Tag: GlobeNewswire

Black Kow expands to retailers nationwide and launches new organic products for gardeners

MARYSVILLE, Ohio, Oct. 29, 2026 (GLOBE NEWSWIRE) — The Scotts Miracle-Gro Company (NYSE: SMG), home to North America’s leading consumer lawn and garden brands, today announced that it has completed the acquisition of the Black Kow brand from Organics Management.

Following a successful licensing partnership established in January 2026, the Company exercised its purchase option to bring Black Kow fully into its core Gardens portfolio. Known for its iconic yellow bag and trusted for generations, Black Kow is the leading brand of naturally composted cow manure and organic soil amendments. By integrating Black Kow into ScottsMiracle-Gro’s expansive manufacturing and distribution network, the acquisition transforms a regional favorite into an accessible brand for gardeners from coast to coast.

Strategic Integration Pillars: Driving National Distribution and Product Growth

The addition of Black Kow extends ScottsMiracle-Gro’s commitment to organic, regenerative gardening solutions through three core initiatives:

• Nationwide Retail Availability: Expanding Black Kow’s footprint beyond its traditional eastern U.S. base into retail outlets nationwide.
• New Ready-to-Use Organic Mixes in fiscal 2027: Thanks to rapid innovation by ScottsMiracle-Gro scientists, launching new, premixed organic potting, raised-bed and in-ground soils powered by Black Kow compost, delivering upon the growing consumer demand for natural gardening solutions.
• Single-Ingredient Soil Builders: Expanding the portfolio of single-ingredient amendments tailored to DIY growers who prefer to customize their own soil mixes.

Financial Impact and Strategic Fit

“The Black Kow acquisition is an important milestone in our multi-year SMG 2.0 growth plan,” said Nate Baxter, president and CEO. “It is a testament to our tuck-in M&A strategy, taking a trusted brand with strong consumer loyalty and integrating it seamlessly into our core business. This transaction is expected to improve our leverage ratio and contribute to sales and profitability growth in year one. Black Kow will create sustainable value for our shareholders while meeting growing consumer demand for organic gardening solutions.”

Portfolio Synergies with Miracle-Gro

Sadie Oldham, vice president and general manager of the Gardens business, added, “I am incredibly excited to lead the integration of Black Kow into our Gardens portfolio. The synergies between our Miracle-Gro and Black Kow brands are undeniable. Black Kow’s heritage as a trusted, natural soil amendment complements the performance-driven nutrition of Miracle-Gro, giving us a highly differentiated product mix. We are uniquely positioned to deliver a complete, premium gardening solution to every type of grower.”

About ScottsMiracle-Gro

With approximately $3.3 billion in sales, the Company is home to North America’s leading consumer lawn and garden brands. The Company’s brands are among the most recognized in the industry. The Company’s Scotts®, Miracle-Gro®, Ortho® and Tomcat® brands are market-leading in their categories. For additional information, visit us at www.scottsmiraclegro.com.

For investor inquiries:
Brad Chelton
Vice President
Treasury, Tax and Investor Relations
brad.chelton@scotts.com
(937) 309-2503

For media inquiries:
Tom Matthews
Chief Communications Officer
tom.matthews@scotts.com
(937) 844-3864

HIGHLIGHTS:

• Q3 2026 Net Sales of $2.8 billion, up approximately 1% with growth in Global Ceramic and Flooring North America; adjusted Net Sales nearly flat with the prior year
• Q3 2026 Net Earnings of $163 million or 5.9% of Net Sales; adjusted EBITDA of approximately $353 million, adjusted EBITDA margin of 12.7%
• Q3 2026 Diluted EPS of $2.72, adjusted EPS of $2.72, up approximately 2%
• Q3 2026 Net Cash Provided by Operating Activities of $471 million; Q3 2026 Free Cash Flow of $390 million; YTD Q3 2026 Free Cash Flow of $626 million up 78%
• Returned $261 million to shareholders during the third quarter and $34 million during the fourth quarter, reducing shares outstanding by approximately 4%
• Expecting Q4 2026 Adjusted EPS of $1.35 to $1.45

CALHOUN, Ga., Oct. 29, 2026 (GLOBE NEWSWIRE) — Mohawk Industries, Inc. (NYSE: MHK), the world’s largest flooring and design surfaces company, today announced earnings for the third quarter of 2026. Commenting on the Company’s third quarter performance, Chief Executive Officer Paul De Cock stated, “We delivered a solid third quarter in a weak demand environment. We grew net sales as we executed price increases in response to rising inflation, we offset inflation with price, mix and productivity, and we are efficiently converting our earnings to strong cash flow. We are returning cash to shareholders, and our share repurchases in the third quarter were more than double what we completed in the first half of the year. Although we expect demand conditions to remain challenging and higher costs to persist, our teams are focused on serving our customers and delivering solid fourth quarter results.”

THIRD QUARTER 2026 RESULTS

Net sales for the third quarter of 2026 were $2.8 billion, up approximately 1% and approximately flat on an adjusted basis. An additional shipping day benefitted sales by approximately 1%. Volumes declined approximately 4% on an adjusted basis, primarily due to soft market demand. Price and mix improved sequentially and contributed approximately 4% to sales growth, benefitting from price increases taken to offset the impacts of inflation, along with positive mix. Net earnings were $163 million or 5.9% of net sales and adjusted EBITDA was approximately $353 million, with an adjusted EBITDA margin of 12.7%. Operating income was $188 million, up approximately $51 million from prior year, and adjusted operating income was $200 million, down approximately $5 million versus the prior year, primarily due to lower volume and higher inflation. Price, mix and productivity collectively of approximately $132 million more than offset higher underlying inflation of approximately $117 million. Diluted EPS for the third quarter of 2026 was $2.72, up approximately 55%, and adjusted EPS was $2.72, up approximately 2%, with operating results in line with the Company’s guidance assumptions.

SEGMENT RESULTS

Global Ceramic: Net sales were $1.1 billion, up approximately 2% and up approximately 1% on an adjusted basis. Currency was slightly favorable and an additional shipping day benefitted sales by approximately 1%. Excluding the benefit of the additional shipping day, volumes were down approximately 1%, and price and mix contributed approximately 2%, benefitting from price and other actions in response to higher inflation, as well as mix. Global Ceramic operating income was $66 million, or 5.8% of net sales, down approximately $6 million from the prior year. Adjusted operating income was $74 million, down $16 million versus the prior year, as higher underlying inflation and lower volumes were partially offset by productivity and price and mix.

Flooring North America: Net sales were $950 million, up approximately 1% and approximately flat on an adjusted basis. An additional shipping day benefitted sales by approximately 2%. Excluding the benefit of the additional shipping day, volumes declined approximately 3% and price and mix contributed approximately 3%, benefitting from price and other actions in response to higher inflation, as well as mix. Flooring North America operating income was $72 million or 7.6% of net sales, up approximately $18 million from the prior year. Adjusted operating income was $77 million, up $9 million, primarily due to productivity, price and mix partially offset by lower volumes and higher underlying inflation.

Flooring Rest of the World: Net sales were $707 million, down approximately 1% as reported; unfavorable currency was less than 1% and an additional shipping day benefitted sales by approximately 2%. Adjusted net sales declined approximately 2%, with volumes down approximately 10%, primarily due to soft market demand across categories. Price and mix was up approximately 7%, a sequential improvement benefitting from price increases implemented earlier in the year to offset the impact of higher inflation. Flooring Rest of the World operating income was $66 million or 9.3% of net sales, up approximately $22 million from the prior year. Adjusted operating income was $66 million, up $6 million, driven by favorable price and mix partially offset by higher inflation and lower volumes.

CASH FLOW AND CAPITAL DEPLOYMENT

For the three months ended October 3, 2026, cash from operations was $471 million and capital expenditures were $81 million, resulting in free cash flow of $390 million. For the nine months ended October 3, 2026, free cash flow was $626 million. The Company now anticipates full-year capital expenditures of approximately $445 million versus its previous expectation of $460 million, and expects free cash flow during the fourth quarter of 2026 to follow typical seasonality.

During the third quarter, the Company repurchased 2.0 million shares, returning $261 million of cash to shareholders and reducing outstanding shares by more than 3%. To date during the fourth quarter, the Company returned an additional $34 million to shareholders, bringing the reduction to approximately 4% during the second half of the year and completing the Company’s previous share repurchase authorization. The Company’s Board of Directors has authorized a new share repurchase program of up to $500 million, which is described, together with the Company’s strategic framework and capital deployment priorities, in a separate press release, issued today. Net debt to adjusted EBITDA ended the quarter at 0.7x. 

FOURTH QUARTER 2026 OUTLOOK & GUIDANCE

Looking ahead to the fourth quarter, which has four fewer shipping days versus the prior year and three fewer shipping days versus the third quarter of the current year, the Company assumes flooring market conditions will be softer relative to the third quarter and expects low single-digit growth in adjusted net sales versus the prior year. Management also anticipates that the underlying cost of sales inflation headwind on a year-over-year basis will be similar to the third quarter and expects to fully offset this through pricing, mix and productivity. Given management’s current input cost expectations and actions to date, the Company expects a similar dynamic in the first quarter of 2027. For the fourth quarter of 2026, the Company expects adjusted EPS in the range of $1.35 to $1.45. Assumptions included in the Company’s guidance are:

• Adjusted Net Interest Expense of approximately $4 to $5 million
• Adjusted Depreciation & Amortization Expense of approximately $148 million
• Adjusted Tax Rate of approximately 23.5%
• Weighted Average Diluted Share Count of approximately 58.5 million

ABOUT MOHAWK INDUSTRIES

Over the past two decades, Mohawk Industries has transformed its business into the world’s largest flooring and design surfaces company with leading positions in North America, Europe, South America and Oceania. Mohawk’s vertically integrated manufacturing and distribution operations provide a competitive advantage in the production of ceramic tile, carpet and laminate, wood, vinyl and hybrid flooring products. Mohawk’s industry-leading innovation has yielded designs and performance enhancements that differentiate its collections in the marketplace and satisfy all residential and commercial remodeling and new construction requirements. The Company’s brands are among the most recognized and respected in the industry and include American Olean, Daltile, Durkan, Eliane, Elizabeth, Feltex, Godfrey Hirst, Karastan, Marazzi, Mohawk, Mohawk Group, Mohawk Home, Mohawk Performance Accessories, Pergo, Quick-Step, Unilin and Vitromex.

Certain of the statements in this press release, particularly those anticipating future performance, business prospects, growth and operating strategies, and similar matters, and those that include the words “could,” “should,” “believes,” “anticipates,” “expects” and “estimates” or similar expressions constitute “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. For those statements, Mohawk Industries, Inc. (“Mohawk” or the “Company”) claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Management believes that these forward-looking statements are reasonable as and when made; however, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. There can be no assurance that the forward-looking statements will be accurate because they are based on many assumptions, which involve risks and uncertainties. Important factors that could cause future results to differ from historical experience and our present expectations or projections include, but are not limited to, the following: changes in economic or industry conditions, including interest rates, availability of credit and residential and commercial construction and remodeling activity; the impact of tariffs and other trade restrictions; competition; inflation and deflation in raw material prices, freight and other input costs; inflation and deflation in consumer markets; currency fluctuations; rising energy costs and changes in the level of supply thereof; supply chain disruption and the availability of raw materials and sourced products; labor availability and costs; timing and level of capital expenditures; timing and implementation of price increases for the Company’s products; impairment charges; identification and consummation of acquisitions on favorable terms, if at all; integration of acquisitions; international operations; introduction of new products; rationalization of operations; tax and tax reform, product and other claims; litigation; geopolitical conflicts; sanctions and import and export restrictions; regulatory and political changes in the jurisdictions in which the Company does business; security breaches and other cybersecurity incidents; emerging issues related to the Company’s integration and use of AI; and other risks identified in Mohawk’s United States Securities and Exchange Commission reports and public announcements.

Conference call Friday, October 30, 2026, at 11:00 AM Eastern Time

To participate in the conference call via the Internet, please visit https://ir.mohawkind.com/events/event-details/mohawk-industries-inc-3rd-quarter-2026-earnings-call. To participate in the conference call via telephone, register in advance at https://dpregister.com/sreg/10211917/104de4a22d1 to receive a unique personal identification number. You may also dial 1-833-630-1962 (U.S./Canada) or 1-412-317-1843 (international) on the day of the call for operator assistance. For those unable to listen at the designated time, the call will remain available for replay through November 27, 2026, by dialing 1-855-669-9658 (U.S./Canada) or 1-412-317-0088 (international) and entering Replay Access Code 7228212. The call will be archived and available for replay for one year under the “Investors” tab of mohawkind.com.

INVESTOR CONTACT
Joe Ahlersmeyer, CFA
VP, Finance & Investor Relations
joe_ahlersmeyer@mohawkind.com

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
		Three Months Ended						Nine Months Ended
(In millions, except per share data)		October 3, 2026			September 27, 2025			October 3, 2026		September 27, 2025
Net sales		$	2,786.0		2,757.9			8,506.1		8,085.7
Cost of sales			2,076.3		2,103.0			6,359.3		6,133.2
Gross profit			709.7		654.9			2,146.8		1,952.5
Selling, general and administrative expenses			522.0		518.2			1,593.5		1,531.0
Operating income			187.7		136.7			553.3		421.5
Interest expense			1.6		5.0			8.5		16.6
Other (income) and expense, net			2.8		(0.4	)		4.7		2.2
Earnings before income taxes			183.3		132.1			540.1		402.7
Income tax expense (benefit)			20.1		23.3			63.6		74.8
Net earnings including noncontrolling interests			163.2		108.8			476.5		327.9
Less: Net earnings attributable to noncontrolling interests			0.1		—			0.1		—
Net earnings attributable to Mohawk Industries, Inc.			163.1		108.8			476.4		327.9
Basic earnings per share attributable to Mohawk Industries, Inc.		$	2.73		1.75			7.86		5.26
Weighted-average common shares outstanding – basic			59.8		62.0			60.6		62.3
Diluted earnings per share attributable to Mohawk Industries, Inc.		$	2.72		1.75			7.82		5.24
Weighted-average common shares outstanding – diluted			60.0		62.3			60.9		62.6

Other Financial Information
		Three Months Ended					Nine Months Ended
(In millions)		October 3, 2026			September 27, 2025		October 3, 2026		September 27, 2025
Net cash provided by operating activities		$	471.2		386.6		897.8		596.6
Less: Capital expenditures			80.8		76.3		271.5		245.6
Free cash flow		$	390.4		310.3		626.3		351.0
Depreciation and amortization		$	151.3		170.3		492.5		476.3

