Distribution Announcement - Argent Trust Company declared a cash distribution of $0.744730 per unit for the Sabine Royalty Trust, payable on August 29, 2025, to unit holders of record on August 15, 2025 [1] Production and Revenue Details - The distribution reflects oil production for May 2025 and gas production for April 2025, with preliminary production volumes of approximately 121,894 barrels of oil and 1,280,573 Mcf of gas [2] - Preliminary prices for the current month are approximately $69.53 per barrel of oil and $2.77 per Mcf of gas, showing an increase in both production and pricing compared to the previous month [2][3] - The current month's oil production increased significantly from 42,748 barrels in the prior month, while gas production also rose from 940,600 Mcf [3] Revenue Posting and Timing - Revenues are distributed only after being received, verified, and posted, with most energy companies issuing royalty payments around the 25th of each month [4] - Approximately $4,782,450 of revenue received in July will be posted in August, in addition to normal cash receipts for that month [5]

Core Viewpoint - Agnico Eagle Mines Limited reported strong financial and operational results for Q2 2025, highlighting record free cash flow and disciplined capital allocation, while maintaining a focus on growth projects and shareholder returns [2][3]. Financial Performance - The company achieved a quarterly net income of $1,069 million, or $2.13 per share, and record adjusted net income of $976 million, or $1.94 per share [3][19]. - Free cash flow reached a record $1,305 million, or $2.60 per share, with cash provided by operating activities amounting to $1,845 million, or $3.67 per share [3][19]. - The realized gold price increased to $3,288 per ounce, compared to $2,342 in the prior year [19]. Production and Cost Metrics - Payable gold production for Q2 2025 was 866,029 ounces, with production costs per ounce at $911, total cash costs at $933, and all-in sustaining costs (AISC) at $1,289 [3][11]. - The company achieved approximately 51% of its full-year gold production guidance at mid-year, with total cash costs per ounce below the mid-point of guidance [3][32]. Capital Allocation and Shareholder Returns - The company returned approximately $300 million to shareholders through dividends and share repurchases, declaring a quarterly dividend of $0.40 per share [2][44]. - A total of 836,488 common shares were repurchased at an average price of $119.47, with a renewed normal course issuer bid allowing for up to $1 billion in share repurchases [2][47]. Balance Sheet Strengthening - Agnico Eagle transitioned to a net cash position of $963 million as of June 30, 2025, with cash and cash equivalents increasing by $419 million and long-term debt reduced by $550 million [3][39]. - The company repaid $40 million of senior notes and redeemed $510 million of long-term debt, demonstrating a commitment to financial discipline [3][37]. Key Growth Projects - Development at Canadian Malartic reached a record of 4,850 meters, with significant progress on the ramp and preparations for initial production in the second half of 2026 [3][49]. - Exploration drilling at Detour Lake focused on high-grade domains, with significant intercepts reported, further defining the mineralization model [3][63]. 2025 Guidance - The company reiterated its full-year gold production guidance of 3.3 to 3.5 million ounces, with total cash costs per ounce and AISC remaining unchanged [3][33].

Core Insights - Service Corporation International (SCI) reported a strong second quarter performance with adjusted earnings per share of $0.88, reflecting an 11% increase year-over-year [2][8] - The company experienced a 14.8% growth in comparable funeral gross profit, driven by higher funeral revenue and effective cost management [2][26] - Cemetery segment sales production increased by 5.3%, contributing to modest revenue growth, with future benefits expected from undeveloped property sales [3][26] Financial Performance - Total revenue for the second quarter of 2025 was $1,065.4 million, up from $1,034.0 million in the same quarter of 2024, marking a $31.4 million increase [5][8] - Operating income rose to $224.5 million compared to $220.8 million in the prior year [5] - Net income attributable to common stockholders was $122.9 million, an increase from $118.2 million in the second quarter of 2024 [5][8] Earnings and Cash Flow - Diluted earnings per share increased to $0.86 from $0.81 year-over-year, while adjusted diluted earnings per share rose to $0.88 from $0.79 [5][9] - Net cash provided by operating activities was $166.5 million, down from $196.9 million in the prior year, primarily due to an increase in cash taxes paid [8][9] - Excluding special items, net cash provided by operating activities increased by over 14% [8][9] Guidance and Outlook - The company confirmed its 2025 earnings per share guidance range of $3.70 to $4.00 and raised its cash flow outlook to $880 million to $940 million [6][7] - The anticipated long-term growth framework for diluted earnings per share from continuing operations is expected to be within 8%-12% [6][7] Segment Performance - Comparable funeral revenue increased by $15.2 million, or 2.7%, driven by a $7.9 million increase in core funeral revenue [21][26] - Comparable cemetery revenue showed a slight increase, with total recognized preneed revenue at $323.0 million, down from $325.1 million [25][26] - The core cremation rate improved to 57.1%, reflecting a 20 basis point increase [26]

