the Winston project group, which includes the 2 patented historic Ivanhoe & Emporia Claims, and Little Granite mines, all known for their past production of high-grade precious metals. Rio Grande Resources is led by a team of experienced professionals with expertise in mineral exploration and development, who are targeting large-scale precious metal discoveries within the property's well-documented low-sulfidation epithermal setting.

To view the company fact sheet and corporate presentation, please visit our website at www.riogranderesources.ca

Contact and Information

Company
Jason Barnard, CEO and Director
(604) 767-6598
[email protected]

Follow us or contact us on social media
X: @RioGrandeRGR
LinkedIn: https://www.linkedin.com/company/rio-grande-resources-ltd/
Facebook: facebook.com/profile.php?id=61572800435230

Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented in this news release and oral statements made from time to time by representatives of the Company are or may constitute "forward-looking statements" as such term is used in applicable United States and Canadian laws and including, without limitation, within the meaning of the Private Securities Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for forward-looking statements. Such forward-looking statements and forward-looking information include, but are not limited to, the proposed benefits of the Arrangement. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect," "is expected," "anticipates" or "does not anticipate," "plans," "estimates" or "intends," or stating that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. The Company cautions that the identification of structural features or geophysical anomalies does not necessarily indicate the presence of economic mineralization, and there can be no assurance that the Company's geological interpretation or exploration objectives will result in a discovery. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, continuity of agreements with third parties, the satisfaction of the conditions to the Arrangement, risks and uncertainties associated with the environment and delays in obtaining governmental approvals, permits or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company's filings on SEDAR+. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities. Please refer to the Company's most recent filings under its profile on SEDAR+ at www.sedarplus.ca for further information respecting the risks affecting the Company and its business.

The CSE has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

SOURCE: Rio Grande Resources

Delivered First Quarter Net Sales of $141.4 Million

New Products Accounted for $51.6 Million or 41% of Firearm Sales

Earnings per Share was $0.01, Adjusted Earnings per Share was $0.27

Generated $18.8 Million of Cash from Operations

Declares Quarterly Dividend of $0.11 Per Share

MAYODAN, N.C.--(BUSINESS WIRE)--Sturm, Ruger & Company, Inc. (NYSE: RGR) (“Ruger” or the “Company”) announced today its financial results for the first quarter 2026.

First Quarter 2026 Financial Highlights

The Company achieved net sales of $141.4 million, a 4.1% increase over the $135.7 million achieved in the corresponding period in 2025. Diluted earnings were $0.01 per share compared to $0.46 per share in the corresponding period in 2025. On an adjusted basis, diluted earnings for the first quarter of 2026 were $0.27 per share compared to $0.46 per share in the corresponding period in 2025. During the first quarter, the Company incurred incremental expenses associated with negotiating a Strategic Cooperation Agreement (“Agreement”) with Beretta Holding S.A. (“Beretta Holding”) and organizational changes implemented in February. Additionally, we recorded a one-time non-recurring expense of $1.7 million or $0.07 per share not included in the adjusted earnings per share.

As announced on May 4, 2026, Ruger and Beretta Holding executed the Agreement, which reflects a shared commitment to long-term value creation, constructive engagement, and stability for Ruger’s shareholders, employees, customers and industry partners. The Company incurred legal, professional and advisory fees and other expenses totaling approximately $3.2 million related to the Agreement negotiations and other related matters during the quarter. These expenses are largely non-recurring, limited in duration and do not, in the opinion of management, relate to the underlying performance of the core business. Additional Agreement-related expenses may be incurred in the near term.

Additionally, in February, the Company executed a reduction-in-force as part of broader efforts to structurally align the organization to strategic priorities and the future operating model. These actions are consistent with the changes outlined in the 2026 Plan and, more broadly, the Ruger 2030 framework. The moves improve efficiency, enhance accountability and position the Company for long-term profitable growth. The associated severance and related expense of $2.5 million were recognized in the quarter and are not, in the opinion of management, indicative of ongoing operations.