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions)	October 3, 2026			December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	816.8		856.1
Receivables, net		2,125.0		1,924.1
Inventories		2,591.6		2,661.7
Prepaid expenses and other current assets		539.8		525.2
Total current assets		6,073.2		5,967.1
Property, plant and equipment, net		4,491.4		4,772.0
Right of use operating lease assets		409.8		408.7
Goodwill		1,171.0		1,210.3
Intangible assets, net		782.5		813.2
Deferred income taxes and other non-current assets		507.2		516.0
Total assets	$	13,435.1		13,687.3
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	$	621.9		289.3
Accounts payable and accrued expenses		2,442.5		2,310.4
Current operating lease liabilities		116.7		122.4
Total current liabilities		3,181.1		2,722.1
Long-term debt, less current portion		1,160.8		1,741.2
Non-current operating lease liabilities		310.4		304.4
Deferred income taxes and other long-term liabilities		476.4		540.9
Total liabilities		5,128.7		5,308.6
Total stockholders’ equity		8,306.4		8,378.7
Total liabilities and stockholders’ equity	$	13,435.1		13,687.3

Segment Information
		Three Months Ended							Nine Months Ended
(In millions)		October 3, 2026				September 27, 2025			October 3, 2026				September 27, 2025
Net sales:
Global Ceramic		$	1,128.6			1,104.7				3,435.7			3,219.3
Flooring NA			949.9			936.8				2,806.0			2,746.0
Flooring ROW			707.5			716.4				2,264.4			2,120.4
Consolidated net sales		$	2,786.0			2,757.9				8,506.1			8,085.7
Operating income (loss):
Global Ceramic		$	65.6			71.6				211.1			201.5
Flooring NA			71.9			54.4				173.4			116.3
Flooring ROW			66.0			43.8				215.2			168.3
Corporate and intersegment eliminations			(15.8	)		(33.1	)			(46.4	)		(64.6	)
Consolidated operating income		$	187.7			136.7				553.3			421.5
									Three Months Ended
(In millions)									October 3, 2026				December 31, 2025
Assets:
Global Ceramic									$	5,321.7			5,155.0
Flooring NA										3,740.0			3,832.6
Flooring ROW										3,913.2			3,989.2
Corporate and intersegment eliminations										460.2			710.5
Consolidated assets									$	13,435.1			13,687.3

Reconciliation of Net Earnings Attributable to Mohawk Industries, Inc. to Adjusted Net Earnings Attributable to Mohawk Industries, Inc. and Adjusted Diluted Earnings Per Share Attributable to Mohawk Industries, Inc.
		Three Months Ended							Nine months ended
(In millions, except per share data)		October 3, 2026				September 27, 2025			October 3, 2026			September 27, 2025
Net earnings attributable to Mohawk Industries, Inc.		$	163.1			108.8			476.4			327.9
Adjusting items:
Restructuring, acquisition and integration-related and other costs			12.4			47.2			89.0			102.9
Software implementation cost write-off			—			—			—			(0.4	)
Assets sale			—			—			(2.6	)		—
Legal settlements, reserves and fees			—			21.6			0.1			27.1
Adjustments of indemnification asset			6.6			(0.3	)		4.6			(0.5	)
Income taxes – adjustments of uncertain tax position			(6.6	)		0.3			(4.6	)		0.5
Other tax related items(1)			(7.5	)		—			(38.2	)		—
Income tax effect of adjustments			(4.9	)		(11.1	)		(21.0	)		(22.1	)
Adjusted net earnings attributable to Mohawk Industries, Inc.		$	163.1			166.5			503.7			435.4
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc.		$	2.72			2.67			8.27			6.96
Weighted-average common shares outstanding – diluted			60.0			62.3			60.9			62.6

^{(1) Includes a one-time U.S. tax benefit associated with a legal entity restructuring initiative, tax credits issued by the Brazilian government related to prior years and a non-recurring tax benefit related to a U.S. tax election.}

Reconciliation of Total Debt to Net Debt
(In millions)	October 3, 2026
Short-term debt and current portion of long-term debt	$	621.9
Long-term debt, less current portion		1,160.8
Total debt		1,782.7
Less: Cash and cash equivalents		816.8
Net debt	$	965.9

Reconciliation of Net Earnings to Adjusted EBITDA
														Trailing Twelve
		Three Months Ended												Months Ended
(In millions)		December 31, 2025				April 4, 2026			July 4, 2026			October 3, 2026		October 3, 2026
Net earnings including noncontrolling interests		$	42.0			117.1			196.1			163.2		518.4
Interest expense			1.2			2.4			4.8			1.6		10.0
Income tax expense (benefit)			24.0			(8.9	)		52.3			20.1		87.5
Depreciation and amortization(1)			176.3			181.8			159.3			151.3		668.7
EBITDA			243.5			292.4			412.5			336.2		1,284.6
Restructuring, acquisition and integration-related and other costs			25.6			7.6			29.0			10.6		72.8
Assets sale			(5.1	)		—			(2.6	)		—		(7.7	)
Inventory capitalization			(6.2	)		—			—			—		(6.2	)
Impairment of goodwill and indefinite-lived intangibles			19.9			—			—			—		19.9
Legal settlements, reserves and fees			23.8			0.1			—			—		23.9
Adjustments of indemnification asset			(0.3	)		(0.3	)		(1.7	)		6.6		4.3
Adjusted EBITDA		$	301.2			299.8			437.2			353.4		1,391.6
Net debt to adjusted EBITDA														0.7

^{(1) Includes accelerated depreciation of $25.9 for Q4 2025, $30.0 for Q1 2026, $10.0 for Q2 2026 and $1.8 for Q3 2026.}

Reconciliation of Net Sales to Adjusted Net Sales
		Three Months Ended				Nine Months Ended
(In millions)		October 3, 2026				October 3, 2026
Mohawk Consolidated
Net sales		$	2,786.0			8,506.1
Adjustment for constant shipping days			(37.5	)		(167.5	)
Adjustment for constant exchange rates			(2.1	)		(190.1	)
Adjusted net sales		$	2,746.4			8,148.5

		Three Months Ended
		October 3, 2026
Global Ceramic
Net sales		$	1,128.6
Adjustment for constant shipping days			(11.5	)
Adjustment for constant exchange rates			(5.4	)
Adjusted net sales		$	1,111.7
Flooring NA
Net sales		$	949.9
Adjustment for constant shipping days			(14.9	)
Adjusted net sales		$	935.0
Flooring ROW
Net sales		$	707.5
Adjustment for constant shipping days			(11.1	)
Adjustment for constant exchange rates			3.2
Adjusted net sales		$	699.6

Reconciliation of Gross Profit to Adjusted Gross Profit
		Three Months Ended
(In millions)		October 3, 2026						September 27, 2025
Gross Profit		$	709.7					654.9
Adjustments to gross profit:
Restructuring, acquisition and integration-related and other costs			10.4					44.1
Adjusted gross profit		$	720.1					699.0
Adjusted gross profit as a percent of net sales			25.8			%			25.3	%

Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses
		Three Months Ended
(In millions)		October 3, 2026							September 27, 2025
Selling, general and administrative expenses		$	522.0						518.2
Adjustments to selling, general and administrative expenses:
Restructuring, acquisition and integration-related and other costs			(2.0			)			(3.1		)
Legal settlements, reserves and fees			—						(21.6		)
Adjusted selling, general and administrative expenses		$	520.0						493.5
Adjusted selling, general and administrative expenses as a percent of net sales				18.7	%					17.9	%

Reconciliation of Operating Income to Adjusted Operating Income
		Three Months Ended
(In millions)		October 3, 2026				September 27, 2025
Mohawk Consolidated
Operating income		$	187.7			136.7
Adjustments to operating income:
Restructuring, acquisition and integration-related and other costs			12.4			47.2
Legal settlements, reserves and fees			—			21.6
Adjusted operating income		$	200.1			205.5
Adjusted operating income as a percent of net sales			7.2	%		7.5	%
Global Ceramic
Operating income		$	65.6			71.6
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs			7.9			18.2
Adjusted segment operating income		$	73.5			89.8
Adjusted segment operating income as a percent of net sales			6.5	%		8.1	%
Flooring NA
Operating income		$	71.9			54.4
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs			4.9			13.5
Adjusted segment operating income		$	76.8			67.9
Adjusted segment operating income as a percent of net sales			8.1	%		7.2	%

				Three Months Ended
				October 3, 2026												September 27, 2025
Flooring ROW
Operating income				$	66.0											43.8
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs					(0.4							)				15.5
Adjusted segment operating income				$	65.6											59.3
Adjusted segment operating income as a percent of net sales					9.3							%				8.3	%
Corporate and intersegment eliminations
Operating (loss)				$	(15.8							)				(33.1	)
Adjustments to segment operating (loss):
Legal settlements, reserves and fees					—											21.6
Adjusted segment operating (loss)				$	(15.8							)				(11.5	)

Reconciliation of Earnings Before Income Taxes to Adjusted Earnings Before Income Taxes
		Three Months Ended
(In millions)		October 3, 2026			September 27, 2025
Earnings before income taxes		$	183.3		132.1
Adjustments to earnings including noncontrolling interests before income taxes:
Restructuring, acquisition and integration-related and other costs			12.4		47.2
Legal settlements, reserves and fees			—		21.6
Adjustments of indemnification asset			6.6		(0.3	)
Adjusted earnings before income taxes		$	202.3		200.6

Reconciliation of Income Tax Expense to Adjusted Income Tax Expense
		Three Months Ended
(In millions)		October 3, 2026				September 27, 2025
Income tax expense (benefit)		$	20.1			23.3
Adjustments to income tax expense:
Income taxes – adjustments of uncertain tax position			6.6			(0.3	)
Other tax related items			7.5			—
Income tax effect of adjusting items			4.9			11.1
Adjusted income tax expense		$	39.1			34.1
Adjusted income tax expense to adjusted earnings before income taxes			19.3	%		17.0	%

US GAAP to non-GAAP presentation

The Company supplements its condensed consolidated financial statements, which are prepared and presented in accordance with US GAAP, with certain non-GAAP financial measures. As required by the Securities and Exchange Commission rules, the tables above present a reconciliation of the Company’s non-GAAP financial measures to the most directly comparable US GAAP measure.  Each of the non-GAAP measures set forth above should be considered in addition to the comparable US GAAP measure, and may not be comparable to similarly titled measures reported by other companies. The Company believes these non-GAAP measures, when reconciled to the corresponding US GAAP measure, help its investors as follows: Non-GAAP revenue measures that assist in identifying growth trends and in comparisons of revenue with prior and future periods and non-GAAP profitability measures that assist in understanding the long-term profitability trends of the Company’s business and in comparisons of its profits with prior and future periods.

The Company excludes certain items from its non-GAAP revenue measures because these items can vary dramatically between periods and can obscure underlying business trends. Items excluded from the Company’s non-GAAP revenue measures include: foreign currency transactions and translation; more or fewer shipping days in a period and the impact of acquisitions.

The Company excludes certain items from its non-GAAP profitability measures because these items may not be indicative of, or are unrelated to, the Company’s core operating performance. Items excluded from the Company’s non-GAAP profitability measures include: restructuring, acquisition and integration-related and other costs, legal settlements, reserves and fees, impairment of goodwill and indefinite-lived intangibles, acquisition purchase accounting, including inventory step-up from purchase accounting, adjustments of indemnification asset, adjustments of uncertain tax position and European tax restructuring.

WYOMISSING, Pa., Oct. 29, 2026 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced financial results for the third quarter ended September 30, 2026.

Financial Highlights

		Three Months Ended September 30,
(in millions, except per share data)		2026				2025
Total Revenue		$	435.4			$	397.6
Income from Operations		$	309.9			$	337.2
Net Income		$	213.8			$	248.5
FFO (1) (4)		$	275.9			$	315.5
AFFO (2) (4)		$	311.7			$	282.0
Adjusted EBITDA (3) (4)		$	413.9			$	366.4
Net income, per diluted common share		$	0.71			$	0.85
FFO, per diluted common share and OP/LTIP units (4)		$	0.92			$	1.08
AFFO, per diluted common share and OP/LTIP units (4)		$	1.04			$	0.97
Annualized dividend per share		$	3.28			$	3.12
Dividend yield based on period end stock price			8.6	%			6.7	%

_________________________________________

(1)	Funds from Operations (“FFO”) is net income, excluding (gains) or losses from dispositions of property and real estate depreciation as defined by NAREIT.
(2)	Adjusted Funds From Operations (“AFFO”) is FFO, excluding, as applicable to the particular period, stock-based compensation expense; the amortization of debt issuance costs, bond premiums and original issuance discounts; other depreciation; amortization of land rights; accretion on investment in leases; non-cash adjustments to financing lease liabilities; straight-line rent and deferred rent adjustments; losses on debt extinguishment and other financing costs; severance charges; capitalized interest; and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures.
(3)	Adjusted EBITDA is net income, excluding, as applicable to the particular period, interest, net; income tax expense; real estate depreciation; other depreciation; (gains) or losses from dispositions of property; stock-based compensation expense; straight-line rent and deferred rent adjustments; amortization of land rights; accretion on investment in leases; non-cash adjustments to financing lease liabilities; losses on debt extinguishment and other financing costs; severance charges; and provision (benefit) for credit losses, net.
(4)	Metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the effect on net income attributable to noncontrolling interests.

Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, “Our third quarter was another record for revenue, AFFO and Adjusted EBITDA. Total revenue rose 9.5% to $435.4 million, AFFO grew 10.5% to $311.7 million and Adjusted EBITDA increased 13.0% to $413.9 million, while AFFO per share rose 7.2% to $1.04. These results demonstrate the strength of our model which prioritizes long-term triple-net leases with built-in escalators, strong lease coverage, and the ability to structure and underwrite complex transactions and creative funding solutions for quality tenants. Despite this consistent execution, we believe GLPI’s share price remains significantly dislocated from its fundamentals, resulting in an attractive yield of over 8.5% based on the current quarterly cash dividend.

“Regional gaming has proven its resilience for decades, and it is doing so again. Same-store operator results delivered healthy year-over-year gains through the first nine months of 2026, and the durability of our rents and strong coverage stand out against the currently volatile macro backdrop.”

Recent Developments

• On October 27, 2026, the Company entered into definitive agreements to form a joint venture with Prologis, Inc (NYSE: PLD) (“Prologis”) to develop the former Hollywood Casino Joliet site in Illinois. GLPI will contribute its owned land to the joint venture in three phases, and Prologis will serve as the managing member and developer of the site. Prologis intends to develop the site, subject to the review and approval by the City of Joliet, into a Class A warehouse and distribution park, which, when completed, is currently anticipated to consist of five building structures totaling more than 3.8 million square feet. The project is expected to be developed over approximately five years, with Prologis holding options over the development of phases two and three.

  GLPI will receive a capital account credit of $61 million, assuming all three phases are developed, for its contribution of the land to the joint venture, and GLPI will hold an ownership interest in the completed project of approximately 20%, which could be increased to approximately 30%, should GLPI elect to contribute additional capital.

• On June 30, 2026, the Company entered into a second amendment to its loan related to the Hard Rock Casino Rockford, pursuant to which the borrower repaid $16.0 million of principal.  The amendment also provides for scheduled future principal repayments on or before March 31, 2028, and March 31, 2029. The maturity date was extended to December 31, 2029, and includes an option for GLPI to acquire the building improvements at Hard Rock Casino Rockford.
   
