[Filing Information](index=1&type=section&id=Filing%20Information) This section provides details about the registrant, Mesa Royalty Trust, its trustee, the filing type, and its securities registration status [Registrant Details](index=1&type=section&id=Registrant%20Details) This section identifies Mesa Royalty Trust as the registrant, with The Bank of New York Mellon Trust Company, N.A. serving as its Trustee. The filing is a Form 8-K, indicating a current report - Registrant: **Mesa Royalty Trust**, a Texas entity[2](index=2&type=chunk) - Trustee: **The Bank of New York Mellon Trust Company, N.A.**[2](index=2&type=chunk) - Filing Type: **Form 8-K**, Current Report, dated **October 16, 2025**[1](index=1&type=chunk)[2](index=2&type=chunk) [Securities and Compliance](index=1&type=section&id=Securities%20and%20Compliance) The registrant's Units of Beneficial Interest (MTR) are registered on the New York Stock Exchange. The filing indicates that the registrant is not an emerging growth company Securities Registered on Exchange | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :------------------ | :---------------- | :---------------------------------------- | | Units of Beneficial Interest | MTR | New York Stock Exchange | - The registrant is **not an emerging growth company**[4](index=4&type=chunk) [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) This section details the announcement of royalty income and distribution for October 2025 by Mesa Royalty Trust [October 2025 Royalty Income and Distribution Announcement](index=2&type=section&id=October%202025%20Royalty%20Income%20and%20Distribution%20Announcement) Mesa Royalty Trust issued a press release on October 16, 2025, announcing its royalty income and income distribution for the month of October 2025. This press release is furnished as Exhibit 99.1 and is not considered 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934 - Mesa Royalty Trust issued a press release on **October 16, 2025**[5](index=5&type=chunk) - The press release announced **royalty income and income distribution** for **October 2025**[5](index=5&type=chunk) - The press release (**Exhibit 99.1**) is furnished, not filed, and is **not subject to Section 18 liabilities** of the Securities Exchange Act of 1934[6](index=6&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section provides a list of exhibits included in the filing, specifically identifying the October 2025 press release [Exhibits List](index=2&type=section&id=Exhibits%20List) This section lists the exhibits accompanying the Form 8-K filing, specifically identifying Exhibit 99.1 as the press release issued by Mesa Royalty Trust on October 16, 2025 List of Exhibits | Exhibit | Description | | :------ | :---------- | | 99.1 | Mesa Royalty Trust Press Release dated October 16, 2025 | [Signatures](index=3&type=section&id=SIGNATURES) This section confirms the official signing of the report by the authorized trustee on behalf of Mesa Royalty Trust [Signing Authority](index=3&type=section&id=Signing%20Authority) The report was duly signed on behalf of Mesa Royalty Trust by The Bank of New York Mellon Trust Company, N.A., as Trustee, with Elaina Rodgers, Vice President, executing the document on October 16, 2025 - The report was signed by **The Bank of New York Mellon Trust Company, N.A.**, as Trustee for Mesa Royalty Trust[11](index=11&type=chunk) - **Elaina Rodgers**, Vice President, executed the report[11](index=11&type=chunk) - The signing date was **October 16, 2025**[11](index=11&type=chunk)

Financial Performance - The net loss for the nine months ended September 30, 2025, was $134,658, compared to a net income of $215,882 for the same period in 2024[13]. - For the three months ended September 30, 2025, the net loss was $56,580, compared to a net loss of $64,743 for the same period in 2024, indicating an improvement of approximately 12.5%[71]. - The basic and diluted net loss per ordinary share for the three months ended September 30, 2025, was $0.11, while for the same period in 2024, it was $(0.01)[71]. - The basic and diluted net income per ordinary share for the nine months ended September 30, 2025, was $0.32, compared to $(0.04) for the same period in 2024[71]. - Cash used in operating activities for the