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DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NYSE: PRIM) (“Primoris” or the “Company”) today announced it will report second quarter 2026 financial results on Tuesday, August 4, 2026, after market close. The Company's press release will be available on the Primoris website at www.prim.com. In conjunction with the press release, management will host a conference call and webcast on Wednesday, August 5, 2026, at 9:00 a.m. U.S. Central Time (10:00 a.m. U.S. Eastern Time), to discuss the.

- Deliveries of 2,506 Homes Generating $927.2 Million in Total Revenues -

- Net New Home Contracts of 2,615 -

- Ending Community Count Increased Sequentially to 330, a Company Record -

- Net Income of $36.1 Million, or $1.26 Per Diluted Share -

- Book Value Per Share of $90.24, a Company Record -

, /PRNewswire/ -- Century Communities, Inc. (NYSE: CCS), one of the nation's largest homebuilders, today announced financial results for its second quarter ended June 30, 2026.

Second Quarter 2026 Highlights

Net income of $36.1 million, or $1.26 per diluted share Adjusted net income of $37.3 million, or $1.30 per diluted share Total revenues of $927.2 million Community count of 330, a Company record Deliveries of 2,506 homes Net new home contracts of 2,615 Homebuilding gross margin of 18.1% Adjusted homebuilding gross margin of 20.0% Repurchased 352,811 shares of common stock for $19.6 million "We delivered strong second quarter results despite continued headwinds from macro challenges and weak consumer sentiment, with earnings per diluted share of $1.26 increasing by 11% on a year-over-year basis and 50% sequentially," said Dale Francescon, Executive Chairman. "We continued to invest in our business and ended the quarter with 330 open communities, a Company record. Our balance sheet remains strong with $2.6 billion of stockholders' equity and $802 million of liquidity, and we repurchased 352,811 shares of our common stock for $19.6 million at a 38% discount to our Company record book value per share of $90.24 while maintaining our quarterly cash dividend of $0.32 per share and continuing to position Century for future growth."

Rob Francescon, Chief Executive Officer and President, said, "Our deliveries of 2,506 homes grew by 25% on a sequential basis and exceeded our guidance on stronger order activity, with our net orders of 2,615 homes increasing by 3% on a year-over-year basis and 10% sequentially. Our net orders were relatively stable throughout the quarter, with our traffic posting a sequential gain of 9% in the second quarter. Our adjusted homebuilding gross margin of 20.0% increased by 30 basis points on a sequential basis, benefitting from lower incentives and direct costs as we controlled our costs and inventory levels."

Second Quarter 2026 Results

Net income for the second quarter 2026 was $36.1 million, or $1.26 per diluted share. Adjusted net income was $37.3 million, or $1.30 per diluted share.

Total revenues were $927.2 million, with second quarter home sales revenues totaling $897.5 million. Deliveries totaled 2,506 homes. The average sales price of home deliveries for the second quarter 2026 was $358,200.

Net new home contracts in the second quarter 2026 were 2,615, and at the end of the second quarter 2026, the Company had 1,264 homes in backlog, representing $469.3 million of backlog dollar value.

Adjusted homebuilding gross margin percentage, excluding interest and purchase price accounting, was 20.0% in the second quarter of 2026, and homebuilding gross margin was 18.1%. Selling, general, and administrative expenses as a percent of home sales revenues was 14.2% in the quarter. Adjusted EBITDA and EBITDA for the second quarter 2026 were $78.2 million and $71.0 million, respectively.

Financial services revenues and pre-tax income were $25.4 million and $9.9 million, respectively, in the second quarter 2026.

Balance Sheet and Liquidity

The Company ended the second quarter 2026 with a strong financial position, including $2.6 billion of stockholders' equity and $802.4 million of total liquidity, including $132.0 million of cash, including cash equivalents and cash held in escrow.

Book value per share was $90.24, a Company record, as of June 30, 2026.

During the second quarter, consistent with Century's disciplined capital allocation approach to enhance the long-term value of the Company and return capital to our stockholders, Century maintained its quarterly cash dividend of $0.32 per share and repurchased 352,811 shares of common stock for $19.6 million.

As of June 30, 2026, homebuilding debt to capital equaled 34.2% and net homebuilding debt to net capital equaled 31.9%.

Full Year 2026 Outlook

Scott Dixon, Chief Financial Officer of the Company, commented, "We are raising the midpoint and low end of our full year 2026 home delivery guidance to be in the range of 9,750 to 10,500 homes, with our home sales revenues expected to be in the range of $3.5 billion to $3.8 billion."

Webcast and Conference Call

The Company will host a webcast and conference call on Wednesday, July 22, 2026, at 5:00 p.m. Eastern time, 3:00 p.m. Mountain time, to review the Company's second quarter 2026 results, provide commentary, and conduct a question-and-answer session. To participate in the call, please dial 833-461-5787 (domestic) or 585-542-9983 (international) and enter the conference ID 338 306 020. The live webcast will be available at www.centurycommunities.com in the Investors section. A replay of the webcast will be available on the Company's website for at least one year.

About Century Communities

Century Communities, Inc. (NYSE: CCS) is one of the nation's largest homebuilders and a recognized industry leader in online home sales. Newsweek has named the Company one of America's Most Trustworthy Companies for three consecutive years, and Century Communities has also been designated as one of U.S. News & World Report's Best Companies to Work For (2025-2026). Through its Century Communities and Century Complete brands, Century's mission is to build attractive, high-quality homes at affordable prices to provide its valued customers with A HOME FOR EVERY DREAM®. Century is engaged in all aspects of homebuilding — including the acquisition, entitlement and development of land, along with the construction, innovative marketing and sale of quality homes designed to appeal to a wide range of homebuyers. The Company operates in 16 states and over 45 markets across the U.S., and also offers mortgage, title, insurance brokerage, and escrow services in select markets through its Inspire Home Loans, Parkway Title, IHL Home Insurance Agency, and IHL Escrow subsidiaries. To learn more about Century Communities, please visit www.centurycommunities.com.

Non-GAAP Financial Measures

In addition to the Company's operating results presented in accordance with United States generally accepted accounting principles (GAAP), this press release includes the following non-GAAP financial measures: adjusted net income, adjusted diluted earnings per share, adjusted homebuilding gross margin, EBITDA, adjusted EBITDA, and ratio of net homebuilding debt to net capital. These non-GAAP financial measures should not be used as a substitute for the Company's operating results presented in accordance with GAAP, and an analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. Please refer to the reconciliation of each of the above referenced non-GAAP financial measures following the historical financial information presented in this press release.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and assumptions. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "intend," "estimate," "plan," "continue," "will," "may," "should," "potential," "guidance" and "outlook" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements in this release include the Company's operating and financial guidance for 2026, including anticipated home deliveries and home sales revenues. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on historical information available at the time the statements are made and are based on management's reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company's control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. The following important factors could cause actual results to differ materially from those expressed in the forward-looking statements: changes in general economic conditions, including interest rates, inflation, and employment levels; consumer confidence and affordability concerns; the impact of geopolitical conflicts including in the Middle East, tariffs and increased costs, immigration reform and enforcement, global supply chain disruptions, labor, land and raw material or other resource shortages and delays, and municipal and utility delays on the Company's business, industry and the broader economy; the availability and cost of financing; home incentive levels; the ability to identify and acquire desirable land and dispose of land when appropriate; availability and pricing for land, labor and raw materials and other resources; reliance on contractors and key personnel; the effect of competition; risks associated with the Company's mortgage lending business and increased use of adjustable-rate mortgages; risks associated with the Company's multi-family rental businesses; future impairment and restructuring charges; the effect of tax changes; the effect of recent federal housing legislation; and the other factors included in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law.

Century Communities, Inc.

Consolidated Statements of Operations

(Unaudited)

(in thousands, except share and per share amounts)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenues

Homebuilding Revenues

Home sales revenues

$

897,528

$

976,467

$

1,631,634

$

1,860,204

Land sales and other revenues

4,255

483

37,426

1,445

Total homebuilding revenues

901,783

976,950

1,669,060

1,861,649

Financial services revenues

25,444

23,774

47,840

42,308

Total revenues

927,227

1,000,724

1,716,900

1,903,957

Homebuilding Cost of Revenues

Cost of home sales revenues

(735,368)

(804,522)

(1,338,659)

(1,512,437)

Cost of land sales and other revenues

(1,678)

(69)

(24,249)

(897)

Total homebuilding cost of revenues

(737,046)

(804,591)

(1,362,908)

(1,513,334)

Financial services costs

(15,548)

(17,550)

(30,299)

(33,724)

Selling, general, and administrative expense

(127,416)

(128,837)

(243,498)

(249,596)

Other income (expense), net

1,851

(2,663)

2,204

(7,702)

Income before income tax expense

49,068

47,083

82,399

99,601

Income tax expense

(12,920)

(12,229)

(21,842)

(25,363)

Net income

$

36,148

$

34,854

$

60,557

$

74,238

Earnings per share:

Basic

$

1.26

$

1.15

$

2.09

$

2.43

Diluted

$

1.26

$

1.14

$

2.09

$

2.40

Weighted average common shares outstanding:

Basic

28,637,901

30,366,109

28,912,225

30,582,376

Diluted

28,653,398

30,680,708

28,933,927

30,912,086

Century Communities, Inc.

Consolidated Balance Sheets

(in thousands, except share amounts)

June 30,

December 31,

2026

2025

Assets

(unaudited)

(audited)

Cash and cash equivalents

$

92,334

$

109,443

Cash held in escrow

39,709

48,571

Accounts receivable

64,824

57,242

Inventories

3,598,982

3,361,158

Mortgage loans held for sale

233,347

299,145

Prepaid expenses and other assets

511,559

435,683

Property and equipment, net

73,090

69,368

Deferred tax assets, net

36,317

38,176

Goodwill

41,109

41,109

Total assets

$

4,691,271

$

4,459,895

Liabilities and stockholders' equity

Liabilities:

Accounts payable

$

151,298

$

114,416

Accrued expenses and other liabilities

290,348

310,602

Notes payable

1,121,745

1,102,376

Revolving line of credit

329,600

51,500

Mortgage repurchase facilities

232,529

289,269

Total liabilities

2,125,520

1,868,163

Stockholders' equity:

Preferred stock, $0.01 par value, 50,000,000 shares authorized, none outstanding

—

—

Common stock, $0.01 par value, 100,000,000 shares authorized, 28,432,620 and 29,050,515 shares issued
and outstanding at June 30, 2026 and December 31, 2025, respectively

284

291

Additional paid-in capital

318,276

385,962

Retained earnings

2,247,191

2,205,479

Total stockholders' equity

2,565,751

2,591,732

Total liabilities and stockholders' equity

$

4,691,271

$

4,459,895

Century Communities, Inc.

Homebuilding Operational Data

(Unaudited)

Net New Home Contracts

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

West

309

323

(4.3)

%

645

715

(9.8)

%

Mountain

440

336

31.0

%

866

798

8.5

%

Texas

568

504

12.7

%

1,041

1,003

3.8

%

Southeast

386

384

0.5

%

745

771

(3.4)

%

Century Complete

912

999

(8.7)

%

1,697

1,951

(13.0)

%

Total

2,615

2,546

2.7

%

4,994

5,238

(4.7)

%

New Home Deliveries

(dollars in thousands)

Three Months Ended June 30,

2026

2025

% Change

Homes

Average Sales
Price

Homes

Average Sales

Price

Homes

Average Sales
Price

West

322

$

568.9

335

$

602.5

(3.9)

%

(5.6)

%

Mountain

416

476.5

396

521.0

5.1

%

(8.5)

%

Texas

527

290.8

501

294.2

5.2

%

(1.2)

%

Southeast

362

383.2

401

429.9

(9.7)

%

(10.9)

%

Century Complete

879

255.1

954

260.5

(7.9)

%

(2.1)

%

Total / Weighted Average

2,506

$

358.2

2,587

$

377.5

(3.1)

%

(5.1)

%

Six Months Ended June 30,

2026

2025

% Change

Homes

Average Sales
Price

Homes

Average Sales

Price

Homes

Average Sales

Price

West

599

$

568.8

638

$

601.0

(6.1)

%

(5.4)

%

Mountain

760

471.5

825

522.6

(7.9)

%

(9.8)

%

Texas

898

288.3

958

296.5

(6.3)

%

(2.8)

%

Southeast

677

388.2

704

435.7

(3.8)

%

(10.9)

%

Century Complete

1,585

259.3

1,746

260.5

(9.2)

%

(0.5)

%

Total / Weighted Average

4,519

$

361.1

4,871

$

381.9

(7.2)

%

(5.4)

%

Century Communities, Inc.

Homebuilding Operational Data

(Unaudited)

 Selling Communities

As of June 30,

Increase/Decrease

2026

2025

Amount

% Change

West

40

36

4

11.1

%

Mountain

53

51

2

3.9

%

Texas

89

75

14

18.7

%

Southeast

36

43

(7)

(16.3)

%

Century Complete

112

122

(10)

(8.2)

%

Total

330

327

3

0.9

%

Backlog

(dollars in thousands)

As of June 30,

2026

2025

% Change

Homes

Dollar Value

Average Sales

Price

Homes

Dollar Value

Average Sales

Price

Homes

Dollar Value

Average Sales

Price

West

165

$

94,173

$

570.7

236

$

142,012

$

601.7

(30.1)

%

(33.7)

%

(5.2)

%

Mountain

214

110,273

515.3

122

66,572

545.7

75.4

%

65.6

%

(5.6)

%

Texas

279

83,386

298.9

222

67,939

306.0

25.7

%

22.7

%

(2.3)

%

Southeast

168

71,714

426.9

174

75,720

435.2

(3.4)

%

(5.3)

%

(1.9)

%

Century Complete

438

109,726

250.5

463

113,747

245.7

(5.4)

%

(3.5)

%

2.0

%

Total / Weighted Average

1,264

$

469,272

$

371.3

1,217

$

465,990

$

382.9

3.9

%

0.7

%

(3.0)

%

Lot Inventory

As of June 30,

2026

2025

% Change

Owned

Controlled

Total

Owned

Controlled

Total

Owned

Controlled

Total

West

3,546

2,488

6,034

3,948

3,097

7,045

(10.2)

%

(19.7)

%

(14.4)

%

Mountain

7,491

2,203

9,694

8,905

1,344

10,249

(15.9)

%

63.9

%

(5.4)

%

Texas

13,725

2,981

16,706

14,900

5,493

20,393

(7.9)

%

(45.7)

%

(18.1)

%

Southeast

4,864

6,247

11,111

5,095

8,392

13,487

(4.5)

%

(25.6)

%

(17.6)

%

Century Complete

4,055

12,528

16,583

4,571

12,956

17,527

(11.3)

%

(3.3)

%

(5.4)

%

Total

33,681

26,447

60,128

37,419

31,282

68,701

(10.0)

%

(15.5)

%

(12.5)

%

% of Total

56.0 %

44.0 %

100.0 %

54.5 %

45.5 %

100.0 %

 Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Adjusted net income and adjusted diluted earnings per share ("Adjusted EPS") are non-GAAP financial measures that the Company believes are useful to management, investors and other users of its financial information in evaluating its operating results and understanding its operating trends without the effect of specified factors that management believes affect comparability. The Company believes excluding specified factors that management believes affect comparability provides more comparable assessment of its financial results from period to period. The Company defines adjusted net income as consolidated net income before (i) income tax expense; (ii) inventory impairment; (iii) abandonment of lot option contracts; (iv) restructuring costs; (v) loss on debt extinguishment; (vi) impairment on other investment; and (vii) purchase price accounting for acquired work in process inventory; in each case, as applicable during a period, less adjusted income tax expense, calculated using the Company's estimated annual effective tax rate after discrete items for the applicable period. Adjusted EPS is calculated by dividing adjusted net income by weighted average common shares – diluted.

