[SCHEDULE 13G/A] Bio-Rad Laboratories, Inc. SEC Filing

Rhea-AI Filing Summary

Chatham Lodging Trust (CLDT) Q2 2025 10-Q highlights

• Revenue: $80.3 m, down 7 % YoY; 1H 25 revenue $148.9 m, off 4 %.
• EPS: GAAP $0.07 vs $0.10 prior-year; 1H EPS swings to +$0.06 from –$0.05.
• Margin: Operating income before gains $11.5 m (14.3 % margin) vs $14.1 m; interest expense fell 17 % to $6.4 m.
• Asset rotation: Sold three hotels for $54.0 m, booking $7.5 m gain; portfolio now 34 hotels/5,166 rooms.
• Balance sheet: Total debt $351 m (–14 % YTD); revolver cut to $70 m (from $110 m). Net debt/total cap ~31 %.
• New debt: $60.3 m of fixed-rate mortgages at 6.70–7.29 % keeps weighted-avg cost ~6.9 %.
• Liquidity: Cash $17.2 m; $180 m undrawn on credit lines.
• Capital returns: Quarterly common dividend raised to $0.09 (annualized yield ~5 %); new $25 m buyback program, 20.5 k shares repurchased in Q2.
• Cash flow: 1H 25 operating cash $26.3 m (–18 %); FCF redeployed to debt paydown.

Lower room demand and tougher comps compressed revenue, yet asset sales and deleveraging improved leverage and turned first-half earnings positive. Dividend growth signals confidence, but high-coupon mortgages and softer RevPAR pose headwinds.

Insights

REIT Equity Analyst

TL;DR: Mixed quarter—earnings down but leverage, dividend and asset mix better.

Revenue softness drove a 30 % EPS drop, reflecting weaker extended-stay demand and higher utilities. However, management used asset dispositions to retire $56 m of debt, cutting revolver usage and preserving $180 m of liquidity. Net debt/EBITDAE falls below 4×, giving room for the 6 % dividend hike and $25 m buyback. New mortgages are costly, yet fixed-rate, extending ladder to 2034. Overall, neutral to slightly positive: deleveraging offsets operational dip.

Portfolio Manager – Income Strategy

TL;DR: Balance-sheet progress supports yield; watch RevPAR trend.

Chatham’s 5 % forward dividend and shrinking debt stack sharpen its total-return profile for yield investors. 1H operating cash covers common and preferred payouts 1.9×, and hotel sales recycled into higher-cap-rate opportunities or debt reduction. Yet Q2 RevPAR drag cut revenue 7 %, and fresh 7 % mortgages inflate interest risk if volumes stall. Impact deemed modestly positive but contingent on H2 demand recovery.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Bio-Rad Laboratories Inc

(Name of Issuer)

Common

(Title of Class of Securities)

090572207

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 090572207

1

Names of Reporting Persons

First Eagle Investment Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,326,836.25
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,528,321.43
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,528,321.43

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 090572207

1

Names of Reporting Persons

FIRST EAGLE GLOBAL FUND

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,878,739.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,878,739.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,878,739.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.5 %

12

Type of Reporting Person (See Instructions)

IC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Bio-Rad Laboratories Inc
(b)	Address of issuer's principal executive offices: 1000 Alfred Nobel Drive,, Hercules, US-CA, 94547, US
Item 2.
(a)	Name of person filing: First Eagle Investment Management, LLC | FIRST EAGLE GLOBAL FUND
(b)	Address or principal business office or, if none, residence: First Eagle Investment Management, LLC - 1345 Avenue of the Americas, New York, 10105, New York, United States | FIRST EAGLE GLOBAL FUND - 1345 Avenue of the Americas, New York, 10105, New York, United States
(c)	Citizenship: First Eagle Investment Management, LLC - DELAWARE FIRST EAGLE GLOBAL FUND - DELAWARE
(d)	Title of class of securities: Common
(e)	CUSIP No.: 090572207
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,528,321
(b)	Percent of class: 11.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,326,836
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,528,321
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Securities reported on this Schedule 13G as being beneficially owned by First Eagle Investment Management, LLC are held by or at the direction of First Eagle Investment Management, LLC and/or one or more of its investment adviser subsidiaries, which may include First Eagle Separate Account Management, LLC, principally on behalf of investment advisory clients, which may include investment companies registered under the Investment Company Act, employee benefit plans, pension funds, other institutional clients, or separate accounts, but sometimes for its own account. First Eagle Investment Management, LLC (FEIM), an investment adviser registered under Section 203 of the Investment Advisers Act of 1940, is deemed to be the beneficial owner of 2,528,321.43 shares, or 11.42% of the common stock believed to be outstanding as a result of acting as investment adviser to various clients. Clients of FEIM have the right to receive and the ultimate power to direct the receipt of dividends from, or the proceeds of the sale of, such securities. The First Eagle Global Fund, a registered investment company for which FEIM acts as investment adviser, may be deemed to beneficially own 1,878,739 of these 2,528,321.43 shares, or 8.48% of the Company's Common Stock.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

First Eagle Investment Management, LLC

Signature:	David O'Connor
Name/Title:	General Counsel
Date:	08/06/2025

FIRST EAGLE GLOBAL FUND

Signature:	David O'Connor
Name/Title:	General Counsel
Date:	08/06/2025