Financial Data and Key Metrics Changes - The company reported a net interest margin of 7.43% for the quarter, an increase from 7.26% in the prior year [16] - Adjusted net interest margin was 5.98%, up from 5.76% year-over-year [16] - Noninterest income grew by 11% compared to the previous year, driven by strong performance in Tax Solutions and increased secondary market revenue [17] - The allowance for credit loss was 160 basis points, with an annualized net charge-off rate of 52 basis points for the quarter [19] Business Line Data and Key Metrics Changes - Commercial Finance saw strong originations with solid yields, with the yield on new originations at 9.55%, up from 8.24% in the previous quarter [19] - The company successfully redeployed nearly $1 billion from earlier sales of loans and securities in a shorter timeframe than expected [8] - The acquiring product experienced triple-digit revenue growth year-to-date, indicating strong performance in Partner Solutions [10] Market Data and Key Metrics Changes - Custodial deposits held at partner banks increased to $431 million from $353 million a year ago [19] - The company is targeting quarterly secondary market revenues in the range of $5 million to $7 million, benefiting from its balance sheet optimization strategy [18] Company Strategy and Development Direction - The company aims to be a trusted platform for partners, focusing on balance sheet optimization and offering unique financing structures that traditional banks may not provide [5][6] - Investments in technology are being made to evolve and scale product offerings, with a focus on sustainable fee income growth [9] - The company has contracted for 11 opportunities to expand products with existing or new partners this year, indicating a robust pipeline [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the complexities of the industry and regulatory environment while continuing to invest in risk and compliance [12] - The company expects a preliminary EPS range of $7.5 to $7.8 for fiscal year 2025, with a focus on maintaining strong growth and returns for shareholders [22] Other Important Information - The company was recognized as one of the best companies to work for by U.S. News and World Report for 2025 to 2026 [11] - Liquidity remains strong with nearly $2.7 billion available, higher than the previous year [21] Q&A Session Summary Question: Discussion on accounting change distraction for management - Management indicated that they are in the later stages of addressing the accounting methodology changes and are comfortable with the preliminary numbers provided [26][27] Question: Incremental expenses associated with accounting change - Management noted that the full impact of the accounting changes will be clearer once the restated 10-K is filed, with lower income expected in prior years due to built provisions [29] Question: Credit quality and NPL increases - Management clarified that the increase in non-performing loans (NPLs) was due to three distinct episodic events, not indicative of a broader credit issue [30][31] Question: AI strategy and its impact on P&L - Management is exploring AI for efficiency improvements but does not expect a significant impact on P&L in the near term [33][36] Question: Update on crypto-related products - The company provides access devices for partners offering crypto-related digital wallets and is evaluating potential internal developments in the crypto space [42][45] Question: Credit trends in the commercial finance portfolio - Management reported that borrowers are generally doing well, with the recent NPL increase being episodic and well-managed [46][47] Question: Update on partner pipeline in banking as a service - The partner pipeline remains strong, with significant opportunities in consumer lending marketplace sponsorship and embedded finance [48][49] Question: Expectations for share repurchases - Management confirmed plans to continue share repurchases, having already repurchased approximately 1.9 million shares this year [51]

