Revenue Performance - Total net revenues for the year ended December 31, 2024, were $19,650,802, a decrease of 30.4% compared to $28,248,344 in 2023[126]. - Video Solutions segment revenue decreased to $5,755,391 in 2024 from $7,471,285 in 2023, while Revenue Cycle Management segment revenue fell to $6,131,650 from $6,713,678[126]. - Entertainment segment revenue dropped significantly to $7,763,761 in 2024 from $14,063,381 in 2023[126]. - Total product revenues for the years ended December 31, 2024, and 2023 were $5,404,317 and $9,347,945, respectively, a decrease of $3,943,628 (42.2%) due to reduced ticket sales and increased competition in video solutions[136]. - The entertainment operating segment generated product revenues of $3,406,928 in 2024, down from $5,044,576 in 2023, attributed to a focus on higher margin events[136]. - Video solutions operating segment revenues decreased from $4,303,369 in 2023 to $1,997,389 in 2024, impacted by increased competition and inventory shortages[136]. - Total service and other revenues for 2024 were $14,246,485, down from $18,900,399 in 2023, a decrease of $4,653,914 (25%) due to declines in entertainment and revenue cycle management segments[137]. Profitability and Loss - Gross profit for the total company was $5,489,332 in 2024, slightly down from $5,762,484 in 2023, with a gross profit margin increase to 28% from 20%[126][130]. - Operating loss for the total company was $(15,201,540) in 2024, an improvement from $(22,240,553) in 2023[126]. - Operating loss improved by $7,039,013 (31.6%) to $15,201,540 for the year ended December 31, 2024, compared to $22,240,553 in 2023, with operating loss as a percentage of revenues improving to 77%[156]. - The company reported a net loss before income tax benefit of $21,715,725 for the year ended December 31, 2024, an improvement of $3,748,224 (15%) from $25,463,949 in 2023[173]. - The basic and diluted loss per share improved to ($5.58) for the year ended December 31, 2024, from ($9.22) in 2023[180]. Expenses and Cost Management - Selling, general and administrative expenses decreased by $7,312,165 (26%) to $20,690,872 in 2024, primarily due to reduced advertising expenses[148]. - Research and development expenses fell by $1,279,073 (49%) to $1,339,673 in 2024, reflecting a strategic cutback in engineering staff and activities[149]. - Selling, advertising, and promotional expenses decreased by $4,993,035 (70%) to $2,144,494 for the year ended December 31, 2024, compared to $7,137,529 in 2023[150]. - General and administrative expenses decreased by $5,870,057 (32%) to $12,376,705 for the year ended December 31, 2024, from $18,246,762 in 2023[151]. - Cost of service revenues as a percentage of service revenues improved to 58% in 2024 from 66% in 2023, indicating better cost management[143]. Inventory and Goodwill - The company recorded a reserve for excess and obsolete inventory in the Video Solutions segment of $2,037,252 in 2024 compared to $4,355,666 in 2023[126]. - Total inventories decreased to $2,586,066 as of December 31, 2024, from $3,845,281 in 2023, with reserves for obsolete and excess inventories at $2,169,655[209]. - Reserves for obsolete and excess inventories represented 46% of the gross inventory balance at December 31, 2024, down from 54% in 2023[209]. - The company recorded a non-cash goodwill impairment charge of $4,322,000 for the revenue cycle management segment and $307,000 for the entertainment segment due to a decline in demand and economic uncertainty[153]. - The company performed an impairment test due to a decline in demand for services and a decrease in stock price, indicating a triggering event[218]. - The company recorded a non-cash impairment charge of $201,000 for a trade name/trademark in the entertainment segment, driven by economic uncertainty and performance decline[223]. - As of December 31, 2024, the company held goodwill of $5,480,966 for the revenue cycle management segment and $6,112,507 for the entertainment segment[221]. Cash Flow and Financing - Cash and cash equivalents decreased to $454,314 as of December 31, 2024, from $778,149 at the end of 2023, reflecting a net decrease of $323,835[182]. - Net cash used in operating activities improved by $4,779,120 to $5,114,718 for the year ended December 31, 2024, compared to $9,893,838 in 2023[182]. - Net cash provided by financing activities was $4,403,334 for the year ended December 31, 2024, down from $7,380,494 in 2023[183]. - The company had $454,314 in cash and cash equivalents and net negative working capital of $19,377,507 as of December 31, 2024[184]. - The company made matching contributions totaling $144,589 for its 401(k) plan for the year ended December 31, 2024, compared to $207,463 in 2023[191]. Other Financial Metrics - Interest income decreased to $69,509 for the year ended December 31, 2024, down from $95,717 in 2023, reflecting a decline in cash and cash equivalents[157]. - The company recorded a gain on the extinguishment of liabilities of $917,935 for the year ended December 31, 2024, compared to $550,867 in 2023[167][168]. - Total lease expense under the company's operating leases was approximately $627,212 during the year ended December 31, 2024[185]. - Total operating lease liabilities amounted to $718,509 as of December 31, 2024[186]. - Outstanding debt obligations totaled $5,102,526 as of December 31, 2024, with current maturities of $4,961,443 due in 2025[188]. - The company has fully reserved all deferred tax assets, increasing the valuation allowance by $4,680,000 to a total of $46,290,000 as of December 31, 2024[229]. - The fair value of the video solutions reporting unit was substantially in excess of its carrying value, while the revenue cycle management and entertainment segments were determined to be impaired[220]. - The weighted average cost of capital used in the most recent impairment test ranged from 18.3% to 21.3%[219]. - Inflation has not materially affected the company, and the entertainment segment is expected to generate higher revenues in the second half of the calendar year[233].