Adjusted Net Income and Adjusted Diluted Earnings Per Share

(in thousands, except share and per share amounts)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Numerator

Net income

$

36,148

$

34,854

$

60,557

$

74,238

Denominator

Weighted average common shares outstanding - basic

28,637,901

30,366,109

28,912,225

30,582,376

Dilutive effect of stock-based compensation awards

15,497

314,599

21,702

329,710

Weighted average common shares outstanding - diluted

28,653,398

30,680,708

28,933,927

30,912,086

Earnings per share:

Basic

$

1.26

$

1.15

$

2.09

$

2.43

Diluted

$

1.26

$

1.14

$

2.09

$

2.40

Adjusted earnings per share

Numerator

Net income

$

36,148

$

34,854

$

60,557

$

74,238

Income tax expense

12,920

12,229

21,842

25,363

Income before income tax expense

49,068

47,083

82,399

99,601

Inventory impairment

—

7,360

—

7,771

Abandonment of lot option contracts(1)

1,125

2,642

2,079

4,148

Restructuring costs

—

—

—

1,505

Purchase price accounting for acquired work in process inventory

613

2,041

1,301

3,933

Adjusted income before income tax expense

50,806

59,126

85,779

116,958

Adjusted income tax expense(2)

(13,467)

(15,056)

(22,738)

(29,783)

Adjusted net income

$

37,339

$

44,070

$

63,041

$

87,175

Denominator - Diluted

28,653,398

30,680,708

28,933,927

30,912,086

Adjusted diluted earnings per share

$

1.30

$

1.44

$

2.18

$

2.82

(1)

Beginning in the third quarter of 2025, the Company added "Abandonment of lot option contracts" as an adjustment in its non-GAAP adjusted net income calculation. Accordingly, the corresponding prior period information has been recast to conform to the current presentation and calculation.

(2)

The tax rates used in calculating adjusted net income for the three and six months ended June 30, 2026 were each 26.5%, respectively, which are reflective of our GAAP tax rates for the six months ended June 30, 2026. The tax rates used in calculating adjusted net income for the three and six months ended June 30, 2025 were each 25.5%, respectively, which are reflective of our GAAP tax rates for the six months ended June 30, 2025.

Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Adjusted homebuilding gross margin excluding inventory impairment (if applicable), interest in cost of home sales revenues, and purchase price accounting for acquired work in process inventory (if applicable), is not a measurement of financial performance under GAAP; however, the Company's management believes that this information is meaningful as it isolates the impact that inventory impairment, indebtedness, and acquisitions have on homebuilding gross margin and permits the Company's stockholders to make better comparisons with the Company's competitors, who adjust gross margins in a similar fashion.  This non-GAAP financial measure should not be used as a substitute for the Company's GAAP operating results.  An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP.

Adjusted Homebuilding Gross Margin (in thousands)

Three Months Ended June 30,

2026

%

2025

%

Home sales revenues

$

897,528

100.0

%

$

976,467

100.0

%

Cost of home sales revenues(1)

(735,368)

(81.9)

%

(804,522)

(82.4)

%

Homebuilding gross margin

162,160

18.1

%

171,945

17.6

%

Add: Inventory impairment

—

—

%

7,360

0.8

%

Adjusted homebuilding gross margin excluding inventory impairment

162,160

18.1

%

179,305

18.4

%

Add: Interest in cost of home sales revenues

16,342

1.8

%

14,204

1.5

%

Add: Purchase price accounting for acquired work in process inventory

613

0.1

%

2,041

0.2

%

Adjusted homebuilding gross margin excluding interest, inventory impairment
and purchase price accounting for acquired work in process inventory

$

179,115

20.0

%

$

195,550

20.0

%

Six Months Ended June 30,

2026

%

2025

%

Home sales revenues

$

1,631,634

100.0

%

$

1,860,204

100.0

%

Cost of home sales revenues(1)

(1,338,659)

(82.0)

%

(1,512,437)

(81.3)

%

Homebuilding gross margin

292,975

18.0

%

347,767

18.7

%

Add: Inventory impairment

—

—

%

7,771

0.4

%

Adjusted homebuilding gross margin excluding inventory impairment

292,975

18.0

%

355,538

19.1

%

Add: Interest in cost of home sales revenues

29,512

1.8

%

26,989

1.5

%

Add: Purchase price accounting for acquired work in process inventory

1,301

0.1

%

3,933

0.2

%

Adjusted homebuilding gross margin excluding interest, inventory impairment

and purchase price accounting for acquired work in process inventory

$

323,788

19.8

%

$

386,460

20.8

%

(1)

Beginning in the fourth quarter of 2025, inventory impairment was reclassified to be included in cost of home sales revenues in the Company's consolidated statements of operations rather than presented as a separate line item and prior year amounts have been reclassified to conform to this presentation.

Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

EBITDA and Adjusted EBITDA

EBITDA and adjusted EBITDA are non-GAAP financial measures the Company uses as supplemental measures in evaluating operating performance. The Company defines EBITDA as net income before (i) income tax expense, (ii) interest in cost of home sales revenues, (iii) other interest expense (income), and (iv) depreciation and amortization expense. The Company defines adjusted EBITDA as EBITDA before inventory impairment, abandonment of lot option contracts, stock-based compensation expense, restructuring costs, loss on debt extinguishment, impairment on other investment, and purchase price accounting for acquired work in process inventory, in each case as applicable during a period. The Company believes EBITDA and adjusted EBITDA provide an indicator of general economic performance that is not affected by fluctuations in interest rates or effective tax rates, levels of depreciation or amortization, and other specified factors that management believes affect comparability. Accordingly, the Company's management believes that these measurements are useful for comparing general operating performance from period to period. EBITDA and adjusted EBITDA should be considered in addition to, and not as a substitute for, consolidated net income in accordance with GAAP as a measure of performance. The presentation of adjusted EBITDA should not be construed as an indication that the Company's future results will be unaffected by unusual or other specified factors that management believes affect comparability. Each of EBITDA and adjusted EBITDA is limited as an analytical tool, and should not be considered in isolation or as a substitute for analysis of the Company's results of operations as reported under GAAP.

(in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

Net income

$

36,148

$

34,854

3.7

%

$

60,557

$

74,238

(18.4)

%

Income tax expense

12,920

12,229

5.7

%

21,842

25,363

(13.9)

%

Interest in cost of home sales revenues

16,342

14,204

15.1

%

29,512

26,989

9.3

%

Interest expense (income)

218

(1,229)

(117.7)

%

387

(431)

(189.8)

%

Depreciation and amortization expense

5,389

6,434

(16.2)

%

10,741

12,862

(16.5)

%

EBITDA

$

71,017

$

66,492

6.8

%

$

123,039

$

139,021

(11.5)

%

Inventory impairment

—

7,360

(100.0)

%

—

7,771

(100.0)

%

Abandonment of lot option contracts (1)

1,125

2,642

(57.4)

%

2,079

4,148

(49.9)

%

Stock-based compensation expense (2)

5,400

7,941

(32.0)

%

7,180

8,233

(12.8)

%

Restructuring costs

—

—

—

%

—

1,505

(100.0)

%

Purchase price accounting for acquired work in process inventory

613

2,041

(70.0)

%

1,301

3,933

(66.9)

%

Adjusted EBITDA

$

78,155

$

86,476

(9.6)

%

$

133,599

$

164,611

(18.8)

%

(1)

Beginning in the third quarter of 2025, the Company added "Abandonment of lot option contracts" as an adjustment in its non-GAAP adjusted EBITDA calculation. Accordingly, the corresponding prior period information has been recast to conform to the current presentation and calculation.

(2)

Beginning in the fourth quarter of 2025, the Company added "Stock-based compensation expense" as an adjustment in its non-GAAP adjusted EBITDA calculation. Accordingly, the corresponding prior period information has been recast to conform to the current presentation and calculation.

Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Ratio of Net Homebuilding Debt to Net Capital

The following table presents the Company's ratio of net homebuilding debt to net capital, which is a non-GAAP financial measure.  The Company calculates this by dividing net homebuilding debt (homebuilding debt less cash and cash equivalents, and cash held in escrow) by net capital (net homebuilding debt plus total stockholders' equity). Homebuilding debt is total debt minus outstanding borrowings under construction loan agreement and mortgage repurchase facilities. The most directly comparable GAAP measure is the ratio of homebuilding debt to capital. The Company believes the ratio of net homebuilding debt to net capital is a relevant and useful financial measure to investors in understanding the leverage employed in its operations and as an indicator of the Company's ability to obtain external financing.

(in thousands)

June 30,

December 31,

2026

2025

Notes payable

$

1,121,745

$

1,102,376

Revolving line of credit

329,600

51,500

Construction loan agreements

(118,982)

(90,269)

Total homebuilding debt

1,332,363

1,063,607

Total stockholders' equity

2,565,751

2,591,732

Total capital

$

3,898,114

$

3,655,339

Homebuilding debt to capital

34.2 %

29.1 %

Total homebuilding debt

$

1,332,363

$

1,063,607

Cash and cash equivalents

(92,334)

(109,443)

Cash held in escrow

(39,709)

(48,571)

Net homebuilding debt

1,200,320

905,593

Total stockholders' equity

2,565,751

2,591,732

Net capital

$

3,766,071

$

3,497,325

Net homebuilding debt to net capital

31.9 %

25.9 %

Contact Information: 
Tyler Langton, Senior Vice President of Investor Relations and Finance
303-268-8345
[email protected]

Category: 
Earnings

SOURCE Century Communities, Inc.

, /PRNewswire/ -- ONE Gas has released its 2026 Sustainability Report, highlighting the company's commitment to delivering affordable, reliable and safe natural gas while investing in system integrity, reducing emissions and supporting employees, customers and communities across Kansas, Oklahoma and Texas. The annual report highlights progress, projects and milestones from January 1, 2025, through December 31, 2025, unless noted otherwise.

"At ONE Gas, we're proud to deliver affordable, reliable natural gas to the customers we serve," said Robert S. McAnnally, chief executive officer of ONE Gas. "This report highlights how we meet today's energy needs while continuing to invest in the future, with a focus on safety, environmental stewardship, our employees and the communities we call home."

Sustainability Report Highlights

Safety and System Integrity
Safety remains ONE Gas' top Core Value. In 2025, the American Gas Association recognized ONE Gas with a Safety Achievement Award for the ninth consecutive year, reflecting the company's strong safety performance among similarly sized natural gas distribution companies. ONE Gas also replaced more than 400 miles of distribution mains, service lines and transmission lines to improve safety and reduce fugitive emissions. Environmental Stewardship
ONE Gas continued to make progress toward its 2035 goal to reduce Scope 1 emissions due to leaks from its distribution pipeline system by 55%, measured from an estimated 2005 baseline and accounting for projected system growth. As of Dec. 31, 2025, the company achieved an estimated 53% reduction. In 2025, ONE Gas also issued 26,477 energy efficiency rebates totaling approximately $14.1 million, helping customers reduce energy use and avoid an estimated 40,840 metric tons of CO2e emissions. Social Commitment
ONE Gas' commitment to service extends to employees, customers and communities. Employee engagement increased for the ninth consecutive year, with 91% of employees participating in the 2025 Gallup engagement survey and the company again ranking in the top quartile of Gallup's Overall Company Database. ONE Gas employees, retirees, family and friends also contributed more than 10,575 volunteer hours, while ONE Gas Foundation grants and community investments totaled $3.2 million across Kansas, Oklahoma and Texas. For a comprehensive look at ONE Gas' 2026 Sustainability Report, visit www.onegas.com

About ONE Gas
ONE Gas, Inc. (NYSE: OGS) is a 100% regulated natural gas utility, and trades on the New York Stock Exchange under the symbol "OGS." ONE Gas is included in the S&P MidCap 400 Index and is one of the largest natural gas utilities in the United States.

Headquartered in Tulsa, Oklahoma, ONE Gas provides a reliable and affordable energy choice to more than 2.3 million customers in Kansas, Oklahoma and Texas. Its divisions include Kansas Gas Service, the largest natural gas distributor in Kansas; Oklahoma Natural Gas, the largest in Oklahoma; and Texas Gas Service, the third largest in Texas, in terms of customers. 

For more information and the latest news about ONE Gas, visit onegas.com and follow its social channels: X, Facebook, LinkedIn and YouTube.

Media Contact:
Leah Harper
Phone: 918-947-7123
[email protected]

SOURCE ONE Gas, Inc.

HOUSTON--(BUSINESS WIRE)--Oceaneering Reports Second Quarter 2026 Results -- Strong second quarter.

BRENTWOOD, Tenn.--(BUSINESS WIRE)--Delek Logistics Partners, LP (NYSE: DKL) (“Delek Logistics”) today declared its quarterly cash distribution for the second quarter 2026 of $1.135 per common limited partner unit, or $4.54 per common limited partner unit on an annualized basis. The second quarter 2026 cash distribution is payable on August 10, 2026, to unitholders of record on August 3, 2026. About Delek Logistics Partners, LP Delek Logistics is a midstream energy master limited partnership hea.

New York, New York--(Newsfile Corp. - July 22, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Badger Meter, Inc. (NYSE: BMI) between April 18, 2024 and April 16, 2026, inclusive (the "Class Period"), of the important August 3, 2026 lead plaintiff deadline.

