KIMCO REALTY CORP

Previous wording

This Quarterly Report on Form 10-Q, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “commit,” “anticipate,” “estimate,” “project,” “will,” “target,” “plan,” “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which, in some cases, are beyond the Company’s control and could materially affect actual results, performance or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) financial disruption, changes in trade policies and tariffs, geopolitical challenges or economic downturn, including general adverse economic and local real estate conditions, (ii) the impact of competition, including the availability of acquisition or development opportunities and the costs associated with purchasing and maintaining assets, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iv) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center, (v) the potential impact of e-commerce and other changes in consumer buying practices, and changing trends in the retail industry and perceptions by retailers or shoppers, including safety and convenience, (vi) the availability of suitable acquisition, disposition, development, redevelopment and merger opportunities, and the costs associated with purchasing and maintaining assets and risks related to acquisitions not performing in accordance with our expectations, (vii) the Company’s ability to raise capital by selling its assets, (viii) disruptions and increases in operating costs due to inflation and supply chain disruptions, (ix) risks associated with the development of mixed-use commercial properties, including risks associated with the development, and ownership of non-retail real estate, (x) changes in governmental laws and regulations, including, but not limited to, changes in data privacy, environmental (including climate change), safety and health laws, and management’s …

Excerpt shortened here; the source contains the full paragraph.

Current wording

This Quarterly Report on Form 10-Q, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “commit,” “anticipate,” “estimate,” “project,” “will,” “target,” “plan,” “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which, in some cases, are beyond the Company’s control and could materially affect actual results, performance or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) financial disruption, changes in trade policies and tariffs, geopolitical challenges or economic downturn, including general adverse economic and local real estate conditions, (ii) the impact of competition, including the availability of acquisition or development opportunities and the costs associated with purchasing and maintaining assets, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iv) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center, (v) the potential impact of e-commerce and other changes in consumer buying practices, and changing trends in the retail industry and perceptions by retailers or shoppers, including safety and convenience, (vi) the availability of suitable acquisition, disposition, development, redevelopment and merger opportunities, and the costs associated with purchasing and maintaining assets and risks related to acquisitions not performing in accordance with our expectations, (vii) the Company’s ability to raise capital by selling its assets, (viii) disruptions and increases in operating costs due to inflation and supply chain disruptions, (ix) risks associated with the development of mixed use commercial properties, including risks associated with the development, and ownership of non-retail real estate, (x) changes in governmental laws and regulations, including, but not limited to, changes in data privacy, environmental (including climate change), safety and health laws, and management’s …

Excerpt shortened here; the source contains the full paragraph.

Previous wording

Kimco Realty Corporation and its subsidiaries (the “Parent Company”) operates as a Real Estate Investment Trust (“REIT”), of which substantially all of the Parent Company’s assets are held by, and substantially all of the Parent Company’s operations are conducted through, Kimco Realty OP, LLC (“Kimco OP”), either directly or through its subsidiaries, as the Parent Company’s operating company. The Parent Company is the managing member and exercises exclusive control over Kimco OP. As of September 30, 2025, the Parent Company owned 99.79% of the outstanding limited liability company interests (the “OP Units”) in Kimco OP. The terms “Kimco,” “the Company,” and “our” each refer to the Parent Company and Kimco OP, collectively, unless the context indicates otherwise. In statements regarding qualification as a REIT, such terms refer solely to Kimco Realty Corporation.

Current wording

Kimco Realty Corporation and its subsidiaries (the “Parent Company”) operates as a Real Estate Investment Trust (“REIT”), of which substantially all of the Parent Company’s assets are held by, and substantially all of the Parent Company’s operations are conducted through, Kimco Realty OP, LLC (“Kimco OP”), either directly or through its subsidiaries, as the Parent Company’s operating company, and the Parent Company is the managing member of Kimco OP. Management operates the Parent Company and Kimco OP as one business. As of March 31, 2026, the Parent Company owned 99.74% of the outstanding limited liability company interests (the “OP Units”) in Kimco OP. The terms “Kimco,” “the Company,” and “our” each refer to the Parent Company and Kimco OP, collectively, unless the context indicates otherwise. In statements regarding qualification as a REIT, such terms refer solely to Kimco Realty Corporation.

Previous wording

The Company is the leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The executive officers are engaged in the day-to-day management and operation of real estate exclusively with the Company, with nearly all operating functions, including leasing, asset management, maintenance, construction, legal, finance and accounting, administered by the Company. The Company’s mission is to create destinations for everyday living that inspire a sense of community and deliver value to our many stakeholders.