Financial Performance - Net revenues for Q1 2025 were $1,882.8 million, a 12.0% increase from $1,680.7 million in Q1 2024[66] - Application Software segment revenue grew 19.3% to $1,068.2 million, driven by acquisitions and a 5.9% organic growth[66] - Network Software segment revenue increased 1.4% to $375.9 million, with a 0.7% organic growth[67] - Technology Enabled Products segment revenue rose 5.8% to $438.7 million, supported by a 6.0% organic growth[68] - Gross margin for total revenues decreased to 68.7% in Q1 2025 from 70.3% in Q1 2024[64] - Backlog increased 3.5% to $3,033.8 million as of March 31, 2025, compared to $2,932.4 million in 2024[73] Cash Flow and Investments - Cash provided by operating activities decreased by 1% to $528.7 million in Q1 2025 from $531.5 million in Q1 2024[75] - Cash used in investing activities in Q1 2025 was $146.8 million, primarily for the acquisition of Muni-Link[76] - Capital expenditures for the three months ended March 31, 2025, were $9.5 million, slightly up from $9.3 million for the same period in 2024[81] Debt and Financial Position - Interest expense, net, increased to $62.9 million in Q1 2025 from $53.2 million in Q1 2024[70] - Corporate expenses rose to $71.3 million, or 3.8% of net revenues, in Q1 2025 compared to $61.5 million, or 3.7% of net revenues, in Q1 2024[69] - Total debt, net of deferred financing costs, was $7,456.4 million as of March 31, 2025, down from $7,623.0 million at December 31, 2024, reflecting a decrease of approximately 2.2%[81] - Net working capital was negative $1,356.8 million at March 31, 2025, an improvement from negative $1,434.6 million at December 31, 2024[81] - The net debt to total net capital ratio improved to 26.9% as of March 31, 2025, compared to 28.3% at December 31, 2024[81] - The company had no borrowings outstanding under its unsecured revolving credit facility as of March 31, 2025, with $6.8 million in outstanding letters of credit[78] Future Outlook and Strategic Plans - The company expects to generate positive cash flows from operating activities, which will support the reduction of outstanding debt[84] - Future acquisitions will depend on various factors, and financing may come from existing credit agreements or future cash flows[83] - The company plans to repatriate substantially all historical and future earnings from foreign subsidiaries[79] - Current geopolitical and economic uncertainties may adversely affect the company's business prospects[82]

Revenue and Sales Performance - For the thirteen weeks ended March 26, 2025, total revenue was $119.2 million, with company-operated restaurant revenue at $98.4 million and franchise revenue at $20.8 million[153][154]. - For the thirteen weeks ended March 26, 2025, total revenue increased by $3.0 million, or 2.6%, to $119.2 million compared to $116.2 million for the same period in 2024[179]. - Company-operated restaurant revenue rose by $1.2 million, or 1.2%, primarily due to a 4.6% increase in average check size, despite a 3.8% decrease in transactions[180]. - Franchise revenue increased by $1.8 million, or 16.2%, driven by the rollout of a new Point of Sale (POS) system and the opening of four franchise-operated restaurants[181]. - System-wide sales reached $269.453 million for the quarter ended March 26, 2025, compared to $267.890 million for the same period in 2024, indicating a growth of approximately 0.6%[201]. Restaurant Operations - As of March 26, 2025, the company operated 174 company-operated restaurants and 325 franchised restaurants, totaling 499 locations[156]. - The company plans to complete 60-70 restaurant remodels in fiscal 2025, with an average investment of $0.3 million to $0.4 million per restaurant[157]. - The company opened two new company-operated