SO WHAT: If you purchased Badger Meter common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Badger Meter class action, go to https://rosenlegal.com/cases/badger-meter-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 3, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and misleading statements concerning the drivers of Badger Meter's "record" financial results, demand for Badger Meter's products, and its prospects for continued growth. During the Class Period, defendants told investors that Badger Meter's strong financial results reflected "ongoing favorable industry trends," "secular growth drivers," and "solid operating execution." They likewise touted "strong" demand and said they were seeing "robust order pacing and a strong bid pipeline that positions us well for continued sales and earnings growth," and that Badger Meter possessed a "long runway" for growth.

According to the lawsuit, these statements were materially false and misleading. In truth, Badger Meter's financial results during the Class Period were at least partially attributable to Badger Meter's practice of pulling-forward customer orders to recognize revenue early, which concealed weakening demand and deteriorating near-term order trends. This practice also depleted revenue otherwise available for future periods, ultimately causing the disappointing financial results Badger Meter later reported. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Badger Meter class action, go to https://rosenlegal.com/cases/badger-meter-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306132

Source: The Rosen Law Firm PA

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Raymond James Financial reported a rise in third-quarter profit on Wednesday, ​helped by strong performance in ‌its capital markets unit.

Range Resources Corporation (RRC) Q2 2026 Earnings Call Transcript

RENO, Nev.--(BUSINESS WIRE)--U-Haul Holding Company (NYSE: UHAL, UHAL.B), the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, plans to report its first quarter fiscal 2027 financial results after the close of market trading on Wednesday, August 5, 2026. The Company is scheduled to conduct its first quarter investor conference call and webcast at 8 a.m. Arizona Time (11 a.m. ET) on Thursday, August 6, 2026. Li.

– Total Revenue Increased 21% and Core Revenue* Grew 10% over the Prior-Year Period –
– Total Written Premium increased 14% to $1.34 billion over the Prior-Year Period –
– Net Income of $17.0 million versus Net Income of $8.3 million a year ago –
– Adjusted EBITDA* up 30% over Prior-Year Period to $37.9 million –
– Policies in force growth accelerated to 15% from 14% in the Prior Quarter –

WESTLAKE, Texas, July 22, 2026 (GLOBE NEWSWIRE) -- Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced results for the second quarter ended June 30, 2026.

Second Quarter 2026 Highlights

Total Revenues grew 21% over the prior-year period to $113.4 million in the second quarter of 2026Second quarter Core Revenues* of $95.6 million increased 10% over the prior-year periodSecond quarter net income of $17.0 million increased from net income of $8.3 million a year agoEPS of $0.42 per share increased 106% and Adjusted EPS* of $0.64 per share increased 32%, over the prior-year periodNet income margin for the second quarter was 15%Adjusted EBITDA* of $37.9 million increased 30% from $29.2 million in the prior-year periodAdjusted EBITDA Margin* increased 2 percentage points over the prior-year period to 33%Total written premiums placed for the second quarter increased 14% over the prior-year period to $1.34 billionPolicies in force grew 15% from the prior-year period to approximately 2.1 millionCorporate agent headcount of 583 increased 22% compared to the prior-year periodTotal franchise producers of 2,190 increased 5% from the prior-year period *Core Revenue, Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Core Revenue to total revenues, Adjusted EPS to basic earnings per share and Adjusted EBITDA to net income, the most directly comparable financial measures presented in accordance with GAAP, are set forth in the reconciliation table accompanying this release.

“Today we are proud to announce our second quarter results which reflect accelerating momentum across our entire business,” said Mark Miller, CEO. “We delivered strong new business growth in every channel while improving client retention, accelerating premium and policy in force growth rates, and increasing productivity. Our distribution force is healthier than ever, our technology continues to evolve at a significant pace, and the product market is more favorable than it has been in years. We believe Goosehead is well-positioned for continued durable growth and profitability.”

Second Quarter 2026 Results
For the second quarter of 2026, total revenues were $113.4 million, an increase of 21% compared to the corresponding period in 2025. Core Revenues, a non-GAAP measure which excludes contingent commissions, initial franchise fees, interest income, and other franchise revenues, were $95.6 million, a 10% increase from $86.8 million in the prior-year period. Core Revenues are the most reliable revenue stream for the Company, consisting of New Business Commissions, Agency Fees, New Business Royalty Fees, Renewal Commissions, and Renewal Royalty Fees. Core Revenue growth was driven primarily by more policies in their renewal term, supported by an 86% Client Retention rate, and by more new policies placed, driven by growth in the number of Corporate and Franchise sales agents and improved Franchise productivity. This was partially offset by the prior-year recognition of $3.0 million of Renewal Commissions and $1.0 million of Renewal Royalty Fees tied to the release of a constraint on variable consideration for policies placed in earlier periods. The Company grew total written premiums, which we consider to be the leading indicator of future revenue growth, by 14% in the second quarter compared to the corresponding period in prior year.

Total operating expenses for the second quarter of 2026 were $86.8 million, up from $78.4 million in the prior-year period. Adjusted total operating expenses* for the second quarter of 2026 were $75.4 million, up 16% from $64.9 million in the prior-year period. Employee compensation and benefits increased to $54.3 million from $50.4 million in the prior-year period. Adjusted employee compensation and benefits* increased to $49.6 million from $44.4 million in the prior-year period. The increases were primarily due to investments in corporate producers and technology functions. Equity-based compensation decreased to $4.8 million for the period, compared to $6.0 million in the prior-year period. General and administrative expenses increased to $28.4 million from $24.6 million in the prior-year period. Adjusted general and administrative expenses*, increased to $25.4 million from $20.0 million primarily due to investments in technology and professional services to drive growth and continue to improve the client experience. Bad debt expense of $0.5 million decreased compared to the prior-year period.

Net income in the second quarter of 2026 was $17.0 million versus net income of $8.3 million in the prior-year period. Earnings per share and Net Income Margin for the second quarter of 2026 were $0.42 and 15%, respectively. Adjusted EPS* for the second quarter of 2026 was $0.64 per share. Total Adjusted EBITDA* was $37.9 million for the second quarter of 2026 compared to $29.2 million in the prior-year period. Adjusted EBITDA Margin* of 33% increased 2 percentage points in the quarter.
*Adjusted total operating expenses, adjusted employee compensation and benefits, adjusted general and administrative expenses, adjusted EPS, adjusted EBITDA, and adjusted EBITDA Margin are non-GAAP measures. For the definition and reconciliation of each non-GAAP measure, see “Reconciliation of Non-GAAP Measures to GAAP” below.

Liquidity and Capital Resources
As of June 30, 2026, the Company had cash and cash equivalents of $23.7 million. We have a line of credit of $75.0 million, of which $26.0 million was drawn as of June 30, 2026. Total outstanding notes payable was $323.0 million as of June 30, 2026. During the quarter ended June 30, 2026, the Company repurchased and retired 95 thousand shares at an average share price of $40.95. As of June 30, 2026, $144.6 million remained available under the share repurchase authorization.

2026 Outlook
We have increased our guidance for the full year 2026 as follows:

Total revenues are now expected to grow organically between 12% and 19%.Total written premiums are expected to grow between 12% and 20%. Conference Call Information
Goosehead will host a conference call and webcast today at 4:30 PM ET to discuss these results.

To access the call by phone, participants should go to this link (registration link), and you will be provided with the dial in details.

In addition, a live webcast of the conference call will also be available on Goosehead’s investor relations website at http://ir.gooseheadinsurance.com.

A webcast replay of the call will be available at http://ir.gooseheadinsurance.com for one year following the call.

About Goosehead
Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 200 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.

Forward-Looking Statements
This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Goosehead’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Goosehead’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.

Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, conditions impacting insurance carriers or other parties with which Goosehead does business, the loss of one or more key executives or an inability to attract and retain qualified personnel and the failure to attract and retain highly qualified franchisees. These risks and uncertainties also include, but are not limited to, those described under the captions “1A. Risk Factors” in Goosehead’s Annual Report on Form 10-K for the year ended December 31, 2025 and in Goosehead’s other filings with the SEC, which are available free of charge on the Securities Exchange Commission's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Goosehead or to persons acting on behalf of Goosehead are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Goosehead does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.

Contacts
Investor Contacts:
Maddie Middleton
Goosehead Insurance - Senior Director of Investor Relations
Phone: (972) 800-1993
Email: [email protected]; [email protected]

PR Contact:
Mission North for Goosehead Insurance
Email: [email protected]; [email protected]

     Goosehead Insurance, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
       Three Months Ended
June 30, Six Months Ended
June 30,   2026   2025   2026   2025 Revenues:        Commissions and agency fees $49,455  $38,076  $88,140  $67,499 Franchise revenues  63,839   55,772   118,113   101,744 Interest income  95   179   212   368 Total revenues  113,389   94,027   206,465   169,611 Operating Expenses:        Employee compensation and benefits  54,328   50,388   104,855   98,722 General and administrative expenses  28,420   24,647   52,389   42,206 Bad debts  504   550   877   957 Depreciation and amortization  3,545   2,782   6,757   5,452 Total operating expenses  86,797   78,367   164,878   147,337 Income from operations  26,592   15,660   41,587   22,274 Other Income:        Interest expense  (5,714)  (6,303)  (11,186)  (12,126)Other income  260   815   527   983 Income before taxes  21,138   10,172   30,928   11,131 Tax expense  4,124   1,889   5,869   202 Net Income  17,014   8,283   25,059   10,929 Less: net income attributable to noncontrolling interests  6,949   3,133   10,105   3,437 Net Income attributable to Goosehead Insurance, Inc. $10,065  $5,150  $14,954  $7,492 Earnings per share:        Basic $0.42  $0.20  $0.62  $0.30 Diluted $0.41  $0.18  $0.60  $0.27 Weighted average shares of Class A common stock outstanding:        Basic  23,718   25,216   23,992   25,005 Diluted  35,710   38,553   36,173   38,542       Goosehead Insurance, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
       Three Months Ended
June 30, Six Months Ended
June 30,   2026   2025   2026   2025 Revenues:        Core Revenue:        Renewal Commissions(1) $21,034  $23,119  $39,196  $40,071 Renewal Royalty Fees(2)  52,507   45,381   96,101   82,625 New Business Commissions(1)  9,613   7,559   17,065   13,314 New Business Royalty Fees(2)  9,396   7,820   17,282   14,749 Agency Fees(1)  3,083   2,906   5,468   5,146 Total Core Revenue  95,633   86,785   175,112   155,905 Cost Recovery Revenue:        Initial Franchise Fees(2)  1,360   1,247   2,969   2,589 Interest Income  95   179   212   368 Total Cost Recovery Revenue  1,455   1,426   3,181   2,957 Ancillary Revenue:        Contingent Commissions(1)  15,725   4,492   26,411   8,968 Other Franchise Revenues(2)  576   1,324   1,761   1,781 Total Ancillary Revenue  16,301   5,816   28,172   10,749 Total Revenues  113,389   94,027   206,465   169,611 Adjusted Operating Expenses:        Adjusted employee compensation and benefits  49,572   44,372   93,882   86,470 Adjusted general and administrative expenses  25,365   19,953   49,334   37,512 Bad debts  504   550   877   957  Adjusted Total Operating Expenses  75,441   64,875   144,093   124,939 Adjusted EBITDA  37,948   29,152   62,372   44,672 Adjusted EBITDA Margin  33%  31%  30%  26%         Interest expense  (5,714)  (6,303)  (11,186)  (12,126)Depreciation and amortization  (3,545)  (2,782)  (6,757)  (5,452)Tax expense  (4,124)  (1,889)  (5,869)  (202)Equity-based compensation  (4,756)  (6,016)  (10,973)  (12,253)Impairment and other gains and losses  —   (4,694)  —   (4,694)Contract termination costs  (3,055)  —   (3,055)  — Other income  260   815   527   983 Net Income $17,014  $8,283  $25,059  $10,929 Net Income Margin  15%  9%  12%  6% (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in "Commissions and agency fees" as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q.
(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in "Franchise revenues" as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q.

     Goosehead Insurance, Inc.
Condensed Consolidated Balance Sheets
(Unaudited) 
(In thousands, except par value amounts)
       June 30, December 31,   2026   2025 Assets    Current Assets:    Cash and cash equivalents $23,655  $34,390 Restricted cash  3,830   3,547 Commissions and agency fees receivable, net  24,726   36,613 Receivable from franchisees, net  18,531   11,141 Prepaid expenses  14,616   7,552 Total current assets  85,358   93,243 Receivable from franchisees, net of current portion  1,650   2,936 Property and equipment, net of accumulated depreciation  21,766   21,549 Right-of-use asset  31,264   34,087 Intangible assets, net of accumulated amortization  48,364   39,700 Deferred income taxes, net  209,795   216,371 Other assets  8,645   6,978 Total assets $406,842  $414,864 Liabilities and Stockholders’ Equity    Current Liabilities:    Accounts payable and accrued expenses $30,115  $33,629 Premiums payable  3,830   3,547 Lease liability  9,305   8,666 Contract liabilities  2,790   3,241 Note payable  2,993   2,993 Liabilities under tax receivable agreement  6,237   6,237 Total current liabilities  55,270   58,313 Lease liability, net of current portion  46,160   51,168 Note payable, net of current portion  314,379   289,461 Contract liabilities, net of current portion  11,289   13,025 Liabilities under tax receivable agreement, net of current portion  168,275   165,685 Total liabilities  595,373   577,652 Class A common stock, $0.01 par value per share - 300,000 shares authorized, 23,803 shares issued and outstanding as of June 30, 2026, 24,653 shares issued and outstanding as of December 31, 2025  238   247 Class B common stock, $0.01 par value per share - 50,000 shares authorized, 11,713 issued and outstanding as of June 30, 2026, 11,935 shares issued and outstanding as of December 31, 2025  117   119 Additional paid in capital  5,645   37,486 Accumulated deficit  (118,402)  (133,356)Total stockholders' equity  (112,402)  (95,504)Noncontrolling interests  (76,129)  (67,284)Total equity  (188,531)  (162,788)Total liabilities and equity $406,842  $414,864           Goosehead Insurance, Inc.
Reconciliation of Non-GAAP Measures to GAAP

This release includes certain financial performance measures that are not required by, nor presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The Company refers to these measures as “non-GAAP financial measures.” The Company uses these non-GAAP financial measures when planning, monitoring and evaluating its performance and considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax position, depreciation, amortization and certain other items that the Company believes are not representative of its core business. The Company uses these non-GAAP financial measures for business planning purposes and in measuring its performance relative to that of its competitors.