Taken together, these two discrete items reflect actions to ensure the Company’s independence and strengthen its operational foundation, both of which are in the best long-term interests of shareholders.

As previously disclosed, the Board of Directors declared a dividend of $0.11 per share for the first quarter for shareholders of record as of May 14, 2026, payable on May 29, 2026. This dividend equates to approximately 40% of adjusted net income of $0.27 per share for the first quarter of 2026.

“Our first quarter results reflect both the strength of our underlying business and the actions we have taken to position Ruger for the future,” said Todd Seyfert, President and Chief Executive Officer. “Building on our momentum in 2025, we continue to focus on innovation, have great demand across our offerings and see encouraging signs in the market. This quarter was our fourth consecutive quarter of year-over-year sales growth as we continue to outperform the market in top-line sales."

Additional Highlights

The estimated sell-through of the Company’s products from the independent distributors to retailers in Q1 2026 increased by 3.2% from Q1 2025, exceeding a 1.6% increase in adjusted NICS during the same period. Sales of new products, including the RXM pistol, Marlin 1894 lever-action rifles, American Centerfire Rifle Generation II, Glenfield rifles, Harrier rifles, and the Ruger Red Label III Shotgun, represented $51.6 million, or 41%, of firearm sales for the quarter. New product sales include only major new products that were introduced in the past two years. Compared to the first quarter of 2025, the Company’s finished goods inventories decreased 95,800 units while distributors’ inventories decreased 26,400 units, reflecting strong retail pull through of our new products. For Q1 2026, cash generated from operations totaled $18.8 million. As of March 28, 2026, Ruger’s cash and short-term investments totaled $105.2 million. The Company’s current ratio is 3.5 to 1 and there is no debt. In the first three months of 2026, capital expenditures totaled $4.8 million. The Company expects capital expenditures to total $30 million for the year for continued investments in new product introductions, expanded capacity for product lines in greatest demand, upgraded manufacturing capabilities and strengthened facility infrastructure. In the first 3 months, the Company returned $1.3 million to its shareholders through the payment of quarterly dividends. The Company did not repurchase any shares of its common stock during the period. "While we are extremely excited about our 2026 plan and approach, we remain focused on improving our overall cost structure and profitability,” Seyfert added. “The actions we took during the quarter – both in protecting the interests of shareholders and driving cost out of the organization – are already contributing to a more focused and efficient operating model. As these temporary expenses roll off, we expect improved visibility into the underlying earnings power of the business.”

Today, the Company filed its Quarterly Report on Form 10-Q for the first quarter of 2026. The financial statements included in this Quarterly Report on Form 10-Q are attached to this press release.

The Quarterly Report on Form 10-Q for the first quarter of 2026 is available on the SEC website at SEC.gov and the Ruger website at Ruger.com/corporate. Investors are urged to read the complete Quarterly Report on Form 10-Q to ensure that they have adequate information to make informed investment judgments.

Earnings Call Information

The Company will host a webcast at 4:30pm ET today to discuss the first quarter 2026 financial results. Participants may access the live webcast via this link or by visiting Ruger.com/corporate. Those who wish to ask questions during the webcast will need to pre-register prior to the meeting.

About Sturm, Ruger & Co., Inc.

Sturm, Ruger & Co., Inc. is one of the nation's leading manufacturers of rugged, reliable firearms for the commercial sporting market. With products made in America, Ruger offers consumers almost 800 variations of 40 product lines, across the Ruger, Marlin and Glenfield brands. For over 75 years, Ruger has been a model of corporate and community responsibility. Our motto, “Arms Makers for Responsible Citizens®,” echoes our commitment to these principles as we work hard to deliver quality and innovative firearms.

Forward-Looking Statements

The Company may, from time to time, make forward-looking statements and projections concerning future expectations. Such statements are based on current expectations and are subject to certain qualifying risks and uncertainties, such as market demand, sales levels of firearms, anticipated castings sales and earnings, the need for external financing for operations or capital expenditures, the results of pending litigation against the Company, the impact of future firearms control and environmental legislation, and accounting estimates, any one or more of which could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date such forward-looking statements are made or to reflect the occurrence of subsequent unanticipated events.

