Conference Call & Webcast: Wednesday, November 4, 2026 at 8:30 am ET

PIRAEUS, Greece, Oct. 30, 2026 (GLOBE NEWSWIRE) — Navios Maritime Partners L.P. (“Navios Partners”) (NYSE:NMM) announced today that it will host a conference call on Wednesday, November 4, 2026 at 8:30 am ET, at which time Navios Partners’ senior management will provide highlights and commentary on earnings results for the third quarter and nine months ended September 30, 2026. The Company will report results for the third quarter and nine months ended September 30, 2026, prior to the conference call.

A supplemental slide presentation will be available on the Navios Partners website at www.navios-mlp.com under the “Investors” section at 8:00 am ET on the day of the call.

Conference Call details:
Call Date/Time: Wednesday, November 4, 2026 at 8:30 am ET
Call Title: Navios Partners Q3 2026 Financial Results Conference Call
US Dial In: +1.800.445.7795
International Dial In: +1.785.424.1699
Conference ID: NMMQ326

The conference call replay will be available two hours after the live call and remain available for one week at the following numbers:
US Replay Dial In: +1.800.695.2533
International Replay Dial In: +1.402.530.9029
This call will be simultaneously Webcast. The Webcast will be available on the Navios Partners website, www.navios-mlp.com, under the “Investors” section. The Webcast will be archived and available at the same Web address for two weeks following the call.

About Navios Maritime Partners L.P.
Navios Partners (NYSE: NMM) is an international owner and operator of dry cargo and tanker vessels. For more information, please visit our website at www.navios-mlp.com.

Public & Investor Relations Contact:
Navios Maritime Partners L.P.
+1.212.906.8645
Investors@navios-mlp.com

Nicolas Bornozis
Capital Link, Inc.
+1.212.661.7566
naviospartners@capitallink.com

JEFFERSON CITY, Mo., Oct. 30, 2026 (GLOBE NEWSWIRE) — Hawthorn Bancshares, Inc. (NASDAQ: HWBK) announced today that on October 28, 2026 its Board of Directors approved a quarterly cash dividend of $0.21 per common share. The dividend is payable on January 1, 2027 to shareholders of record at the close of business on December 15, 2026.

About Hawthorn Bancshares, Inc.

Hawthorn Bancshares, Inc., a bank holding company headquartered in Jefferson City, Missouri, is the parent company of Hawthorn Bank, which has served families and businesses for more than 160 years. Hawthorn Bank operates branch offices in central, southern, northwest Missouri, and also the Kansas City metropolitan area, including one branch in Kansas.

Contact:

Hawthorn Bancshares, Inc.
Brent M. Giles
Chief Executive Officer
TEL: 573.761.6100
www.HawthornBancshares.com

Statements made in this press release that suggest the Company’s or management’s intentions, hopes, beliefs, expectations, or predictions of the future include “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in such forward-looking statements is contained from time to time in the Company’s quarterly and annual reports filed with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this communication, and the Company disclaims any obligation to update any forward-looking statement or to publicly announce the results of any revisions to any of the forward-looking statements included herein, except as required by law.

NEW YORK, Oct. 30, 2026 (GLOBE NEWSWIRE) — MidCap Financial Investment Corporation (NASDAQ: MFIC) (the “Company”) announced today that, in light of entering into a definitive merger agreement (the “Merger Agreement”) with Ares Capital Corporation (NASDAQ: ARCC) (“ARCC”), under which ARCC will acquire the Company (the “Transaction”), it will not hold the third quarter 2026 earnings conference call and webcast previously scheduled for Thursday, November 5, 2026, at 8:30 a.m. Eastern Time.

The Company will issue its results for the quarter ended September 30, 2026, as originally scheduled, prior to the opening of the Nasdaq Global Select Market on November 5, 2026.

About MidCap Financial Investment Corporation

MidCap Financial Investment Corporation (NASDAQ: MFIC) is a closed-end, externally managed, diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). For tax purposes, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is externally managed by Apollo Investment Management, L.P. (“Apollo”), an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries, a high-growth global alternative asset manager. The Company’s investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Company primarily invests in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which the Company generally defines as companies with less than $75 million in EBITDA, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. To a lesser extent, the Company may invest in other types of securities including, first lien unitranche, second lien senior secured, unsecured, subordinated, and mezzanine loans, and equities in both private and public middle market companies. For more information, please visit www.midcapfinancialic.com.

About Ares Capital Corporation

Founded in 2004, ARCC is a leading specialty finance company focused on providing direct loans and other investments in private middle-market companies in the United States. ARCC’s objective is to source and invest in high-quality borrowers that need capital to achieve their business goals, which oftentimes can lead to economic growth and employment. ARCC believes its loans and other investments in these companies can help generate attractive levels of current income and potential capital appreciation for investors. ARCC, through its investment manager, utilizes its extensive, direct origination capabilities and incumbent borrower relationships to source and underwrite predominantly senior secured loans but also subordinated debt and equity investments. ARCC has elected to be regulated as a BDC and was the largest publicly traded BDC by market capitalization as of September 30, 2026. ARCC is externally managed by a subsidiary of Ares Management Corporation (NYSE: ARES) (“Ares Management”), a publicly traded, leading global alternative investment manager. For more information about ARCC, visit www.arescapitalcorp.com.

Forward-Looking Statements

Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition, including statements regarding the Transaction pursuant to the Merger Agreement. The forward-looking statements may include statements as to: the consummation of the Transaction, the future operating results of ARCC, the Company and, following the closing of the Transaction, the combined company, and distribution projections; business prospects of ARCC, the Company and the combined company, and the prospects of their portfolio companies; and the impact of the investments that ARCC, the Company and the combined company expect to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “could,” “estimate,” “overestimate,” “underestimate,” “project,” “intend,” “may,” “will,” “endeavor,” “potential,” “predict,” “continue,” “target” and “would” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Certain factors could cause actual results and conditions to differ materially from those planned, projected, or estimated, including the uncertainties associated with (i) the ability of the parties to consummate the Transaction on the expected timeline, or at all; (ii) the failure of the Company’s stockholders to approve the Transaction and the other Proposals (as defined below); (iii) the possibility that any or all of the various conditions to the consummation of the Transaction, including the receipt of any required regulatory approvals, may not be satisfied or waived on a timely basis or at all, and including the possibility that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Transaction or may require conditions, limitations or restrictions in connection with such approvals; (iv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, including circumstances requiring the Company to pay a termination fee; (v) the possibility that competing offers or acquisition proposals for the Company will be made; (vi) ARCC’s ability to realize the anticipated benefits of the Transaction, including the expected accretion to ARCC’s core earnings and the expected elimination of certain expenses and costs, including as a result of delay in completing the Transaction or integrating the businesses of the Company and ARCC; (vii) the amount of the special dividend from the Company’s undistributed taxable income, the net asset value per share of ARCC and the trading price of ARCC common stock, each of which will affect the number of shares of ARCC common stock issued in the Transaction; (viii) risks related to diverting management’s attention from ongoing business operations and the effect of the announcement or pendency of the Transaction on the business relationships, operating results and business generally of ARCC and the Company; (ix) the combined company’s plans, expectations, objectives and intentions as a result of the Transaction, including the integration of the Company’s portfolio; (x) the future operating results and net investment income projections of ARCC, the Company or, following the closing of the Transaction, the combined company; (xi) the ability of Ares Management to implement its future plans with respect to the combined company and to attract and retain highly talented professionals; (xii) the business prospects of ARCC, the Company or the combined company and the ability of their portfolio companies to achieve their objectives; (xiii) the expected financings and investments and additional leverage that ARCC, the Company or the combined company may seek to incur in the future; (xiv) the adequacy of the cash resources and working capital of ARCC, the Company or the combined company; (xv) the timing of cash flows, if any, from the operations of the portfolio companies of ARCC, the Company or the combined company; (xvi) the ability of ARCC and the combined company to maintain their qualification as a BDC under the 1940 Act, and as a RIC under Subchapter M of the Code; (xvii) general economic, political and market conditions, including changes in interest rates and credit spreads; (xviii) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (xix) the risk that stockholder litigation in connection with the Transaction may result in significant costs of defense and liability; (xx) unexpected costs, charges or expenses resulting from the Transaction, and (xxi) such other factors as are described under the heading “Risk Factors” in ARCC’s and the Company’s respective annual reports on Form 10-K, quarterly reports on Form 10-Q and other filings with the U.S. Securities and Exchange Commission (the “SEC”). Any forward-looking statements speak only as of the date of this press release. ARCC and the Company have based the forward-looking statements included in this press release on information available to them on the date hereof, and they assume no obligation to update any such forward-looking statements. Although ARCC and the Company undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that ARCC and/or the Company in the future may file with the SEC, including the Proxy Statement/Prospectus and the Registration Statement (in each case, as defined below), annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

No Offer or Solicitation

This press release is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this press release is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in ARCC, the Company or in any fund or other investment vehicle managed by Ares Management, Apollo or any of their respective affiliates.

Additional Information and Where to Find It

This press release relates to the proposed Transaction and certain related matters (the “Proposals”). In connection with the Proposals, ARCC will file with the SEC a registration statement on Form N-14 (the “Registration Statement”) that will include a proxy statement of the Company and a prospectus of ARCC (the “Proxy Statement/Prospectus”), and the Company will mail the Proxy Statement/Prospectus to its stockholders. The Proxy Statement/Prospectus and the Registration Statement will each contain important information about ARCC, the Company, the Transaction and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

INVESTORS IN ARCC AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND REGISTRATION STATEMENT, AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ARCC, THE COMPANY, THE TRANSACTION AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by ARCC, from ARCC’s website at www.arescapitalcorp.com, and, for documents filed by the Company, from the Company’s website at www.midcapfinancialic.com.