These non-GAAP financial measures are defined by the Company as follows:

"Core Revenue" is a supplemental measure of our performance and includes Renewal Commissions, Renewal Royalty Fees, New Business Commissions, New Business Royalty Fees, and Agency Fees. We believe that Core Revenue is an appropriate measure of operating performance because it summarizes all of our revenues from sales of individual insurance policies."Cost Recovery Revenue" is a supplemental measure of our performance and includes Initial Franchise Fees and Interest Income. We believe that Cost Recovery Revenue is an appropriate measure of operating performance because it summarizes revenues that are viewed by management as cost recovery mechanisms."Ancillary Revenue" is a supplemental measure of our performance and includes Contingent Commissions and Other Franchise Revenues. We believe that Ancillary Revenue is an appropriate measure of operating performance because it summarizes revenues that are ancillary to our core business."Adjusted EBITDA" is a supplemental measure of the Company's performance. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of items that do not relate to business performance. Adjusted EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation and amortization, adjusted to exclude equity-based compensation, impairment and other gains and losses, contract termination costs, and other non-operating items, including, among other things, certain non-cash charges and certain non-recurring or non-operating gains or losses."Adjusted EBITDA Margin" is Adjusted EBITDA as defined above, divided by total revenue. Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level."Adjusted EPS" is a supplemental measure of our performance, defined as earnings per share (the most directly comparable GAAP measure) before non-recurring or non-operating income and expenses. Adjusted EPS is a useful measure to management and our investors because it eliminates the impact of items that do not relate to business performance and helps measure our profitability on a consolidated level.“Adjusted total operating expenses” is defined as Total operating expenses (the most directly comparable GAAP measure) before equity-based compensation, depreciation and amortization, impairment and other gains and losses, and contract termination costs. This measure is useful to management and our investors as it eliminates the impact of certain non-cash and non-recurring charges.“Adjusted employee compensation and benefits” is defined as Employee compensation and benefits (the most directly comparable GAAP measure) before equity-based compensation. This measure is useful to management and our investors as it eliminates the impact of certain non-cash compensation charges.“Adjusted general and administrative expenses” is defined as general and administrative expenses (the most directly comparable GAAP measure) before impairment and other gains and losses and contract termination costs. This measure is useful to management and our investors as it eliminates the impact of certain non-cash and non-recurring charges. While the Company believes that these non-GAAP financial measures are useful in evaluating its business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues, net income, or earnings per share, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in the Company’s industry, may calculate such measures differently, which reduces their usefulness as comparative measures.

The following tables show a reconciliation from total revenues to Core Revenue, Cost Recovery Revenue, and Ancillary Revenue (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):

 Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025Total Revenues$113,389 $94,027 $206,465 $169,611        Core Revenue:       Renewal Commissions(1)$21,034 $23,119 $39,196 $40,071Renewal Royalty Fees(2) 52,507  45,381  96,101  82,625New Business Commissions(1) 9,613  7,559  17,065  13,314New Business Royalty Fees(2) 9,396  7,820  17,282  14,749Agency Fees(1) 3,083  2,906  5,468  5,146Total Core Revenue 95,633  86,785  175,112  155,905Cost Recovery Revenue:       Initial Franchise Fees(2) 1,360  1,247  2,969  2,589Interest Income 95  179  212  368Total Cost Recovery Revenue 1,455  1,426  3,181  2,957Ancillary Revenue:       Contingent Commissions(1) 15,725  4,492  26,411  8,968Other Franchise Revenues(2) 576  1,324  1,761  1,781Total Ancillary Revenue 16,301  5,816  28,172  10,749Total Revenues$113,389 $94,027 $206,465 $169,611 (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in "Commissions and agency fees" as shown on the Condensed Consolidated Statements of Operations.
(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in "Franchise revenues" as shown on the Condensed Consolidated Statements of Operations.

The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA Margin (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):

  Three Months Ended
June 30, Six Months Ended
June 30,   2026   2025   2026   2025 Net Income $17,014  $8,283  $25,059  $10,929 Interest expense  5,714   6,303   11,186   12,126 Depreciation and amortization  3,545   2,782   6,757   5,452 Tax expense  4,124   1,889   5,869   202 Equity-based compensation  4,756   6,016   10,973   12,253 Impairment and other gains and losses  —   4,694   —   4,694 Contract termination costs  3,055   —   3,055   — Other income  (260)  (815)  (527)  (983)Adjusted EBITDA $37,948  $29,152  $62,372  $44,672 Net Income Margin(1)  15%  9%  12%  6%Adjusted EBITDA Margin(2)  33%  31%  30%  26% (1) Net Income Margin is calculated as Net Income divided by Total Revenue: ($17,014/$113,389) and ($8,283/$94,027) for the three months ended June 30, 2026 and 2025, respectively. Net Income Margin is calculated as Net Income divided by Total Revenue ($25,059/$206,465) and ($10,929/$169,611) for the six months ended June 30, 2026 and 2025, respectively.
(2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue: ($37,948/$113,389), and ($29,152/$94,027) for the three months ended June 30, 2026 and 2025, respectively. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($62,372/$206,465), and ($44,672/$169,611) for the six months ended June 30, 2026 and 2025, respectively.

The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025:

  Three Months Ended
June 30, Six Months Ended
June 30,  2026 2025 2026 2025Earnings per share - basic (GAAP) $0.42 $0.20 $0.62 $0.30Add: equity-based compensation(1)  0.13  0.16  0.31  0.33Add: impairment and other gains and losses(2)  —  0.13  —  0.13Add: contract termination costs(3)  0.09  —  0.09  —Adjusted EPS (non-GAAP) $0.64 $0.49 $1.02 $0.76 (1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares: [$4.8 million/(23.7 million + 11.8 million)] and [$6.0 million/ (25.2 million + 12.3 million)] for the three months ended June 30, 2026 and 2025, respectively. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares: [$11.0 million/ (24.0 million + 11.9 million)] and [$12.3 million/(25.0 million + 12.5 million)] for the six months ended June 30, 2026 and 2025, respectively.
(2) Calculated as impairment and other gains and losses divided by sum of weighted average Class A and Class B shares [$4.7 million/(25.2 million + 12.3 million)] for the three months ended June 30, 2025 and [$4.7 million/(25.0 million + 12.5 million)] for the six months ended June 30, 2025. No impairment and other gains and losses were recorded for the three and six months ended June 30, 2026.
(3) Calculated as contract termination costs divided by sum of weighted average Class A and Class B shares [$3.1 million/(23.7 million + 11.8 million)] for the three months ended June 30, 2026 and [$3.1 million/(24.0 million + 11.9 million)] for the six months ended June 30, 2026. No contract termination costs were recorded for the three and six months ended June 30, 2025.

The following table shows a reconciliation of total operating expenses to adjusted total operating expenses (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):

  Three Months Ended
June 30, Six Months Ended
June 30,   2026   2025   2026   2025 Total operating expenses $86,797  $78,367  $164,878  $147,337 Less: Depreciation and amortization  (3,545)  (2,782)  (6,757)  (5,452)Less: Equity-based compensation  (4,756)  (6,016)  (10,973)  (12,253)Less: Impairment and other gains and losses  —   (4,694)  —   (4,694)Less: Contract termination costs  (3,055)  —   (3,055)  — Adjusted total operating expenses $75,441  $64,875  $144,093  $124,938                   The following table shows a reconciliation of employee compensation and benefits to adjusted employee compensation and benefits (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):

  Three Months Ended
June 30, Six Months Ended
June 30,   2026   2025   2026   2025 Employee compensation and benefits $54,328  $50,388  $104,855  $98,722 Less: Equity-based compensation  (4,756)  (6,016)  (10,973)  (12,253)Adjusted employee compensation and benefits $49,572  $44,372  $93,882  $86,469                   The following table shows a reconciliation of general and administrative expenses to adjusted general and administrative expenses (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):

  Three Months Ended
June 30, Six Months Ended
June 30,   2026   2025   2026   2025 General and administrative expenses $28,420  $24,647  $52,389  $42,206 Less: Impairment and other gains and losses  —   (4,694)  —   (4,694)Less: Contract termination costs  (3,055)  —   (3,055)  — Adjusted general and administrative expenses $25,365  $19,953  $49,334  $37,512                   Goosehead Insurance, Inc.
Key Performance Indicators

  June 30, 2026 December 31, 2025 June 30, 2025Corporate sales agents < 1 year tenured  323   261   282 Corporate sales agents > 1 year tenured  260   228   197 Operating franchises < 1 year tenured  69   87   95 Operating franchises > 1 year tenured  829   922   980 Franchise Producers < 1 Year  607   545   532 Franchise Producers > 1 Year  1,583   1,568   1,553 Total Franchise Producers  2,190   2,113   2,085 QTD Corporate Agent Productivity < 1 Year (1) $18,936  $13,728  $18,612 QTD Corporate Agent Productivity > 1 Year (1) $27,907  $22,735  $30,709 QTD Franchise Productivity < 1 Year (2) $30,253  $16,101  $17,837 QTD Franchise Productivity > 1 Year (2) $48,042  $34,413  $36,287 Policies in Force (in thousands)  2,053   1,900   1,793 Client Retention  86%  85%  84%Premium Retention  88%  90%  95%QTD Written Premium (in thousands) $1,335,338  $1,090,130  $1,175,909 Customer Satisfaction Score (CSAT) (3)  4.1   —   —  (1) - Corporate Productivity is New Business Production per Agent (Corporate): The New Business Revenue collected related to corporate sales, divided by the average number of full-time corporate sales agents for the same period. This calculation excludes interns, part-time sales agents and partial full-time equivalent sales managers.

(2) - Franchise Productivity is New Business Production per Agency: The gross commissions paid by Carriers and Agency Fees received related to policies in their first term sold by franchise sales agents, prior to paying Royalty Fees to the Company, divided by the average number of franchises for the same period.

(3) CSAT: Customer Satisfaction Score; the average of all client responses to a single survey question asking clients to rate their most recent interaction with us on a scale of 1 to 5, where 5 is most satisfied and 1 is least satisfied. The current period reflects all responses from October 1, 2025 through the end of the current period. It will be presented on a trailing twelve-month basis beginning with the period ending September 30, 2026.

July 22, 2026 17:15 ET  | Source: Home BancShares, Inc.

CONWAY, Ark., July 22, 2026 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB), parent company of Centennial Bank, today announced that its Board of Directors has declared a regular $0.23 per share quarterly cash dividend payable September 2, 2026, to shareholders of record August 12, 2026. This cash dividend represents a $0.02, or 9.5%, increase over the $0.21 cash dividend paid during the second quarter of 2026 and a $0.03, or 15.0%, increase over the $0.20 cash dividend paid during the third quarter of 2025.

"A strong capital foundation is one of the key advantages of our franchise and provides us with the flexibility to invest in the future of the Company while rewarding our shareholders. Our consistent peer-leading profitability and performance metrics have enabled us to build capital, support growth, and return value to shareholders. This dividend increase reflects our confidence in the long-term earnings power of Home BancShares and our continued commitment to delivering value to those who have invested in our success," said John Allison, Chairman.

Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, Tennessee, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.”

FOR MORE INFORMATION CONTACT:
Donna Townsell
Senior Executive Vice President &
   Director of Investor Relations
(501) 328-4625

SAN DIEGO--(BUSINESS WIRE)--Maravai LifeSciences, Inc. (Maravai) (NASDAQ: MRVI), a global provider of life science reagents and services to researchers and biotech innovators, plans to announce its second quarter financial and operating results after the market close on Thursday, August 6, 2026, and will host a conference call and webcast on the same day at 2:00 p.m. PT/ 5:00 p.m. ET. To participate in the conference call by telephone, dial 1-800-579-2543 or 1-785-424-1789 and reference Maravai.

Continued Strong Performance

, /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and six months ended June 30, 2026. All per share results are reported on a fully diluted basis unless otherwise noted.

FINANCIAL RESULTS

($ in millions, except per share data)

Quarters Ended June 30,

2026

2025

$ Change

% Change (1)

Net Income per Common Share

$     0.50

$     0.42

$       0.08

19.1 %

Funds from Operations ("FFO") per Common Share and OP Unit

$     0.77

$     0.69

$       0.08

11.7 %

Normalized Funds from Operations ("Normalized FFO") per Common Share and OP Unit

$     0.74

$     0.69

$       0.05

7.7 %

Six Months Ended June 30,

2026

2025

$ Change

% Change (1)

Net Income per Common Share

$     1.05

$     0.99

$       0.06

6.6 %

FFO per Common Share and OP Unit

$     1.60

$     1.52

$       0.08

5.1 %

Normalized FFO per Common Share and OP Unit

$     1.58

$     1.52

$       0.06

3.6 %

_____________________

1.

Calculations prepared using actual results without rounding.

Operations Update

Normalized FFO per Common Share and OP Unit for the quarter ended June 30, 2026 was $0.74, representing a 7.7% increase compared to the same period in 2025, performing above the midpoint of our previous guidance range of $0.69 to $0.75. Core Portfolio operations for the quarter ended June 30, 2026 generated 6.5% growth in income from property operations, excluding property management. These results reflect outperformance of our guidance for Core property operating revenues, Core property operating expenses, excluding property management, and Core income from property operations, excluding property management. Normalized FFO for the six months ended June 30, 2026 was $1.58 per Common Share and OP Unit, representing a 3.6% increase compared to the same period in 2025. For the six months ended June 30, 2026, Core property operating revenues increased 4.3%, Core property operating expenses, excluding property management, increased 2.3% and Core income from property operations, excluding property management, increased 5.7%, each as compared to the same period in 2025.

MH

Core MH base rental income for the quarter ended June 30, 2026 increased 5.8% compared to the same period in 2025. Occupied sites increased by 13 sites and new and used home sales totaled 235 during the quarter ended June 30, 2026. Core MH base rental income for the six months ended June 30, 2026 increased 5.7% compared to the same period in 2025. Occupied sites increased by 67 sites and new and used home sales totaled 463 during the six months ended June 30, 2026.

RV and Marina

Core RV and marina base rental income for the quarter ended June 30, 2026 increased 1.8% compared to the same period in 2025. Core RV and marina annual base rental income increased 5.4% for the quarter ended June 30, 2026 compared to the same period in 2025. Core RV and marina base rental income for the six months ended June 30, 2026 increased 0.1% compared to the same period in 2025. Core RV and marina annual base rental income increased 4.8% for the six months ended June 30, 2026 compared to the same period in 2025.

Property Operating Expenses

Core property operating expenses, excluding property management, for the quarter ended June 30, 2026 increased 2.9% compared to the same period in 2025. For the six months ended June 30, 2026, Core property operating expenses, excluding property management, increased 2.3% compared to the same period in 2025.

Guidance Update

Third quarter and full year 2026 guidance presented below represent management's estimate of a range of possible outcomes. The midpoint of the ranges reflect management's estimate of the most likely outcome based on our current view of existing market conditions and assumptions. Actual results could vary materially from management's estimate if any of our assumptions are incorrect. See Forward-Looking Statements in this press release for factors impacting our 2026 guidance assumptions. See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for additional information.

