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[S-8] John Marshall Bancorp, Inc. Employee Benefit Plan Registration

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Essential Properties AG真人官方ty Trust (NYSE: EPRT) 鈥� Q2 2025 10-Q highlights

  • Top-line strength: Rental revenue jumped 23.7% YoY to $129.1 m; total revenue up 25.4% to $137.1 m.
  • Earnings growth: Net income attributable to stockholders rose 22.7% to $63.2 m; diluted EPS improved to $0.32 from $0.29. Six-month diluted EPS reached $0.61 (+7%).
  • Portfolio expansion: Net real estate investments climbed 9% since year-end to $6.05 b after acquiring 121 properties and funding $35.5 m of new loans; dispositions totaled $70.1 m.
  • Balance sheet: Unsecured term loans remained $1.72 b; the revolving credit facility balance increased to $200 m (vs. $0 at 12/24). Cash declined to $20.8 m from $40.7 m.
  • Equity activity: 10.6 m new shares issued YTD, lifting paid-in capital to $3.96 b; total equity now $3.84 b.
  • Comprehensive loss drivers: Hedging mark-to-market swung to a $12.4 m OCI loss for the quarter; accumulated OCI shifted to a $17.8 m deficit.

Operating metrics: G&A expense rose 22.5% YoY to $10.7 m but remained 7.8% of revenue; provision for impairment moderated to $0.6 m (vs. $2.8 m). Depreciation/amortization up 29% to $38.6 m reflecting asset growth.

Liquidity & leverage: Net debt (unsecured loans, notes & revolver minus cash) approximated $2.30 b; derivative liabilities increased to $28.3 m.

EPRT continues to scale its triple-net portfolio while maintaining positive earnings momentum; leverage inched higher as cash balances contracted and revolver borrowings commenced.

Essential Properties AG真人官方ty Trust (NYSE: EPRT) 鈥� Principali dati del 10-Q del secondo trimestre 2025

  • Forza dei ricavi: I ricavi da affitti sono aumentati del 23,7% su base annua, raggiungendo 129,1 milioni di dollari; il fatturato totale 猫 salito del 25,4% a 137,1 milioni di dollari.
  • Crescita degli utili: L'utile netto attribuibile agli azionisti 猫 cresciuto del 22,7%, attestandosi a 63,2 milioni di dollari; l'utile per azione diluito 猫 passato da 0,29 a 0,32 dollari. L'utile per azione diluito su sei mesi ha raggiunto 0,61 dollari (+7%).
  • Espansione del portafoglio: Gli investimenti netti in immobili sono aumentati del 9% rispetto alla fine dell'anno, arrivando a 6,05 miliardi di dollari, grazie all'acquisizione di 121 propriet脿 e al finanziamento di nuovi prestiti per 35,5 milioni di dollari; le dismissioni hanno totalizzato 70,1 milioni di dollari.
  • Bilancio: I prestiti a termine non garantiti sono rimasti a 1,72 miliardi di dollari; il saldo della linea di credito revolving 猫 salito a 200 milioni di dollari (da 0 al 24/12). La liquidit脿 猫 diminuita a 20,8 milioni di dollari da 40,7 milioni.
  • Attivit脿 azionarie: Sono state emesse 10,6 milioni di nuove azioni da inizio anno, portando il capitale versato a 3,96 miliardi di dollari; il patrimonio netto totale ora ammonta a 3,84 miliardi di dollari.
  • Fattori di perdita complessiva: La valutazione a mercato delle coperture ha comportato una perdita OCI di 12,4 milioni di dollari nel trimestre; l'OCI accumulato 猫 passato a un deficit di 17,8 milioni di dollari.

Indicatori operativi: Le spese generali e amministrative sono aumentate del 22,5% su base annua, raggiungendo 10,7 milioni di dollari, ma sono rimaste al 7,8% dei ricavi; la svalutazione si 猫 moderata a 0,6 milioni di dollari (da 2,8 milioni). L鈥檃mmortamento 猫 cresciuto del 29% a 38,6 milioni, riflettendo la crescita degli asset.

Liquidit脿 e leva finanziaria: Il debito netto (prestiti non garantiti, note e linea di credito meno liquidit脿) si 猫 attestato intorno a 2,30 miliardi di dollari; le passivit脿 da derivati sono salite a 28,3 milioni di dollari.

EPRT continua ad espandere il suo portafoglio triple-net mantenendo una dinamica positiva degli utili; la leva finanziaria 猫 leggermente aumentata a causa della riduzione della liquidit脿 e dell鈥檃ttivazione della linea di credito revolving.

Essential Properties AG真人官方ty Trust (NYSE: EPRT) 鈥� Aspectos destacados del 10-Q del segundo trimestre de 2025

  • Fortaleza en ingresos: Los ingresos por alquileres aumentaron un 23,7% interanual hasta 129,1 millones de d贸lares; los ingresos totales subieron un 25,4% hasta 137,1 millones.
  • Crecimiento de ganancias: El ingreso neto atribuible a los accionistas creci贸 un 22,7% hasta 63,2 millones; las ganancias diluidas por acci贸n mejoraron a 0,32 USD desde 0,29. Las ganancias diluidas por acci贸n en seis meses alcanzaron 0,61 USD (+7%).
  • Expansi贸n del portafolio: Las inversiones netas en bienes ra铆ces aumentaron un 9% desde fin de a帽o hasta 6,05 mil millones tras adquirir 121 propiedades y financiar 35,5 millones en nuevos pr茅stamos; las disposiciones totalizaron 70,1 millones.
  • Balance: Los pr茅stamos a plazo no garantizados se mantuvieron en 1,72 mil millones; el saldo de la l铆nea de cr茅dito revolvente aument贸 a 200 millones (desde 0 al 24/12). El efectivo disminuy贸 a 20,8 millones desde 40,7 millones.
  • Actividad de capital: Se emitieron 10,6 millones de acciones nuevas en lo que va del a帽o, elevando el capital pagado a 3,96 mil millones; el patrimonio total ahora es de 3,84 mil millones.
  • Factores de p茅rdidas integrales: La valoraci贸n a mercado de coberturas result贸 en una p茅rdida OCI de 12,4 millones en el trimestre; el OCI acumulado pas贸 a un d茅ficit de 17,8 millones.

