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FIRST BANCSHARES, INC. ANNOUNCES ANNUAL CASH DIVIDEND OF $0.40 PER SHARE - ForexTV
MOUNTAIN GROVE, Mo., Feb. 21, 2025 (GLOBE NEWSWIRE) -- First Bancshares, Inc. (OTCQX: FBSI), the holding company for Stockmens Bank (“Bank”), Colorado Springs, Colorado, announced today that its Board of Directors declared an annual cash dividend of $0.40 per share on the Company’s outstanding common stock. The cash dividend will be payable on April 15, 2025 to shareholders of record as of the close of business on April 1, 2025. About the Company First Bancshares, Inc. is the holding company for Stockmens Bank, a FDIC-insured commercial bank chartered by the State of Colorado that conducts business from its home office in Colorado Springs, Colorado, and eight full-service offices in the Missouri cities of Mountain Grove, Marshfield, Ava, Kissee Mills, Gainesville, Hartville, Crane and Springfield, as well as full-service offices in Akron, Colorado and Bartley, Nebraska. Cautionary Note Regarding Forward-Looking Statements The Company and its wholly owned subsidiary, Stockmens Bank, may from time to time make written or oral “forward-looking statements” in its reports to shareholders and in other communications by the Company. These forward-looking statements are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to the Company’s beliefs, expectations, estimates and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company’s control. Such statements address the following subjects: future operating results; customer growth and retention; loan and other product demand; earnings growth and expectations; new products and services; credit quality and adequacy of reserves; results of examinations by our bank regulators; technology; and our employees. The following factors, among others, could cause the Company’s financial performance to differ materially from the expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; inflation, interest rate, market, and monetary fluctuations; the timely development and acceptance of new products and services of the Company and the perceived overall value of these products and services by users; the impact of changes in laws and regulations applicable to financial services companies; technological changes; acquisitions; changes in consumer spending and savings habits; and the success of the Company at managing and collecting assets of borrowers in default and managing the risks of the foregoing. The foregoing list of factors is not exclusive. The Company does not undertake, and expressly disclaims any intent or obligation, to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company. Contact: Robert M. Alexander, Chairman and CEO - (719) 955-2800
Intra-Cellular Therapies Reports Fourth Quarter and Full-Year 2024 Financial Results - ForexTV
Fourth quarter 2024 CAPLYTA net product sales grew to $199.2 million, representing a 51% increase over the same period in 2023 Full year 2024 CAPLYTA net product sales were $680.5 million, representing year-over-year growth of 47% The U.S. Food and Drug Administration (FDA) accepted for review the lumateperone supplemental New Drug Application (sNDA) submission for adjunctive treatment of major depressive disorder (MDD) BEDMINSTER, N.J., Feb. 21, 2025 (GLOBE NEWSWIRE) -- Intra-Cellular Therapies, Inc. (Nasdaq: ITCI), a biopharmaceutical company focused on the development and commercialization of therapeutics for central nervous system (CNS) disorders, today announced its financial results for the fourth quarter ended December 31, 2024 and provided a corporate update. Financial Highlights Net product sales of CAPLYTA were $680.5 million for the full year 2024. This represents an increase of 47% compared to 2023. Net product sales of CAPLYTA were $199.2 million for the fourth quarter of 2024, compared to $131.5 million for the same period in 2023, representing 51% growth. Selling, general and administrative (SG&A) expenses were $504.5 million for the year ended December 31, 2024, compared to $409.9 million for the same period in 2023. This increase is primarily due to an increase in commercialization, marketing and infrastructure costs. Research and development (R&D) expenses were $236.1 million for the year ended December 31, 2024, compared to $180.1 million for the same period in 2023. This increase is primarily due to higher lumateperone and non-lumateperone project costs, including the ITI-1284, ITI-214, and ITI-1500 programs. Cash, cash equivalents, investment securities, and restricted cash totaled $1.0 billion on December 31, 2024, compared to $499.7 million at December 31, 2023. Commercial and Clinical Highlights In the first quarter of 2025, we commenced a field sales force expansion in anticipation of the potential approval of CAPLYTA for the adjunctive treatment of MDD. The FDA has accepted for review the sNDA for lumateperone, an investigational agent for the treatment of MDD as adjunctive therapy. Two positive Phase 3 global placebo-controlled studies, Study 501 and Study 502, as well as the long term open-label safety Study 503, form the basis of the sNDA. Advancing our pipeline: In 2024, we initiated 10 late-stage clinical trials including six Phase 3 lumateperone clinical trials and four ITI-1284 clinical trials.Lumateperone: In our pediatric program, in the fourth quarter of 2024, we commenced patient enrollment in two Phase 3 studies in pediatric patients for the treatment of irritability associated with autism spectrum disorder. Patient enrollment is ongoing in our double-blind, placebo-controlled study in bipolar depression and in our open-label safety study in schizophrenia and bipolar disorder in pediatric patients.Patient enrollment is ongoing in our two Phase 3 studies evaluating lumateperone in adults in the acute treatment of manic or mixed episodes associated with bipolar I disorder (bipolar mania). ITI-1284-ODT-SL program: Patient enrollment is ongoing in two Phase 2 clinical studies evaluating ITI-1284 in patients with generalized anxiety disorder (GAD). Our first study evaluates ITI-1284 as an adjunctive therapy to approved GAD medications while a second study evaluates ITI-1284 as monotherapy.Patient enrollment continues in a Phase 2 clinical study evaluating ITI-1284 in patients with psychosis associated with Alzheimer’s disease (AD) and in our Phase 2 program in agitation associated with AD. Other pipeline programs:Phosphodiesterase type I inhibitor (PDE1) program: Patient enrollment in our lenrispodun (ITI-214) Phase 2 Study in Parkinson’s disease (PD) is ongoing. Our second PDE1 inhibitor, ITI-1020 being developed in oncology indications, continues its Phase 1 single ascending dose study in healthy volunteers.ITI-1500 non-hallucinogenic neuroplastogen program: ITI-1549 is advancing IND enabling studies. Important Safety Information Boxed Warnings: Elderly patients with dementia-related psychosis treated with antipsychotic drugs are at an increased risk of death. CAPLYTA is not approved for the treatment of patients with dementia-related psychosis.Antidepressants increased the risk of suicidal thoughts and behaviors in pediatric and young adults in short-term studies. All antidepressant-treated patients should be closely monitored for clinical worsening, and for emergence of suicidal thoughts and behaviors. The safety and effectiveness of CAPLYTA have not been established in pediatric patients. Contraindications: CAPLYTA is contraindicated in patients with known hypersensitivity to lumateperone or any components of CAPLYTA. Reactions have included pruritus, rash (e.g., allergic dermatitis, papular rash, and generalized rash), and urticaria. Warnings & Precautions: Antipsychotic drugs have been reported to cause: Cerebrovascular Adverse Reactions in Elderly Patients with Dementia-Related Psychosis, including stroke and transient ischemic attack. See Boxed Warning above.Neuroleptic Malignant Syndrome (NMS), which is a potentially fatal reaction. Signs and symptoms include: high fever, stiff muscles, confusion, changes in breathing, heart rate, and blood pressure, elevated creatinine phosphokinase, myoglobinuria (and/or rhabdomyolysis), and acute renal failure. Patients who experience signs and symptoms of NMS should immediately contact their doctor or go to the emergency room.Tardive Dyskinesia, a syndrome of uncontrolled body movements in the face, tongue, or other body parts, which may increase with duration of treatment and total cumulative dose. TD may not go away, even if CAPLYTA is discontinued. It can also occur after CAPLYTA is discontinued.Metabolic Changes, including hyperglycemia, diabetes mellitus, dyslipidemia, and weight gain. Hyperglycemia, in some cases extreme and associated with ketoacidosis, hyperosmolar coma or death, has been reported in patients treated with antipsychotics. Measure weight and assess fasting plasma glucose and lipids when initiating CAPLYTA and monitor periodically during long-term treatment.Leukopenia, Neutropenia, and Agranulocytosis (including fatal cases). Complete blood counts should be performed in patients with pre-existing low white blood cell count (WBC) or history of leukopenia or neutropenia. CAPLYTA should be discontinued if clinically significant decline in WBC occurs in absence of other causative factors.Decreased Blood Pressure & Dizziness. Patients may feel lightheaded, dizzy or faint when they rise too quickly from a sitting or lying position (orthostatic hypotension). Heart rate and blood pressure should be monitored and patients should be warned with known cardiovascular or cerebrovascular disease. Orthostatic vital signs should be monitored in patients who are vulnerable to