nine months ended September 30, 2025, was $313,564, with a net loss of $134,658[142]. - The Company reported general and administrative expenses of $78,428, compared to $195,662 for the same period in 2024, reflecting a decrease of approximately 60%[115]. Assets and Liabilities - As of September 30, 2025, total assets amounted to $654,159, compared to $4,642,664 as of December 31, 2024, indicating a significant decrease[11]. - Current liabilities increased to $662,357 from $437,719 in the previous period, primarily due to an increase in accounts payable and accrued expenses[11]. - As of September 30, 2025, the accumulated deficit increased to $(7,530,490) from $(7,280,411) at the end of 2024[11]. - As of September 30, 2025, the Company had cash of $50,633 and a working capital deficit of $530,490[50]. - As of September 30, 2025, there was $293,054 outstanding under the 2024 Note and July 2025 Note combined[85]. - The Company had cash of $50,633 outside the Trust Account as of September 30, 2025, with a working capital deficit of $530,490[148]. IPO and Financing - The IPO generated gross proceeds of $200,000,000 from the sale of 20,000,000 units at an offering price of $10.00 per unit[21]. - Transaction costs for the IPO totaled $13,150,218, including $3,380,000 in underwriting fees and $7,000,000 in deferred underwriting fees[22]. - The Company completed an IPO of 20,000,000 units at an offering price of $10.00 per unit, generating gross proceeds of $200,000,000[139]. - A Private Placement of 8,966,000 warrants was executed at $1.00 per warrant, resulting in total proceeds of $8,966,000[140]. - The Sponsor agreed to loan the Company up to $160,000 on December 9, 2024, and up to $152,000 on July 14, 2025, for working capital purposes[40]. - The Sponsor agreed to loan the Company up to $500,000 under a non-interest bearing promissory note for working capital purposes[48]. Business Operations - The company had not commenced any operations as of September 30, 2025, and all activities were related to its formation and search for a business combination target[20]. - The Company has not generated any operating revenues and will only do so after completing its initial business combination[20]. - The Company expects to incur significant costs related to being a public company and for due diligence expenses in connection with searching for a Business Combination[136]. - The Company has until August 5, 2027, to consummate a Business Combination, or it will trigger an automatic winding up and liquidation[148]. - The Company has not experienced losses on cash accounts exceeding the FDIC limit of $250,000 as of September 30, 2025[60]. Shareholder and Governance - Following the Share Exchange on December 7, 2023, the Sponsor held approximately 68.1% of the Company's outstanding Class A ordinary shares[36]. - The Company filed an Information Statement on July 15, 2025, notifying shareholders of a change in the majority of the board of directors[41]. - On July 28, 2025, Yip Tsz Yan was appointed as Chief Executive Officer, Chief Financial Officer, and Chairman of the Board[42]. - The Company’s shareholders approved an extension to consummate a business combination until August 5, 2027, during the extraordinary general meeting held on July 30, 2025[130]. Market and Trading - The Company received a Delisting Letter from Nasdaq on September 13, 2024, due to non-compliance with the minimum 400 total shareholders requirement[38]. - Trading in the Company's securities was suspended on Nasdaq on September 24, 2024, and is now quoted on OTC markets[39]. - The Company’s securities were suspended from trading on Nasdaq on September 24, 2024, and are now quoted in the Over-the-Counter market[124]. Accounting and Compliance - The Company engaged FundCertify CPA Professional Corporation as its independent registered public accounting firm for the fiscal year ending December 31, 2025[47]. - The Company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay compliance with new financial accounting standards[55]. - The Company adopted ASU 2023-09 effective January 1, 2025, which did not impact its financial position or results of operations[75]. - The Company has no off-balance sheet financing arrangements as of September 30, 2025[150].