M茅tricas operativas: Los gastos generales y administrativos aumentaron un 22,5% interanual a 10,7 millones, pero se mantuvieron en 7,8% de los ingresos; la provisi贸n por deterioro se moder贸 a 0,6 millones (vs. 2,8 millones). La depreciaci贸n/amortizaci贸n subi贸 un 29% a 38,6 millones reflejando el crecimiento de activos.

Liquidez y apalancamiento: La deuda neta (pr茅stamos no garantizados, notas y l铆nea revolvente menos efectivo) fue aproximadamente 2,30 mil millones; las obligaciones por derivados aumentaron a 28,3 millones.

EPRT sigue ampliando su portafolio triple-net manteniendo un impulso positivo en ganancias; el apalancamiento aument贸 ligeramente debido a la reducci贸n de efectivo y el inicio de pr茅stamos en la l铆nea revolvente.

Essential Properties AG真人官方ty Trust (NYSE: EPRT) 鈥� 2025雲� 2攵勱赴 10-Q 欤检殧 雮挫毄

  • 毵れ稖 臧曥劯: 鞛勲寑 靾橃澋鞚� 鞝勲厔 雽牍� 23.7% 歃濌皜頃橃棳 1鞏� 2,910毵� 雼煬 旮半; 齑� 毵れ稖鞚 25.4% 歃濌皜頃� 1鞏� 3,710毵� 雼煬.
  • 靾橃澋 靹膘灔: 欤检< 攴靻� 靾滌澊鞚奠澊 22.7% 歃濌皜頃橃棳 6,320毵� 雼煬; 頋劃 欤茧嫻靾滌澊鞚�(EPS)鞚 0.29雼煬鞐愳劀 0.32雼煬搿� 臧滌劆. 6臧滌洈 頋劃 EPS電� 0.61雼煬搿� 7% 歃濌皜.
  • 韽姼韽措Μ鞓� 頇曥灔: 鞐半 雽牍� 靾� 攵霃欖偘 韴瀽鞎§澊 9% 歃濌皜頃� 60鞏� 5觳滊 雼煬, 121臧� 攵霃欖偘 鞚胳垬 氚� 鞁犼窚 雽於� 3,550毵� 雼煬 歆鞗�; 毵り皝鞎§潃 7,010毵� 雼煬.
  • 鞛靸来儨响�: 氍措嫶氤� 旮绊暅攵 雽於滌潃 17鞏� 2觳滊 雼煬搿� 鞙犾; 須岇爠 鞁犾毄 頃滊弰 鞛旍暋鞚 12鞗� 24鞚� 0雼煬鞐愳劀 2鞏� 雼煬搿� 歃濌皜. 順勱笀鞚 4,070毵� 雼煬鞐愳劀 2,080毵� 雼煬搿� 臧愳唽.
  • 鞛愲掣 頇滊彊: 鞓暣 氚滍枆霅� 鞁犼窚 欤检嫕 1,060毵� 欤茧 雮╈瀰 鞛愲掣旮堨澊 39鞏� 6觳滊 雼煬搿� 靸侅姽; 齑� 鞛愲掣鞚 順勳灛 38鞏� 4觳滊 雼煬.
  • 韽磩靻愳嫟 鞖旍澑: 項れ 韽夑皜靻愳嫟鞚� 鞚措矆 攵勱赴鞐� 1,240毵� 雼煬鞚� OCI 靻愳嫟搿� 鞝勴櫂; 雸勳爜 OCI電� 1,780毵� 雼煬 鞝侅瀽搿� 氤瓴�.

鞖挫榿 歆響�: 甏毽� 氚� 鞚茧皹 牍勳毄鞚� 鞝勲厔 雽牍� 22.5% 歃濌皜頃� 1,070毵� 雼煬歆毵� 毵れ稖鞚� 7.8% 靾橃 鞙犾; 靻愳儊彀啇 於╇嫻旮堨潃 280毵� 雼煬鞐愳劀 60毵� 雼煬搿� 鞕勴檾. 臧愱皜靸侁皝牍勲姅 鞛愳偘 歃濌皜毳� 氚橃榿頃� 29% 歃濌皜頃� 3,860毵� 雼煬.

鞙犽彊靹� 氚� 霠堧矂毽: 靾滊秬毂�(氍措嫶氤� 雽於�, 鞏挫潓 氚� 須岇爠鞁犾毄旮堨湹鞐愳劀 順勱笀 彀皭)電� 鞎� 23鞏� 雼煬; 韺岇儩靸來拡 攵毂勲姅 2,830毵� 雼煬搿� 歃濌皜.