• On June 24, 2026, the Company funded $216.3 million to complete its $225 million commitment for the Hollywood Casino and Hotel Aurora landside development project for PENN Entertainment, Inc. (NASDAQ: PENN) (“PENN”) at a 7.75% capitalization rate.
   
• On June 1, 2026, the Company settled a forward sale agreement pursuant, to which it issued 7,589,487 shares of common stock raising net proceeds of $351.0 million. 
   
• On March 4, 2026, the Company issued $800 million of senior notes due on March 1, 2036.  The notes were priced at 99.857% of par value, with a coupon of 5.625%.  The Company used the net proceeds to repay borrowings outstanding under the Company’s term loan credit facility, as well as for working capital and general corporate purposes. 
   
• On February 11, 2026, GLPI exercised its option to acquire the real property assets of Bally’s Lincoln Casino Resort for a purchase price of $700 million and additional annual rent of $56.0 million (8.0% cap rate).  The Company issued 332,890 OP Units in connection with the transaction, with the balance of the consideration paid in cash.
   
• On January 15, 2026, GLPI entered into a development agreement with The Cordish Companies (“Cordish”) to fund up to $440 million of real estate construction costs for the Live! Casino & Hotel Virginia and acquired the project land for $27 million, representing a total commitment of $467 million at an 8.0% cap rate.

Dividends

On September 1, 2026, the Company announced that its Board of Directors declared a third quarter dividend of $0.82 per share on the Company’s common stock that was paid on September 25, 2026 to shareholders of record on September 11, 2026. 

2026 Guidance

Reflecting the current operating and competitive environment, the Company is updating its AFFO guidance for the full year 2026 based on the following assumptions and other factors:

• The guidance does not include the impact on operating results from any possible future acquisitions or dispositions, future capital markets activity, or other future non-recurring transactions that have yet to be announced.  The updated guidance incorporates the additional development fundings of approximately $265 million, which will bring total 2026 development spending to $800 million.
• The guidance assumes there will be no material changes in applicable legislation, regulatory environment, world events, including weather, recent consumer trends, economic conditions, oil prices, competitive landscape or other circumstances beyond our control that may adversely affect the Company’s results of operations.

The Company estimates AFFO for the year ending December 31, 2026 will be between $1.222 billion and $1.225 billion, or between $4.11 and $4.12 per diluted share and OP/LTIP units.  GLPI’s prior guidance contemplated AFFO for the year ending December 31, 2026 of between $1.219 billion and $1.225 billion, or between $4.10 and $4.12 per diluted share and OP/LTIP units.

The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, including the information above, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort.  This is due to the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, provision for credit losses, net, and other non-core items that have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted.  For the same reasons, the Company is unable to address the probable significance of the unavailable information.  In particular, the Company is unable to predict with reasonable certainty the amount of the change in the provision for credit losses, net, under ASU No. 2016-13 – Financial Instruments – Credit Losses (“ASC 326”) in future periods.  The non-cash change in the provision for credit losses under ASC 326 with respect to future periods is dependent upon future events that are entirely outside of the Company’s control and may not be reliably predicted, including the performance and future outlook of our tenants’ operations for our leases that are accounted for as investment in leases, as well as broader macroeconomic factors and future predictions of such factors.  As a result, forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.        

Portfolio Update

GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. The Company also extends loans that produce fixed or variable returns which may convert into leased rent upon project completion or stabilization.  As of September 30, 2026, GLPI’s portfolio consisted of interests in 71 gaming and related facilities, including the real property associated with 34 gaming and related facilities operated by PENN Entertainment, Inc. (“PENN”), the real property associated with 6 gaming and related facilities operated by Caesars Entertainment, Inc. (NASDAQ: CZR) (“Caesars”), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (NYSE: BYD) (“Boyd”), the real property associated with 16 gaming and related facilities operated by Bally’s Corporation (NYSE: BALY) (“Bally’s”), 2 facilities under development; one with Bally’s in Chicago, Illinois, and the other for The Cordish Companies (“Cordish”) and Bruce Smith Enterprise in Petersburg, Virginia, the real property associated with 3 gaming and related facilities operated by Cordish, 1 gaming and related facility operated by American Racing & Entertainment LLC (“American Racing”), 4 gaming and related facilities operated by Strategic Gaming Management, LLC (“Strategic”) and 1 facility managed by a subsidiary of Hard Rock International (“Hard Rock”). These facilities are geographically diversified across 21 states.

Conference Call Details

The Company will hold a conference call on October 30, 2026, at 10:00 a.m. (Eastern Time) to discuss its financial results, current business trends and market conditions.

To Participate in the Telephone Conference Call:
Dial in at least five minutes before the scheduled start time.
Domestic: 1-877/407-0784
International: 1-201/689-8560

Conference Call Playback:
Domestic: 1-844/512-2921
International: 1-412/317-6671
Passcode: 13762758

The playback can be accessed through Friday, November 6, 2026.

Webcast
The conference call will be available in the Investor Relations section of the Company’s website at www.glpropinc.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary software. A replay of the call will also be available for 90 days thereafter on the Company’s website.

GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Consolidated Statements of Income and Comprehensive Income
(in thousands, except per share data) (unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Revenues
Rental income	$	370,956			$	341,755			$	1,093,682			$	1,021,534
Income from investment in leases, financing receivables		52,999				48,066				158,555				143,756
Income from investment in leases, sales-type		3,842				3,767				11,517				11,289
Interest income from real estate loans		7,652				4,022				22,199				11,142
Total income from real estate		435,449				397,610				1,285,953				1,187,721
Operating expenses
Land rights and ground lease expense		13,884				13,785				41,831				41,282
General and administrative		12,871				16,552				44,054				51,172
Losses (gains) from dispositions of property		(6,768	)			—				(5,598	)			(125	)
Depreciation		69,295				67,473				200,915				201,720
Provision (benefit) for credit losses, net		36,224				(37,363	)			29,067				55,611
Total operating expenses		125,506				60,447				310,269				349,660
Income from operations		309,943				337,163				975,684				838,061
Other income (expenses)
Interest expense		(98,884	)			(94,059	)			(295,445	)			(281,265	)
Interest income		3,304				9,720				9,899				23,656
Losses on debt extinguishment and other financing costs		—				(3,783	)			(268	)			(3,783	)
Total other expenses		(95,580	)			(88,122	)			(285,814	)			(261,392	)
Income before income taxes		214,363				249,041				689,870				576,669
Income tax expense		534				560				1,695				1,669
Net income	$	213,829			$	248,481			$	688,175			$	575,000
Net income attributable to noncontrolling interest in the Operating Partnership		(6,193	)			(7,290	)			(20,294	)			(17,186	)
Net income attributable to common shareholders	$	207,636			$	241,191			$	667,881			$	557,814
Earnings per common share:
Basic earnings attributable to common shareholders	$	0.71			$	0.85			$	2.33			$	2.00
Diluted earnings attributable to common shareholders	$	0.71			$	0.85			$	2.33			$	2.00
Other comprehensive income
Net income		213,829				248,481				688,175				575,000
Gain on cash flow hedges		—				103				—				967
Reclassification of derivative gain to interest expense		(24	)			(9	)			(72	)			(9	)
Comprehensive income		213,805				248,575				688,103				575,958
Comprehensive income attributable to noncontrolling interest in the Operating Partnership		(6,192	)			(7,293	)			(20,291	)			(17,216	)
Comprehensive income attributable to common shareholders		207,613				241,282				667,812				558,742

GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Current Year Revenue Detail
(in thousands) (unaudited)
Three Months Ended September 30, 2026	Building base rent		Land base rent		Percentage rent and other rental revenue		Interest income on real estate loans		Total cash income		Straight-line rent and deferred rent adjustments			Ground rent in revenue		Accretion on leases		Total income from real estate
Amended PENN Master Lease	$	55,235	$	10,759	$	6,512	$	—	$	72,506	$	4,952		$	604	$	—	$	78,062
PENN 2023 Master Lease		70,501		—		53		—		70,554		4,343			—		—		74,897
Amended Pinnacle Master Lease		61,482		17,814		7,316		—		86,612		1,858			2,261		—		90,731
PENN Morgantown Lease		—		806		—		—		806		—			—		—		806
Caesars Master Lease		16,587		5,932		—		—		22,519		1,631			330		—		24,480
Horseshoe St. Louis Lease		6,097		—		—		—		6,097		219			—		—		6,316
Boyd Master Lease		21,297		2,946		3,026		—		27,269		35			526		—		27,830
Boyd Belterra Lease		753		474		498		—		1,725		123			—		—		1,848
Bally’s Master Lease		27,478		—		—		—		27,478		—			2,656		—		30,134
Bally’s Master Lease II		29,572		—		—		—		29,572		(66	)		885		—		30,391
Maryland Live! Lease		19,752		—		—		—		19,752		—			2,068		3,294		25,114
Pennsylvania Live! Master Lease		13,167		—		—		—		13,167		—			310		2,140		15,617
Casino Queen Master Lease		3,612		—		—		—		3,612		47			—		—		3,659
Tropicana Las Vegas Lease		—		3,842		—		—		3,842		—			—		—		3,842
Rockford Lease		—		2,094		—		—		2,094		—			—		530		2,624
Rockford Loan		—		—		—		2,733		2,733		—			—		—		2,733
Tioga Downs Lease		3,759		—		—		—		3,759		—			1		565		4,325
Strategic Gaming Leases		6,170		—		—		—		6,170		—			106		845		7,121
Ione Loan		—		—		—		2,733		2,733		—			—		—		2,733
Bally’s Chicago Lease		12,401		5,067		—		—		17,468		(17,468	)		—		—		—
Dry Creek Loan		—		—		—		1,466		1,466		—			—		—		1,466
Virginia Live! Development		—		—		—		720		720		—			—		—		720
Total	$	347,863	$	49,734	$	17,405	$	7,652	$	422,654	$	(4,326	)	$	9,747	$	7,374	$	435,449

GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Current Year Revenue Detail
(in thousands) (unaudited)
Nine Months Ended September 30, 2026	Building base rent		Land base rent		Percentage rent and other rental revenue		Interest income on real estate loans		Total cash income		Straight-line rent and deferred rent adjustments			Ground rent in revenue		Accretion on leases			Total income from real estate
Amended PENN Master Lease	$	165,704	$	32,276	$	19,487	$	—	$	217,467	$	14,856		$	1,853	$	—		$	234,176
PENN 2023 Master Lease		203,125		—		273		—		203,398		12,599			—		—			215,997
Amended Pinnacle Master Lease		184,447		53,442		23,022		—		260,911		5,574			6,717		—			273,202
PENN Morgantown Lease		—		2,418		—		—		2,418		—			—		—			2,418
Caesars Master Lease		49,762		17,796		—		—		67,558		4,892			990		—			73,440
Horseshoe St. Louis Lease		18,289		—		—		—		18,289		659			—		—			18,948
Boyd Master Lease		63,333		8,839		9,106		—		81,278		(2,662	)		1,579		—			80,195
Boyd Belterra Lease		2,239		1,421		1,496		—		5,156		(297	)		—		—			4,859
Bally’s Master Lease		81,523		—		—		—		81,523		—			7,992		—			89,515
Bally’s Master Lease II		82,179		—		—		—		82,179		(199	)		2,756		—			84,736
Maryland Live! Lease		59,255		—		—		—		59,255		—			6,236		9,714			75,205
Pennsylvania Live! Master Lease		39,352		—		—		—		39,352		—			926		6,437			46,715
Casino Queen Master Lease		10,598		—		—		—		10,598		149			—		—			10,747
Tropicana Las Vegas Lease		—		11,518		—		—		11,518		—			—		(1	)		11,517
Rockford Lease		—		6,256		—		—		6,256		—			—		1,579			7,835
Rockford Loan		—		—		—		8,766		8,766		—			—		—			8,766
Tioga Downs Lease		11,235		—		—		—		11,235		—			4		1,696			12,935
Strategic Gaming Leases		18,309		—		—		—		18,309		—			317		2,688			21,314
Ione Loan		—		—		—		7,364		7,364		—			—		—			7,364
Bally’s Chicago Lease		26,756		15,067		—		—		41,823		(41,823	)		—		—			—
Dry Creek Loan		—		—		—		4,348		4,348		—			—		—			4,348
Virginia Live! Development		—		—		—		1,721		1,721		—			—		—			1,721
Total	$	1,016,106	$	149,033	$	53,384	$	22,199	$	1,240,722	$	(6,252	)	$	29,370	$	22,113		$	1,285,953

      

Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA
Gaming and Leisure Properties, Inc. and Subsidiaries
CONSOLIDATED
(in thousands, except per share and share data) (unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Net income	$	213,829			$	248,481			$	688,175			$	575,000
Losses (gains) from dispositions of property		(6,768	)			—				(5,598	)			(125	)
Real estate depreciation		68,829				66,985				199,567				200,263
Funds from operations	$	275,890			$	315,466			$	882,144			$	775,138
Straight-line rent and deferred rent adjustments		4,326				(5,390	)			6,252				(20,235	)
Other depreciation		466				488				1,348				1,457
Provision (benefit) for credit losses, net		36,224				(37,363	)			29,067				55,611
Amortization of land rights		4,270				4,270				12,810				12,810
Amortization of debt issuance costs, bond premiums and original issuance discounts		3,636				3,425				10,739				9,884
Capitalized interest		(10,570	)			(3,652	)			(25,484	)			(10,668	)
Stock-based compensation		4,695				1,551				17,443				16,565
Severance charges		—				6,320				—				6,320
Losses on debt extinguishment and other financing costs		—				3,783				268				3,783
Accretion on investment in leases		(7,374	)			(6,991	)			(22,113	)			(20,753	)
Non-cash adjustment to financing lease liabilities		112				112				316				317
Capital maintenance expenditures		(5	)			—				(5	)			(157	)
Adjusted funds from operations	$	311,670			$	282,019			$	912,785			$	830,072
Interest, net (1)		94,787				83,552				283,198				255,277
Income tax expense		534				560				1,695				1,669
Capital maintenance expenditures		5				—				5				157
Amortization of debt issuance costs, bond premiums and original issuance discounts		(3,636	)			(3,425	)			(10,739	)			(9,884	)
Capitalized interest		10,570				3,652				25,484				10,668
Adjusted EBITDA	$	413,930			$	366,358			$	1,212,428			$	1,087,959
FFO, per diluted common share and OP/LTIP units	$	0.92			$	1.08			$	2.99			$	2.70
AFFO, per diluted common share and OP/LTIP units	$	1.04			$	0.97			$	3.09			$	2.89
Weighted average number of common shares and OP/LTIP units outstanding
Diluted common shares		291,071,440				283,502,768				286,774,444				278,800,590
Diluted OP/LTIP units		8,573,903				8,323,931				8,592,661				8,319,581
Diluted common shares and diluted OP/LTIP units		299,645,343				291,826,699				295,367,105				287,120,171

_________________________________________

⁽¹⁾  Excludes non-cash interest expense gross ups related to certain ground leases.                                

