TRP Mid-Year 2025 Update

The first half of 2025 has been an active and productive period for TRP, marked by the final closing of Fund VI, four add-on acquisitions, five greenfield expansions, and two promotions, highlighted further below.

We are pleased to announce the successful closing of TRP Fund VI. This fund marks the largest committed fund in our history and represents a 46% increase to our prior fund. With this capital, we remain focused on our core investment strategy: partnering with exceptional management teams to drive long-term value in multiple commercial and consumer segments of the transportation industry. We are grateful for the confidence our investors have placed in us and look forward to continuing to deploy capital with the same approach that has defined TRP for over 28 years.

In February, Lifted Trucks opened a new store in Lubbock, TX, serving multiple cities in West Texas, including Amarillo and Midland. This store, along with a second Houston location opening in August, brings the Company's total locations to 12, with four more stores planned to open through the first quarter of 2026.

In the first half of 2025, Jax Kar Wash ("Jax") opened four new greenfield locations and closed on one single site acquisition, expanding the Company's total operating locations to 51. Jax has five sites under construction with executed contracts to acquire 10 operating locations, which will bring the Company's total operating locations to over 60 by YE 2025.

Through June, Driving Force Collision completed the acquisitions of Tom Masano Collision Repair, World Auto Body, and Tosca Drive Auto Body, bringing the Company's total operating locations to six. Driving Force continues to evaluate numerous opportunities in the pipeline for expansion in 2025.

In addition to the highlights above, our team is excited to share the promotions of Ben Aronovitz to Vice President and Kaylie Ayres to Senior Associate.

We look forward to continuing our business relationship with you. For additional information on TRP, please feel free to reach out to any of our team members.