restaurants in Nevada and two new franchised restaurants in California and Texas during fiscal 2024[151]. - Comparable restaurant sales for franchised restaurants decreased by 1.3% for the thirteen weeks ended March 26, 2025[155]. - Comparable restaurant sales growth was not explicitly stated, but the company operated 484 comparable restaurants as of March 26, 2025, compared to 478 a year earlier, suggesting a slight increase in the number of comparable locations[203]. Costs and Expenses - Labor costs are expected to increase due to California's new minimum wage law, which raises the minimum wage for fast food workers to $20 per hour starting April 1, 2024[145]. - The company anticipates ongoing inflationary pressures affecting food, labor, and construction costs, which may impact financial results[148][149]. - Food and paper costs decreased by $0.9 million, or 3.4%, with costs as a percentage of company-operated restaurant revenue at 25.2%, down from 26.4% in the prior year[183]. - Labor and related expenses increased by $1.6 million, or 5.2%, with labor costs as a percentage of company-operated restaurant revenue rising to 32.7% from 31.5%[184][185]. - Occupancy and other operating expenses increased by $1.8 million, or 7.6%, with these costs as a percentage of company-operated restaurant revenue at 26.1%, up from 24.6%[186][187]. - General and administrative expenses decreased by $0.7 million, or 5.6%, resulting in a percentage of total revenue of 9.5%, down from 10.3%[188][189]. - Franchise expenses rose by $1.8 million, or 17.4%, primarily due to IT pass-through expenses related to the new POS system[191]. Financial Performance - Net income for the quarter was $5.5 million, down from $5.9 million in the prior year, reflecting a decrease of $431,000 or 7.3%[179]. - EBITDA for the thirteen weeks ended March 26, 2025, was reported at $12.859 million, down from $13.530 million for the same period in 2024, reflecting a decrease of approximately 5%[215]. - Adjusted EBITDA for the same period was $13.925 million, compared to $15.699 million in the prior year, representing a decline of about 11.3%[215]. - The effective tax rate for the quarter ended March 26, 2025, was 29.7%, up from 27.1% for the quarter ended March 27, 2024[196]. Cash Flow and Financing - Net cash provided by operating activities decreased by approximately $6.4 million to $4.735 million for the thirteen weeks ended March 26, 2025, compared to $11.163 million in the prior year[221]. - For the thirteen weeks ended March 26, 2025, net cash used in investing activities increased by $0.7 million compared to the prior year, primarily due to increased purchases of property and equipment related to restaurant remodeling[222]. - Net cash used in financing activities changed by $5.7 million from the prior year, with share repurchases totaling $1.8 million compared to $1.2 million in the previous year[225]. - As of March 26, 2025, the company had $73.0 million in outstanding borrowings under the 2022 Revolver, with $66.7 million in borrowing availability[230]. - The interest rate range under the 2022 Revolver was 5.65% to 7.75% for the thirteen weeks ended March 26, 2025, compared to 6.92% to 6.96% for the same period in the prior year[229]. Market Conditions and Risks - Inflation has impacted costs related to food, labor, and general administrative expenses, although the company has managed to offset some increases through menu price adjustments[238]. - The company is exposed to market price fluctuations in food product prices, particularly chicken, which can materially impact food and beverage costs[239]. - The company recognized one-time costs of approximately $0.6 million related to the restructuring of certain positions in the organization[224].