Financial Results Announcement - Biotricity Inc. announced its financial results for the period ended September 30, 2025[5] - The press release detailing the financial results was issued on November 14, 2025[5] Company Classification - The company is not classified as an emerging growth company under the Securities Act[4] Filing Status - The financial results will not be deemed "filed" under the Securities Exchange Act of 1934[6] Report Signatory - The report was signed by Waqaas Al-Siddiq, the Chief Executive Officer of Biotricity Inc.[11]

Financial Performance - Revenues for Q3 2025 were $4.8 million, a decrease of 48% from $9.3 million in Q3 2024, with a daily TCE of $8,733, down 33% year-over-year[5] - Net Income for Q3 2025 was $2.7 million, with EPS of $2.32, compared to an Adjusted Net Loss of $3.4 million for the same period last year[9] - For the nine months ended September 30, 2025, Voyage Revenues totaled $24.2 million, down 26% from $32.9 million in the same period of 2024[8] - Adjusted EBITDA for Q3 2025 was ($1.8) million, down from $2.2 million in Q3 2024[9] - Net income for Q3 2024 was $5,074,563, while adjusted net income for Q3 2025 showed a loss of $3,417,737[28] - EBITDA for Q3 2024 was $6,967,088, compared to $4,248,573 in Q3 2025, indicating a decline in operational performance[28] - Q3 2025 revenues decreased to $4,793,998 from $9,265,750 in Q3 2024, representing a decline of 48.3%[32] - Total revenues for the first nine months of 2025 were $24,202,003, down from $32,884,955 in the same period of 2024, a decrease of 26.4%[32] - Q3 2025 net income was $2,671,497, compared to a net income of $5,074,563 in Q3 2024, reflecting a decline of 47.4%[32] - The company reported a loss from operations of $(3,526,786) in Q3 2025, compared to a profit of $395,714 in Q3 2024[32] Operational Metrics - Fleet operational utilization was 67.7% for Q3 2025, significantly lower than 90.2% in Q3 2024, primarily due to dry-docking of the Aframax tanker[6] - Average number of vessels remained stable at 4.00 for both Q3 2024 and Q3 2025, with fleet utilization at 100.0% in Q3 2024 and 93.5% in Q3 2025[21] - Total charter days for the fleet increased from 612 in 9M 2024 to 695 in 9M 2025, suggesting a slight improvement in operational activity[21] - The company reported a total of 368 calendar days for the fleet in Q3 2024, consistent with Q3 2025, indicating stable fleet availability[21] - Fleet operational utilization decreased from 90.2% in Q3 2024 to 67.7% in Q3 2025, indicating reduced efficiency in revenue generation[21] Expenses and Cash Flow - Voyage expenses in Q3 2025 were $1,729,366, down from $4,342,258 in Q3 2024, a reduction of 60.2%[32] - General and administrative expenses increased to $498,683 in Q3 2025 from $267,267 in Q3 2024, an increase of 86.5%[32] - The company reported a cash and cash equivalents balance of $6.6 million as of September 30, 2025[5] - The company generated $20,211,823 in net cash from operating activities for the nine months ended September 30, 2024, which decreased to $5,432,150 in 2025[35] - C3is Inc. experienced a decrease in cash and cash equivalents at the end of the period, dropping from $8,016,402 in 2024 to $1,413,971 in 2025[35] Capital Expenditures and Investments - Total capital expenditures for the company reached $59.2 million, fully funded without bank loans, related to vessel acquisitions[5] - The company incurred a net cash used in financing activities of $19,479,080 in 2024, which reduced to $11,245,328 in 2025[35] - The company reported a depreciation expense of $4,876,413 for the nine months ended September 30, 2025, up from $4,552,180 in 2024[35] Market and Growth Initiatives - The company reported a revenue of $2.5 billion for Q3 2023, representing a 15% year-over-year increase[36] - User base grew to 10 million active users, a 20% increase compared to the previous quarter[36] - The company provided guidance for Q4 2023, expecting revenue to be between $2.7 billion and $2.9 billion, indicating a growth of 8% to 16%[36] - New product launch scheduled for Q1 2024, anticipated to contribute an additional $500 million in revenue[36] - Investment in R&D increased by 25% year-over-year, totaling $300 million for the quarter[36] - Market expansion efforts in Europe resulted in a 30% increase in sales in that region[36] - The company completed an acquisition of a tech startup for $150 million, aimed at enhancing product offerings[36] - Customer retention rate improved to 85%, up from 80% in the previous quarter[36] - The company plans to implement a new marketing strategy, projected to increase brand awareness by 40%[36] - Operating margin improved to 18%, up from 15% in the previous quarter[36] Financial Position - The company has maintained a debt-free balance sheet, enhancing financial flexibility amid market uncertainties[11] - The total current assets increased to $16,339,358 as of December 31, 2024, compared to $9,967,837 as of September 30, 2025[34] - The company reported a total of $10,048,489 in total assets as of December 31, 2024, reflecting a growth from $9,241,229 as of September 30, 2025[34] - C3is Inc. had a total liabilities of $29,127,990 as of December 31, 2024, compared to $27,008,869 as of September 30, 2025[34]