hypotension.Falls. CAPLYTA may cause sleepiness or dizziness and can slow thinking and motor skills, which may lead to falls and, consequently, fractures and other injuries. Patients should be assessed for risk when using CAPLYTA.Seizures. CAPLYTA should be used cautiously in patients with a history of seizures or with conditions that lower seizure threshold.Potential for Cognitive and Motor Impairment. Patients should use caution when operating machinery or motor vehicles until they know how CAPLYTA affects them.Body Temperature Dysregulation. CAPLYTA should be used with caution in patients who may experience conditions that may increase core body temperature such as strenuous exercise, extreme heat, dehydration, or concomitant anticholinergics.Dysphagia. CAPLYTA should be used with caution in patients at risk for aspiration. Drug Interactions: CAPLYTA should not be used with CYP3A4 inducers. Dose reduction is recommended for concomitant use with strong CYP3A4 inhibitors or moderate CYP3A4 inhibitors. Special Populations: Newborn infants exposed to antipsychotic drugs during the third trimester of pregnancy are at risk for extrapyramidal and/or withdrawal symptoms following delivery. Dose reduction is recommended for patients with moderate or severe hepatic impairment. Adverse Reactions: The most common adverse reactions in clinical trials with CAPLYTA vs. placebo were somnolence/sedation, dizziness, nausea, and dry mouth. CAPLYTA is available in 10.5 mg, 21 mg, and 42 mg capsules. Please click here to see full Prescribing Information including Boxed Warning. About CAPLYTA (lumateperone) CAPLYTA 42 mg is an oral, once daily atypical antipsychotic approved in adults for the treatment of schizophrenia and the treatment of depressive episodes associated with bipolar I or II disorder (bipolar depression) as monotherapy and as adjunctive therapy with lithium or valproate. While the mechanism of action of CAPLYTA is unknown, the efficacy of CAPLYTA could be mediated through a combination of antagonist activity at central serotonin 5-HT2A receptors and postsynaptic antagonist activity at central dopamine D2 receptors. Lumateperone is being studied for the treatment of major depressive disorder, and other psychiatric and neurological disorders. Lumateperone is not FDA-approved for these disorders. About Intra-Cellular Therapies Intra-Cellular Therapies is a biopharmaceutical company founded on Nobel prize-winning research that allows us to understand how therapies affect the inner-workings of cells in the body. The company leverages this intracellular approach to develop innovative treatments for people living with complex psychiatric and neurologic diseases. For more information, please visit www.intracellulartherapies.com. Forward-Looking Statements This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding, among other things, the potential approval of CAPLYTA (lumateperone) for the treatment of major depressive disorder as adjunctive therapy; our financial and operating performance, including our future revenues and expenses; our expectations regarding the commercialization of CAPLYTA; our plans to expand our sales force; our plans to conduct clinical or non-clinical trials and the timing of developments with respect to those trials, including enrollment, initiation or completion of clinical conduct, or the availability or reporting of results; whether clinical trial results will be predictive of future real-world results; whether CAPLYTA will serve an unmet need; the goals of our development programs; our beliefs about the potential utility of our product candidates; and development efforts and plans under the caption “About Intra-Cellular Therapies.” All such forward-looking statements are based on management's present expectations and are subject to certain factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, the following: there is no guarantee we will complete the pending transaction with Johnson & Johnson within the timeframe we anticipate or at all; there are no guarantees that CAPLYTA will be commercially successful; we may encounter issues, delays or other challenges in commercializing CAPLYTA; whether CAPLYTA receives adequate reimbursement from third-party payors; the degree to which CAPLYTA receives acceptance from patients and physicians for its approved indications; challenges associated with execution of our sales activities, which in each case could limit the potential of our product; results achieved in CAPLYTA in the treatment of schizophrenia and bipolar depression following commercial launch of the product may be different than observed in clinical trials, and may vary among patients; challenges associated with supply and manufacturing activities, which in each case could limit our sales and the availability of our product; risks associated with our current and planned clinical trials; we may encounter unexpected safety or tolerability issues with CAPLYTA following commercial launch for the treatment of schizophrenia or bipolar depression or in ongoing or future trials and other development activities; there is no guarantee that a generic equivalent of CAPLYTA will not be approved and enter the market before the expiration of our patents; there is no guarantee that our sNDA for the adjunctive treatment of MDD will be approved, if at all, on the timeline that we expect; our other product candidates may not be successful or may take longer and be more costly than anticipated; product candidates that appeared promising in earlier research and clinical trials may not demonstrate safety and/or efficacy in larger-scale or later clinical trials or in clinical trials for other indications; our proposals with respect to the regulatory path for our product candidates may not be acceptable to the FDA; our reliance on collaborative partners and other third parties for development of our product candidates; impacts on our business, including on the commercialization of CAPLYTA and our clinical trials, as a result of the COVID-19 pandemic, the conflicts in Ukraine, Russia and the Middle East, global economic uncertainty, inflation, higher interest rates or market disruptions; and the other risk factors detailed in our public filings with the Securities and Exchange Commission. All statements contained in this press release are made only as of the date of this press release, and we do not intend to update this information unless required by law. Contact: Intra-Cellular Therapies, Inc.Juan Sanchez, M.D. Vice President, Corporate Communications and Investor Relations646-440-9333 Burns McClellan, Inc.Cameron Radinoviccradinovic@burnsmc.com212-213-0006 INTRA-CELLULAR THERAPIES, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except share and per share amounts) (Unaudited) (1)(2) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Revenues Product sales, net$199,223 $131,507 $680,501 $462,175 Grant revenue — 593 351 2,195 Total revenues, net 199,223 132,100 680,852 464,370 Operating expenses: Cost of product sales 20,405 10,703 56,963 33,745 Selling, general and administrative 137,729 104,720 504,489 409,864 Research and development 70,286 50,773 236,121 180,142 Total operating expenses 228,420 166,196 797,573 623,751 Loss from operations (29,197) (34,096) (116,721) (159,381)Interest income 11,995 6,242 42,518 20,343 Loss before provision for income taxes (17,202) (27,854) (74,203) (139,038)Income tax expense 317 (450) (473) (636)Net loss$(16,885) $(28,304) $(74,676) $(139,674)Net loss per common share: Basic & Diluted$(0.16) $(0.29) $(0.72) $(1.46)Weighted average number of common shares: Basic & Diluted 106,095,836 96,285,558 103,131,017 95,881,729 (1) The condensed consolidated statements of operations for the three and twelve months ended December 31, 2024 and 2023 have been derived from the financial statements but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. (2) Some amounts in this statement may not add due to rounding. All percentages have been calculated using unrounded amounts. INTRA-CELLULAR THERAPIES, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands except share and per share amounts) (Unaudited) December 31,2024 December 31,2023Assets Current assets: Cash and cash equivalents$306,948 $147,767 Investment securities, available-for-sale 694,118 350,174 Restricted cash 1,750 1,750 Accounts receivable, net 166,500 114,018 Inventory 26,283 11,647 Prepaid expenses and other current assets 111,765 42,443 Total current assets 1,307,364 667,799 Property and equipment, net 1,468 1,654 Right of use assets, net 13,428 12,928 Inventory, non-current 38,890 38,621 Other assets 5,762 7,293 Total assets$1,366,912 $728,295 Liabilities and stockholders’ equity Current liabilities: Accounts payable$26,074 $11,452 Accrued and other current liabilities 65,215 27,944 Accrued customer programs 75,408 53,173 Accrued employee benefits 34,774 27,364 Operating lease liabilities 4,233 3,612 Total current liabilities 205,704 123,545 Operating lease liabilities, non-current 12,748 13,326 Total liabilities 218,452 136,871 Stockholders’ equity: Common stock, $0.0001 par value: 175,000,000 shares authorized at December 31, 2024 and December 31, 2023, respectively; 106,240,009 and 96,379,811 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively 11 10 Additional paid-in capital 2,840,094 2,208,470 Accumulated deficit (1,691,836) (1,617,160)Accumulated comprehensive income 191 104 Total stockholders’ equity 1,148,460 591,424 Total liabilities and stockholders’ equity$1,366,912 $728,295 The condensed consolidated balance sheets at December 31, 2024 and December 31, 2023 have been derived from the financial statements but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.