Financial Performance - Net income attributable to common stockholders was $0.33 per share for the first quarter of 2025[247]. - Earnings available for distribution was $0.20 per share for the first quarter of 2025, indicating continued momentum in portfolio growth and income generation[247]. - Net income attributable to the Company's common stockholders for Q1 2025 was $30,285,000, with a basic earnings per share of $0.33[269]. - Net income attributable to the company for the three months ended March 31, 2025, was $42.155 million, a significant improvement from a net loss of $57.901 million in 2024[282]. - Basic earnings per common share improved to $0.33 in 2025 from a loss of $0.75 in 2024, an increase of $1.08[282]. - GAAP net income attributable to common stockholders for Q1 2025 was $30,285, compared to a loss of $68,340 in Q1 2024[322]. - Earnings available for distribution (EAD) attributable to common stockholders increased to $18,194 in Q1 2025 from $2,117 in Q1 2024[322]. Investment Portfolio - The total investment portfolio reached $8.26 billion as of March 31, 2025, after accounting for acquisitions and repayments[242]. - The company’s residential loans at fair value increased to $2.95 billion as of March 31, 2025, from $2.88 billion at the end of 2024[242]. - Agency RMBS holdings grew to $4.56 billion as of March 31, 2025, up from $3.14 billion at the end of 2024[242]. - The company purchased approximately $1.5 billion of Agency RMBS with an average coupon of 5.35% during Q1 2025[272]. - The total investment portfolio carrying value as of March 31, 2025, was $8,270,581,000[276]. - The investment securities portfolio's fair value increased to $4.794 billion as of March 31, 2025, from $3.977 billion on December 31, 2024, marking an increase of approximately 20.5%[350]. - The total fair value of residential loan securitizations increased to $1.554 billion as of March 31, 2025, compared to $1.253 billion on December 31, 2024, representing a growth of approximately 24%[348]. Debt and Financing - The company issued $82.5 million of 9.125% Senior Notes due 2030, receiving $79.3 million in net proceeds primarily used to purchase Agency RMBS[250]. - The company had $100.0 million in 5.75% Senior Notes due 2026, with a total cost of approximately 6.64%[390]. - The Company had commitments to fund up to $184.8 million of additional advances on existing business purpose loans as of March 31, 2025[424]. - The common stock repurchase program had $189.7 million remaining available as of March 31, 2025, and it also expires on March 31, 2026[419]. - The company reported redeemable non-controlling interests of approximately $13.4 million as of March 31, 2025, related to its joint venture equity investments[373]. Economic Environment - The U.S. GDP contracted by 0.3% in the first quarter of 2025, marking the first quarter of contraction since Q1 2022, compared to a 2.4% growth in Q4 2024[255]. - The unemployment rate in the U.S. was 4.2% at the end of March 2025, slightly up from 4.1% at the end of December 2024, with 7.1 million unemployed persons[256]. - Effective rents for professionally managed apartments grew 1.1% for the twelve months ended March 2025, but there were significant regional disparities[260]. - Investment grade credit spreads widened by 15 basis points and high-yield spreads by 63 basis points during the first quarter of 2025[261]. Asset Management and Strategy - The company is repositioning its business by opportunistically disposing of joint venture equity investments in multi-family properties[243]. - The company expects to continue opportunistically disposing of assets from its multi-family portfolio while focusing on investments in the residential housing sector[251]. - The company has maintained its qualification as a REIT, which allows it to avoid federal income tax on distributed taxable income[245]. - The company actively manages its portfolio and continuously adjusts the size and composition of its asset and derivative hedge portfolios[433]. Interest Income and Expenses - Interest income increased by 55% and adjusted interest income increased by more than 57% for the first quarter of 2025 compared to the same period in 2024[247]. - Interest income for the same period was $129,734,000, while interest expense was $96,636,000, resulting in a net interest income of $33,098,000[269]. - The yield on average interest-earning assets was reported at 6.47%[269]. - Interest expense increased to $96.636 million in 2025 from $66.029 million in 2024, an increase of 46.5%[282]. - Adjusted interest expense for Q1 2025 was $86,560, up from $51,896 in Q1 2024, marking an increase of approximately $34.7 million[310][314]. Real Estate and Loans - The company’s weighted average loan-to-value (LTV) ratio for business purpose rental loans was 73% as of March 31, 2025[337]. - The delinquency status shows that 91.3% of loans were current as of March 31, 2025, a slight increase from 91.2% at the end of 2024[342]. - The weighted average credit score at purchase for the underlying loans was 765 as of March 31, 2025, compared to 767 at the end of 2024[342]. - The company had a net investment in Consolidated SLST of $149.4 million as of March 31, 2025, slightly down from $149.8 million at the end of 2024[347]. Cash Flow - The Company generated net cash flows from operating activities totaling $25.8 million during the three months ended March 31, 2025[401]. - Net cash flows used in investing activities were $794.2 million, primarily due to purchases of investment securities and residential loans[402]. - Net cash flows provided by financing activities were $713.8 million, mainly from proceeds received from repurchase agreements and the issuance of CDOs and senior unsecured notes[405]. Risk Management - Changes in interest rates could significantly impact adjusted net interest income, with a +200 basis points change resulting in a decrease of $90,470 thousand[433]. - The company utilizes interest rate caps and swaps to manage interest rate risk in its portfolio[431]. - The company may be required to enter into interest rate cap contracts for variable-rate mortgages payable in its Consolidated Real Estate VIEs[416].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ____________ Commission file number 001-32216 NEW YORK MORTGAGE TRUST, INC. (Exact Name of Registrant as Specified in Its Charter) (State or O ...

