UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR For the transition period from to Commission file number: 001-42385 BOLD EAGLE ACQUISITION CORP. (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or othe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR For the transition period from to Commission file number: 001-42385 BOLD EAGLE ACQUISITION CORP. (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or othe ...

Production and Revenue - Average daily net production for Q3 2025 was 12,293 Boe/d (53% oil), a slight increase from 12,076 Boe/d (52% oil) in Q3 2024[5] - Total operating revenue for Q3 2025 was $43.5 million, down from $45.3 million in Q3 2024, primarily due to a $2.24 decrease per Boe in average realized prices[5] - Average daily production for the nine months ended September 30, 2025, was 12,396 Boe/d, a decrease of 1.9% from 12,639 Boe/d in the same period of 2024[21] - Crude oil production volumes for the three months ended September 30, 2025, were 599 MBbls, a 3.8% increase from 577 MBbls in the same period of 2024[21] - The average price of crude oil per Bbl for the three months ended September 30, 2025, was $63.98, down 13.5% from $73.73 in the same period of 2024[21] Financial Performance - The company reported a net loss available to common stockholders of $15.0 million, equating to a net loss of $0.91 per share for Q3 2025[9] - The company experienced a net loss of $735,000 for the three months ended September 30, 2025, compared to a net income of $21,628,000 for the same period in 2024, indicating a substantial decline in profitability[19] - Battalion Oil's total stockholders' equity showed a deficit of $20,250,000 as of September 30, 2025, compared to a positive equity of $4,120,000 at the end of 2024[17] - For the three months ended September 30, 2025, the net loss available to common stockholders was $(15,014) thousand, compared to a net income of $5,587 thousand for the same period in 2024[24] - The diluted net loss per common share, as reported, was $(0.91) for the three months ended September 30, 2025, compared to earnings of $0.34 per share in 2024[24] Expenses and Costs - Lease operating and workover expense was $11.69 per Boe in Q3 2025, compared to $11.56 per Boe in Q3 2024[6] - General and administrative expenses decreased to $2.73 per Boe in Q3 2025 from $3.46 per Boe in Q3 2024, primarily due to lower merger costs[8] - The company incurred oil and natural gas capital expenditures of $69,573,000 for the nine months ended September 30, 2025, compared to $51,778,000 in the same period of 2024, representing a 34% increase[19] Cash Flow and Assets - Battalion Oil's cash flows from operating activities for the nine months ended September 30, 2025, were $50,909,000, up from $28,669,000 in the prior year, reflecting a 77% increase[19] - Net cash provided by operating activities for the three months ended September 30, 2025, was $27,973 thousand, a significant increase from $(5,072) thousand in the same period of 2024[24] - As of September 30, 2025, Battalion Oil Corporation reported total current assets of $84,269,000, a significant increase from $54,052,000 as of December 31, 2024, representing a 56% growth[17] Derivatives and Financial Instruments - Battalion realized 98.3% of the average NYMEX oil price during Q3 2025, with realized hedge gains totaling approximately $4.1 million[5] - The cash effect of derivative contracts for crude oil per Bbl was $1.48 for the three months ended September 30, 2025, compared to $(10.21) in the same period of 2024, indicating a significant improvement[21] - The total mark-to-market non-cash charge for the three months ended September 30, 2025, was $(1,044) thousand, compared to $(28,091) thousand in the same period of 2024[24] - The unrealized gain on derivatives contracts for the three months ended September 30, 2025, was $(1,044) thousand, compared to an unrealized loss of $(28,091) thousand in 2024[29] - The company experienced a change in fair value of embedded derivative liability of $41 thousand for the three months ended September 30, 2025, compared to a loss of $(1,323) thousand in 2024[29] Operational Changes - The company has entered into an amendment of its existing credit facility, providing additional operational flexibility[7] - Approximately 1,600 barrels of oil per day remain shut-in across Monument Draw, ready to flow to sales[4] - The AGI facility ceased operations on August 11, 2025, and the company has redirected gas production to alternative processing options[4] Adjusted Metrics - Adjusted EBITDA for Q3 2025 was $18.9 million, an increase from $13.5 million in Q3 2024[9] - Adjusted EBITDA for the three months ended September 30, 2025, was $18,882 thousand, an increase from $13,458 thousand in the same period of 2024, representing a 40.5% year-over-year growth[29]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41245 CDT EQUITY INC. (Exact name of registrant as specified in its charter) | Delaware | 87-3272543 | | --- | --- | | (Stat ...

