Author: Ravi Shankar

Approximately 94% of Votes Cast Support Each Proposal; Company Changes Its Name to Forcendra Holding Limited; Class A Ordinary Shares Expected to Begin Trading on the Nasdaq Capital Market Under “FCDH” on October 26, 2026

Singapore, Oct. 21, 2026 (GLOBE NEWSWIRE) — Forcendra Holding Limited (formerly known as VS MEDIA Holdings Limited) (Nasdaq: VSME) (“Forcendra” or the “Company”) today announced that, at the Company’s extraordinary general meeting of members held in Singapore on October 9, 2026 (the “Extraordinary Meeting”), its shareholders approved, each as an ordinary resolution by the requisite simple majority of the votes cast, (i) the restructuring of the Company’s corporate group (the “Restructuring”) and (ii) the adoption of the Company’s Second Amended and Restated Memorandum and Articles of Association (the “Second Amended and Restated M&A”), which reflects, among other changes, the change of the Company’s name from “VS MEDIA Holdings Limited” to “Forcendra Holding Limited” (the “Name Change”). Approximately 94% of the votes cast were in favor of each proposal, based on the aggregate voting power of the Company’s Class A and Class B ordinary shares voting together as a single class and excluding abstentions. The Company also announced that the Second Amended and Restated M&A, including the Name Change, became effective on October 12, 2026.

The Restructuring was undertaken to reduce ongoing administrative, compliance and financial costs associated with subsidiaries that had generated operating losses and were not expected to achieve profitability in the near term, simplify the Company’s corporate structure, and provide greater flexibility to allocate resources to continuing operations and evaluate potential growth opportunities.

Under the Restructuring, VSM Holdings Limited (“VSM”) transferred its Singapore subsidiary, VS MEDIA PTE. LTD., to Aurenza Group Limited, a wholly-owned subsidiary of the Company. VS MEDIA PTE. LTD. therefore remains within the Company’s corporate group following the Restructuring. The Company then agreed to sell VSM, together with its remaining subsidiaries, to a third party unaffiliated with the Company for nominal consideration of US$1.00. Following completion of the sale, the Company will no longer hold any direct or indirect interest in VSM or any of its subsidiaries.

Eng Yong Julius Toh, Chief Executive Officer of Forcendra, said, “On behalf of the Board of Directors, I would like to thank our shareholders for their strong support of the Restructuring. We believe that streamlining our businesses and corporate structure can help reduce operating costs and may improve our financial performance over time, while creating greater flexibility to optimize existing operations and explore new business directions and growth opportunities.”

Governance Updates, Name Change, and Ticker Symbol Change

Shareholders also approved the Company’s Second Amended and Restated M&A, which became effective on October 12, 2026 upon its filing with and registration by the Registrar of Corporate Affairs of the British Virgin Islands. In addition to the Name Change, the amended articles reduce the threshold for removal of a director without cause by shareholders from a resolution of at least 75% to a resolution of at least 50% of the shareholders entitled to vote, and permit the Company to deliver notices and other shareholder communications electronically and through its website. They also authorize the Board, by resolution of directors, or the shareholders to divide or combine the Company’s shares without further shareholder approval; give the Company the right, at the Board’s sole discretion, to redeem Class B ordinary shares held by a holder upon certain triggering events, including the termination of the employment or service relationship of an eligible member, at a price determined by the Board; and disapply Section 175 of the BVI Business Companies Act (As Revised), with the effect that the Board may approve dispositions of more than 50% of the Company’s assets, by value, outside the usual or regular course of business without a resolution of shareholders, in each case as described in the Company’s proxy statement dated September 24, 2026.

In connection with the Name Change, the Company expects that its Class A ordinary shares will begin trading on the Nasdaq Capital Market under the new ticker symbol “FCDH” at the open of trading on October 26, 2026, replacing the Company’s current ticker symbol, “VSME.” The Class A ordinary shares will continue to be listed on the Nasdaq Capital Market, and no action by the Company’s shareholders is required with respect to the ticker symbol change. The CUSIP number for the Class A ordinary shares will remain unchanged.

Voting Results

Shareholders holding approximately 53.60% of the total voting power of the Company’s outstanding ordinary shares entitled to vote were present in person or represented by proxy at the Extraordinary Meeting, satisfying the quorum requirement. Holders of Class A and Class B ordinary shares voted together as a single class, with each Class A ordinary share entitled to one vote and each Class B ordinary share entitled to eighteen votes. Of the votes cast for or against each proposal, approximately 94.52% supported the Restructuring and approximately 94.13% supported the Second Amended and Restated M&A. Final voting results will be included in a Report on Form 6-K to be furnished to the U.S. Securities and Exchange Commission.

About Forcendra Holding Limited

Forcendra Holding Limited (formerly known as VS MEDIA Holdings Limited) (Nasdaq: VSME) manages a global network of digital creators who create and upload content to social media platforms such as YouTube, Facebook, Instagram and TikTok. These creators include influencers, key opinion leaders (KOLs), bloggers and other content creators who build fan bases on social platforms. For more information, visit https://www.vs-media.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expected benefits of the Restructuring, the expected timing of the ticker symbol change, potential cost reductions, possible improvements in financial performance and exploration of new business opportunities. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2025 and other filings with the SEC.

Company Contact:

Forcendra Holding Limited Investor Relations
3 International Business Park #03-29, Nordic European Centre
Singapore 609927
Email: ir@fcdhgroup.com

PLANO, Texas, Oct. 21, 2026 (GLOBE NEWSWIRE) — Integer Holdings Corporation (NYSE: ITGR) (“Integer” or the “Company”) and Armstrong Parent, Inc. (“Parent”) today announced that, in connection with Parent’s proposed acquisition of the Company (the “Transaction”) contemplated by their Agreement and Plan of Merger, dated as of August 2, 2026 (the “Merger Agreement”), the stockholders of the Company have voted in favor of (1) the proposal to adopt the Merger Agreement and the Merger (the “First Proposal”) and (2) the proposal to approve, on an advisory (non-binding) basis, the compensation that will or may be paid or become payable to Integer’s named executive officers that is based on or otherwise related to the Transaction as contemplated in the Merger Agreement (the “Second Proposal”) at a special meeting of stockholders held on October 21, 2026 (the “Special Meeting”).

At the Special Meeting, (1) approximately 99.95% of the shares voted on the First Proposal were cast in favor of the First Proposal, representing approximately 76.66% of the total outstanding shares of Integer common stock as of the record date, September 8, 2026 (the “Record Date”), and (2) the Second Proposal was approved by a majority of the votes cast at the Special Meeting. The Company will provide a full report of the voting results from the Special Meeting in a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”).

The Transaction is anticipated to close by the end of 2026, subject to the satisfaction or waiver of customary closing conditions specified in the Merger Agreement, including the receipt of required regulatory approvals.

About Integer^®

Integer Holdings Corporation (NYSE: ITGR) is one of the largest medical device contract development and manufacturing organizations (CDMOs) in the world, serving the cardio and vascular, neuromodulation, and cardiac rhythm management markets. As a strategic partner of choice, we advance the goals of our medical device customers through industry-leading engineering and manufacturing, with a relentless commitment to quality, service, and innovation. The Company’s brands include Greatbatch Medical^® and Lake Region Medical^®. Additional information is available at www.integer.net.

Contacts

Integer
Media Relations:
Misty Tippen
misty.tippen@integer.net
469-536-6702

Investor Relations:
Kristen Stewart
kristen.stewart@integer.net
551-337-3973

Cautionary Statement Regarding Forward-Looking Statements

Some of the statements contained in this communication and other written and oral statements made from time to time by us and our representatives are not statements of historical or current fact. As such, they are “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations, and these statements are subject to known and unknown risks, uncertainties and assumptions. Forward-looking statements include, but are not limited to, statements relating to: the completion of the Transaction on anticipated terms and timing, or at all, including obtaining regulatory approvals and satisfying other conditions to the completion of the Transaction; potential litigation relating to the Transaction that could be instituted against the parties to the Merger Agreement or their respective directors, managers, or officers, including the effects of any outcomes related thereto; our goals, plans, and strategic initiatives; long-term growth prospects; maximizing value for our stockholders; and other events, conditions or developments that will or may occur in the future; and timing of any of the foregoing. You can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “forecast,” “outlook,” “assume,” “potential” or “continue” or variations or the negative counterparts of these terms or other comparable terminology. These statements are only predictions and are no guarantee of future performance, and investors should not place undue reliance on forward-looking statements as predictive of future results. Actual events or results may differ materially from those stated or implied by these forward-looking statements. In evaluating these statements and our prospects, you should carefully consider the factors set forth below. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary factors and to others contained throughout this communication.

Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements regarding the transactions contemplated by the Transaction. All such forward-looking statements are based upon current plans, estimates, expectations, opportunities and ambitions that are subject to risks, uncertainties, assumptions, and other important factors, many of which are beyond the control of the Company, that could cause actual results to differ materially from those expressed in such forward-looking statements. Key factors that could cause actual results to differ materially include, but are not limited to, the expected timing and likelihood of completion of the Transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals; the occurrence of any event, change or other circumstances that could give rise to the termination of the Transaction; the risk that the parties may not be able to satisfy the conditions to the Transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the Transaction; the risk that any announcements relating to the Transaction could have adverse effects on the market price of the Company’s common stock; the risk that the Transaction and its announcement could have an adverse effect on the parties’ business relationships and business generally, including the ability of the Company to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk of unforeseen or unknown liabilities; customer, regulatory and other stakeholder approvals and support; the risk of unexpected future capital expenditures; the risk of potential litigation relating to the Transaction that could be instituted against the Company or its directors and/or officers; the risk associated with third-party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the Transaction which are not waived or otherwise satisfactorily resolved; significant costs, or expenses incurred in connection with the Transaction; Parent’s ability to obtain the necessary financing arrangements set forth in the commitment letters received in connection with the Transaction; certain restrictions contained in the Merger Agreement that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; the risk of various events that could disrupt operations, including pandemics, epidemics or other public health crises or severe weather (such as droughts, floods, avalanches and earthquakes), cybersecurity attacks, security threats and governmental response to them, and technological changes; the risks of labor disputes, changes in labor costs and labor difficulties; and the risks resulting from other effects of industry, market, economic, legal or legislative, political or regulatory conditions outside of the Company’s control. All such factors are difficult to predict and are beyond our control, including those detailed in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 23, 2026, the Company’s quarterly report on Form 10-Q for the fiscal quarter ended July 3, 2026, which was filed with the SEC on August 4, 2026 and other documents subsequently filed by the Company with the SEC. The Company’s forward-looking statements are based on assumptions that the Company believes to be reasonable but that may not prove to be accurate. Other unpredictable factors not discussed in this communication could also have material adverse effects on forward-looking statements. The Company does not assume an obligation to update any forward-looking statements, except as required by applicable law. These forward-looking statements speak only as of the date hereof.

Increases 2026 Earnings Guidance

Financial and Operating Highlights

• Net income attributable to common stockholders of $1.01 per share for the third quarter of 2026 as compared to net income of $0.34 per share for the same period in 2025.
• Funds from operations (“FFO”) of $1.59 per share for the third quarter of 2026 as compared to FFO of $1.58 per share for the same period in 2025.
• The Company is increasing its previously announced 2026 FFO guidance range for the year ending December 31, 2026 from $5.60–$5.90 per share to $6.50–$6.70 per share, which reflects $1.10 per share of incremental income from the sale of a 20% joint venture interest in an entity related to the Company’s food and beverage hospitality operations, offset by $0.25 per share attributable to the higher interest rate environment. The Company is also increasing its previously announced 2026 net income guidance range from $0.20–$0.50 per share to $0.40–$0.60 per share.
• Signed 38 Manhattan office leases totaling 591,108 square feet in the third quarter of 2026 and 142 Manhattan office leases totaling 1,965,533 square feet for the first nine months of 2026. The mark-to-market on signed Manhattan office leases was 13.6% higher for the third quarter and 15.7% higher for the first nine months than the previous fully escalated rents on the same spaces.
• Manhattan same-store cash NOI, including the Company’s share of same-store cash NOI from unconsolidated joint ventures, increased 5.0% for the third quarter of 2026 and 4.2% for the first nine months of 2026, excluding lease termination income, as compared to the same periods in 2025.
• Manhattan same-store office occupancy increased to 95.0% as of September 30, 2026, inclusive of leases signed but not yet commenced.

Investing Highlights

• Entered into a contract to sell 110 Greene Street for total consideration of $226.0 million. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions, and generate approximately $216.0 million of net cash proceeds.
• Closed on the previously announced sale of 10 East 53rd Street for total consideration of $312.2 million. The Company received net cash proceeds of $99.0 million.
• Deployed $100.7 million of the $1.3 billion SLG Opportunistic Debt Fund (the “Fund”) during the third quarter and $359.0 million to date in 2026, bringing total Fund deployment to $643.1 million, of which $528.8 million has been funded, and $18.9 million of which has since been repaid.
• In October, closed on the sale of a 20% joint venture interest in an entity related to the Company’s food and beverage hospitality operations at a gross valuation of $200.0 million. The transaction generated proceeds to the Company of $40.0 million.
• In October, closed on the sale of the 26,000 square foot office condominium at 185 Broadway for $9.0 million. The Company received net cash proceeds of $8.7 million.    

Financing Highlights

• In October, together with our joint venture partner, closed on a $2.0 billion refinancing of 245 Park Avenue. The five-year, fixed-rate financing was priced at a spread of 147 basis points above the U.S. Treasury index, resulting in an interest rate of 6.52%. SL Green hedged its share of the financing to an effective interest rate of 6.37%.