Financial Performance - Net income attributable to common stockholders was $0.33 per share for the first quarter of 2025[247]. - Earnings available for distribution was $0.20 per share for the first quarter of 2025, indicating continued momentum in portfolio growth and income generation[247]. - Net income attributable to the Company's common stockholders for Q1 2025 was $30,285,000, with a basic earnings per share of $0.33[269]. - The Company reported a net income attributable to common stockholders of $30.285 million for the three months ended March 31, 2025, compared to a loss of $68.340 million in 2024, an improvement of $98.625 million[282]. - Basic earnings per common share improved to $0.33 in 2025 from a loss of $0.75 in 2024, reflecting a change of $1.08[282]. - Economic return on book value for Q1 2025 was 3.13%, while the economic return on adjusted book value was 2.71%[269]. Investment Portfolio - The total investment portfolio reached $8.26 billion as of March 31, 2025, after accounting for acquisitions and repayments[242]. - The fair value of residential loans increased to $2.95 billion as of March 31, 2025, from $2.88 billion at the end of 2024[242]. - Agency RMBS holdings grew to $4.56 billion as of March 31, 2025, up from $3.14 billion at the end of 2024[242]. - The Company allocated $3,913,268,000 to residential loans and $4,646,812,000 to investment securities available for sale as of March 31, 2025[276]. - The total fair value of residential loan securitizations increased to $1.554 billion as of March 31, 2025, compared to $1.253 billion on December 31, 2024, representing a growth of approximately 24%[348]. - The investment securities portfolio's fair value increased to $4.794 billion as of March 31, 2025, from $3.977 billion on December 31, 2024, marking an increase of approximately 20.5%[350]. Interest Income and Expenses - Interest income increased by 55% and adjusted interest income increased by more than 57% for the first quarter of 2025 compared to the same period in 2024[247]. - Interest income for the same period was $129,734,000, while interest expense was $96,636,000, resulting in a net interest income of $33,098,000[269]. - The yield on average interest-earning assets was 6.47%, and the net interest spread was 1.32%[269]. - Adjusted interest income for the three months ended March 31, 2025, increased by approximately $44.7 million to $122.770 million compared to $78.091 million in the same period of 2024[313]. - Adjusted interest expense rose by approximately $34.7 million to $86.560 million for the three months ended March 31, 2025, compared to $51.896 million in 2024[314]. - Adjusted net interest income for the three months ended March 31, 2025, was $36.210 million, up from $26.195 million in 2024, reflecting a year-over-year increase of 38.3%[315]. Asset Acquisition and Disposition - The company acquired approximately $4.1 billion of assets during the year ending December 31, 2024, and an additional $1.9 billion during the three months ended March 31, 2025[246][247]. - The company is repositioning its business by opportunistically disposing of joint venture equity investments in multi-family properties[243]. - The company expects to continue opportunistically disposing of assets from its multi-family portfolio while focusing on investments in the residential housing sector[251]. - The company has maintained its qualification as a REIT and intends to continue compliance with the Internal Revenue Code provisions[245]. Economic and Market Conditions - The U.S. GDP contracted by 0.3% in the first quarter of 2025, marking the first quarter of contraction since Q1 2022, compared to a 2.4% growth in Q4 2024[255]. - The unemployment rate in the U.S. was 4.2% at the end of March 2025, slightly up from 4.1% at the end of December 2024, with 7.1 million unemployed persons[256]. - Effective rents for professionally managed apartments grew 1.1% for the twelve months ended March 2025, but there were significant regional disparities in rent growth[260]. - Investment grade credit spreads widened by 15 basis points and high-yield spreads by 63 basis points during the first quarter of 2025[261]. Debt and Financing - The Company completed the issuance of $82.5 million in aggregate principal amount of 9.125% Senior Notes due 2030, with net proceeds of approximately $79.3 million[272]. - The Company had $4.1 billion outstanding under repurchase agreements as of March 31, 2025, with a weighted average interest rate of 4.49%[354][355]. - The company had commitments to fund up to $184.8 million of additional advances on existing business purpose loans as of March 31, 2025[424]. - The common stock repurchase program had $189.7 million remaining available as of March 31, 2025, and it also expires on March 31, 2026[419]. Joint Ventures and Equity Investments - The Company’s net equity in consolidated joint venture equity investments totaled $155.9 million as of March 31, 2025, compared to $153.7 million on December 31, 2024[368]. - The net joint venture equity investments in consolidated multi-family properties not in disposal group held for sale totaled $136.0 million as of March 31, 2025[373]. - The company recognized no joint venture equity investments reclassified from disposal group held for sale in Q1 2025, compared to a loss of $14,636,000 in Q1 2024[294]. Risk Management - The company utilizes interest rate caps and swaps to manage interest rate risk in its portfolio[431]. - Changes in interest rates could impact adjusted net interest income significantly, with a +200 basis point change resulting in a decrease of $90,470 thousand[433]. - The company may be required to enter into interest rate cap contracts as part of its financing arrangements[416].