Merger and Company Formation - The merger transaction between Conduit Pharmaceuticals Limited and Murphy Canyon Acquisition Corp was completed on September 22, 2023, resulting in the formation of Conduit Pharmaceuticals Inc, which will be renamed CDT Equity Inc effective August 5, 2025[170]. Financial Performance - The total operating costs and expenses for the three months ended September 30, 2025, were $7.0 million, compared to $5.8 million for the same period in 2024, resulting in an operating loss of $7.0 million[191]. - The net loss for the three months ended September 30, 2025, was $7.1 million, compared to a net loss of $6.5 million for the same period in 2024[191]. - Operating losses for the nine months ended September 30, 2025, were $17.9 million, compared to $15.4 million for the same period in 2024[202]. - Cash used in operating activities was $10.9 million for the nine months ended September 30, 2025, compared to $5.9 million for the same period in 2024[213]. Research and Development Expenses - Research and development expenses decreased by $1.6 million, or 50%, to $1.5 million for the three months ended September 30, 2025, compared to $3.1 million for the same period in 2024[192]. - The company incurred approximately $4.3 million on research and development activities during the nine months ended September 30, 2025, compared to $3.2 million for the same period in 2024[184]. - Research and development expenses increased by $1.1 million, or 33%, to $4.3 million for the nine months ended September 30, 2025, compared to $3.2 million for the same period in 2024[197]. General and Administrative Expenses - General and administrative expenses increased by $2.8 million, or 102%, to $5.5 million for the three months ended September 30, 2025, compared to $2.7 million for the same period in 2024[193]. - General and administrative expenses rose by $2.6 million, or 30%, to $11.3 million for the nine months ended September 30, 2025, compared to $8.7 million for the same period in 2024[198]. Other Income and Expenses - Other income (expense), net changed by $0.3 million or 87%, to a net expense of $44 thousand for the three months ended September 30, 2025, compared to a net expense of $341 thousand for the same period in 2024[194]. - Other income (expense), net changed by $918,000, or 31%, to $2.0 million of expense for the nine months ended September 30, 2025, compared to $3.0 million of net expense for the same period in 2024[199]. Cash Flow and Financing Activities - Net cash provided by financing activities for the nine months ended September 30, 2025, was $15.7 million, primarily from the issuance of common shares related to the ATM program totaling $18.0 million[218]. - For the nine months ended September 30, 2024, net cash provided by financing activities was $1.9 million, including $1.6 million from the issuance of a promissory note[219]. - Net cash used in investing activities was $1.4 million for the nine months ended September 30, 2025, primarily due to $1.0 million in digital asset purchases[216]. Company Outlook and Concerns - The company anticipates cash requirements for working capital over the next 12 months to be approximately $11.7 million[211]. - Management has substantial doubt regarding the company's ability to continue as a going concern for at least 12 months from the filing date of the Quarterly Report[206]. Strategic Initiatives - The company has a pipeline targeting inflammatory and autoimmune disorders, idiopathic male infertility, dermatology, and animal health, with pending patent applications for solid-form compounds[173]. - The collaboration with Sarborg utilizes AI-powered disease mapping to identify novel re-purposing opportunities, leading to two new combination patent filings[174]. - CDT Equity is exploring a cryptocurrency treasury reserve strategy to leverage potential strategic and financial benefits as part of a diversified capital management approach[178]. Debt and Valuation - Interest expense, net decreased by $261,000, or 84%, to $48,000 for the three months ended September 30, 2025, compared to $309,000 for the same period in 2024[196]. - The company utilizes Binomial Lattice Pricing Models to value convertible debt, which involves various assumptions including stock price, term of the debt, and expected volatility[222]. - Significant inputs for estimating the fair value of convertible notes include the company's stock price, risk-free interest rate, and probability of default[223]. - The convertible debt will be remeasured at fair value each reporting date until settled or converted[224]. Regulatory and Reporting Status - The company is classified as an emerging growth company under the JOBS Act, allowing it to delay adopting new accounting standards[226]. - The surviving company from the merger remains an emerging growth company until certain revenue or market value thresholds are met[227]. - CDT Equity is also classified as a smaller reporting company, which allows it to take advantage of scaled disclosures[228]. - As a smaller reporting company, the company is not required to provide disclosures regarding quantitative and qualitative market risk[229].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-40789 Calidi Biotherapeutics, Inc. (Exact name of registrant as specified in its charter) Delaware 86-2967193 (State or other jurisdiction of incorporation or organizati ...