Participants in the Solicitation

ARCC, its directors, certain of its executive officers and certain employees and officers of Ares Management and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of ARCC is set forth in its proxy statement for its 2026 Annual Meeting of Stockholders, which was filed with the SEC on March 5, 2026. The Company, its directors, certain of its executive officers and certain employees and officers of Apollo and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of the Company is set forth in its proxy statement for its 2026 Annual Meeting of Stockholders, which was filed with the SEC on April 30, 2026. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Company’s stockholders in connection with the Proposals, including a description of their direct or indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement/Prospectus when it becomes available. These documents may be obtained free of charge from the sources indicated above.

Contact

Elizabeth Besen
Investor Relations Manager
MidCap Financial Investment Corporation
(212) 822-0625
ebesen@apollo.com

Automobile And Transportation Veteran To Support Continued H&A Integration And Additional Opportunities For Growth

JACKSONVILLE, Fla., Oct. 30, 2026 (GLOBE NEWSWIRE) — Proficient Auto Logistics, Inc. (NASDAQ: PAL) (the “Company” or “Proficient”) today announced the appointment of Steven Hansen to its Board of Directors (the “Board”), effective immediately.

Mr. Hansen co-founded Hansen & Adkins, Inc. (“H&A”), a finished-vehicle logistics and automobile transportation company acquired by Proficient in August 2026.

“Steve brings more than 30 years of experience in the automobile transportation industry, having built Hansen & Adkins into a respected finished-vehicle logistics company,” said Rick O’Dell, Proficient’s Chief Executive Officer. “He has deep expertise across operations and fleet maintenance, as well as a strong understanding of what it takes to serve automotive customers reliably at scale. Steve’s experience will be particularly valuable as we continue successfully integrating H&A, strengthening our operations, and pursuing additional opportunities for growth. We look forward to his contributions to the Board as we advance Proficient’s long-term strategy.”

Since co-founding H&A in 1994, Mr. Hansen served in a variety of leadership roles at the company. His more than three decades with H&A included responsibility for automobile transportation operations, fleet maintenance, risk management, finance, personnel management, insurance, and U.S. Department of Transportation regulatory compliance. Mr. Hansen is a founding member and former chairman of the Auto Haulers Association of America and currently serves on its board of directors. Mr. Hansen earned a Bachelor of Science in Public Administration from the University of Southern California.

About Proficient Auto Logistics
Headquartered in Jacksonville, Florida, Proficient Auto Logistics (NASDAQ: PAL) is the leading specialized freight company focused on providing auto transportation and logistics services. Through the combination of nine industry-leading operating companies, including four since IPO debut May 2024, PAL operates the largest auto transportation fleet in North America, offering a broad range of services primarily focused on transporting finished vehicles from automotive production facilities, marine ports of entry, and regional rail yards to auto dealerships around North America. For more information, visit www.proficientautologistics.com.

Contacts

Investor Relations:
Brad Wright
Chief Financial Officer and Secretary
Phone: 904-506-4317
email: Investor.relations@proautologistics.com

HONG KONG, Oct. 31, 2026 (GLOBE NEWSWIRE) — Here Group Limited (NASDAQ: HERE) (“Here” or the “Company”), an IP-based pop toy company dedicated to creating beloved collectibles and trend-defining experiences, today announced that it filed its annual report on Form 20-F for the fiscal year ended June 30, 2026, with the Securities and Exchange Commission on October 30, 2026. The annual report on Form 20-F can be accessed on the SEC’s website at http://www.sec.gov and on the Company’s investor relations website at https://ir.heregroup.com/financials-filings/annual-reports.

The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to the Company’s Investor Relations Department at ir@heregroup.com.

About the Company

The Company, through its HERE奇梦岛 brand, creates collectible pop toys that spark joy and inspire global culture. With innovative design and storytelling at its core, the Company delivers immersive experiences that connect deeply with collectors worldwide. Guided by joy, integrity, wonder, and co-creation, the Company is building vibrant cultural ecosystems where fans shape and share dreams.

For more information, please visit: https://ir.heregroup.com.

Contact

Investor Relations
Tina Tang
Here Group Limited
Email: ir@heregroup.com
Tel: +852 2988-8279

Robin Yang, Partner
ICR, LLC
Email: Heregroup.IR@icrinc.com
Phone: +1 (212) 537-0429

NEW YORK, Oct. 30, 2026 (GLOBE NEWSWIRE) — Ready Capital Corporation (NYSE: RC) (the “Company”) today announced that the Company will release its third quarter 2026 financial results after the New York Stock Exchange closes on Thursday, November 5, 2026. Management will host a webcast and conference call on Friday, November 6, 2026 at 8:30 a.m. Eastern Time to provide a general business update and discuss the financial results for the quarter ended September 30, 2026. 

Webcast:
The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.readycapital.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 audio software.

Dial-in:
The conference call can be accessed by dialing 877-407-0792 (domestic) or 201-689-8263 (international).

Replay:
A replay of the call will also be available on the Company’s website approximately two hours after the live call through November 20, 2026.  To access the replay, dial 844-512-2921 (domestic) or 412-317-6671 (international). The replay pin number is 13762583.

About Ready Capital Corporation

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, New York, the Company employs over 400 professionals nationwide.

Contact
Investor Relations
Ready Capital Corporation
212-257-4666
InvestorRelations@readycapital.com

KING OF PRUSSIA, Pa., Oct. 30, 2026 (GLOBE NEWSWIRE) — Universal Health Services, Inc. (NYSE: UHS) is scheduled to present at the UBS Global Healthcare Conference on November 10, 2026, at 9:30 a.m. Eastern Time.

A live audio webcast of the presentation and a webcast replay will be available at the Investor Relations section of the Company’s website (www.uhsinc.com).

About Universal Health Services

Headquartered in King of Prussia, PA, UHS is one of the nation’s largest and most respected providers of hospital and healthcare services, with annual revenues of approximately $17.4 billion during 2025. Through its subsidiaries, UHS employs more than 102,000 employees and, as of September 30, 2026, operated 30 inpatient acute care facilities, 388 inpatient behavioral health facilities, 169 outpatient and other facilities, nationwide virtual behavioral health services, an insurance offering, a physician network and various related services with physical locations in 40 states, Washington, D.C., Puerto Rico, Ireland and the United Kingdom. Since our founding in 1979, UHS has grown steadily into a premier Fortune 500® corporation perennially recognized by multiple esteemed national rating entities.  Our strategy includes investing in talented staff, facilities, technology and innovation across broad care continuums to deliver favorable patient outcomes and contribute to the overall health and wellbeing of the patients we are privileged to serve. A wholly-owned subsidiary of UHS also acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE: UHT). For additional information, please visit www.uhs.com.

Investor Contact:

Darren Lehrich, 610-382-3310, Darren.Lehrich@uhsinc.com

HOUSTON, Oct. 30, 2026 (GLOBE NEWSWIRE) — PACIFIC COAST OIL TRUST (OTC–ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on October 30, 2026 based on the Trust’s calculation of net profits generated during August 2026 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). As further described below under “Update on Estimated Asset Retirement Obligations,” based on information from PCEC, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. As further described below under “Status of the Dissolution of the Trust”, because the annual cash proceeds received by the Trust from its net profits interests (the “Net Profits Interests”) and 7.5% overriding royalty interest (the “Royalty Interest”) totaled less than $2.0 million for each of 2020 and 2021, the amended and restated trust agreement governing the Trust (the “Trust Agreement”) provides that the Trust is to be dissolved and wound-up. All financial and operational information in this press release has been provided to the Trustee by PCEC.

Update on Legal Proceedings

On May 20, 2026, Shipyard Capital, LP, Cedar Creek Partners, Walter Keenan, Cromwell Capital, LLC, Timothy Eriksen, Eriksen Family, LLC and Revi Ramesh Desai, derivatively on behalf of the Trust and, in the alternative, individually, filed a complaint, styled Shipyard Capital, LP, et al v. The Bank of New York Mellon Trust Company, N.A., in the 151st District Court of Harris County, Texas, against the Trustee alleging breach of contract, breach of fiduciary duty, gross negligence and willful misconduct, and negligent misrepresentation, in connection with PCEC’s deduction of its asset retirement obligations discussed below under “Update on Estimated Asset Retirement Obligations.” Among other things, the plaintiffs also seek to enjoin the Trustee from dissolving the Trust or selling Trust assets pending resolution of the action. On June 29, 2026, the Trustee removed the action to the Texas Business Court, Eleventh Division. On August 19, 2026, the court entered a scheduling order setting the case for trial on January 31, 2028. On August 28, 2026, the court sustained the Trustee’s special exceptions and ordered the plaintiffs to replead the claims they are asserting derivatively on behalf of the Trust, as well as the plaintiffs’ willful misconduct claim, and if the repleading fails to cure the defects in those claims, the court’s order states that those claims will be stricken by the court. Plaintiffs filed their amended petition on September 11, 2026, and Trustee’s counsel is currently considering the subject and timing of further challenges to plaintiffs’ claims therein. The Trustee has made demand upon PCEC for indemnification pursuant to Section 6.02 of the Trust Agreement and Section 6(b) of the registration rights agreement to which the Trust and PCEC are parties. The Trustee has not yet fully analyzed any claims it may make in connection with the litigation.