This press release includes certain non-GAAP financial measures, including Adjusted EBITDA and adjusted earnings per share. These measures are not prepared in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered in isolation or as a substitute for the most directly comparable GAAP measures. Reconciliations of each non-GAAP measure to the most directly comparable GAAP measure are included in the tables accompanying this release.

STURM, RUGER & COMPANY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Dollars in thousands)

March 28, 2026

December 31, 2025

Assets

Current Assets

Cash

$

23,748

$

18,451

Short-term investments

81,420

74,082

Trade receivables, net

72,920

64,510

Gross inventories

102,850

113,166

Less LIFO reserve

(67,886

)

(67,058

)

Less excess and obsolescence reserve

(2,715

)

(3,227

)

Net inventories

32,249

42,881

Prepaid expenses and other current assets

10,741

11,680

Total Current Assets

221,078

211,604

Property, plant and equipment

511,048

506,799

Less allowances for depreciation

(431,950

)

(426,702

)

Net property, plant and equipment

79,098

80,097

Deferred income taxes

19,128

19,720

Other assets

29,807

30,576

Total Assets

$

349,111

$

341,997

STURM, RUGER & COMPANY, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Continued)

(Dollars in thousands, except per share data)

  March 28, 2026

December 31, 2025

Liabilities and Stockholders’ Equity

Current Liabilities

Trade accounts payable and accrued expenses

$

38,314

$

34,122

Contract liabilities with customers

714

-

Product liability

942

964

Employee compensation and benefits

18,597

15,023

Workers’ compensation

4,614

4,638

Total Current Liabilities

63,181

54,747

Lease liabilities

1,056

1,158

Employee compensation

1,513

2,271

Product liability accrual

61

61

Contingent liabilities

-

-

Stockholders’ Equity

Common Stock, non-voting, par value $1:

Authorized shares 50,000; none issued

-

-

Common Stock, par value $1:

Authorized shares – 40,000,000

2026 – 24,494,291 issued,

15,948,066 outstanding

2025 – 24,490,478 issued,

15,944,253 outstanding

24,494

24,490

Additional paid-in capital

56,040

55,356

Retained earnings

420,897

422,045

Less: Treasury stock – at cost

2026 – 8,546,225 shares

2025 – 8,546,225 shares

(218,131

)

(218,131

)

Total Stockholders’ Equity

283,300

283,760

Total Liabilities and Stockholders’ Equity

$

349,111

$

341,997

STURM, RUGER & COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

(Dollars in thousands, except per share data)

  Three Months Ended

March 28, 2026

March 29, 2025

Net firearms sales

$

140,896

$

135,195

Net castings sales

460

543

Total net sales

141,356

135,738

Cost of products sold

113,278

105,843

Gross profit

28,078

29,895

Operating expenses:

Selling

9,356

9,413

General and administrative

20,671

12,010

Total operating expenses

30,027

21,423

Operating (loss) income

(1,949

)

8,472

Other income:

Interest income

801

1,038

Interest expense

(22

)

(16

)

Other income, net

1,096

253

Total other income, net

1,875

1,275

(Loss) income before income taxes

(74

)

9,747

Income taxes

(202

)

1,979

Net income and comprehensive income

$

128

$

7,768

Basic earnings per share

$

0.01

$

0.47

Diluted earnings per share

$

0.01

$

0.46

Weighted average number of common shares outstanding - Basic

15,945,349

16,623,214

Weighted average number of common shares outstanding - Diluted

16,247,380

16,850,956

Cash dividends per share

$

0.08

$

0.24

STURM, RUGER & COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in thousands)

Three Months Ended

March 28, 2026

March 29, 2025

Operating Activities

Net income

$

128

$

7,768

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation and amortization

6,008

5,571

Stock-based compensation

737

1,146

Excess and obsolescence inventory reserve

(512

)