EPRT電� 旮嶌爼鞝侅澑 靾橃澋 氇韰鞚� 鞙犾頃橂┌ 韸鸽Μ頂� 雱� 韽姼韽措Μ鞓るゼ 瓿勳啀 頇曥灔 欷戩澊氅�, 順勱笀 臧愳唽鞕 須岇爠 鞁犾毄 雽於� 臧滌嫓搿� 霠堧矂毽臧 雼れ唽 靸侅姽頄堧嫟.

Essential Properties AG真人官方ty Trust (NYSE: EPRT) 鈥� Points cl茅s du 10-Q du T2 2025

  • Solidit茅 du chiffre d'affaires : Les revenus locatifs ont bondi de 23,7 % en glissement annuel 脿 129,1 M$ ; le chiffre d'affaires total a augment茅 de 25,4 % 脿 137,1 M$.
  • Croissance des b茅n茅fices : Le r茅sultat net attribuable aux actionnaires a progress茅 de 22,7 % pour atteindre 63,2 M$ ; le BPA dilu茅 est pass茅 de 0,29 $ 脿 0,32 $. Le BPA dilu茅 sur six mois a atteint 0,61 $ (+7 %).
  • Expansion du portefeuille : Les investissements nets en immobilier ont augment茅 de 9 % depuis la fin d'ann茅e, atteignant 6,05 milliards de dollars apr猫s l'acquisition de 121 propri茅t茅s et le financement de 35,5 M$ de nouveaux pr锚ts ; les cessions ont totalis茅 70,1 M$.
  • Bilan : Les pr锚ts 脿 terme non garantis sont rest茅s 脿 1,72 Md$ ; le solde de la facilit茅 de cr茅dit renouvelable a augment茅 脿 200 M$ (contre 0 au 24/12). La tr茅sorerie a diminu茅 脿 20,8 M$ contre 40,7 M$.
  • Activit茅 en actions : 10,6 millions de nouvelles actions ont 茅t茅 茅mises depuis le d茅but de l'ann茅e, portant le capital vers茅 脿 3,96 Md$ ; les capitaux propres totaux s'茅l猫vent d茅sormais 脿 3,84 Md$.
  • Facteurs de pertes globales : La juste valeur des couvertures a entra卯n茅 une perte OCI de 12,4 M$ pour le trimestre ; l'OCI cumul茅 est pass茅 脿 un d茅ficit de 17,8 M$.

Indicateurs op茅rationnels : Les frais g茅n茅raux et administratifs ont augment茅 de 22,5 % en glissement annuel 脿 10,7 M$, mais sont rest茅s 脿 7,8 % des revenus ; la provision pour d茅pr茅ciation s'est mod茅r茅e 脿 0,6 M$ (contre 2,8 M$). Les amortissements ont augment茅 de 29 % 脿 38,6 M$, refl茅tant la croissance des actifs.

Liquidit茅 et levier : La dette nette (pr锚ts non garantis, billets et facilit茅 renouvelable moins tr茅sorerie) s'est 茅tablie 脿 environ 2,30 Md$ ; les passifs d茅riv茅s ont augment茅 脿 28,3 M$.

EPRT continue d'茅largir son portefeuille triple-net tout en maintenant une dynamique positive des b茅n茅fices ; le levier a l茅g猫rement augment茅 suite 脿 la contraction de la tr茅sorerie et au d茅marrage des emprunts sur la facilit茅 renouvelable.

Essential Properties AG真人官方ty Trust (NYSE: EPRT) 鈥� Highlights des 10-Q f眉r Q2 2025

  • 鲍尘蝉补迟锄蝉迟盲谤办别: Mieterl枚se stiegen im Jahresvergleich um 23,7 % auf 129,1 Mio. USD; der Gesamtumsatz erh枚hte sich um 25,4 % auf 137,1 Mio. USD.
  • Gewinnwachstum: Der den Aktion盲ren zurechenbare Nettogewinn stieg um 22,7 % auf 63,2 Mio. USD; das verw盲sserte Ergebnis je Aktie verbesserte sich von 0,29 auf 0,32 USD. Das verw盲sserte Ergebnis je Aktie f眉r sechs Monate erreichte 0,61 USD (+7 %).
  • Portfolioerweiterung: Die Nettoimmobilieninvestitionen stiegen seit Jahresende um 9 % auf 6,05 Mrd. USD nach dem Erwerb von 121 Immobilien und der Vergabe von neuen Krediten in H枚he von 35,5 Mio. USD; Ver盲u脽erungen beliefen sich auf 70,1 Mio. USD.
  • Bilanz: Die unbesicherten Terminkredite blieben bei 1,72 Mrd. USD; der Saldo der revolvierenden Kreditfazilit盲t stieg auf 200 Mio. USD (gegen眉ber 0 am 24.12.). Der Kassenbestand sank von 40,7 Mio. USD auf 20,8 Mio. USD.
  • 贰颈驳别苍办补辫颈迟补濒补办迟颈惫颈迟盲迟别苍: Es wurden bisher im Jahr 10,6 Mio. neue Aktien ausgegeben, wodurch das eingezahlte Kapital auf 3,96 Mrd. USD stieg; das Gesamteigenkapital betr盲gt nun 3,84 Mrd. USD.
  • Treiber des umfassenden Verlusts: Die Marktwertbewertung von Absicherungen f眉hrte im Quartal zu einem OCI-Verlust von 12,4 Mio. USD; das kumulierte OCI verschob sich auf ein Defizit von 17,8 Mio. USD.