Financial Data and Key Metrics Changes - The company reported a net interest margin of 7.43% for the quarter, an increase from 7.26% in the prior year, and an adjusted net interest margin of 5.98%, up from 5.76% [17] - Noninterest income grew by 11% year-over-year, with Tax Solutions outperforming the previous year's results [17] - The allowance for credit loss was 160 basis points, with an annualized net charge-off rate of 52 basis points for the quarter [19] Business Line Data and Key Metrics Changes - The yield on new originations for commercial finance loans was 9.55%, compared to an average of 8.24% in the previous quarter [19] - The company successfully redeployed nearly $1 billion generated from the sale of loans and securities in a shorter timeframe than initially expected [8] - The acquiring product experienced triple-digit revenue growth year-to-date, indicating strong performance in this business line [11] Market Data and Key Metrics Changes - Custodial deposits held at partner banks increased to $431 million from $353 million a year ago, reflecting growth in this area [19] - The company is targeting quarterly secondary market revenues in the range of $5 million to $7 million, benefiting from its balance sheet optimization strategy [18] Company Strategy and Development Direction - The company aims to be a trusted platform for partners, focusing on balance sheet optimization and offering unique financing structures that traditional banks may not provide [6][7] - Investments in technology are a priority, with ongoing efforts to evolve and scale product offerings, particularly in Partner Solutions [10] - The company has contracted for 11 opportunities to expand products with existing or new partners this year, indicating a robust pipeline [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the complexities of the industry and regulatory environment while continuing to invest in risk and compliance [14] - The preliminary EPS range for fiscal year 2025 is expected to be between $7.5 and $7.8, with a preliminary range for fiscal year 2026 of $8.25 to $8.75 [22] - Management noted that while the accounting change has been a distraction, they are in the later stages of addressing it and are comfortable with the methodologies used [27] Other Important Information - The company was recognized as one of the best companies to work for by U.S. News and World Report for 2025 to 2026, highlighting its strong culture and employee satisfaction [12] - Liquidity remains strong with nearly $2.7 billion available, an increase from the previous year [21] Q&A Session Summary Question: Discussion on accounting change distraction and timeline for resolution - Management indicated they are in the middle to later stages of resolving the accounting change and are comfortable with the preliminary numbers provided [27][28] Question: Quantification of incremental expenses related to accounting change - Management stated that full details will be available in the restated 10-K, but lower income is expected for 2022 and 2023 due to built provisions [30] Question: Credit quality and NPL increase explanation - Management clarified that the increase in non-performing loans (NPLs) was due to three distinct episodic events, not indicative of a broader trend [31][32] Question: AI strategy and its potential impact on P&L - Management is exploring AI for efficiency improvements but does not expect a significant impact on P&L in the near term [34][37] Question: Update on crypto-related products and services - The company provides access devices for partners with crypto-related digital wallets and is evaluating potential opportunities in the crypto space [43][46] Question: Credit trends in the commercial finance portfolio - Management reported that borrowers are generally doing well, with the NPL increase attributed to isolated incidents rather than systemic issues [47] Question: Update on the partner pipeline in banking as a service - The pipeline remains strong, with 11 contracts signed this year and ongoing evaluations of new opportunities [49]

Financial Performance - Net interest income decreased slightly by 0% from $122.8 million in Q3 2024 to $122.3 million in Q3 2025[8] - Noninterest income increased by 11% from $65.9 million in Q3 2024 to $73.4 million in Q3 2025[8] - Noninterest expense increased by 11% from $125.5 million in Q3 2024 to $139.3 million in Q3 2025[8] - Net income attributable to the parent company decreased by 6% from $44.9 million in Q3 2024 to $42.1 million in Q3 2025[10] - Earnings per diluted share increased by 2% from $1.78 in Q3 2024 to $1.81 in Q3 2025[10] Balance Sheet - Deposits decreased by 7% from $6,431.5 million in Q3 2024 to $6,005.2 million in Q3 2025[14] - Total loans and leases increased by 3% from $4,615.6 million in Q3 2024 to $4,743.3 million in Q3 2025[19] - Off-balance sheet custodial deposits averaged $732 million in Q3 2025, compared to $645 million in the prior year period[16] - Off-balance sheet custodial deposits were $431 million as of June 30, 2025, compared to $353 million as of June 30, 2024[16] Capital Allocation and Outlook - The company has liquidity sources totaling $2,652 million, including $953 million in cash and cash equivalents, $258 million in unpledged investment securities, and $200 million in Fed Discount Window Funds[22] - Fiscal Year 2025 EPS is projected to be $7.50-$7.80, assuming one rate cut in fiscal Q4 2025 and an effective tax rate of 16% to 20%[29] - Fiscal Year 2026 EPS is projected to be $8.25-$8.75, assuming no rate cuts during the year and an effective tax rate of 18% to 22%[29]