Reconciliation of Cash Net Operating Income
Gaming and Leisure Properties, Inc. and Subsidiaries
CONSOLIDATED
(in thousands, except per share and share data) (unaudited)
	Three Months Ended September 30, 2026				Nine Months Ended September 30, 2026
Adjusted EBITDA	$	413,930			$	1,212,428
General and administrative expenses		12,871				44,054
Stock-based compensation		(4,695	)			(17,443	)
Cash net operating income (1)	$	422,106			$	1,239,039

_________________________________________

⁽¹⁾  Cash net operating income is cash rental income and interest on real estate loans less cash property level expenses. 

Gaming and Leisure Properties, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)
	September 30, 2026				December 31, 2025
Assets
Real estate investments, net	$	9,666,895			$	8,474,261
Investment in leases, financing receivables, net		2,550,915				2,557,504
Investment in leases, sales-type, net		245,121				248,421
Real estate loans, net		315,634				247,999
Right-of-use assets and land rights, net		1,057,047				1,072,163
Cash and cash equivalents		165,752				224,314
Other assets		94,832				84,947
Total assets	$	14,096,196			$	12,909,609
Liabilities
Accounts payable and accrued expenses	$	9,353			$	6,641
Accrued interest		74,010				106,253
Accrued salaries and wages		6,106				10,209
Operating lease liabilities		240,149				242,481
Financing lease liabilities		62,703				61,219
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts		8,080,546				7,203,731
Deferred rental revenue		211,870				205,786
Other liabilities		57,524				65,029
Total liabilities		8,742,261				7,901,349
Equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2026 and December 31, 2025)		—				—
Common stock ($.01 par value, 500,000,000 shares authorized, 290,923,261 and 283,037,310 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively)		2,909				2,830
Additional paid-in capital		6,972,671				6,613,488
Accumulated deficit		(2,021,301	)			(1,990,770	)
Accumulated other comprehensive income		835				904
Total equity attributable to Gaming and Leisure Properties		4,955,114				4,626,452
Noncontrolling interests in GLPI’s Operating Partnership (8,473,163 units and 8,224,939 units outstanding at September 30, 2026 and December 31, 2025, respectively)		398,821				381,808
Total equity		5,353,935				5,008,260
Total liabilities and equity	$	14,096,196			$	12,909,609

Debt Capitalization

The Company’s debt structure as of September 30, 2026 was as follow

	Years to Maturity	Interest Rate			Balance
					(in thousands)
Unsecured $2,090 Million Revolver Due December 2028	2.2	5.201	%		329,130
Term Loan Due December 2028	2.2	5.068	%		679,000
Senior Unsecured Notes Due June 2028	1.7	5.750	%		500,000
Senior Unsecured Notes Due January 2029	2.3	5.300	%		750,000
Senior Unsecured Notes Due January 2030	3.3	4.000	%		700,000
Senior Unsecured Notes Due January 2031	4.3	4.000	%		700,000
Senior Unsecured Notes Due January 2032	5.3	3.250	%		800,000
Senior Unsecured Notes Due February 2033	6.4	5.250	%		600,000
Senior Unsecured Notes Due December 2033	7.2	6.750	%		400,000
Senior Unsecured Notes Due September 2034	8.0	5.625	%		800,000
Senior Unsecured Notes Due March 2036	9.4	5.625	%		800,000
Senior Unsecured Notes Due November 2037	11.1	5.750	%		700,000
Senior Unsecured Notes Due September 2054	28.0	6.250	%		400,000
Total long-term debt					8,158,130
Less: unamortized debt issuance costs, bond premiums and original issuance discounts					(77,584	)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts					8,080,546
Weighted average	6.6	5.097	%

_________________________________________

Rating Agency – Issue Rating

Rating Agency		Rating
Standard & Poor’s		BBB-
Fitch		BBB-
Moody’s		Ba1

Funding Commitments

As of September 30, 2026, the Company has entered into various commitments or call rights to finance/acquire future investments in gaming and related facilities for our tenants. These are detailed in the table below.  Our tenants retain the option to decline our financing for certain projects and may seek alternative financing solutions.  The inclusion of a commitment in this disclosure does not guarantee that the financing will be utilized by the tenant in circumstances where a tenant has the option. 

Description	Estimated Commitment amount	Amount funded at September 30, 2026
Funding associated with a landside move at Ameristar Casino Council Bluffs (1)	$150 million	None
Potential transaction at the former Tropicana Las Vegas site with Bally’s	$175 million	$48.5 million
Real estate construction costs for Bally’s Chicago	$940 million	$640.7 million
Ione Loan to fund a new casino development near Sacramento, California	$110 million	$98.9 million
Funding associated with the future site and construction for Live! Casino & Hotel Virginia	$467 million	$48.6 million
Delayed draw term loan for Dry Creek Rancheria Resort development	$180 million	None

(1)  The Company has agreed to fund, if requested by PENN in its sole discretion on or before March 31, 2029, construction improvements in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii) $150.0 million at a 7.10% capitalization rate.

Property and lease information

The Company has disclosed the following key terms of its master leases and single-property leases in the tables below, along with the properties within each lease at September 30, 2026.  We believe the following key terms are important for users of our financial statements to understand. 

• The coverage ratio is a defined term in each respective lease agreement with our tenants and represents the ratio of Adjusted EBITDAR to rent expense for the properties contained within each lease.  Adjusted EBITDAR is defined in each respective lease but is generally consistent with the Company’s definition of Adjusted EBITDA plus rent expense paid to GLPI.
   
• Certain leases have a minimum escalator coverage ratio governor as disclosed below.  Before a rent escalation of up to 2% on the building base rent component of each lease can occur, the minimum coverage ratio for these leases needs to be 1.8 to 1 for the applicable lease year.
   
• The reported coverage ratios below with respect to our tenants’ rent coverage over the trailing twelve months were provided by our tenants for the most recently available time period.  GLPI has not independently verified the accuracy of the tenants’ information and therefore makes no representation as to its accuracy. Rent coverage ratios are not reported for ground leases, leases with development projects or leases that have been in effect for less than twelve months.
   
• The Amended PENN Master Lease, the Amended Pinnacle Master Lease, the Boyd Master Lease, and the Belterra Park Lease each include (i) a fixed rent component, a portion of which escalates annually by up to 2% if specified rent coverage thresholds are met, and (ii) a percentage rent component tied to property performance. The percentage rent component is recalculated periodically, every five years for the Amended PENN Master Lease and every two years for the other leases, based on 4% of the average annual net revenues of the applicable facilities in excess of a contractually defined baseline, subject to certain floors.

Master Leases
	Penn 2023 Master Lease		Amended Penn Master Lease
Operator	PENN		PENN
Properties	Hollywood Casino Aurora	Aurora, IL	Hollywood Casino Lawrenceburg		Lawrenceburg, IN
	Hollywood Casino Joliet	Joliet, IL	Argosy Casino Alton		Alton, IL
	Hollywood Casino Toledo	Toledo, OH	Hollywood Casino at Charles Town Races		Charles Town, WV
	Hollywood Casino Columbus	Columbus, OH	Hollywood Casino at Penn National Race Course		Grantville, PA
	M Resort	Henderson, NV	Hollywood Casino Bangor		Bangor, ME
	Hollywood Casino at the Meadows	Washington, PA	Zia Park Casino		Hobbs, NM
	Hollywood Casino Perryville	Perryville, MD	Hollywood Casino Gulf Coast		Bay St. Louis, MS
			Argosy Casino Riverside		Riverside, MO
			Hollywood Casino Tunica		Tunica, MS
			Boomtown Biloxi		Biloxi, MS
			Hollywood Casino St. Louis		Maryland Heights, MO
			Hollywood Gaming Casino at Dayton Raceway		Dayton, OH
			Hollywood Gaming Casino at Mahoning Valley Race Track		Youngstown, OH
			1st Jackpot Casino		Tunica, MS
Commencement Date	1/1/2023		11/1/2013
Lease Expiration Date	10/31/2033		10/31/2033
Remaining Renewal Terms	15 (3×5 years)		15 (3×5 years)
Corporate Guarantee	Yes		Yes
Master Lease with Cross Collateralization	Yes		Yes
Technical Default Landlord Protection	Yes		Yes
Default Adjusted Revenue to Rent Coverage	1.1		1.1
Competitive Radius Landlord Protection	Yes		Yes
Escalator Details
Yearly Base Rent Escalator Maximum	1.5% (1)		2%
Coverage ratio at June 30, 2026	1.84		2.12
Minimum Escalator Coverage Governor	N/A		1.8
Yearly Anniversary for Realization	November		November
Percentage Rent Reset Details
Reset Frequency	N/A		5 years
Next Reset	N/A		November-28

⁽¹⁾   In addition to the annual escalation, a one-time annualized increase of $1.4 million occurs on November 1, 2027. 

Master Leases
	Amended Pinnacle Master Lease			Bally’s Master Lease
Operator	PENN			Bally’s
Properties	Ameristar Black Hawk		Black Hawk, CO	Bally’s Evansville		Evansville, IN
	Ameristar East Chicago		East Chicago, IN	Bally’s Dover Casino Resort		Dover, DE
	Ameristar Council Bluffs		Council Bluffs, IA	Black Hawk (Black Hawk North, West and East casinos)		Black Hawk, CO
	L’Auberge Baton Rouge		Baton Rouge, LA	Quad Cities Casino & Hotel		Rock Island, IL
	Boomtown Bossier City		Bossier City, LA	Bally’s Tiverton Hotel & Casino		Tiverton, RI
	L’Auberge Lake Charles		Lake Charles, LA	Hard Rock Casino and Hotel Biloxi		Biloxi, MS
	Boomtown New Orleans		New Orleans, LA
	Ameristar Vicksburg		Vicksburg, MS
	River City Casino & Hotel		St. Louis, MO
	Jackpot Properties (Cactus Petes and Horseshu)		Jackpot, NV
	Plainridge Park Casino		Plainridge, MA
Commencement Date	4/28/2016			6/3/2021
Lease Expiration Date	4/30/2031			6/2/2036
Remaining Renewal Terms	20 (4×5 years)			20 (4×5 years)
Corporate Guarantee	Yes			Yes
Master Lease with Cross Collateralization	Yes			Yes
Technical Default Landlord Protection	Yes			Yes
Default Adjusted Revenue to Rent Coverage	1.2			1.35 (1)
Competitive Radius Landlord Protection	Yes			Yes
Escalator Details
Yearly Base Rent Escalator Maximum	2%			(2)
Coverage ratio at June 30, 2026	1.70 (3)			1.98
Minimum Escalator Coverage Governor	1.8			N/A
Yearly Anniversary for Realization	May			June
Percentage Rent Reset Details
Reset Frequency	2 years			N/A
Next Reset	May-28			N/A

(1)	If the tenant’s parent’s net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive test periods must be at least 1.35.  If the tenant’s parent’s net leverage is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2.
(2)	If the CPI increase is at least 0.5% for any lease year, then the rent shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%.  If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.
(3)	Coverage ratio for escalation purposes excludes adjusted revenue and rent attributable to the Plainridge Park facility as well as certain other fixed rent amounts.

 

Master Leases
	Bally’s Master Lease II			Casino Queen Master Lease
Operator	Bally’s			Bally’s
Properties	Bally’s Kansas City		Kansas City, MO	Bally’s Marquette		Marquette, IA
	Bally’s Shreveport Casino & Hotel		Shreveport, LA	Bally’s Baton Rouge		Baton Rouge, LA
	DraftKings at Casino Queen (4)		East St. Louis, IL
	The Queen Baton Rouge (4)		Baton Rouge, LA
	Bally’s Lincoln Casino Resort		Lincoln, RI
Commencement Date	12/16/2024			12/17/2021
Lease Expiration Date	12/15/2039			12/31/2036
Remaining Renewal Terms	20 (4×5 years)			20 (4×5 years)
Corporate Guarantee	Yes			(5)
Master Lease with Cross Collateralization	Yes			Yes
Technical Default Landlord Protection	Yes			Yes
Default Adjusted Revenue to Rent Coverage	1.35 (1)			1.35 (1)
Competitive Radius Landlord Protection	Yes			Yes
Escalator Details
Yearly Base Rent Escalator Maximum	(2)			(3)
Coverage ratio at June 30, 2026	2.13 (6)			N/A
Minimum Escalator Coverage Governor	N/A			N/A
Yearly Anniversary for Realization	December			December
Percentage Rent Reset Details
Reset Frequency	N/A			N/A
Next Reset	N/A			N/A

(1)	If the tenant’s parent’s net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive test periods must be at least 1.35.  If the tenant’s parent’s net leverage is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2.  For the Casino Queen Master Lease the test begins on the first anniversary after both development projects are completed and open to the public.
(2)	If the CPI increase is at least 0.5% for any lease year, then the rent shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%.  If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.
(3)	Rent increases by 0.5% for the first six years. Beginning in the seventh lease year through the remainder of the lease term, if the CPI increases by at least 0.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI is less than 0.25% then rent will remain unchanged for such lease year.
(4)	Effective July 1, 2025, these properties were transferred to Bally’s Master Lease II and the associated annual rental income of $28.9 million was reallocated from the Casino Queen Master Lease to Bally’s Master Lease II.
(5)	If a default were to occur under the Casino Queen Master Lease, the Company has the right under the terms of the lease to elect to amend Bally’s Master Lease II and place the assets into it, which carries a corporate guarantee.
(6)	Coverage ratio above is pro forma for the acquisition of the real estate assets of Bally’s Twin River Lincoln Casino Resort  which closed on February 11, 2026.