($ in millions, except per share data)

2026

Third Quarter

Full Year

Net Income per Common Share

$0.48 to $0.54

$2.05 to $2.15

FFO per Common Share and OP Unit

$0.76 to $0.82

$3.15 to $3.25

Normalized FFO per Common Share and OP Unit

$0.76 to $0.82

$3.13 to $3.23

2025 Actual

2026 Growth Rates

Core Portfolio:

Third Quarter

Full Year

Third Quarter

Full Year

MH base rental income

$            188.0

$        748.6

5.3% to 5.9%

5.2% to 6.2%

RV and marina base rental income (1)

$            110.8

$        427.5

1.4% to 2.0%

1.1% to 2.1%

Property operating revenues

$            358.8

$      1,405.6

3.9% to 4.5%

3.9% to 4.9%

Property operating expenses, excluding property management

$            155.0

$        583.5

0.7% to 1.3%

1.6% to 2.6%

Income from property operations, excluding property management

$            203.8

$        822.2

6.3% to 6.9%

5.5% to 6.5%

2026 Full Year

Non-Core Income from property operations, excluding property management

$8.7 to $12.7

Property management and general administrative

$119.8 to $125.8

Interest and related amortization

$134.3 to $140.3

Full Year 2026 Guidance Update Compared to Prior 2026 Guidance (2)

Prior Full Year 2026
Guidance Midpoint (2)

Updated Full Year 2026
Guidance Midpoint

Normalized FFO per Common Share and OP Unit

$3.17

$3.18

Core Portfolio Growth Rates:

MH base rental income

5.6 %

5.7 %

RV and marina base rental income (1)

2.4 %

1.6 %

Property operating revenues

4.5 %

4.4 %

Property operating expenses, excluding property management

2.7 %

2.1 %

Income from property operations, excluding property management

5.7 %

6.0 %

______________________

1.

Core RV and marina annual base rental income represents approximately 73.2% and 75.4% of third quarter 2026 and full year 2026 RV and marina base rental income guidance, respectively. Core RV and marina annual base rental income third quarter 2026 growth rate range is 4.6% to 5.2% and the full year 2026 growth rate range is 4.3% to 5.3%. Our guidance provided on April 21, 2026 factored in a Core RV and marina annual base rental income growth rate range of 4.2% to 5.2% for full year 2026.

2.

Prior guidance issued on April 21, 2026.

About Equity LifeStyle Properties

We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of June 30, 2026, we own or have an interest in 453 properties in 35 states and British Columbia consisting of 173,559 sites.

For additional information, please contact our Investor Relations Department at (800) 247-5279 or at [email protected]. 

Conference Call

A live audio webcast of our conference call discussing these results will take place tomorrow, Thursday, July 23, 2026, at 11:00 a.m. Central Time. Please visit the Investor Relations section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.

Forward-Looking Statements

In addition to historical information, this press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "estimate," "guidance," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, including our guidance concerning Net Income, FFO and Normalized FFO per share data, and certain growth rates, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of material weaknesses, if any, in our internal control over financial reporting. For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.

Supplemental Financial Information

Financial Highlights (1)(2)

(In millions, except Common Shares and OP Units outstanding and per share and ratio data, unaudited)

As of and for the Quarters Ended

June 30,
2026

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

June 30,
2025

Operating Information

Total revenues

$ 397.8

$ 397.6

$ 373.9

$ 393.3

$ 376.9

Consolidated net income

$   99.5

$ 111.5

$ 103.8

$ 100.4

$   83.5

Net income available for Common Stockholders

$   96.3

$ 107.9

$ 100.5

$   97.1

$   79.7

Adjusted EBITDAre

$ 182.6

$ 201.1

$ 189.6

$ 183.3

$ 170.0

FFO available for Common Stock and OP Unit holders

$ 154.5

$ 166.1

$ 156.7

$ 154.1

$ 138.3

Normalized FFO available for Common Stock and OP Unit holders

$ 148.3

$ 167.3

$ 157.6

$ 150.5

$ 137.7

Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders

$ 121.6

$ 149.1

$ 131.7

$ 124.2

$ 115.2

Common Shares and OP Units Outstanding (In thousands) and Per Share Data

Common Shares and OP Units, end of the period

200,405

200,377

200,284

200,278

200,272

Weighted average Common Shares and OP Units outstanding - Fully Diluted

200,209

200,176

200,162

200,126

200,095

Net Income per Common Share - Fully Diluted (3)

$   0.50

$   0.56

$   0.52

$   0.50

$   0.42

FFO per Common Share and OP Unit - Fully Diluted

$   0.77

$   0.83

$   0.78

$   0.77

$   0.69

Normalized FFO per Common Share and OP Unit - Fully Diluted

$   0.74

$   0.84

$   0.79

$   0.75

$   0.69

Dividends per Common Share

$ 0.5425

$ 0.5425

$ 0.5150

$ 0.5150

$ 0.5150

Balance Sheet

Total assets

$ 5,801

$ 5,749

$ 5,745

$ 5,747

$ 5,721

Total liabilities

$ 3,984

$ 3,928

$ 3,931

$ 3,935

$ 3,908

Market Capitalization

Total debt (4)

$ 3,336

$ 3,314

$ 3,346

$ 3,302

$ 3,273

Total market capitalization (5)

$ 16,252

$ 15,822

$ 15,485

$ 15,459

$ 15,624

Ratios

Total debt / total market capitalization

20.5 %

20.9 %

21.6 %

21.4 %

20.9 %

Total debt / Adjusted EBITDAre (6)

4.4

4.5

4.5

4.5

4.5

Interest coverage (7)

5.6

5.6

5.7

5.8

5.6

Fixed charges (8)

5.6

5.6

5.7

5.7

5.5

____________________

1.

See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for definitions of fixed charges, FFO, Normalized FFO, FAD, Income from property operations excluding property management, EBITDAre, Adjusted EBITDAre, and a reconciliation of Consolidated net income to Income from property operations.

2.

See page 6 for a reconciliation of Net income available for Common Stockholders to Non-GAAP financial measures FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.

3.

Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.

4.

Excludes Deferred financing costs, net of approximately $22.5 million as of June 30, 2026.

5.

See page 14 for the calculation of market capitalization as of June 30, 2026.

6.

Calculated using trailing twelve months Adjusted EBITDAre.

7.

Calculated by dividing trailing twelve months Adjusted EBITDAre by the interest expense incurred during the same period.

8.

Calculated by dividing trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.

Consolidated Balance Sheets

(In thousands, except share and per share data)

June 30, 2026

December 31, 2025

(unaudited)

Assets

Investment in real estate:

Land 

$          2,104,661

$          2,088,174

Land improvements 

4,927,773

4,784,223

Buildings and other depreciable property 

1,380,544

1,306,317

8,412,978

8,178,714

Accumulated depreciation

(2,941,941)

(2,838,344)

Net investment in real estate (1)

5,471,037

5,340,370

Cash and restricted cash

35,629

26,132

Notes receivable, net (1)

31,003

93,358

Investment in unconsolidated joint ventures (1)

40,304

85,041

Deferred commission expense

57,374

58,149

Other assets, net

165,328

142,343

Total Assets

$          5,800,675

$          5,745,393

Liabilities and Equity

Liabilities:

Mortgage notes payable, net

$          2,747,378

$          2,779,158

Term loans, net

437,863

437,455

Unsecured line of credit

127,500

105,000

Accounts payable and other liabilities

182,135

152,536

Deferred membership revenue

217,419

221,498

Accrued interest payable

10,889

11,333

Rents and other customer payments received in advance and security deposits

152,166

120,441

Distributions payable

108,720

103,146

Total Liabilities

3,984,070

3,930,567

Equity:

Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; none issued and outstanding

—

—

Common stock, $0.01 par value, 600,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 193,972,195 and 193,835,561 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

1,988

1,988

Paid-in capital

1,984,545

1,981,540

Distributions in excess of accumulated earnings

(231,263)

(225,045)

Accumulated other comprehensive income/(loss)

2,900

(2,208)

Total Stockholders' Equity

1,758,170

1,756,275

Non-controlling interests – Common OP Units

58,435

58,551

Total Equity

1,816,605

1,814,826

Total Liabilities and Equity

$          5,800,675

$          5,745,393

______________________

1.

On April 30, 2026, we acquired the remaining 20% ownership interests in certain RVC joint ventures for cash consideration of $4.4 million, which resulted in the consolidation of seven RV properties and one land parcel. As of June 30, 2026, the impact of consolidation resulted in an increase of $102.9 million in Net investment in real estate and decreases of $56.1 million in Notes receivable, net and $42.5 million in Investment in unconsolidated joint ventures, as compared to December 31, 2025.

Consolidated Statements of Income

(In thousands, unaudited)

Quarters Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Revenues:

Rental income

$    330,430

$    313,287

$    669,476

$    640,493

Annual membership subscriptions

18,819

16,902

37,118

33,244

Membership upgrade revenue

3,120

3,120

6,240

6,172

Other income

15,252

16,473

29,348

32,028

Gross revenues from home sales, brokered resales and ancillary services

22,805

22,798

41,901

43,721

Interest income

1,580

2,202

3,771

4,440

Income from other investments, net

5,809

2,084

7,583

4,102

Total revenues

397,815

376,866

795,437

764,200

Expenses:

Property operating and maintenance

132,267

127,845

253,307

246,411

Real estate taxes

21,826

21,845

43,926

43,488

Membership sales and marketing

4,551

4,062

8,388

7,993

Property management

21,845

20,723

40,516

41,153

Depreciation and amortization

53,637

52,649

106,773

103,591

Cost of home sales, brokered resales and ancillary services

16,903

16,476

30,503

30,168

Home selling expenses and ancillary operating expenses

7,618

6,988

14,441

13,156

General and administrative (1)

11,872

10,455

22,973

19,694

Casualty-related charges/(recoveries), net (2)

(7,094)

(541)

(7,026)

(324)

Other expenses

1,209

(59)

2,442

1,819

Interest and related amortization

33,824

32,200

67,469

63,336

Total expenses

298,458

292,643

583,712

570,485

Income before other items

99,357

84,223

211,725

193,715

Gain/(Loss) on sale of real estate and impairment, net

(507)

(683)

(507)

(683)

Equity in income/(loss) of unconsolidated joint ventures

668

(47)

(209)

4,854

Consolidated net income

99,518

83,493

211,009

197,886

Income allocated to non-controlling interests – Common OP Units

(3,194)

(3,777)

(6,781)

(8,978)

Redeemable perpetual preferred stock dividends

(8)

(8)

(8)

(8)

Net income available for Common Stockholders

$     96,316

$     79,708

$    204,220

$    188,900

______________________

1.

Includes $0.9 million and $2.0 million related to non-operating legal expenses during the quarter and six months ended June 30, 2026, respectively.

2.

Casualty-related charges/(recoveries), net for the quarter and six months ended June 30, 2026 includes insurance recovery revenue of $7.1 million for reimbursement of capital expenditures.

Non-GAAP Financial Measures

This document contains certain Non-GAAP measures used by management that we believe are helpful to understand our business. We believe investors should review these Non-GAAP measures along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT's operating performance. Our definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flows from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to make cash distributions. For definitions and reconciliations of Non-GAAP measures to our financial statements as prepared under GAAP, refer to both Reconciliation of Net Income to Non-GAAP Financial Measures on page 6 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 16-19.

Selected Non-GAAP Financial Measures (1)

(In millions, except per share data, unaudited)

Quarter Ended

June 30, 2026

Income from property operations, excluding property management - Core Portfolio (2)

$               206.1

Income from property operations, excluding property management - Non-Core Portfolio (2)

2.9

Property management and general and administrative

(32.9)

Other income and expenses

6.0

Interest and related amortization

(33.8)

Normalized FFO available for Common Stock and OP Unit holders (3)

$               148.3

Other items (4)

(0.9)

Insurance proceeds due to catastrophic weather events, net

7.1

FFO available for Common Stock and OP Unit holders (3)

$               154.5

FFO per Common Share and OP Unit

$                0.77

Normalized FFO per Common Share and OP Unit

$                0.74

Normalized FFO available for Common Stock and OP Unit holders

$               148.3

Non-revenue producing improvements to real estate

(26.7)

FAD for Common Stock and OP Unit holders (3)

$               121.6

Weighted average Common Shares and OP Units - Fully Diluted

200.2

______________________

1.

See page 6 for a reconciliation of Net income available for Common Stockholders to FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.

2.

See pages 8-9 for details of the Core Portfolio Income from Property Operations, excluding property management. See page 10 for details of the Non-Core Portfolio Income from Property Operations, excluding property management.

3.

Amounts may not foot due to rounding.

4.

Represents expenses of $0.9 million related to non-operating legal expenses during the quarter ended June 30, 2026.

Reconciliation of Net Income to Non-GAAP Financial Measures

(In thousands, except per share data, unaudited)

Quarters Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net income available for Common Stockholders

$    96,316

$     79,708

$   204,220

$   188,900

Income allocated to non-controlling interests – Common OP Units

3,194

3,777

6,781

8,978

Depreciation and amortization

53,637

52,649

106,773

103,591

Depreciation on unconsolidated joint ventures

890

1,466

2,367

2,797

(Gain)/Loss on sale of real estate and impairment, net

507

683

507

683

FFO available for Common Stock and OP Unit holders

154,544

138,283

320,648

304,949

Insurance proceeds due to catastrophic weather events, net

(7,078)

(593)

(7,011)

(593)

Other items (1)

860

—

1,985

—

Normalized FFO available for Common Stock and OP Unit holders

148,326

137,690

315,622

304,356

Non-revenue producing improvements to real estate

(26,726)

(22,460)

(44,880)

(38,598)

FAD for Common Stock and OP Unit holders

$   121,600

$   115,230

$   270,742

$   265,758

Net Income per Common Share - Basic

$       0.50

$       0.42

$       1.05

$       0.99

Net Income per Common Share - Fully Diluted (2)

$       0.50

$       0.42

$       1.05

$       0.99

FFO per Common Share and OP Unit - Basic

$       0.77

$       0.69

$       1.60

$       1.52

FFO per Common Share and OP Unit - Fully Diluted

$       0.77

$       0.69

$       1.60

$       1.52

Normalized FFO per Common Share and OP Unit - Basic

$       0.74

$       0.69

$       1.58

$       1.52

Normalized FFO per Common Share and OP Unit - Fully Diluted

$       0.74

$       0.69

$       1.58

$       1.52

Weighted average Common Shares outstanding - Basic

193,727

190,992

193,702

190,958

Weighted average Common Shares and OP Units outstanding - Basic

200,164

200,060

200,144

200,044

Weighted average Common Shares and OP Units outstanding - Fully Diluted

200,209

200,095

200,193

200,084

____________________

1.