Financial Performance - Pathward Financial reported net income of $42.1 million, or $1.81 per share, for Q3 2025, a decrease from $44.9 million, or $1.78 per share, in Q3 2024[1][2]. - Total revenue for Q3 2025 was $195.8 million, an increase of $7.1 million, or 4%, compared to Q3 2024, driven by an increase in noninterest income[3]. - Noninterest income rose 11% to $73.4 million in Q3 2025, compared to $65.9 million in the same period last year, driven by secondary market revenue and tax services product fee income[10]. - Net interest income for the three months ended June 30, 2025, was $122,313,000, a decrease of 10.2% from $136,278,000 in the previous quarter[42]. - Net income attributable to common shareholders for the three months ended June 30, 2025, was $41,977,000, compared to $74,650,000 in the previous quarter, representing a decline of 43.7%[42]. - Basic earnings per share for the three months ended June 30, 2025, was $1.82, down from $3.16 in the previous quarter, a decrease of 42.5%[42]. Revenue and Expenses - Noninterest expense increased 11% to $139.3 million in Q3 2025, up from $125.5 million in Q3 2024, primarily due to higher legal and consulting expenses[12]. - Total noninterest expense for the three months ended June 30, 2025, was $139,322,000, a decrease from $148,177,000 in the previous quarter, reflecting a reduction of 5.8%[42]. - Total noninterest income for the three months ended June 30, 2025, was $73,442,000, down from $138,524,000 in the previous quarter, reflecting a decrease of 47%[42]. Loans and Assets - Total gross loans and leases increased by $127.7 million to $4.74 billion compared to June 30, 2024, and increased by $278.5 million from March 31, 2025[3][17]. - Loans and leases increased to $4,743,324,000 from $4,464,870,000, reflecting a growth of about 6.2% quarter-over-quarter[39]. - Commercial finance loans totaled $3.82 billion at June 30, 2025, reflecting an increase of $293.3 million, or 8%, from March 31, 2025[18]. - Total assets amounted to $7,229,617,000, an increase from $6,994,578,000 as of March 31, 2025, representing a growth of approximately 3.4%[39]. Credit Quality - The allowance for credit losses (ACL) was $106.0 million at June 30, 2025, an increase from $102.9 million at March 31, 2025, but a decrease from $106.8 million at June 30, 2024[19]. - Nonperforming assets increased to $74.7 million, or 1.03% of total assets, at June 30, 2025, compared to $41.6 million, or 0.60% of total assets, at March 31, 2025[26]. - Nonperforming loans and leases were $71.3 million, representing 1.49% of total gross loans and leases at June 30, 2025, compared to $39.8 million, or 0.88%, at March 31, 2025[27]. - The company recognized a provision for credit losses of $9.3 million for the quarter ended June 30, 2025, compared to $11.9 million for the same period in the prior fiscal year[23]. Deposits and Liabilities - Total end-of-period deposits decreased 7% to $6.01 billion at June 30, 2025, compared to $6.43 billion at June 30, 2024[29]. - The average balance of total deposits and interest-bearing liabilities was $6.07 billion for the three-month period ended June 30, 2025, down from $6.35 billion for the same period in the prior fiscal year[28]. - Total liabilities rose to $6,411,756,000 from $6,180,800,000, indicating an increase of approximately 3.7%[39]. - Deposits increased to $6,005,246,000 from $5,819,209,000, showing a growth of about 3.2%[39]. Capital and Regulatory Standing - The company maintained its classification as well-capitalized and in good standing with regulatory agencies as of June 30, 2025[31]. - The total stockholders' equity was reported at $817,861,000, a slight increase from $813,778,000[39]. Future Outlook - The company plans to host a conference call on July 28, 2025, to discuss earnings and future outlook[32]. - Forward-looking statements indicate expectations for future operating results and strategic initiatives, subject to various risks and uncertainties[36]. Employee and Operational Metrics - Full-time equivalent employees increased to 1,178 from 1,155 in the previous quarter, and from 1,170 a year ago[47].