40

Gain on disposal of assets

(1

)

-

Deferred income taxes

592

(1,576

)

Changes in operating assets and liabilities:

Trade receivables

(8,410

)

(343

)

Inventories

11,144

5,740

Trade accounts payable and accrued expenses

4,116

(2,281

)

Contract liabilities with customers

714

789

Employee compensation and benefits

2,816

(5,023

)

Product liability

(22

)

(58

)

Prepaid expenses, other assets and other liabilities

1,440

(628

)

Cash provided by operating activities

18,750

11,145

Investing Activities

Property, plant and equipment additions

(4,791

)

(1,124

)

Net proceeds from the sale of assets

1

-

Purchases of short-term investments

(11,375

)

(36,288

)

Proceeds from maturities of short-term investments

4,037

39,580

Cash (used for) provided by investing activities

(12,128

)

2,168

Financing Activities

Remittance of taxes withheld from employees related to

share-based compensation

Repurchase of common stock

(49

-

)

(178

(2,991

)

)

Dividends paid

(1,276

)

(3,992

)

Cash used for financing activities

(1,325

)

(7,161

)

Increase in cash and cash equivalents

5,297

6,152

Cash and cash equivalents at beginning of period

18,451

10,028

Cash and cash equivalents at end of period

$

23,748

$

16,180

Non-GAAP Financial Performance Measures

In an effort to provide investors with additional information regarding its financial results, the Company refers to various United States generally accepted accounting principles (“GAAP”) financial measures and two supplemental non-GAAP financial performance measures, Adjusted EBITDA, Adjusted EBITDA margin, and adjusted diluted earnings per share (Adjusted EPS), which management believes provides useful information to investors. These non-GAAP financial performance measures may not be comparable to similarly titled financial performance measures being disclosed by other companies. In addition, the Company believes that these non-GAAP financial performance measures have limitations as analytical tools, and, accordingly, should be considered in addition to, and not in lieu of, GAAP financial measures. The presentation of Adjusted EBITDA should not be construed to imply that the Company’s future results will not be affected by unusual or non-recurring items.

The Company believes that Adjusted EBITDA and Adjusted EBITDA margin are useful to understanding its operating results and the ongoing performance of its underlying business, as Adjusted EBITDA assists investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its operating performance. The Company believes that this reporting provides better transparency and comparability to its operating results. The Company uses both GAAP and non-GAAP financial measures to evaluate the Company’s financial performance.

The Company defines Adjusted EBITDA as earnings before interest, taxes, and depreciation and amortization (EBITDA), as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of its ongoing operating performance, as itemized below. Specifically, the Company calculates Adjusted EBITDA by (i) adding the amount of interest expense, income tax expense, and depreciation and amortization expenses that have been deducted from net income back into net income, (ii) subtracting the amount of interest income that was included in net income from net income, (iii) subtracting income tax benefits, (iv) adding the amount of extraordinary cash and non-cash, non-operating expenses, and (v) subtracting non-recurring income or non-recurring gains that do not contribute directly to management’s evaluation of its operating results. The Company calculates Adjusted EBITDA margin by dividing Adjusted EBITDA by total net sales.

Adjusted EBITDA was $10.9 million for the three months ended March 28, 2026, a decrease of 23.9% from $14.3 million in the comparable prior year period.

The Company believes that Adjusted EPS is useful to understanding its operating results and the ongoing performance of its underlying business by identifying unusual and infrequent non-operating items that are not related to our ongoing operations and presenting our earnings independent of those items.

