Dream Impact Trust Reports Fourth Quarter 2025 ResultsFeb 17, 2026 5:04 PM Eastern Standard Time# Dream Impact Trust Reports Fourth Quarter 2025 ResultsShare---This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All dollar amounts in our tables are presented in thousands of Canadian dollars, except unit and per unit amounts, unless otherwise stated.TORONTO--([ ...

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Core Viewpoint - Range Impact, Inc. has announced the acquisition of the Premier Elkhorn and Cambrian Coal mine complexes, marking a strategic shift towards land ownership and reclamation in Appalachia [1][8] Acquisitions - The Premier Elkhorn Mine Complex consists of approximately 13,000 surface acres and 42,500 mineral interest acres, containing metallurgical and thermal coal reserves, with 34 mining permits and $44 million in reclamation bonds [3] - The Cambrian Coal Mine Complex includes around 2,600 surface acres and additional leasable mineral interests, with 9 mining permits and $10 million in reclamation bonds [4] - Both complexes are located in eastern Kentucky and were acquired through a newly created subsidiary, Range Bluegrass Land LLC, which assumed reclamation obligations from Reckoning Reclamation LLC [2] Strategic Partnerships - Range Bluegrass has entered into an Option Agreement with MRR CNG, LLC for approximately 1,500 acres of surface land at the Premier Elkhorn Mine Complex for future waste disposal facility development, receiving $500,000 at the time of the grant [5] - A Membership Interest Option and Cash Distribution Right Agreement was established with Wicks Building LLC, allowing Wicks to receive 50% of cash distributions and convert this right into ownership of 50% of Range Bluegrass [6] - Consulting Agreements with MRR and F & G LLC were signed, with an initial fee of $1 million and scheduled additional fees of $2 million for 2026 and 2027 [7] Business Model Transition - The company has shifted from a service-based business model focused on reclamation services to a land ownership model aimed at unlocking land value through reclamation activities and generating recurring revenue streams [11] - The sale of Collins Building & Contracting, Inc. marks the company's exit from service-based reclamation work, allowing a focus on revitalizing former coal mine sites [9][11] Portfolio Expansion - With the recent acquisitions, the company now owns four significant land investments, totaling approximately 30,000 acres of surface land and 150,000 acres of mineral interests across West Virginia and Kentucky [8]

Core Points - Dream Impact Trust announced the approval of amendments to its 5.50% convertible unsecured subordinated debentures, changing the conversion price from $31.02 per unit to $2.75 per unit [1][4] - The amendments resolution was approved by approximately 44.43% of the votes cast by unitholders present at the special meeting [3] - The Trust plans to implement these amendments in the fourth quarter of 2025, which includes an increase in the interest rate of the debentures from 5.50% to 6.50% starting January 31, 2026 [4] Voting Results - A total of 8,183,043 units of the Trust were represented at the meeting, either in person or by proxy [3] - The amendments resolution required a simple majority for approval, which was achieved with the votes cast [2] Company Overview - Dream Impact Trust is an open-ended trust focused on impact investing, with a portfolio of real estate assets managed by an experienced team [5] - The Trust aims to create positive impacts through its focus on environmental sustainability, affordable housing, and inclusive communities [5]

Core Insights - Dream Impact Trust reported its financial results for the third quarter of 2025, highlighting strong leasing activity and progress in development projects despite challenging housing market conditions [2][3]. Financial Performance - The Trust experienced a net loss of CAD 10.3 million in Q3 2025, compared to a loss of CAD 7.6 million in Q3 2024, primarily due to deferred tax recovery and timing of condo occupancies [6][7]. - The recurring income segment reported a net loss of CAD 6.1 million, an improvement from CAD 7.0 million in the prior year, driven by higher NOI from multi-family assets [7]. - The multi-family rental properties segment achieved a same property NOI of CAD 1.7 million, consistent with the prior year, while NOI from assets in lease-up increased to CAD 0.6 million from CAD 0.3 million [8][9]. Operational Highlights - As of October 31, 2025, the Trust's purpose-built rental assets reached over 90% occupancy, a 15% increase since June 30, 2025, with 1,344 units in total [3]. - The Trust is advancing the development of 49 Ontario St, with demolition expected to commence soon, and plans for Quayside development are on track for the second half of 2026 [3][4]. - The multi-family portfolio comprised 2,973 units, with 92% leased, including over 1,300 units in the lease-up phase expected to contribute to NOI [9]. Liquidity and Debt Management - The Trust reduced its land loan exposure by over CAD 100 million in 2025 and extended the maturity of a CAD 30 million convertible debenture to 2031 [4][19]. - As of September 30, 2025, the Trust had total cash of CAD 7.6 million and a debt-to-asset value ratio of 41.8%, slightly up from 41.3% at the end of Q2 2025 [18][19]. - The Trust's consolidated debt stood at CAD 273.0 million, with a significant decrease in debt maturing in 2025 due to loan extensions and repayments [19][27].