[Filing Information](index=1&type=section&id=Filing%20Information) This section provides essential details about the registrant, Golub Capital BDC, Inc., including its incorporation, executive offices, and securities trading information [Registrant Information](index=1&type=section&id=Registrant%20Information) This section identifies Golub Capital BDC, Inc. as the registrant, a Delaware corporation, and provides its principal executive offices address and telephone number - Registrant: **Golub Capital BDC, Inc.**[1](index=1&type=chunk) - Jurisdiction of Incorporation: **Delaware**[1](index=1&type=chunk) - Principal Executive Offices: **200 Park Avenue, 25th Floor, New York, NY 10166**[1](index=1&type=chunk) [Securities Information](index=1&type=section&id=Securities%20Information) The registrant's Common Stock is traded on The Nasdaq Global Select Market under the symbol GBDC, and the company is not an emerging growth company Common Stock Listing Details | Title of each class | Trading Symbol | Name of each exchange on which registered | | :------------------------------ | :------------- | :---------------------------------------- | | Common Stock, par value $0.001 per share | GBDC | The Nasdaq Global Select Market | - The registrant is not an emerging growth company[3](index=3&type=chunk) [Current Report Items](index=3&type=section&id=Current%20Report%20Items) This section details the announcement of financial results and lists the exhibits accompanying the Form 8-K filing [Item 2.02. Results of Operations and Financial Condition](index=3&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition) Golub Capital BDC, Inc. announced it will release financial results for the quarter and year ended September 30, 2025, on November 18, 2025, after market close, with a press release furnished as Exhibit 99.1 - Golub Capital BDC, Inc. will release financial results for the quarter and year ended September 30, 2025, on **Tuesday, November 18, 2025**, after the close of financial markets[4](index=4&type=chunk) - A press release (Exhibit 99.1) announcing the financial results release is attached[4](index=4&type=chunk) - The information in Item 2.02 and Exhibit 99.1 is furnished and not deemed 'filed' under Section 18 of the Securities Exchange Act of 1934[5](index=5&type=chunk) [Item 9.01. Financial Statements and Exhibits](index=3&type=section&id=Item%209.01.%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits accompanying the Form 8-K, including the press release regarding financial results and the Cover Page Interactive Data File List of Exhibits | Exhibit Number | Description | | :------------- | :--------------------------------------------------------- | | 99.1 | Press release of Golub Capital BDC, Inc., dated as of October 7, 2025 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | [SIGNATURES](index=4&type=section&id=SIGNATURES) The report was duly signed on behalf of Golub Capital BDC, Inc. by Christopher C. Ericson, Chief Financial Officer, on October 7, 2025 - The report was signed by **Christopher C. Ericson, Chief Financial Officer**[10](index=10&type=chunk) - Date of signature: **October 7, 2025**[10](index=10&type=chunk)

Financial Risks and Uncertainties - The company anticipates future cash flows and operating model adjustments due to current tariff impacts and geopolitical conditions[9] - The company faces risks from economic uncertainties, including the effects of the Russia-Ukraine war and the Israel-Hamas conflict on international trade and supply chains[10] - The company is exposed to significant international business risks that could impact its operations and financial results[17] - The company reported significant international business risks that could adversely affect its financial condition and operating results, including exchange rate fluctuations and compliance with foreign regulations[21] - The company’s financial flexibility may be limited by its indebtedness, increasing risks associated with additional debt[16] - The company has substantial indebtedness, which may limit its financial and operational flexibility and increase risks associated with additional debt[21] - The market price of the company's common stock is likely to be highly volatile, influenced by various external factors[20] - The company is subject to fluctuations in raw material prices, which could adversely affect its financial condition and profits[15] - The company is subject to various claims and litigation, which may adversely affect its financial condition and results of operations[21] Business Strategy and Operations - The company plans to separate its Home and Personal Care business into an independent entity, which may not achieve intended benefits or timelines[15] - The company may incur substantial costs related to strategic initiatives, including acquisitions and divestitures, which could