Estimated results of operations for the year ended December 31, 2025 are summarized as follows:

Total revenues for the year ended December 31, 2025 are expected to be in the range of $966 million to $968 million compared to approximately $746 million for the year ended December 31, 2024. The increase is primarily driven by higher net trading gains and a markdown in fair value adjustments on loans compared to the same period in 2024, partially offset by lower services and fees revenues. Total operating expenses for the year ended December 31, 2025 are expected to be in the range of $892 million to $897 million compared to approximately $1.24 billion for the year ended December 31, 2024. The decrease is primarily driven by impairment charges on goodwill and tradenames for the same period in 2024 and lower selling, general and administrative expenses, direct cost of services, interest expense related to securities lending, and cost of goods sold. Total other income for the year ended December 31, 2025 is expected to be in the range of $153 million to $155 million compared to approximately $403 million loss for the year ended December 31, 2024. The increase is primarily driven by realized and unrealized losses on investments for the same period in 2024, gain on sale and deconsolidation of businesses, gain on senior note exchange, higher income from equity investments, and lower net interest expense.

Net income from continuing operations for the year ended December 31, 2025 is expected to be in the range of $233 million to $241 million compared to a net loss from continuing operations of approximately ($922) million for the year ended December 31, 2024. Net income applicable to common shareholders for the year ended December 31, 2025 is expected to be in the range of $293 million to $301 million, or $9.60 to $9.86 net income per diluted common share, which includes approximately $71 million of income from discontinued operations, compared to a net loss applicable to common shareholders of approximately ($772) million, or ($25.46) net loss per diluted common share, which includes approximately $147 million of income from discontinued operations, for the year ended December 31, 2024.