NEW YORK, Oct. 21, 2026 (GLOBE NEWSWIRE) — SL Green Realty Corp. (the “Company”) (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended September 30, 2026 of $72.2 million, or $1.01 per share, as compared to net income of $24.9 million, or $0.34 per share, for the same period in 2025.

The Company reported net loss attributable to common stockholders for the nine months ended September 30, 2026 of $38.7 million, or $0.56 per share, as compared to net loss of $7.3 million, or $0.12 per share, for the same period in 2025.

The Company reported FFO for the quarter ended September 30, 2026 of $122.1 million, or $1.59 per share, as compared to FFO of $120.4 million, or $1.58 per share, for the same period in 2025.

The Company reported FFO for the nine months ended September 30, 2026 of $296.3 million or $3.85 per share as compared to FFO of $351.4 million, or $4.60 per share, for the same period in 2025, which included $71.6 million, or $0.94 per share, of income, excluding interest income, related to the repayment of the commercial mortgage investment at 522 Fifth Avenue.

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

Manhattan same-store cash NOI, including the Company’s share of same-store cash NOI from unconsolidated joint ventures, increased by 5.0% for the third quarter of 2026 and 4.2% for the first nine months of 2026, excluding lease termination income, as compared to the same periods in 2025.

During the third quarter of 2026, the Company signed 38 office leases in its Manhattan office portfolio totaling 591,108 square feet. The average rent on the Manhattan office leases signed in the third quarter of 2026 was $105.75 per rentable square foot, with an average lease term of 10.7 years and average tenant concessions of 8.2 months of free rent with a tenant improvement allowance of $85.20 per rentable square foot. Twenty-eight leases comprising 449,076 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $110.88 per rentable square foot, representing a 13.6% increase over the previous fully escalated rents on the same office spaces.

During the nine months ended September 30, 2026, the Company signed 142 office leases in its Manhattan office portfolio totaling 1,965,533 square feet. The average rent on the Manhattan office leases signed in 2026 was $102.61 per rentable square foot with an average lease term of 9.1 years and average tenant concessions of 8.6 months of free rent with a tenant improvement allowance of $89.88 per rentable square foot. Ninety-four leases comprising 1,424,546 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $109.99 per rentable square foot, representing a 15.7% increase over the previous fully escalated rents on the same office spaces.

Occupancy in the Company’s Manhattan same-store office portfolio increased to 95.0% as of September 30, 2026, inclusive of leases signed but not yet commenced, as compared to 92.9% at the end of 2025.

Significant leasing activity in the third quarter includes:

• New lease with Legora, Inc. for 98,420 square feet at 11 Madison Avenue;
• Early renewal with IMG Worldwide LLC for 90,202 square feet at 304 Park Avenue South;
• New lease with Landesbank Baden-Württemberg for 58,332 square feet at 1185 Avenue of the Americas;
• New lease with Nearwater Management, LLC for 37,563 square feet at 245 Park Avenue;
• New expansion lease with Greenberg Traurig LLP for 33,477 square feet at One Vanderbilt Avenue;
• New lease with OceanSound Partners, LP for 32,032 square feet at 450 Park Avenue;
• Early renewal with Haworth, Inc. for 30,365 square feet at 125 Park Avenue.

Earnings Guidance

The Company is increasing its previously announced 2026 FFO guidance range for the year ending December 31, 2026 from $5.60-$5.90 per share to $6.50-$6.70 per share, which reflects $1.10 per share of incremental income from the sale of a 20% joint venture interest in an entity related to the Company’s food and beverage hospitality operations, offset by $0.25 per share attributable to the higher interest rate environment. The Company is also increasing its previously announced 2026 net income guidance range from $0.20-$0.50 per share to $0.40-$0.60 per share.

Investment Activity

In September, the Company entered into a contract to sell 110 Greene Street for total consideration of $226.0 million. The transaction, which is expected to close in the fourth quarter of 2026, subject to customary closing conditions, will generate net cash proceeds to the Company of approximately $216.0 million that will be used for corporate debt repayment.

In August, the Company closed on the previously announced sale of 10 East 53rd Street for total consideration of $312.2 million. The Company received net cash proceeds of $99.0 million.

During the third quarter, the Company deployed $100.7 million of the $1.3 billion Fund and $359.0 million to date in 2026, bringing total Fund deployment to $643.1 million, of which $528.8 million has been funded, and $18.9 million of which has since been repaid.

In October, the Company closed on the sale of a 20% joint venture interest in an entity related to the Company’s food and beverage hospitality operations, at a gross valuation of $200.0 million. The transaction generated proceeds to the Company of $40.0 million.

In October, the Company closed on the sale of the 26,000 square foot office condominium at 185 Broadway for $9.0 million. The Company received net cash proceeds of $8.7 million.

Financing Activity

In October, the Company and its joint venture partner closed on a $2.0 billion refinancing of 245 Park Avenue. The five-year, fixed-rate financing was priced at a spread of 147 basis points above the U.S Treasury index, resulting in an interest rate of 6.52%. SL Green hedged its share of the financing to an effective interest rate of 6.37%. The single-asset, single-borrower (SASB) CMBS execution was agented by world-class institutions led by JPMorgan Chase Bank, N.A., with participation from Bank of America, Deutsche Bank, Bank of Montreal, Goldman Sachs, Société Générale and Citibank. The new financing replaces the property’s previous $1.768 billion of mortgage and mezzanine financing.

Institutional Investor Conference

The Company will host its Annual Institutional Investor Conference on Monday, December 7, 2026 beginning at 9:00 a.m. ET. The event will be held in-person, by invitation only. The presentation will be available online via audio webcast, in listen-only mode, and the accompanying presentation materials can be accessed in the Investors section of the SL Green Realty Corp. website at www.slgreen.com on the day of the conference. An audio replay of the presentation will be available in the Investors section of the SL Green Realty Corp. website following the conference.

For more information about the event, please email SLG2026@slgreen.com. 

Dividends

In the third quarter of 2026, the Company declared:

• A quarterly ordinary dividend on its outstanding common stock of $0.6175 per share, which was paid in cash on October 15, 2026, and is the equivalent of an annualized dividend of $2.47 per share;
• A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period July 15, 2026 through and including October 14, 2026, which was paid in cash on October 15, 2026, and is the equivalent of an annualized dividend of $1.625 per share.

Conference Call and Audio Webcast

The Company’s executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, October 22, 2026, at 2:00 p.m. ET to discuss the financial results.

Supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Financial Reports.”

The live conference call will be webcast in listen-only mode and a replay will be available in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Presentations & Webcasts.”

Research analysts who wish to participate in the conference call must first register at https://register-conf.media-server.com/register/BI6e8d3796e9b044fbb7f0dca147720564.

Company Profile

SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of September 30, 2026, SL Green held interests in 53 buildings totaling 30.3 million square feet, which included ownership interests in 28.9 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 5 buildings totaling 1.3 million square feet owned by third parties.

To obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at investor.relations@slgreen.com. 

Disclaimers

Non-GAAP Financial Measures
During the quarterly 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 reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found in this release and in the Company’s Supplemental Package.

Forward-looking Statements
This press release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as our earnings guidance, future capital expenditures, dividends, acquisitions and dispositions (including the amount and nature thereof and the expected timing, closing and use of proceeds of pending dispositions), financing and refinancing transactions and hedging activities, development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” “target,” “plan,” “guidance,” “outlook,” or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

PRESS CONTACT
slgreen@berlinrosen.com  

SL GREEN REALTY CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited and in thousands, except per share data)
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
Revenues:		2026				2025				2026				2025
Rental revenue, net	$	165,552			$	149,672			$	503,393			$	441,725
Escalation and reimbursement revenues		20,381				18,864				61,298				55,067
SUMMIT Operator revenue		34,655				32,883				90,306				86,424
Investment income		2,615				4,356				7,618				26,809
Interest income from real estate loans held by consolidated securitization vehicles		14,687				10,838				44,079				47,868
Fee income		30,596				23,296				70,037				47,787
Other income		4,539				4,908				13,375				20,899
Total revenues		273,025				244,817				790,106				726,579
Expenses:
Operating expenses, including related party expenses of $0 and $6 in 2026 and $6 and $9 in 2025		58,700				57,673				180,407				164,840
Real estate taxes		42,190				37,627				126,537				112,594
Operating lease rent		6,898				6,106				20,740				18,317
SUMMIT Operator expenses		42,936				35,959				93,398				82,570
Interest expense, net of interest income		50,026				47,235				154,946				138,234
Amortization of deferred financing costs		2,480				1,724				7,438				5,153
SUMMIT Operator tax expense		616				1,279				2,424				2,781
Interest expense on senior obligations of consolidated securitization vehicles		14,687				10,838				44,079				45,827
Depreciation and amortization		63,629				63,216				200,659				187,874
Loan loss and other investment reserves, net of recoveries		—				—				—				(71,326	)
Transaction related costs		228				13,129				529				13,601
Marketing, general and administrative		23,253				23,701				68,820				67,004
Total expenses		305,643				298,487				899,977				767,469
Equity in net income (loss) from unconsolidated joint ventures		26,692				(9,287	)			20,860				(30,892	)
Income from debt fund investments, net		2,166				1,176				10,634				1,776
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate		—				86,872				(814	)			84,926
Purchase price and other fair value adjustments		4,261				11,138				14,106				(8,090	)
Gain (loss) on sale of real estate, net		91,445				(1,068	)			103,902				(1,717	)
Depreciable real estate reserves		(2,275	)			—				(37,435	)			(8,546	)
Gain on sale of marketable securities		—				—				—				10,232
Net income		89,671				35,161				1,382				6,799
Net income (loss) attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership		(5,797	)			(1,737	)			3,036				503
Noncontrolling interests in other partnerships		(5,688	)			(2,658	)			(25,194	)			3,079
Preferred units distributions		(2,256	)			(2,154	)			(6,713	)			(6,461	)
Net income (loss) attributable to SL Green		75,930				28,612				(27,489	)			3,920
Perpetual preferred stock dividends		(3,738	)			(3,738	)			(11,213	)			(11,213	)
Net income (loss) attributable to SL Green common stockholders	$	72,192			$	24,874			$	(38,702	)		$	(7,293	)
Earnings Per Share (EPS)
Basic earnings (loss) per share	$	1.01			$	0.35			$	(0.56	)		$	(0.12	)
Diluted earnings (loss) per share	$	1.01			$	0.34			$	(0.56	)		$	(0.12	)
Funds From Operations (FFO)
Basic FFO per share	$	1.63			$	1.62			$	3.93			$	4.72
Diluted FFO per share	$	1.59			$	1.58			$	3.85			$	4.60
Basic ownership interest
Weighted average REIT common shares for net income per share		70,441				70,443				70,598				70,435
Weighted average partnership units held by noncontrolling interests		4,610				3,875				4,814				3,998
Basic weighted average shares and units outstanding		75,051				74,318				75,412				74,433
Diluted ownership interest
Weighted average REIT common share and common share equivalents		71,967				72,553				72,189				72,442
Weighted average partnership units held by noncontrolling interests		4,610				3,875				4,814				3,998
Diluted weighted average shares and units outstanding		76,577				76,428				77,003				76,440

SL GREEN REALTY CORP. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except per share data)
	September 30,				December 31,
		2026				2025
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,534,127			$	1,699,215
Building and improvements		4,068,129				4,012,305
Building leasehold and improvements		1,496,428				1,448,112
		7,098,684				7,159,632
Less: accumulated depreciation		(2,333,095	)			(2,306,377	)
		4,765,589				4,853,255
Assets held for sale		224,249				—
Cash and cash equivalents		186,439				155,747
Restricted cash		199,507				180,748
Investment in marketable securities		21,166				23,666
Tenant and other receivables		64,072				45,524
Related party receivables		17,195				16,293
Deferred rents receivable		255,497				266,678
Debt and preferred equity investments, net of discounts and deferred origination fees of $2 and $14 in 2026 and 2025, respectively, and allowances of $300 and $454 in 2026 and 2025, respectively		113,087				168,358
Investments in unconsolidated joint ventures		2,886,984				2,819,778
Debt fund investments, at fair value		434,219				152,958
Deferred costs, net		121,668				129,019
Right-of-use assets – operating leases		940,495				864,430
Real estate loans held by consolidated securitization vehicles, at fair value		1,003,918				1,023,877
Other assets		551,576				577,299
Total assets	$	11,785,661			$	11,277,630
Liabilities
Mortgages and other loans payable	$	2,216,799			$	2,154,499
Revolving credit facility		930,000				640,000
Unsecured term loan		1,150,000				1,150,000
Deferred financing costs, net		(29,965	)			(13,063	)
Total debt, net of deferred financing costs		4,266,834				3,931,436
Accrued interest payable		17,016				15,221
Accounts payable and accrued expenses		142,846				134,621
Deferred revenue		158,252				147,419
Lease liability – financing leases		109,182				108,183
Lease liability – operating leases		886,515				805,192
Dividend and distributions payable		48,910				2,536
Security deposits		66,859				68,276
Liabilities related to assets held for sale		866				—
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities		100,000				100,000
Senior obligations of consolidated securitization vehicles, at fair value		1,003,918				1,023,877
Other liabilities (includes $166,736 and $244,941 at fair value as of September 30, 2026 and December 31, 2025, respectively)		513,358				587,779
Total liabilities		7,314,556				6,924,540
Commitments and contingencies
Noncontrolling interests in Operating Partnership		273,718				241,371
Preferred units and redeemable equity		203,508				199,271
Equity
SL Green stockholders’ equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 and 9,200 issued and outstanding at both September 30, 2026 and December 31, 2025		221,932				221,932
Common stock, $0.01 par value 160,000 shares authorized, 70,945 and 71,159 issued and outstanding at September 30, 2026 and December 31, 2025, respectively		708				711
Additional paid-in capital		4,213,109				4,212,590
Accumulated other comprehensive income (loss)		28,201				(22,198	)
Retained deficit		(964,016	)			(741,880	)
Total SL Green Realty Corp. stockholders’ equity		3,499,934				3,671,155
Noncontrolling interests in other partnerships		493,945				241,293
Total equity		3,993,879				3,912,448
Total liabilities and equity	$	11,785,661			$	11,277,630