Financial Performance - The company reported a net loss of $5.2 million and $16.0 million for the three and nine months ended September 30, 2025, respectively, with an accumulated deficit of $137.6 million[227]. - The company has incurred significant operating losses since inception and has raised capital primarily through private sales of common stock and other securities[226]. - Net loss for Q3 2025 was $5.2 million, a 2% increase from $5.1 million in Q3 2024[253]. - The company reported a net loss of $16,000,000 for the nine months ended September 30, 2025, reduced by non-cash items including $1,700,000 in stock-based compensation[276]. Revenue and Funding - The company has not generated any revenue from product sales and expects to incur significant and increasing expenses for the foreseeable future as it advances its product candidates through development[229]. - The company anticipates needing substantial additional funding to support ongoing operations and growth strategy[230]. - The company raised approximately $4.6 million from the exercise of existing warrants as part of a Warrant Inducement Offer[235]. - The company received approximately $12.7 million from public offerings of its securities during the nine months ended September 30, 2025[263]. - Net cash provided by financing activities for the nine months ended September 30, 2025, was $17,119,000, up 20% from $14,259,000 in 2024[279]. Expenses - Research and development expenses for Q3 2025 were $2.4 million, an increase of 10% from $2.2 million in Q3 2024[254]. - General and administrative expenses for Q3 2025 were $2.7 million, a decrease of 13% from $3.1 million in Q3 2024[255]. - Total operating expenses for Q3 2025 were $5.0 million, a decrease of 3% from $5.2 million in Q3 2024[253]. - Research and development expenses for the nine months ended September 30, 2025, were $7.4 million, a 4% increase from $7.1 million in the same period of 2024[258]. - General and administrative expenses for the nine months ended September 30, 2025, were $8.4 million, a decrease of 21% from $10.7 million in the same period of 2024[259]. - Total operating expenses for the nine months ended September 30, 2025, were $15.8 million, an 11% decrease from $17.8 million in the same period of 2024[257]. Cash and Debt - As of September 30, 2025, the company had a cash balance of $10.4 million and restricted cash of $0.2 million[262]. - As of September 30, 2025, Calidi's total debt amounted to $1,072,000, with long-term debt net of current portion at $600,000[266]. - Calidi had outstanding warrants to purchase 5,026,613 shares of Common Stock as of September 30, 2025[268]. - For the nine months ended September 30, 2025, net cash used in operating activities was $16,249,000, an increase of 14% compared to $14,271,000 for the same period in 2024[275]. Product Development - The company plans to file an IND for a Phase I trial for CLD-401, the first compound from the RedTail platform, by the end of 2026[220]. - The RedTail platform is designed for systemic delivery of oncolytic viruses and has shown enhanced biological efficacy in animal models compared to previous platforms[224]. - The company has been granted Fast Track Designation for its investigational drug candidate CLD-201 for the treatment of soft tissue sarcoma[222]. - The company expects to incur significant commercialization expenses if marketing approval is obtained for current or future product candidates[281]. - Calidi's existing cash is insufficient to complete the development of its product candidates, necessitating further funding[284]. Regulatory and Compliance - The company is classified as an "emerging growth company" (EGC) and can delay the adoption of certain accounting standards until they apply to private companies, remaining an EGC until the earliest of December 31, 2026, or achieving total annual gross revenues of $1.235 billion or more[294][295]. - The company qualifies as a "smaller reporting company," with a market value of stock held by non-affiliates plus proposed gross proceeds from the offering being less than $700 million and annual revenue being less than $100 million during the most recently completed fiscal year[296]. - The company will present only two years of audited financial statements and will avail itself of exemptions from certain reporting requirements, including auditor's attestation reports on internal control over financial reporting[297][298]. - The company does not expect any recently issued accounting standards to have a material impact on its financial statements or operations[299]. Market Risk - The company is not currently exposed to significant market risk related to changes in interest rates, as it does not have cash equivalents or interest-bearing investments[291]. - The company has no significant exposure to foreign currency exchange rate fluctuations at present, although it operates through subsidiaries in Europe and Australia[292]. Other Considerations - The company has entered into license agreements that may require contingent payments under certain conditions, but does not currently expect to incur these payments[271]. - The company does not believe that inflation had a material effect on its business, financial condition, or results of operations during the three and nine months ended September 30, 2025 and 2024[293].