Current wording

The Company is a leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed use properties in the United States. The executive officers are engaged in the day-to-day management and operation of real estate exclusively with the Company, with nearly all operating functions, including leasing, asset management, maintenance, construction, legal, finance and accounting, administered by the Company. The Company’s mission is to create destinations for everyday living that inspire a sense of community and deliver value to our many stakeholders.

Previous wording

The Company is a self-administered REIT and has owned and operated open-air shopping centers for over 60 years. The Company has not engaged, nor does it expect to retain, any REIT advisors in connection with the operation of its properties. As of September 30, 2025, the Company had interests in 564 U.S. shopping center properties, aggregating 100.4 million square feet of gross leasable area (“GLA”), located in 30 states. In addition, the Company had 67 other property interests, primarily including net leased properties, preferred equity investments, and other investments, totaling 5.5 million square feet of GLA. The Company’s ownership interests in real estate consist of its consolidated portfolio and portfolios where the Company owns an economic interest, such as properties in the Company’s investment real estate management programs, where the Company partners with institutional investors and also retains management.

Current wording

The Company is a self-administered REIT and has owned and operated open-air shopping centers for over 65 years. The Company has not engaged, nor does it expect to retain, any REIT advisors in connection with the operation of its properties. As of March 31, 2026, the Company had interests in 565 U.S. shopping center properties, aggregating 99.6 million square feet of gross leasable area (“GLA”), located in 29 states. In addition, the Company had 65 other property interests, primarily including net leased properties, preferred equity investments, and other investments, totaling 5.1 million square feet of GLA. The Company’s ownership interests in real estate consist of its consolidated portfolio and portfolios where the Company owns an economic interest, such as properties in the Company’s investment real estate management programs, where the Company partners with institutional investors and also retains management.

Previous wording

The Company’s primary business objective is to be the premier owner and operator of open-air, grocery-anchored shopping centers, and a growing portfolio of mixed-use assets, in the U.S. The Company believes it can achieve this objective by:

Current wording

The Company’s primary business objective is to be the premier owner and operator of open-air, grocery-anchored shopping centers, and mixed use assets, in the U.S. The Company believes it can achieve this objective by:

Previous wording

maintaining strong debt metrics and its A-/A-/Baa1 unsecured debt ratings;

Current wording

maintaining strong debt metrics and its A-/A-/A3 unsecured debt ratings;

Previous wording

The economy continues to face challenges, which could adversely impact the Company and its tenants, including elevated inflation, fluctuations in interest rates, tenant bankruptcies, international tariffs or other trade restrictions, and government shutdowns. These factors could slow economic growth and materially increase the cost of goods and services offered by the Company’s tenants, leading to lower profits. To the extent our tenants are unable to pass these costs on to their customers, our tenants’ operations could be adversely impacted, which could result in tenant bankruptcies, amongst other things, and could weaken demand by those tenants for our real estate and adversely impact the Company. In addition, these challenges could negatively affect the overall demand for retail space, including the demand for leasable space in the Company’s properties. Any of these factors could materially adversely impact the Company’s business, financial condition, results of operations or stock price. The Company continues to monitor economic, financial, and social conditions and will assess its asset portfolio for any impairment indicators. If the Company determines that any of its assets are impaired, the Company would be required to take impairment charges, and such amounts could be material.

Current wording

The economy continues to face challenges, which could adversely impact the Company and its tenants, including elevated inflation and interest rates, tenant bankruptcies, tariffs or other trade restrictions, geopolitical uncertainties, global conflicts and government shutdowns. These factors could slow economic growth and materially increase the cost of goods and services offered by the Company’s tenants, leading to lower profits. To the extent our tenants are unable to pass these costs on to their customers, our tenants’ operations could be adversely impacted, which could result in tenant bankruptcies, amongst other things, and could weaken demand by those tenants for our real estate and adversely impact the Company. In addition, these challenges could negatively affect the overall demand for retail space, including the demand for leasable space in the Company’s properties. Any of these factors could materially adversely impact the Company’s business, financial condition, results of operations or stock price. The Company continues to monitor economic, financial, and social conditions and will assess its asset portfolio for any impairment indicators. If the Company determines that any of its assets are impaired, the Company would be required to take impairment charges, and such amounts could be material.