SL GREEN REALTY CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited and in thousands, except per share data)
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
Funds From Operations (FFO) Reconciliation:		2026				2025				2026				2025
Net income (loss) attributable to SL Green common stockholders	$	72,192			$	24,874			$	(38,702	)		$	(7,293	)
Add:
Depreciation and amortization		63,629				63,216				200,659				187,874
SLG’s share of unconsolidated joint ventures depreciation and amortization		72,964				127,170				217,701				247,874
Net income (loss) attributable to noncontrolling interests		11,485				4,395				22,158				(3,582	)
Less:
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate		—				86,872				(814	)			84,926
Purchase price and other fair value adjustments		477				9,652				7,953				(5,291	)
Gain (loss) on sale of real estate, net		91,445				(1,068	)			103,902				(1,717	)
Depreciable real estate reserves		(2,275	)			—				(37,435	)			(8,546	)
Depreciable real estate reserves in unconsolidated joint venture		—				—				—				(1,780	)
Depreciation on non-rental real estate assets		1,478				1,628				4,483				4,312
Noncontrolling interests in consolidated joint ventures		7,071				2,186				27,451				1,526
FFO attributable to SL Green common stockholders and unit holders	$	122,074			$	120,385			$	296,276			$	351,443

SL GREEN REALTY CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited and in thousands, except per share data)
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
Operating income and Same-store NOI Reconciliation:		2026				2025				2026				2025
Net income	$	89,671			$	35,161			$	1,382			$	6,799
Depreciable real estate reserves		2,275				—				37,435				8,546
(Gain) Loss on sale of real estate, net		(91,445	)			1,068				(103,902	)			1,717
Purchase price and other fair value adjustments		(4,261	)			(11,138	)			(14,106	)			8,090
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate		—				(86,872	)			814				(84,926	)
Gain on sale of marketable securities		—				—				—				(10,232	)
Depreciation and amortization		63,629				63,216				200,659				187,874
SUMMIT Operator tax expense		616				1,279				2,424				2,781
Amortization of deferred financing costs		2,480				1,724				7,438				5,153
Interest expense, net of interest income		50,026				47,235				154,946				138,234
Interest expense on senior obligations of consolidated securitization vehicles		14,687				10,838				44,079				45,827
Operating income		127,678				62,511				331,169				309,863
Equity in net (income) loss from unconsolidated joint ventures		(26,692	)			9,287				(20,860	)			30,892
Income from debt fund investments, net		(2,166	)			(1,176	)			(10,634	)			(1,776	)
Marketing, general and administrative expense		23,253				23,701				68,820				67,004
Transaction related costs		228				13,129				529				13,601
Loan loss and other investment reserves, net of recoveries		—				—				—				(71,326	)
SUMMIT Operator expenses		42,936				35,959				93,398				82,570
Investment income		(2,615	)			(4,356	)			(7,618	)			(26,809	)
Interest income from real estate loans held by consolidated securitization vehicles		(14,687	)			(10,838	)			(44,079	)			(47,868	)
SUMMIT Operator revenue		(34,655	)			(32,883	)			(90,306	)			(86,424	)
Non-building revenue		(26,955	)			(20,271	)			(59,524	)			(40,406	)
Net operating income (NOI)		86,325				75,063				260,895				229,321
Equity in net income (loss) from unconsolidated joint ventures		26,692				(9,287	)			20,860				(30,892	)
SLG’s share of unconsolidated JV depreciable real estate reserves		—				—				—				1,780
SLG’s share of unconsolidated JV depreciation and amortization		68,880				66,616				207,074				194,844
SLG’s share of unconsolidated JV amortization of deferred financing costs		4,101				3,558				12,519				9,856
SLG’s share of unconsolidated JV interest expense, net of interest income		74,059				67,628				216,017				194,883
SLG’s share of unconsolidated JV gain on early extinguishment of debt		—				(57,187	)			4,796				(57,187	)
SLG’s share of unconsolidated JV investment income		(554	)			(3,963	)			(1,759	)			(13,940	)
SLG’s share of unconsolidated JV loan loss and other investment reserves, net of recoveries		—				—				—				14,531
SLG’s share of unconsolidated JV non-building revenue		(2,153	)			(1,645	)			(5,599	)			(5,219	)
NOI including SLG share of unconsolidated JVs		257,350				140,783				714,803				537,977
NOI from other properties/affiliates		(73,925	)			30,394				(185,804	)			(36,758	)
Same-Store NOI		183,425				171,177				528,999				501,219
Straight-line and free rent		(3,462	)			693				(10,052	)			1,844
Amortization of acquired above and below-market leases, net		266				146				1,082				389
Operating lease straight-line adjustment		1,532				204				1,893				611
SLG’s share of unconsolidated JV straight-line and free rent		(14,003	)			(10,396	)			(32,949	)			(33,788	)
SLG’s share of unconsolidated JV amortization of acquired above and below-market leases, net		(6,718	)			(6,268	)			(20,394	)			(18,498	)
Same-store cash NOI	$	161,040			$	155,556			$	468,579			$	451,777
Lease termination income		(387	)			(270	)			(1,128	)			(4,875	)
SLG’s share of unconsolidated JV lease termination income		(1,001	)			(3,189	)			(7,333	)			(5,421	)
Same-store cash NOI excluding lease termination income	$	159,652			$	152,097			$	460,118			$	441,481

SL GREEN REALTY CORP.
NON-GAAP FINANCIAL MEASURES – DISCLOSURES

Funds from Operations (FFO)

FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of Nareit in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based compensation for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including the Company’s ability to make cash distributions.

Funds Available for Distribution (FAD)

FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company’s unconsolidated JVs, less straight line rental income, free rent net of amortization, second generation tenant improvement and leasing costs, and recurring capital expenditures.

FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of Nareit in September 2017 defines EBITDAre as net income (loss) (computed in accordance with GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity’s share of EBITDAre of unconsolidated joint ventures.

The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

Net Operating Income (NOI) and Cash NOI

NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.

The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating the Company’s properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.

Coverage Ratios

The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).

SLG-EARN

Adjusts 2026 Guidance

PHILADELPHIA, Oct. 21, 2026 (GLOBE NEWSWIRE) — Brandywine Realty Trust (NYSE:BDN) today reported its financial and operating results for the three and nine-month periods ended September 30, 2026.

Management Comments

“We are pleased with our 2026 business plan progress highlighted by raising the midpoint of our speculative revenue target for the second time this year to $19.5 million, or 11.4% higher than our initial business plan,” said Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. “Our capital markets plan is completed and we have executed $681 million of sales versus our $305 million business plan target. Sales activity also includes the $136 million sale of Solaris, our residential project in Austin, Texas. We are also pleased to report that One Uptown is now 97% leased. During the quarter, we reduced our combined debt by $390 million primarily by repurchasing $140 million of our 2028 and 2029 Bonds at a weighted-average rate of 8.67%. Following these closings, we had $176 million of cash on hand and no outstanding balance on our $600 million unsecured line of credit. Our leverage metrics have continued to improve including our Net Debt/EBITDA which was 7.6x at the end of the quarter compared to 9.0x in the previous quarter.  In addition to using sales proceeds to reduce debt, we purchased 4.7 million shares of our common stock during the quarter.  Based on our capital markets activity and operating results, we are adjusting our 2026 FFO guidance range from $0.53 to $0.57 per diluted share to a Core FFO range of $0.54 to $0.56 per diluted share, which excludes losses on the early extinguishment of debt totaling $15.4 million, or $0.09 per share.”

Third Quarter Highlights

Financial Results

• Net loss available to common shareholders: $(22.3) million, or $(0.13) per share. Our results include an impairment charge totaling $29.1 million, or $(0.17) per share, net gains on the disposition of real estate totaling $55.7 million, or $0.32 per share and $(15.4) million loss on the early extinguishment of debt, or $(0.09) per share.
• Core Funds from Operations (Core FFO): $24.5 million, or $0.14 per diluted share. Our Core FFO results represent FFO excluding a $(15.4) million, or $(0.09) per share, loss on the early extinguishment of debt.

Portfolio Results

• Core Portfolio: 89.0% occupied and 90.5% leased.
• New and Renewal Leases Signed:   372,000 square feet in our wholly owned portfolio and 558,000 square feet including our joint ventures.
• Tenant Retention Ratio: 50%.
• Rental Rate Mark-to-Market: Increased 10.8% on an accrual basis and 5.7% on a cash basis.
• Same Store Net Operating Income (NOI): Decreased (0.6)% on an accrual basis and increased 1.7% on a cash basis.

Disposition Activity

• As previously announced, on July 1, 2026, we completed the sale of a wholly owned office property in King of Prussia, Pennsylvania for a gross sales price of $41.5 million, or $412 per square foot, and we received net cash proceeds of $37.8 million. The property was 100% occupied at the time of sale.
• As previously announced, on July 9, 2026, we completed the sale of a wholly owned office property in Austin, Texas for a gross sales price of $151.0 million, or $734 per square foot, and we received net cash proceeds of $146.1 million. The property was 100% occupied at the time of sale.   
• On September 10, 2026, we completed the combined sale of two wholly owned office properties in McLean, Virginia for a gross sales price of $97.1 million, or $207 per square foot, and we received net cash proceeds of $92.9 million. The properties on average were 88.6% occupied at the time of sale.
• On September 30, 2026, we completed the sale of a wholly owned office property located in Philadelphia, Pennsylvania for a gross sales price of $240.0 million, or $544 per square foot, and we received net cash proceeds of $233.7 million. The property was 3.9% occupied at the time of sale.

Joint Venture Activity

• On September 30, 2026, we sold Solaris, our residential property with a 341 unit luxury apartment building in Austin, Texas for a gross sales price of $136.0 million. We owned 57% of the project and received net cash proceeds of $16.3 million for our share in the venture after repayment of the $76.5 million construction loan and our preferred partner. The property was 90.3% occupied at the time of sale.
• As of October 21, 2026, our Uptown office venture in Austin, Texas is now 97% leased.

Finance/Capital Markets Activity

• During the quarter, we retired $50 million of our 8.80% Guaranteed Notes Due 2028 (the “2028 Bonds”) and $90 million of our 8.875% Guaranteed Notes Due 2029 (the “2029 Bonds”) and recorded $9.2 million loss on extinguishment of debt.
• On September 29, 2026, we repaid our $57.3 million Commercial Property Assessed Clean Energy (“C-PACE”) loan prior to the disposition of the encumbered wholly owned office property in Philadelphia, Pennsylvania, and recorded a $6.3 million loss on extinguishment of debt.
• During the quarter, we repurchased approximately 4.7 million common shares at an average price of $3.19 per share, totaling $14.9 million. The annual savings on dividend payments is approximately $1.5 million.
• As of September 30, 2026, we had a $137 million outstanding balance on our $600.0 million unsecured revolving credit facility.
• As of September 30, 2026, we had $313 million of cash and cash equivalents on-hand.

Results for the Three and Nine-Month Periods Ended September 30, 2026

Net loss allocated to common shareholders and unitholders totaled $(22.3) million or $(0.13) per share in the third quarter of 2026 compared to a net loss of $(26.2) million or $(0.15) per diluted share in the third quarter of 2025. Our 2026 results include a non-cash impairment charge totaling $29.1 million, or $(0.17) per share, net gain on the disposition of real estate totaling $55.7 million, or $0.32 per share, and $15.4 million loss on the early extinguishment of debt, or $(0.09) per share.

Core FFO available to common shareholders and unitholders in the third quarter of 2026 totaled $24.5 million or $0.14 per diluted share versus $28.0 million or $0.16 per diluted share in the third quarter of 2025. Our Core FFO results exclude a $(15.4) million, or $(0.09) per share, loss on the early extinguishment of debt. Our third quarter 2026 payout ratio ($0.08 common share distribution / $0.14 Core FFO per diluted share) was 57.1%.

Net loss allocated to common shareholders and unitholders totaled $(102.8) million or $(0.59) per share for the first nine months of 2026 compared to net loss of $(142.6) million or $(0.82) per diluted share in the first nine months of 2025.   Our 2026 results include a non-cash impairment charge totaling $41.0 million, or $(0.24) per share, net gain on the disposition of real estate totaling $55.8 million, or $0.32 per share and $(15.4) million loss on the early extinguishment of debt, or $(0.09) per share.   Our 2025 results include non-cash impairment charges totaling $63.4 million, or $(0.37) per share, related to portfolio assets located in Austin, Texas.      

Core FFO available to common shareholders and unitholders for the first nine months of 2026 totaled $68.2 million, or $0.38 per diluted share compared to Core FFO available to common shareholders and units of $78.8 million, or $0.44 per diluted share, for the first nine months of 2025.   Our Core FFO results exclude a $15.4 million, or $(0.09) per share, loss on the early extinguishment of debt. Our first nine months 2026 Core FFO payout ratio ($0.24 common share distribution / $0.38 Core FFO per diluted share) was 63.2%.