Sales Performance - Net sales for the three months ended September 30, 2025, were $13.176 million, a 21.2% increase from $10.867 million in the same period in 2024[76]. - The food service technology (FST) segment generated $4.841 million in sales, up 12.0% from $4.321 million in the prior year[76]. - Casino and gaming sales surged to $7.144 million, reflecting a 57.6% increase from $4.534 million in the previous year[76]. - Net sales for Q3 2025 increased by $2.3 million, or 21%, compared to Q3 2024, with hardware unit sales volume up 18% to approximately 24,300 units[77]. - International sales accounted for $2.740 million, representing 20.8% of total sales, compared to 20.9% in the prior year[76]. - International sales increased by $467 thousand, or 21%, in Q3 2025, primarily driven by the casino and gaming market[78]. - Domestic casino and gaming product sales surged by $2.1 million, or 78%, in Q3 2025 compared to Q3 2024, with total casino and gaming revenue reaching $7.1 million[85]. - Net sales for the first nine months of 2025 increased by $6.9 million, or 21%, compared to the same period in 2024, with a 22% increase in hardware sales unit volume[101]. - Domestic casino and gaming sales increased by $6.5 million, or 71%, in the first nine months of 2025 compared to the same period in 2024, as customers worked through excess inventory[106]. - International casino and gaming sales decreased by $0.6 million, or 9%, in the first nine months of 2025, primarily due to a significant European OEM working down overstock[107]. Financial Metrics - Gross profit for Q3 2025 was $6.6 million, a 25.4% increase from Q3 2024, with a gross margin improvement to 50%[89]. - Gross profit increased by $2.6 million, or 15%, to $19,567 thousand for the first nine months of 2025, while gross margin decreased by 230 basis points to 49%[110]. - Operating income for Q3 2025 was $14 thousand, a significant improvement from an operating loss of $837 thousand in Q3 2024, attributed to a 21% increase in sales and a $1.3 million increase in gross profit[94]. - Net interest income increased to $61 thousand in Q3 2025 from $42 thousand in Q3 2024, reflecting higher interest income on increased levels of invested cash[95]. - Net income for Q3 2025 was $15 thousand, or $0.00 per diluted share, compared to a net loss of $600 thousand, or $(0.06) per diluted share, in Q3 2024[98]. - Operating loss decreased by $2.3 million, or 90%, to $(259) thousand for the first nine months of 2025 compared to $(2,576) thousand in 2024[114]. - Net loss for the first nine months of 2025 was $(109) thousand, or $(0.01) per diluted share, compared to a net loss of $(1.9) million, or $(0.19) per diluted share in 2024[118]. Expenses and Cost Management - Engineering, design, and product development expenses increased by $16 thousand, or 1%, in Q3 2025, primarily due to higher incentive compensation[90]. - Selling and marketing expenses increased by $211 thousand, or 11%, in Q3 2025 compared to Q3 2024, primarily due to higher sales commissions and incentive compensation on a 58% increase in casino and gaming sales[91]. - General and administrative expenses rose by $251 thousand, or 10%, in Q3 2025 compared to Q3 2024, driven largely by higher incentive and share-based compensation due to improved financial results[93]. - Engineering, design, and product development expenses decreased by $389 thousand, or 7.2%, to $5,016 thousand for the first nine months of 2025[111]. - Selling and marketing expenses increased by $119 thousand, or 2%, to $6,279 thousand for the first nine months of 2025[112]. - General and administrative expenses increased by $559 thousand, or 7%, to $8,531 thousand for the first nine months of 2025[113]. Cash Flow and Liquidity - Cash and cash equivalents increased by $5.6 million, or 39%, to $20.0 million as of September 30, 2025[119]. - As of September 30, 2025, the company had $3.0 million of outstanding borrowings under the Siena Credit Facility at an interest rate of 9.00%[128]. Strategic Initiatives and Risks - The company acquired a perpetual license for the BOHA! software source code for $2.55 million, with an additional $1.0 million for transition services[66]. - The company expects annualized savings of approximately $2 million from a cost reduction initiative initiated in Q2 2024[73]. - The U.S. government has imposed a 19% tariff on goods imported from Thailand, which may impact future financial results[69][71]. - The company continues to monitor macroeconomic factors and potential impacts of tariffs on sales levels[67][71]. - The company is dependent on a single contract manufacturer in Thailand for the majority of its products, which poses risks related to supply chain disruptions[68][72]. - The company expects total FST revenue for Q4 2025 to be higher than Q4 2024, focusing on growing the installed base of terminals and related recurring revenue[81]. - The company anticipates TSG sales to be somewhat lower in Q4 2025 compared to the same period in 2024 as it plans to cease selling remaining legacy consumable products[88].