Master Leases
	Boyd Master Lease			Caesars Amended and Restated Master Lease
Operator	Boyd			Caesars
Properties	Belterra Casino Resort		Florence, IN	Tropicana Atlantic City		Atlantic City, NJ
	Ameristar Kansas City		Kansas City, MO	Tropicana Laughlin		Laughlin, NV
	Ameristar St. Charles		St. Charles, MO	Trop Casino Greenville		Greenville, MS
				Isle Casino Hotel Bettendorf		Bettendorf, IA
				Isle Casino Hotel Waterloo		Waterloo, IA
Commencement Date	10/15/2018			10/1/2018
Lease Expiration Date	4/30/2031			9/30/2038
Remaining Renewal Terms	20 (4×5 years)			20 (4×5 years)
Corporate Guarantee	No			Yes
Master Lease with Cross Collateralization	Yes			Yes
Technical Default Landlord Protection	Yes			Yes
Default Adjusted Revenue to Rent Coverage	1.4			1.2
Competitive Radius Landlord Protection	Yes			Yes
Escalator Details
Yearly Base Rent Escalator Maximum	2%			2%
Coverage ratio at June 30, 2026	2.46			1.61
Minimum Escalator Coverage Governor	1.8			N/A
Yearly Anniversary for Realization	May			October
Percentage Rent Reset Details
Reset Frequency	2 years			N/A
Next Reset	May-28			N/A

Master Leases
	Pennsylvania Live! Master Lease			Strategic Gaming Leases (1)
	Cordish			Strategic
Properties	Live! Casino & Hotel Philadelphia		Philadelphia, PA	Silverado Franklin Hotel & Gaming Complex	Deadwood, SD
	Live! Casino Pittsburgh		Greensburg, PA	Deadwood Mountain Grand Casino	Deadwood, SD
				Baldini’s Casino	Sparks, NV
				Sunland Park Race Track & Casino	Sunland Park, NM
Commencement Date	3/1/2022			5/16/2024
Lease Expiration Date	2/28/2061			5/31/2049
Remaining Renewal Terms	21 (1×11 years, 1×10 years)			20 (2×10 years)
Corporate Guarantee	No			Yes
Master Lease with Cross Collateralization	Yes			Yes
Technical Default Landlord Protection	Yes			Yes
Default Adjusted Revenue to Rent Coverage	1.4			1.4 (2)
Competitive Radius Landlord Protection	Yes			Yes
Escalator Details
Yearly Base Rent Escalator Maximum	1.75%			2% (2)
Coverage ratio at June 30, 2026	2.28			1.96 (3)
Minimum Escalator Coverage Governor	N/A			N/A
Yearly Anniversary for Realization	March			June
Percentage Rent Reset Details
Reset Frequency	N/A			N/A
Next Reset	N/A			N/A

(1)	Consists of two leases that are cross collateralized and co-terminus with each other.
(2)	The default adjusted revenue to rent coverage declines to 1.25 if the tenant’s adjusted revenues total $75 million or more.  Annual rent escalates at 2% beginning in year three of the lease and in year 11 escalates based on the greater of 2% or CPI, capped at 2.5%.
(3)	Coverage ratio above is pro forma for the acquisition of the real estate assets of Sunland Park which closed on October 15, 2025.

Single Property Leases
	Belterra Park Lease	Horseshoe St. Louis Lease	Morgantown Lease
Operator	Boyd	Caesars	PENN
Properties	Belterra Park Gaming & Entertainment Center	Horseshoe St. Louis	Hollywood Casino Morgantown
	Cincinnati, OH	St. Louis, MO	Morgantown, PA
Commencement Date	10/15/2018	9/29/2020	10/1/2020
Lease Expiration Date	04/30/2031	10/31/2033	10/31/2040
Remaining Renewal Terms	20 (4×5 years)	20 (4×5 years)	30 (6×5 years)
Corporate Guarantee	No	Yes	Yes
Technical Default Landlord Protection	Yes	Yes	Yes
Default Adjusted Revenue to Rent Coverage	1.4	1.2	N/A
Competitive Radius Landlord Protection	Yes	Yes	N/A
Escalator Details
Yearly Base Rent Escalator Maximum	2%	1.75% (1)	1.25% (2)
Coverage ratio at June 30, 2026	3.27	2.03	N/A
Minimum Escalator Coverage Governor	1.8	N/A	N/A
Yearly Anniversary for Realization	May	October	December
Percentage Rent Reset Details
Reset Frequency	2 years	N/A	N/A
Next Reset	May-28	N/A	N/A

(1)	For the sixth and seventh lease years, after which time the annual escalation becomes 2% for the remaining term of the lease.
(2)	If the CPI increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 1.25% of rent as of the immediately preceding lease year, and if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

Single Property Leases
	MD Live! Lease	Tropicana Lease		Tioga Downs Lease
Operator	Cordish	Bally’s		American Racing and Entertainment
Properties	Live! Casino & Hotel Maryland	Tropicana Las Vegas		Tioga Downs
	Hanover, MD	Las Vegas, NV		Nichols, NY
Commencement Date	12/29/2021	9/26/2022		2/6/2024
Lease Expiration Date	12/31/2060	9/25/2072		2/28/2054
Remaining Renewal Terms	21 (1×11 years, 1×10 years)	49 (1 x 24 years, 1 x 25 years)		32 years and 10 months (2×10 years, 1×12 years and 10 months)
Corporate Guarantee	No	Yes		Yes
Technical Default Landlord Protection	Yes	Yes		Yes
Default Adjusted Revenue to Rent Coverage	1.4	1.35 (1)		1.4
Competitive Radius Landlord Protection	Yes	Yes		Yes
Escalator Details
Yearly Base Rent Escalator Maximum	1.75%	(2)		1.75% (3)
Coverage ratio at June 30, 2026	3.34	N/A		1.99
Minimum Escalator Coverage Governor	N/A	N/A		N/A
Yearly Anniversary for Realization	January	October		March
Percentage Rent Reset Details
Reset Frequency	N/A	N/A		N/A
Next Reset	N/A	N/A		N/A

(1)	If the tenant’s parent’s net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive test periods must be at least 1.35.  If the tenant’s parent’s net leverage is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2.
(2)	If the CPI increase is at least 0.5% for any lease year, then the rent shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%.  If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.
(3)	Increases by 1.75% beginning with the first anniversary and increases to 2% beginning in year fifteen of the lease through the remainder of the initial lease term.

Single Property Leases
	Rockford Lease	Bally’s Chicago Lease		Virginia Live!
Operator	(managed by Hard Rock)	Bally’s		Cordish
Properties	Hard Rock Casino Rockford	Bally’s Chicago Development		Cordish Virginia Live! Development
	Rockford, IL	Chicago, IL		Petersburg, VA
Commencement Date	8/29/2023	7/18/2025		1/15/2026
Lease Expiration Date	8/31/2122	7/31/2040		(3)
Remaining Renewal Terms	None	20 (4 x 5 years)		21 (1×11 years, 1×10 years)
Corporate Guarantee	No	Yes		No
Technical Default Landlord Protection	Yes	Yes		Yes
Default Adjusted Revenue to Rent Coverage	1.4	1.35 (1)		1.4
Competitive Radius Landlord Protection	Yes	Yes		Yes
Escalator Details
Yearly Base Rent Escalator Maximum	2%	(2)		1.75%
Coverage ratio at June 30, 2026	N/A	N/A		N/A
Minimum Escalator Coverage Governor	N/A	N/A		N/A
Yearly Anniversary for Realization	September	August		(3)
Percentage Rent Reset Details
Reset Frequency	N/A	N/A		N/A
Next Reset	N/A	N/A		N/A

(1)	If the tenant’s parent’s net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive test periods must be at least 1.35.  If the tenant’s parent’s net leverage is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2.
(2)	If the CPI increase is at least 0.5% for any lease year, then the rent shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%.  If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.
(3)	During the construction period, amounts funded for the Virginia Live! development are accounted for as real estate loans because the lessee controls the underlying asset under construction. Upon completion of construction and when the facility is ready for its intended use, the Company will apply the sale and leaseback guidance to determine the appropriate lease classification.  Pursuant to the lease agreement, the initial lease term expires on the last day of the calendar month in which the 39th anniversary of the facility’s opening occurs, and annual rent escalations commence on the first anniversary of the facility’s opening date. Accordingly, the lease expiration date and rent escalation anniversary date will be determined upon the facility’s opening date.

Disclosure Regarding Non-GAAP Financial Measures

FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash Net Operating Income (“Cash NOI”), which are detailed in the reconciliation tables that accompany this release, are used by the Company as performance measures for benchmarking against the Company’s peers and as internal measures of business operating performance, which is used for a bonus metric. These metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of noncontrolling interests.  The Company believes FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI provide a meaningful perspective of the underlying operating performance of the Company’s current business.  This is especially true since these measures exclude real estate depreciation and we believe that real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. Cash NOI is cash rental income and interest on real estate loans, less cash property level expenses. Cash NOI excludes depreciation, the amortization of land rights, real estate general and administrative expenses, other non-routine costs and the impact of certain generally accepted accounting principles (“GAAP”) adjustments to rental revenue, such as straight-line rent and deferred rent adjustments and non-cash ground lease income and expense. It is management’s view that Cash NOI is a performance measure used to evaluate the operating performance of the Company’s real estate operations and provides investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis.

FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI are non-GAAP financial measures that are considered supplemental measures for the real estate industry and a supplement to GAAP measures. NAREIT defines FFO as net income (computed in accordance with GAAP), excluding (gains) or losses from dispositions of property and real estate depreciation.  We have defined AFFO as FFO excluding, as applicable to the particular period, stock-based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, the amortization of land rights, accretion on investment in leases, non-cash adjustments to financing lease liabilities, straight-line rent and deferred rent adjustments, losses on debt extinguishment and other financing costs, severance charges, capitalized interest and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures. We have defined Adjusted EBITDA as net income excluding, as applicable to the particular period, interest, net, income tax expense, real estate depreciation, other depreciation, (gains) or losses from dispositions of property, stock-based compensation expense, straight-line rent and deferred rent adjustments, the amortization of land rights, accretion on investment in leases, non-cash adjustments to financing lease liabilities, losses on debt extinguishment and other financing costs, severance charges, and provision (benefit) for credit losses, net. Finally, we have defined Cash NOI as Adjusted EBITDA excluding general and administrative expenses and including stock-based compensation expense and severance charges.

FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI are not recognized terms under GAAP. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity.  In addition, these measures should not be viewed as an indication of our ability to fund all of our cash needs, including to make cash distributions to our shareholders, to fund capital improvements, or to make interest payments on our indebtedness.  Investors are also cautioned that FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions.  Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP. 

About Gaming and Leisure Properties

GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, including coverage of the landlord’s interests, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.  The Company also extends loans that produce fixed or variable returns which may convert into leased rent upon project completion or stabilization.

Forward-Looking Statements

This press release includes “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 our expectations regarding our future growth and cash flows in 2026 and beyond, 2026 AFFO guidance, the future issuance of securities and the Company benefiting from recent portfolio additions and completed transactions. Forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “intends,” “may,” “will,” “should” or “anticipates” or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: the ability of GLPI or its partners to successfully complete construction of various casino projects currently under development for which GLPI has agreed to provide construction development funding, including Bally’s Chicago, and the ability and willingness of GLPI’s partners to meet and/or perform their respective obligations under the applicable construction financing and/or development documents; the impact that higher inflation and interest rates and uncertainty with respect to the future state of the economy could have on discretionary consumer spending, including the casino operations of our tenants; unforeseen consequences related to U.S. government economic, monetary or trade policies and stimulus packages on inflation rates, interest rates and economic growth; geopolitical events, including recent conflicts in the Middle East, and their potential impact on U.S. Treasury yields and inflation rates; the ability of GLPI’s tenants to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including, without limitation, to satisfy obligations under their existing credit facilities and other indebtedness; the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease the respective properties on favorable terms; the degree and nature of GLPI’s competition; the ability to receive, or delays in obtaining, the regulatory approvals required to own its properties, or other delays or impediments to completing GLPI’s planned acquisitions or projects; the potential of a new pandemic or similar national health crisis, including its effect on the ability or desire of people to gather in large groups (including in casinos), which could impact GLPI’s financial results, operations, outlooks, plans, goals, growth, cash flows, liquidity, and stock price; GLPI’s ability to maintain its status as a REIT, given the highly technical and complex Internal Revenue Code provisions for which only limited judicial and administrative authorities exist, where even a technical or inadvertent violation could jeopardize REIT qualification and where requirements may depend in part on the actions of third parties over which GLPI has no control or only limited influence; GLPI’s ability to satisfy certain asset, income, organizational, distribution, shareholder ownership and other requirements on a continuing basis in order for GLPI to maintain its REIT status; the ability and willingness of GLPI’s tenants and other third parties to meet and/or perform their obligations under their respective contractual arrangements with GLPI, including lease and note requirements and in some cases, their obligations to indemnify, defend and hold GLPI harmless from and against various claims, litigation and liabilities; the ability of GLPI’s tenants to comply with laws, rules and regulations in the operation of GLPI’s properties, to deliver high quality services, to attract and retain qualified personnel and to attract customers; GLPI’s ability to generate sufficient cash flows to service and comply with financial covenants under GLPI’s outstanding indebtedness; GLPI’s ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI, including for the satisfaction of GLPI’s funding commitments to the extent drawn by its partners, acquisitions or refinancings due to maturities; with respect to our tenant funding commitments, the amounts drawn and the timing of these draws may be different than what the Company assumed; adverse changes in GLPI’s credit rating; the availability of qualified personnel and GLPI’s ability to retain its key management personnel; changes in the U.S. tax law and other federal, state or local laws, whether or not specific to real estate, REITs or to the gaming, lodging or hospitality industries; changes in accounting standards; the impact of weather or climate events or conditions, natural disasters, acts of terrorism and other international hostilities, war (including the current conflict between Russia and Ukraine and conflicts in the Middle East) or political instability; the risk that the historical financial statements included herein do not reflect what the business, financial position or results of operations of GLPI may be in the future; other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI’s behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur as presented or at all.

Contact
Gaming and Leisure Properties, Inc.	Investor Relations
Carlo Santarelli, SVP Corporate Strategy & Investor Relations	Joseph Jaffoni at JCIR
610/378-8232	212/835-8500
investorinquiries@glpropinc.com	glpi@jcir.com

ATHENS, Greece, Oct. 29, 2026 (GLOBE NEWSWIRE) — Global Ship Lease, Inc. (NYSE:GSL) (the “Company”), a containership owner and lessor, announced today that it will hold a conference call to discuss the Company’s results for the third quarter 2026 on Monday, November 9, 2026 at 10:30 a.m. Eastern Time. The Company will issue financial results for the third quarter 2026 on Monday, November 9, 2026 before the open of market trading.

What:	Third Quarter 2026 Conference Call and Webcast
When:	Monday, November 9, 2026 at 10:30 a.m. Eastern Time
Where:	There are two ways to access the conference call:
	Dial-in: (646) 307-1963 or (800) 715-9871; Event ID: 2443665 Please dial in at least 10 minutes prior to 10:30 a.m. Eastern Time to ensure a prompt start to the call.
	Live Internet webcast and slide presentation: http://www.globalshiplease.com
The webcast will be archived on the Company’s website: http://www.globalshiplease.com

About Global Ship Lease

Global Ship Lease is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies. It was listed on the New York Stock Exchange in August 2008.

Our operating fleet of 71 containerships as of June 30, 2026, had an average age weighted by TEU capacity of 18.4 years. 41 ships are wide-beam Post-Panamax. As of June 30, 2026, our fleet also included the Initial Newbuilds, with scheduled deliveries between the fourth quarter of 2028 and the first quarter of 2030. In October 2026, we exercised options for the construction of two additional mid-size, ultra-high-reefer, wide-beam, latest-generation containerships.

As of June 30, 2026, the average remaining term of the Company’s charters, to the mid-point of redelivery, including options under the Company’s control and other than if a redelivery notice has been received, including the Initial Newbuilds, was 3.3 years on a TEU-weighted basis. Contracted revenue on the same basis was $3.2 billion. Contracted revenue was $4.1 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 4.4 years.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions that may be incorrect, and the Company cannot assure you that the events or expectations included in these forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors, including the factors described in “Risk Factors” in the Company’s Annual Report on Form 20-F and the factors and risks the Company describes in subsequent reports filed from time to time with the U.S. Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to reflect the occurrence of unanticipated events.