Non-GAAP Reconciliation – Adjusted EBITDA

Adjusted EBITDA

(Unaudited, dollars in thousands)

Three Months Ended

March 28, 2026

March 29, 2025

Net income

$

128

$

7,768

Income tax (benefit) expense

(202

)

1,979

Depreciation and amortization expense

6,008

5,571

Interest income

(801

)

(1,038

)

Interest expense

22

16

Stockholder rights costs (a)

3,200

-

Severance costs (b)

2,523

-

Adjusted EBITDA

$

10,878

$

14,296

Adjusted EBITDA margin

7.7

%

10.5

%

Net income margin

0.1

%

5.7

%

Costs incurred in engaging with Beretta Holding S.A. (“Beretta”) on, amongst other things, Beretta’s ownership of Company Common Stock, the Rights Plan, negotiations concerning potential strategic cooperation between the Company and Beretta, and in engaging a proxy solicitation firm and preparing a preliminary proxy statement associated with the 2026 Annual Meeting. Costs incurred associated with severance and related costs as part of an executed reduction-in-force as part of broader efforts to structurally align the organization to strategic priorities and the future operating model and are not indicative of ongoing operations. Non-GAAP Reconciliation – Adjusted EPS

Adjusted Diluted Earnings per Share

Adjusted diluted earnings per share is defined as (i) net income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration and related costs, divided by (ii) the weighted average diluted common stock shares outstanding.

Three Months Ended

March 28, 2026

March 29, 2025

Diluted earnings per share

$0.01

$0.46

Stockholder rights costs

0.15

-

Severance costs

0.11

-

Adjusted diluted earnings per share

$0.27

$0.46

More News From Sturm, Ruger & Company, Inc.

Todd Seyfert explains how monthslong hostility ended, and where the two storied gun makers go from here.

After reaching an important support level, Starwood Property Trust (STWD - Free Report) could be a good stock pick from a technical perspective. STWD surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.

A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.

Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.

STWD has rallied 5.8% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests STWD could be on the verge of another move higher.

The bullish case only gets stronger once investors take into account STWD's positive earnings estimate revisions. There have been 1 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.

With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on STWD for more gains in the near future.

– Quarterly GAAP Earnings of $0.13 and Distributable Earnings (DE) of $0.39 per Diluted Share –

– Invested $2.5 Billion in the Quarter and $1.5 Billion After Quarter End –

–  Dividend of $0.48 per Share for Over a Decade –

– Awarded 2025 Mortgage REIT of the Year by PERE Credit –

, /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended March 31, 2026. The Company delivered first quarter GAAP net income of $51.9 million, and Distributable Earnings (a non-GAAP financial measure) was $147.3 million.

"In a period of broad global volatility, we believe real estate and infrastructure credit is an attractive and relatively stable place to invest capital," said Barry Sternlicht, Chairman and CEO of Starwood Property Trust. "To that point, we remain active with $4.0 billion invested across our diversified portfolio year to date. As we move through 2026, we are focused on growing our earnings through disciplined origination, continued balance sheet optimization, and the best returning resolution of what we refer to as legacy assets."

"Starwood Property Trust's access to capital across multiple markets remains a defining advantage of our platform," added Jeffrey DiModica, President of Starwood Property Trust. "During the quarter, we completed our seventh infrastructure CLO at a record tight credit spread, refinanced an existing ABS transaction at meaningfully lower cost, and, subsequent to quarter-end, closed a new net lease warehouse facility at attractive terms. Our proven ability to optimize the right side of our balance sheet has allowed us to continuously invest across cylinders regardless of market environment."

Supplemental Schedules

The Company has published supplemental earnings schedules on its website in order to provide additional disclosure and financial information for the benefit of the Company's stakeholders.  Specifically, these materials can be found on the Company's website in the Investor Relations section under "Quarterly Results" at www.starwoodpropertytrust.com. 

Webcast and Conference Call Information

The Company will host a live webcast and conference call on Friday, May 8, 2026, at 10:00 a.m. Eastern Time.  To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The webcast is available at www.starwoodpropertytrust.com in the Investor Relations section of the website.  The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. 

To Participate via Telephone Conference Call:

Dial in at least 15 minutes prior to start time.
Domestic:  1-877-407-9039
International:  1-201-689-8470

Conference Call Playback:

Domestic:  1-844-512-2921
International:  1-412-317-6671
Passcode:  13758022

The playback can be accessed through May 22, 2026.