Operative Kennzahlen: Die Verwaltungs- und allgemeinen Aufwendungen stiegen im Jahresvergleich um 22,5 % auf 10,7 Mio. USD, blieben jedoch bei 7,8 % des Umsatzes; die R眉ckstellung f眉r Wertminderungen verringerte sich auf 0,6 Mio. USD (vorher 2,8 Mio.). Die Abschreibungen/Amortisationen stiegen um 29 % auf 38,6 Mio. USD und spiegeln das Wachstum der Verm枚genswerte wider.

Liquidit盲t & Verschuldung: Die Nettoverschuldung (unbesicherte Kredite, Schuldverschreibungen und revolvierende Kreditfazilit盲t abz眉glich Bargeld) lag bei etwa 2,30 Mrd. USD; derivative Verbindlichkeiten stiegen auf 28,3 Mio. USD.

EPRT baut sein Triple-Net-Portfolio weiter aus und h盲lt dabei eine positive Ergebnisentwicklung aufrecht; die Verschuldung stieg leicht an, da sich die Barmittel verringerten und revolvierende Kreditaufnahmen begannen.

Positive
  • Revenue growth of 25% YoY driven by expanded property base and loan income.
  • Diluted EPS climbed to $0.32, up 10% vs. prior-year quarter.
  • Net real estate investments rose $498 m YTD, reflecting accretive acquisitions.
  • Impairment expense declined to $0.6 m from $2.8 m, indicating improved asset performance.
Negative
  • Cash balance fell 49% to $20.8 m as investment outflows exceeded operating inflows.
  • Revolver borrowing of $200 m increased leverage and floating-rate exposure.
  • Other comprehensive loss of $12.4 m from hedging marked a shift to negative OCI.
  • Derivative liabilities surged to $28.3 m, reflecting adverse rate movements.

Insights

TL;DR 鈥� Solid YoY growth and accretive acquisitions outweigh higher leverage.

Quarterly revenue and EPS gains near 25% and 10% annualized reflect successful deployment of >$600 m into new net-lease assets. Same-store results are obscured, but low impairments and stable credit metrics suggest tenant health. Using back-of-envelope leverage (net debt/total assets ~37%), EPRT remains below many peers, yet revolver usage signals tighter liquidity after heavy investment. Hedge-related OCI swing is non-cash but highlights rate-sensitivity. Overall, execution supports dividend sustainability and further AFFO growth if external capital remains available.

TL;DR 鈥� Credit quality steady; watch cash burn and derivative moves.

Impairments fell to $0.6 m and credit-loss provision reversed, confirming underlying tenant performance. Straight-line rent receivable grew 15%, typical for recent acquisitions but worth tracking for collectability. Cash dropped 49% YTD as capex and acquisitions outpaced cash flow; the new $200 m draw provides flexibility but lifts floating-rate exposure. Derivative liabilities quadrupled to $28 m as swap positions moved out-of-the-money, partially offset by $13 m of derivative assets. No near-term covenant stress identified, yet management鈥檚 ability to recycle assets or raise equity will be pivotal if acquisition pace persists in a higher-rate environment.

Essential Properties AG真人官方ty Trust (NYSE: EPRT) 鈥� Principali dati del 10-Q del secondo trimestre 2025

  • Forza dei ricavi: I ricavi da affitti sono aumentati del 23,7% su base annua, raggiungendo 129,1 milioni di dollari; il fatturato totale 猫 salito del 25,4% a 137,1 milioni di dollari.
  • Crescita degli utili: L'utile netto attribuibile agli azionisti 猫 cresciuto del 22,7%, attestandosi a 63,2 milioni di dollari; l'utile per azione diluito 猫 passato da 0,29 a 0,32 dollari. L'utile per azione diluito su sei mesi ha raggiunto 0,61 dollari (+7%).
  • Espansione del portafoglio: Gli investimenti netti in immobili sono aumentati del 9% rispetto alla fine dell'anno, arrivando a 6,05 miliardi di dollari, grazie all'acquisizione di 121 propriet脿 e al finanziamento di nuovi prestiti per 35,5 milioni di dollari; le dismissioni hanno totalizzato 70,1 milioni di dollari.
  • Bilancio: I prestiti a termine non garantiti sono rimasti a 1,72 miliardi di dollari; il saldo della linea di credito revolving 猫 salito a 200 milioni di dollari (da 0 al 24/12). La liquidit脿 猫 diminuita a 20,8 milioni di dollari da 40,7 milioni.
  • Attivit脿 azionarie: Sono state emesse 10,6 milioni di nuove azioni da inizio anno, portando il capitale versato a 3,96 miliardi di dollari; il patrimonio netto totale ora ammonta a 3,84 miliardi di dollari.
  • Fattori di perdita complessiva: La valutazione a mercato delle coperture ha comportato una perdita OCI di 12,4 milioni di dollari nel trimestre; l'OCI accumulato 猫 passato a un deficit di 17,8 milioni di dollari.

Indicatori operativi: Le spese generali e amministrative sono aumentate del 22,5% su base annua, raggiungendo 10,7 milioni di dollari, ma sono rimaste al 7,8% dei ricavi; la svalutazione si 猫 moderata a 0,6 milioni di dollari (da 2,8 milioni). L鈥檃mmortamento 猫 cresciuto del 29% a 38,6 milioni, riflettendo la crescita degli asset.

Liquidit脿 e leva finanziaria: Il debito netto (prestiti non garantiti, note e linea di credito meno liquidit脿) si 猫 attestato intorno a 2,30 miliardi di dollari; le passivit脿 da derivati sono salite a 28,3 milioni di dollari.