Previous wording

Comparison of the three and nine months ended September 30, 2025 and 2024

Current wording

Comparison of the three months ended March 31, 2026 and 2025

Previous wording

The following table presents the comparative results from the Company’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024 (in thousands, except per share data):

Current wording

The following table presents the comparative results from the Company’s Condensed Consolidated Statements of Income for the three months ended March 31, 2026, as compared to the corresponding periods in 2025 (in thousands, except per share data):

Previous wording

Net income available to the Company’s common shareholders was $130.2 million for the three months ended September 30, 2025, as compared to $128.0 million for the comparable period in 2024. On a diluted per common share basis, Net income available to the Company’s common shareholders was $0.19 for both the three months ended September 30, 2025 and 2024.

Current wording

Net income available to the Company’s common shareholders was $157.4 million for the three months ended March 31, 2026, as compared to $125.1 million for the comparable period in 2025. On a diluted per common share basis, Net income available to the Company’s common shareholders for the three months ended March 31, 2026 was $0.23, as compared to $0.18 for the three months ended March 31, 2025.

Previous wording

The following describes the changes of certain line items included on the Company’s Condensed Consolidated Statements of Income that the Company believes changed significantly and affected Net income available to the Company’s common shareholders during the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024.

Current wording

The following describes the changes of certain line items included on the Company’s Condensed Consolidated Statements of Income that the Company believes changed significantly and affected Net income available to the Company’s common shareholders during the three months ended March 31, 2026, as compared to the corresponding period in 2025.

Previous wording

The increase in Revenues from rental properties, net of $28.2 million for the three months ended September 30, 2025, as compared to the corresponding period in 2024, is primarily from (i) a net increase in revenues from tenants of $14.4 million, primarily due to an increase in leasing activity and net growth in the current portfolio, (ii) an increase in revenues of $11.2 million due to properties acquired during 2025 and 2024 and (iii) an increase in net straight-line rental income of $3.7 million, primarily due to changes in reserves, partially offset by (iv) a decrease in revenues of $1.1 million due to dispositions during 2025 and 2024.

Current wording

The increase in Revenues from rental properties, net of $21.5 million for the three months ended March 31, 2026, as compared to the corresponding period in 2025, is primarily from (i) a net increase in revenues from tenants of $22.3 million, primarily due to an increase in leasing activity and net growth in the current portfolio and (ii) an increase in revenues of $3.3 million due to properties acquired during 2025, partially offset by (iii) a decrease in lease termination fee income of $2.5 million and (iv) a decrease in revenues of $1.6 million due to dispositions during 2026 and 2025.

Previous wording

The increase in Operating and maintenance expense of $3.7 million for the three months ended September 30, 2025, as compared to the corresponding period in 2024, is primarily due to (i) an increase in repairs and maintenance expense of $2.9 million and (ii) an increase of $1.7 million resulting from properties acquired during 2025 and 2024, partially offset by (iii) a decrease in insurance expense of $0.8 million.

Current wording

The increase in Operating and maintenance expense of $5.7 million for the three months ended March 31, 2026, as compared to the corresponding period in 2025, is primarily due to (i) an increase in repairs and maintenance expense of $3.4 million, (ii) an overall increase in utility expenses of $1.3 million and (iii) an increase in snow removal costs of $1.1 million.

Previous wording

During the nine months ended September 30, 2025, the Company disposed of two operating properties and three land parcels, in separate transactions, for an aggregate sales price of $71.6 million, which resulted in aggregate gains of $43.5 million. During the nine months ended September 30, 2024, the Company disposed of 11 operating properties and seven land parcels, in separate transactions, for an aggregate sales price of $254.1 million, which resulted in aggregate gains of $0.9 million.

Current wording

During the three months ended March 31, 2026, the Company disposed of three parcels, in separate transactions, for an aggregate sales price of $47.2 million, which resulted in aggregate gains of $15.7 million. During the three months ended March 31, 2025, the Company disposed of a land parcel for an aggregate sales price of $1.5 million, which resulted in an aggregate gain of $0.9 million.

Previous wording

Equity in (loss)/income of other investments, net –

Current wording

Equity in income of other investments, net –

Previous wording

The decrease in Equity in (loss)/income of other investments, net of $7.8 million for the nine months ended September 30, 2025, as compared to the corresponding period in 2024, is primarily due to profit participation from the sale of properties within the Company’s Preferred Equity Program during 2024.

Current wording

The increase in Equity in income of other investments, net of $5.1 million for the three months ended March 31, 2026, as compared to the corresponding period in 2025, is primarily due to profit participation from the sale of properties within the Company’s Preferred Equity Program during 2026.