Financial Performance - Rayonier Inc. reported sales of $82,922 thousand for the three months ended March 31, 2025, a decrease of 27.1% compared to $113,704 thousand in the same period of 2024 [18]. - The operating income for the first quarter of 2025 was $59 thousand, significantly down from $8,632 thousand in Q1 2024 [18]. - The net loss attributable to Rayonier Inc. was $3,424 thousand for Q1 2025, compared to a net income of $1,357 thousand in Q1 2024, marking a shift in performance [18]. - Rayonier Inc. reported a comprehensive loss of $7,300 thousand for Q1 2025, compared to a comprehensive loss of $1,153 thousand in Q1 2024 [18]. - Rayonier Inc. reported a basic loss per share of $0.02 for Q1 2025, compared to earnings of $0.01 per share in Q1 2024 [18]. - For the three months ended March 31, 2025, Rayonier reported a net loss of $3,085,000 compared to a net income of $2,306,000 for the same period in 2024 [29]. - Cash provided by operating activities was $27,699,000 for Q1 2025, down from $52,298,000 in Q1 2024, reflecting a decline of about 47% [29]. - Rayonier's comprehensive loss attributable to unitholders was $7,398,000 in Q1 2025, compared to a comprehensive loss of $1,170,000 in Q1 2024 [35]. - The company reported a basic loss per unit attributable to continuing operations of $0.04 for Q1 2025, compared to a loss of $0.03 for Q1 2024 [35]. - The company reported a loss from continuing operations before income taxes of $5,501 for the three months ended March 31, 2025 [84]. Assets and Liabilities - Total current assets increased to $767,388 thousand as of March 31, 2025, from $436,893 thousand at the end of 2024, primarily due to an increase in current assets of discontinued operations [20]. - Total assets decreased to $3,351,353 thousand as of March 31, 2025, down from $3,474,419 thousand at December 31, 2024 [20]. - The company’s retained earnings decreased to $204,180 thousand as of March 31, 2025, from $257,254 thousand at the end of 2024 [20]. - The balance of cash and cash equivalents decreased to $216,242 thousand as of March 31, 2025, from $303,065 thousand as of December 31, 2024, a decline of 28.7% [37]. - Total liabilities of the New Zealand operations increased to $227,991 thousand as of March 31, 2025, from $218,176 thousand as of December 31, 2024, a rise of 4.0% [66]. - Current liabilities rose to $49.33 million in Q1 2025, compared to $47.34 million in Q4 2024, reflecting a 4.2% increase [66]. Capital Expenditures and Investments - Rayonier's capital expenditures from continuing operations were $12,023,000 in Q1 2025, down from $15,260,000 in Q1 2024, indicating a reduction of approximately 21% [29]. - Capital expenditures for the three months ended March 31, 2025, were $12,023, down from $15,260 in the same period of 2024, representing a decline of approximately 21.5% [78]. - Capital expenditures for New Zealand operations decreased to $2.65 million in Q1 2025, down 26.4% from $3.61 million in Q1 2024 [66]. Dividends and Shareholder Returns - Rayonier Inc. issued a special dividend of $1.80 per common share, resulting in the issuance of 7,560,983 common shares [22][23]. - Dividends paid on common shares increased to $110,442,000 in Q1 2025 from $72,258,000 in Q1 2024, marking an increase of approximately 53% [29]. - Distributions on units for the three months ended March 31, 2025, totaled $111,905 thousand, compared to $73,343 thousand in 2024, an increase of 52.6% [43]. Foreign Operations - Rayonier's New Zealand operations generated sales of $56,760 thousand in Q1 2025, up from $54,392 thousand in Q1 2024, representing a 4.5% increase [63]. - Operating income from discontinued operations in New Zealand was $4,549 thousand in Q1 2025, down from $7,578 thousand in Q1 2024, a decline of 40.4% [63]. - The company reported net income from discontinued operations attributable to Rayonier Inc. of $2,094 thousand in Q1 2025, compared to $5,792 thousand in Q1 2024, a decrease of 63.8% [63]. - Rayonier entered into a purchase and sale agreement to sell its 77% interest in New Zealand operations for $710 million, expected to close in 2025 [61]. Debt and Financing - The company’s long-term debt remained stable at $1,044,635 thousand as of March 31, 2025, compared to $1,044,410 thousand at the end of 2024 [20]. - Total principal debt as of March 31, 2025, was $1,050,000,000, with total long-term debt amounting to $1,044,635,000 after accounting for unamortized discounts and deferred financing costs [105]. - Rayonier Inc. had available borrowings of $293.0 million under its Revolving Credit