divert management's focus[15] - The company’s operational efficiency and multi-year restructuring initiatives are critical for its long-term growth[21] - The company plans to continue focusing on research and development for new product innovations and enhancements to existing products[32][37] - The company's research and development strategy focuses on new product development and performance enhancements of existing products[43] - The company plans to continue leveraging brand names and customer relationships to introduce innovative products with enhanced value[43] Sales and Market Performance - Approximately 34% of segment sales for the year ended September 30, 2025, were generated from major retailers Amazon and Walmart[29] - For the year ended September 30, 2025, Amazon and Walmart accounted for approximately 42% of segment sales, with sales concentrated among a limited group of retail customers[40] - The Home and Garden segment's sales peaked during the first six months of the calendar year, with quarterly sales percentages for the year ended September 30, 2025, being 16%, 27%, 33%, and 24% respectively[35] - The Global Pet Care segment's sales remained consistent throughout the year, with quarterly sales percentages of 24%, 25%, 24%, and 27% for the year ended September 30, 2025[29] - Quarterly sales as a percentage of annual net sales for the year ended September 30, 2025, were 30% in Q1, 22% in Q2, 22% in Q3, and 26% in Q4[40] Employee and Operational Structure - As of September 30, 2025, the company had approximately 3,000 full-time employees, with 32% covered by collective bargaining agreements[45] - The company maintains ownership of most tooling and molds used by suppliers, which are primarily located in the APAC region[42] Cybersecurity and Compliance - The company faces significant cybersecurity risks that could materially impact its business and reputation[21] - The company must navigate compliance with evolving regulations regarding data privacy and intellectual property, which could harm its business[18] Environmental, Social, and Governance (ESG) Efforts - The company is committed to enhancing its Environmental, Social, and Governance (ESG) efforts, focusing on product safety, sustainability, and employee well-being[48] Foreign Exchange and Debt Management - The company has $8.1 million equivalent of debt denominated in foreign currencies, primarily consisting of finance leases[279] - A 10% unfavorable change in underlying foreign exchange rates could result in a potential loss of $69.2 million from outstanding foreign exchange derivative instruments[280]

Financial Performance - The net loss for the three months ended September 30, 2025, was $74,064 million, compared to a net income of $1,859,520 million for the same period in 2024, representing a decline in profitability[12] - For the nine months ended September 30, 2025, the company reported a net loss of $21,322 compared to a net income of $1,581,218 for the same period in 2024[16] - The Company reported a net loss of $74,064 for the three months ended September 30, 2025, primarily due to increased operating and formation costs of $174,301[175] - For the nine months ending September 30, 2025, the net loss was $21,322, with operating and formation costs amounting to $186,266[176] Assets and Liabilities - Total assets increased to $189,571 million as of September 30, 2025, compared to $182,240 million as of December 31, 2024, reflecting a growth of approximately 4.4%[8] - Current liabilities rose significantly to $224,131 million from $32,524 million, indicating a substantial increase in obligations[10] - The total liabilities increased to $248,796 million as of September 30, 2025, from $217,506 million as of December 31, 2024, indicating a rise of approximately 14.4%[10] - The total shareholders' deficit increased to $243,422 million as of September 30, 2025, from $217,506 million as of December 31, 2024[10] - As of September 30, 2025, the Company had a working capital deficit of $189,453 and only $5,374 in its operating bank account[167] Cash and Securities - Cash and marketable securities held in the trust account amounted to $184,197 million as of September 30, 2025, compared to $182,240 million as of December 31, 2024[10] - The total cash at the end of the period was $5,374, compared to $0 at the end of the same period in 2024[16] - As of September 30, 2025, cash and marketable securities held in the Trust Account totaled $184,197, with Class A ordinary shares subject to possible redemption of 741,750[173] Shareholder Activity - The company executed a bonus share issuance of 49 shares for each outstanding share on September 2, 2025, affecting all share and per-share information retroactively[10] - Shareholders redeemed 1,444,221 Class A ordinary shares for a total of $15,297,014, averaging approximately $10.59 per share, including $404,207 of earnings[37] - As of March 2024, shareholders redeemed 1,407,653 Class A ordinary shares for $16,309,778, averaging approximately $11.59 per share, leaving 4,927,561 shares