On October 23, 2024, a terminated employee of PCEC filed a complaint, styled Brendan Potyondy v. Pacific Coast Energy Company, LP, in the U.S. District Court for the Central District of California alleging that PCEC retaliated against him for engaging in protected whistleblowing activities in violation of federal and state laws (the “Federal Lawsuit”). The plaintiff alleges that he filed certain reports with several federal and state agencies alleging violations of law by PCEC. Among the agencies plaintiff has contacted or alleges to have contacted are the U.S. Securities and Exchange Commission (“SEC”), the U.S. Department of Labor’s Occupational Safety and Health Administration, the California Occupational Safety and Health Administration, the California Geologic Management Division, and the California Department of Fish and Wildlife. In his complaint to the SEC, the plaintiff alleges, among other things, that PCEC had purposefully provided false data to the Trustee and to the Trust’s independent registered public accounting firm regarding PCEC’s operations, including the calculation of its asset retirement obligations. On November 22, 2024, Mr. Potyondy filed an amended complaint in the Federal Lawsuit, which removed all claims alleging violation of state law and allegations of alleged reports to state agencies. On December 15, 2025, Mr. Potyondy filed a separate suit in California Superior Court alleging violations of wrongful termination and retaliation relating to alleged reports to California state agencies (the “State Lawsuit”). Mr. Potyondy’s November 2024 amended complaint in the Federal Lawsuit was dismissed for failure to state a claim upon which relief could be granted, but the court granted Mr. Potyondy leave to amend to attempt to fix the defects identified by the court. On February 6, 2025, Mr. Potyondy filed his second amended complaint in the Federal Lawsuit, which PCEC moved to dismiss, but was denied by the court. On September 8, 2026, Mr. Potyondy’s Federal Lawsuit proceeded to trial. After four days of testimony, the jury returned a complete verdict in favor of PCEC, awarding nothing to Mr. Potyondy. Although the State Lawsuit remains pending, PCEC maintains that Mr. Potyondy’s outstanding claims have been substantially narrowed by the jury’s findings on his whistleblower retaliation claim under the Sarbanes-Oxley Act in the Federal Lawsuit. That jury finding limits his remaining claims to those brought before the California Occupational Safety and Health Administration, the California Geologic Management Division, and the California Department of Fish and Wildlife. PCEC has indicated to the Trustee that it maintains all remaining claims under the State Lawsuit are without merit and that PCEC will defend against these allegations. In the meantime, the Trustee is independently investigating the relevant allegations raised in the SEC complaint.

Monthly Net Profits Interest Calculations

The Current Month’s calculation for the Developed Properties reflected an operating loss of approximately $79,000, as revenues from the Developed Properties were approximately $2.3 million, lease operating expenses including production taxes were approximately $2.3 million, and development costs were approximately $38,000. The average realized price for the Developed Properties was $70.58 per Boe for the Current Month, as compared to $68.00 per Boe in July 2026 (the “Prior Month”). The cumulative net profits deficit for the Developed Properties increased from $11.4 million in the Prior Month to approximately $11.8 million in the Current Month, as further discussed below under “Update on Estimated Asset Retirement Obligations”.

The Current Month’s distribution calculation included approximately $63,000 generated from the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $69.19 per Boe for the Current Month, as compared to $64.04 per Boe for the Prior Month. The cumulative net profits deficit for the Remaining Properties was approximately $115,000 for the Current Month, as further discussed below under “Update on Estimated Asset Retirement Obligations”.

The monthly operating and services fee of approximately $119,000 payable to PCEC, together with Trust general and administrative expenses of approximately $164,000, exceeded the payment of approximately $63,000 received from PCEC with respect to the Remaining Properties, creating a shortfall of approximately $220,000.

Sales Volumes and Prices

The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:

  Underlying Properties
  Sales Volumes   Average Price
  (Boe)   (Boe/day)   (per Boe)
Developed Properties (a) 31,985   1,032   $70.58
Remaining Properties (b) 13,076   422   $69.19
           
(a) Crude oil sales volumes represented approximately 98% of sales volumes.
(b) Crude oil sales volumes represented approximately 100% of sales volumes.
 

Update on Amounts Owed to PCEC by the Trust

PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the Trust Agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Although PCEC has continued to loan funds to the Trust as required under the Trust Agreement, the reduced ability to transport production from the Orcutt properties, as discussed below under “Cancellation of Connection Agreement with Phillips 66”, has affected PCEC’s ability to loan on a timely basis the full amount of the funds requested by the Trustee in recent periods. As of the date of this press release, PCEC has fulfilled its obligations to loan all requested funds to the Trust. Under the Trust Agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. As the Trust has fully drawn down the letter of credit, PCEC has loaned funds to the Trust pursuant to a promissory note to pay shortfalls related to previous months and is expected to loan funds to pay this month’s shortfall of approximately $220,000.

As of the end of the Current Month, the Trust owed PCEC approximately $14.5 million (which includes the amount drawn from the letter of credit, amounts borrowed under the promissory note, and in each case, net accrued interest).

Loans made to the Trust and amounts drawn from the letter of credit, together with interest thereon, will be repaid from proceeds, if any, payable to the Trust pursuant to the Net Profits Interests and the Royalty Interest, and from any proceeds from a sale of the Trust’s assets in connection with the dissolution of the Trust. Consequently, no further distributions may be made until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full. Given the outstanding amount borrowed by the Trust to date, there may not be any net proceeds from a sale of the Trust’s assets to be distributed to the Trust unitholders.

Update on Estimated Asset Retirement Obligations

As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the recognition related to net present value of future plugging and abandonment costs that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, was $45,695,643, which is approximately $10.0 million less than the undiscounted amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflected PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020.

PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC. As previously disclosed, PCEC has informed the Trustee that at year-end 2020, and following the end of each of the first, second and third quarters of 2021, in light of the accounting guidance under Accounting Standards Codification (“ASC”) 410-20-35-3, which requires the recognition of changes in the asset retirement obligation due to the passage of time and revision of the timing or amount of the originally estimated undiscounted cash flows, PCEC re-evaluated the estimated ARO, which resulted in an aggregate increase to the ARO accrual for the Developed Properties by approximately $5.1 million, net to the Trust’s interest, and an aggregate increase to the ARO accrual for the Remaining Properties by approximately $288,000, net to the Trust’s interest. PCEC previously informed the Trustee that PCEC has recognized additional asset retirement obligations for the year ended December 31, 2021, in the amount of approximately $1.2 million, of which approximately $0.4 million relates to the Developed Properties, while approximately $0.8 million relates to the Remaining Properties. Net to the Trust’s interests, this represents an upward ARO revision of approximately $0.3 million and approximately $0.2 million for the Developed Properties and the Remaining Properties, respectively.

In June 2023, PCEC engaged Cornerstone Engineering, Inc. (“Cornerstone”) to perform an ARO evaluation for the West Pico and Orcutt Hill fields. Based on Cornerstone’s report, Moss Adams has provided PCEC with an updated ARO valuation that reflects an upward adjustment in the ARO values as of December 31, 2022, of approximately $13.7 million discounted to December 31, 2022, with a cumulative increase in the accretion for the first three quarters of 2023 of approximately $1.0 million net to the Trust’s interests. The adjustment in the ARO values as of December 31, 2022, and accretion was recorded as a single adjustment during September for the calculated difference between the previously recorded ARO values and the new value including accretion through September 2023. These adjustments were reflected in the net profits interest calculations for September 2023.

PCEC has informed the Trustee that in the net profits calculation for the Current Month, PCEC reflected upward adjustments in the ARO of approximately $481,000 ($385,000 net to the Trust’s 80% net profits interest) for the Developed Properties and approximately $147,000 ($37,000 net to the Trust’s 25% net profits interest) for the Remaining Properties related to accumulated accretion on the ARO. PCEC has informed the Trustee that it expects to continue to make accretion adjustments monthly going forward.

The net profits deficit for the Developed Properties increased from approximately $11.4 million to approximately $11.8 million in the Current Month. The net profits deficit for the Developed Properties must be recouped from proceeds otherwise payable to the Trust from the 80% Net Profits Interest. The Trust is not responsible for the payment of the deficit, which will continue to be repaid out of the proceeds from the Net Profits Interests following the sale thereof in connection with the dissolution of the Trust. Proceeds from such sale would be used to repay amounts drawn from the letter of credit and borrowed from PCEC and to pay the expenses of the Trust, including any estimated future remaining expenses, with any remaining net proceeds to be distributed to the Trust unitholders; sale proceeds will not be reflected in any monthly net profits interest calculation and therefore would not be applied to repayment of any net profits deficit in existence at the time of such sale.

Based on PCEC’s estimate of its ARO attributable to the Net Profits Interests, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.

As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020, provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, indicating PCEC’s view that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all actions reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.