Represents expenses of $0.9 million and $2.0 million related to non-operating legal expenses during the quarter ended and six months ended June 30, 2026, respectively.

2.

Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.

Income from Property Operations - Total Portfolio (1)

(In millions, unaudited)

Quarters Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

MH base rental income (2)

$      197.2

$      186.4

$      392.5

$      371.1

Rental home income (2)

3.9

3.5

7.7

6.9

RV and marina base rental income (2)

110.5

106.1

231.7

227.7

Annual membership subscriptions

18.8

16.9

37.1

33.2

Membership upgrade revenue

3.1

3.1

6.2

6.2

Utility and other income (2)(3)

35.8

35.4

70.4

70.0

Property operating revenues

369.3

351.4

745.6

715.1

Utility expense

41.8

39.2

82.8

79.4

Payroll

32.9

31.8

61.4

60.1

Repairs and maintenance

30.8

29.5

55.3

52.4

Insurance and other (2)

27.0

27.7

54.4

55.2

Real estate taxes

21.8

21.8

43.9

43.5

Rental home operating and maintenance

1.4

1.3

2.8

2.5

Membership sales and marketing

4.6

4.1

8.4

8.0

Property operating expenses, excluding property management

160.3

155.4

309.0

301.1

Income from property operations, excluding property management

$      209.0

$      196.0

$      436.6

$      414.0

RV and marina base rental income:

Annual

$       84.5

$       79.8

$      166.8

$      158.2

Seasonal

6.9

7.7

32.2

36.3

Transient

19.1

18.6

32.7

33.2

Total RV and marina base rental income

$      110.5

$      106.1

$      231.7

$      227.7

______________________

1.

Excludes property management expenses.

2.

MH base rental income, Rental home income, RV and marina base rental income and Utility income, net of bad debt expense, are presented in Rental income in the Consolidated Statements of Income on page 3. Bad debt expense is presented in Insurance and other in this table.

3.

Includes approximately $2.2 million and $4.0 million of business interruption income from Hurricane Ian during the quarter and six months ended June 30, 2025, respectively.

Income from Property Operations - Core Portfolio (1)

(In millions, unaudited)

Quarters Ended June 30,

Six Months Ended June 30,

2026

2025

Change(2)

2026

2025

Change(2)

MH base rental income

$    196.9

$    186.2

5.8 %

$    392.0

$    370.7

5.7 %

Rental home income

3.9

3.5

9.6 %

7.6

6.9

10.5 %

RV and marina base rental income

103.4

101.6

1.8 %

217.9

217.7

0.1 %

Annual membership subscriptions

18.5

16.7

10.8 %

36.6

32.9

11.2 %

Membership upgrade revenue

3.1

3.1

— %

6.2

6.1

2.2 %

Utility and other income

35.1

32.9

6.6 %

69.3

65.3

6.0 %

Property operating revenues

360.9

344.0

4.9 %

729.6

699.6

4.3 %

Utility expense

40.4

38.1

5.7 %

80.5

77.6

3.7 %

Payroll

31.6

30.9

2.2 %

59.1

58.4

1.1 %

Repairs and maintenance

29.9

28.6

4.7 %

53.6

50.9

5.5 %

Insurance and other (3)

25.8

26.3

(2.0) %

51.9

52.6

(1.2) %

Real estate taxes

21.2

21.3

— %

42.6

42.3

1.0 %

Rental home operating and maintenance

1.4

1.3

9.2 %

2.8

2.4

13.1 %

Membership sales and marketing

4.5

4.0

12.4 %

8.4

7.9

5.7 %

Property operating expenses, excluding property management 

154.8

150.5

2.9 %

298.9

292.1

2.3 %

Income from property operations, excluding property management 

$   206.1

$   193.5

6.5 %

$   430.7

$   407.5

5.7 %

_____________________

1.

Excludes property management expenses.

2.

Calculations prepared using actual results without rounding.

3.

Includes bad debt expense for the periods presented.

Income from Property Operations - Core Portfolio (continued)

(In millions, except home site and occupancy figures, unaudited)

Quarters Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Core manufactured home site figures and occupancy:

Total sites, beginning

73,170

72,801

73,170

72,801

Expansion sites, net

141

—

141

—

Total sites, ending

73,311

72,801

73,311

72,801

Occupied sites, beginning

68,698

68,752

68,644

68,923

Occupied sites, ending

68,711

68,712

68,711

68,712

Occupancy average %

93.8 %

94.3 %

93.8 %

94.4 %

Monthly base average rent per site

$    956

$    904

$    952

$    899

Quarters Ended June 30,

Six Months Ended June 30,

2026

2025

Change(1)

2026

2025

Change(1)

Core RV and marina base rental income:

Annual (2)

$    81.5

$    77.3

5.4 %

$   161.1

$   153.7

4.8 %

Seasonal

6.4

7.2

(11.2) %

29.2

34.0

(14.1) %

Transient

15.5

17.1

(8.9) %

27.6

30.0

(8.1) %

Total Seasonal and Transient

$    21.9

$    24.3

(9.6) %

$    56.8

$    64.0

(11.2) %

Total RV and marina base rental income

$  103.4

$  101.6

1.8 %

$  217.9

$  217.7

0.1 %

Quarters Ended June 30,

Six Months Ended June 30,

2026

2025

Change(1)

2026

2025

Change(1)

Core utility information:

Income

$    20.4

$    18.6

9.8 %

$    40.6

$    37.4

8.6 %

Expense

40.4

38.1

5.7 %

80.5

77.6

3.7 %

Expense, net

$    20.0

$    19.5

1.9 %

$    39.9

$    40.2

(0.8) %

Utility recovery rate (3)

50.5 %

48.8 %

50.4 %

48.2 %

_____________________

1.

Calculations prepared using actual results without rounding.

2.

Core Annual marina base rental income represents approximately 99% of the total Core marina base rental income for all periods presented.

3.

Calculated by dividing utility income by utility expense.

Income from Property Operations - Non-Core Portfolio (1)

(In millions, unaudited)

Quarter Ended

Six Months Ended

June 30, 2026

June 30, 2026

MH base rental income

$                  0.2

$                  0.5

Rental home income

—

0.1

RV and marina base rental income

7.0

13.8

Annual membership subscriptions

0.3

0.5

Utility and other income

0.8

1.1

Property operating revenues

8.3

16.0

Property operating expenses, excluding property management (2)

5.4

10.1

Income from property operations, excluding property management

$                 2.9

$                 5.9

______________________

1.

Excludes property management expenses.

2.

Includes bad debt expense for the periods presented.

Home Sales and Rental Home Operations

(In thousands, except home sale volumes and occupied rentals, unaudited)

Home Sales - Select Data

Quarters Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Total new home sales volume

98

117

185

234

New home sales gross revenues

$     9,028

$     9,444

$    16,736

$    18,873

Total used home sales volume

137

85

279

142

Used home sales gross revenues

$        698

$        761

$      1,526

$      1,535

Brokered home resales volume

143

126

256

224

Brokered home resales gross revenues

$        558

$        454

$        939

$        850

Rental Homes - Select Data

Quarters Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Rental operations revenues (1)

$      9,921

$      8,749

$       19,641

$       17,143

Rental home operations expense (2)

1,420

1,300

2,767

2,446

Depreciation on rental homes (3)

2,799

2,878

5,441

5,123

Occupied rentals: (4)

New

1,962

1,816

Used

184

189

Total occupied rental sites

2,146

2,005

As of June 30, 2026

As of June 30, 2025

Cost basis in rental homes: (5)

Gross

Net of
Depreciation

Gross

Net of
Depreciation

New

$    281,885

$    237,937

$    227,739

$    188,686

Used

16,464

13,408

10,010

6,513

Total rental homes

$    298,349

$    251,345

$    237,749

$    195,199

______________________

1.

For the quarters ended June 30, 2026 and 2025, approximately $6.0 million and $5.2 million, respectively, of the rental operations revenue is included in the MH base rental income in the Income from Property Operations - Core Portfolio on pages 8-9. The remainder of the rental operations revenue for the quarters ended June 30, 2026 and 2025 is included in Rental home income in the Income from Property Operations - Core Portfolio on pages 8-9.

2.

Rental home operations expense is included in Rental home operating and maintenance in the Income from Property Operations - Total Portfolio on page 7. Rental home operations expense is included in Rental home operating and maintenance in the Income from Property Operations - Core Portfolio on pages 8-9.

3.

Depreciation on rental homes in our Core Portfolio is presented in Depreciation and amortization in the Consolidated Statements of Income on page 3.

4.

Includes occupied rental sites as of the end of the period in our Core Portfolio.

5.

Includes both occupied and unoccupied rental homes in our Core Portfolio.

Total Sites

(Unaudited)

Summary of Total Sites as of June 30, 2026

Sites (1)

MH sites (2)

75,900

RV sites:

Annual (2)

34,300

Seasonal

9,800

Transient (2)

20,700

Marina slips

6,900

Membership (3)

26,000

Total

173,600

______________________

1.

MH sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina sites are leased to customers generally for one to six months. Transient RV and marina sites are sites without an annual or seasonal reservation and are available to be leased to customers on a short-term basis.

2.

MH, Annual RV and Transient RV sites include approximately 2,100, 200 and 300 joint venture sites, respectively.

3.

Sites primarily utilized by approximately 107,900 members. Includes approximately 6,000 sites rented on an annual basis.

Membership Campgrounds - Select Data

Years Ended December 31,

Six Months
Ended June 30,

Campground and Membership Revenue (1)

($ in thousands, unaudited)

2022

2023

2024

2025

2026

Annual membership subscriptions

$   63,215

$   65,379

$    65,883

$    69,266

$         37,118

Annual RV base rental income

$   25,945

$   27,842

$    29,282

$    30,546

$         16,079

Seasonal/Transient RV base rental income

$   24,316

$   20,996

$    21,338

$    19,959

$           7,930

Membership upgrade revenue

$   12,958

$   14,719

$    16,433

$    12,412

$           6,240

Utility and other income

$     2,626

$     2,544

$     2,360

$     2,390

$           1,019

Membership Count

Total Memberships (2)

128,439

121,002

113,553

108,731

107,857

Paid Membership Origination

23,237

20,758

19,539

17,150

8,768

Promotional Membership Origination

28,178

25,232

23,552

23,002

10,838

Membership Upgrade Volume (3)

4,068

3,858

4,086

5,945

2,587

Campground Metrics

Membership Campground Count

82

82

82

82

82

Membership Campground RV Site Count

25,800

26,000

26,000

26,000

26,000

Annual Site Count (4)

6,390

6,154

5,902

6,014

6,017

______________________

1.

Membership upgrade product offerings include two- to four-year term subscription products with increased annual dues. The revenue associated with these subscription products is recognized as Annual membership subscriptions.

2.

Members who have entered into annual subscriptions with us that entitle them to use certain properties on a continuous basis for up to 21 days.

3.

Upgraded memberships provide enhanced benefits, including but not limited to longer stays, the ability to make earlier reservations, potential discounts on rental units, and potential access to additional properties.

4.

Sites that have been rented by members for an entire year.

Market Capitalization

 (In millions, except share and OP Unit data, unaudited)

Capital Structure as of June 30, 2026

Total
Common
Shares/Units

% of Total
Common
Shares/Units

Total

% of Total

% of Total
Market
Capitalization

Secured Debt

$        2,768

83.0 %

Unsecured Debt

568

17.0 %

Total Debt (1)

$        3,336

100.0 %

20.5 %

Common Shares

193,972,195

96.8 %

OP Units

6,433,299

3.2 %

Total Common Shares and OP Units

200,405,494

100.0 %

Common Stock price at June 30, 2026

$        64.45

Fair Value of Common Shares and OP Units

$       12,916

100.0 %

Total Equity

$       12,916

100.0 %

79.5 %

Total Market Capitalization

$       16,252

100.0 %

______________________

1.

Excludes Deferred financing costs, net of approximately $22.5 million.

Debt Maturity Schedule

Debt Maturity Schedule as of June 30, 2026

(In thousands, unaudited)

Year

Outstanding
Debt

Weighted
Average
Interest Rate

% of Total
Debt

Weighted
Average
Years to
Maturity

Secured Debt

2026

—

— %

— %

—

2027

—

— %

— %

—

2028

187,577

4.19 %

5.62 %

2.2

2029

270,228

4.92 %

8.10 %

3.2

2030

275,385

2.69 %

8.26 %

3.7

2031

228,619

2.45 %

6.85 %

4.9

2032

202,000

2.47 %

6.06 %

6.2

2033

339,710

4.83 %

10.19 %

7.3

2034

198,956

3.44 %

5.97 %

7.9

2035

184,870

2.64 %

5.54 %

9.2

Thereafter

880,414

4.21 %

26.39 %

12.6

Total

$   2,767,759

3.77 %

82.98 %

7.8

Unsecured Term Loans

2026

—

— %

— %

—

2027

200,000

4.88 %

6.00 %

0.6

2028

—

— %

— %

—

2029

—

— %

— %

—

2030

240,000

4.74 %

7.20 %

3.9

Thereafter

—

— %

— %

—

Total

$     440,000

4.81 %

13.20 %

2.4

Total Secured and Unsecured

$   3,207,759

3.91 %

96.18 %

7.0

Line of Credit Borrowing (1)

127,500

4.97 %

3.82 %

—

Deferred financing costs, net

(22,518)

Total Debt, Net

$   3,312,741

4.12% (2)

100.00 %

_____________________

1.

The floating interest rate on the line of credit is SOFR plus 0.10% plus 1.25% to 1.65%. During the quarter ended June 30, 2026, the effective interest rate on the line of credit borrowings was 4.97%.

2.

Reflects effective interest rate for the quarter ended June 30, 2026, including interest associated with the line of credit and amortization of deferred financing costs.

Non-GAAP Financial Measures Definitions and Reconciliations

The following Non-GAAP financial measures definitions do not include adjustments in respect to membership upgrade revenue: (i) FFO; (ii) Normalized FFO; (iii) EBITDAre; (iv) Adjusted EBITDAre; (v) Property operating revenues; (vi) Property operating expenses, excluding property management; and (vii) Income from property operations, excluding property management.

FUNDS FROM OPERATIONS (FFO). We define FFO as net income, computed in accordance with GAAP, excluding gains or losses from sales of properties, depreciation and amortization related to real estate, impairment charges and adjustments to reflect our share of FFO of unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis. We compute FFO in accordance with our interpretation of standards established by the National Association of Real Estate Investment Trusts ("NAREIT"), which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.