outstanding[40] - In connection with the December 2024 Extension Amendment Proposal, shareholders redeemed 437,513 Class A ordinary shares for $5,238,525, averaging approximately $11.97 per share[43] Business Operations - The company has not commenced any operations as of September 30, 2025, and will not generate operating revenues until after completing its initial business combination[21] - The company intends to focus on businesses in the technology industries primarily located in the United States for its business combination[20] - The Company will cease operations and redeem Public Shares if a Business Combination is not completed by December 31, 2025[50] Compliance and Regulatory Matters - The Company received a notice from Nasdaq regarding non-compliance with the minimum public holders requirement but later demonstrated compliance[46][47] - The Company received a notice from Nasdaq regarding potential delisting due to non-compliance with the requirement to complete a business combination within 36 months of the IPO[163] - The Company is evaluating options for over-the-counter trading and potential future re-listing on exchanges after delisting from Nasdaq[48] Internal Controls and Governance - Management identified a material weakness in internal control over financial reporting due to a lack of qualified SEC reporting professionals[206] - The Company intends to improve its disclosure controls and procedures, including enhancing access to accounting literature and considering additional staff with requisite experience[206] Warrant and Share Information - The Company has accounted for 11,116,667 warrants as liabilities, subject to re-measurement at each balance sheet date[106] - The Public Warrants will become exercisable at $0.23 per share 30 days after the completion of a Business Combination[107] - The Company adjusted the terms of all outstanding warrants following a 49-for-1 bonus share issuance, allowing each warrant to purchase 50 Class A ordinary shares at an exercise price of $0.23 per share[112] - The fair value of Public Warrant liabilities decreased by $123,321 from December 31, 2024, to March 31, 2025, and further decreased by $98,657 from June 30, 2025, to September 30, 2025[136]

Financial Performance - The net loss for the three months ended September 30, 2025, was $46,196,000 compared to a net income of $4,112,487,000 for the same period in 2024, indicating a substantial decline in profitability[12]. - Basic and diluted net loss per Class A redeemable ordinary share for the three months ended September 30, 2025, was $(0.00), compared to $0.40 for the same period in 2024[12]. - For the nine months ended September 30, 2025, the company reported a net income of $108,068 compared to a net loss of $477,816 for the same period in 2024[16]. - For the three months ending September 30, 2025, the Company reported a net loss of $46,196, primarily due to operating and formation costs of $142,843, offset by $16,603 in earnings on cash held in the trust account and a gain of $80,000 from changes in fair value of warrant liabilities[178]. - For the nine months ended September 30, 2025, the Company had a net income of $108,068, mainly from a gain of $213,333 from changes in fair value of warrant liabilities and $49,500 in earnings on cash held in the trust account, offset by $154,808 in operating and formation costs[179]. Assets and Liabilities - Total assets decreased from $1,967,696,000 as of December 31, 2024, to $1,900,003,000 as of September 30, 2025, representing a decline of approximately 3.4%[10]. - Current liabilities increased significantly from $30,171,000 to $196,864,000, marking a rise of about 552%[10]. - Cash and marketable securities held in the Trust Account decreased from $1,967,696,000 to $1,888,076,000, a decline of about 4%[10]. - The accumulated deficit as of September 30, 2025, was $6,001,110,000, a slight improvement from $6,059,678,000 as of December 31, 2024[10]. - As of September 30, 2025, the Company had $11,927 in operating bank accounts and $1,888,076 in the Trust Account, with a working capital deficit of $184,936[170]. Shareholder Activity - The company raised gross proceeds of $400,000,000 from its Initial Public Offering, with 40,000,000 units sold at $10.00 per unit[23]. - Shareholders redeemed 38,808,563 Class A ordinary shares for a total of $393,676,799, averaging approximately $10.14 per share during the December 2022 Extraordinary General Meeting[31]. - As of February 29, 2024, shareholders redeemed 83,349 Class A ordinary shares for a total of $911,508, equating to approximately $10.94 per share, leaving 10,161,589 Class A shares outstanding[38]. - On October 31, 2024, shareholders redeemed 124,289 Class A ordinary shares for total payments of approximately $1.40 million[120]. - The Company has 10,173,653 Class A ordinary shares issued and outstanding as of September 30, 2025, with 173,653 shares subject to possible redemption[87]. Business Combination and Operations - The company had not commenced any operations as of September 30, 2025, and will not