Status of the Dissolution of the Trust

As described in more detail in the Trust’s filings with the SEC, the Trust Agreement provides that the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and the Royalty Interest total less than $2.0 million for each of any two consecutive calendar years. Because of the cumulative net profits deficit—which PCEC contends is the result of the substantial reduction in commodity prices during 2020 due to the COVID-19 pandemic and PCEC’s deduction of estimated ARO beginning in the first quarter of 2020—the only cash proceeds the Trust has received from March 2020 has been attributable to the Royalty Interest, other than the period from August 2022 through February 2023, when the net profits deficit with respect to the Remaining Properties had been eliminated. As a result, the total proceeds received by the Trust in each of 2020 and 2021 were less than $2.0 million. Therefore, the Trust had been expected to terminate by its terms at the end of 2021.

Evergreen Arbitration

As previously disclosed in the Trust’s Current Report on Form 8-K filed on December 23, 2021, on December 8, 2021, Evergreen Capital Management LLC (“Evergreen”) filed an Amended Class Action and Shareholder Derivative Complaint alleging a derivative action on behalf of the Trust and against PCEC in the Superior Court of the State of California for the County of Los Angeles (the “Court”).

On December 10, 2021, Evergreen filed a motion for temporary restraining order and for preliminary injunction, seeking to (1) enjoin the Trustee from dissolving the Trust, (2) enjoin PCEC from dissolving the Trust, (3) direct PCEC to account for all monies withheld from the Trust on the basis of ARO costs since September 2019, and (4) direct PCEC to place such monies in escrow. On December 16, 2021, the Court granted Evergreen’s application for a temporary restraining order only to the extent of enjoining the dissolution of the Trust. Accordingly, the Trust did not dissolve at the end of 2021 and commence the process of selling its assets and winding up its affairs.

On January 11, 2022, PCEC and Evergreen filed an agreed stipulation to stay the prosecution of Evergreen’s derivative claims pending an arbitration of such claims. On January 13, 2022, the Court signed an Order dissolving the December 16, 2021, temporary restraining order and entering a new temporary restraining order to preserve the status quo until a tribunal of three arbitrators appointed pursuant to the Trust Agreement could rule on any request by Evergreen for injunctive relief. On April 11, 2022, PCEC notified the Court, at the arbitrators’ request, that the arbitration panel had issued an order on April 7, 2022, denying Evergreen’s request for injunctive relief. On April 13, 2022, Evergreen notified the Court that Evergreen had filed a motion for reconsideration with the arbitration panel that same day, which was denied on May 26, 2022. On August 30, 2022, the arbitration panel issued a Partial Final Award dismissing with prejudice Evergreen’s derivative claims against PCEC, including Evergreen’s application for an injunction. On December 5, 2023, the California Superior Court confirmed that Partial Final Award.

On June 20, 2022, Evergreen filed an amended pleading in the arbitration, adding the Trustee as a party to that proceeding. In early September 2022, Evergreen informed the Trustee that it was going to seek a preliminary injunction while its claims against the Trustee were pending. At the request of the arbitration panel, the Trustee agreed to take no steps toward the sale of the Trust corpus until the Panel decided Evergreen’s application for a preliminary injunction. On September 12, 2022, the Trustee filed a motion to dismiss Evergreen’s claims against the Trustee. On September 22, 2022, Evergreen filed an opposition to the Trustee’s motion to dismiss. On September 15, 2022, Evergreen filed a motion to enjoin the Trustee from selling the Trust assets or dissolving the Trust during the pendency of the arbitration. The Trustee and PCEC filed a response in opposition to Evergreen’s motion on September 22, 2022. Both motions were heard by the Panel on October 24, 2022. On October 31, 2022, the Panel granted the Trustee’s motion and dismissed Evergreen’s claims against the Trustee with prejudice, which mooted Evergreen’s request for injunctive relief.

Evergreen has sought appeal of each of the judgments. Those appeals were consolidated in the Second Appellate District on November 1, 2023. On March 20, 2025, the California Court of Appeals heard oral arguments in the appeal, and on May 21, 2025, the Court of Appeals issued its decision affirming the arbitration awards that dismissed Evergreen’s claims with prejudice.

Subject to the outcome of the Trustee’s investigation of the relevant allegations in the whistleblower complaint against PCEC described above, and subject to the resolution of the derivative action against the Trustee described above, the Trustee plans to move forward with the winding up of the Trust in accordance with the provisions of the Trust Agreement, which will include selling all of the Trust’s assets and distributing the net proceeds of the sale to the Trust unitholders after payment, or reasonable provision for payment, of all Trust liabilities, including the establishment of cash reserves in such amounts as the Trustee in its discretion deems appropriate for the purpose of making reasonable provision for all claims and obligations of the Trust, including any contingent, conditional or unmatured claims and obligations, in accordance with the Delaware Statutory Trust Act.

PCEC Arbitration

On March 31, 2023, PCEC submitted a demand for arbitration against the Trustee, as trustee of the Trust, seeking, among other things, (1) an order compelling the Trustee to commence the process of dissolving the Trust pursuant to the provisions of the Trust Agreement, (2) a declaration that the Conveyance permits the legal fees and costs that PCEC, as operator, incurred in defending the Evergreen litigation and arbitration proceedings described above to be deducted from the proceeds from the Net Profits Interests, and (3) a declaration that the Trust must repay, with interest, the legal fees and costs that PCEC paid on behalf of the Trust to defend claims against the Trustee in the Evergreen proceedings or, alternatively, that PCEC may deduct such legal fees and costs from the proceeds from the Net Profits Interests.

The hearing before the arbitration panel was concluded on August 2, 2023, and on September 28, 2023, as previously disclosed, the arbitration panel issued its Partial Final Award, in which the panel found as follows:

  • The Trustee is not required to immediately commence the marketing and sale of the Trust’s assets;
     
  • PCEC is entitled to deduct from the net profits its own legal fees and the Trustee’s legal fees paid by PCEC in connection with the Evergreen proceedings; and
     
  • PCEC is not entitled to reimbursement of such legal fees from the proceeds of the sale of the Trust’s assets.

In its Final Award issued on October 24, 2023, the arbitration panel set forth its finding of fact that pursuant to the termination provisions of the Trust Agreement, the triggering event for the dissolution of the Trust occurred on January 1, 2022 and the Trust is dissolved, and that the Trustee’s remaining duties are as specified in Sections 2.02 (Purpose) and 9.03 (Disposition and Distribution of Assets and Properties) of the Trust Agreement.

In light of the arbitration panel’s finding that the Trustee is not required to immediately commence the marketing of the Trust’s assets, the Trustee has continued to work with PCEC and, until its resignation on July 11, 2025 as previously disclosed in the Trust’s Current Report on Form 8-K filed on July 17, 2025, the Trust’s prior independent auditor, and since its appointment on March 16, 2026 as previously disclosed in the Trust’s Current Report on Form 8-K filed on March 17, 2026, the Trust’s replacement independent auditor, Weaver and Tidwell, L.L.P.,  to complete the audits of the Trust’s financial statements for the years ended December 31, 2019 through December 31, 2025 and the reviews of the Trust’s quarterly financial statements for the years 2023, 2024 and 2025 and to prepare a comprehensive annual report on Form 10-K as part of the Trust’s efforts to become current in its filing obligations under the Securities Exchange Act of 1934, as amended. The Trust expects to file the comprehensive annual report with the SEC as soon as possible after completion of the audits, at which point the Trustee expects to commence the marketing and sale process, subject to the resolution of the derivative action against the Trustee described above; however, additional delays in the completion and filing of the comprehensive annual report will occur as a result of the Trustee’s investigation of the relevant allegations in the whistleblower complaint against PCEC described above. In the meantime, the Trustee will continue to communicate material information to unitholders via press releases and Forms 8-K.

Meanwhile, because the Partial Final Award confirmed PCEC’s right to deduct from the net profits its own legal fees and the Trustee’s legal fees paid by PCEC in connection with the Evergreen proceedings, PCEC deducted approximately $4.0 million of PCEC legal fees (plus approximately $0.4 million in interest), or approximately $3.5 million net to the Trust’s 80% net profits interest, under the net profits interest calculations for September 2023, which reflected PCEC legal fees paid through September 30, 2023. Through the end of the Current Month, PCEC had further deducted a total of $2.1 million of PCEC legal fees, including adjustments, or approximately $1.7 million net to the Trust’s 80% net profits interest, and a total of $1.8 million of the Trustee’s legal fees paid by PCEC in connection with the Evergreen proceedings, or approximately $1.5 million net to the Trust’s 80% net profits interest. PCEC has indicated to the Trustee that PCEC continues to incur fees and expenses related to Evergreen’s appeal of its loss in the litigation and arbitration and will continue to deduct those amounts under the monthly net profits interest calculation as provided in the Conveyance, which could result in further increases to the net profits deficit for the Developed Properties.

The Trust previously borrowed funds from PCEC sufficient to pay the approximately $0.9 million of legal fees of the Trustee incurred in connection with the PCEC arbitration, as well as approximately $59,000 representing the Trust’s share of the fees of the arbitration panel.

Replacement of the Trustee

As previously disclosed, at a special meeting of the unitholders of the Trust held on July 12, 2023 (the “Special Meeting”), a majority of the unitholders voted to remove The Bank of New York Mellon Trust Company, N.A. as trustee of the Trust. A successor trustee was not nominated for approval at the Special Meeting. Under Section 6.05 of the Trust Agreement, if a new trustee has not been approved within 60 days after a vote of unitholders removing a trustee, a successor trustee may be appointed by any State or Federal District Court having jurisdiction in New Castle County, Delaware, upon the application of PCEC, any Trust unitholder, or the Trustee.