Operating and Leasing Activity

In the third quarter of 2026, our Net Operating Income (NOI), excluding termination revenues, bad debt expense and other income items, decreased (0.6)% on an accrual basis and increased 1.7% on a cash basis for our 55 same store properties, which were 88.8% and 89.8% occupied on September 30, 2026 and 2025, respectively.

We leased approximately 372,000 square feet and commenced occupancy on 192,000 square feet during the third quarter of 2026. The third quarter occupancy activity includes 73,000 square feet of renewals, 26,000 square feet of expansions and 93,000 square feet of new leases. We have an additional 163,000 square feet of executed new leasing scheduled to commence subsequent to September 30, 2026.

Our tenant retention ratio was 50% in our core portfolio with negative net absorption of (7,000) square feet during the third quarter of 2026. Third quarter accrual rental rate growth increased 8.4% on our renewal leasing and increased 13.5% on new leasing.

At September 30, 2026, our core portfolio of 58 properties comprising 10.8 million square feet was 89.0% occupied and 90.5% leased (reflecting new leases commencing after September 30, 2026).

Distributions

On September 15, 2026, our Board of Trustees declared a quarterly dividend distribution of $0.08 per common share that will be paid on October 22, 2026 to shareholders of record as of October 8, 2026.

2026 Earnings and FFO Guidance

Based on current plans and assumptions and subject to the risks and uncertainties more fully described in our Securities and Exchange Commission filings, we are adjusting our 2026 loss per share guidance from $(0.45) – $(0.41) per share to $(0.64) – $(0.62) per share and we are also adjusting our previous 2026 FFO guidance from $0.53 – $0.57 per diluted share to a Core FFO range of $0.54 – $0.56 per diluted share which excludes losses on the early extinguishment of debt. Our adjustment to guidance for the 2026 loss per share is primarily due to the loss associated with the $240 million sales transaction in Philadelphia, Pennsylvania and the loss on the early extinguishment of debt recorded in the third quarter. This guidance is provided for informational purposes and is subject to change. The following is a reconciliation of the calculation of 2026 FFO, 2026 Core FFO and earnings per diluted share:            

Guidance for 2026	Range
Loss per share allocated to common shareholders	$(0.64	)	to	$(0.62	)
Plus:  real estate depreciation, amortization	1.18			1.18
Less:  real estate gains and losses, net	(0.32	)		(0.32	)
Plus:  real estate impairments	0.23			0.23
FFO per diluted share	$0.45		to	$0.47
Plus:  loss on the early extinguishment of debt	0.09			0.09
Core FFO per diluted share	$0.54		to	$0.56

Our 2026 FFO and 2026 Core FFO key assumptions include:

• Year-end Core Occupancy Range: 89-90%;
• Year-end Core Leased Range: 90-91%;
• Rental Rate Mark-to-Market (accrual): 5-6%;
• Rental Rate Mark-to-Market (cash): (2)-0%;
• Same Store (accrual) NOI Range: (1)-1%;
• Same Store (cash) NOI Range: 0-2%;
• Speculative Revenue Target: $19.5 million, 100% achieved;
• Tenant Retention Rate Range: 53-54%;
• Property Acquisition Activity: None;
• Property Sales Activity: $545 million, 100% achieved;
• Development Starts: Redevelopment of one existing Uptown ATX building in Austin, Texas;
• Financing Activity: Repaid our $178 million 3025 JFK Construction Loan maturing in July 2026, financed Avira with a $90 million secured loan and extended the maturity date of our unsecured credit facility to December 31, 2026. Repaid our $57.3 million mortgage secured by 3151 Market Street;
• Share Buyback and Bond Repurchase Activity: $120 – 140 million to be executed primarily during third and fourth quarters of 2026 based on current sales activity. $140 million of bond purchases and $14.9 million of common share repurchases achieved;
• Annual earnings and FFO and Core FFO per diluted share based on 178.0 million fully diluted weighted average common shares.

Except as outlined in our 2026 Business Plan, which can be located on the Investor Relations page of our website, our estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate based on several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. Management is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO and Core FFO do not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities or depreciable real estate. For a complete definition of Core FFO and FFO and statements of the reasons why management believes Core FFO and FFO provide useful information to investors, see page 37 in our third quarter Supplemental Information Package. There can be no assurance that our actual results will not differ materially from the estimates set forth above. Our 2026 Business Plan is included in our Supplemental Information Package which can be located on the Investor Relations page of our website.

About Brandywine Realty Trust

Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in Philadelphia, PA and Austin, TX. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 107 properties and 18.0 million square feet as of September 30, 2026. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together. For more information, please visit www.brandywinerealty.com.

Conference Call and Audio Webcast

After releasing our third quarter earnings after the market close on Wednesday, October 21, 2026, we will hold our third quarter conference call on Thursday, October 22, 2026 at 9:00 a.m. Eastern Time. To access the conference call by phone, please visit this link here, and you will be provided with dial-in details. A live webcast of the conference call will also be available on the Investor Relations page of our website at www.brandywinerealty.com.

Supplemental Information

We produce a Supplemental Information Package that includes details regarding the performance of the portfolio, financial information, non-GAAP financial measures, same-store information and other useful information for investors. The Supplemental Information Package is available via our website, www.brandywinerealty.com, through the “Investor Relations” section.

Looking Ahead – Fourth Quarter 2026 Conference Call

We expect to release our fourth quarter 2026 earnings on Wednesday, February 3, 2027 after the market close and expect to host our fourth quarter 2026 conference call on Thursday, February 4, 2027 at 9:00 a.m. Eastern Time. We expect to issue a press release in advance of these events to reconfirm the dates and times and provide all related information.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words. Because such statements involve known and unknown risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These forward-looking statements, including our 2026 Guidance and our 2026 Business Plan and expectations for timing and terms of developments, sales, capital activities, bond repurchases and common share buybacks, are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and not within our control. Such risks, uncertainties and contingencies include, among others: reduced demand for office space and pricing pressures, including from competitors, changes to tenant work patterns that could limit our ability to lease space or set rents at expected levels or that could lead to declines in rent; uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital or that delay receipt of future debt financings and refinancings; the effect of inflation and interest rate fluctuations, including on the costs of our planned debt financings and refinancings; the potential loss or bankruptcy of tenants or the inability of tenants to meet their rent and other lease obligations; risks of acquisitions and dispositions, including unexpected liabilities and integration costs; delays in completing, and cost overruns incurred in connection with, our developments and redevelopments; disagreements with joint venture partners; unanticipated operating and capital costs; uninsured casualty losses and our ability to obtain adequate insurance, including coverage for terrorist acts; additional asset impairments; our dependence upon certain geographic markets; changes in governmental regulations, tax laws and rates and similar matters; impacts from changes to U.S. trade and foreign relations policies, including the imposition of tariffs; impacts of a U.S. government shutdown; unexpected costs of REIT qualification compliance; costs and disruptions as the result of a cybersecurity incident or other technology disruption; reliance on key personnel; and failure to maintain an effective system of internal control, including internal control over financial reporting. The declaration and payment of future dividends (both timing and amount) is subject to the determination of our Board of Trustees, in its sole discretion, after considering various factors, including our financial condition, historical and forecast operating results, and available cash flow, as well as any applicable laws and contractual covenants and any other relevant factors. Our Board’s practice regarding declaration of dividends may be modified at any time and from time to time. Additional information on factors which could impact us and the forward-looking statements contained herein are included in our filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2025. Given the uncertainties, we caution readers not to place undue reliance on forward-looking statements. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events except as required by law.

Non-GAAP Supplemental Financial Measures

We compute our financial results in accordance with generally accepted accounting principles (GAAP). Although FFO, Core FFO and NOI are non-GAAP financial measures, we believe that Core FFO, FFO and NOI calculations are helpful to shareholders and potential investors and are widely recognized measures of real estate investment trust performance. At the end of this press release, we have provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measure.

Funds From Operations (FFO) and Core Funds from Operations (“Core FFO”)

We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (NAREIT), which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than us. NAREIT defines FFO as net income (loss) before non-controlling interests of common unitholders and excluding gains (losses) on sales of depreciable operating property, impairment losses on depreciable consolidated real estate, impairment losses on investments in unconsolidated real estate ventures and extraordinary items (computed in accordance with GAAP); plus real estate related depreciation and amortization (excluding amortization of deferred financing costs), and after similar adjustments for unconsolidated joint ventures.

Core FFO is a computation made by analysts and investors to measure a real estate company’s operating performance by removing the effect of items that do not reflect ongoing property operations, including items such as (gains) losses from sales of non-depreciable land and debt extinguishment costs from the determination of FFO. Our calculation of Core FFO may differ from the methodology used for calculating Core FFO by other REITs and, accordingly, our Core FFO may not be comparable to Core FFO reported by other REITs.

To facilitate a clear understanding of our historical operating results, FFO and Core FFO should be examined in conjunction with net income (determined in accordance with GAAP) as presented in the financial statements included elsewhere in this release. Neither FFO nor Core FFO represent cash flow from operating activities (determined in accordance with GAAP) and should not be considered to be an alternative to net income (loss) (determined in accordance with GAAP) as an indication of our financial performance or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor are they indicative of funds available for our cash needs, including our ability to make cash distributions to shareholders. We generally consider FFO, Core FFO, FFO per share and Core FFO per share to be useful measures for understanding and comparing our operating results because they facilitate an understanding of our operating performance after adjustment for certain non-recurring items that are required by GAAP to be expensed but may not necessarily be indictive of current operating performance and our operating performance between periods. Furthermore, although FFO, Core FFO and other supplemental performance measures are defined in various ways throughout the REIT industry, we believe that FFO and Core FFO may provide us and our investors with an additional useful measure to compare our financial performance to certain other REITs.

Net Operating Income (NOI)

NOI (accrual basis) is a Non-GAAP financial measure equal to net income available to common shareholders, the most directly comparable GAAP financial measure, plus corporate general and administrative expense, depreciation and amortization, interest expense, non-controlling interest in the Operating Partnership and losses from early extinguishment of debt, less interest income, development and management income, gains from property dispositions, gains on sale from discontinued operations, gains on early extinguishment of debt, income from discontinued operations, income from unconsolidated joint ventures and non-controlling interest in property partnerships. In some cases we also present NOI on a cash basis, which is NOI after eliminating the effects of straight-lining of rent and deferred market intangible amortization. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income as an indication of our performance or to cash flows as a measure of the Company’s liquidity or its ability to make distributions. We believe NOI is a useful measure for evaluating the operating performance of our properties, as it excludes certain components from net income available to common shareholders in order to provide results that are more closely related to a property’s results of operations. We use NOI internally to evaluate the performance of our operating segments and to make decisions about resource allocations. We concluded that NOI provides useful information to investors regarding our financial condition and results of operations, as it reflects only the income and expense items incurred at the property level, as well as the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unlevered basis.

Same Store Properties

In our analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by us throughout each period presented. We refer to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by us through the end of the latest period presented as Same Store Properties. Same Store Properties therefore exclude properties placed in-service, acquired, repositioned, held for sale or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store Properties.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

EBITDA is a non-GAAP financial measure. The Company computes EBITDA in accordance with standards established by NAREIT, which may not be comparable to EBITDA reported by other REITs that do not compute EBITDA in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company. EBITDA is defined as net income (loss) (computed in accordance with GAAP), plus interest expense, plus income tax expense (if any), plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated real estate ventures, plus adjustments to reflect the Company’s share of EBITDA of unconsolidated real estate ventures. EBITDA is not intended to represent cash flow for the period, is not presented as an alternative to operating income as an indicator of operating performance, should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is not indicative of operating income or cash provided by operating activities as determined under GAAP. EBITDA is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company’s ability to service or incur debt.

Core Portfolio

Our core portfolio is comprised of our wholly owned properties, excluding any properties currently in development, re-development or recently completed, not yet stabilized or held for sale.

Speculative Revenue

Speculative Revenue represents the amount of rental revenue the Company projects to be recorded during the current calendar year from new and renewal leasing activity in its core portfolio that has yet to be executed as of the beginning of the year. This revenue is primarily attributable to the absorption of core portfolio square footage that was either vacant at the beginning of the year or the renewal of existing tenants due to expire during the current year.