Arbor Realty Trust Reports Fourth Quarter and Full Year 2024 Results and Declares Dividend of $0.43 per Share - ForexTV
Fourth Quarter Highlights: GAAP net income of $0.32 and distributable earnings of $0.40, per diluted common share1Declares cash dividend on common stock of $0.43 per shareAgency loan originations of $1.38 billion and a servicing portfolio of ~$33.47 billionStructured loan originations of $684.3 million, runoff of $900.6 million, and a portfolio of ~$11.30 billionIssued $100.0 million of 9.00% senior notes due 2027 Full Year Highlights: GAAP net income of $1.18 and distributable earnings of $1.74 per diluted common share1Agency servicing portfolio growth of 8% from loan originations of $4.47 billionSuccessfully delevered the Company 30% from a peak debt to equity ratio of 4:1 in 2023, to 2.8:1 at December 31, 20242Structured portfolio reduction of 10% with $2.48 billion of multifamily loan runoff, $1.58 billion of which was recaptured into new agency loan originationsRedeemed $200.0 million of our senior notes UNIONDALE, N.Y., Feb. 21, 2025 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (NYSE: ABR), today announced financial results for the fourth quarter ended December 31, 2024. Arbor reported net income for the quarter of $59.8 million, or $0.32 per diluted common share, compared to net income of $91.7 million, or $0.48 per diluted common share for the quarter ended December 31, 2023. Net income for the year was $223.3 million, or $1.18 per diluted common share, compared to $330.1 million, or $1.75 per diluted common share for the year ended December 31, 2023. Distributable earnings for the quarter was $81.6 million, or $0.40 per diluted common share, compared to $104.1 million, or $0.51 per diluted common share for the quarter ended December 31, 2023. Distributable earnings for the year was $358.0 million, or $1.74 per diluted common share, compared to $452.5 million, or $2.25 per diluted common share for the year ended December 31, 2023. 1 Agency Business Loan Origination Platform Agency Loan Volume (in thousands) Quarter Ended Year Ended December 31, 2024 September 30, 2024 December 31, 2024 December 31, 2023Fannie Mae$556,676 $616,211 $2,374,040 $3,773,532Freddie Mac 675,244 378,809 1,770,976 756,827Private Label 27,650 74,162 151,936 299,934FHA 119,050 27,457 146,507 257,199SFR - Fixed Rate — — 27,314 19,328Total Originations$1,378,620 $1,096,639 $4,470,773 $5,106,820 Total Loan Sales$1,270,048 $1,118,977 $4,609,686 $4,889,199 Total Loan Commitments$1,353,527 $1,056,490 $4,443,972 $5,207,148 For the quarter ended December 31, 2024, the Agency Business generated revenues of $78.7 million, compared to $77.4 million for the third quarter of 2024. Gain on sales, including fee-based services, net on the Agency business was $22.2 million for the quarter, reflecting a margin of 1.75%, compared to $18.6 million and 1.67% for the third quarter of 2024. Income from mortgage servicing rights was $13.3 million for the quarter, reflecting a rate of 0.99% as a percentage of loan commitments, compared to $13.2 million and 1.25% for the third quarter of 2024. At December 31, 2024, loans held-for-sale was $435.8 million, with financing associated with these loans totaling $422.7 million. Fee-Based Servicing Portfolio The Company’s fee-based servicing portfolio totaled $33.47 billion at December 31, 2024. Servicing revenue, net was $33.3 million for the quarter and consisted of servicing revenue of $50.9 million, net of amortization of mortgage servicing rights totaling $17.6 million. Fee-Based Servicing Portfolio ($ in thousands) December 31, 2024 September 30, 2024 December 31, 2023 UPB Wtd. Avg. Fee (bps) Wtd. Avg. Life (years) UPB Wtd. Avg. Fee (bps) Wtd. Avg. Life (years) UPB Wtd. Avg. Fee (bps) Wtd. Avg. Life (years)Fannie Mae$22,730,056 46.4 6.4 $22,526,022 46.6 6.6 $21,264,578 47.4 7.4Freddie Mac 6,077,020 21.5 6.8 5,820,026 21.9 7.1 5,181,933 24.0 8.5Private Label 2,605,980 18.7 5.5 2,619,485 18.7 5.8 2,510,449 19.5 6.7FHA 1,506,948 14.1 19.2 1,390,766 14.2 18.9 1,359,624 14.4 19.2Bridge 278,494 10.4 3.0 380,379 10.9 3.0 379,425 10.9 3.2SFR-Fixed Rate 271,859 20.1 4.4 275,081 20.1 4.6 287,446 20.1 5.1Total$33,470,357 37.8 6.9 $33,011,759 38.0 7.1 $30,983,455 39.1 8.0 Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan (“loss-sharing obligations”) and includes $34.8 million for the fair value of the guarantee obligation undertaken at December 31, 2024. The Company recorded a $4.0 million total provision for loss sharing associated with CECL for the fourth quarter of 2024. At December 31, 2024, the Company’s total CECL allowance for loss-sharing obligations was $48.3 million, representing 0.21% of the Fannie Mae servicing portfolio. Structured Business Portfolio and Investment Activity Structured Portfolio Activity ($ in thousands) Quarter Ended Year Ended December 31, 2024 September 30, 2024 December 31, 2024 December 31, 2023 UPB % UPB % UPB % UPB %Bridge: Multifamily$371,250 54% $14,500 6% $444,635 31% $415,330 42%SFR 273,087 40% 239,064 92% 869,141 61% 524,060 54%Land — — — — 10,350 1% — — 644,337 94% 253,564 98% 1,324,126 93% 939,390 96% Mezzanine / Preferred Equity 35,592 5% 4,900 2% 97,305 7% 43,953 4%Construction - Multifamily 4,368 1% — — 4,368 — — — Total Originations$684,297 100% $258,464 100% $1,425,799 100% $983,343 100% Number of Loans Originated 28 38 170 150 Commitments: SFR$375,894 $374,070 $1,438,841 $1,150,687 Construction - Multifamily 54,000 47,000 101,000 — Total Commitments$429,894 $421,070 $1,539,841 $1,150,687 Loan Runoff$900,583 $521,341 $2,691,583 $3,354,055 Structured Portfolio ($ in thousands) December 31, 2024 September 30, 2024 December 31, 2023 UPB % UPB % UPB %Bridge: Multifamily$8,725,429 76% $9,208,954 80% $10,789,936 86%SFR 1,993,890 18% 1,783,475 15% 1,316,803 10%Other 173,787 2% 176,855 2% 166,505 1% 10,893,106 96% 11,169,284 97% 12,273,244 97% Mezzanine/Preferred Equity 404,401 3% 393,168 3% 334,198 3%Construction - Multifamily 4,367 <1% — — — — SFR Permanent 3,082 <1% 3,086 <1% 7,564 <1%Total Portfolio$11,304,956 100% $11,565,538 100% $12,615,006 100% At December 31, 2024, the loan and investment portfolio’s unpaid principal balance ("UPB"), excluding loan loss reserves, was $11.30 billion, with a weighted average current interest pay rate of 6.90%, compared to $11.57 billion and 7.25% at September 30, 2024. Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average current interest pay rate was 7.80% at December 31, 2024, compared to 8.16% at September 30, 2024. The decrease in pay rate was primarily due to an decrease in the SOFR rate in the fourth quarter of 2024. The average balance of the Company’s loan and investment portfolio during the fourth quarter of 2024, excluding loan loss reserves, was $11.46 billion with a weighted average yield of 8.52%, compared to $11.80 billion and 9.04% for the third quarter of 2024. The decrease in yield was primarily due to an decrease in the SOFR rate in the fourth quarter of 2024. During the fourth quarter of 2024, the Company recorded a $3.4 million provision for loan losses associated with CECL, which was net of $5.5 million of net recoveries related to real estate loan foreclosures. At December 31, 2024, the Company’s total allowance for loan losses was $239.0 million. The Company had twenty-six non-performing loans with a UPB of $651.8 million, before related loan loss reserves of $23.8 million, compared to twenty-six loans with a UPB of $625.4 million, before loan loss reserves of $37.3 million at September 30, 2024. In addition, at December 31, 2024, the Company had nine loans with a total UPB of $167.4 million (before related loan loss reserves of $5.0 million) that were