Investor and Media Contact:
IGB Group
Bryan Degnan
646-673-9701
or
Leon Berman
212-477-8438

Dallas, Texas, Oct. 29, 2026 (GLOBE NEWSWIRE) — NLI Holdings, Inc. (NYSE: NL) today announced that its board of directors has declared a quarterly dividend of ten cents ($0.10) per share on its common stock, payable on December 15, 2026 to stockholders of record at the close of business on November 19, 2026. 

NLI Holdings, Inc. is engaged in the component products (security products, recreational marine components and custom metal fabricated parts) and chemicals (TiO₂) businesses.

* * * * *

Investor Relations Contact

Bryan A. Hanley
Senior Vice President and Treasurer
Tel. 972-233-1700

TEJON RANCH, Calif., Oct. 29, 2026 (GLOBE NEWSWIRE) — Tejon Ranch Co., or the Company, (NYSE: TRC), a diversified real estate development and agribusiness company, today announced it will release its third quarter 2026 operating and financial results before the market opens on November 5, 2026. In connection with this announcement, the Company will host a conference call on November 5, 2026, at 5:00 p.m. Eastern Time. During the call, President & Chief Executive Officer, Matthew H. Walker and Chief Financial Officer, Robert D. Velasquez will provide an update on the Company’s recent initiatives and financial results.

Management will address questions e‐mailed in advance by investors to: IR@tejonranch.com. Questions must be submitted by 2:00 p.m. ET on November 5, 2026.

Webcast
An audio webcast of the conference call will be available through the “Investors” section of the Company’s website at www.tejonranch.com. To listen to the broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register and install any necessary audio software. A replay of the audio webcast will be available for one year on the Company’s website shortly after the conclusion of the call. Details on how to access the call are below.

To dial into the Telephone Conference Call:
Domestic: 1-844-826-3035
International: 1-412-317-5195

Conference Call Playback:
Domestic: 1-844-512-2921
International: 1-412-317-6671
Passcode: 10212992
The full playback can be accessed through Thursday, December 3, 2026.

About Tejon Ranch Co.
Tejon Ranch Co. (NYSE: TRC) is a California-based company whose 270,000-acre landholding supports a diversified portfolio of real estate and land-based businesses. Strategically located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield, the Company’s operations include the development and operations of commercial and industrial real estate, master planned communities, as well as farming, grazing, and game management. Tejon Ranch Co. also generates revenue through ground leases, royalty agreements, and rights-of-way easements supporting infrastructure, energy, telecommunications, and utility uses. For more information, please visit www.tejonranch.com.

Contact:
Nicholas Ortiz
Senior Vice President, Corporate Communications & Public Affairs
nortiz@TejonRanch.com
(661) 331-0313

BEND, Ore., Oct. 29, 2026 (GLOBE NEWSWIRE) — BranchOut Food Inc. (Nasdaq: BOF) (“BranchOut” or the “Company”), a growth-stage consumer packaged foods company focused on developing, manufacturing, marketing and distributing clean-label, plant-based dried fruit and vegetable snacks, today announced that the underwriters of its previously announced public offering of common stock have fully exercised their option to purchase an additional 441,176 shares at the public offering price of $1.70 per share, resulting in additional gross proceeds to the Company of approximately $750,000. After giving effect to the full exercise of the over-allotment option, the total number of shares sold by BranchOut in the public offering increased to 3,382,353 shares and gross proceeds increased to approximately $5,750,000, before deducting underwriting discounts and commissions and offering expenses. The exercise of the over-allotment option closed on October 29, 2026.

Lake Street Capital Markets, LLC acted as the representative of the underwriters for the offering.

The shares of common stock were offered pursuant to a registration statement on Form S-3 (File No. 333-299400), which was declared effective by the Securities and Exchange Commission (the “SEC”) on October 16, 2026. A prospectus supplement relating to and describing the terms of the offering has been filed with the SEC and is available free of charge on the SEC’s website at www.sec.gov. Copies of the prospectus supplement and accompanying prospectus may also be obtained from Lake Street Capital Markets, LLC, 121 South 8th Street, Suite 1000, Minneapolis, Minnesota 55402, by telephone at (612) 326-1305 or by email at syndicate@lakestreetcm.com.

Disclaimer

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About BranchOut Food Inc.

BranchOut Food Inc. (Nasdaq: BOF) is a leading international food technology company specializing in the production of high-quality dehydrated fruit- and vegetable-based products through its proprietary GentleDry™ technology. This next-generation dehydration method is designed to preserve the nutrition, quality and taste of fresh produce. BranchOut’s technology enables the Company to serve branded, ingredient and private-label customers. For more information, visit www.branchoutfood.com or follow BranchOut Food on social media here.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “plan,” “potential,” “should,” “will,” “would” and similar expressions. These forward-looking statements are based on management’s current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including risks and uncertainties described under “Risk Factors” in the prospectus supplement relating to the Offering and in the Company’s filings with the SEC, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this press release.

For more information:

ir@branchoutfood.com

SOURCE: BranchOut Food Inc.

HONG KONG, Oct. 29, 2026 (GLOBE NEWSWIRE) — Smart Logistics Global Limited (Nasdaq: SLGB) (the “Company”), a China-focused industrial logistics and supply chain company, today announced that it has received written notification from The Nasdaq Stock Market LLC (“Nasdaq”) granting the Company an additional 180-calendar-day period, or until April 26, 2027, to regain compliance with Nasdaq’s minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2).

Nasdaq granted the additional compliance period after determining that the Company satisfies the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market, except for the minimum bid price requirement. The Company has provided Nasdaq with written notice of its intention to regain compliance during the additional compliance period.

The notification has no immediate effect on the listing or trading of the Company’s Class A Ordinary Shares, which will continue to trade on The Nasdaq Capital Market under the symbol “SLGB.”

If at any time during the additional compliance period the closing bid price of the Company’s Class A Ordinary Shares is at least US$1.00 per share for a minimum of ten consecutive business days, Nasdaq will provide written confirmation that the Company has regained compliance and the matter will be closed.

The Company intends to continue monitoring the closing bid price of its Class A Ordinary Shares and evaluating available alternatives to regain compliance with the minimum bid price requirement, including a reverse stock split if necessary.

About Smart Logistics Global Limited

Smart Logistics Global Limited (Nasdaq: SLGB) is a China-focused industrial logistics and supply chain company. The Company provides B2B contract logistics solutions focusing on industrial raw-material line-haul transportation, serving customers primarily in the paper, steel, coal and food sectors through a combination of third-party truckers and its self-owned fleet. The Company has also expanded into the non-ferrous metals trading business.

For more information, please visit www.smartlogisticsglobal.com.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding the Company’s plans and ability to regain compliance with Nasdaq’s minimum bid price requirement and maintain compliance with Nasdaq listing standards. There can be no assurance that the Company will regain compliance during the additional compliance period. Actual results may differ materially from those expressed or implied by such forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Investor Relations Contact

Andrew Barwicki
516-662-9461
andrew@barwicki.com

Boulder, Colorado, Oct. 29, 2026 (GLOBE NEWSWIRE) — FST Corp. (Nasdaq: KBSX) (“FST” or the “Company”), a leading manufacturer and marketer of steel and graphite golf shafts and a provider of other golf-related services, today announced its unaudited financial results for the third quarter ended September 30, 2026.

Revenue for the third quarter was $12,804,404, a 2.0 percent increase from revenue of $12,554,939 for the third quarter of 2025. The revenue increase reflects additional sales in the OEM business in both the steel and graphite lines.

Net income for the quarter was $291,001, compared to a net loss of $715,955 in the third quarter of 2025. Net income attributable to FST Corp.’s shareholders was $290,819, or $0.01 per share, compared to a net loss attributable to FST Corp.’s shareholders of $672,771, or US$(0.02) per share, in the prior-year period.

Operating income in Q3 2026 was $31,405, compared to an operating loss of $946,709 in the third quarter of 2025.

The weighted average number of shares outstanding for the third quarter of 2026 and 2025 was 44,989,549, and 44,766,003, respectively.

As of September 30, 2026, the Company had cash and cash equivalents of $6,129,149 and restricted cash of $517,340. Total current assets were $29,636,813 and total current liabilities were $32,172,943, resulting in a working capital deficit of $2,536,130. Current liabilities included short-term bank borrowings of $20,518,189, which the Company has historically renewed or refinanced in the ordinary course of business.

For the nine months ended September 30, 2026, net cash provided by operating activities was $730,253; net cash used in investing activities was $1,812,138, primarily for purchases of property, plant and equipment of $1,590,620, including an automatic straightening machine in Taiwan and the renovation of the Company’s Boulder office; and net cash provided by financing activities was $848,907, reflecting net bank borrowings of $1,166,177, partially offset by the acquisition of the remaining non-controlling interests in FST Taiwan, which became a wholly owned subsidiary on August 28, 2026, for $247,409 and repurchases of ordinary shares of $69,861.

“During the third quarter we continued to leverage our favorable position in the market and execute our operating plan. Importantly, we launched the KBS TOUR V-X Family of Steel Iron Shafts and leading brands such as TaylorMade continued to select KBS shafts as the stock offering for several of its new family offerings to the marketplace,” said FST Chairman and Chief Executive Officer David Chuang. “Meanwhile, we have taken meaningful actions to establish a new European office to expand our sales footprint and strengthen both new and existing customer relationships in the region.”

Share Repurchases

During the three months ended September 30, 2026, the Company repurchased an aggregate of 66,577 ordinary shares at an aggregate cost of approximately $69,861 under the $3.0 million share repurchase program authorized by its board of directors and announced on July 28, 2026. As of September 30, 2026, approximately $2.93 million remained available for repurchase under the program, which has no fixed expiration date.

Outlook

In the fourth quarter of 2026, management anticipates continued revenue growth as the Company focuses on expanding sales in both domestic and export markets. Strategic initiatives for the remainder of 2026 and early 2027 include:

• Launch of new programs with OEM partners where KBS provides the stock shaft;
• Realize incremental revenue from its newly established European office as it expands regional sales coverage, develops new customer relationships and provides more direct support to existing customers;
• Host the second annual KBS Open in Taiwan in late January 2027 to gain additional marketing exposure and enhanced brand awareness of the Company’s products in Taiwan and other key Asian markets; and
• Implement additional cost-control measures across its operations, including initiatives focused on production efficiency, inventory management, logistics and discretionary operating expenses.

About FST Corp.

Founded in 1989, FST Corp. manufactures and sells golf club shafts, along with other golf-related items, to golf equipment brands, OEMs, distributors, and consumers via the company’s KBS Golf Experience retail outlets. FST’s equipment, marketed under the KBS brand, is utilized by golfers at all levels, including many professional players participating in the PGA and other major golf associations. The company’s product portfolio, retail presence, and golf-related services are part of a vertically integrated business model that has established the KBS brand on a global scale and created significant competitive advantages over peer brands. The company’s growth strategies currently position it for expansion into under-tapped golf shaft markets.

Forward-Looking Statements

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding future performance, market conditions, such as foreign exchange conditions, and strategic initiatives, and the Company’s belief with respect to its ability to capture growth opportunities and the impact of hosting the second annual KBS Open in Taiwan. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, including foreign exchange fluctuations, changes in U.S. and other trade policies, including tariffs and the availability, timing and amount of any tariff refunds, changes in market demand, the Company’s ability to renew or refinance its short-term bank borrowings, competitive pressures, and other factors listed in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 20, 2026, and in other filings with the SEC, many of which are beyond the Company’s control. Actual results may differ materially from those projected.

All forward-looking statements included in this report are made only as of the date of this report, and, except as required by law, the Company assumes no obligation to revise or update any forward-looking statements made by the Company as a result of new information, future events or other factors. If one or more forward-looking statements are revised or updated, no inference should be drawn that additional revisions or updates will be made in the future.

Company Contact:
FST Corp.
1801 13th Street, Suite 306,
Boulder, CO 80302
Office: 303-444-2226
Email: investorrelations@fstshafts.com 

Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, New York 10036
Office: (646) 893-5835

Email: ir@skylineccg.com 

NEW YORK, Oct. 29, 2026 (GLOBE NEWSWIRE) — Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the “Company” or “Silvercrest”) today reported the results of its operations for the quarter and nine months ended September 30, 2026.

Business Update

Silvercrest continued its strategic initiatives during the third quarter, and we continue to progress with the plan we have described over the past two years. Discretionary assets under management (“AUM”) which drives the firm’s revenue decreased $939.2 million during the third quarter to $23.8 billion, primarily due to weaker markets. Of that, $753.1 million had a revenue effect. The third quarter’s weaker markets followed unusually strong second quarter markets, with the result that capital growth has contributed $1.7 billion in AUM this year to date. Net flows for the quarter were essentially flat at $58.3 million. Silvercrest added $182.2 million in organic new client accounts, which was the best quarter during 2026, and our net flows included an affirming $373.0 million follow-on investment in the firm’s global value equity strategy. Offsetting outflows during the quarter were primarily attributable to seasonal high net worth client withdrawals for tax payments as well as some institutional outflows.

While total AUM stands at $36.2 billion, we have discussed in prior quarters that non-discretionary AUM are associated with a small portion of revenue, as most of non-discretionary AUM represents flat fee family office and related services. Therefore, changes in the level of non-discretionary AUM do not correlate to revenue change. We will adjust how the firm reports non-discretionary at the end of the first quarter of 2027, likely eliminating the non-discretionary AUM category. This adjustment will substantially lower reported non-discretionary and total AUM on a one-time basis without revenue effect. We seek to provide investors with a clear picture of the discretionary AUM and the flows and economics that drive our business.

Year to date, revenue increased 2% year over year, reflecting a recovery in average AUM levels weighed down by first-quarter outflows. Our estimated annual run rate increased by a similar percentage year over year, since September 30, 2025.

We announced during the third quarter that we received our full MiFID license through the Central Bank of Ireland. We also opened our Dublin office to serve both high net worth and institutional clients in Europe. With the completion of our Atlanta and Dublin offices, our UCITS fund, Australian trust, and regulatory licensing effort, we do expect administrative and legal costs associated with these initiatives to decline and begin contributing revenue.

Our institutional pipeline has continued to grow substantially and remains robust, particularly in our Global and International Equity strategies, which continue to deliver exceptional performance. Our pipeline quality has also improved with both more possible AUM as well as in number of opportunities. We completed progress on building our global infrastructure and distribution for our current revenue push. We also have achieved important third-party ratings for our strategies and vehicles, and we continue to seek additional ratings with major global consultants to further open institutional distribution channels. 

As previously discussed, Silvercrest will continue to adjust our compensation ratio to match compelling opportunities to organically grow the business. Total compensation and benefits expense was $62.9 million, representing 66.3% of revenue, for the nine months ended September 30, 2026. As we have consistently communicated, our earnings and Adjusted EBITDA¹ reflect the deliberate cost of the most significant investment program in the firm’s history, and we expect the compensation ratio to remain elevated as these investments mature.