EPRT continua ad espandere il suo portafoglio triple-net mantenendo una dinamica positiva degli utili; la leva finanziaria 猫 leggermente aumentata a causa della riduzione della liquidit脿 e dell鈥檃ttivazione della linea di credito revolving.

Essential Properties AG真人官方ty Trust (NYSE: EPRT) 鈥� Aspectos destacados del 10-Q del segundo trimestre de 2025

  • Fortaleza en ingresos: Los ingresos por alquileres aumentaron un 23,7% interanual hasta 129,1 millones de d贸lares; los ingresos totales subieron un 25,4% hasta 137,1 millones.
  • Crecimiento de ganancias: El ingreso neto atribuible a los accionistas creci贸 un 22,7% hasta 63,2 millones; las ganancias diluidas por acci贸n mejoraron a 0,32 USD desde 0,29. Las ganancias diluidas por acci贸n en seis meses alcanzaron 0,61 USD (+7%).
  • Expansi贸n del portafolio: Las inversiones netas en bienes ra铆ces aumentaron un 9% desde fin de a帽o hasta 6,05 mil millones tras adquirir 121 propiedades y financiar 35,5 millones en nuevos pr茅stamos; las disposiciones totalizaron 70,1 millones.
  • Balance: Los pr茅stamos a plazo no garantizados se mantuvieron en 1,72 mil millones; el saldo de la l铆nea de cr茅dito revolvente aument贸 a 200 millones (desde 0 al 24/12). El efectivo disminuy贸 a 20,8 millones desde 40,7 millones.
  • Actividad de capital: Se emitieron 10,6 millones de acciones nuevas en lo que va del a帽o, elevando el capital pagado a 3,96 mil millones; el patrimonio total ahora es de 3,84 mil millones.
  • Factores de p茅rdidas integrales: La valoraci贸n a mercado de coberturas result贸 en una p茅rdida OCI de 12,4 millones en el trimestre; el OCI acumulado pas贸 a un d茅ficit de 17,8 millones.

M茅tricas operativas: Los gastos generales y administrativos aumentaron un 22,5% interanual a 10,7 millones, pero se mantuvieron en 7,8% de los ingresos; la provisi贸n por deterioro se moder贸 a 0,6 millones (vs. 2,8 millones). La depreciaci贸n/amortizaci贸n subi贸 un 29% a 38,6 millones reflejando el crecimiento de activos.

Liquidez y apalancamiento: La deuda neta (pr茅stamos no garantizados, notas y l铆nea revolvente menos efectivo) fue aproximadamente 2,30 mil millones; las obligaciones por derivados aumentaron a 28,3 millones.

EPRT sigue ampliando su portafolio triple-net manteniendo un impulso positivo en ganancias; el apalancamiento aument贸 ligeramente debido a la reducci贸n de efectivo y el inicio de pr茅stamos en la l铆nea revolvente.

Essential Properties AG真人官方ty Trust (NYSE: EPRT) 鈥� 2025雲� 2攵勱赴 10-Q 欤检殧 雮挫毄

  • 毵れ稖 臧曥劯: 鞛勲寑 靾橃澋鞚� 鞝勲厔 雽牍� 23.7% 歃濌皜頃橃棳 1鞏� 2,910毵� 雼煬 旮半; 齑� 毵れ稖鞚 25.4% 歃濌皜頃� 1鞏� 3,710毵� 雼煬.
  • 靾橃澋 靹膘灔: 欤检< 攴靻� 靾滌澊鞚奠澊 22.7% 歃濌皜頃橃棳 6,320毵� 雼煬; 頋劃 欤茧嫻靾滌澊鞚�(EPS)鞚 0.29雼煬鞐愳劀 0.32雼煬搿� 臧滌劆. 6臧滌洈 頋劃 EPS電� 0.61雼煬搿� 7% 歃濌皜.
  • 韽姼韽措Μ鞓� 頇曥灔: 鞐半 雽牍� 靾� 攵霃欖偘 韴瀽鞎§澊 9% 歃濌皜頃� 60鞏� 5觳滊 雼煬, 121臧� 攵霃欖偘 鞚胳垬 氚� 鞁犼窚 雽於� 3,550毵� 雼煬 歆鞗�; 毵り皝鞎§潃 7,010毵� 雼煬.
  • 鞛靸来儨响�: 氍措嫶氤� 旮绊暅攵 雽於滌潃 17鞏� 2觳滊 雼煬搿� 鞙犾; 須岇爠 鞁犾毄 頃滊弰 鞛旍暋鞚 12鞗� 24鞚� 0雼煬鞐愳劀 2鞏� 雼煬搿� 歃濌皜. 順勱笀鞚 4,070毵� 雼煬鞐愳劀 2,080毵� 雼煬搿� 臧愳唽.
  • 鞛愲掣 頇滊彊: 鞓暣 氚滍枆霅� 鞁犼窚 欤检嫕 1,060毵� 欤茧 雮╈瀰 鞛愲掣旮堨澊 39鞏� 6觳滊 雼煬搿� 靸侅姽; 齑� 鞛愲掣鞚 順勳灛 38鞏� 4觳滊 雼煬.
  • 韽磩靻愳嫟 鞖旍澑: 項れ 韽夑皜靻愳嫟鞚� 鞚措矆 攵勱赴鞐� 1,240毵� 雼煬鞚� OCI 靻愳嫟搿� 鞝勴櫂; 雸勳爜 OCI電� 1,780毵� 雼煬 鞝侅瀽搿� 氤瓴�.