BRANDYWINE REALTY TRUST CONSOLIDATED BALANCE SHEETS (unaudited, in thousands, except share and per share data)
	September 30, 2026				December 31, 2025
ASSETS
Real estate investments:
Operating properties	$	3,300,851			$	3,753,780
Accumulated depreciation		(1,263,796	)			(1,259,090	)
Prepaid ground leases, net		6,944				51,399
Right of use asset – operating leases, net		12,145				17,806
Operating real estate investments, net		2,056,144				2,563,895
Construction-in-progress		82,518				118,543
Land held for development		80,403				70,405
Prepaid leasehold interests in land held for development, net		27,762				27,762
Total real estate investments, net		2,246,827				2,780,605
Cash and cash equivalents		312,743				32,284
Restricted cash and escrow		954				30,018
Accounts receivable		17,146				22,154
Accrued rent receivable, net of allowance of $369 and $424 as of September 30, 2026 and December 31, 2025, respectively		169,047				182,651
Investment in unconsolidated real estate ventures		306,663				314,326
Deferred costs, net		68,566				79,549
Intangible assets, net		11,579				22,426
Other assets		143,186				122,227
Total assets	$	3,276,711			$	3,586,240
LIABILITIES AND BENEFICIARIES’ EQUITY
Secured debt, net	$	88,009			$	234,079
Unsecured credit facility		137,000				—
Unsecured term loan, net		249,695				249,389
Unsecured senior notes, net		1,934,858				2,073,394
Accounts payable and accrued expenses		143,612				143,826
Distributions payable		13,819				14,108
Deferred income, gains and rent		22,346				22,569
Intangible liabilities, net		5,889				12,713
Lease liability – operating leases		17,052				23,720
Other liabilities		13,294				14,588
Total liabilities	$	2,625,574			$	2,788,386
Brandywine Realty Trust’s Equity:
Common Shares of Brandywine Realty Trust’s beneficial interest, $0.01 par value; shares authorized 400,000,000; 170,026,338 and 173,699,039 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		1,694				1,733
Additional paid-in-capital		3,191,409				3,199,838
Deferred compensation payable in common shares		25,467				23,069
Common shares in grantor trust, 2,288,739 and 1,583,000 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		(25,467	)			(23,069	)
Cumulative earnings		503,217				605,252
Accumulated other comprehensive income (loss)		5,262				(1,437	)
Cumulative distributions		(3,055,059	)			(3,012,654	)
Total Brandywine Realty Trust’s equity		646,523				792,732
Noncontrolling interests		4,614				5,122
Total beneficiaries’ equity	$	651,137			$	797,854
Total liabilities and beneficiaries’ equity	$	3,276,711			$	3,586,240

BRANDYWINE REALTY TRUST CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except share and per share data)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue
Rents	$	118,661			$	114,742			$	362,016			$	343,366
Third party management fees, labor reimbursement and leasing		3,975				4,540				12,763				15,242
Other		3,002				2,135				6,783				4,896
Total revenue		125,638				121,417				381,562				363,504
Operating expenses
Property operating expenses		39,232				31,412				116,326				96,303
Real estate taxes		10,982				11,647				33,988				34,586
Third party management expenses		1,884				2,350				6,317				7,467
Depreciation and amortization		45,088				43,005				142,068				131,120
General and administrative expenses		7,954				7,841				29,552				34,636
Provision for impairment		29,057				—				40,966				63,369
Total operating expenses		134,197				96,255				369,217				367,481
Gain on sale of real estate
Net gain on disposition of real estate		55,689				35				55,752				3,008
Total gain on sale of real estate		55,689				35				55,752				3,008
Operating income (loss)		47,130				25,197				68,097				(969	)
Other income (expense):
Interest and investment income		702				1,238				2,436				3,274
Interest expense		(39,035	)			(32,914	)			(121,855	)			(97,104	)
Interest expense – amortization of deferred financing costs		(1,322	)			(1,336	)			(4,054	)			(3,763	)
Equity in loss of unconsolidated real estate ventures		(14,157	)			(18,183	)			(31,597	)			(43,526	)
Net gain on real estate venture transactions		—				—				—				183
Loss on early extinguishment of debt		(15,417	)			—				(15,441	)			—
Net loss before income taxes		(22,099	)			(25,998	)			(102,414	)			(141,905	)
Income tax provision		(43	)			—				(67	)			(85	)
Net loss		(22,142	)			(25,998	)			(102,481	)			(141,990	)
Net loss attributable to noncontrolling interests		108				79				446				427
Net loss attributable to Brandywine Realty Trust		(22,034	)			(25,919	)			(102,035	)			(141,563	)
Nonforfeitable dividends allocated to unvested restricted shareholders		(228	)			(313	)			(794	)			(1,064	)
Net loss attributable to Common Shareholders of Brandywine Realty Trust	$	(22,262	)		$	(26,232	)		$	(102,829	)		$	(142,627	)
PER SHARE DATA
Basic loss per Common Share	$	(0.13	)		$	(0.15	)		$	(0.59	)		$	(0.82	)
Basic weighted average shares outstanding		172,010,229				173,699,312				173,377,458				173,385,330
Diluted loss per Common Share	$	(0.13	)		$	(0.15	)		$	(0.59	)		$	(0.82	)
Diluted weighted average shares outstanding		172,010,229				173,699,312				173,377,458				173,385,330

BRANDYWINE REALTY TRUST FUNDS FROM OPERATIONS (unaudited, in thousands, except share and per share data)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net loss attributable to common shareholders	$	(22,262	)		$	(26,232	)		$	(102,829	)		$	(142,627	)
Add (deduct):
Net loss attributable to noncontrolling interests – LP units		(73	)			(78	)			(314	)			(426	)
Nonforfeitable dividends allocated to unvested restricted shareholders		228				313				794				1,064
Net (gain) loss on real estate venture transactions		(5,027	)			305				(4,287	)			107
Net gain on disposition of real estate		(55,689	)			(35	)			(55,752	)			(3,008	)
Provision for impairment		29,057				—				40,966				63,369
Company’s share of impairment of an unconsolidated real estate venture		10,559				—				10,559				—
Depreciation and amortization:
Real property		38,767				37,786				122,626				114,878
Leasing costs including acquired intangibles		4,964				4,439				16,099				13,842
Company’s share of unconsolidated real estate ventures		8,830				11,876				26,035				32,657
Partners’ share of consolidated real estate ventures		(55	)			(6	)			(207	)			(13	)
Funds from operations		9,299				28,368			$	53,690			$	79,843
Funds from operations allocable to unvested restricted shareholders		(161	)			(337	)			(966	)			(1,037	)
Funds from operations available to common share and unitholders (FFO)	$	9,138			$	28,031			$	52,724			$	78,806
FFO per share – fully diluted	$	0.05			$	0.16			$	0.29			$	0.44
Plus: Capital market, transactional items and other	$	15,417			$	—			$	15,441			$	—
Core FFO	$	24,555			$	28,031			$	68,165			$	78,806
Core FFO per share – fully diluted	$	0.14			$	0.16			$	0.38			$	0.44
Weighted-average shares/units outstanding — fully diluted		179,426,959				178,984,473				180,485,496				178,630,855
Distributions paid per common share	$	0.08			$	0.15			$	0.24			$	0.45
BRANDYWINE REALTY TRUST SAME STORE OPERATIONS – 3rd QUARTER (unaudited and in thousands)

Of the 59 properties owned by the Company as of September 30, 2026, a total of 55 properties (“Same Store Properties”) containing an aggregate of 10.4 million net rentable square feet were owned for the entire three months ended September 30, 2026 and 2025. As of September 30, 2026, three properties were recently completed and one property was in development/redevelopment. The Same Store Properties were 88.8% and 89.8% occupied as of September 30, 2026 and 2025, respectively. The following table sets forth revenue and expense information for the Same Store Properties:

	Three Months Ended September 30,
	2026					2025
Revenue
Rents	$	99,762				$	97,372
Other		332					243
Total revenue		100,094					97,615
Operating expenses
Property operating expenses		27,904					25,952
Real estate taxes		9,662					9,679
Other
Net operating income	$	62,528				$	61,984
Net operating income – percentage change over prior year		0.9		%
Net operating income, excluding other items (1)	$	61,304				$	61,678
Net operating income, excluding other items – percentage change over prior year		(0.6	)	%
Net operating income	$	62,528				$	61,984
Straight line rents & other		1,917					340
Above/below market rent amortization		(160	)				(164	)
Amortization of tenant inducements		232					190
Non-cash ground rent expense		184					188
Cash – Net operating income	$	64,701				$	62,538
Cash – Net operating income – percentage change over prior year		3.5		%
Cash – Net operating income, excluding other items (1)	$	63,086				$	62,055
Cash – Net operating income, excluding other items – percentage change over prior year		1.7		%
	Three Months Ended September 30,
	2026					2025
Net loss:	$	(22,142	)			$	(25,998	)
Add/(deduct):
Interest and investment income		(702	)				(1,238	)
Interest expense		39,035					32,914
Interest expense – amortization of deferred financing costs		1,322					1,336
Equity in loss of unconsolidated real estate ventures		14,157					18,183
Net (gain) loss on disposition of real estate		(55,689	)				(35	)
Gain on early extinguishment of debt		15,417					—
Depreciation and amortization		45,088					43,005
General & administrative expenses		7,954					7,841
Income tax provision		43					—
Provision for impairment		29,057					—
Consolidated net operating income		73,540					76,008
Less: Net operating income of non-same store properties and elimination of non-property specific operations		(11,012	)				(14,024	)
Same store net operating income	$	62,528				$	61,984
(1) – Other items represent termination fees and bad debt expense and other income.
BRANDYWINE REALTY TRUST SAME STORE OPERATIONS – NINE MONTHS (unaudited and in thousands)

Of the 59 properties owned by the Company as of September 30, 2026, a total of 55 properties (“Same Store Properties”) containing an aggregate of 10.4 million net rentable square feet were owned for the entire nine months ended September 30, 2026 and 2025. As of September 30, 2026, three properties were recently completed, and one property was in development/redevelopment. The Same Store Properties were 88.8% and 89.8% occupied as of September 30, 2026 and 2025, respectively. The following table sets forth revenue and expense information for the Same Store Properties:

	Nine Months Ended September 30,
	2026					2025
Revenue
Rents	$	297,446				$	288,683
Other		806					713
Total revenue		298,252					289,396
Operating expenses
Property operating expenses		84,919					78,107
Real estate taxes		28,800					27,720
Net operating income	$	184,533				$	183,569
Net operating income – percentage change over prior year		0.5		%
Net operating income, excluding other items (1)	$	182,316				$	182,178
Net operating income, excluding other items – percentage change over prior year		0.1		%
Net operating income	$	184,533				$	183,569
Straight line rents & other		3,027					(704	)
Above/below market rent amortization		(479	)				(492	)
Amortization of tenant inducements		683					569
Non-cash ground rent expense		557					569
Cash – Net operating income	$	188,321				$	183,511
Cash – Net operating income – percentage change over prior year		2.6		%
Cash – Net operating income, excluding other items (1)	$	185,397				$	181,536
Cash – Net operating income, excluding other items – percentage change over prior year		2.1		%
	Nine Months Ended September 30,
	2026					2025
Net loss:	$	(102,481	)			$	(141,990	)
Add/(deduct):
Interest income		(2,436	)				(3,274	)
Interest expense		121,855					97,104
Interest expense – amortization of deferred financing costs		4,054					3,763
Equity in loss of unconsolidated real estate ventures		31,597					43,526
Net gain on real estate venture transactions		—					(183	)
Net loss on disposition of real estate		(55,752	)				(3,008	)
Gain on early extinguishment of debt		15,441					—
Depreciation and amortization		142,068					131,120
General & administrative expenses		29,552					34,636
Income tax provision		67					85
Provision for impairment		40,966					63,369
Consolidated net operating income		224,931					225,148
Less: Net operating income of non-same store properties and elimination of non-property specific operations		(40,398	)				(41,579	)
Same store net operating income	$	184,533				$	183,569
(1) – Other items represent termination fees and bad debt expense and other income.

Company / Investor Contact: Tom Wirth EVP & CFO 610-832-7434 tom.wirth@bdnreit.com

GREAT NECK, N.Y., Oct. 21, 2026 (GLOBE NEWSWIRE) — Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its total revenues for the three months ended September 30, 2026 were approximately $2,054,000, compared to approximately $2,036,000 for the same period in 2025, representing an increase of approximately $18,000, or 0.9%. The increase was primarily attributable to higher origination fees, partially offset by lower interest income resulting from lower interest rates charged to borrowers due to increased competition in the marketplace. For the three months ended September 30, 2026 and 2025, approximately $1,662,000 and $1,770,000, respectively, of the Company’s revenues were attributable to interest income on secured commercial loans offered to real estate investors, and approximately $392,000 and $265,000, respectively, of the Company’s revenues were attributable to origination fees on such loans. The loans are principally secured by real estate collateral and accompanied by personal guarantees from the principals of the borrowers.

Net income for the three months ended September 30, 2026 was approximately $1,238,000, or $0.11 per basic and diluted share (based on approximately 11.41 million weighted-average outstanding common shares), compared to approximately $1,202,000, or $0.11 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), for the same period in 2025, representing an increase of approximately $36,000, or 3.0%. The increase was primarily attributable to lower interest expense and higher origination fee income, partially offset by lower interest income and higher general and administrative expenses.

Total revenues for the nine months ended September 30, 2026 were approximately $6,166,000, compared to approximately $6,665,000 for the same period in 2025, representing a decrease of approximately $499,000, or 7.5%. The decrease occurred despite increases in both the number of loans originated and the amount of capital deployed and was primarily attributable to lower interest rates and origination fees charged to borrowers as a result of increased competition in the marketplace. For the nine months ended September 30, 2026 and 2025, approximately $5,099,000 and $5,504,000, respectively, of the Company’s revenues were attributable to interest income on secured commercial loans offered to real estate investors, and approximately $1,067,000 and $1,161,000, respectively, were attributable to origination fees on such loans. The loans are principally secured by real estate collateral and accompanied by personal guarantees from the principals of the borrowers.

Net income for the nine months ended September 30, 2026 was approximately $3,665,000, or $0.32 per basic and diluted share (based on approximately 11.42 million weighted-average outstanding common shares), compared to approximately $3,988,000, or $0.35 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), for the same period in 2025, representing a decrease of approximately $323,000, or 8.1%. The decrease was primarily attributable to lower revenues and higher general and administrative expenses, partially offset by lower interest expense.

As of September 30, 2026, total shareholders’ equity was approximately $42,789,000.

On November 20, 2025, the Company’s board of directors authorized a share repurchase program authorizing the repurchase of up to 100,000 shares of the Company’s common stock in the next twelve months. As of September 30, 2026, the Company had repurchased an aggregate of 61,185 shares under the program at a total cost of approximately $248,000. Of these amounts, 54,985 shares were repurchased during the nine months ended September 30, 2026 at an aggregate cost of approximately $219,000.