Financial Performance - The Company reported total revenue of $2,840,858 for the three months ended September 30, 2025, representing a 100% increase compared to the previous year[116]. - Total revenue for the nine months ended September 30, 2025, was $7,427,199, a 100% increase compared to $0 in the same period of 2024[117]. - The net loss for the period was $1,318,074, a 29% improvement compared to a net loss of $1,859,906 in the same quarter of the previous year[116]. - Net loss for the nine months ended September 30, 2025, was $(13,813,569), a 54% increase compared to $(8,978,129) in the same period of 2024[117]. - Net loss per share, basic, improved to $(0.86) for the nine months ended September 30, 2025, from $(1.51) in the same period of 2024, representing a 43% reduction[117]. Expenses - Total operating expenses increased by 228% to $8,152,844, driven primarily by a 372% rise in selling, general, and administrative expenses, which reached $6,945,804[116]. - Research and development expenses decreased by $1,581,722, or 55%, from $2,879,945 for the nine months ended September 30, 2024, to $1,298,223 for the same period in 2025[119]. - General and administrative expenses increased by $12,804,708, or 201%, from $6,380,453 for the nine months ended September 30, 2024, to $19,185,161 for the same period in 2025[122]. - Cash used in operating activities increased by 147% to $13,473,949 for the nine months ended September 30, 2025, compared to $5,451,927 in the same period of 2024[140]. - Net loss increased by $5,047,869, primarily due to an increase in employee costs by approximately $8.3 million and non-cash share-based compensation by approximately $3.2 million[141]. Cash and Financing - Cash and cash equivalents stood at $35,457,299, with current liabilities of $6,830,223 as of the same date[108]. - The company expects to rely on debt and equity raises to finance ongoing operations and commercialization of ZUNVEYL, with a risk of financing not being available on favorable terms[127]. - Cash used in investing activities was $145,966 for the nine months ended September 30, 2025, compared to $nil in the same period of 2024, related to equipment acquisition for commercial activity expansion[142]. - Cash provided by financing activities decreased by $7,217,621, with proceeds of $1,384,066 from the exercise of options and warrants during the nine months ended September 30, 2025[143]. - The company completed a public offering of common shares on November 13, 2024, raising approximately $50 million by issuing 8,695,653 common shares at a price of $5.75 per share[133]. Product Development and Commercialization - ZUNVEYL was launched on March 17, 2025, with a Wholesale Acquisition Cost set at $820 per month, aimed at enhancing patient access[104]. - The company received FDA approval for its product ZUNVEYL in July 2024, leading to increased commercial activity and associated costs[141]. - ALPHA-0602 has received Orphan Drug Designation from the FDA for the treatment of ALS, which provides exclusivity provisions upon approval[106]. - The company anticipates substantial increases in expenses related to the commercialization of ZUNVEYL and ongoing clinical trials following FDA approval in July 2024[128]. - The company expects to enter into additional clinical development and manufacturing agreements, which may require upfront payments and long-term capital commitments[145]. Shareholder Information - The weighted-average outstanding shares increased by 168% to 16,144,120, reflecting the impact of the reverse stock split completed on November 5, 2024[110]. - The company issued 4,651,516 Common Shares at a public offering price of $6.25 per share, raising approximately $35 million in total gross proceeds[138]. - An additional 840,000 Common Shares were purchased at the public offering price of $6.25 per share, generating approximately $5.25 million in gross proceeds[139]. Regulatory and Compliance - The company is classified as an emerging growth company and has elected to take advantage of an extended transition period for compliance with new accounting standards[149]. - The company is also a smaller reporting company, allowing it to utilize scaled disclosures as long as certain revenue and market capitalization thresholds are met[150].