About Starwood Property Trust, Inc.

Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of March 31, 2026, the Company has successfully deployed over $117 billion of capital since inception and manages a portfolio of over $31 billion across debt and equity investments. Starwood Property Trust's investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at www.starwoodpropertytrust.com. 

Forward-Looking Statements

Statements in this press release which are not historical fact may be deemed 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 are developed by combining currently available information with our beliefs and assumptions and are generally identified by the words "believe," "expect," "anticipate" and other similar expressions.  Although Starwood Property Trust, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained.  Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, completion of pending investments and financings, continued ability to acquire additional investments, competition within the finance and real estate industries, availability of financing, and other risks detailed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as other risks and uncertainties set forth from time to time in the Company's reports filed with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained herein will in fact occur.  Except to the extent required by applicable law or regulation, we undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise.

Additional information can be found on the Company's website at www.starwoodpropertytrust.com. 

Contact:
Zachary Tanenbaum
Starwood Property Trust
Phone: 203-422-7788
Email: [email protected] 

Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations by Segment
For the three months ended March 31, 2026
(Amounts in thousands)

Commercial and

Residential

Lending

Segment

Infrastructure

Lending

Segment

Property

Segment

Investing

and Servicing

Segment

Corporate

Subtotal

Securitization

VIEs

Total

Revenues:

Interest income from loans

$               310,314

$       61,438

$        —

$       2,059

$        —

$  373,811

$           —

$  373,811

Interest income from investment securities

15,637

384

—

23,933

—

39,954

(34,516)

5,438

Servicing fees

112

—

—

51,619

—

51,731

(3,711)

48,020

Rental income

16,305

—

60,843

2,823

—

79,971

—

79,971

Other revenues

2,213

1,473

457

403

670

5,216

—

5,216

Total revenues

344,581

63,295

61,300

80,837

670

550,683

(38,227)

512,456

Costs and expenses:

Management fees

32

—

—

—

36,150

36,182

—

36,182

Interest expense

154,923

36,696

27,951

6,826

102,654

329,050

(144)

328,906

General and administrative

16,792

5,918

8,868

21,928

4,827

58,333

—

58,333

Costs of rental operations

13,216

—

7,260

2,658

—

23,134

—

23,134

Depreciation and amortization

4,237

10

28,078

1,150

251

33,726

—

33,726

Credit loss provision (reversal), net

586

(963)

—

—

—

(377)

—

(377)

Other expense

77

112

72

140

—

401

—

401

Total costs and expenses

189,863

41,773

72,229

32,702

143,882

480,449

(144)

480,305

Other income (loss):

Change in net assets related to consolidated VIEs

—

—

—

—

—

—

32,502

32,502

Change in fair value of servicing rights

—

—

—

1,004

—

1,004

(1,541)

(537)

Change in fair value of investment securities, net

451

—

—

(7,921)

—

(7,470)

7,559

89

Change in fair value of mortgage loans, net

(20,980)

—

—

8,312

—

(12,668)

—

(12,668)

Income from affordable housing fund investments

—

—

12,464

—

—

12,464

—

12,464

Earnings (loss) from unconsolidated entities

—

843

—

412

—

1,255

(437)

818

Gain on sale of investments and other assets, net

210

—

469

—

—

679

—

679

Gain (loss) on derivative financial instruments, net

16,363

89

2,276

242

(21,433)

(2,463)

—

(2,463)

Foreign currency (loss) gain, net

(6,115)

—

25

—

—

(6,090)

—

(6,090)

Loss on extinguishment of debt

—

(31)

(304)

—

—

(335)

—

(335)

Other (loss) income, net

(2,875)

51

(309)

—

—

(3,133)

—

(3,133)

Total other income (loss)

(12,946)

952

14,621

2,049

(21,433)

(16,757)

38,083

21,326

Income (loss) before income taxes

141,772

22,474

3,692

50,184

(164,645)

53,477

—

53,477

Income tax benefit (provision)

11,728

(50)

17

(7,750)

—

3,945

—

3,945

Net income (loss)

153,500

22,424

3,709

42,434

(164,645)

57,422

—

57,422

Net (income) loss  attributable to non-controlling interests

(3)

—

(6,827)

1,286

—

(5,544)

—

(5,544)

Net income (loss) attributable to Starwood Property Trust, Inc.