On October 8, 2026, the Company’s board of directors approved an amendment to the existing share repurchase program, increasing the aggregate number of shares authorized for repurchase from 100,000 to 250,000 shares and extending the program for an additional 12 months, through October 8, 2027.

Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “The increasing interest rate environment is raising pressure on the real estate markets, rent-to-mortgage-payment ratios are getting tighter, and sales are lingering as fewer buyers qualify for loans. Yet, unexpectedly, hard money rates haven’t increased much at this point due to intense competition. The facts that we’re exceptionally low leveraged and conservative are beneficial during these times.”

About Manhattan Bridge Capital, Inc.

Manhattan Bridge Capital, Inc. offers short-term secured, non–banking loans (sometimes referred to as ‘‘hard money’’ loans) to real estate investors to fund their acquisition, renovation, rehabilitation or development of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. The Company operates the website: https://www.manhattanbridgecapital.com.

Forward-Looking Statements

This press release and statements made by the Company’s representatives in connection with this press release contain, or may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” and “continue,” and similar expressions, are intended to identify forward-looking statements.

Forward-looking statements in this press release include, among other things, statements regarding the future lending activity, competitive conditions, and interest rates. Readers are cautioned that forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in such forward-looking statements as a result of various factors, including, but not limited to: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates and fees; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) if we overestimate the yields on our loans or the amounts recoverable through foreclosure, or incorrectly value the collateral securing our loans, we may experience losses; (v) we may be subject to “lender liability” claims; (vi) our due diligence may not uncover all of a borrower’s liabilities or other risks to its business; (vii) borrower concentration could lead to significant losses; (viii) we may choose to make distributions in our own stock, in which case shareholders may be required to pay income taxes in excess of the cash dividends they receive; and (ix) an increase in interest rates may affect our profitability. The risk factors described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission, identify additional important factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS
Assets	September 30, 2026 (unaudited)				December 31, 2025 (audited)
Loans receivable, net of deferred origination and other fees	$	59,478,735			$	60,218,841
Interest and other fees receivable on loans		1,566,838				1,642,825
Cash		168,093				204,889
Cash – restricted		8,750				23,350
Other assets		88,508				60,742
Right-of-use asset – operating lease, net		61,616				101,226
Deferred financing costs, net		107,000				98,858
Total assets	$	61,479,540			$	62,350,731

Liabilities and Stockholders’ Equity
Liabilities:
Lines of credit	$	17,034,621			$	17,601,132
Accounts payable and accrued expenses		170,734				173,247
Operating lease liability		69,274				112,076
Loan holdback		164,598				50,000
Dividends payable		1,250,834				1,314,732
Total liabilities		18,690,061				19,251,187
Commitments and contingencies
Stockholders’ equity:
Preferred shares – $.01 par value; 5,000,000 shares authorized; none issued and outstanding		—				—
Common shares – $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,377,466 and 11,432,451 outstanding, respectively		11,757				11,757
Additional paid-in capital		45,583,716				45,575,006
Less: Treasury shares, at cost – 379,592 and 324,607 shares, respectively		(1,318,303	)			(1,098,964	)
Accumulated deficit		(1,487,691	)			(1,388,255	)
Total stockholders’ equity		42,789,479				43,099,544
Total liabilities and stockholders’ equity	$	61,479,540			$	62,350,731

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Revenue: Interest income from loans	$	1,661,896			$	1,770,377			$	5,099,291			$	5,503,694
Origination fees		391,662				265,376				1,067,114				1,161,008
Total revenue		2,053,558				2,035,753				6,166,405				6,664,702
Operating costs and expenses:
Interest and amortization of deferred financing costs		369,477				421,980				1,131,684				1,379,595
Referral fees		2,844				2,575				8,455				4,242
General and administrative expenses		447,275				413,518				1,373,033				1,304,873
Total operating costs and expenses		819,596				838,073				2,513,172				2,688,710
Income from operations		1,233,962				1,197,680				3,653,233				3,975,992
Other income		4,500				4,500				13,500				13,500
Income before income tax expense		1,238,462				1,202,180				3,666,733				3,989,492
Income tax expense		—				—				(1,300	)			(1,210	)
Net income	$	1,238,462			$	1,202,180			$	3,665,433			$	3,988,282
Basic and diluted net income per common share outstanding:
–Basic	$	0.11			$	0.11			$	0.32			$	0.35
–Diluted	$	0.11			$	0.11			$	0.32			$	0.35
Weighted average number of common shares outstanding:
–Basic		11,410,412				11,438,651				11,422,745				11,438,651
–Diluted		11,410,412				11,438,651				11,422,745				11,438,651

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2026
	Common Shares			Additional Paid in Capital	Treasury Shares		Accumulated Deficit	Totals
	Shares	Amount			Shares	Cost
Balance, July 1, 2026	11,757,058	$11,757		$45,581,538	331,549	$(1,129,013)	$(1,475,319)	$42,988,963
Non-cash compensation				2,178				2,178
Purchase of treasury shares					48,043	(189,290)		(189,290)
Dividends declared and payable							(1,250,834)	(1,250,834)
Net income	________	______		__________	______	__________	1,238,462	1,238,462
Balance, September 30, 2026	11,757,058	$11,757		$45,583,716	379,592	$(1,318,303)	$(1,487,691)	$42,789,479

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025
	Common Shares			Additional Paid in Capital	Treasury Shares			Accumulated Deficit	Totals
	Shares	Amount			Shares	Cost
Balance, July 1, 2025	11,757,058	$11,757		$45,568,473	318,407	$(1,070,406)		$(1,082,953)	$43,426,871
Non-cash compensation				3,266					3,266
Dividends declared and payable								(1,315,445)	(1,315,445)
Net income	________	______		__________	______	__________		1,202,180	1,202,180
Balance, September 30, 2025	11,757,058	$11,757		$45,571,739	318,407	$(1,070,406)		$(1,196,218)	$43,316,872

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026
	Common Shares			Additional Paid in Capital	Treasury Shares		Accumulated Deficit	Totals
	Shares	Amount			Shares	Cost
Balance, January 1, 2026	11,757,058	$11,757		$45,575,006	324,607	$(1,098,964)	$ (1,388,255)	$43,099,544
Non-cash compensation				8,710				8,710
Purchase of treasury shares					54,985	(219,339)		(219,339)
Dividends paid							(2,514,035)	(2,514,035)
Dividends declared and payable							(1,250,834)	(1,250,834)
Net income	________	______		_________	______	__________	3,665,433	3,665,433
Balance, September 30, 2026	11,757,058	$11,757		$45,583,716	379,592	$(1,318,303)	$(1,487,691)	$42,789,479

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025
	Common Shares		Additional Paid in Capital	Treasury Shares		Accumulated Deficit	Totals
	Shares	Amount		Shares	Cost
Balance, January 1, 2025	11,757,058	$11,757	$45,561,941	318,407	$(1,070,406)	$(1,238,165)	$43,265,127
Non-cash compensation			9,798				9,798
Dividends paid						(2,630,890)	(2,630,890)
Dividends declared and payable						(1,315,445)	(1,315,445)
Net income	________	______	__________	______	__________	3,988,282	3,988,282
Balance, September 30, 2025	11,757,058	$11,757	$45,571,739	318,407	$(1,070,406)	$(1,196,218)	$43,316,872

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
		Nine Months Ended September 30,
		2026				2025
Cash flows from operating activities:
Net income		$	3,665,433			$	3,988,282
Adjustments to reconcile net income to net cash provided by operating activities –
Amortization of deferred financing costs			56,675				66,710
Adjustment to right-of-use asset – operating lease and liability			(3,191	)			(1,459	)
Depreciation			1,281				4,007
Non-cash compensation expense			8,710				9,798
Changes in operating assets and liabilities:
Interest and other fees receivable on loans			75,987				(70,895	)
Other assets			(29,049	)			(69,940	)
Accounts payable and accrued expenses			(2,513	)			(60,678	)
Deferred origination and other fees			138,546				(59,801	)
Proceeds from borrower escrow deposits – loan holdback			114,598				—
Net cash provided by operating activities			4,026,477				3,806,024
Cash flows from investing activities:
Issuance of short-term loans			(40,832,273	)			(27,957,494	)
Collections received from loans			41,433,833				35,474,993
Purchase of fixed assets			—				(418	)
Net cash provided by investing activities			601,560				7,517,081
Cash flows from financing activities:
Repayment of lines of credit			(43,901,366	)			(40,751,845	)
Proceeds from lines of credit			43,334,855				33,373,595
Dividends paid			(3,828,767	)			(3,946,335	)
Purchase of treasury shares			(219,339	)			—
Deferred financing costs incurred			(64,816	)			—
Net cash used in financing activities			(4,679,433	)			(11,324,585	)
Net decrease in cash and restricted cash			(51,396	)			(1,480	)
Cash and restricted cash, beginning of period(1)			228,239				201,762
Cash and restricted cash, end of period(2)		$	176,843			$	200,282
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for taxes		$	1,300			$	1,210
Cash paid during the period for interest		$	1,074,078			$	1,346,361
Cash paid during the period for operating leases		$	49,454			$	47,973
Supplemental Schedule of Noncash Financing Activities:
Dividend declared and payable		$	1,250,834			$	1,315,445
Supplemental Schedule of Noncash Operating and Investing Activities:
Reduction in interest receivable in connection with the increase in loans receivable		$	—			$	13,122

^{(1) At December 31, 2025 and 2024, cash and restricted cash included $23,350 and $23,750, respectively, of restricted cash.
(2) At September 30, 2026 and 2025, cash and restricted cash included $8,750 and $13,847, respectively, of restricted cash.}

Contact:
Assaf Ran, CEO
(516) 444-3400
www.linkedin.com/in/assafran
SOURCE: Manhattan Bridge Capital, Inc.

TAMPA, Fla., Oct. 21, 2026 (GLOBE NEWSWIRE) — The board of directors of HCI Group, Inc. (NYSE: HCI) has declared a regular quarterly cash dividend in the amount of 40 cents per common share. The dividend is scheduled to be paid December 18, 2026 to shareholders of record at the close of business November 20, 2026.

About HCI Group, Inc.
HCI Group is a diversified holding company founded in 2006 which, through its subsidiaries, is engaged in homeowners insurance, reinsurance, real estate, insurance claims services, and insurance technology. The HCI Group portfolio of companies includes multiple property and casualty underwriters, exchanges, and captive reinsurers as well as a claims management business, a commercial real estate investment company, and a leading insurance technology company, Exzeo Group, Inc.

HCI Group’s common shares trade on the New York Stock Exchange under the ticker symbol “HCI” and are included in the Russell 2000 and S&P SmallCap 600 Indexes. HCI Group regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, visit www.hcigroup.com. Exzeo’s common shares trade on the New York Stock Exchange under the ticker symbol “XZO.” For more information about Exzeo, visit www.exzeo.com.

Forward-Looking Statements
This news release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “confident,” “prospects” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. There can be no assurance, for example, that changes in the company’s cash flow and cash balances will not impact the ability or willingness of HCI Group to pay a dividend. Some of these risks and uncertainties are identified in the company’s filings with the Securities and Exchange Commission. Should any risks or uncertainties develop into actual events, these developments could have material adverse effects on the company’s business, financial condition and results of operations. HCI Group, Inc. disclaims all obligations to update any forward-looking statements.

Company Contact:
Nathaniel Otis
Investor Relations
HCI Group, Inc.
Tel (813) 355-5341
notis@hcigroup.com

Investor Relations Contact:
Matt Glover and Clay Liolios
Gateway Group, Inc.
Tel 949-574-3860
HCI@gatewayir.com

SHREVEPORT, La., Oct. 21, 2026 (GLOBE NEWSWIRE) — Home Federal Bancorp, Inc. of Louisiana (the “Company”) (NASDAQ: HFBL), the holding company for Home Federal Bank, announced today that on October 21, 2026, its Board of Directors declared a quarterly cash dividend of $0.15 per share on the Company’s common stock. The dividend is payable on November 16, 2026, to the shareholders of record at the close of business on November 2, 2026.

Home Federal Bancorp, Inc. of Louisiana is the holding company for Home Federal Bank which conducts business from its ten full-service banking offices and home office in northwest Louisiana. Additional information is available at www.hfb.bank.

Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” We undertake no obligation to update any forward-looking statements.

Contact:
Home Federal Bancorp, Inc. of Louisiana James R. Barlow, Chairman of the Board, President and Chief Executive Officer (318) 222-1145

DUNKIRK, N.Y., Oct. 21, 2026 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Bank (the “Bank”), reported unaudited net income of $2.3 million, or $0.31 per diluted share, for the third quarter of 2026 compared to net income of $2.4 million, or $0.32 per diluted share, for the third quarter of 2025. For the first nine months of 2026, unaudited net income was $6.4 million, or $0.87 per diluted share, versus $5.3 million, or $0.70 per diluted share, in 2025. Higher net interest income benefited third-quarter and nine-month 2026 results, partly offset by a higher provision for credit losses. The modest year-over-year decline in third-quarter net income and diluted earnings per share primarily was attributed to two one-time, nonrecurring, non-interest income events recognized in third-quarter 2025.

“I am pleased with our third quarter results and our continued focus on core banking operations, expanding net interest margin, and disciplined expense management,” said Kim C. Liddell, President and CEO. “We aim to build on this momentum while preserving a strong capital position and supporting our customers, communities, and stockholders.”