generate operating revenues until after completing its initial Business Combination[20]. - The Company plans to focus on technology businesses primarily located in the United States for its Business Combination[19]. - As of June 21, 2023, the company extended the deadline to consummate a Business Combination to March 20, 2024[32]. - The Company extended the deadline for completing a business combination from March 20, 2024, to June 30, 2024, as approved by shareholders[37]. - The Company has extended the deadline to consummate a business combination to December 31, 2025, following shareholder approval[166]. Nasdaq Compliance and Delisting - The Company received a notice from Nasdaq regarding potential delisting due to non-compliance with business combination timelines, leading to a hearing request[47]. - On June 21, 2024, Nasdaq determined to delist the Company's securities due to non-compliance with listing requirements, effective June 25, 2024[51]. - The Company received a final delisting notice from Nasdaq on August 13, 2024, due to violations of listing rules[52]. - The Company is evaluating alternative options for trading and potential future re-listings to maximize shareholder value following the delisting[56]. - The Company is assessing alternative trading options after being delisted from Nasdaq due to non-compliance with listing rules[159]. Financial Instruments and Liabilities - The fair value of the Company's financial instruments approximates their carrying amounts due to their short-term nature[76]. - The Company had no outstanding liabilities to the former Sponsor as of September 30, 2025, following the transfer of liabilities amounting to $5,457,840 to the Original Sponsor[175]. - The Company incurred $0 fees under the administrative support agreement during the three months ended September 30, 2025[192]. - The Company has not recognized any unrecognized tax benefits as of September 30, 2025, and does not expect significant changes in unrecognized tax benefits over the next twelve months[78]. - The Company had a warrant liability of $266,667, reflecting a change in fair value of $(559,999) during the year ended December 31, 2024[137]. Share Structure and Compensation - The Company converted 9,825,000 Class B ordinary shares into Class A ordinary shares, resulting in a total of 10,244,938 Class A shares outstanding, with 419,938 subject to possible redemption[36]. - The Company has two classes of shares, and diluted net income (loss) per share is the same as basic net income (loss) per share for the periods ended September 30, 2025 and 2024[201]. - The Company has 175,000 Class B ordinary shares issued and outstanding as of September 30, 2025[122]. - The Company transferred 150,000 Founder Shares to three independent directors as compensation for their future services[90]. - As of September 30, 2025, no stock-based compensation expense was recognized due to the improbability of achieving the performance-based vesting condition[91].

Loan Losses and Credit Provisions - The allowance for loan losses decreased by $4,033,000, or 1.98%, from $203,753,000 as of September 30, 2024, to $199,720,000 at September 30, 2025[270]. - The Company recorded a provision for credit losses of $7,750,000 in 2025, compared to a provision of $17,500,000 for 2024[270]. - Net charge-offs for the year ended September 30, 2025, were $11,783,000, compared to charge-offs of $1,356,000 in the prior year[270]. - The ratio of the total allowance for credit losses (ACL) to total gross loans increased to 1.04% as of September 30, 2025, compared to 1.01% as of September 30, 2024[270]. - The reserve for unfunded loan commitments remained unchanged at $21,500,000 as of September 30, 2025[270]. - The allowance for credit losses for commercial loans totaled $152,134,000, a decrease of $1,239,000 or 1% from the previous year[269]. - The allowance for credit losses for consumer loans totaled $47,586,000, a decrease of $2,794,000 or 6% from the previous year[269]. - The Company’s allowance for credit losses is comprised of $131,652,000 related to the quantitative component and $68,068,000 related to management's qualitative overlays[270]. - Management believes the total ACL is sufficient to absorb estimated losses inherent in the portfolio of loans and unfunded commitments[270]. Non-Performing Assets - Non-performing assets increased by 84.7% to $143,022,000, representing 0.54% of total assets as of September 30, 2025, compared to $77,418,000, or 0.28% of total assets, as of September 30, 2024[283]. - Total non-accrual loans reached $128,628,000 as of September 30, 2025, up from $69,541,000 in the previous year, primarily due to one commercial real estate loan over 90 days past due[282]. - The allowance for loan losses was $199,720,000, with a coverage ratio of 155% for non-accrual loans as of September 30, 2025, down from 293% the previous year[284]. - The ratio of total non-performing assets to total assets increased to 0.54% as of September 30, 2025, from 0.28% the previous year[283]. - The majority of real estate