Previous wording

The Company reduces its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base. As of September 30, 2025, the Company had interests in 564 U.S. shopping center properties, aggregating 100.4 million square feet of GLA, located in 30 states. At September 30, 2025, the Company’s five largest tenants were The TJX Companies, Ross Stores, Burlington Stores, Inc., Amazon/Whole Foods and Albertsons Companies, Inc., which represented 3.8%, 1.8%, 1.8%, 1.7% and 1.7%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest.

Current wording

The Company reduces its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base. As of March 31, 2026, the Company had interests in 565 U.S. shopping center properties, aggregating 99.6 million square feet of GLA, located in 29 states. At March 31, 2026, the Company’s five largest tenants were The TJX Companies, Ross Stores, Burlington Stores, Inc., Amazon/Whole Foods and Albertsons Companies, Inc., which represented 3.7%, 2.0%, 1.8%, 1.8% and 1.6%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest.

Previous wording

The Company’s capital resources include accessing the public debt and equity capital markets, unsecured term loans, mortgages and construction loan financing, and immediate access to the Credit Facility with bank commitments of $2.0 billion, which can be increased to $2.75 billion through an accordion feature.

Current wording

The Company’s capital resources include accessing the public debt and equity capital markets, unsecured term loans, mortgages and construction loan financing, and immediate access to the Company’s unsecured revolving credit facility (“Credit Facility”) with bank commitments of $2.0 billion, which can be increased to $2.75 billion through an accordion feature. During January 2026, the Company established a commercial paper program to issue unsecured, unsubordinated notes up to a maximum of $750.0 million (the “Commercial Paper Program”). The Commercial Paper Program is backstopped by the Company’s commitment to maintain available borrowing capacity under its Credit Facility in an amount equal to actual borrowings under the program. As of March 31, 2026, the Commercial Paper Program had no outstanding balance.

Previous wording

The Company anticipates that net cash flow provided by operating activities, borrowings under its Credit Facility and the issuance of equity, public debt, as well as other debt and equity alternatives, will provide the necessary capital required by the Company. The Company will continue to evaluate its capital requirements for both its short-term and long-term liquidity needs, which could be affected by various risks and uncertainties, including, but not limited to, the effects of the current economic environment, interest rates, inflation, international tariffs or other trade restrictions, and other risks detailed in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2024.

Current wording

The Company anticipates that cash on hand, net cash flow provided by operating activities, borrowings under its Credit Facility and Commercial Paper Program, and the issuance of equity, public debt, as well as other debt and equity alternatives, will provide the necessary capital required by the Company. The Company will continue to evaluate its capital requirements for both its short-term and long-term liquidity needs, which could be affected by various risks and uncertainties, including, but not limited to, the effects of the current economic environment, interest rates, inflation, international tariffs or other trade restrictions, and other risks detailed in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025.

Previous wording

Net cash flow provided by operating activities for the nine months ended September 30, 2025 was $861.6 million, as compared to $766.1 million for the comparable period in 2024. The increase of $95.5 million is primarily attributable to:

Current wording

Net cash flow provided by operating activities for the three months ended March 31, 2026 was $243.0 million, as compared to $223.8 million for the comparable period in 2025. The increase of $19.2 million is primarily attributable to:

Previous wording

additional operating cash flow generated by operating properties acquired, partially offset by the disposition of operating properties during 2025 and 2024;

Current wording

additional operating cash flow generated by operating properties acquired during 2026 and 2025;

Previous wording

new leasing, expansion and re-tenanting of core portfolio properties; and

Current wording

new leasing, expansion and re-tenanting of core portfolio properties;

Previous wording

a decrease in distributions from the Company’s joint ventures programs.

Current wording

an increase in distributions from the Company’s joint ventures programs and other investments; and

Previous wording

changes in operating assets and liabilities due to timing of receipts and payments; and

Current wording

net changes in assets and liabilities due to timing of receipts and payments; partially offset by

Previous wording

Net cash flow used for investing activities was $491.3 million for the nine months ended September 30, 2025, as compared to $91.9 million for the comparable period in 2024.

Current wording

Net cash flow used for investing activities was $48.5 million for the three months ended March 31, 2026, as compared to $130.6 million for the comparable period in 2025.

Previous wording

Investing activities during the nine months ended September 30, 2025 primarily consisted of:

Current wording

Investing activities during the three months ended March 31, 2026 primarily consisted of:

Previous wording

$58.2 million in proceeds from sale of two operating properties and three land parcels; and

Current wording

$44.0 million in proceeds from sale of three land parcels;

Previous wording

$71.8 million from the collection of mortgage and other financing receivables;

Current wording

$39.9 million from the collection of mortgage and other financing receivables; and

Previous wording

$19.8 million in reimbursements of investments in and advances to real estate joint ventures and other investments.