Third Quarter 2026 and Year-to-Date Financial Highlights:

• When compared to the second quarter of 2026, net income increased to $2.3 million during the third quarter of 2026, an increase of $141,000, or 6.5%. Net income was positively impacted by an increase in net interest income of $248,000, or 3.6%, when compared to the second quarter of 2026;
• When compared to the third quarter of 2025, net income decreased to $2.3 million during the third quarter of 2026, a decrease of $45,000, or 1.9%. While net income was positively impacted by an increase in net interest income of $786,000, or 12.4%, it was more than offset by an increase in the provision for credit losses of $559,000, and a decrease in non-interest income of $273,000, or 25.6%, which included a one-time death benefit on bank-owned life insurance;
• Net income increased to $6.4 million during the first nine months of 2026, an increase of $1.1 million, or 20.1%, when compared to the first nine months of 2025. Net income was positively impacted by an increase in net interest income of $2.8 million, or 15.3%, when compared to the first nine months of 2025;
• Net interest margin increased to 4.17% during the third quarter of 2026, an increase of 11 basis points when compared to net interest margin of 4.06% during the second quarter of 2026 and an increase of 45 basis points when compared to net interest margin of 3.72% during the third quarter of 2025;
• Efficiency ratio improved to 60.95% for the quarter ended September 30, 2026, a decrease of 282 basis points as compared to 63.77% for the quarter ended June 30, 2026 and a decrease of 431 basis points when compared to 65.26% for the quarter ended September 30, 2025;
• Repurchased 105,090 shares of common stock under the Company’s share repurchase plan, for an average cost of $17.92 per share, inclusive of fees and costs, during the third quarter of 2026;
• Annualized return on average assets increased to 1.25% for the quarter ended September 30, 2026, an increase of six basis points as compared to 1.19% for the quarter ended June 30, 2026;
• Book value per share increased 0.6% to $18.20 per share at September 30, 2026, as compared to $18.10 per share at December 31, 2025;
• Non-performing assets as a percentage of total assets increased slightly to 0.24% at September 30, 2026, as compared to 0.23% at December 31, 2025; and
• The Bank’s capital position remains “well capitalized” with a Tier 1 Leverage ratio of 17.56% and a Total Risk-Based Capital ratio of 23.89% at September 30, 2026.

Net Interest Income

Net interest income for the third quarter of 2026 increased by $248,000, or 3.6%, to $7.1 million as compared to $6.9 million for the second quarter of 2026 and increased $786,000, or 12.4%, as compared to $6.4 million for the third quarter of 2025. Annualized net interest margin was 4.17% for the third quarter of 2026, as compared to 4.06% for the second quarter of 2026 and 3.72% for the third quarter of 2025.

Net interest income for the first nine months of 2026 increased $2.8 million, or 15.3%, to $20.7 million as compared to $17.9 million for the first nine months of 2025. Annualized net interest margin was 4.08% for the first nine months of 2026, as compared to 3.68% for the first nine months of 2025.

Interest income for the third quarter of 2026 was $9.6 million, an increase of $246,000, or 2.6%, compared to $9.4 million for the second quarter of 2026, and an increase of $283,000, or 3.0%, compared to $9.4 million for the third quarter of 2025. Interest income was $28.1 million for the first nine months of 2026, an increase of $1.3 million, or 4.7%, when compared to $26.8 million for the first nine months of 2025.

The increase in interest income from the prior quarter was primarily due to a nine basis point increase in the average yield on interest-earning assets and a $6.8 million, or 1.0%, increase in the average balance of interest-earning assets. Interest earned on loans increased by $241,000, or 2.8%, due to an eight basis point increase in the average yield on loans and an $8.5 million, or 1.5%, increase in the average balance of loans. Interest earned on interest-earning deposits increased by $15,000, or 2.6%, due to a $474,000, or 0.7%, increase in the average balance of interest-earning deposits and a six basis point increase in the average yield earned on interest-earning deposits.

The increase in interest income from the prior year quarter was primarily due to a 15 basis point increase in the average yield on interest-earning assets, along with a $2.1 million, or 0.3%, increase in the average balance of interest-earning assets. During the third quarter of 2026 as compared to the same period in 2025, there was a $512,000, or 6.2%, increase in interest income on loans due to a 22 basis point increase in the average yield on loans and a $13.1 million, or 2.4% increase in the average balance of loans. This increase was partially offset by a $202,000, or 25.5%, decrease in interest income on interest-earning deposits due to a $7.9 million decrease in the average balance of interest-earning deposits and a 71 basis point decrease in the average yield on interest-earning deposits.

The increase in interest income during the first nine months of 2026 as compared to the previous year period was primarily due to an increase in the average balance of interest-earning assets of $26.4 million, or 4.1%. Interest earned on loans increased by $986,000, or 4.0%, due to an increase in the average balance of loans of $8.1 million, or 1.5%, along with a 14 basis points increase in the average yield earned on loans. Interest earned on interest-earning deposits increased by $339,000, or 26.1%, primarily due to a $19.9 million, or 48.1%, increase in the average balance of interest-earning deposits, partially offset by a 62 basis point decrease in the average yield earned on interest-earning deposits.

Interest expense for the third quarter of 2026 was $2.5 million, a decrease of $2,000, or 0.1%, from the second quarter of 2026, and a decrease of $503,000, or 16.8%, from $3.0 million for the third quarter of 2025. Interest expense for the first nine months of 2026 was $7.4 million, a decrease of $1.5 million, or 16.9%, from $8.9 million for the first nine months of 2025.

The decrease in interest expense when compared to the previous quarter was primarily due to a decrease in the average balance of interest-bearing liabilities of $1.0 million, or 0.2%, while the average interest rate paid on interest-bearing liabilities remained flat. During the third quarter of 2026, as compared to the previous quarter, interest expense on deposits decreased by $5,000, or 0.2%, due to a $1.6 million, or 0.3%, decrease in the average balance of interest-bearing deposits, partially offset by a one basis point increase in the average interest rate paid on interest-bearing deposit accounts. Average interest-bearing deposit balances decreased due to a decrease in the average balance of time deposits and savings accounts, partially offset by an increase in the average balances of money market and demand accounts. The decrease in interest paid on interest-bearing deposit accounts was impacted by a $3.1 million, or 1.5%, decrease in the average balance of time deposits, partially offset by a $1.8 million, or 1.2%, increase in the average balance of money market accounts. The average interest rate paid on deposit accounts increased one basis point during the third quarter of 2026, when compared to the previous quarter primarily due to a four basis point increase in the average interest rate paid on time deposits.

The decrease in interest expense when compared to the prior year quarter was primarily due to a 38 basis points decrease in the average interest rate paid on interest-bearing liabilities and a $7.9 million, or 1.6%, decrease in the average balance of interest-bearing liabilities. The decrease in the average interest rate paid on interest-bearing liabilities was primarily due to a decrease in the average interest rate paid on deposit accounts as the result of a decrease in market interest rates, time deposit repricing, and a marginal shift in deposit composition. During the third quarter of 2026 as compared to the same period in 2025, interest expense on deposits decreased by $499,000, or 16.8%, due to a 37 basis points decrease in the average interest rate paid on interest-bearing deposit accounts and a $9.3 million, or 1.9%, decrease in the average balance of interest-bearing deposits. Average interest-bearing deposit balances decreased due to decreases in all deposit categories other than savings accounts.

Interest expense for the first nine months of 2026 was $7.4 million, a decrease of $1.5 million, or 16.9%, from $8.9 million for the first nine months of 2025. The decrease in interest expense was primarily due to a 36 basis points decrease in the average interest rate paid on interest-bearing liabilities and a decrease in the average balance of interest-bearing liabilities of $12.2 million, or 2.5%. The decrease in the average interest rate paid on interest-bearing liabilities was primarily due to a decrease in the average interest rate paid on deposit accounts as the result of a decrease in market interest rates, time deposit repricing, and a marginal shift in deposit composition. During the first nine months of 2026, there was a $1.4 million decrease in interest expense on interest-bearing deposit accounts when compared to the first nine months of 2025 due to a 35 basis points decrease in the average interest rate paid on interest-bearing deposits along with a decrease in the average balance of interest-bearing deposits of $11.1 million, or 2.3%. Average interest-bearing deposit balances decreased due to a decrease in all deposit categories.

Non-Interest Income

Non-interest income was $792,000 for the third quarter of 2026, an increase of $43,000, or 5.7%, as compared to $749,000 for the second quarter of 2026, and a decrease of $273,000, or 25.6%, as compared to $1.1 million for the third quarter of 2025. The increase from the prior quarter was primarily due to a $34,000 increase in other income related to a one-time payment received from a vendor. The decrease from the prior year quarter was primarily due to a $212,000 decrease in earnings on bank-owned life insurance as the result of a one-time death benefit occurring in the previous year, and a $79,000 decrease in gain on equity securities that were held in the prior year.

Non-interest income was $2.2 million for the first nine months of 2026, a decrease of $346,000, or 13.4%, as compared to $2.6 million for the first nine months of 2025. The decrease was primarily due to a $190,000 decrease in gain on equity securities that were held in the prior year and a $160,000 decrease in earnings on bank-owned life insurance as the result of a one-time death benefit occurring in the previous year.

Non-Interest Expense

Non-interest expense was $4.8 million for the third quarter of 2026, a decrease of $38,000, or 0.8%, as compared to $4.9 million for the second quarter of 2026, and a decrease of $8,000, or 0.2%, as compared to $4.8 million for the third quarter of 2025. The decrease from the prior quarter was primarily due to a decrease in data processing costs of $73,000, or 17.1% and a decrease in occupancy and equipment costs of $25,000, or 3.9%, nearly offset by an increase in other expenses, including donations and other operating expenses, of $40,000, or 16.7%. The decrease from the third quarter of 2025 was primarily related to a decrease in data processing costs of $161,000, or 31.3%, as we renegotiated our contract with our core processor in 2026, a decrease in professional services of $35,000, or 11.6%, and a decrease in postage and supplies of $28,000, or 29.8%, nearly offset by an increase in the cost of health insurance, taxes, and other non-salary benefits of $235,000, or 8.2%.

Non-interest expense was $14.8 million for the first nine months of 2026, an increase of $485,000, or 3.4%, as compared to $14.3 million for the first nine months of 2025. The increase related primarily to an increase in the cost of health insurance, taxes, and other non-salary benefits of $863,000, or 10.0%, partially offset by a decrease in data processing costs of $290,000, or 20.3%, as we renegotiated our contract with our core processor in 2026, and professional services of $72,000, or 8.3%, as a result of management’s efforts to optimize operating expenses.

Income Tax Expense

Income tax expense was $494,000 for the third quarter of 2026, an increase of $17,000, or 3.6%, as compared to $477,000 for the second quarter of 2026, and an increase of $7,000, or 1.4%, as compared to $487,000 for the third quarter of 2025. The effective tax rate was 17.6% for the third quarter of 2026 as compared to 18.0% for the second quarter of 2026 and 17.1% for the third quarter of 2025. The increase in income tax expense from the prior quarter was primarily related to the increase in pre-tax income earned during the current quarter, partially offset by a decrease in the effective tax rate as the result of discrete deductions related to the exercise of stock options in the third quarter of 2026. The increase from the prior year quarter was primarily due to an increase in the effective tax rate, as the result of the decline in non-taxable earnings on bank owned life insurance during the third quarter of 2026 as compared to the third quarter of 2025.

Income tax expense was $1.4 million for the first nine months of 2026, an increase of $329,000, or 30.7%, as compared to $1.1 million for the first nine months of 2025. The effective tax rate was 17.9% for the first nine months of 2026 and 16.7% for the first nine months of 2025. The increase in income tax expense from the first nine months of 2025 was primarily related to the increase in pre-tax income earned during the first nine months of 2026. The increase in the effective tax rate during the first nine months of 2026 was primarily due to an increase in taxable income earned during the first nine months of 2026.

Credit Quality

The Company’s allowance for credit losses on loans was $5.3 million as of September 30, 2026 as compared to $4.9 million as of December 31, 2025. The Company’s allowance for credit losses on unfunded commitments was $264,000 as of September 30, 2026 as compared to $361,000 as of December 31, 2025. Non-performing assets as a percent of total assets increased to 0.24% at September 30, 2026 as compared to 0.23% at December 31, 2025, primarily due to an increase in non-performing assets of $82,000, or 4.9%. The Company’s allowance for credit losses on loans as a percent of loans at amortized cost was 0.91% and 0.87% and its allowance for credit losses on loans as a percent of non-performing loans was 307.93% and 290.71% at September 30, 2026 and December 31, 2025, respectively.

The Company recorded a $290,000 provision for credit losses during the third quarter of 2026 and recorded a provision for credit losses of $296,000 for the first nine months of 2026. Of the amount recorded for the third quarter of 2026, $505,000 related to a provision recorded to the allowance for credit losses on the loan portfolio, net of charge-offs and recoveries, which was partially offset by a $231,000 credit to the provision recorded to the allowance for credit losses on unfunded commitments. For the first nine months of 2026, $367,000 related to a provision recorded to the allowance for credit losses for the loan portfolio, net of charge-offs and recoveries, which was partially offset by a $97,000 credit recorded to the allowance for credit losses for unfunded commitments. The increase in the allowance for credit losses on the loan portfolio was primarily related to an increase in the calculated reserve rates, largely due to changes to the qualitative factor loss rates. The qualitative factor related to industry concentration increased the reserve rate for the commercial real estate and commercial loan pools, while the qualitative factor related to adversely classified loans increased the reserve rate for the residential mortgage loan pool.