We believe FFO, as defined by the Board of Governors of NAREIT, is generally a measure of performance for an equity REIT. While FFO is a relevant and widely used measure of operating performance for equity REITs, it does not represent cash flow from operations or net income as defined by GAAP, and it should not be considered as an alternative to these indicators in evaluating liquidity or operating performance.

NORMALIZED FUNDS FROM OPERATIONS (NORMALIZED FFO). We define Normalized FFO as FFO excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties, defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items. Normalized FFO presented herein is not necessarily comparable to Normalized FFO presented by other real estate companies due to the fact that not all real estate companies use the same methodology for computing this amount.

FUNDS AVAILABLE FOR DISTRIBUTION (FAD). We define FAD as Normalized FFO less non-revenue producing capital expenditures.

We believe that FFO, Normalized FFO and FAD are helpful to investors as supplemental measures of the performance of an equity REIT. We believe that by excluding the effect of gains or losses from sales of properties, depreciation and amortization related to real estate and impairment charges, which are based on historical costs and may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We further believe that Normalized FFO provides useful information to investors, analysts and our management because it allows them to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences not related to our normal operations. For example, we believe that excluding the early extinguishment of debt and other miscellaneous non-comparable items from FFO allows investors, analysts and our management to assess the sustainability of operating performance in future periods because these costs do not affect the future operations of the properties. In some cases, we provide information about identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items.

INCOME FROM PROPERTY OPERATIONS, EXCLUDING PROPERTY MANAGEMENT. We define Income from property operations, excluding property management as rental income, membership subscriptions and upgrade sales, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, membership sales and marketing expenses, excluding property management expenses. Property management represents the expenses associated with indirect costs such as off-site payroll and certain administrative and professional expenses. We believe exclusion of property management expenses is helpful to investors and analysts as a measure of the operating results of our properties, excluding items that are not directly related to the operation of the properties. For comparative purposes, we present bad debt expense within Insurance and other in the current and prior periods. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our properties.

The following table reconciles Net income available for Common Stockholders to Income from property operations:

Quarters Ended

Six Months Ended

June 30,

June 30,

(amounts in thousands)

2026

2025

2026

2025

Net income available for Common Stockholders

$     96,316

$     79,708

$    204,220

$   188,900

Redeemable perpetual preferred stock dividends

8

8

8

8

Income allocated to non-controlling interests – Common OP Units

3,194

3,777

6,781

8,978

Consolidated net income

99,518

83,493

211,009

197,886

Equity in (income)/loss of unconsolidated joint ventures

(668)

47

209

(4,854)

(Gain)/Loss on sale of real estate and impairment, net

507

683

507

683

Gross revenues from home sales, brokered resales and ancillary services

(22,805)

(22,798)

(41,901)

(43,721)

Interest income

(1,580)

(2,202)

(3,771)

(4,440)

Income from other investments, net

(5,809)

(2,084)

(7,583)

(4,102)

Property management

21,845

20,723

40,516

41,153

Depreciation and amortization

53,637

52,649

106,773

103,591

Cost of home sales, brokered resales and ancillary services

16,903

16,476

30,503

30,168

Home selling expenses and ancillary operating expenses

7,618

6,988

14,441

13,156

General and administrative (1)

11,872

10,455

22,973

19,694

Casualty-related charges/(recoveries), net (2)

(7,094)

(541)

(7,026)

(324)

Other expenses

1,209

(59)

2,442

1,819

Interest and related amortization

33,824

32,200

67,469

63,336

Income from property operations, excluding property management

208,977

196,030

436,561

414,045

Property management

(21,845)

(20,723)

(40,516)

(41,153)

Income from property operations

$    187,132

$    175,307

$    396,045

$   372,892

EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) AND ADJUSTED EBITDAre. We define EBITDAre as net income or loss excluding interest income and expense, income taxes, depreciation and amortization, gains or losses from sales of properties, impairment charges, and adjustments to reflect our share of EBITDAre of unconsolidated joint ventures. We compute EBITDAre in accordance with our interpretation of the standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.

We define Adjusted EBITDAre as EBITDAre excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items.

We believe that EBITDAre and Adjusted EBITDAre may be useful to an investor in evaluating our operating performance and liquidity because the measures are widely used to measure the operating performance of an equity REIT.

______________________

1.

Includes $0.9 million and $2.0 million related to non-operating legal expenses during the quarter and six months ended June 30, 2026, respectively.

2.

Casualty-related charges/(recoveries), net for the quarter and six months ended June 30, 2026 includes insurance recovery revenue of $7.1 million for reimbursement of capital expenditures.

The following table reconciles Consolidated net income to EBITDAre and Adjusted EBITDAre:

Quarters Ended

Six Months Ended

June 30,

June 30,

(amounts in thousands)

2026

2025

2026

2025

Consolidated net income

$     99,518

$     83,493

$    211,009

$    197,886

Interest income

(1,580)

(2,202)

(3,771)

(4,440)

Real estate depreciation and amortization

53,637

52,649

106,773

103,591

Other depreciation and amortization

1,138

1,220

2,321

2,454

Interest and related amortization

33,824

32,200

67,469

63,336

(Gain)/Loss on sale of real estate and impairment, net

507

683

507

683

Adjustments to our share of EBITDAre of unconsolidated joint ventures

1,736

2,501

4,429

4,608

EBITDAre

188,780

170,544

388,737

368,118

Other items (1)

860

—

1,985

—

Insurance proceeds due to catastrophic weather events, net

(7,078)

(593)

(7,011)

(593)

Adjusted EBITDAre

$    182,562

$    169,951

$    383,711

$    367,525

CORE PORTFOLIO or CORE. The Core properties include properties we owned and operated during all of 2025 and 2026. We believe Core is a measure that is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations.

NON-CORE PORTFOLIO or NON-CORE. The Non-Core properties in 2026 include properties that were not owned and operated during all of 2025 and 2026, including six properties in Florida impacted by Hurricane Ian, two properties in California that were impacted by storm and flooding events and seven acquired RVC properties. The 2026 guidance reflects Non-Core properties in 2026, which includes properties not owned and operated during all of 2025 and 2026.

NON-REVENUE PRODUCING IMPROVEMENTS. Represents capital expenditures that do not directly result in increased revenue or expense savings and are primarily comprised of common area improvements, furniture and mechanical improvements.

FIXED CHARGES. Fixed charges consist of interest expense, amortization of note premiums and debt issuance costs. The fixed charges ratio is calculated by dividing the trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.

______________________

1.

Represents expenses of $0.9 million and $2.0 million related to non-operating legal expenses during the quarter ended and six months ended June 30, 2026, respectively.

FORWARD-LOOKING NON-GAAP MEASURES. The following table reconciles Net Income per Common Share - Fully Diluted guidance to FFO per Common Share and OP Unit - Fully Diluted guidance and Normalized FFO per Common Share and OP Unit - Fully diluted guidance:

(Unaudited)

Third Quarter

2026

Full Year

2026

Net Income per Common Share - Fully Diluted

$0.48 to $0.54

$2.05 to $2.15

Depreciation and amortization

0.28

1.10

Gain on sale of real estate and impairment, net

—

—

FFO per Common Share and OP Unit - Fully Diluted (1)

$0.76 to $0.82

$3.15 to $3.25

Other

—

(0.03)

Normalized FFO per Common Share and OP Unit - Fully Diluted (1)

$0.76 to $0.82

$3.13 to $3.23

______________________

1.

Amounts may not foot due to rounding.

This press release includes certain forward-looking information, including Core and Non-Core Income from property operations, excluding property management, that is not presented in accordance with GAAP. In reliance on the exception in Item 10(e)(1)(i)(B) of Regulation S-K, we do not provide a quantitative reconciliation of such forward-looking information to the most directly comparable financial measure calculated and presented in accordance with GAAP, where we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This includes, for example, (i) scheduled or implemented rate increases on community, resort and marina sites; (ii) scheduled or implemented rate increases in annual payments under membership subscriptions; (iii) occupancy changes; (iv) costs to restore property operations and potential revenue losses following storms or other unplanned events; and (v) other nonrecurring/unplanned income or expense items, which may not be within our control, may vary between periods and cannot be reasonably predicted. These unavailable reconciling items could significantly impact our future financial results.

SOURCE Equity Lifestyle Properties, Inc.

TYSONS, Va.--(BUSINESS WIRE)---- $PK--Park Hotels & Resorts Inc. (“Park”) (NYSE: PK) today announced the reopening of the Royal Palm South Beach Miami, a Tribute Portfolio Resort (“Royal Palm”), following the completion of the iconic oceanfront resort's more than $100 million comprehensive renovation. "Our investment in the Royal Palm reflects Park's disciplined approach to capital allocation and our ability to create meaningful long-term shareholder value through high-return redevelopment projects.

PHOENIX--(BUSINESS WIRE)--Knight-Swift Transportation Holdings Inc. (NYSE:KNX), one of North America's largest and most diversified freight transportation companies, has released its earnings for the quarter ended June 30, 2026. The release is currently available on the Knight-Swift investor relations website: investor.knight-swift.com and will be filed with the SEC on a Form 8-K. The company will hold a conference call this afternoon from 5:30 to 6:30 PM EDT to further discuss its results of o.

Chief Executive Officer Mark Barrocas sold ~250,000 shares of SharkNinja, Inc. (SN -0.48%) on July 17, 2026, according to a recent SEC Form 4 filing.

Transaction summaryMetricValueShares sold~250,000Transaction value$38.8 millionPost-transaction shares (directly held)~2.0 millionPost-transaction value$308.54 millionTransaction value based on SEC Form 4 weighted average sale price ($155.01); post-transaction value based on July 17, 2026 market close ($154.53).

Key questionsWhat was the execution context for this $38.8 million sale?
The shares were sold in multiple transactions at prices ranging from $155.00 to $155.45, inclusive, resulting in a weighted average execution price of $155.01 per share.How does this transaction affect the CEO's remaining exposure to SharkNinja?
Mark Barrocas continues to hold ~2.0 million shares directly, representing a total beneficial ownership value of $308.54 million based on the market close as of July 17, 2026.What is the company's financial profile at the time of this disposal?
SharkNinja reported trailing twelve-month revenue of $6.6 billion and net income of $705.0 million, maintaining a market capitalization of $21.9 billion as of the transaction date.How significant is the insider's remaining equity stake?
Following this 11% reduction in direct holdings, the Chief Executive Officer retains approximately 1.0% ownership in the company, which employs 4,143 full-time personnel across its global operations.Company OverviewMetricValueShare Price (as of market close 2026-07-17)$154.53Market Capitalization$21.9 billionRevenue (TTM)$6.6 billionNet Income (TTM)$705.0 millionCompany SnapshotSharkNinja designs and manufactures a comprehensive portfolio of consumer appliances spanning cleaning solutions (corded and cordless vacuums, robotic vacuums, steam mops, and carpet extraction systems), kitchen and beverage appliances (cooking systems and frozen drink makers), and outdoor products (propane grills, coolers, and fire pits).The company operates a product design and technology-driven business model that generates revenue through direct-to-consumer channels, retail partnerships, and international distribution networks across the United States, China, and other markets.SharkNinja primarily serves residential consumers seeking innovative, high-performance home appliances and outdoor products, with particular strength in the premium and mid-market segments of the small appliance and floorcare categories.SharkNinja is a leading product design and technology company with a $21.9 billion market capitalization and TTM revenues of $6.6 billion, demonstrating significant scale within the consumer appliances sector. The company maintains a diversified product portfolio across cleaning, cooking, and outdoor categories, supported by a 4,143-person workforce headquartered in Needham, Massachusetts. With TTM net income of $705.0 million and a 34.42% one-year stock appreciation, SharkNinja has established itself as a competitive force in the furnishings, fixtures, and appliances industry through product innovation and multi-channel distribution capabilities.

What this transaction means for investorsSince CEO Barrocas still holds the vast majority of his hefty stake in SharkNinja stock, investors shouldn’t panic over what appears to be a somewhat large transaction. That said, it does appear to be incredibly well-timed, with the sale taking place around the stock’s 52-week high, so that might be worth noting on its own merit -- even if the transaction was part of a pre-planned setup.

SharkNinja is an intriguing consumer goods company with a continuous focus on reinventing and reimagining its core products and product verticals. Thanks to this innovation focus, the company has over 5,500 issued patents globally and aims to create 25 new products annually, whether brand new or recreations. Whether in verticals like vacuums, air fryers, blenders, toaster ovens, coffee makers, skincare, or, more recently, propane grills, SharkNinja aims to perfect common consumer goods through experiential feedback and has steadily grown its market share.

The company just grew sales and adjusted EPS by 16% and 25%, respectively, in its latest quarter — including stellar 32% international sales growth -- so its forward P/E of 24 isn’t outrageous, even after the stock rose roughly 50% in the last few months. I don’t own any shares yet, but SharkNinja is an interesting stock that I’ve added to my shortlist of companies to keep an eye on.

-

Veteran Global Insurance Executive and AI Transformation Leader Brings Deep Industry Expertise to Guidewire Board

SAN MATEO, Calif.--(BUSINESS WIRE)--Guidewire (NYSE: GWRE) today announced that it appointed Dr. Alexander Vollert to its Board of Directors, joining its board effective as of August 1, 2026.

“We are honored to welcome Dr. Alexander Vollert to Guidewire’s Board of Directors,” said Michael Keller, chairman of the board, Guidewire. “Alexander has been both an operator responsible for how a global insurer executes and a CEO accountable for its results, driving large-scale digital transformation and establishing AI at scale. As we infuse AI into our platform and applications, his experience will help us focus that work on what matters most for our customers’ results.”

Dr. Vollert served as chief operating officer of AXA SA, during which time he was a member of the company’s Group Management Committee, and chief executive officer of AXA Group Operations through December 2025. Prior to that, he was chief executive officer of AXA Germany starting in 2016, and previously held senior leadership roles at Allianz SE, ultimately serving as chief executive officer of its German P&C business. During his tenure at AXA, he played a pivotal role in driving large-scale digital transformations and industrial-scale AI deployments, successfully establishing the company as a global AI leader in the insurance industry. Earlier in his career, he spent nine years at McKinsey & Company, advising financial services clients across multiple markets on strategy, technology and large-scale transformations. Since 2026, he has served as senior advisor to the Group Management Committee at AXA.

About Guidewire

Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. More than 570 insurers in 43 countries, from new ventures to the largest and most complex in the world, rely on Guidewire products. With core systems leveraging data and analytics, digital, and artificial intelligence, Guidewire defines cloud platform excellence for P&C insurers.