On September 11, 2023, PCEC filed a petition with the Court of Chancery of the State of Delaware (the “Delaware Court”) seeking to appoint Province, LLC as successor trustee.

On September 12, 2023, unitholders Evergreen Capital Management LLC, Shipyard Capital LP, Shipyard Capital Management LLC, Cedar Creek Partners LP, Eriksen Capital Management LLC and Walter Keenan (collectively, the “Unitholder Petitioners”) jointly filed a petition with the Delaware Court seeking to appoint Barclay Leib as temporary trustee and as successor trustee as of January 1, 2024. As Section 6.05 of the Trust Agreement requires that any successor trustee must be a bank or trust company having combined capital, surplus and undivided profits of at least $100,000,000, the Unitholder Petitioners requested that the Delaware Court modify the Trust Agreement to remove that requirement. Subsequently, the Unitholder Petitioners elected not to proceed and filed a stipulated dismissal of their petition on October 17, 2023, which was signed by the Delaware Court that day.

On October 31, 2023, PCEC filed a motion for summary judgment with regard to the appointment of a successor or temporary trustee, and the Trustee filed a response in opposition to that motion on November 14, 2023. The Delaware Court denied PCEC’s motion at a hearing held on November 28, 2023. PCEC elected not to proceed at this time and filed a stipulated dismissal of its petition, without prejudice, on February 27, 2024, which was signed by the Delaware Court that day.

The Trustee is unable to predict when a successor trustee will be appointed. Until that time, the Trustee will remain as trustee of the Trust and will continue to have the rights and obligations as trustee pursuant to the Trust Agreement.

The Trust has borrowed funds from PCEC sufficient to pay the approximately $0.3 million legal fees of the Trustee incurred in connection with the proceedings initiated by the Unitholder Petitioners, as well as approximately $42,000 representing the Trust’s share of court fees.

Production Update

PCEC has informed the Trustee that PCEC continues to strategically deploy capital to maintain production within export and transportation constraints resulting from the previously disclosed termination of the Phillips 66 pipeline Connection Agreement described in greater detail below. These constraints have led to a curtailment of production at Orcutt, resulting in a decrease of 12,820 Bbls (or 24%) for Orcutt in August 2026, as compared to December 2022, the last full month of production prior to the termination of the Connection Agreement.

On December 20, 2024, PCEC announced its plans to terminate oil and gas production at the West Pico Unit. To begin the termination process, in June 2026 PCEC submitted application documentation to the City of Los Angeles for a modification of its conditional use permit (“CUP”) to temporarily use workover rigs to safely and efficiently plug and abandon oil wells on the site, with mandatory termination of all oil and gas operations five years from approval of the CUP modification. PCEC indicates that the City of Los Angeles is in the process of reviewing the documentation for completeness prior to PCEC’s official submission of the application. Termination of production at the West Pico Unit, when it occurs, will reduce revenues under the Net Profits Interests, while the expected termination could adversely affect the amount of proceeds that may be received by the Trust from the sale of the Net Profits Interests.

Cancellation of Connection Agreement with Phillips 66

As previously disclosed, PCEC has informed the Trustee that on September 22, 2022, PCEC received notice from Phillips 66 of the cancellation of the Connection Agreement between PCEC and Phillips 66 with respect to the three leases located south of Orcutt in Santa Barbara, California, effective upon completion of PCEC’s deliveries in December 2022. As a result of the cancellation, and the subsequent shutdown of the Santa Maria Refinery on January 4, 2023, PCEC no longer has a pipeline interconnection between the Orcutt properties and the Santa Maria Refinery. This pipeline was the sole means by which PCEC transported its crude oil from the Orcutt properties, which relates to approximately 86% and 91% of the production attributable to the Trust’s interests in 2021 and 2022, respectively.

The shutdown of the refinery and the pipeline has adversely affected PCEC’s financial performance, the revenues that may be payable to the Trust, and PCEC’s ability to provide loans to the Trust on a timely basis in the full amounts requested by the Trustee. PCEC previously informed the Trustee that it was able to secure a short-term contract to transport oil from the Orcutt properties commencing on January 4, 2023, albeit at reduced volumes and with a higher differential compared to the terms previously achievable through the Phillips 66 Connection Agreement. This contract was terminated at the end of June 2025, as previously disclosed, and the refinery that had taken the oil produced from the Orcutt properties has since been closed. Effective October 1, 2025, PCEC has made arrangements to sell its oil to other purchasers on a short-term basis. Unlike Phillips 66, which would use its own trucks to transport the oil from PCEC locations, the new purchasers do not have their own trucks and therefore PCEC will be required to incur additional costs for such transportation. Since early 2025, PCEC has incurred additional expenses for transportation from the Orcutt properties and has been deducting from gross profits the portion of those expenses attributable to the Trust’s interests in accordance with the terms of the Conveyance. PCEC will continue to deduct from gross profits the transportation expenses incurred under the new arrangements for the sale of oil from the Orcutt properties. In addition, unlike Phillips 66, which did not reduce the price paid to PCEC for the gravity and quality of the crude oil delivered, the purchasers under the current arrangements adjust the purchase price paid for the crude oil for the gravity, quality, and basic sand and water content of the crude oil delivered.

Overview of Trust Structure

Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.

Cautionary Statement Regarding Forward-Looking Information

This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for the purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders, the outcome of the proceedings relating to the appointment of a successor trustee, expectations regarding the timing of the termination of oil and gas production at the West Pico Unit, uncertainties regarding transportation of oil from the Orcutt properties and the impact of an inability to transport such oil on future payments to the Trust, expectations regarding PCEC’s ability to loan funds to the Trust, expectations regarding future borrowing by the Trust and the impact such borrowing may have on any net proceeds available for distribution following a sale of the Trust’s assets, future legal fees that may be deducted under the monthly net profits interest calculation, expectations regarding the filing of the Trust’s comprehensive annual report on Form 10-K, statements regarding the expected winding down of the Trust, expectations regarding any proceeds that the Trust may receive from a sale of the Trust’s assets, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been in the past, and may be in the future, significantly and negatively affected by low commodity prices, which could remain low for an extended period of time, and possibly decline further, as a result of a variety of factors that are beyond the control of the Trust and PCEC. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, reserves for anticipated future expenses, and difficulties in obtaining alternative arrangements for the transportation of oil produced from the Orcutt properties. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust’s Annual Report on Form 10‑K for the year ended December 31, 2018, filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Trust’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K are available over the Internet at the SEC’s website at http://www.sec.gov.

Contact:
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Elaina Rodgers
elaina.c.rodgers@bny.com
811 Main Street, Floor 15, Houston, TX 77002

JUPITER, Fla., Oct. 30, 2026 (GLOBE NEWSWIRE) — Dyadic International, Inc. d/b/a Dyadic Applied BioSolutions (“Dyadic”, “we”, “us”, “our”, or the “Company”) (Nasdaq: DYAI), a global biotechnology company focused on the scalable production of high-value, precision engineered functional input proteins for use in life sciences, food and nutrition, and industrial biotechnology applications utilizing its proprietary gene expression platforms, today announced that it will report its financial results for the quarter ended September 30, 2026 and host a corporate update conference call on Thursday, November 12, 2026.

Conference Call Information

Date: Thursday, November 12, 2026

Time: 5:00 p.m. Eastern Time

Dial-in numbers: Toll Free: +1-877-407-9219 / +1 412-652-1274

Conference ID: 13761286

Webcast Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=IKih8Wc8 An archive of the webcast will be available within 24 hours after completion of the live event and will be accessible on the Investor Relations section of the Company’s website at www.dyadic.com. To access the replay of the webcast, please follow the webcast link above.

If you have any questions that you would like to ask management during the Q&A session, please email jlavalley@dyadic.com prior to the conference call.

About Dyadic Applied BioSolutions

Dyadic Applied BioSolutions is a global biotechnology company that uses its proprietary microbial platforms to produce recombinant proteins that are sold or licensed to partners across the life sciences, food and nutrition, and bio-industrial markets. These high-quality proteins are designed to enable customers to develop more efficient, scalable, and sustainable products. Dyadic’s C1 and Dapibus™ expression systems support flexible, cost-effective manufacturing, and are the foundation of a growing portfolio of commercial and partnered programs. For more information, please visit www.dyadic.com.

Safe Harbor Regarding Forward-Looking Statements

This press release contains 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, including those regarding Dyadic International’s expectations, intentions, strategies, and beliefs pertaining to future events or future financial performance, such as the success of our clinical trial and interest in our protein production platforms, our research projects and third-party collaborations, as well as the availability of necessary funding. Actual events or results may differ materially from those in the forward-looking statements because of various important factors, including those described in the Company’s most recent filings with the SEC. Dyadic assumes no obligation to update publicly any such forward-looking statements, whether because of new information, future events or otherwise. For a more complete description of the risks that could cause our actual results to differ from our current expectations, please see the section entitled “Risk Factors” in Dyadic’s annual reports on Form 10-K and quarterly reports on Form 10-Q filed with the SEC, as such factors may be updated from time to time in Dyadic’s periodic filings with the SEC, which are accessible on the SEC’s website and at www.dyadic.com.