Facility as of March 31, 2025 [108]. - The company maintained a covenant EBITDA to consolidated interest expense ratio of 7.2 to 1, significantly exceeding the requirement of 2.5 to 1 [111]. - The debt to covenant net worth plus covenant debt ratio was 36%, well below the maximum requirement of 65% [111]. Other Financial Metrics - Adjusted EBITDA for the total company was $27,061 thousand for Q1 2025, reflecting the performance across all segments [74]. - Adjusted EBITDA for the three months ended March 31, 2025, was $44,648, compared to $44,801 in the same period of 2024, indicating a slight decrease of 0.3% [84]. - The net income for the three months ended March 31, 2025, was $2,306, compared to a loss of $4,510 in the same period of 2024 [84]. - The company reported a foreign currency translation adjustment of $3,633 thousand for the three months ended March 31, 2025 [39]. - The company’s effective tax rate for the three months ended March 31, 2025, was -5.5%, significantly lower than the 18.0% rate for the same period in 2024 [151].

Financial Performance - Total revenues for Q1 2025 were $202.6 million, a decrease of 9.5% from $223.1 million in Q1 2024[14] - Net income for Q1 2025 was $12.8 million, a significant drop of 54.7% compared to $28.3 million in Q1 2024[14] - Net premiums earned decreased to $183.0 million in Q1 2025, down from $184.9 million in Q1 2024, reflecting a decline of 1.0%[14] - Total expenses for the three months ended March 31, 2025, were $186.7 million, compared to $187.8 million for the same period in 2024, showing a slight decrease of 0.6%[103][104] - Net income for the three months ended March 31, 2025, was $12.8 million, a decrease of 54.8% compared to $28.3 million for the same period in 2024[21] - The combined ratio for the Insurance Operations segment was 102.0% for Q1 2025, compared to 101.6% for Q1 2024, indicating a slight deterioration in underwriting performance[103][104] Assets and Liabilities - Total assets increased to $3,556.9 million as of March 31, 2025, compared to $3,541.3 million as of December 31, 2024, representing a growth of 0.4%[12] - Total liabilities rose to $2,481.2 million as of March 31, 2025, up from $2,472.6 million at the end of 2024, indicating a 0.3% increase[12] - The total stockholders' equity increased to $1,075.7 million as of March 31, 2025, from $1,068.7 million at the end of 2024, a rise of 0.8%[12] Cash and Investments - Cash and cash equivalents increased to $100.4 million as of March 31, 2025, compared to $68.3 million as of December 31, 2024, reflecting a growth of 47.0%[12] - The company reported a net cash provided by investing activities of $46.1 million, a turnaround from a net cash used of $97.7 million in the previous year[21] - Total cash, cash equivalents, and restricted cash at the end of the period was $100.6 million, up from $68.5 million at the beginning of the period[22] - The investment portfolio as of March 31, 2025, had a total fair value of $2,335.9 million, with a weighted average book yield of 4.5%[186] - The fixed maturity securities portfolio had a weighted average quality rating of "A+" as of March 31, 2025[182] Losses and Expenses - Losses and loss adjustment expenses for Q1 2025 were $120.7 million, up from $116.5 million in Q1 2024, marking an increase of 2.9%[14] - Total net losses and LAE incurred during the three months ended March 31, 2025, were $122.3 million, compared to $118.6 million for the same period in 2024[78] - Current accident year losses and LAE increased to $121.0 million for the three months ended March 31, 2025, compared to $118.7 million for the same period in 2024, reflecting a rise in loss trends[133] Dividends and Stockholder Equity - The company declared cash dividends of $0.30 per common share in Q1 2025, compared to $0.28 in Q1 2024, representing a 7.1% increase[14] - The adjusted stockholders' equity as of March 31, 2025, was $1,228.8 million, compared to $1,213.0 million as of March 31, 2024, indicating a growth of 1.3%[103][104] Investment Gains and Losses - The company reported unrealized AFS investment gains of $21.1 million for Q1 2025, compared to losses of $11.6 million in Q1 2024[14] - The company recorded net realized and unrealized gains on investments of $12.8 million, contrasting with losses of $11.4 million in the prior year[21] - The company reported unrealized gains of $16.7 million and unrealized losses of $93.6 million on its available-for-sale investments as of March 31, 2025[48] Operational Metrics - Gross premiums written for the Insurance Operations segment increased to $212.1 