Financial Performance - Platform revenue for Q3 2025 was $3.5 million, a decline of 53% compared to $7.4 million in Q3 2024[5] - Platform net loss for Q3 2025 was $4.4 million, or $1.70 per diluted share, compared to a net income of $0.2 million, or $0.11 per diluted share in Q3 2024[5] - Adjusted EBITDA loss for Q3 2025 was $0.7 million, compared to an Adjusted EBITDA of $2.4 million in Q3 2024[5] - Caliber's consolidated revenue for Q3 2025 was $3.6 million, down from $11.3 million in Q3 2024, reflecting the deconsolidation of certain funds[13] - Consolidated net loss attributable to Caliber for Q3 2025 was $4.4 million, or $1.65 per diluted share, compared to a net income of $0.1 million, or $0.12 per diluted share in Q3 2024[13] - Total revenue for the three months ended September 30, 2025, was $3,516,000, a decrease of 52.7% from $7,416,000 in the same period of 2024[1] - Asset management revenues decreased to $3,486,000 in Q3 2025 from $6,530,000 in Q3 2024, reflecting a decline of 46.5%[34] - Fee-Related Earnings for Q3 2025 showed a net loss of $4,371,000, compared to a net income of $146,000 in Q3 2024, indicating a significant decline in core revenue generation[46] - Distributable Earnings for Q3 2025 were reported at $(2,540,000), a decrease from $529,000 in Q3 2024, highlighting challenges in earnings available for distribution[41] - Platform Adjusted EBITDA for Q3 2025 was $(665,000), a sharp decline from $2,412,000 in Q3 2024, reflecting reduced performance of the asset management platform[44] - Consolidated Adjusted EBITDA for Q3 2025 was $(464,000), down from $4,248,000 in Q3 2024, indicating overall financial strain[45] Asset Management and Capital - The fair value of Assets Under Management (AUM) as of September 30, 2025, was $797,033,000, slightly up from $794,923,000 as of December 31, 2024[26] - Managed Capital increased to $505,989,000 as of September 30, 2025, compared to $492,542,000 as of December 31, 2024, representing a growth of 2.9%[28] - Managed Capital includes total capital raised from customers, impacting preferred returns and performance fees, which are crucial for predicting future earnings[38] - Fair Value AUM represents the aggregate fair value of managed real estate assets, influencing management fees and service income predictions based on AUM growth expectations[38] Digital Assets and Investments - As of the end of Q3 2025, Caliber held 467,632 LINK tokens, which increased to 562,535 tokens valued at $8.5 million as of the release date[5] - The company completed strategic purchases of LINK tokens, further supporting its Digital Asset Treasury strategy[7] - Caliber's Digital Asset Treasury strategy was formally approved by the Board of Directors, focusing on acquiring LINK tokens and maximizing risk-adjusted returns[7] - The company reported an unrealized loss on digital assets of $677,000 for Q3 2025[34] - The company reported an unrealized loss on digital assets of $677,000 in Q3 2025, impacting overall financial performance[46] Liabilities and Equity - Total liabilities decreased to $76,481,000 as of September 30, 2025, from $94,282,000 as of December 31, 2024, a reduction of 18.9%[35] - Cash and restricted cash increased to $13,138,000 as of September 30, 2025, from $4,348,000 as of December 31, 2024[35] - The total stockholders' equity decreased to $6,087,000 as of September 30, 2025, from $11,253,000 as of December 31, 2024[36] Strategic Initiatives - The company announced a partnership to deploy EV charging infrastructure, aimed at enhancing sustainability across its portfolio[8] - The impact of consolidated funds on fee-related earnings was $173,000 in Q3 2025, compared to $45,000 in Q3 2024, suggesting changes in fund performance dynamics[46] - The company’s platform performance is critical for understanding the value of CWD, as it generates revenues from managing the investment portfolio[39]