[Form 4] Retractable Technologies, Inc Insider Trading Activity

Rhea-AI Filing Summary

Camden Property Trust (CPT) – Q2 2025 10-Q highlights

• Operations: Property revenue rose 2.4 % YoY to $396.5 m; same-store revenue up 1.0 %. Net operating income gained 1.8 % to $252.8 m.
• Earnings: Net income attributable to common shareholders jumped to $80.7 m ($0.74 diluted EPS) from $42.9 m ($0.40) largely on a $47.3 m gain from the $60 m sale of Camden Midtown. YTD EPS is $1.10 vs $1.17; higher depreciation and interest offset the gain.
• Balance sheet: Assets grew to $9.12 b (+3 % YTD). Debt climbed to $3.83 b after issuing $515.6 m of commercial paper; revolver balance is $0 with $1.2 b undrawn. Weighted-average debt rate 4.1 %, maturity 5.1 yrs; floating-rate share ≈ $1.1 b at 5.1 %.
• Liquidity & cash flow: Operating cash flow increased to $378.9 m; cash & restricted cash total $44.5 m. H1 financing inflow $106.9 m covers heavy investing outflow of $473.5 m.
• Portfolio moves: Acquired three communities (1,147 homes) for $337.7 m; 4 projects under construction (1,531 homes) with $312.2 m cost to complete. Post-quarter disposals add $113.5 m proceeds.
• Capital allocation: Declared $2.10 dividend YTD (payout $228.6 m). Share repurchase authorization $450 m remains unused; ATM capacity $500 m.
• Risks: Interest expense up 9.7 % YoY; RealPage antitrust litigation ongoing; development and acquisition spending elevates leverage.

Positive

• NOI growth of 1.8 % YoY and 2.3 % YTD indicates stable same-store performance despite new supply.
• $47.3 m gain on Camden Midtown sale boosted Q2 EPS to $0.74, providing recycling capital.
• Three strategic acquisitions totaling 1,147 units expand presence in Florida, Tennessee, and Texas at a blended cost of $338 m.
• Strong liquidity: $1.2 b undrawn revolver and $500 m ATM capacity support future funding needs.

Negative

• Interest expense rose 9.7 % YoY to $35.4 m, reflecting higher floating-rate debt.
• Net income YTD fell 5.8 % despite asset sale gain, driven by higher depreciation and operating costs.
• Leverage up: total debt increased $340 m YTD, largely via short-term commercial paper.
• Ongoing antitrust litigation related to RealPage poses potential financial and reputational risk.

Insights

REIT Equity Analyst

TL;DR: Solid NOI growth, accretive acquisitions, but leverage and litigation risk inch higher; earnings boost driven by one-off asset sale.

Assessment: Core operations remain resilient with same-store revenue +1 % and NOI +1.8 % despite new supply pressure. The 88 % YoY EPS surge is non-recurring, masking a 10 % rise in interest expense and dilution from new equity comp. Net debt/total assets moves to ~41 % (from 39 %) after funding $338 m of buys and $473 m capex, largely with commercial paper. Liquidity is ample: $1.2 b revolver headroom plus ATM flexibility. Development pipeline (1,531 homes) equals ~3 % of existing units, manageable but adds $312 m future spend. Key watch-items: absorption of recent acquisitions, ability to refinance $514 m commercial paper amid rate volatility, and outcome of RealPage antitrust suits.

Portfolio Risk Specialist

TL;DR: Credit metrics remain investment-grade, but floating-rate exposure and litigation could pressure coverage if rates stay elevated.

CPT’s weighted debt cost is 4.1 %, yet 28 % of borrowings float at ≈5.1 %. A 100 bp rate hike would add ~$11 m annual interest, shaving ~5 c EPS. Commercial paper back-stopped by the revolver limits immediate refinancing risk; nearest bond maturity is 2026. GAAP payout ratio exceeds 100 %, typical for REITs, but cash coverage remains secure given $379 m operating cash flow. The RealPage cases are still in discovery; no reserve booked. An adverse judgment could be material, but timing and magnitude remain uncertain.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SHAW THOMAS J

(Last) (First) (Middle)

511 LOBO LANE

(Street)

LITTLE ELM TX 75068

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
RETRACTABLE TECHNOLOGIES INC [ RVP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	PRESIDENT AND CEO

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/31/2025		P		5,339	A	$0.7147(1)	15,496,757	D
Common Stock								831,600	I	Voting or Investment Control(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents weighted average price.

2. Mr. Shaw has investment power over 500,000 shares as Trustee for the benefit of a family member. Mr. Shaw has voting control over the remainder of the shares pursuant to a voting agreement.

Remarks:

The Rule 10b5-1 Plan's date of adoption was August 22, 2024.

	/s/ D. Valerie Thomas	08/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How did Camden Property Trust's Q2 2025 earnings compare with last year?

Diluted EPS rose to $0.74 from $0.40 YoY, driven by a $47 m property sale gain; core growth was modest.

What is CPT's current debt position and liquidity?

Total debt is $3.83 b; no revolver balance with $1.2 b capacity; $515.6 m commercial paper outstanding at 4.55 %.

What acquisitions did CPT complete in H1 2025?

The REIT bought Camden Clearwater, Camden West Nashville, and Camden Leander for a combined $337.7 m and 1,147 units.

How much capital is required to finish CPT's development pipeline?

Approximately $312.2 m remains to complete four projects totaling 1,531 apartment homes.

What are the key risks highlighted in the 10-Q?

Higher interest costs, increased leverage, RealPage antitrust litigation, and potential impacts from supply growth in certain markets.