Current wording

$8.4 million in reimbursements of investments in and advances to real estate joint ventures and other investments.

Previous wording

$252.0 million for investment in mortgage and other financing receivables related to new mortgage and other financing receivables;

Current wording

$76.4 million for investment in mortgage and other financing receivables related to new mortgage and other financing receivables; and

Previous wording

$232.0 million for improvements to operating real estate, primarily related to re-tenanting, tenant improvements and redevelopment projects;

Current wording

$63.4 million for improvements to operating real estate, primarily related to re-tenanting, tenant improvements and redevelopment projects.

Previous wording

$85.1 million from the collection of mortgage and other financing receivables;

Current wording

$23.1 million from the collection of mortgage and other financing receivables; and

Previous wording

$25.1 million in reimbursements of investments in and advances to real estate joint ventures and other investments.

Current wording

$10.4 million in reimbursements of investments in and advances to real estate joint ventures and other investments.

Previous wording

$10.0 million for a deposit on an acquisition of an operating property acquired in October 2024; and

Current wording

$106.2 million for acquisition of an operating property;

Previous wording

$213.4 million for improvements to operating real estate, primarily related to re-tenanting, tenant improvements and the Company’s active redevelopment pipeline;

Current wording

$52.1 million for improvements to operating real estate, primarily related to re-tenanting, tenant improvements and redevelopment projects;

Previous wording

$9.8 million for investments in and advances to real estate joint ventures and other investments, primarily related to redevelopment projects within these portfolios.

Current wording

$3.0 million for investments in and advances to real estate joint ventures and other investments, primarily related to redevelopment projects within these portfolios.

Previous wording

During the nine months ended September 30, 2025, the Company expended $144.4 million for the acquisition/consolidation of operating real estate properties. During the nine months ended September 30, 2024, the Company expended $149.1 million in conjunction with the RPT Merger. The Company anticipates spending up to approximately $25.0 million to $75.0 million towards the acquisition of, or the purchase of additional interests in, operating properties for the remainder of 2025. The Company intends to fund these potential acquisitions with net cash flow provided by operating activities, proceeds from property dispositions, and/or availability under its Credit Facility.

Current wording

The Company anticipates spending up to approximately $300.0 million to $500.0 million towards the acquisition of, or the purchase of additional interests in, operating properties for the remainder of 2026. The Company intends to fund these potential acquisitions with net cash flow provided by operating activities, cash on hand, proceeds from property dispositions, and/or availability under its Credit Facility and Commercial Paper Program. During the three months ended March 31, 2025, the Company expended $106.2 million for the acquisition of operating real estate properties.

Previous wording

During the nine months ended September 30, 2025 and 2024, the Company expended $232.0 million and $213.4 million, respectively, for improvements to operating real estate. These amounts consist of the following (in thousands):

Current wording

During the three months ended March 31, 2026 and 2025, the Company expended $63.4 million and $52.1 million, respectively, for improvements to operating real estate. These amounts consist of the following (in thousands):

Previous wording

The Company, on a selective basis, will redevelop projects or re-tenant its properties to maintain or enhance its competitive position in the marketplace. The Company is actively pursuing redevelopment opportunities within its operating portfolio, including residential and mixed-use components, which it believes will increase the overall value by bringing in new tenants and improving the assets’ value. The Company anticipates its capital commitment toward these redevelopment projects and re-tenanting efforts for the remainder of 2025 will be approximately $50.0 million to $100.0 million. The funding of these capital requirements will be from net cash flow provided by operating activities, proceeds from property dispositions, and/or availability under the Company’s Credit Facility.

Current wording

The Company, on a selective basis, will redevelop projects or re-tenant its properties to maintain or enhance its competitive position in the marketplace. The Company is actively pursuing redevelopment opportunities within its operating portfolio, including residential and mixed use components, which it believes will increase the overall value by bringing in new tenants and improving the assets’ value. The Company anticipates its capital commitment toward these redevelopment projects and re-tenanting efforts for the remainder of 2026 will be approximately $225.0 million to $275.0 million. The funding of these capital requirements will be from net cash flow provided by operating activities, cash on hand, proceeds from property dispositions, and/or availability under the Company’s Credit Facility and Commercial Paper Program.

Previous wording

Net cash flow used for financing activities was $899.6 million for the nine months ended September 30, 2025, as compared to $667.9 million for the comparable period in 2024.

Current wording

Net cash flow used for financing activities was $237.7 million for the three months ended March 31, 2026, as compared to $650.5 million for the comparable period in 2025.