Balance Sheet Summary

Total assets at September 30, 2026 were $734.2 million, a $6.9 million increase, or 1.0%, as compared to $727.3 million at December 31, 2025. Cash and cash equivalents decreased by $6.6 million, or 10.3%, from $64.3 million at December 31, 2025 to $57.7 million at September 30, 2026. The decrease in cash and cash equivalents was primarily due to an increase in loans receivable of $18.6 million, or 3.4%, partially offset by an increase in deposits of $7.1 million, or 1.2%. Securities available for sale were $48.2 million at September 30, 2026 as compared to $56.1 million at December 31, 2025, representing a decrease primarily due to the market value of the portfolio as well as paydowns received during the first nine months of 2026. Net loans receivable at September 30, 2026 and December 31, 2025 were $574.1 million and $555.4 million, respectively. Total deposits at September 30, 2026 and December 31, 2025 were $580.3 million and $573.3 million, respectively. The Company’s uninsured deposits as a percentage of total deposits were 13.5% and 11.3%, at September 30, 2026 and December 31, 2025, respectively.

Stockholders’ equity at September 30, 2026 was $141.6 million, a $44,000 decrease, as compared to $141.6 million at December 31, 2025. The decrease in stockholders’ equity was primarily attributed to an increase in accumulated other comprehensive loss of $3.3 million, dividends declared and paid of $2.0 million during the first nine months of 2026, and share repurchases of $1.9 million, partially offset by net income of $6.4 million.
  
About Lake Shore
  
Lake Shore Bancorp is the holding company of Lake Shore Bank, a New York chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. Lake Shore Bancorp’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about Lake Shore Bancorp is available at www.mylsbank.com.

Safe-Harbor

This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, tariffs, unanticipated changes in our liquidity position, climate change, public health issues, geopolitical conflict, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, dividend policy changes, and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized. 

Source: Lake Shore Bancorp, Inc.
Category: Financial

Investor Relations/Media Contact
Kim C. Liddell
President, CEO, and Director
Lake Shore Bancorp, Inc.
31 East Fourth Street
Dunkirk, New York 14048
(716) 366-4070 ext. 1012

Selected Financial Condition Data

		September 30,					December 31,
		2026					2025
		(Unaudited)
		(Dollars in thousands)
Total assets	$		734,244			$		727,323
Cash and cash equivalents			57,687					64,280
Securities available for sale, at fair value			48,224					56,138
Loans receivable, net			574,089					555,441
Deposits			580,345					573,277
Stockholders’ equity			141,595					141,639

Statements of Income

		Three Months Ended									Nine Months Ended
		September 30,									September 30,
		2026					2025					2026					2025
		(Unaudited)
	(Dollars in thousands, except per share amounts)
Interest income	$		9,634			$		9,351			$		28,076			$		26,825
Interest expense			2,493					2,996					7,383					8,883
Net interest income			7,141					6,355					20,693					17,942
Provision for credit losses			290					(269	)				296					(221	)
Net interest income after provision for credit losses			6,851					6,624					20,397					18,163
Total non-interest income			792					1,065					2,244					2,590
Total non-interest expense			4,835					4,843					14,831					14,346
Income before income taxes			2,808					2,846					7,810					6,407
Income tax expense			494					487					1,401					1,072
Net income	$		2,314			$		2,359			$		6,409			$		5,335
Basic and diluted earnings per share(1)	$		0.31			$		0.32			$		0.87			$		0.70
Dividends declared and paid per share(1)	$		0.09			$		0.09			$		0.27			$		0.22
Selected Financial Ratios
Return on average assets(2)			1.25	%				1.28	%				1.17	%				1.01	%
Return on average equity(2)			6.39	%				7.31	%				5.94	%				6.83	%
Average interest-earning assets to average interest-bearing liabilities			142.54	%				139.79	%				141.39	%				132.50	%
Interest rate spread(2)			3.55	%				3.02	%				3.48	%				3.09	%
Net interest margin(2)			4.17	%				3.72	%				4.08	%				3.68	%
Efficiency ratio			60.95	%				65.26	%				64.66	%				69.87	%

(1) Per share information reflects the effects of the Company’s conversion and related stock offering for all periods presented, as applicable.
(2) Annualized

Average Balance Sheets, Interest, and Rates (Quarterly Comparison)

	For the Three Months Ended														For the Three Months Ended
	September 30, 2026														September 30, 2025
	Average					Interest Income/					Yield/				Average					Interest Income/					Yield/
	Balance					Expense					Rate(2)				Balance					Expense					Rate(2)
	(Unaudited)
	(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits	$		65,275			$		591				3.62	%		$		73,188			$		793				4.33	%
Securities(1)			52,699					338				2.57	%				55,750					365				2.62	%
Loans receivable, net(3)			567,720					8,705				6.13	%				554,615					8,193				5.91	%
Total interest-earning assets			685,694			$		9,634				5.62	%				683,553			$		9,351				5.47	%
Other assets			54,824														56,139
Total assets	$		740,518												$		739,692
Interest-bearing liabilities:
Demand & NOW accounts	$		64,187			$		14				0.09	%		$		64,619			$		15				0.09	%
Money market accounts			155,672					732				1.88	%				163,533					1,053				2.58	%
Savings accounts			49,733					8				0.06	%				47,677					9				0.08	%
Time deposits			207,760					1,713				3.30	%				210,852					1,889				3.58	%
Total interest-bearing deposits			477,352					2,467				2.07	%				486,681					2,966				2.44	%
Borrowed funds & other interest-bearing liabilities			3,713					26				2.80	%				2,315					30				5.18	%
Total interest-bearing liabilities			481,065			$		2,493				2.07	%				488,996			$		2,996				2.45	%
Other non-interest bearing liabilities			114,729														121,512
Stockholders’ equity			144,724														129,184
Total liabilities & stockholders’ equity	$		740,518												$		739,692
Net interest income						$		7,141												$		6,355
Interest rate spread												3.55	%													3.02	%
Net interest margin												4.17	%													3.72	%

(1) The tax equivalent adjustment for bank qualified tax exempt municipal securities, using a federal statutory rate of 21%, results in rates of 2.85% and 3.00% for the three months ended September 30, 2026 and 2025, respectively. Yields above are not presented on a tax equivalent basis.
(2) Annualized.
(3) Loans receivable, net is inclusive of deferred fees and costs and the allowance for credit losses on loans.

Average Balance Sheets, Interest, and Rates (Year-to-Date Comparison)

	For the Nine Months Ended														For the Nine Months Ended
	September 30, 2026														September 30, 2025
	Average					Interest Income/					Yield/				Average					Interest Income/					Yield/
	Balance					Expense					Rate(2)				Balance					Expense					Rate(2)
	(Unaudited)
	(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits	$		61,420			$		1,636				3.55	%		$		41,485			$		1,297				4.17	%
Securities(1)			54,871					1,039				2.52	%				56,585					1,113				2.62	%
Loans receivable, net(3)			559,404					25,401				6.05	%				551,275					24,415				5.91	%
Total interest-earning assets			675,695			$		28,076				5.54	%				649,345			$		26,825				5.51	%
Other assets			53,975														53,523
Total assets	$		729,670												$		702,868
Interest-bearing liabilities
Demand & NOW accounts	$		63,388			$		44				0.09	%		$		63,920			$		46				0.10	%
Money market accounts			155,251					2,198				1.89	%				156,626					2,875				2.45	%
Savings accounts			50,541					24				0.06	%				53,146					26				0.07	%
Time deposits			205,667					5,045				3.27	%				212,260					5,809				3.65	%
Total interest-bearing deposits			474,847					7,311				2.05	%				485,952					8,756				2.40	%
Borrowed funds & other interest-bearing liabilities			3,058					72				3.14	%				4,126					127				4.10	%
Total interest-bearing liabilities			477,905			$		7,383				2.06	%				490,078			$		8,883				2.42	%
Other non-interest bearing liabilities			107,881														108,710
Stockholders’ equity			143,884														104,080
Total liabilities & stockholders’ equity	$		729,670												$		702,868
Net interest income						$		20,693												$		17,942
Interest rate spread												3.48	%													3.09	%
Net interest margin												4.08	%													3.68	%

(1) The tax equivalent adjustment for bank qualified tax exempt municipal securities, using a federal statutory rate of 21%, results in rates of 2.91% and 3.02% for the nine months ended September 30, 2026 and 2025, respectively. Yields above are not presented on a tax equivalent basis.
(2) Annualized.
(3) Loans receivable, net is inclusive of deferred fees and costs and the allowance for credit losses on loans.

Average Balance Sheets, Interest, and Rates (Prior Quarter Comparison)

	For the Three Months Ended														For the Three Months Ended
	September 30, 2026														June 30, 2026
	Average					Interest Income/					Yield/				Average					Interest Income/					Yield/
	Balance					Expense					Rate(2)				Balance					Expense					Rate(2)
	(Unaudited)
	(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits	$		65,275			$		591				3.62	%		$		64,801			$		576				3.56	%
Securities(1)			52,699					338				2.57	%				54,910					348				2.54	%
Loans receivable, net(3)			567,720					8,705				6.13	%				559,192					8,464				6.05	%
Total interest-earning assets			685,694			$		9,634				5.62	%				678,903			$		9,388				5.53	%
Other assets			54,824														53,753
Total assets	$		740,518												$		732,656
Interest-bearing liabilities:
Demand & NOW accounts	$		64,187			$		14				0.09	%		$		63,572			$		14				0.09	%
Money market accounts			155,672					732				1.88	%				153,861					731				1.90	%
Savings accounts			49,733					8				0.06	%				50,642					8				0.06	%
Time deposits			207,760					1,713				3.30	%				210,894					1,719				3.26	%
Total interest-bearing deposits			477,352					2,467				2.07	%				478,969					2,472				2.06	%
Borrowed funds & other interest-bearing liabilities			3,713					26				2.80	%				3,105					23				2.96	%
Total interest-bearing liabilities			481,065			$		2,493				2.07	%				482,074			$		2,495				2.07	%
Other non-interest bearing liabilities			114,729														106,759
Stockholders’ equity			144,724														143,823
Total liabilities & stockholders’ equity	$		740,518												$		732,656
Net interest income						$		7,141												$		6,893
Interest rate spread												3.55	%													3.46	%
Net interest margin												4.17	%													4.06	%

(1) The tax equivalent adjustment for bank qualified tax exempt municipal securities, using a federal statutory rate of 21%, results in rates of 2.85% and 2.92% for the three months ended September 30, 2026 and June 30, 2026, respectively. Yields above are not presented on a tax equivalent basis.
(2) Annualized.
(3) Loans receivable, net is inclusive of deferred fees and costs and the allowance for credit losses on loans.

Selected Quarterly Financial Data

	As of or For the Three Months Ended
	September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
	(Unaudited)
	(Dollars in thousands, except per share amounts)
Selected Financial Condition Data:
Total assets	$	734,244			$	736,652			$	722,011			$	727,323			$	742,802
Cash and cash equivalents		57,687				72,237				61,607				64,280				83,638
Securities, at fair value		48,224				53,567				54,179				56,138				56,049
Loans receivable, net		574,089				558,317				553,879				555,441				552,611
Deposits		580,345				578,240				566,620				573,277				590,345
Long-term debt		—				—				—				–				2,000
Stockholders’ equity		141,595				144,761				142,378				141,639				139,306
Condensed Statements of Income:
Interest income	$	9,634			$	9,388			$	9,055			$	9,457			$	9,351
Interest expense		2,493				2,495				2,395				2,835				2,996
Net interest income		7,141				6,893				6,660				6,622				6,355
Provision for credit losses		290				119				(113	)			40				(269	)
Net interest income after provision for credit losses		6,851				6,774				6,773				6,582				6,624
Total non-interest income		792				749				703				683				1,065
Total non-interest expense		4,835				4,873				5,123				4,920				4,843
Income before income taxes		2,808				2,650				2,353				2,345				2,846
Income tax expense		494				477				430				411				487
Net income	$	2,314			$	2,173			$	1,923			$	1,934			$	2,359
Basic and diluted earnings per share(1)	$	0.31			$	0.29			$	0.26			$	0.26			$	0.32
Dividends declared and paid per share(1)	$	0.09			$	0.09			$	0.09			$	0.09			$	0.09
Selected Financial Ratios:
Return on average assets(2)		1.25	%			1.19	%			1.07	%			1.04	%			1.28	%
Return on average equity(2)		6.39	%			6.04	%			5.38	%			5.49	%			7.31	%
Average interest-earning assets to average interest-bearing liabilities		142.54	%			140.83	%			140.76	%			138.60	%			139.79	%
Interest rate spread(2)		3.55	%			3.46	%			3.43	%			3.22	%			3.02	%
Net interest margin(2)		4.17	%			4.06	%			4.02	%			3.85	%			3.72	%
Efficiency ratio		60.95	%			63.77	%			69.58	%			67.35	%			65.26	%
Asset Quality Ratios:
Non-performing loans as a percent of loans at amortized cost		0.29	%			0.25	%			0.28	%			0.30	%			0.33	%
Non-performing assets as a percent of total assets		0.24	%			0.20	%			0.22	%			0.23	%			0.25	%
Allowance for credit losses on loans as a percent of loans at amortized cost		0.91	%			0.84	%			0.86	%			0.87	%			0.87	%
Allowance for credit losses on loans as a percent of non-performing loans		307.93	%			331.85	%			302.76	%			290.71	%			265.57	%
Share Information:
Common stock, number of shares outstanding(1)		7,779,898				7,863,818				7,863,388				7,825,388				7,825,501
Book value per share(1)	$	18.20			$	18.41			$	18.11			$	18.10			$	17.80
Tier 1 leverage ratio (Bank-only)		17.56	%			17.43	%			17.54	%			16.65	%			16.34	%
Total risk-based capital ratio (Bank-only)		23.89	%			24.04	%			23.81	%			23.51	%			22.76	%

(1) Share and per share information reflects the effects of the Company’s conversion and related stock offering for all periods presented, as applicable.
(2) Annualized