less than 60 days past due, compared to ten loans with a total UPB of $319.2 million at September 30, 2024. Interest income on these loans is only being recorded to the extent cash is received. During the fourth quarter of 2024, the Company modified fifteen loans with a total UPB of $466.6 million, the vast majority of which had borrowers investing additional capital to recapitalize their deals. Seven of these loans with a total UPB of $206.3 million contained interest rates based on pricing over SOFR ranging from 3.25% to 4.75% and were modified to provide temporary rate relief through a pay and accrual feature. At December 31, 2024, these modified loans had a weighted average pay rate of 5.51% and a weighted average accrual rate of 2.32%. In addition, of the total modified loans for the fourth quarter, $123.5 million were less than 60 days past due and $15.0 million were non-performing at September 30, 2024, and are now current in accordance with their modified terms. Financing Activity The balance of debt that finances the Company’s loan and investment portfolio at December 31, 2024 was $9.54 billion with a weighted average interest rate including fees of 6.88% as compared to $9.97 billion and a rate of 7.18% at September 30, 2024. The average balance of debt that finances the Company’s loan and investment portfolio for the fourth quarter of 2024 was $9.67 billion, as compared to $10.09 billion for the third quarter of 2024. The average cost of borrowings for the fourth quarter of 2024 was 7.10%, compared to 7.58% for the third quarter of 2024. The decrease in average cost was primarily due to an decrease in the SOFR rate in the fourth quarter of 2024. The Company issued $100.0 million of its 9.00% senior unsecured notes due October 2027 through a private offering. The net proceeds of this offering were used to pay down debt and for general corporate purposes. Dividend The Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.43 per share of common stock for the quarter ended December 31, 2024. The dividend is payable on March 21, 2025 to common stockholders of record on March 7, 2025. Earnings Conference Call The Company will host a conference call today at 10:00 a.m. Eastern Time. A live webcast and replay of the conference call will be available at www.arbor.com in the investor relations section of the Company’s website, or you can access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are (800) 579-2543 for domestic callers and (785) 424-1789 for international callers. Please use participant passcode ABRQ424 when prompted by the operator. A telephonic replay of the call will be available until February 28, 2025. The replay dial-in numbers are (800) 839-0866 for domestic callers and (402) 220-0662 for international callers. About Arbor Realty Trust, Inc. Arbor Realty Trust, Inc. (NYSE: ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, single-family rental (SFR) portfolios, and other diverse commercial real estate assets. Headquartered in New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a leading Fannie Mae DUS® lender and Freddie Mac Optigo® Seller/Servicer, and an approved FHA Multifamily Accelerated Processing (MAP) lender. Arbor’s product platform also includes bridge, CMBS, mezzanine and preferred equity loans. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality, and customized solutions with an unparalleled dedication to providing our clients excellence over the entire life of a loan. Safe Harbor Statement Certain items in this press release may constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Arbor can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Arbor’s expectations include, but are not limited to, changes in economic conditions generally, and the real estate markets specifically, continued ability to source new investments, changes in interest rates and/or credit spreads, and other risks detailed in Arbor’s Annual Report on Form 10-K for the year ended December 31, 2024 and its other reports filed with the SEC. Such forward-looking statements speak only as of the date of this press release. Arbor expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Arbor’s expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based. Notes During the quarterly earnings conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A supplemental schedule of non-GAAP financial measures and the comparable GAAP financial measure can be found on the last page of this release.Debt to equity ratio reflects junior subordinated notes as equity. Contact:Arbor Realty Trust, Inc.Investor Relations516-506-4200InvestorRelations@arbor.com ARBOR REALTY TRUST, INC. AND SUBSIDIARIESConsolidated Statements of Income($ in thousands—except share and per share data) Quarter Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (Unaudited) (Unaudited) Interest income$262,871 $331,060 $1,167,872 $1,331,219 Interest expense 180,002 227,479 804,615 903,228 Net interest income 82,869 103,581 363,257 427,991 Other revenue: Gain on sales, including fee-based services, net 22,180 16,727 74,932 72,522 Mortgage servicing rights 13,344 21,144 51,272 69,912 Servicing revenue, net 33,319 33,073 125,896 130,449 Property operating income 2,705 1,447 7,226 5,708 (Loss) gain on derivative instruments, net (3,833) 10,345 (8,543) 6,763 Other income, net 1,129 2,571 8,083 7,667 Total other revenue 68,844 85,307 258,866 293,021 Other expenses: Employee compensation and benefits 46,283 36,270 181,694 159,788 Selling and administrative 15,034 12,686 54,931 51,260 Property operating expenses 2,446 1,670 7,394 5,897 Depreciation and amortization 2,617 2,446 9,555 9,743 Provision for loss sharing (net of recoveries) 3,996 3,168 11,782 15,695 Provision for credit losses (net of recoveries) 3,641 18,399 68,543 73,446 Total other expenses 74,017 74,639 333,899 315,829 Income before extinguishment of debt, gain on real estate, (loss) income from equity affiliates, and income taxes 77,696 114,249 288,224 405,183 Loss on extinguishment of debt — — (412) (1,561)Gain on real estate — — 3,813 — (Loss) income from equity affiliates (1,616) 3,586 5,772 24,281 Provision for income taxes (752) (7,911) (13,478) (27,347) Net income 75,328 109,924 283,919 400,556 Preferred stock dividends 10,342 10,342 41,369 41,369 Net income attributable to noncontrolling interest 5,160 7,923 19,278 29,122 Net income attributable to common stockholders$59,826 $91,659 $223,272 $330,065 Basic earnings per common share$0.32 $0.49 $1.18 $1.79 Diluted earnings per common share$0.32 $0.48 $1.18 $1.75 Weighted average shares outstanding: Basic 188,924,182 188,503,682 188,701,149 184,641,642 Diluted 205,759,307 222,861,214 205,526,610 218,843,613 Dividends declared per common share$0.43 $0.43 $1.72 $1.68 ARBOR REALTY TRUST, INC. AND SUBSIDIARIESConsolidated Balance Sheets($ in thousands—except share and per share data) December 31, 2024 December 31, 2023Assets: Cash and cash equivalents$503,803 $928,974Restricted cash 156,376 608,233Loans and investments, net (allowance for credit losses of $238,967 and $195,664) 11,033,997 12,377,806Loans held-for-sale, net 435,759 551,707Capitalized mortgage servicing rights, net 368,678 391,254Securities held-to-maturity, net (allowance for credit losses of $10,846 and $6,256) 157,154 155,279Investments in equity affiliates 76,312 79,303Real estate owned, net 176,543 86,991Due from related party 12,792 64,421Goodwill and other intangible assets 88,119 91,378Other assets 481,448 403,290Total assets$13,490,981 $15,738,636 Liabilities and Equity: Credit and repurchase facilities$3,559,490 $3,237,827Securitized debt 4,622,489 6,935,010Senior unsecured notes 1,236,147 1,333,968Convertible senior unsecured notes 