TXSS Overview

• Liquidation Announcement: The Texas Capital Funds Trust Board has authorized the orderly liquidation of the Texas Capital Texas Small Cap Equity Index ETF (TXSS) due to considerations regarding its size and growth trajectory, with the last trading day set for December 8, 2025.

• Shareholder Actions: Shareholders can sell their holdings before the Closing Date, and those who hold shares until the Liquidation Date on December 15, 2025, will receive a cash distribution based on the net asset value of their holdings, which may have tax implications.

• Investment Alternatives: Investors are encouraged to consider the Texas Capital Texas Equity Index ETF (TXS) as an alternative for continued exposure to the growth of the Texas economy, as TXSS shares some portfolio attributes with TXS.

• Company Overview: Texas Capital Bancshares, Inc. is a full-service financial institution providing a range of services to clients, with its subsidiary Texas Capital Bank serving as the investment adviser to the Fund.

Expansion Plans of Academy Sports and Outdoors, Inc.

• New Store Openings: Academy Sports and Outdoors has recently opened new locations in Boardman, Ohio; Beaufort, South Carolina; and Virginia Beach, Virginia. An additional eight stores are planned to open in fall 2025, bringing the total to 11 new sites in the third quarter alone.
• Job Creation: The expansion is expected to create over 650 jobs, highlighting the company's commitment to local employment as it strengthens its presence across 10 states.

Future Growth Strategy

• Targeted Locations: The next phase of openings will include stores in Rome, Georgia; Cullman, Alabama; Mishawaka, Indiana; Lakeland, Florida; Columbia, Tennessee; Albany, Georgia; Palestine, Texas; and Batesville, Mississippi. The company aims to establish 20 to 25 new locations within the fiscal year.
• Community Engagement: Academy Sports is focusing on community partnerships, hosting events like back-to-school shopping sprees in collaboration with local organizations to support youth in the areas of new store openings.

Customer Incentives and Offerings

• Competitive Pricing: The retailer promises to beat competing advertised prices by 5%, and customers using the Academy Credit Card can enjoy an additional 5% off, along with a $15 discount for new cardholders on their first purchase.
• Rewards Program: The myAcademy rewards program offers a 10% welcome discount, lower free-shipping thresholds, personalized offers, faster checkout, and an annual birthday reward, enhancing customer loyalty and engagement.

Stock Performance and Market Outlook

• Stock Trends: ASO shares have seen a decline of over 5.11% in the past year, with the latest trading price at $52.72, reflecting a decrease of 1.75% on the last check. Investors can access the stock through the Texas Capital Texas Small Cap Equity Index ETF (TXSS).
• Market Metrics: According to Benzinga Rankings, ASO's stock shows a momentum score of 53.01, a growth score of 97.49, and a value score of 66.23, indicating varied performance across different metrics.

• Investment Agreement: Howard Hughes Holdings Inc. announced a $900 million investment agreement with Pershing Square, led by Bill Ackman, to acquire 9 million newly issued shares at a premium price of $100 per share, which represents a 48% increase over the previous closing price.

• Strategic Changes: Following this investment, Pershing Square will hold nearly 47% of HHH's shares while agreeing to limit its voting power to 40%. The partnership aims to diversify HHH into a holding company and enhance its real estate development efforts, with Ackman appointed as executive chairman.

• Preliminary Financial Results: Excelerate Energy Inc. projects a first-quarter income before taxes of $52-$59 million and adjusted EBITDA of $96-$101 million, with cash reserves expected to be between $600-$620 million as of March 31, 2025.

• Senior Notes Offering and Acquisition Plans: The company announced a $700 million offering of unsecured senior notes due in 2030 to finance its $1.055 billion acquisition of New Fortress Energy's Jamaica operations, aiming to enhance its global presence and operational cash flow.

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