Also, we have discussed with and reminded investors, shareholders approved of an increase in the number of shares issuable under our equity incentive plan. Intellectual capital is Silvercrest’s most important resource, and we have made substantial investments in excellent talent. We intend to imminently make equity grants to the professionals who are building our business and executing our strategy. Attracting and motivating our professionals and working to align their long-term interests with those of our shareholders is fundamental to how we intend to grow the firm and compound value through this investment cycle and beyond.

On October 28, 2026, the Company’s Board of Directors declared a quarterly dividend of $0.21 per share of Class A common stock. The dividend will be paid on or about December 18, 2026 to stockholders of record as of the close of business on December 11, 2026.

Third Quarter 2026 Highlights

• Total AUM of $36.2 billion, inclusive of discretionary AUM of $23.8 billion and non-discretionary AUM of $12.4 billion, at September 30, 2026.
• Revenue of $32.7 million.
• U.S. Generally Accepted Accounting Principles (“GAAP”) consolidated net income and net income attributable to Silvercrest of $1.2 million and $0.6 million, respectively.
• Basic and diluted net income per share of $0.08.
• Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)¹ of $4.4 million.
• Adjusted net income¹ of $1.9 million.
• Adjusted basic and diluted earnings per share^1,2 of $0.16.

The table below presents a comparison of certain GAAP and non-GAAP (“Adjusted”) financial measures and AUM.

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
(in thousands except as indicated)		2026				2025				2026				2025
Revenue		$	32,709			$	31,295			$	94,898			$	93,360
Income before other income (expense), net		$	1,881			$	1,331			$	4,101			$	10,209
Net income		$	1,203			$	1,089			$	2,205			$	8,166
Net income margin			3.7	%			3.5	%			2.3	%			8.7	%
Net income attributable to Silvercrest		$	648			$	618			$	1,055			$	5,005
Net income per basic share		$	0.08			$	0.07			$	0.14			$	0.56
Net income per diluted share		$	0.08			$	0.07			$	0.14			$	0.55
Adjusted EBITDA1		$	4,403			$	4,529			$	11,553			$	16,761
Adjusted EBITDA Margin1			13.5	%			14.5	%			12.2	%			18.0	%
Adjusted net income1		$	1,912			$	2,406			$	4,552			$	9,558
Adjusted basic earnings per share1, 2		$	0.16			$	0.19			$	0.38			$	0.77
Adjusted diluted earnings per share1, 2		$	0.16			$	0.19			$	0.38			$	0.74
Assets under management at period end (billions)		$	36.2			$	37.6			$	36.2			$	37.6
Average assets under management (billions)3		$	36.6			$	37.2			$	36.6			$	37.1
Discretionary assets under management (billions)		$	23.8			$	24.3			$	23.8			$	24.3

1	Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibits 2 and 3.
2	Adjusted basic and diluted earnings per share measures for the three and nine months ended September 30, 2026 are based on the number of shares of Class A common stock and Class B common stock outstanding as of September 30, 2026. Adjusted diluted earnings per share are further based on the addition of unvested restricted stock units and non-qualified stock options to the extent dilutive at the end of the reporting period.
3	We have computed average AUM by averaging AUM at the beginning of the applicable period and AUM at the end of the applicable period.

AUM at $36.2 Billion

Silvercrest’s discretionary AUM decreased by $0.5 billion, or 2.1%, to $23.8 billion at September 30, 2026, from $24.3 billion at September 30, 2025. Silvercrest’s total AUM decreased by $1.4 billion, or 3.7%, to $36.2 billion at September 30, 2026, from $37.6 billion at September 30, 2025. The decrease in total AUM was attributable to net client outflows of $2.5 billion, partially offset by market appreciation of $1.1 billion.

Silvercrest’s discretionary assets under management decreased by $0.9 billion, or 3.6%, to $23.8 billion at September 30, 2026, from $24.7 billion at June 30, 2026. The decrease was attributable to market depreciation of $0.8 billion and net client outflows of $0.1 billion. Silvercrest’s total AUM decreased by $0.8 billion, or 2.2%, to $36.2 billion at September 30, 2026, from $37.0 billion at June 30, 2026. The decrease was attributable to market depreciation of $0.9 billion, partially offset by net client inflows of $0.1 billion.

Third Quarter 2026 vs. Third Quarter 2025

Revenue increased by $1.4 million, or 4.5%, to $32.7 million for the three months ended September 30, 2026, from $31.3 million for the three months ended September 30, 2025. This increase was mainly due to an increase in the average annual management fee.

Total expenses increased by $0.8 million, or 2.9%, to $30.8 million for the three months ended September 30, 2026, from $30.0 million for the three months ended September 30, 2025. Compensation and benefits expense decreased by $0.5 million, or 2.1%, to $21.2 million for the three months ended September 30, 2026, from $21.7 million for the three months ended September 30, 2025. The decrease was primarily attributable to decreases in the accrual for bonuses of $0.9 million and severance of $0.1 million, partially offset by increases in salaries and benefits of $0.2 million primarily as a result of merit-based increases and newly-hired staff, including our new staff in Ireland and in equity-based compensation of $0.3 million. General and administrative expenses increased by $1.3 million, or 16.0%, to $9.6 million for the three months ended September 30, 2026 from $8.3 million for the three months ended September 30, 2025. This was primarily attributable to increases in professional fees of $0.1 million, occupancy and related costs of $0.1 million primarily related to new office space in Singapore, travel and entertainment expenses of $0.5 million, portfolio and systems expense of $0.4 million, charitable donations of $0.1 million, business taxes of $0.1 million and depreciation and amortization of $0.1 million, partially offset by a decrease in recruiting costs of $0.1 million.

Consolidated net income was $1.2 million, or 3.7% of revenue, for the three months ended September 30, 2026, as compared to consolidated net income of $1.1 million, or 3.5% of revenue, for the same period in the prior year. Net income attributable to Silvercrest was $0.6 million, or $0.08 per basic and diluted share, for the three months ended September 30, 2026. Our adjusted net income¹ was $1.9 million, or $0.16 per adjusted basic and adjusted diluted share² for the three months ended September 30, 2026.

Adjusted EBITDA¹ was $4.3 million, or 13.5% of revenue, for the three months ended September 30, 2026, as compared to $4.5 million, or 14.5% of revenue, for the same period in the prior year.

Nine Months Ended September 30, 2026 vs. Nine Months Ended September 30, 2025

Revenue increased by $1.5 million, or 1.6%, to $94.9 million for the nine months ended September 30, 2026, from $93.4 million for the nine months ended September 30, 2025. This increase was mainly due to an increase in the average annual management fee.

Total expenses increased by $7.6 million, or 9.2%, to $90.8 million for the nine months ended September 30, 2026, from $83.2 million for the nine months ended September 30, 2025. Compensation and benefits expense increased by $3.5 million, or 5.9%, to $62.9 million for the nine months ended September 30, 2026, from $59.4 million for the nine months ended September 30, 2025. The increase was primarily attributable to increases in salaries and benefits of $1.2 million primarily as a result of merit-based increases and newly-hired staff, including our new staff in Ireland, and in the accrual for bonuses of $1.5 million, equity-based compensation of $0.5 million and severance of $0.3 million. General and administrative expenses increased by $4.1 million, or 17.2%, to $27.8 million for the nine months ended September 30, 2026, from $23.7 million for the nine months ended September 30, 2025. This was primarily attributable to increases in professional fees of $1.7 million, occupancy and related costs of $0.4 million primarily related to new office space in Singapore, travel and entertainment expenses of $1.0 million,  portfolio and systems expense of $0.9 million, business taxes of $0.1 million and depreciation and amortization of $0.2 million, partially offset by a decrease in recruiting costs of $0.2 million.

Consolidated net income was $2.2 million, or 2.3% of revenue, for the nine months ended September 30, 2026, as compared to consolidated net income of $8.2 million, or 8.7% of revenue, for the same period in the prior year. Net income attributable to Silvercrest was $1.1 million, or $0.14 per basic and diluted share, for the nine months ended September 30, 2026. Our adjusted net income¹ was $4.6 million, or $0.38 per adjusted basic and adjusted diluted share² for the nine months ended September 30, 2026.

Adjusted EBITDA¹ was $11.6 million, or 12.2% of revenue, for the nine months ended September 30, 2026, as compared to $16.8 million, or 18.0% of revenue, for the same period in the prior year.

Liquidity and Capital Resources

Cash and cash equivalents were $27.8 million at September 30, 2026, compared to $44.1 million at December 31, 2025. As of September 30, 2026, there was $9.0 million outstanding under our term loan and nothing outstanding under our revolving credit facility with City National Bank.

Silvercrest Asset Management Group Inc.’s total equity was $45.5 million at September 30, 2026. We had 7,821,782 shares of Class A common stock outstanding and 4,025,985 shares of Class B common stock outstanding at September 30, 2026.

Non-GAAP Financial Measures

To provide investors with additional insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, we supplement our consolidated financial statements presented on a basis consistent with GAAP with Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Earnings Per Share, which are non-GAAP financial measures of earnings. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.

• EBITDA represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization.
• We define Adjusted EBITDA as EBITDA without giving effect to the Delaware franchise tax, equity-based compensation, professional fees associated with acquisitions or financing transactions, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings of the Company, taking into account earnings attributable to both Class A and Class B stockholders.
• Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenue. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA Margin, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring profitability of the Company, taking into account profitability attributable to both Class A and Class B stockholders.
• Adjusted Net Income represents recurring net income without giving effect to the Delaware franchise tax, professional fees associated with acquisitions or financing transactions, losses on forgiveness of notes receivable from our partners, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses. Furthermore, Adjusted Net Income includes income tax expense assuming a blended corporate rate of 26%. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Net Income, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring income of the Company, taking into account income attributable to both Class A and Class B stockholders.
• Adjusted Earnings Per Share represents Adjusted Net Income divided by the actual Class A and Class B shares outstanding as of the end of the reporting period for basic Adjusted Earnings Per Share, and to the extent dilutive, we add unvested restricted stock units and non-qualified stock options to the total shares outstanding to compute diluted Adjusted Earnings Per Share. As a result of our structure, which includes a non-controlling interest, we believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Earnings Per Share, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings per share of the Company as a whole as opposed to being limited to our Class A common stock.

Conference Call

The Company will host a conference call on October 30, 2026, at 8:30 a.m. (Eastern Time) to discuss these results. The call will be hosted by Richard R. Hough III, Chief Executive Officer and President, and Scott A. Gerard, Chief Financial Officer. Listeners may access the call by dialing 1-844-836-8743, or for international listeners the call may be accessed by dialing 1-412-317-5723. A live, listen-only webcast will also be available via the investor relations section of www.silvercrestgroup.com. An archived replay of the call will be available after the completion of the live call on the Investor Relations page of the Silvercrest website at http://ir.silvercrestgroup.com/. 

Forward-Looking Statements

This release contains, and from time to time our management may make, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and assumptions. These statements are only predictions based on our current expectations and projections about future events. Important factors that could cause actual results, level of activity, performance or achievements to differ materially from those indicated by such forward-looking statements include, but are not limited to: incurrence of net losses; fluctuations in quarterly and annual results; adverse economic or market conditions; our expectations with respect to future levels of assets under management, inflows and outflows; our ability to retain clients; our ability to maintain our fee structure; our particular choices with regard to investment strategies employed; our ability to hire and retain qualified investment professionals; the cost of complying with current and future regulation coupled with the cost of defending ourselves from related investigations or litigation; failure of our operational safeguards against breaches in data security, privacy, conflicts of interest or employee misconduct; our expected tax rate; our expectations with respect to deferred tax assets; adverse effects of management focusing on implementation of a growth strategy; failure to develop and maintain the Silvercrest brand; and other factors disclosed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2025, which is accessible on the U.S. Securities and Exchange Commission’s website at www.sec.gov. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

About Silvercrest

Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, New Jersey, California, Wisconsin, Atlanta, Singapore and Dublin, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors.

Silvercrest Asset Management Group Inc.

Contact: Richard Hough
212-649-0601
rhough@silvercrestgroup.com

Exhibit 1

Silvercrest Asset Management Group Inc. Condensed Consolidated Statements of Operations (Unaudited and in thousands, except share and per share amounts or as noted)
		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue
Management and advisory fees		$	31,575			$	30,067			$	91,502			$	89,850
Family office services			1,134				1,228				3,396				3,510
Total revenue			32,709				31,295				94,898				93,360
Expenses
Compensation and benefits			21,258				21,714				62,887				59,400
General and administrative			9,570				8,250				27,910				23,751
Total expenses			30,828				29,964				90,797				83,151
Income before other (expense) income, net			1,881				1,331				4,101				10,209
Other (expense) income, net
Other (expense) income, net			50				27				58				54
Interest income			87				148				218				584
Equity income (loss) from investments			—				(11	)			—				(11	)
Interest expense			(179	)			(15	)			(558	)			(45	)
Unrealized gain on investment			11				—				98				—
Total other (expense) income, net			(31	)			149				(184	)			582
Income before provision for income taxes			1,850				1,480				3,917				10,791
Provision for income taxes			(647	)			(391	)			(1,712	)			(2,625	)
Net income			1,203				1,089				2,205				8,166
Less: net income attributable to non-controlling interests			(555	)			(471	)			(1,150	)			(3,161	)
Net income attributable to Silvercrest		$	648			$	618			$	1,055			$	5,005
Net income per share:
Basic		$	0.08			$	0.07			$	0.14			$	0.56
Diluted		$	0.08			$	0.07			$	0.14			$	0.55
Weighted average shares outstanding:
Basic			7,817,176				8,365,575				7,730,158				9,009,985
Diluted			7,867,831				8,389,001				7,778,737				9,039,551

Exhibit 2

Silvercrest Asset Management Group Inc. Reconciliation of GAAP to non-GAAP (“Adjusted”) Adjusted EBITDA Measure (Unaudited and in thousands, except share and per share amounts or as noted)
Adjusted EBITDA		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
Reconciliation of non-GAAP financial measure:
Net income		$	1,203			$	1,089			$	2,205			$	8,166
Provision for income taxes			647				391				1,712				2,625
Delaware Franchise Tax			50				50				150				150
Interest expense			179				15				558				45
Interest income			(87	)			(148	)			(218	)			(584	)
Depreciation and amortization			1,117				1,058				3,349				3,176
Equity-based compensation			610				353				1,713				1,208
Other adjustments (A)			684				1,721				2,084				1,975
Adjusted EBITDA		$	4,403			$	4,529			$	11,553			$	16,761
Adjusted EBITDA Margin			13.5	%			14.5	%			12.2	%			18.0	%

(A)    Other adjustments consist of the following:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Severance		$	—			$	54			$	357			$	54
Other (a)			684				1,667				1,727				1,921
Total other adjustments		$	684			$	1,721			$	2,084			$	1,975

(a)    For the three months ended September 30, 2026, represents an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, legal and other professional fees of $170 related to international initiatives, the accrual for an earnout bonus of $477 and the deduction of an unrealized gain on the Australian trust of $11. For the nine months ended September 30, 2026, represents an ASC 842 rent adjustment of $144 related to the amortization of property lease incentives, legal and other professional fees of $492 related to international initiatives, set up fees related to the establishment of a donor advised fund of $25, a sign-on bonus of $5, rent expense of $8 incurred while waiting for the build out of a lease to be completed, the accrual for an earnout bonus of $1,151 and the deduction of an unrealized gain on the Australian trust of $98. For the three months ended September 30, 2025, represents an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, legal fees of $70 related to our application for licensure in the European Union (the “EU”), legal and other professional fees of $90 related to other international initiatives, a sign-on bonus of $5, rent expense of $24 and the accrual for an earnout bonus of $1,430.  For the nine months ended September 30, 2025, represents an ASC 842 rent adjustment of $144 related to the amortization of property lease incentives, legal fees of $154 related to our application for licensure in the EU, legal and other professional fees of $90 related to other international initiatives, sign-on bonuses paid to certain employees of $67, rent expense of $36 and the accrual for an earnout bonus of $1,430.  