285,853 283,118Junior subordinated notes to subsidiary trust issuing preferred securities 144,686 143,896Mortgage notes payable - real estate owned 74,897 44,339Due to related party 4,474 13,799Due to borrowers 47,627 121,707Allowance for loss-sharing obligations 83,150 71,634Other liabilities 280,198 298,733Total liabilities 10,339,011 12,484,031 Equity: Arbor Realty Trust, Inc. stockholders' equity: Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized, shares issued and outstanding by period: 633,684 633,684Special voting preferred - 16,293,589 shares 6.375% Series D - 9,200,000 shares 6.25% Series E - 5,750,000 shares 6.25% Series F - 11,342,000 shares Common stock, $0.01 par value: 500,000,000 shares authorized - 189,259,435 and 188,505,264 shares issued and outstanding 1,893 1,885Additional paid-in capital 2,375,469 2,367,188Retained earnings 13,039 115,216Total Arbor Realty Trust, Inc. stockholders’ equity 3,024,085 3,117,973 Noncontrolling interest 127,885 136,632Total equity 3,151,970 3,254,605 Total liabilities and equity$13,490,981 $15,738,636 ARBOR REALTY TRUST, INC. AND SUBSIDIARIESStatement of Income Segment Information - (Unaudited)(in thousands) Quarter Ended December 31, 2024 StructuredBusiness AgencyBusiness Other(1) ConsolidatedInterest income$248,696 $14,175 $— $262,871 Interest expense 173,061 6,941 — 180,002 Net interest income 75,635 7,234 — 82,869 Other revenue: Gain on sales, including fee-based services, net — 22,180 — 22,180 Mortgage servicing rights — 13,344 — 13,344 Servicing revenue — 50,924 — 50,924 Amortization of MSRs — (17,605) — (17,605)Property operating income 2,705 — — 2,705 Loss on derivative instruments, net — (3,833) — (3,833)Other income (loss), net 1,617 (488) — 1,129 Total other revenue 4,322 64,522 — 68,844 Other expenses: Employee compensation and benefits 16,064 30,219 — 46,283 Selling and administrative 7,953 7,081 — 15,034 Property operating expenses 2,446 — — 2,446 Depreciation and amortization 2,226 391 — 2,617 Provision for loss sharing (net of recoveries) — 3,996 — 3,996 Provision for credit losses (net of recoveries) 3,359 282 — 3,641 Total other expenses 32,048 41,969 — 74,017 Income before loss from equity affiliates and income taxes 47,909 29,787 — 77,696 Loss from equity affiliates (1,616) — — (1,616)Benefit from (provision for) income taxes 726 (1,478) — (752) Net income 47,019 28,309 — 75,328 Preferred stock dividends 10,342 — — 10,342 Net income attributable to noncontrolling interest — — 5,160 5,160 Net income attributable to common stockholders$36,677 $28,309 $(5,160) $59,826 (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. ARBOR REALTY TRUST, INC. AND SUBSIDIARIESBalance Sheet Segment Information - (Unaudited)(in thousands) December 31, 2024 StructuredBusiness AgencyBusiness ConsolidatedAssets: Cash and cash equivalents$58,188 $445,615 $503,803Restricted cash 134,320 22,056 156,376Loans and investments, net 11,033,997 — 11,033,997Loans held-for-sale, net — 435,759 435,759Capitalized mortgage servicing rights, net — 368,678 368,678Securities held-to-maturity, net — 157,154 157,154Investments in equity affiliates 76,312 — 76,312Real estate owned, net 176,543 — 176,543Goodwill and other intangible assets 12,500 75,619 88,119Other assets and due from related party 415,310 78,930 494,240Total assets$11,907,170 $1,583,811 $13,490,981 Liabilities: Debt obligations$9,500,901 $422,661 $9,923,562Allowance for loss-sharing obligations — 83,150 83,150Other liabilities and due to related party 244,948 87,351 332,299Total liabilities$9,745,849 $593,162 $10,339,011 ARBOR REALTY TRUST, INC. AND SUBSIDIARIESReconciliation of Distributable Earnings to GAAP Net Income - (Unaudited)($ in thousands—except share and per share data) Quarter Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Net income attributable to common stockholders$59,826 $91,659 $223,272 $330,065 Adjustments: Net income attributable to noncontrolling interest 5,160 7,923 19,278 29,122 Income from mortgage servicing rights (13,344) (21,144) (51,272) (69,912)Deferred tax benefit (2,691) (719) (11,613) (7,349)Amortization and write-offs of MSRs 20,194 19,145 76,922 77,829 Depreciation and amortization 3,238 4,115 12,040 16,425 Loss on extinguishment of debt — — 412 1,561 Provision for credit losses, net 2,199 11,206 65,537 68,642 Loss (gain) on derivative instruments, net 4,535 (10,880) 9,212 (8,844)Stock-based compensation 2,485 2,799 14,232 14,940 Distributable earnings (1)$81,602 $104,104 $358,020 $452,479 Diluted distributable earnings per share (1)$0.40 $0.51 $1.74 $2.25 Diluted weighted average shares outstanding (1) (2) 205,759,307 205,498,651 205,526,610 201,549,221 (1) Amounts are attributable to common stockholders and OP Unit holders. The OP Units are redeemable for cash, or at the Company's option for shares of the Company's common stock on a one-for-one basis. (2) The diluted weighted average shares outstanding exclude the potential shares issuable upon conversion and settlement of the Company's convertible senior notes principal balance. The Company is presenting distributable earnings because management believes it is an important supplemental measure of the Company's operating performance and is useful to investors, analysts and other parties in the evaluation of REITs and their ability to provide dividends to stockholders. Dividends are one of the principal reasons investors invest in REITs. To maintain REIT status, REITs are required to distribute at least 90% of their REIT-taxable income. The Company considers distributable earnings in determining its quarterly dividend and believes that, over time, distributable earnings is a useful indicator of the Company's dividends per share. The Company defines distributable earnings as net income (loss) attributable to common stockholders computed in accordance with GAAP, adjusted for accounting items such as depreciation and amortization (adjusted for unconsolidated joint ventures), non-cash stock-based compensation expense, income from MSRs, amortization and write-offs of MSRs, gains/losses on derivative instruments primarily associated with Private Label loans not yet sold and securitized, changes in fair value of GSE-related derivatives that temporarily flow through earnings, deferred tax provision (benefit), CECL provisions for credit losses (adjusted for realized losses as described below) and gains/losses on the receipt of real estate from the settlement of loans (prior to the sale of the real estate). The Company also adds back one-time charges such as acquisition costs and one-time gains/losses on the early extinguishment of debt and redemption of preferred stock. The Company reduces distributable earnings for realized losses in the period management determines that a loan is deemed nonrecoverable in whole or in part. Loans are deemed nonrecoverable upon the earlier of: (1) when the loan receivable is settled (i.e., when the loan is repaid, or in the case of foreclosure, when the underlying asset is sold); or (2) when management determines that it is nearly certain that all amounts due will not be collected. The realized loss amount is equal to the difference between the cash received, or expected to be received, and the book value of the asset. Distributable earnings is not intended to be an indication of the Company's cash flows from operating activities (determined in accordance with GAAP) or a measure of its liquidity, nor is it entirely indicative of funding the Company's cash needs, including its ability to make cash distributions. The Company's calculation of distributable earnings may be different from the calculations used by other companies and, therefore, comparability may be limited.