Core Viewpoint - Adecoagro S.A. has announced the expiration and results of its cash tender offer for its outstanding 6.000% Notes due 2027, with approximately 36.31% of the principal amount validly tendered [1][3]. Group 1: Tender Offer Details - The tender offer was made for all outstanding 6.000% Notes due 2027, which are guaranteed by several subsidiaries of Adecoagro [2]. - As of the expiration date, US$150,927,000 of the US$415,644,000 principal amount of Notes was validly tendered and not withdrawn [3][4]. - The total consideration for the validly tendered Notes is US$1,000.00 per US$1,000.00 principal amount, plus accrued interest [6]. Group 2: Settlement and Payment - The settlement date for the tender offer is expected to occur on July 29, 2025, or as soon as practicable thereafter [7]. - Holders of validly tendered Notes will receive the total consideration along with accrued interest from the last interest payment date to the settlement date [8]. Group 3: Financing and Future Plans - The company plans to use proceeds from a new notes offering to pay for the consideration and accrued interest related to the tender offer [10]. - Adecoagro reserves the right to use any remaining proceeds to redeem or purchase any outstanding Notes after the expiration date [11]. Group 4: Company Overview - Adecoagro is a leading sustainable production company in South America, owning 210.4 thousand hectares of farmland and producing over 2.8 million tons of agricultural products and over 1 million MWh of renewable electricity [14].

Core Financial Performance - The company reported net income of $12.2 million for Q2 2025, down from $13.9 million in Q1 2025 and $14.2 million in Q2 2024 [2][7] - Diluted earnings per share were $0.36 for Q2 2025, compared to $0.40 in Q1 2025 and $0.41 in Q2 2024 [2][7] - The company incurred a pre-tax loss of $6.9 million on the sale of investment securities, impacting diluted earnings per share by $0.15 [3][7] Balance Sheet and Asset Management - Total investment securities decreased by $67.6 million, or 4.8%, to $1.35 billion at June 30, 2025 [8] - Loans receivable increased by $10 million, or 0.2%, to $4.77 billion at June 30, 2025 [11] - Total deposits decreased by $60.9 million, or 1.0%, to $5.78 billion at June 30, 2025 [12][14] Interest Income and Margin - Net interest margin increased to 3.51% in Q2 2025 from 3.44% in Q1 2025 [26][30] - Yield on loans increased to 5.50% from 5.45% in the previous quarter [27] - Net interest income rose by $1.3 million, or 2.4%, during Q2 2025 compared to Q1 2025 [29] Noninterest Income and Expenses - Noninterest income decreased by $2.4 million to $1.5 million in Q2 2025, primarily due to higher losses from the sale of investment securities [34][35] - Noninterest expense decreased by $0.3 million, or 0.7%, to $41.1 million in Q2 2025 compared to Q1 2025 [37] Credit Quality and Allowance for Credit Losses - The allowance for credit losses on loans was 1.10% of loans receivable at June 30, 2025, up from 1.09% at March 31, 2025 [18] - Classified loans increased to 2.1% of loans receivable, up from 1.4% in the previous quarter [21][22] - Nonaccrual loans increased by $5.4 million during Q2 2025 [21] Liquidity Position - Total liquidity sources available were $2.38 billion at June 30, 2025, representing a coverage ratio of 41.1% of total deposits [23][24]

Core Points - Argent Trust Company declared a cash distribution of $0.015311 per unit for the Permian Basin Royalty Trust, payable on August 14, 2025, to unit holders of record on July 31, 2025 [1] - The distribution increased from the previous month due to higher natural gas volumes and improved oil and natural gas pricing, despite lower oil volumes reported [2] - The Waddell Ranch properties did not contribute to this month's distribution due to production costs exceeding gross proceeds, and the operator, Blackbeard Operating, LLC, has not provided necessary information for calculating net profits interest [3][4] Texas Royalty Properties - Production from Texas Royalty Properties was 13,896 barrels of oil and 11,503 Mcf of gas, with the Trust's allocated portion being 12,190 barrels of oil and 10,109 Mcf of gas [5] - The average price for oil was $68.37 per barrel and for gas was $11.75 per Mcf, leading to revenues of $1,085,196 after deducting taxes and expenses of $136,087, resulting in a net profit of $949,109 for July [5][6] - The Trust's net profit interest of 95% from the Texas Royalty Properties contributed $901,654 to this month's distribution [5] Waddell Ranch Issues - The Trustee has filed a lawsuit against Blackbeard for over $9 million in damages due to alleged improper calculations and deductions related to royalties owed to the Trust [10][11] - Blackbeard has been providing production, pricing, and cost information quarterly instead of monthly, affecting the Trust's ability to report timely [4][8] - The trial date for the lawsuit is set for November 17, 2025, with ongoing discovery [10] Financial Summary - General and administrative expenses for the month were $188,020, resulting in a total distribution of $713,634 to 46,608,796 units outstanding [9] - The current market conditions continue to impact pricing for domestic production, making future distributions difficult to predict [9]