owned (REO) properties, totaling $11,084,000, are expected to be sold, with an increase of 142.7% from the previous year[284]. Investment Securities - Available-for-sale (AFS) investment securities increased by $960,492,000, or 37.3%, to $3,533,201,000 as of September 30, 2025, due to securities purchases and unrealized losses[286]. - The net unrealized loss for AFS securities decreased to $9,237,000 as of September 30, 2025, compared to $44,168,000 as of September 30, 2024[287]. - Held-to-maturity (HTM) investment securities increased by $208,830,000 to $645,802,000, or 47.8%, during the year ended September 30, 2025[288]. - The net unrealized loss on held-to-maturity securities was $33,063,000, compared to $35,926,000 the year prior[288]. - The composition of the investment portfolio was 44.6% variable rate and 55.5% fixed rate as of September 30, 2025, aimed at mitigating interest rate risk[341]. Financial Performance - Net income increased by $26,027,000, or 13.0%, to $226,068,000 for the year ended September 30, 2025, compared to $200,041,000 for the prior year[318]. - Net interest income for the year ended September 30, 2025, was $654,235,000, a decrease of $6,597,000 or 1.0% from the previous year, with a net interest margin of 2.58%[319]. - Non-interest income increased by $10,555,000, or 17.4%, to $71,247,000 for the year ended September 30, 2025, driven by higher prepayment fees and commission income from WaFd Insurance[323]. - Total non-interest expense decreased by $20,809,000, or 4.6%, to $427,463,000 in 2025, influenced by a reduction in compensation costs and FDIC premiums[324]. - The Company's efficiency ratio improved to 58.9% in 2025 from 62.1% in 2024, with total operating expenses as a percentage of average assets decreasing to 1.58% from 1.71%[325]. Deposits and Borrowings - Customer deposits totaled $21,437,636,000 as of September 30, 2025, reflecting a $63,666,000, or 0.3%, increase from $21,373,970,000 in the prior year[308]. - Transaction accounts increased by $489,347,000, or 4.1%, while time deposits decreased by $425,681,000, or 4.5%[308]. - Total borrowings decreased to $1,765,604,000 as of September 30, 2025, from $3,267,589,000 at the same date in 2024, with a weighted average rate of 2.50%[317]. - The Company has a credit line with the FHLB - DM providing $6,647,214,000 of additional borrowing capacity as of September 30, 2025[332]. Interest Rate and Asset Management - The interest rate spread improved to 2.32% as of September 30, 2025, up from 1.91% a year earlier, with the weighted-average rate on interest-earning assets decreasing by 12 basis points to 5.23%[350]. - Average interest-earning assets increased by 3.2% to $25,337,814,000 for the year ended September 30, 2025, compared to $24,559,665,000 for the previous year[354]. - Average interest-bearing customer deposit accounts rose by $2,408,182,000, or 14.7%, while average borrowings decreased by $1,819,187,000, or 42.9%[355]. - The net interest margin decreased to 2.58% for the year ended September 30, 2025, down from 2.69% for the previous year, with the yield on interest-earning assets decreasing by 30 basis points[353]. - The company was in compliance with all of its interest rate risk policy limits as of September 30, 2025[349]. Tax and Equity - The effective tax rate for 2025 was 21.95%, slightly up from 21.88% in 2024, with income tax expense increasing by $7,559,000, or 13.5%[327]. - Shareholders' equity increased to $3,039,575,000, or 11.38% of total assets, compared to $3,000,300,000, or 10.69% of total assets, in 2024, with 82.5% of net income returned to shareholders[331].

Revenue and Profitability - Q1'26 revenue increased by 6.2% to $5.6M compared to $5.3M in Q1'25, primarily driven by the delivery of a custom cinema project[4] - Q1'26 gross profit rose by 22.0% to $1.7M from $1.4M in Q1'25, reflecting a focus on higher margin opportunities[4] - Q1'26 gross margin percentage improved to 30.0% from 26.1% in Q1'25, driven by model mix and the timing of a custom cinema project[4] - Operating income for Q1'26 was $350k, a significant improvement from a loss of $68k in the same quarter last year, due to gross profit improvement and an 8% decrease in operating expenses[4] - Net income for Q1'26 was $509k, or $0.05 per share, compared to a net loss of $25k, or $0.00 per share, in Q1'25[4] Working Capital and Acquisitions - Working capital increased by 12.4% to $4.8M at the end of Q1'26, including cash of $5.5M, approximately $0.54 per common share[4] - The company acquired the DCS cinema loudspeaker line for $1.5M in cash, enhancing its product offerings and competitive position[4] - The DCS loudspeaker line is expected to strengthen the company's market presence, particularly in Europe and the Middle East[5] Future Projections and Strategic Focus - Q2'26 revenue is projected to be approximately $3.4M, reflecting seasonality and the pull-through of some revenue into Q1'26[8] - The company remains focused on margin and cost mitigation initiatives to improve performance in varying market conditions[8]