$               153,497

$       22,424

$    (3,118)

$      43,720

$  (164,645)

$   51,878

$           —

$   51,878

Definition of Distributable Earnings

Distributable Earnings, a non-GAAP financial measure, is used to compute the Company's incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT.  For the Company's purposes, Distributable Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company's external manager, acquisition costs for successful acquisitions, depreciation and amortization of real estate and associated intangibles, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein.  The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company's external manager and approved by a majority of the Company's independent directors.  Refer to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 for additional information regarding Distributable Earnings.

Reconciliation of Net Income to Distributable Earnings
For the three months ended March 31, 2026
(Amounts in thousands except per share data)

Commercial and

Residential

Lending

Segment

Infrastructure

Lending

Segment

Property

Segment

Investing

and Servicing

Segment

Corporate

Total

Net income (loss) attributable to Starwood Property Trust, Inc.

$           153,497

$             22,424

$            (3,118)

$            43,720

$          (164,645)

$             51,878

Add / (Deduct):

Non-controlling interests attributable to Woodstar II Class A Units

—

—

4,629

—

—

4,629

Non-controlling interests attributable to unrealized gains/losses

—

—

(1,307)

(4,745)

—

(6,052)

Non-cash equity compensation expense

3,084

752

1,995

1,425

6,738

13,994

Management incentive fee

—

—

—

—

5,567

5,567

Depreciation and amortization

4,273

—

28,574

1,192

—

34,039

Straight-line rent adjustment

—

—

(1,649)

114

—

(1,535)

Interest income adjustment for loans and securities

5,074

—

—

5,376

—

10,450

Consolidated income tax (benefit) provision associated with fair value adjustments

(11,728)

50

(17)

7,750

—

(3,945)

Other non-cash items

2

—

(82)

(406)

—

(486)

Reversal of GAAP unrealized and realized (gains) / losses on:

Loans

20,980

—

—

(8,312)

—

12,668

Credit loss provision (reversal), net

586

(963)

—

—

—

(377)

Securities

(451)

—

—

7,921

—

7,470

Woodstar Fund investments

—

—

(12,464)

—

—

(12,464)

Derivatives

(16,363)

(89)

(2,276)

(242)

21,433

2,463

Foreign currency

6,115

—

(25)

—

—

6,090

Earnings from unconsolidated entities

—

(843)

—

(412)

—

(1,255)

Sales of properties

(324)

—

(469)

—

—

(793)

Recognition of Distributable realized gains / (losses) on:

Loans

(368)

—

—

8,558

—

8,190

Securities

(86)

—

—

(5,254)

—

(5,340)

Woodstar Fund investments

—

—

18,821

—

—

18,821

Derivatives

12,635

31

(3,089)

276

(2,817)

7,036

Foreign currency

139

—

25

—

—

164

Earnings from unconsolidated entities

—

511

—

436

—

947

Sales of properties

(4,785)

—

(100)

—

—

(4,885)

Distributable Earnings (Loss)

$           172,280

$             21,873

$            29,448

$            57,397

$          (133,724)

$            147,274

Distributable Earnings (Loss) per Weighted Average Diluted Share

$              0.45

$               0.06

$              0.08

$              0.15

$             (0.35)

$               0.39

Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet by Segment
As of March 31, 2026
(Amounts in thousands)

Commercial and

Residential

Lending

Segment

Infrastructure

Lending

Segment

Property

Segment

Investing

and Servicing

Segment

Corporate

Subtotal

Securitization

VIEs

Total

Assets:

Cash and cash equivalents

$        44,239

$      125,331

$       33,521

$        6,001

$       81,193

$      290,285

$          —

$      290,285

Restricted cash

322,650

22,909

3,085

412

26,721

375,777

—

375,777

Loans held-for-investment, net

16,214,754

3,066,806

—

—

—

19,281,560

—

19,281,560

Loans held-for-sale

2,218,429

—

—

104,511

—

2,322,940

—

2,322,940

Investment securities

639,401

30,301

—

1,236,128

—

1,905,830

(1,597,627)

308,203

Properties, net

1,039,257

—

2,778,893

40,984

—

3,859,134

—

3,859,134

Investments of consolidated affordable housing fund

—

—

1,729,433

—

—

1,729,433

—

1,729,433

Investments in unconsolidated entities

8,514

58,840

—

33,316

—

100,670

(15,112)

85,558

Goodwill

—

119,409

—

140,437

—

259,846

—

259,846

Intangible assets, net

2,670

—

392,643

70,136

—

465,449

(38,794)

426,655

Derivative assets

24,074

—

—

219

7,958

32,251

—

32,251

Accrued interest receivable

168,183

8,160

—

218

847

177,408

—

177,408

Other assets

329,455

42,273

131,023

(15,547)

51,262

538,466

—

538,466

VIE assets, at fair value

—

—

—

—

—

—

32,399,812

32,399,812

Total Assets

$    21,011,626

$    3,474,029

$    5,068,598

$    1,616,815

$      167,981

$   31,339,049

$   30,748,279

$   62,087,328

Liabilities and Equity

Liabilities:

Accounts payable, accrued expenses and other liabilities

$       207,080

$       36,017

$      117,476

$       38,940

$      137,872

$      537,385

$          —

$      537,385

Related-party payable

—

—

—

—

33,708

33,708

—

33,708

Dividends payable

—

—

—

—

180,900

180,900

—

180,900

Derivative liabilities

63,970

—

—

—

15,460

79,430

—

79,430

Secured financing agreements, net

9,846,525

587,374

533,953

596,988

2,224,516

13,789,356

(19,780)

13,769,576

Securitized financing, net

1,874,602

1,809,126

1,398,169

—

—

5,081,897

—

5,081,897

Unsecured senior notes, net

—

—

—

—

4,287,646

4,287,646

—

4,287,646

VIE liabilities, at fair value

—

—

—

—

—

—

30,768,059

30,768,059

Total Liabilities

11,992,177

2,432,517

2,049,598

635,928

6,880,102

23,990,322

30,748,279

54,738,601

Temporary Equity: Redeemable non-controlling interests

—

—

357,487

—

—

357,487

—

357,487

Permanent Equity:

Starwood Property Trust, Inc. Stockholders' Equity:

Common stock

—

—

—

—

3,793

3,793

—

3,793

Additional paid-in capital

2,122,871

665,085

381,367

(941,857)

4,747,155

6,974,621

—

6,974,621

Treasury stock

—

—

—

—

(157,958)

(157,958)

—

(157,958)

Retained earnings (accumulated deficit)

6,885,579

376,427

2,074,321

1,802,916

(11,305,111)

(165,868)

—

(165,868)

Accumulated other comprehensive income

10,881

—

—

—

—

10,881

—

10,881

Total Starwood Property Trust, Inc. Stockholders' Equity

9,019,331

1,041,512

2,455,688

861,059

(6,712,121)

6,665,469

—

6,665,469

Non-controlling interests in consolidated subsidiaries

118

—

205,825

119,828

—

325,771

—

325,771

Total Permanent Equity

9,019,449

1,041,512

2,661,513

980,887

(6,712,121)

6,991,240

—

6,991,240

Total Liabilities and Equity

$    21,011,626

$    3,474,029

$    5,068,598

$    1,616,815

$      167,981

$   31,339,049

$   30,748,279

$   62,087,328

SOURCE Starwood Property Trust, Inc.

Starwood Property Trust, Inc. (STWD) Q1 2026 Earnings Call Transcript