million in Q1 2025, up from $210.9 million in Q1 2024, representing a growth of 0.6%[103][104] - The number of in-force policies increased to 133,121 as of March 31, 2025, compared to 130,767 at December 31, 2024[122] - The company continues to invest in technology to enhance data analytic capabilities and reduce operating costs over the long term[115] Tax and Regulatory - The effective tax rate for the three months ending March 31, 2025, was 19.5%, compared to 19.8% for the same period in 2024[75] - Income tax expense decreased to $3.1 million in Q1 2025 from $7.0 million in Q1 2024, with effective tax rates of 19.5% and 19.8%, respectively[149] Share Repurchase and Commitments - The company repurchased 406,101 shares for $20.2 million during Q1 2025[173] - As of March 31, 2025, the company had unfunded investment commitments totaling $14.0 million[177]

Financial Performance - Net sales for Q1 2025 reached $809.3 million, a 10.5% increase from $732.1 million in Q1 2024[95] - The Systems Protection segment generated net sales of $508.2 million, reflecting a 15.5% increase compared to $439.9 million in the prior year[103] - Electrical Connections net sales increased by 3.0% to $301.1 million in Q1 2025 from $292.2 million in Q1 2024, driven by organic growth of 3.9%[109] - Organic growth in net sales was 1.6%, while acquisition-related growth accounted for 9.8% of the total sales increase[96] Income and Expenses - Income from discontinued operations, primarily from the sale of the Thermal Management business, was $273.7 million, resulting in a gain of $433.9 million after tax expenses[100] - The effective tax rate increased to 22.0% in Q1 2025, up from 21.5% in Q1 2024, due to higher earnings in jurisdictions with elevated tax rates[99] - Selling, general and administrative expenses rose to 20.5% of net sales, an increase of 1.0 percentage point from the previous year[95] - Gross profit margin decreased by 0.9 percentage points to 38.8% in Q1 2025 compared to 39.7% in Q1 2024[95] Acquisitions - The company completed the acquisition of Trachte for approximately $687.5 million and the Electrical Products Group for $975.0 million, enhancing its Systems Protection segment[90][93] - The acquisition of Trachte contributed $71.4 million in sales during Q1 2025, with organic sales growth from the infrastructure business at approximately 5.0%[96] - Organic sales growth contributed approximately 5.0% from the infrastructure business, with a total of $71.4 million in sales attributed to the Trachte acquisition[110] Cash Flow and Liquidity - The company reported net cash provided by operating activities of $63.9 million in Q1 2025, compared to $48.6 million in Q1 2024, reflecting an increase in net income[116][117] - Free cash flow for continuing operations increased to $44.4 million in Q1 2025, up from $33.6 million in Q1 2024, representing a 32.8% growth[139] - As of March 31, 2025, the company had $1,343.0 million in cash on hand, with $58.6 million held in jurisdictions with limited repatriation capabilities[114] - Net cash used for investing activities from continuing operations was $15.7 million in Q1 2025, primarily for capital expenditures of $21.1 million[118] - The company repaid $483.6 million in financing activities during Q1 2025, including $392.5 million in long-term debt repayments[121] Operational Challenges - The company anticipates continued inflationary cost increases and supply chain challenges throughout 2025, impacting operational results[94] - The company experienced a 1.5% organic sales decline in its commercial & residential business, partially offsetting gains in other segments[112] Segment Performance - Segment income for Electrical Connections decreased slightly by 0.1% to $85.1 million in Q1 2025, with segment income as a percentage of net sales dropping from 29.2% to 28.3%[108] Capital Expenditures - Capital expenditures increased to $21.1 million in Q1 2025 from $15.3 million in Q1 2024, reflecting a 37.9% rise[139] Compliance and Risk - As of March 31, 2025, the company was in compliance with all financial covenants in its debt agreements, indicating a solid liquidity position[132] - Market risk has remained stable with no material changes during the quarter ended March 31, 2025[142] - There have been no material changes to critical accounting policies and estimates from the previous disclosures in the 2024 Annual Report[141]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-14965 The Goldman Sachs Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-4019460 (State or other jurisdictio ...