We are proud of our unparalleled implementation record, with 1,700+ successful projects supported by the industry’s largest R&D team and SI partner ecosystem. Our marketplace represents the largest solution partner community in P&C, where customers can access hundreds of applications to accelerate integration, localization, and innovation.

For more information, please visit www.guidewire.com and follow us on X and LinkedIn.

NOTE: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices

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-

CAMBRIDGE, Mass.--(BUSINESS WIRE)--HubSpot, Inc., the agentic customer platform for scaling businesses, announced today that it will report its second quarter 2026 financial results after the U.S. financial markets close on Wednesday, August 5, 2026. In conjunction with this report, HubSpot will host a conference call at 4:30 p.m. Eastern Time (ET) on the same day to discuss the company's second quarter 2026 financial results and its business operations and outlook.

A live webcast and replay of the event will be available on HubSpot’s investor relations website at ir.hubspot.com.

About HubSpot

HubSpot (NYSE: HUBS) is the agentic customer platform that helps businesses connect and grow better. HubSpot delivers seamless connection for customer-facing teams with a unified platform that includes AI-powered engagement hubs, a Smart CRM, and a connected ecosystem with over 2,000 App Marketplace integrations, a community network, and educational content. Learn more at www.hubspot.com.

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Russell J. Weiner, Chief Executive Officer of Domino's Pizza, Inc. (DPZ -2.00%), reported a sale of 10,850 shares of common stock on July 17, 2026, according to an SEC Form 4 filing.

Transaction summaryMetricValueTransaction value$3.6 millionShares sold10,850Post-transaction shares (total)47,161Post-transaction shares (directly held)43,828Post-transaction shares (indirectly held)3,333Post-transaction value$15.2 millionTransaction value based on SEC Form 4 weighted average sale price ($330.83); post-transaction value based on July 17, 2026, market close ($322.18).

Key questionsWhat was the structural nature of this disposition?
Russell J. Weiner employed an exercise-and-sell strategy, converting 10,850 options with a strike price of $136.89 into common stock, then immediately liquidating the shares at $330.83. This method allows executives to realize gains from equity compensation without an initial cash outlay for the exercise price.How is the insider's remaining equity distributed?
Following the transaction, the Chief Executive Officer retains 43,828 shares in direct ownership. Indirect exposure is maintained through 1,120 shares held by the Russell Weiner Trust Agreement U/A DTD 09/03/2003 and 2,213 shares held by the Russell J. Weiner 2023 Grantor Trust, totaling a $15.2 million stake.What governed the timing and execution of this trade?
The transaction was non-discretionary at the time of execution, as it was governed by a Rule 10b5-1 trading plan established on March 13, 2025, more than a year prior. This structural insulation means the trade was pre-scheduled regardless of the -31% one-year return for the stock as of the July 17, 2026, transaction date.What is the company's current financial profile relative to this activity?
Domino's Pizza continues to operate as a major global pizza purveyor with trailing twelve-month revenue of $5.0 billion and net income of $596.5 million. As of July 20, 2026, market close, the company had a market capitalization of $10.9 billion, with insiders collectively holding a 0.14% ownership stake.Company OverviewMetricValueShare Price (as of market close 2026-07-20)$328.97Market Capitalization$10.9 billionRevenue (TTM)$5.0 billionNet Income (TTM)$596.5 millionCompany SnapshotDomino's Pizza operates as a leading international and domestic pizza purveyor, generating revenue through the sale of Domino‘s-branded pizzas and complementary menu items, including oven-baked sandwiches, distributed across a vast network of corporate-owned and franchised outlets.The company operates through three distinct business segments—U.S. Stores, International Franchise, and Supply Chain—leveraging a franchise-based model that generates revenue from both direct store operations and royalties and fees from independent franchisees.Domino's serves consumers seeking convenient, value-oriented pizza delivery and carryout, with a primary customer base spanning residential and commercial markets across North America and internationally.Domino's Pizza has a market capitalization of $10.9 billion, TTM revenue of $5.0 billion, and net income of $596.5 million, positioning it as a significant player in the global quick-service restaurant sector. The company's franchise-centric operating model provides scalability and recurring revenue streams while minimizing capital intensity. Domino's competitive advantages include its established brand recognition, extensive distribution network spanning both domestic and international markets, and operational efficiency driven by technology-enabled ordering and delivery systems.

What this transaction means for investorsSince this transaction is part of a pre-planned, exercise-and-sell compensation strategy for Domino’s and its CEO, investors shouldn’t worry too much about it. We shouldn’t take this sale to heart too much in relation to DPZ stock or its recent performance.

From a Foolish perspective on Domino’s stock, I believe it is time for investors to start paying close attention to the steady-Eddie compounder. After completely reinventing its pizza in 2009, Domino’s went on to generate annualized total returns of 26% since -- even after the stock’s 34% pullback over the last year. While sales growth has slowed -- and the market may be sneaking up on saturation with over 22,500 locations globally -- the recent drawdown has Domino’s trading at a valuation it hasn’t seen since 2013.

Currently trading at just 17 times free cash flow (FCF), Domino’s would need to compound FCF by 5% annually over the long haul to live up to this discounted valuation, according to a reverse discounted cash flow calculation, which isn’t outrageous. Furthermore, the company has grown its dividend payments by 12% annually over the last decade, but these payments still use only 37% of Domino’s FCF, leaving ample room for further increases, and the 2.3% yield should be very secure. It may not be the most exciting investment right now, but Domino’s could be an excellent dividend-paying cornerstone for investors seeking more stability than many of today’s most popular AI or data center stocks offer.

Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Domino's Pizza. The Motley Fool has a disclosure policy.

July 22, 2026 16:01 ET  | Source: Geron Corporation

FOSTER CITY, Calif., July 22, 2026 (GLOBE NEWSWIRE) -- Geron Corporation (Nasdaq: GERN), a commercial stage biopharmaceutical company, today reported that, effective July 17, 2026, it granted stock options to purchase an aggregate of 202,500 shares of common stock to five newly hired employees as an inducement material to such employees’ acceptance of employment with Geron.

The stock options have an exercise price of $1.44 per share, which is equal to the closing price of Geron’s common stock on the grant date, have a ten-year term and vest over four years, with 12.5% of the shares underlying the options vesting on the six-month anniversary of commencement of employment of such employee and the remaining shares vesting over the following 42 months in equal installments of whole shares, subject to continued employment with Geron through the applicable vesting dates.

The equity awards were granted by the Compensation Committee of Geron’s Board of Directors in accordance with Nasdaq Listing Rule 5635(c)(4) and are subject to the terms and conditions of Geron’s 2018 Inducement Award Plan and the form of stock option agreement under the plan.

About Geron
Geron is a commercial-stage biopharmaceutical company aiming to change lives by changing the course of blood cancer. Our first-in-class telomerase inhibitor RYTELO® (imetelstat) is approved in the United States and the European Union for the treatment of certain adult patients with lower-risk myelodysplastic syndromes with transfusion dependent anemia. We are also conducting a pivotal Phase 3 clinical trial of imetelstat in JAK-inhibitor relapsed/refractory myelofibrosis, as well as studies in other hematologic malignancies. Inhibiting telomerase activity, which is increased in malignant stem and progenitor cells in the bone marrow, aims to potentially reduce proliferation and induce death of malignant cells. To learn more, visit www.geron.com or follow us on LinkedIn.

CONTACT:
Dawn Schottlandt
Senior Vice President, Investor Relations and Corporate Affairs
[email protected]

July 22, 2026 16:01 ET  | Source: Emergent BioSolutions

GAITHERSBURG, Md., July 22, 2026 (GLOBE NEWSWIRE) -- Emergent BioSolutions Inc. (NYSE: EBS) will host a conference call on Wednesday, August 5, 2026, at 5:00 p.m. eastern time to discuss the financial results for the second quarter of 2026.

Participants can access the conference call live via webcast and also by visiting the Investors page of Emergent’s website. To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call.

A replay of the call can be accessed from the Investors page of Emergent’s website.

About Emergent BioSolutions
At Emergent, our mission is to protect and save lives. For over 25 years, we’ve been at work preparing those entrusted with protecting public health. We deliver protective and life-saving solutions for health threats like smallpox, mpox, botulism, Ebola, anthrax and opioid overdose emergencies. To learn more about how we help prepare communities around the world for today’s health challenges and tomorrow’s threats, visit our website and follow us on LinkedIn, X, Instagram, Apple Podcasts and Spotify.

Investor Contact:
Richard S. Lindahl
Executive Vice President, CFO
[email protected]  

Media Contact:
Assal Hellmer
Vice President, Communications
[email protected]

Aypa has approximately 6.5 GW of operating & contracted capacity and a >20 GW development pipeline
Acquisition provides a scale entry point into the North American battery energy storage market
Enhances our ability to provide integrated energy solutions to our customers

NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) -- Brookfield today announced that it has entered into an agreement to acquire Aypa Power ("Aypa") from funds managed by Blackstone Energy Transition Partners (“Blackstone”) for approximately $7 billion enterprise value at closing, or an equity value of $3 billion. Aypa is the largest standalone battery storage developer in North America, with a highly contracted and diversified portfolio across attractive power markets in the United States and Canada.

Under the terms of the agreement, Brookfield will acquire Aypa's operating, under-construction and contracted project portfolio, together with its development platform and approximately 200-person team. The transaction provides Brookfield with a leading presence in the North American battery energy storage systems ("BESS") market, and will help Aypa deliver on its next phase of growth, supported by Brookfield's differentiated operating and development competencies, procurement, commercial and capital markets capabilities.

Brookfield is pursuing the investment through the second vintage of its flagship global transition strategy, alongside its institutional partners including Brookfield Renewable Partners (“Brookfield Renewable”).

Investment Highlights

Leading North American battery storage platform: Aypa is the largest standalone battery energy storage platform in North America, comprised of approximately 6.5 GW of operating, under-construction and contracted battery storage capacity, complemented by a >20 GW development pipeline. Its assets are strategically located in transmission and capacity-constrained regions experiencing favorable market dynamics. Highly contracted, resilient cash flows: Aypa’s operating and under-construction portfolio is 95% contracted under long-term agreements with investment-grade customers for an average remaining contract life of 17 years, providing strong cash flow visibility. Differentiated development platform: The platform has market-leading siting, transmission analytics, procurement and contracting capabilities, which contribute to strong development execution and project-level economics. Accelerating growth and expanding capabilities: Brookfield will partner with Aypa to accelerate the development of its pipeline by leveraging its operating and development expertise, access to capital, and global supplier and commercial relationships. Together, Brookfield and Aypa are well positioned to meet growing demand for reliable, flexible power by delivering integrated energy solutions to utilities, corporations and other large power customers. Jehangir Vevaina, Chief Investment Officer in Brookfield’s Energy group, said: “We are excited to partner with Aypa to deliver on the company’s scale growth pipeline. Battery storage is increasingly critical to the reliability and resilience of today’s energy systems, and bringing together this leading platform with Brookfield’s broad capabilities across technologies and geographies further strengthens our ability to deliver integrated energy solutions to the world’s largest buyers of power.”

Moe Hajabed, Founder and Chief Executive Officer of Aypa Power, said: "This is an extraordinary achievement for the team that built Aypa. Over the past six years, with Blackstone's partnership, we grew Aypa into the largest and most valuable storage-focused independent power producer in North America. Together, we helped establish battery storage as critical infrastructure, essential to a more reliable and resilient grid. I look forward to seeing Aypa flourish further under Brookfield’s ownership."

Bilal Khan, Senior Managing Director, and Mark Zhu, Managing Director, from Blackstone said: “We invested in Aypa based on our conviction that battery storage would become increasingly critical to supporting grid reliability and meeting growing electricity demand from AI and other use cases. Since then, the company has established itself as the leading battery storage platform in North America, supported by a premier development pipeline and strong customer relationships. We are proud to have partnered with Aypa and its exceptional management team, and look forward to its next phase of growth with Brookfield.”

The transaction is subject to customary regulatory approvals. Cantor Fitzgerald & Co. acted as lead financial advisor, with BofA also serving as financial advisor, to Aypa and Blackstone. Kirkland & Ellis acted as legal counsel to Aypa and Blackstone. White & Case acted as legal advisors to Brookfield.

About Aypa Power

Aypa Power is North America’s leading energy storage-focused independent power producer. Aypa develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects across North America. With 35 projects currently in operation or under construction, and a development pipeline exceeding 20 gigawatts, the company delivers solutions that enhance grid reliability and enable the broader integration of renewable energy resources. Since launching its first project in 2018, Aypa has helped establish energy storage as a vital part of the grid and a core infrastructure asset class. For more information, visit www.aypa.com or follow Aypa Power on LinkedIn.

About Brookfield Asset Management

Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across infrastructure, energy, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.

Brookfield operates Brookfield Renewable Partners (TSX: BEP.UN, BEPC; NYSE: BEP, BEPC), one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar, distributed solar, and storage facilities and our sustainable solutions assets include our investment in a leading global nuclear services business and investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity, among others.

For more information, please visit our website at www.brookfield.com.

About Blackstone Energy Transition Partners

Blackstone Energy Transition Partners is Blackstone's strategy for control-oriented equity investments in energy-related businesses, with a successful long-term record, having invested over $28 billion of equity globally across a broad range of sectors across the energy transition landscape. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering more reliable, affordable and cleaner energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders. Further information is available at https://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/.

Contact Information

Brookfield
 Media
Simon Maine
Managing Director, Communications
Tel: +1 (332) 298 0447
Email: [email protected] Relations – Brookfield Renewable Partners
Alex Jackson
Vice President, Investor Relations
Tel: +1 (647) 484 8525
Email: [email protected]
   Investor Relations – Brookfield Asset Management
Jason Fooks
Managing Director, Investor Relations
Tel: +1 (212) 417 2442
Email: [email protected]
  Blackstone Media
Jennifer Heath
Public Affairs
Tel: +1 (347) 603 9256
Email: [email protected]    Notice to Readers

This news release contains “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of other relevant securities legislation, including applicable securities laws in Canada, which reflect our current views with respect to, among other things, our operations and financial performance (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions and which are in turn based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may” and “should” and similar expressions. In particular, the forward-looking statements contained in this news release include statements referring to the impact of the investment on Brookfield and Aypa Power and the expected benefits of the investment.

Although Brookfield believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, certain factors, risks and uncertainties, which are described from time to time in our documents filed with the securities regulators in Canada and the United States, not presently known to Brookfield or that that Brookfield currently believes are not material, could cause actual results or events to differ materially from those contemplated or implied by forward-looking statements.

Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release. Except as required by law, Brookfield undertakes no obligation to publicly update or revise any forward-looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.”