Contact:

Ping Rawson

Dyadic Applied BioSolutions

Chief Financial Officer

Phone: (561) 743-8333

Email: ir@dyadic.com

Increased Revenue 9% year-over-year to $205.6 million, driven by Social and CTV Growth

Achieved Net Income of $15.9 Million and Adjusted EBITDA of $75.4 million, representing a 37% Adjusted EBITDA margin

NEW YORK, Oct. 30, 2026 (GLOBE NEWSWIRE) — DoubleVerify (“DV”) (NYSE: DV), the leading software platform for digital media measurement, data and analytics, today announced financial results for the third quarter ended September 30, 2026.

Third Quarter 2026 Financial Highlights:

(All comparisons are to the third quarter of 2025)

  • Total revenue of $205.6 million, an increase of 9%.
  • Activation revenue of $117.6 million, an increase of 10%.
  • Measurement revenue of $69.1 million, an increase of 8%.
    • Social measurement revenue increased by 20%.
    • International measurement revenue increased by 16%.
    • Media Transactions Measured (“MTM”) for CTV increased by 22%.
  • Supply-side revenue of $18.9 million, an increase of 5%.
  • Net income of $15.9 million and adjusted EBITDA of $75.4 million, which represented a 37% adjusted EBITDA margin.
  • Cash balance of approximately $251 million, with no debt outstanding.

Recent Business Highlights:

  • Launched Ask Neura, a new conversational AI experience built directly into DV Pinnacle®, enabling advertisers and agencies to dynamically interact with DV data and insights to analyze and optimize campaign effectiveness.
  • Announced the global availability of independent media quality measurement on TikTok Pangle.
  • Launched attribution measurement and brand suitability evaluation pilots for ChatGPT Ads.

Merger Agreement:

On August 6, 2026, DV entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Neptune BidCo US Inc., a Delaware corporation (“Parent”) and Wallace Merger Sub Inc., a Delaware corporation and a direct, wholly owned subsidiary of Parent (“Merger Sub”). Pursuant to the Merger Agreement, Merger Sub will merge (the “Merger”) with and into DV, with DV surviving the merger and continuing as the surviving corporation and a wholly owned subsidiary of Parent. Parent is the parent company of the Nielsen Company (US), LLC. Additional details regarding the transactions contemplated by the Merger Agreement are included in the definitive proxy statement filed by DV with the U.S. Securities and Exchange Commission (the “SEC”) on September 29, 2026.

On October 29, 2026, DV held a special meeting of stockholders of DV (the “Special Meeting”). At the Special Meeting, a majority of DV stockholders voted to adopt the Merger Agreement. Approximately 94% of votes cast were in favor of the adoption of the Merger Agreement, representing over 75% of the issued and outstanding shares of DV common stock as of the close of business on September 28, 2026, the record date for the Special Meeting. The voting results, which have been certified by an independent inspector of elections, are available on a Form 8-K filed by DV with the SEC on October 29, 2026.

The Company continues to expect the transactions contemplated by the Merger Agreement to close by the first quarter of 2027, subject to satisfaction of customary closing conditions.

In light of the pending transactions contemplated by the Merger Agreement, DV has suspended future earnings and investors calls for the duration of the transactions’ pendency. Additionally, DV has withdrawn all previously issued financial outlook and guidance for the duration of the transactions’ pendency. Future updates regarding the transactions contemplated by the Merger Agreement and DV’s strategic progress will be provided through official press releases and regulatory filings, as appropriate.

Key Business Terms

Activation revenue is generated from the evaluation, verification, and measurement of advertising impressions purchased through programmatic demand-side and social media platforms.

Measurement revenue is generated from the verification and measurement of advertising impressions that are directly purchased on digital media properties, including publishers, CTV and social media platforms.

Supply-Side revenue is generated from platforms and publisher partners who use DoubleVerify’s data analytics to evaluate, verify and measure their advertising inventory.

Gross Revenue Retention Rate is the total prior period revenue earned from advertiser customers, less the portion of prior period revenue attributable to lost advertiser customers, divided by the total prior period revenue from advertiser customers.

Net Revenue Retention Rate is the total current period revenue earned from advertiser customers, which were also customers during the entire most recent twelve-month period, divided by the total prior year period revenue earned from the same advertiser customers, excluding a portion of our revenues that cannot be allocated to specific advertiser customers.

Media Transactions Measured (MTM) is the volume of media transactions that DoubleVerify’s software platform measures.

Measured Transaction Fee (MTF) is the fixed fee DoubleVerify charges per thousand Media Transactions Measured.

International Revenue Growth Rates are inclusive of foreign currency fluctuations.

DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

  As of   As of
(in thousands, except per share data) September 30, 2026   December 31, 2025
Assets:          
Current assets          
Cash and cash equivalents $ 250,852     $ 259,038  
Trade receivables, net of allowances for doubtful accounts of $8,307 and $8,096 as of September 30, 2026 and December 31, 2025, respectively   228,009       221,158  
Prepaid expenses and other current assets   41,786       39,132  
Total current assets   520,647       519,328  
Property, plant and equipment, net   130,054       103,284  
Operating lease right-of-use assets, net   61,089       66,908  
Goodwill   511,084       516,002  
Intangible assets, net   81,299       101,616  
Deferred tax assets   29,714       30,920  
Other non-current assets   16,051       16,024  
Total assets $ 1,349,938     $ 1,354,082  
Liabilities and Stockholders’ Equity:          
Current liabilities          
Trade payables $ 14,860     $ 14,662  
Accrued expenses   62,570       73,552  
Operating lease liabilities, current   7,349       9,057  
Income tax liabilities   1,742       3,829  
Current portion of finance lease obligations   13,823       6,982  
Other current liabilities   10,693       13,481  
Total current liabilities   111,037       121,563  
Operating lease liabilities, non-current   72,634       77,917  
Finance lease obligations   14,557       5,595  
Deferred tax liabilities   11,240       11,467  
Other non-current liabilities   7,072       6,208  
Total liabilities   216,540       222,750  
Commitments and contingencies (Note 15)          
Stockholders’ equity          
Common stock, $0.001 par value, 1,000,000 shares authorized, 177,293 shares issued and 156,189 outstanding as of September 30, 2026; 1,000,000 shares authorized, 176,546 shares issued and 161,900 outstanding as of December 31, 2025   177       177  
Additional paid-in capital   1,082,656       1,059,938  
Treasury stock, at cost, 21,104 shares and 14,646 shares as of September 30, 2026 and December 31, 2025, respectively   (297,856 )     (247,982 )
Retained earnings   341,121       305,864  
Accumulated other comprehensive income, net of income taxes   7,300       13,335  
Total stockholders’ equity   1,133,398       1,131,332  
Total liabilities and stockholders’ equity $ 1,349,938     $ 1,354,082  


DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)

  Three Months Ended September 30,    Nine Months Ended September 30, 
(in thousands, except per share data) 2026   2025   2026   2025
Revenue $ 205,638     $ 188,621   $ 580,252     $ 542,703  
Cost of revenue (exclusive of depreciation and amortization shown separately below)   38,542       33,465     104,185       97,557  
Product development   44,427       44,842     136,201       136,762  
Sales, marketing and customer support   47,981       47,022     141,836       141,594  
General and administrative   28,009       26,997     80,691       83,100  
Depreciation and amortization   18,334       15,191     50,333       42,275  
Income from operations   28,345       21,104     67,006       41,415  
Interest expense   652       467     1,540       1,330  
Other (income) expense, net   (251 )     99     1,386       (5,185 )
Income before income taxes   27,944       20,538     64,080       45,270  
Income tax expense   12,015       10,336     28,823       23,949  
Net income $ 15,929     $ 10,202   $ 35,257     $ 21,321  
Earnings per share:                      
Basic $ 0.10     $ 0.06   $ 0.23     $ 0.13  
Diluted $ 0.10     $ 0.06   $ 0.22     $ 0.13  
Weighted-average common stock outstanding:                      
Basic   155,200       162,031     156,623       163,285  
Diluted   160,321       166,497     160,753       167,368  
Comprehensive income:                      
Net income $ 15,929     $ 10,202   $ 35,257     $ 21,321  
Other comprehensive (loss) income:                      
Foreign currency cumulative translation adjustment   (1,346 )     839     (6,035 )     27,715  
Total comprehensive income $ 14,583     $ 11,041   $ 29,222     $ 49,036  


DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

                                  Accumulated Other      
                      Additional         Comprehensive   Total
  Common Stock   Treasury Stock   Paid-in   Retained   Income (Loss)   Stockholders’
(in thousands) Shares   Amount   Shares   Amount   Capital   Earnings   Net of Income Taxes   Equity
Balance as of January 1, 2026 176,546   $ 177   14,646     $ (247,982 )   $ 1,059,938     $ 305,864   $ 13,335     $ 1,131,332  
Foreign currency translation adjustment —     —   —       —       —       —     (4,931 )     (4,931 )
Shares repurchased for settlement of employee tax withholdings —     —   142       (1,437 )     —       —     —       (1,437 )
Stock-based compensation expense —     —   —       —       25,613       —     —       25,613  
Common stock issued upon exercise of stock options —     —   —       —       43       —     —       43  
Common stock issued upon vesting of restricted stock units 90     —   —       —       —       —     —       —  
Common stock issued upon vesting of performance stock units 53     —   —       —       —       —     —       —  
Shares repurchased under authorized repurchase programs —     —   7,270       (75,145 )     —       —     —       (75,145 )
Excise tax on shares repurchased —     —   —       (618 )     —       —     —       (618 )
Treasury stock reissued upon settlement of equity awards —     —   (1,298 )     20,239       (20,239 )     —     —       —  
Net income —     —   —       —       —       6,410     —       6,410  
Balance as of March 31, 2026 176,689     177   20,760       (304,943 )     1,065,355       312,274     8,404       1,081,267  
Foreign currency translation adjustment —     —   —       —       —       —     242       242  
Shares repurchased for settlement of employee tax withholdings —     —   392       (4,025 )     —       —     —       (4,025 )
Stock-based compensation expense —     —   —       —       26,941       —     —       26,941  
Common stock issued under employee purchase plan —     —   —       —       1,031       —     —       1,031  
Common stock issued upon exercise of stock options —     —   —       —       1,223       —     —       1,223  
Common stock issued upon vesting of restricted stock units 392     —   —       —       —       —     —       —  
Common stock issued upon vesting of performance stock units 29     —   —       —       —       —     —       —  
Shares repurchased under authorized repurchase programs —     —   2,497       (25,050 )     —       —     —       (25,050 )
Excise tax on shares repurchased —     —   —       (97 )     —       —     —       (97 )
Treasury stock reissued upon settlement of equity awards —     —   (1,474 )     20,870       (20,870 )     —     —       —  
Net income —     —   —       —       —       12,918     —       12,918  
Balance as of June 30, 2026 177,110     177   22,175       (313,245 )     1,073,680       325,192     8,646       1,094,450  
Foreign currency translation adjustment —     —   —       —       —       —     (1,346 )     (1,346 )
Shares repurchased for settlement of employee tax withholdings —     —   183       (2,453 )     —       —     —       (2,453 )
Stock-based compensation expense —     —   —       —       26,512       —     —       26,512  
Common stock issued upon exercise of stock options —     —   —       —       138       —     —       138  
Common stock issued upon vesting of restricted stock units 153     —   —       —       —       —     —       —  
Common stock issued upon vesting of performance stock units 30     —   —       —       —       —     —       —  
Excise tax on shares repurchased —     —   —       168       —       —     —       168  
Treasury stock reissued upon settlement of equity awards —     —   (1,254 )     17,674       (17,674 )     —     —       —  
Net income —     —   —       —       —       15,929     —       15,929  
Balance as of September 30, 2026 177,293   $ 177   21,104     $ (297,856 )   $ 1,082,656     $ 341,121   $ 7,300     $ 1,133,398  

DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

                                           
                                  Accumulated Other      
                      Additional         Comprehensive   Total
  Common Stock   Treasury Stock   Paid-in   Retained   Income (Loss)   Stockholders’
(in thousands) Shares   Amount   Shares   Amount   Capital   Earnings   Net of Income Taxes   Equity
Balance as of January 1, 2025 174,003   $ 174   6,934     $ (131,620 )   $ 974,383     $ 255,214   $ (14,692 )   $ 1,083,459  
Foreign currency translation adjustment —     —   —       —       —       —     7,493       7,493  
Shares repurchased for settlement of employee tax withholdings —     —   210       (3,210 )     —       —     —       (3,210 )
Stock-based compensation expense —     —   —       —       25,080       —     —       25,080  
Common stock issued upon exercise of stock options 58     —   —       —       222       —     —       222  
Common stock issued upon vesting of restricted stock units 641     1   —       —       (1 )     —     —       —  
Common stock issued upon vesting of performance stock units 71     —   —       —       —       —     —       —  
Shares repurchased under authorized repurchase programs —     —   5,169       (82,240 )     —       —     —       (82,240 )
Excise tax on shares repurchased —     —   —       (64 )     (668 )     —     —       (732 )
Treasury stock reissued upon settlement of equity awards —     —   (18 )     350       (350 )     —     —       —  
Net income —     —   —       —       —       2,361     —       2,361  
Balance as of March 31, 2025 174,773     175   12,295       (216,784 )     998,666       257,575     (7,199 )     1,032,433  
Foreign currency translation adjustment —     —   —       —       —       —     19,383       19,383  
Shares repurchased for settlement of employee tax withholdings —     —   35       (494 )     —       —     —       (494 )
Stock-based compensation expense —     —   —       —       28,053       —     —       28,053  
Common stock issued under employee purchase plan 135     —   —       —       1,577       —     —       1,577  
Common stock issued upon exercise of stock options 29     —   —       —       148       —     —       148  
Common stock issued upon vesting of restricted stock units 954     1   —       —       (1 )     —     —       —  
Common stock issued upon vesting of performance stock units 14     —   —       —       —       —     —       —  
Excise tax on shares repurchased —     —   —       157       —       —     —       157  
Net income —     —   —       —       —       8,758     —       8,758  
Balance as of June 30, 2025 175,905     176   12,330       (217,121 )     1,028,443       266,333     12,184       1,090,015  
Foreign currency translation adjustment —     —   —       —       —       —     839       839  
Shares repurchased for settlement of employee tax withholdings —     —   259       (3,391 )     —       —     —       (3,391 )
Stock-based compensation expense —     —   —       —       28,786       —     —       28,786  
Common stock issued upon exercise of stock options 76     —   —       —       260       —     —       260  
Common stock issued upon vesting of restricted stock units 313     —   —       —       —       —     —       —  
Common stock issued upon vesting of performance stock units 6     —   —       —       —       —     —       —  
Shares repurchased under authorized repurchase programs —     —   3,258       (50,065 )     —       —     —       (50,065 )
Excise tax on shares repurchased —     —   —       (396 )     —       —     —       (396 )
Treasury stock reissued upon settlement of equity awards —     —   (641 )     10,962       (10,962 )     —     —       —  
Net income —     —   —       —       —       10,202     —       10,202  
Balance as of September 30, 2025 176,300   $ 176   15,206     $ (260,011 )   $ 1,046,527     $ 276,535   $ 13,023     $ 1,076,250  


DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

           
  Nine Months Ended
  September 30, 
(in thousands) 2026   2025
Operating activities:          
Net income $ 35,257     $ 21,321  
Adjustments to reconcile net income to net cash provided by operating activities          
Bad debt expense   2,558       1,897  
Depreciation and amortization expense   50,333       42,275  
Amortization of debt issuance costs   326       326  
Non-cash lease expense   6,344       5,903  
Deferred taxes   1,120       17,055  
Stock-based compensation expense   74,862       78,728  
Interest expense, net   392       321  
Loss on disposal of fixed assets   —       101  
Other   (448 )     771  
Changes in operating assets and liabilities, net of effects of business combinations          
Trade receivables   (10,286 )     11,596  
Prepaid expenses and other assets   (1,802 )     (36,824 )
Trade payables   271       1,057  
Accrued expenses and other liabilities   (22,544 )     (6,070 )
Net cash provided by operating activities   136,383       138,457  
Investing activities:          
Purchase of property, plant and equipment   (31,353 )     (27,952 )
Acquisition of businesses, net of cash acquired   —       (82,578 )
Proceeds from maturity of short-term investments   —       17,753  
Other investing activities   —       (1,000 )
Net cash used in investing activities   (31,353 )     (93,777 )
Financing activities:          
Proceeds from common stock issued upon exercise of stock options   1,404       630  
Proceeds from common stock issued under employee purchase plan   1,031       1,577  
Finance lease payments   (5,832 )     (2,944 )
Shares repurchased under authorized repurchase programs   (100,195 )     (132,305 )
Payment of excise tax on shares repurchased   (884 )     (668 )
Shares repurchased for settlement of employee tax withholdings   (7,915 )     (7,095 )
Net cash used in financing activities   (112,391 )     (140,805 )
Effect of exchange rate changes on cash and cash equivalents and restricted cash   (849 )     4,109  
Net decrease in cash, cash equivalents, and restricted cash   (8,210 )     (92,016 )
Cash, cash equivalents, and restricted cash – Beginning of period   260,034       293,741  
Cash, cash equivalents, and restricted cash – End of period $ 251,824     $ 201,725  
           
Cash and cash equivalents $ 250,852     $ 200,729  
Restricted cash – non-current (included in Other non-current assets on the Condensed Consolidated Balance Sheets)   972       996  
Total cash and cash equivalents and restricted cash $ 251,824     $ 201,725  
Supplemental cash flow information:          
Cash paid for interest $ 945     $ 878  
Non-cash investing and financing activities:          
Right-of-use assets obtained in exchange for new operating lease liabilities, net of impairments and tenant improvement allowances $ 479     $ 5,139  
Acquisition of equipment under finance lease $ 21,635     $ 13,805  
Capital assets financed by accounts payable and accrued expenses $ 24     $ 35  
Stock-based compensation included in capitalized software development costs $ 4,209     $ 3,190  
Accrued excise tax on net share repurchases $ 547     $ 971  


Comparison of the Three and Nine Months Ended September 30, 2026 and September 30, 2025

Revenue

  Three Months Ended
September 30, 
  Change   Change   Nine Months Ended
September 30, 
  Change   Change
  2026   2025   $   %   2026   2025   $   %
  (In Thousands)               (In Thousands)            
Revenue by customer type:                                              
Activation $ 117,572   $ 106,693   $ 10,879   10 %   $ 325,802   $ 310,814   $ 14,988   5 %
Measurement   69,122     63,829     5,293   8       197,685     180,155     17,530   10  
Supply-side   18,944     18,099     845   5       56,765     51,734     5,031   10  
Total revenue $ 205,638   $ 188,621   $ 17,017   9 %   $ 580,252   $ 542,703   $ 37,549   7 %


Non-GAAP Financial Measures

In addition to our results determined in accordance with GAAP, management believes that certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Non-GAAP Net income, Non-GAAP Earnings Per Share, Free Cash Flow and Free Cash Flow Conversion (collectively “Non-GAAP Financial Measures”) are useful in evaluating our business.

