Increase in Net Asset Value
NAV increased by $567 million, driven by CVI net of refining hedges which contributed $547 million, and the funds, excluding refining hedges, were up approximately 5%.
Energy Segment Performance
Energy segment consolidated EBITDA was $625 million for Q3 '25, compared to a loss of $35 million in Q3 '24.
Automotive Segment Revenue Growth
Q3 '25 automotive service revenues increased by $11 million compared to the prior year quarter, with same-store sales increasing by $21 million or 6%.
Positive Developments in Key Investments
Investments in EchoStar showed significant gains with stock increasing from the teens in June to approximately $75 per share as of quarter end.
Strong Liquidity Position
As of quarter end, the holding company had cash and investment in the funds of $3.4 billion and subsidiaries had cash and revolver availability of $1.2 billion.