鞖挫榿 歆響�: 甏毽� 氚� 鞚茧皹 牍勳毄鞚� 鞝勲厔 雽牍� 22.5% 歃濌皜頃� 1,070毵� 雼煬歆毵� 毵れ稖鞚� 7.8% 靾橃 鞙犾; 靻愳儊彀啇 於╇嫻旮堨潃 280毵� 雼煬鞐愳劀 60毵� 雼煬搿� 鞕勴檾. 臧愱皜靸侁皝牍勲姅 鞛愳偘 歃濌皜毳� 氚橃榿頃� 29% 歃濌皜頃� 3,860毵� 雼煬.

鞙犽彊靹� 氚� 霠堧矂毽: 靾滊秬毂�(氍措嫶氤� 雽於�, 鞏挫潓 氚� 須岇爠鞁犾毄旮堨湹鞐愳劀 順勱笀 彀皭)電� 鞎� 23鞏� 雼煬; 韺岇儩靸來拡 攵毂勲姅 2,830毵� 雼煬搿� 歃濌皜.

EPRT電� 旮嶌爼鞝侅澑 靾橃澋 氇韰鞚� 鞙犾頃橂┌ 韸鸽Μ頂� 雱� 韽姼韽措Μ鞓るゼ 瓿勳啀 頇曥灔 欷戩澊氅�, 順勱笀 臧愳唽鞕 須岇爠 鞁犾毄 雽於� 臧滌嫓搿� 霠堧矂毽臧 雼れ唽 靸侅姽頄堧嫟.

Essential Properties AG真人官方ty Trust (NYSE: EPRT) 鈥� Points cl茅s du 10-Q du T2 2025

  • Solidit茅 du chiffre d'affaires : Les revenus locatifs ont bondi de 23,7 % en glissement annuel 脿 129,1 M$ ; le chiffre d'affaires total a augment茅 de 25,4 % 脿 137,1 M$.
  • Croissance des b茅n茅fices : Le r茅sultat net attribuable aux actionnaires a progress茅 de 22,7 % pour atteindre 63,2 M$ ; le BPA dilu茅 est pass茅 de 0,29 $ 脿 0,32 $. Le BPA dilu茅 sur six mois a atteint 0,61 $ (+7 %).
  • Expansion du portefeuille : Les investissements nets en immobilier ont augment茅 de 9 % depuis la fin d'ann茅e, atteignant 6,05 milliards de dollars apr猫s l'acquisition de 121 propri茅t茅s et le financement de 35,5 M$ de nouveaux pr锚ts ; les cessions ont totalis茅 70,1 M$.
  • Bilan : Les pr锚ts 脿 terme non garantis sont rest茅s 脿 1,72 Md$ ; le solde de la facilit茅 de cr茅dit renouvelable a augment茅 脿 200 M$ (contre 0 au 24/12). La tr茅sorerie a diminu茅 脿 20,8 M$ contre 40,7 M$.
  • Activit茅 en actions : 10,6 millions de nouvelles actions ont 茅t茅 茅mises depuis le d茅but de l'ann茅e, portant le capital vers茅 脿 3,96 Md$ ; les capitaux propres totaux s'茅l猫vent d茅sormais 脿 3,84 Md$.
  • Facteurs de pertes globales : La juste valeur des couvertures a entra卯n茅 une perte OCI de 12,4 M$ pour le trimestre ; l'OCI cumul茅 est pass茅 脿 un d茅ficit de 17,8 M$.

Indicateurs op茅rationnels : Les frais g茅n茅raux et administratifs ont augment茅 de 22,5 % en glissement annuel 脿 10,7 M$, mais sont rest茅s 脿 7,8 % des revenus ; la provision pour d茅pr茅ciation s'est mod茅r茅e 脿 0,6 M$ (contre 2,8 M$). Les amortissements ont augment茅 de 29 % 脿 38,6 M$, refl茅tant la croissance des actifs.

Liquidit茅 et levier : La dette nette (pr锚ts non garantis, billets et facilit茅 renouvelable moins tr茅sorerie) s'est 茅tablie 脿 environ 2,30 Md$ ; les passifs d茅riv茅s ont augment茅 脿 28,3 M$.

EPRT continue d'茅largir son portefeuille triple-net tout en maintenant une dynamique positive des b茅n茅fices ; le levier a l茅g猫rement augment茅 suite 脿 la contraction de la tr茅sorerie et au d茅marrage des emprunts sur la facilit茅 renouvelable.

Essential Properties AG真人官方ty Trust (NYSE: EPRT) 鈥� Highlights des 10-Q f眉r Q2 2025