We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue. We calculate Non-GAAP net income as GAAP net income adjusted to eliminate the impact of stock-based compensation and certain other items that are not related to our core operations, such as amortization of acquired intangibles assets, acquisition-related costs, other non-recurring costs, as well as the income tax effect of these adjustments. Basic non-GAAP earnings per share is calculated by dividing non-GAAP net income by the number of weighted-average common stock outstanding. Diluted Non-GAAP earnings per share adjusts the Basic Non-GAAP earnings per share for the potential dilutive impact of shares of common stock using the treasury stock method. We calculate free cash flow as net cash provided by operating activities determined in accordance with GAAP less purchases of property, plant, and equipment which includes capitalized software development costs. Free cash flow conversion is calculated as free cash flow divided by Adjusted EBITDA for the same period. We use the Non-GAAP Financial Measures as measures of operational efficiency to understand and evaluate our core business operations. We believe that these Non-GAAP Financial Measures are useful to investors for period-to-period comparisons of our core business and for understanding and evaluating trends in our operating results on a consistent basis by either excluding items that we do not believe are indicative of our core operating performance or by measuring cash generated by our operations that is available for various strategic initiatives.

The following tables show the Company’s non-GAAP financial metrics reconciled to the comparable GAAP financial metrics included in this release.

                       
  Three Months Ended September 30,    Nine Months Ended September 30, 
  2026   2025   2026   2025
  (In Thousands)   (In Thousands)
Net income $ 15,929     $ 10,202     $ 35,257     $ 21,321  
Net income margin   8 %     5 %     6 %     4 %
Depreciation and amortization   18,334       15,191       50,333       42,275  
Stock-based compensation   25,088       27,379       74,862       78,728  
Interest expense   652       467       1,540       1,330  
Income tax expense   12,015       10,336       28,823       23,949  
M&A and restructuring costs (recoveries) (a)   2,850       (10 )     2,850       1,656  
Other costs (b)   803       2,187       898       3,705  
Other (income) expense (c)   (251 )     99       1,386       (5,185 )
Adjusted EBITDA $ 75,420     $ 65,851     $ 195,949     $ 167,779  
Adjusted EBITDA margin   37 %     35 %     34 %     31 %

                       
  Three Months Ended September 30,    Nine Months Ended September 30, 
  2026   2025   2026   2025
  (In Thousands)   (In Thousands)
Net Income $ 15,929     $ 10,202     $ 35,257     $ 21,321  
Stock-based compensation   25,088       27,379       74,862       78,728  
Amortization of acquired intangibles   6,522       7,929       19,613       23,236  
M&A and restructuring costs (recoveries) (a)   2,850       (10 )     2,850       1,656  
Other costs (b)   803       2,187       898       3,705  
Income tax effect of non-GAAP adjustments (d)   (10,932 )     (11,620 )     (30,449 )     (33,271 )
Non-GAAP net income $ 40,260     $ 36,067     $ 103,031     $ 95,375  
                       
GAAP earnings per share:                      
Basic $ 0.10     $ 0.06     $ 0.23     $ 0.13  
Diluted $ 0.10     $ 0.06     $ 0.22     $ 0.13  
                       
GAAP Weighted-average common stock outstanding:                      
Basic   155,200       162,031       156,623       163,285  
Diluted   160,321       166,497       160,753       167,368  
                       
Non-GAAP earnings per share:                      
Basic $ 0.26     $ 0.22     $ 0.66     $ 0.58  
Diluted $ 0.25     $ 0.22     $ 0.64     $ 0.57  
                       
Non-GAAP Weighted-average common stock outstanding:                      
Basic   155,200       162,031       156,623       163,285  
Diluted   160,321       166,497       160,753       167,368  


(a) M&A and restructuring costs for the three and nine months ended September 30, 2026 consist of transaction costs in connection with the Merger Agreement. M&A and restructuring costs (recoveries) for the three and nine months ended September 30, 2025 consist of transaction costs related to the acquisition of Rockerbox.
(b) Other costs for the three and nine months ended September 30, 2026 consist of expenses with respect to litigation and regulatory matters outside of the ordinary course. Other costs for the three and nine months ended September 30, 2025 consist of expenses incurred with respect to litigation and regulatory matters outside of the ordinary course and costs related to the early termination of an office lease.
(c) Other (income) expense for the three and nine months ended September 30, 2026 and September 30, 2025 consists of interest income earned on interest-bearing monetary assets, and the impact of changes in foreign currency exchange rates.
(d) We calculate the income tax effect of the adjustments using a non-GAAP effective tax rate to provide consistency across reporting periods. For the non-GAAP reconciliation, effective tax rates for the three and nine months ended September 30, 2026 and 2025 were calculated using assumed blended tax rates of 31%, respectively. These rates represent a blend of the statutory federal tax and state taxes rates associated with the most recent Annual Report on Form 10-K. We will periodically reevaluate this tax rate, as necessary, for significant events such as relevant tax law changes.

  Three Months Ended September 30,    Nine Months Ended September 30, 
  2026   2025   2026   2025
  (In Thousands)   (In Thousands)
Net cash provided by operating activities $ 55,970     $ 51,181     $ 136,383     $ 138,457  
Purchase of property, plant and equipment   (10,297 )     (12,139 )     (31,353 )     (27,952 )
Free cash flow $ 45,673     $ 39,042     $ 105,030     $ 110,505  
Free cash flow conversion   61 %     59 %     54 %     66 %

These Non-GAAP Financial Measures have limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP. Some of the limitations of these measures are:

  • they do not reflect changes in, or cash requirements for, working capital needs;
  • they do not reflect our capital expenditures or future requirements for capital expenditures or contractual commitments;
  • they do not reflect income tax expense or the cash requirements to pay income taxes;
  • they do not reflect interest expense or the cash requirements necessary to service interest or principal debt payments; and
  • although depreciation and amortization are non-cash charges related mainly to intangible assets, certain assets being depreciated and amortized will have to be replaced in the future, and they do not reflect any cash requirements for such replacements.

In addition, other companies in our industry may calculate these Non-GAAP Financial Measures differently than we do, limiting their usefulness as a comparative measure. You should compensate for these limitations by relying primarily on our GAAP results and using the Non-GAAP Financial Measures only supplementally.

Total stock-based compensation expense recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income is as follows:

  Three Months Ended   Nine Months Ended
  September 30,    September 30, 
(in thousands) 2026   2025   2026   2025
Product development $ 9,679   $ 10,739   $ 29,198   $ 30,394
Sales, marketing and customer support   7,692     7,932     22,404     24,387
General and administrative   7,717     8,708     23,260     23,947
Total stock-based compensation $ 25,088   $ 27,379   $ 74,862   $ 78,728


Forward-Looking Statements

This press release contains forward-looking statements. Statements contained in this communication other than statements of historical fact are forward-looking statements, including statements regarding the Merger and the other transactions contemplated by the Merger Agreement. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “likely” or “continue,” the negative of these terms and other comparable terminology. Any statements in this press release regarding the proposed Merger, and any other statements that are not historical facts are forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. Important factors, risks and uncertainties that could cause actual results to differ materially from forward-looking statements include but are not limited to: (i) the risk that the Merger may not be completed in a timely manner or at all, which may adversely affect the Company’s business and the price of our common stock; (ii) the timing to consummate the Merger, or the occurrence of any event, change, or other circumstances that could give rise to the termination of the Merger Agreement, including circumstances requiring a party to pay the other party a termination fee pursuant to the Merger Agreement; (iii) the failure to satisfy the conditions to the consummation of the Merger, and the other transactions contemplated thereby; (iv) the risk that a governmental or regulatory approval that may be required for the Merger is not obtained or is obtained subject to conditions that are not anticipated; (v) the effect of the pendency of the Merger on the Company’s business relationships, operating results and business generally; (vi) certain restrictions during the pendency of the Merger that may impact our ability to pursue certain business opportunities or strategic transactions; (vii) risks that the Merger disrupts current plans and operations; (viii) risks related to diverting management’s attention from our ongoing business operations; (ix) the outcome of any legal proceedings that may be instituted against the parties to the Merger Agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto; (x) our ability to retain, hire and integrate skilled personnel, and maintain relationships with key business partners and customers, and others with whom we do business, in light of the proposed Merger; (xi) unexpected costs, charges or expenses resulting from the Merger; (xii) risks that the benefits of the Merger are not realized when and as expected; and (xiii) those risks described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC and our Quarterly Reports on Form 10-Q for the quarter ended September 30, 2026. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can management assess the impact of all factors on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement the Company makes. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Except as otherwise required by law, the Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

About DoubleVerify

DoubleVerify (NYSE: DV) is the industry’s leading media effectiveness platform that leverages AI to drive superior outcomes for global brands. By creating more effective, transparent ad transactions, we make the digital advertising ecosystem stronger, safer and more secure, thereby preserving the fair value exchange between buyers and sellers of digital media. Learn more at www.doubleverify.com.

Investor Relations

Brinlea Johnson
The Blueshirt Group
IR@doubleverify.com

Media Contact

Chris Harihar
Crenshaw Communications
646-535-9475
chris@crenshawcomm.com

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