Exhibit 3

Silvercrest Asset Management Group Inc. Reconciliation of GAAP to non-GAAP (“Adjusted”) Adjusted Net Income and Adjusted Earnings Per Share Measures (Unaudited and in thousands, except per share amounts or as noted)
Adjusted Net Income and Adjusted Earnings Per Share		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Reconciliation of non-GAAP financial measure:
Net income		$	1,203			$	1,089			$	2,205			$	8,166
Consolidated GAAP Provision for income taxes			647				391				1,712				2,625
Delaware Franchise Tax			50				50				150				150
Other adjustments (A)			684				1,721				2,084				1,975
Adjusted earnings before provision for income taxes			2,584				3,251				6,151				12,916
Adjusted provision for income taxes:
Adjusted provision for income taxes (26% assumed tax rate)			(672	)			(845	)			(1,599	)			(3,358	)
Adjusted net income		$	1,912			$	2,406			$	4,552			$	9,558
GAAP net income per share (B):
Basic		$	0.08			$	0.07			$	0.14			$	0.56
Diluted		$	0.08			$	0.07			$	0.14			$	0.55
Adjusted earnings per share/unit (B):
Basic		$	0.16			$	0.19			$	0.38			$	0.77
Diluted		$	0.16			$	0.19			$	0.38			$	0.74
Shares/units outstanding:
Basic Class A shares outstanding			7,822				8,240				7,822				8,240
Basic Class B shares/units outstanding			4,026				4,117				4,026				4,117
Total basic shares/units outstanding			11,848				12,357				11,848				12,357
Diluted Class A shares outstanding (C)			7,873				8,264				7,873				8,264
Diluted Class B shares/units outstanding (D)			4,212				4,621				4,212				4,621
Total diluted shares/units outstanding			12,085				12,885				12,085				12,885

(A)   See A in Exhibit 2.

(B)   GAAP earnings per share is strictly attributable to Class A stockholders. Adjusted earnings per share takes into account earnings attributable to both Class A and Class B stockholders.

(C)   Includes 50,655 and 23,426 unvested restricted stock units at September 30, 2026 and 2025, respectively.

(D)   Includes 98,992 and 137,100 unvested restricted stock units at September 30, 2026 and 2025, respectively, and 86,764 and 366,293 unvested non-qualified options at September 30, 2026 and 2025, respectively.

Exhibit 4

Silvercrest Asset Management Group Inc. Condensed Consolidated Statements of Financial Condition (Unaudited and in thousands)
		September 30, 2026				December 31, 2025
Assets
Cash and cash equivalents		$	27,797			$	44,069
Investments			2,155				1,030
Receivables, net			9,020				11,788
Due from Silvercrest Funds			652				326
Furniture, equipment and leasehold improvements, net			8,953				7,715
Goodwill			63,675				63,675
Operating lease assets			14,696				17,376
Finance lease assets			281				322
Intangible assets, net			13,077				14,451
Deferred tax asset			480				1,494
Prepaid expenses and other assets			5,556				4,361
Total assets		$	146,342			$	166,607
Liabilities and Equity
Accounts payable and accrued expenses		$	3,591			$	4,282
Accrued compensation			30,005				43,421
Borrowings under credit facility			9,000				4,023
Operating lease liabilities			16,539				19,625
Finance lease liabilities			290				330
Deferred tax and other liabilities			10,290				10,042
Total liabilities			69,715				81,723
Commitments and Contingencies (Note 9)
Equity
Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued and outstanding			—				—
Class A Common Stock, par value $0.01, 50,000,000 shares authorized; 10,996,803 and 7,821,782 issued and outstanding, respectively, as of September 30, 2026; 10,838,804 and 7,782,884 issued and outstanding, respectively, as of December 31, 2025			110				108
Class B Common Stock, par value $0.01, 25,000,000 shares authorized; 4,025,985 and 4,119,699 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively			39				40
Additional Paid-In Capital			60,031				58,875
Treasury Stock, at cost, 3,175,021 and 3,055,920 shares as of September 30, 2026 and December 31, 2025, respectively			(52,316	)			(50,426	)
Accumulated other comprehensive income (loss)			(297	)			(67	)
Retained earnings			37,919				41,744
Total Silvercrest Asset Management Group Inc.’s equity			45,486				50,274
Non-controlling interests			31,141				34,610
Total equity			76,627				84,884
Total liabilities and equity		$	146,342			$	166,607

Exhibit 5

Silvercrest Asset Management Group Inc. Total Assets Under Management (Unaudited and in billions)
Total Assets Under Management:
		Three Months Ended September 30,								% Change from September 30,
		2026				2025				2025
Beginning assets under management		$	37.0			$	36.7				0.8	%
Gross client inflows			1.4				1.0				40.0	%
Gross client outflows			(1.3	)			(1.6	)			-18.8	%
Net client flows			0.1				(0.6	)			-116.7	%
Market (depreciation) appreciation			(0.9	)			1.5				-160.0	%
Ending assets under management		$	36.2			$	37.6				-3.7	%

		Nine Months Ended September 30,								% Change from September 30,
		2026				2025				2025
Beginning assets under management		$	37.0			$	36.5				1.4	%
Gross client inflows			3.5				3.3				6.1	%
Gross client outflows			(5.3	)			(4.0	)			32.5	%
Net client flows			(1.8	)			(0.7	)			157.1	%
Market appreciation			1.0				1.8				-44.4	%
Ending assets under management		$	36.2			$	37.6				-3.7	%

Exhibit 6

Silvercrest Asset Management Group Inc. Discretionary Assets Under Management (Unaudited and in billions)
Discretionary Assets Under Management:
		Three Months Ended September 30,								% Change from September 30,
		2026				2025				2025
Beginning assets under management		$	24.7			$	23.7				4.2	%
Gross client inflows			0.9				0.6				50.0	%
Gross client outflows			(1.0	)			(1.0	)			0.0	%
Net client flows			(0.1	)			(0.4	)			-75.0	%
Market (depreciation) appreciation			(0.8	)			1.0				-180.0	%
Ending assets under management		$	23.8			$	24.3				-2.1	%

		Nine Months Ended September 30,								% Change from September 30,
		2026				2025				2025
Beginning assets under management		$	24.0			$	23.3				3.0	%
Gross client inflows			2.0				2.2				-9.1	%
Gross client outflows			(3.9	)			(2.7	)			44.4	%
Net client flows			(1.9	)			(0.5	)			280.0	%
Market appreciation			1.7				1.5				13.3	%
Ending assets under management		$	23.8			$	24.3				-2.1	%

Exhibit 7

Silvercrest Asset Management Group Inc. Non-Discretionary Assets Under Management (Unaudited and in billions)
Non-Discretionary Assets Under Management:
		Three Months Ended September 30,								% Change from September 30,
		2026				2025				2025
Beginning assets under management		$	12.3			$	13.0				-5.4	%
Gross client inflows			0.5				0.4				25.0	%
Gross client outflows			(0.3	)			(0.6	)			-50.0	%
Net client flows			0.2				(0.2	)			-200.0	%
Market (depreciation) appreciation			(0.1	)			0.5				-120.0	%
Ending assets under management		$	12.4			$	13.3				-6.8	%

		Nine Months Ended September 30,								% Change from September 30,
		2026				2025				2025
Beginning assets under management		$	13.0			$	13.2				-1.5	%
Gross client inflows			1.5				1.1				36.4	%
Gross client outflows			(1.4	)			(1.3	)			7.7	%
Net client flows			0.1				(0.2	)			-150.0	%
Market (depreciation) appreciation			(0.7	)			0.3				-333.3	%
Ending assets under management		$	12.4			$	13.3				-6.8	%

Exhibit 8

Silvercrest Asset Management Group Inc. Assets Under Management (Unaudited and in billions)
		Three Months Ended September 30,
		2026				2025
Total AUM as of June 30,		$	37.023			$	36.673
Discretionary AUM:
Total Discretionary AUM as of June 30,		$	24.745			$	23.669
New client accounts/assets (1)			0.182				0.046
Closed accounts (2)			(0.185	)			(0.032	)
Net cash inflow/(outflow) (3)			0.061				(0.405	)
Non-discretionary to Discretionary AUM (4)			(0.186	)			(0.019	)
Market (depreciation) appreciation			(0.811	)			1.090
Change to Discretionary AUM			(0.939	)			0.680
Total Discretionary AUM at September 30,			23.806				24.349
Change to Non-Discretionary AUM (5)			0.160				0.247
Total AUM as of September 30,		$	36.244			$	37.600

		Nine Months Ended September 30,
		2026				2025
Total AUM as of January 1,		$	37.046			$	36.455
Discretionary AUM:
Total Discretionary AUM as of January 1,		$	23.984			$	23.319
New client accounts/assets (1)			0.375				0.564
Closed accounts (2)			(0.574	)			(0.157	)
Net cash inflow/(outflow) (3)			(1.472	)			(0.945	)
Non-discretionary to Discretionary AUM (4)			(0.184	)			(0.018	)
Market appreciation			1.677				1.586
Change to Discretionary AUM			(0.178	)			1.030
Total Discretionary AUM at September 30,			23.806				24.349
Change to Non-Discretionary AUM (5)			(0.624	)			0.115
Total AUM as of September 30,		$	36.244			$	37.600

(1)    Represents new account flows from both new and existing client relationships.
(2)    Represents closed accounts of existing client relationships and those that terminated.
(3)    Represents periodic cash flows related to existing accounts.
(4)    Represents client assets that converted to Discretionary AUM from Non-Discretionary AUM.
(5)    Represents the net change to Non-Discretionary AUM.

Exhibit 9

Silvercrest Asset Management Group Inc. Equity Investment Strategy Composite Performance1, 2 As of September 30, 2026 (Unaudited)
PROPRIETARY EQUITY PERFORMANCE 1, 2		ANNUALIZED PERFORMANCE
		INCEPTION		1-YEAR				3-YEAR				5-YEAR				7-YEAR				INCEPTION
Large Cap Value Composite		4/1/02			11.3				15.7				9.2				11.4				9.8
Russell 1000 Value Index					23.8				20.1				11.9				12.3				8.7
Small Cap Value Composite		4/1/02			6.8				9.2				4.9				7.9				9.7
Russell 2000 Value Index					20.8				17.9				7.8				10.7				8.5
Smid Cap Value Composite		10/1/05			10.1				12.7				5.4				8.2				9.2
Russell 2500 Value Index					22.5				19.1				9.8				11.6				8.6
Multi Cap Value Composite		7/1/02			8.5				14.7				6.9				9.8				9.7
Russell 3000 Value Index					23.7				20.0				11.7				12.2				9.2
Equity Income Composite		12/1/03			12.7				15.2				8.7				9.1				11.0
Russell 3000 Value Index					23.7				20.0				11.7				12.2				9.4
Focused Value Composite		9/1/04			15.8				17.0				6.5				8.5				9.8
Russell 3000 Value Index					23.7				20.0				11.7				12.2				9.2
Global Value Opportunity Composite		1/1/20			26.8				24.8				15.7				—				14.5
MSCI ACWI Value – Net Index					20.3				19.6				11.5				—				10.3
Small Cap Opportunity Composite		7/1/04			16.0				12.5				5.4				10.4				10.7
Russell 2000 Index					16.2				17.7				6.3				10.5				8.7
Small Cap Growth Composite		7/1/04			46.8				26.3				7.6				16.9				12.0
Russell 2000 Growth Index					12.1				17.6				4.7				9.9				8.9
Smid Cap Growth Composite		1/1/06			29.3				23.5				4.8				15.8				11.8
Russell 2500 Growth Index					7.6				14.9				3.5				9.9				9.5

1	Returns are based upon a time weighted rate of return of various fully discretionary equity portfolios with similar investment objectives, strategies and policies and other relevant criteria managed by Silvercrest Asset Management Group LLC (“SAMG LLC”), a subsidiary of Silvercrest. Performance results are gross of fees and net of commission charges. An investor’s actual return will be reduced by the advisory fees and any other expenses it may incur in the management of the investment advisory account. SAMG LLC’s standard advisory fees are described in Part 2 of its Form ADV. Actual fees and expenses will vary depending on a variety of factors, including the size of a particular account. Returns greater than one year are shown as annualized compounded returns and include gains and accrued income and reinvestment of distributions. Past performance is no guarantee of future results. This piece contains no recommendations to buy or sell securities or a solicitation of an offer to buy or sell securities or investment services or adopt any investment position. This piece is not intended to constitute investment advice and is based upon conditions in place during the period noted. Market and economic views are subject to change without notice and may be untimely when presented here. Readers are advised not to infer or assume that any securities, sectors or markets described were or will be profitable. SAMG LLC is an independent investment advisory and financial services firm created to meet the investment and administrative needs of individuals with substantial assets and select institutional investors. SAMG LLC claims compliance with the Global Investment Performance Standards (GIPS®).
2	The market indices used to compare to the performance of Silvercrest’s strategies are as follows:
	The Russell 1000 Index is a capitalization-weighted, unmanaged index that measures the 1000 largest companies in the Russell 3000. The Russell 1000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.
	The Russell 2000 Index is a capitalization-weighted, unmanaged index that measures the 2000 smallest companies in the Russell 3000. The Russell 2000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values. The Russell 2000 Growth Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth.
	The Russell 2500 Index is a capitalization-weighted, unmanaged index that measures the 2500 smallest companies in the Russell 3000. The Russell 2500 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2500 Index companies with lower price-to-book ratios and lower expected growth values. The Russell 2500 Growth Index is a capitalization-weighted, unmanaged index that includes those Russell 2500 Index companies with higher price-to-book ratios and higher forecasted growth.
	The Russell 3000 Value Index is a capitalization-weighted, unmanaged index that measures those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth. MSCI ACWI Value – Net Index captures large and mid-cap securities across 23 Developed and 24 Emerging Markets, identifying stocks with high value characteristics (low price-to-book, low forward earnings-to-price, and high dividend yield). It represents a value-style subset of the broader MSCI ACWI Index, focusing on undervalued companies.