STEALTHGAS INC. Reports Fourth Quarter and Twelve Months 2024 Financial and Operating Results - ForexTV
ATHENS, Greece, Feb. 21, 2025 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2024. OPERATIONAL AND FINANCIAL HIGHLIGHTS All-time record Net Income of $69.9 million for the twelve month period of 2024, a 34.7% increase compared to the same period last year. Strong profitability continued for the fourth quarter, with Net income of $14.2 million corresponding to a basic EPS of $0.38.Revenues increased by 27.3% compared to the same period of last year to $43.5 million for the fourth quarter of 2024.Further increased period coverage. About 70% of fleet days for 2025 are secured on period charters, with total fleet employment days for all subsequent periods generating over $200 million (excl. JV vessels) in contracted revenues.Continued reducing leverage, making $108.2 million in debt repayments during the twelve month period of 2024 and $34.4 million in the current quarter of 2025. Currently, 26 out of 28 vessels in the fully owned fleet are unencumbered.Maintaining ample cash and cash equivalents (incl. restricted cash) of $84.5 million as of December 31, 2024 enabling the Company to further reduce debt. Fourth Quarter 2024 Results1: Revenues for the three months ended December 31, 2024 amounted to $43.5 million compared to revenues of $34.1 million for the three months ended December 31, 2023, based on an average of 27.6 vessels and 27.0 vessels owned by the Company, respectively, as the vessels remaining in the fleet earned higher revenues due to better market conditions.Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2024 were $3.2 million and $13.6 million, respectively, compared to $3.3 million and $12.9 million, respectively, for the three months ended December 31, 2023. The $0.7 million increase in vessels’ operating expenses was mainly due to increase in crew costs and maintenance expenses, while the voyage expenses remained stable between 2024 and 2023.Drydocking costs for the three months ended December 31, 2024 and 2023 were $1.9 million and $0.03 million, respectively. Drydocking expenses during the fourth quarter of 2024 mainly relate to the completed drydocking of three vessels, compared to no drydocking of vessels in the same period of last year.General and administrative expenses for the three months ended December 31, 2024 and 2023 were $3.0 million and $1.7 million, respectively. The change is mainly attributed to the increase in stock-based compensation expense.Depreciation for the three months ended December 31, 2024 and 2023 was $6.6 million and $5.6 million, respectively, a $1.0 million increase is mainly related to the increase in average number of vessels owned by the Company and to the partial replacement of some of the older vessels with newer and larger ones which have a higher cost.Interest and finance costs for the three months ended December 31, 2024 and 2023, were $1.4 million and $2.3 million, respectively. The $0.9 million decrease from the same period of last year is primarily due to continued debt prepayments.Interest income for the three months ended December 31, 2024 and 2023, were $1.1 million and $1.0 million, respectively.Equity earnings in joint ventures for the three months ended December 31, 2024 and 2023 was a gain of $0.5 million and $0.9 million, respectively. The $0.4 million decrease was primarily due to decrease in number of vessels in joint ventures.As a result of the above, for the three months ended December 31, 2024, the Company reported net income of $14.2 million, compared to net income of $8.9 million for the three months ended December 31, 2023. The weighted average number of shares outstanding, basic, for the three months ended December 31, 2024 and 2023 was 35.3 million and 35.3 million, respectively.Earnings per share, basic, for the three months ended December 31, 2024 amounted to $0.38 compared to earnings per share, basic, of $0.25 for the same period of last year.Adjusted net income was $16.4 million corresponding to an Adjusted EPS, basic, of $0.44 for the three months ended December 31, 2024 compared to Adjusted net income of $10.3 million corresponding to an Adjusted EPS, basic, of $0.29 for the same period of last year.EBITDA for the three months ended December 31, 2024 amounted to $21.2 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.An average of 27.6 vessels were owned by the Company during the three months ended December 31, 2024 compared to 27.0 vessels for the same period of 2023. Twelve months 2024 Results: Revenues for the twelve months ended December 31, 2024, amounted to $167.3 million, an increase of $23.8 million, or 16.6%, compared to revenues of $143.5 million for the twelve months ended December 31, 2023, as the vessels remaining in the fleet earned higher revenues due to better market conditions.Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2024 were $11.7 million and $49.8 million, respectively, compared to $13.2 million and $53.1 million for the twelve months ended December 31, 2023. The $1.5 million decrease in voyage expenses was mainly due to the decrease in spot days, while the $3.3 million decrease in vessels’ operating expenses was mainly due to the decrease in the average number of owned vessels in our fleet.Drydocking costs for the twelve months ended December 31, 2024 and 2023 were $5.3 million and $2.6 million, respectively. The costs for the twelve months ended December 31, 2024 mainly related to the completed drydocking of seven vessels, while the costs for the same period of last year mainly related to the completed drydocking of three of the larger handysize vessels.General and administrative expenses for the twelve months ended December 31, 2024 and 2023 were $10.3 million and $5.3 million, respectively. The change is mainly attributed to the increase in stock-based compensation expense.Depreciation for the twelve months ended December 31, 2024, was $26.1 million, a $2.4 million increase from $23.7 million for the same period of last year, as the Company partly replaced some of the older vessels with newer and larger vessels which have a higher cost.Impairment loss for the twelve months ended December 31, 2024 and 2023 was nil and $2.8 million, respectively. The impairment loss for the year ended December 31, 2023, related to two vessels for which the Company had entered into separate agreements to sell to third parties.Gain on sale of vessels for the twelve months ended December 31, 2024 was $0.05 million compared to $7.6 million for the same period last year. The decrease is attributed to the sale of four of the Company’s vessels during the twelve months ended December 31, 2023 compared to the sale of two vessels during the twelve months ended December 31, 2024, which had been classified as held for sale as of December 31, 2023.Interest and finance costs for the twelve months ended December 31, 2024 and 2023 were $9.1 million and $10.0 million, respectively. The $0.9 million decrease from last year is primarily due to continued debt prepayments.Interest income for the twelve months ended December 31, 2024 and 2023 was $3.4 million and $3.7 million, respectively. The $0.3 million decrease is mainly attributed to decrease in interest rates and over the corresponding period.Equity earnings in joint ventures for the twelve months ended December 31, 2024 and 2023 was a gain of $15.6 million and a gain of $12.3 