  • 鲍尘蝉补迟锄蝉迟盲谤办别: Mieterl枚se stiegen im Jahresvergleich um 23,7 % auf 129,1 Mio. USD; der Gesamtumsatz erh枚hte sich um 25,4 % auf 137,1 Mio. USD.
  • Gewinnwachstum: Der den Aktion盲ren zurechenbare Nettogewinn stieg um 22,7 % auf 63,2 Mio. USD; das verw盲sserte Ergebnis je Aktie verbesserte sich von 0,29 auf 0,32 USD. Das verw盲sserte Ergebnis je Aktie f眉r sechs Monate erreichte 0,61 USD (+7 %).
  • Portfolioerweiterung: Die Nettoimmobilieninvestitionen stiegen seit Jahresende um 9 % auf 6,05 Mrd. USD nach dem Erwerb von 121 Immobilien und der Vergabe von neuen Krediten in H枚he von 35,5 Mio. USD; Ver盲u脽erungen beliefen sich auf 70,1 Mio. USD.
  • Bilanz: Die unbesicherten Terminkredite blieben bei 1,72 Mrd. USD; der Saldo der revolvierenden Kreditfazilit盲t stieg auf 200 Mio. USD (gegen眉ber 0 am 24.12.). Der Kassenbestand sank von 40,7 Mio. USD auf 20,8 Mio. USD.
  • 贰颈驳别苍办补辫颈迟补濒补办迟颈惫颈迟盲迟别苍: Es wurden bisher im Jahr 10,6 Mio. neue Aktien ausgegeben, wodurch das eingezahlte Kapital auf 3,96 Mrd. USD stieg; das Gesamteigenkapital betr盲gt nun 3,84 Mrd. USD.
  • Treiber des umfassenden Verlusts: Die Marktwertbewertung von Absicherungen f眉hrte im Quartal zu einem OCI-Verlust von 12,4 Mio. USD; das kumulierte OCI verschob sich auf ein Defizit von 17,8 Mio. USD.

Operative Kennzahlen: Die Verwaltungs- und allgemeinen Aufwendungen stiegen im Jahresvergleich um 22,5 % auf 10,7 Mio. USD, blieben jedoch bei 7,8 % des Umsatzes; die R眉ckstellung f眉r Wertminderungen verringerte sich auf 0,6 Mio. USD (vorher 2,8 Mio.). Die Abschreibungen/Amortisationen stiegen um 29 % auf 38,6 Mio. USD und spiegeln das Wachstum der Verm枚genswerte wider.

Liquidit盲t & Verschuldung: Die Nettoverschuldung (unbesicherte Kredite, Schuldverschreibungen und revolvierende Kreditfazilit盲t abz眉glich Bargeld) lag bei etwa 2,30 Mrd. USD; derivative Verbindlichkeiten stiegen auf 28,3 Mio. USD.

EPRT baut sein Triple-Net-Portfolio weiter aus und h盲lt dabei eine positive Ergebnisentwicklung aufrecht; die Verschuldung stieg leicht an, da sich die Barmittel verringerten und revolvierende Kreditaufnahmen begannen.

As filed with the Securities and Exchange Commission on July 23, 2025

Registration No. 333-__________

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM S-8

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

 

JOHN MARSHALL BANCORP, INC.

(Exact name of registrant as specified in its charter) 

 

 

Virginia

 

81-5424879

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

1943 Isaac Newton Square, Suite 100, Reston, Virginia

 

20190

(Address of principal executive offices)

 

(Zip Code)

John Marshall Bancorp, Inc. 2025 Stock Incentive Plan

(Full title of plan)

Kent D. Carstater

Executive Vice President and Chief Financial Officer

John Marshall Bancorp, Inc.

1943 Isaac Newton Square, Suite 100

Reston, Virginia 20190

(703) 584-0840

(Name, address, including zip code, and telephone number, including area code of agent for service)

With copies to:

Scott H. Richter, Esq.

Benjamin A. McCall, Esq.

Williams Mullen

200 South 10th Street, Suite 1600

Richmond, Virginia 23219

(804) 420-6000

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

  

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.  


Part I

INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

Item 1. Plan Information.

Information required by Item 1 to be contained in the Section 10(a) prospectus is omitted from this Registration Statement on Form S-8 (the “Registration Statement”) in accordance with Rule 428 adopted under the Securities Act of 1933, as amended (the “Securities Act”), and the Note to Part I of Form S-8. The documents containing the information specified in Part I will be delivered to participants as required by Rule 428.

Item 2. Registrant Information and Employee Plan Annual Information.

Information required by Item 2 to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 adopted under the Securities Act and the Note to Part I of Form S-8. The documents containing the information specified in Part I will be delivered to participants as required by Rule 428.

Part II

INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3. Incorporation of Documents by Reference.

The following documents filed by John Marshall Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”) are incorporated by reference in this Registration Statement and made a part hereof:

(a) The Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 28, 2025;

(b) The Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the SEC on May 13, 2025;

(c) The Company’s Current Reports on Form 8-K, filed with the SEC on February 28, 2025, April 23, 2025, June 17, 2025 and July 21, 2025 (other than any portion of any such document that is not deemed to be filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)); and

(d) The description of the Company’s common stock contained in Exhibit 4.3 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 28, 2025.

All documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14, and 15(d) of the Exchange Act (excluding any portion of these documents that has been furnished to and deemed not to be filed with the SEC) prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents.

Any statement contained in any document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

Item 4. Description of Securities.

Not applicable.

2


Item 5. Interests of Named Experts and Counsel.

None.

Item 6. Indemnification of Officers and Directors.

The articles of incorporation of the Company provide that to the full extent that the Virginia Stock Corporation Act (the “VSCA”) permits the limitation or elimination of the liability of directors or officers, a director or officer of the Company will not be liable to the Company or its shareholders for monetary damages. The VSCA provides that the liability of a director or officer in a proceeding brought by or in the right of shareholders, or on behalf of shareholders may be eliminated, except that the liability of a director or officer may not be eliminated if the director or officer engaged in willful misconduct or a knowing violation of the criminal law or of any state or federal securities law, including any claim of unlawful insider trading or manipulation of the market for any security.