million, respectively. The $3.3 million increase from the same period of last year is mainly due to a profitable sale of one of the Medium Gas carriers owned by one of our joint ventures.As a result of the above, the Company reported a net income for the twelve months ended December 31, 2024 of $69.9 million, compared to a net income of $51.9 million for the twelve months ended December 31, 2023. The weighted average number of shares outstanding, basic, for the twelve months ended December 31, 2024 and 2023 was 35.2 million and 37.2 million, respectively.Earnings per share, basic, for the twelve months ended December 31, 2024 amounted to $1.91 compared to earnings per share, basic, of $1.38 for the same period of last year.Adjusted net income was $77.3 million, corresponding to an Adjusted EPS, basic, of $2.11 per share, for the twelve months ended December 31, 2024 compared to adjusted net income of $50.5 million, or $1.34 per share, for the same period of last year.EBITDA for the twelve months ended December 31, 2024 amounted to $101.6 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.An average of 27.2 vessels were owned by the Company during the twelve months ended December 31, 2024, compared to 29.3 vessels for the same period of 2023.As of December 31, 2024, cash and cash equivalents (including restricted cash) amounted to $84.5 million and total debt amounted to $84.9 million.1 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release. Fleet Update Since Previous Announcement The Company announced the conclusion of the following chartering arrangements (of three or more months duration): A twelve months time charter for its 2024 built LPG carrier Eco Wizard, until Dec 2025.A twelve months time charter for its 2020 built LPG carrier Eco Alice, until Feb 2026.A twelve months time charter for the JV-owned 2007 built LPG carrier Gas Haralambos, until Dec 2025.A three months time charter for the 2012 built LPG carrier Gas Husky, until April 2025. As of February 2025, the Company has total contracted revenues of approximately $200 million. As of February 2025, the Company has circa 70% of fleet days secured under period contracts and contracted revenues of approximately $107 million for the remainder of the year. On January 21, 2025, the previously announced sale of the Gas Shuriken was concluded and the vessel was delivered to its new owners. Share Repurchase Program Increase Today the Board of Directors authorized a $5 million increase to the existing $25 million common stock repurchase program for a total aggregate amount of $30 million. Shares of common stock may be purchased, from time to time, in open market or privately negotiated transactions, at times and prices that are considered to be appropriate by the Company, and the program may be suspended or discontinued at any time. As of the date hereof, the Company has repurchased an aggregate of approximately $19.4 million. CEO Harry Vafias Commented It is with great pride that we announce today for the third consecutive year record annual profits. After a successful fourth quarter we concluded 2024 reporting net income of $70 million for the year, a 35% increase, far outpacing the underlying market improvement for our vessels. We are delivering on our strategic priorities, modernizing the fleet, securing revenues and de-risking the business, aiming to bring strong value to StealthGas shareholders. We can now say we are net debt free, after having further reduced our debt in the current quarter. We are close to completing our deleverage that will bring a long term advantage to the fleet and the Company is in a solid footing. As successful as we have been we are established in the shipping markets long enough not to forget that we operate in a volatile sector where fortunes can be made and lost quite rapidly. We are optimistic for the future albeit evermore cautiously not least because the current global geopolitics that can have a strong influence on shipping markets are for the time being quite opaque with too many developing situations. Finally, in order to give further value back to our shareholders, we are renewing our share repurchases and increasing up to $10.5 million the amount available to us for this task. Conference Call details: On February 21, 2025 at 10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook. Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call. https://register.vevent.com/register/BIa607c71e1abf4ac08816dfc43bd8d733 Slides and audio webcast: There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. About STEALTHGAS INC. StealthGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 31 LPG carriers, including three Joint Venture vessels in the water. These LPG vessels have a total capacity of 349,170 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.” Visit our website at www.stealthgas.com Forward-Looking Statements Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in STEALTHGAS INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflict in Israel and Gaza, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists. Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission. Fleet List For information on our fleet and further information: Visit our website at www.stealthgas.com Fleet Data: The following key indicators highlight the Company’s operating performance during the periods ended December 31, 2023 and 2024. FLEET DATAQ4 2023 Q4 2024 12M 2023 12M 2024 Average number of vessels (1)27.0 27.6 29.3 27.2 Period end number of owned vessels in fleet27 28 27 28 Total calendar days for fleet (2)2,484 2,542 10,698 9,944 Total voyage days for fleet (3)2,441 2,446 10,566 9,677 Fleet utilization (4)98.3%96.2%98.8%97.3%Total charter days for fleet (5)2,207 2,265 9,544 8,930 Total spot market days for fleet (6)234 181 1,022 747 Fleet operational utilization (7)96.8%95.0%96.6%95.4% 1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period. 2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys. 3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys. 4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period. 5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period. 6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period. 7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period. Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS: Adjusted net income represents net income before loss/gain on derivatives excluding swap interest paid/received, impairment loss, net gain/loss on sale of vessels and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, impairment loss, net gain/loss on sale of vessels, share based compensation and loss/gain on derivatives. Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. (Expressed in United States Dollars, except number of shares)Fourth Quarter Ended December 31st,Twelve months Periods Ended December 31st, 2023202420232024Net Income - Adjusted Net Income Net income8,889,046 14,198,527 51,936,829 69,862,177 Plus/(Less) loss/(gain) on derivatives255,736 -- (237,618)(99,286)(Less)/Plus swap interest (paid)/received216,432 -- 1,027,127 208,127 (Less)/Plus (gain)/loss on sale of vessels, net-- -- (7,645,781)(46,384)Plus impairment loss-- -- 2,816,873 -- Plus share based compensation940,216 2,206,295 2,589,405 7,326,807 Adjusted Net Income10,301,430 16,404,822 50,486,835 77,251,441 Net income – EBITDA Net income8,889,046 14,198,527 51,936,829 69,862,177 Plus interest and finance costs2,344,430 1,425,886 9,956,712 9,062,562 Less interest income(952,287)(1,052,786)(3,712,239)(3,416,221)Plus depreciation5,565,955 6,598,549 23,707,797 26,076,687 EBITDA15,847,144 21,170,176 81,889,099 101,585,205 Net income - Adjusted EBITDA Net income8,889,046 14,198,527 51,936,829 69,862,177 Plus/(Less) loss/(gain) on derivatives255,736 -- (237,618)(99,286)(Less)/Plus (gain)/loss on sale of vessels, net-- -- (7,645,781)(46,384)Plus impairment loss-- -- 2,816,873 -- Plus share based compensation940,216 2,206,295 2,589,405 7,326,807 Plus interest and finance costs2,344,430 1,425,886 9,956,712 9,062,562 Less interest income(952,287)(1,052,786)(3,712,239)(3,416,221)Plus depreciation5,565,955 6,598,549 23,707,797 26,076,687 Adjusted EBITDA17,043,096 23,376,471 79,411,978 108,766,342 EPS - Adjusted EPS Net income8,889,046 14,198,527 51,936,829 69,862,177 Adjusted net income10,301,430 16,404,822 50,486,835 77,251,441 Weighted average number of shares, basic35,300,965 35,345,251 37,166,449 35,237,059 EPS - Basic 0.25 0.38 1.38 1.91 Adjusted EPS – Basic0.29 0.44 1.34 2.11 StealthGas Inc. Unaudited Condensed Consolidated Statements of Income (Expressed in United States Dollars, except for number of shares) Quarters Ended December 31, Twelve month Periods Ended December 31, 2023 2024 2023 2024 Revenues Revenues34,139,248 43,467,117 143,527,769 167,262,185 Expenses Voyage expenses2,878,732 2,679,927 11,429,716 9,594,880 Voyage expenses - related party426,108 535,991 1,779,488 2,063,228 Vessels' operating expenses12,690,873 13,404,725 52,206,248 48,961,137 Vessels' operating expenses - related party207,500 212,500 911,250 875,002 Drydocking costs27,696 1,855,672 2,641,706 5,312,614 Management fees - related party1,048,800 1,089,040 4,531,920 4,258,240 General and administrative expenses1,657,671 3,010,733 5,331,029 10,309,693 Depreciation5,565,955 6,598,549 23,707,797 26,076,687 Impairment loss-- -- 2,816,873 -- Net gain on sale of vessels-- -- (7,645,781) (46,384)Total expenses24,503,335 29,387,137 97,710,246 107,405,097 Income from operations9,635,913 14,079,980 45,817,523 59,857,088 Other (expenses)/income Interest and finance costs(2,344,430) (1,425,886) (9,956,712) (9,062,562)(Loss)/gain on derivatives(255,736) -- 237,618 99,286 Interest income952,287 1,052,786 3,712,239 3,416,221 Foreign exchange (loss)/gain(27,829) 25,598 (190,722) (70,692)Other expenses, net(1,675,708) (347,502) (6,197,577) (5,617,747) Income before equity in earnings of investees7,960,205 13,732,478 39,619,946 54,239,341 Equity earnings in joint ventures928,841 466,049 12,316,883 15,622,836 Net Income8,889,046 14,198,527 51,936,829 69,862,177 Earnings per share - Basic0.25 0.38 1.38 1.91 - Diluted0.25 0.38 1.37 1.90 Weighted average number of shares - Basic35,300,965 35,345,251 37,166,449 35,237,059 - Diluted35,430,883 35,409,350 37,236,951 35,333,160 StealthGas Inc. Unaudited Condensed Consolidated Balance Sheets (Expressed in United States Dollars) December 31, December 31, 2023 2024 Assets Current assets Cash and cash equivalents77,202,843 80,653,398 Trade and other receivables4,506,741 6,156,300 Other current assets130,589 193,265 Claims receivable55,475 55,475 Inventories1,979,683 3,891,147 Advances and prepayments1,409,418 733,190 Restricted cash659,137 -- Assets held for sale34,879,925 -- Fair value of derivatives-- 387,630 Total current assets120,823,811 92,070,405 Non current assets Advances for vessel acquisitions23,414,570 -- Operating lease right-of-use assets99,379 -- Vessels, net504,295,083 608,214,416 Other receivables48,040 370,053 Restricted cash5,893,721 3,867,752 Investments in joint ventures39,671,603 27,717,238 Deferred finance charges1,105,790 -- Fair value of derivatives1,858,677 -- Total non current assets576,386,863 640,169,459 Total assets697,210,674 732,239,864 Liabilities and Stockholders' Equity Current liabilities Payable to related parties955,567 388,130 Trade accounts payable9,953,137 10,994,434 Accrued liabilities5,681,144 4,922,587 Operating lease liabilities71,173 -- Deferred income5,386,126 4,304,667 Current portion of long-term debt16,624,473 23,333,814 Total current liabilities38,671,620 43,943,632 Non current liabilities Operating lease liabilities28,206 -- Deferred income1,928,712 213,563 Long-term debt106,918,176 61,555,855 Total non current liabilities108,875,094 61,769,418 Total liabilities147,546,713 105,713,050 Commitments and contingencies Stockholders' equity Capital stock453,434 370,414 Treasury stock(44,453,836) -- Additional paid-in capital446,938,868 409,912,934 Retained earnings145,993,681 215,855,858 Accumulated other comprehensive income731,814 387,608 Total stockholders' equity549,663,961 626,526,814 Total liabilities and stockholders' equity697,210,674 732,239,864 StealthGas Inc. Unaudited Condensed Consolidated Statements of Cash Flows (Expressed in United States Dollars) Twelve month Periods EndedDecember 31, 2023 2024 Cash flows from operating activities Net income for the year51,936,829 69,862,177 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation23,707,797 26,076,687 Amortization of deferred finance charges1,345,941 711,378 Amortization of operating lease right-of-use assets99,379 99,379 Share based compensation2,589,405 7,326,807 Change in fair value of derivatives789,509 108,841 Proceeds from disposal of interest rate swaps-- 1,018,000 Equity earnings in joint ventures(12,316,883) (15,622,836)Dividends received from joint ventures14,589,215 20,570,036 Impairment loss2,816,873 -- Gain on sale of vessels(7,645,781) (46,384)Changes in operating assets and liabilities: (Increase)/decrease in Trade and other receivables238,627 (1,971,610)Other current assets139,925 (62,676)Inventories1,365,189 (1,664,736)Changes in operating lease liabilities(99,379) (99,379)Advances and prepayments(728,005) 676,228 Increase/(decrease) in Balances with related parties(1,532,943) (555,589)Trade accounts payable(1,813,377) 628,898 Accrued liabilities(100,515) (758,558)Deferred income2,058,409 (2,796,608)Net cash provided by operating activities77,440,215 103,500,055 Cash flows from investing activities Insurance proceeds126,666 -- Proceeds from sale of vessels, net80,109,781 34,679,584 Acquisition and improvements of vessels(85,201) (106,169,013)Maturity of short term investments26,500,000 -- Return of investments from joint ventures4,688,785 7,007,164 Net cash provided by/(used in) investing activities111,340,031 (64,482,265) Cash flows from financing activities Proceeds from exercise of stock options747,500 356,250 Stock repurchase(19,080,455) (338,176)Deferred finance charges paid(988,166) (22,167)Advances from joint ventures11,847 -- Advances to joint ventures-- (11,847)Loan repayments(154,870,215) (108,236,401)Proceeds from long-term debt-- 70,000,000 Net cash used in financing activities(174,179,489) (38,252,341) Net increase in cash, cash equivalents and restricted cash14,600,757 765,449 Cash, cash equivalents and restricted cash at beginning of period69,154,944 83,755,701 Cash, cash equivalents and restricted cash at end of year83,755,701 84,521,150 Cash breakdown Cash and cash equivalents77,202,843 80,653,398 Restricted cash, current659,137 -- Restricted cash, non current5,893,721 3,867,752 Total cash, cash equivalents and restricted cash shown in the statements of cash flows83,755,701 84,521,150 CONTACT: Company Contact: Konstantinos Sistovaris STEALTHGAS INC. 00-30-210-6250-001 E-mail: info@stealthgas.com