The articles of incorporation of the Company provide that to the full extent permitted by the VSCA and other applicable law, the Company will indemnify a director or officer of the Company who is or was a party to any proceeding by reason of the fact that he or she is or was such a director or officer or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, and the board of directors of the Company may contract in advance to indemnify any director or officer. The VSCA provides that except as limited by its articles of incorporation, a corporation shall indemnify a director who entirely prevails in the defense of any proceeding to which he or she was a party because he or she is or was a director of the corporation against reasonable expenses incurred in connection with the proceeding. The VSCA further provides that a corporation may indemnify an individual made a party to a proceeding because he or she is or was a director against liability incurred in the proceeding if: (i) the director conducted himself or herself in good faith; (ii) he or she believed (a) in the case of conduct in his or her official capacity, that his or her conduct was in the best interests of the corporation and (b) in all other cases, that his or her conduct was at least not opposed to the best interests of the corporation and (iii) in the case of any criminal proceeding, the director had no reasonable cause to believe that his or her conduct was unlawful; provided however, no indemnification may be made if: (x) the proceeding was by or in the right of the corporation and the director is adjudged liable to the corporation; or (y) in any other proceeding charging improper personal benefit to the director, the director is adjudged liable to the corporation for the receipt of an improper personal benefit. The board of directors may also indemnify an employee or agent of the Company who was or is a party to any proceeding by reason of the fact that he or she is or was an employee or agent of the Company.

The Company has limited its exposure to liability for indemnification of directors and officers by purchasing directors and officers liability insurance coverage. The rights of indemnification provided in the articles of incorporation of the Company are not exclusive of any other rights that may be available under any insurance or other agreement, by vote of shareholders or disinterested directors, or otherwise.

Item 7. Exemption from Registration Claimed.

Not applicable.

3


Item 8. Exhibits.

Exhibit No.

    

Description

4.1

Articles of Incorporation of John Marshall Bancorp, Inc., as amended (incorporated by reference to Exhibit 3.1 of the Company’s Registration Statement on Form 10 filed on March 4, 2022).

4.2

Amended and Restated Bylaws of John Marshall Bancorp, Inc. (incorporated by reference to Exhibit 3.2 of the Company’s Registration Statement on Form 10 filed on March 4, 2022).

5.1

Opinion of Williams Mullen.*

23.1

Consent of Williams Mullen (included in Exhibit 5.1).

23.2

Consent of Yount, Hyde, & Barbour, P.C.*

24.1

Powers of Attorney of Directors and Officers (included on signature page).

99.1

John Marshall Bancorp, Inc. 2025 Stock Incentive Plan (incorporated by reference to Appendix A to the Definitive Proxy Statement for the Company’s Annual Meeting of Shareholders held on June 17, 2025, filed with the SEC on April 29, 2025).

107.1

Filing Fee Table.*

____________

* Filed herewith.

Item 9. Undertakings.

(a) The undersigned registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement;

(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;

Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the Registration Statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Registration Statement.

(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

4


(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

5


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the county of Fairfax in the Commonwealth of Virginia, on July 23, 2025.

JOHN MARSHALL BANCORP, INC.

By:

/s/ Kent D. Carstater

Kent D. Carstater

Senior Executive Vice President

and Chief Financial Officer

The officers and directors of John Marshall Bancorp, Inc. whose signatures appear below hereby constitute and appoint Christopher W. Bergstrom and Kent D. Carstater, and each of them, their true and lawful attorneys and agents, with full power of substitution, each with power to act alone, to sign and execute on behalf of the undersigned any amendment or amendments to this Registration Statement on Form S-8, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto each of said attorneys-in-fact and agents full power and authority to do everything necessary to accomplish the foregoing, as fully to all intents and purposes as he or she might or could do in person, and each of the undersigned does hereby ratify and confirm all that each of said attorneys and agents, or their substitutes, shall do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.

Signature/Name

    

Title

    

Date

/s/ Christopher W. Bergstrom

Christopher W. Bergstrom

President and Chief Executive Officer, Director

(Principal Executive Officer)

July 23, 2025

/s/ Kent D. Carstater

Kent D. Carstater

Senior Executive Vice President and Chief Financial Officer

(Principal Financial and Accounting Officer)

July 23, 2025

/s/ Philip W. Allin

Philip W. Allin

Director

July 23, 2025

/s/ Philip R. Chase

Philip R. Chase

Director

July 23, 2025

/s/ Michael T. Foster

Michael T. Foster

Director

July 23, 2025

/s/ Michael A. Garcia

Michael A. Garcia

Director

July 23, 2025

/s/ Subhash K. Garg

Subhash K. Garg

Director

July 23, 2025

/s/ Jonathan C. Kinney

Jonathan C. Kinney

Chairman of the Board

July 23, 2025

/s/ O. Leland Mahan

O. Leland Mahan

Director

July 23, 2025

6


FAQ

How much did EPRT's rental revenue grow in Q2 2025?

Rental revenue increased 23.7% year over year to $129.1 million.

What was Essential Properties AG真人官方ty Trust's diluted EPS for Q2 2025?

Diluted EPS was $0.32, up from $0.29 in Q2 2024.

How large is EPRT's real estate portfolio as of June 30 2025?

Net investments reached $6.05 billion across 2,190 assets.

Did the company use its revolving credit facility during the quarter?

Yes, $200 million was outstanding on the revolver, compared with none at year-end 2024.

Why did comprehensive income decline despite higher net income?

A $12.4 million unrealized loss on cash-flow hedges moved accumulated OCI negative, lowering comprehensive results.

How many new shares did EPRT issue in the first half of 2025?

Approximately 10.6 million shares were issued, lifting paid-in capital by $305 million net of costs.
John Marshall

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