Core Viewpoint - Dream Impact Trust is seeking approval from unitholders for amendments to its 5.50% convertible unsecured subordinated debentures, including a significant change in the conversion price and an extension of the maturity date [2][3][4]. Summary by Sections Meeting Details - A special meeting for unitholders is scheduled for November 27, 2025, at 2:00 p.m. in Toronto, with unitholders of record as of October 17, 2025, eligible to vote [2][5]. Amendments to Debentures - The Trust has $30 million in outstanding debentures and proposes to amend the conversion price from $31.02 to $2.75 per unit, reflecting a 59% premium to the closing price on October 17, 2025, and a 62% premium to the price on September 17, 2025 [3][4]. - The maturity date of the debentures will be extended by five years to July 31, 2031, and the interest rate will increase from 5.50% to 6.50% [4][6]. Unitholder Approval - Approval of the conversion price amendment requires a simple majority of votes cast at the meeting, with a subsidiary of Dream Unlimited Corp. holding 37% of the Trust's units agreeing to vote in favor [5][6]. - The amendments also require consent from holders of at least 66% of the principal amount of the outstanding debentures, which is anticipated to be obtained [6]. Company Background - Dream Impact Trust focuses on impact investing, with a portfolio of real estate assets aimed at creating positive impacts in areas such as environmental sustainability, affordable housing, and inclusive communities [9].

Core Viewpoint - Dream Impact Trust is set to release its financial results for Q3 2025 on November 3, 2025, with a conference call scheduled for November 4, 2025, to discuss these results [1][2]. Company Overview - Dream Impact Trust is an open-ended trust focused on impact investing, with a portfolio of real estate assets categorized into development and recurring income segments [3]. - The Trust aims to create positive impacts through three verticals: environmental sustainability, affordable housing, and inclusive communities [3]. Financial and Business Updates - The Trust has made significant progress on its business plan and is working on various initiatives to navigate market challenges and enhance its value [6]. - The Trust's strategy has been focused on creating multi-family rental housing, having completed multiple projects in the National Capital Region and downtown Toronto, totaling 501 units [7].

Core Viewpoint - Japan's $1.8 trillion Government Pension Investment Fund (GPIF) is considering a shift towards impact investing, prompting a broader adjustment among the country's money managers [1][2]. Group 1: Impact Investing Adoption - The GPIF opened the door to impact strategies in March, leading at least four other Japanese pension funds to update or revise their investment policies [2]. - Asset managers are adjusting their approaches to align with the growing demand for impact strategies from pension funds [2]. Group 2: Government Support and Societal Challenges - The Japanese government supports the shift towards impact investing as a means to address real-world challenges, including an aging society and low gender equality rankings [3]. - Japan ranked 118th out of 146 countries in a gender-equality review last year [3]. Group 3: Economic Growth and Investment Focus - GPIF President Kazuto Uchida believes that targeting environmental and social goals through investments will ultimately lead to economic and capital market growth [4]. - Impact investing in Japan is expected to focus on areas such as climate, healthcare, wellbeing, and inclusivity [6]. Group 4: Measurement and Framework - Impact investing aims to achieve both profit and social/environmental outcomes, utilizing standardized impact measurement frameworks [7]. - The United Nations' 17 Sustainable Development Goals serve as a roadmap for deploying capital in impact investments [7].

Real Estate Industry Trends - The real estate industry needs to shift from focusing solely on construction, location, and hype to incorporating sustainability, green building practices, corporate governance, and stable consumer demand [9][10] - The industry is lagging in digital transformation compared to other sectors like IT and Fintech [31] - Tokenization of real estate assets is a key trend that can address the issues of high entry barriers and illiquidity, allowing for fractional ownership and easier trading [32][33][34][35] Sustainability and ESG - Buildings contribute approximately 40% of global greenhouse gas emissions, which is estimated to double by 2050 if no action is taken [13] - One-third of the world's energy resources are consumed by buildings, highlighting the need for sustainable design and construction [13] - ESG (Environment, Social, and Governance) and impact investing offer a new way to measure company and country performance beyond just financial metrics [24][25] - Green building certifications like LEED (Leadership in Energy and Environmental Design) provide a framework for implementing sustainable practices [14] Market Segmentation and Consumer Behavior - Globally, residential real estate comprises about 82% of the total real estate market [16] - In India, approximately 66% of commercial office buildings are green certified, with an estimated 84% of new buildings under development also being green [17] - The residential real estate sector lags behind commercial real estate in adopting green building practices due to a lack of demand from individual consumers [18][19][20] - Gen Z buyers are increasingly demanding purpose-driven investments and expect companies to prioritize sustainability [8]

Problem Statement & Financial Analysis - The cost of inaction on climate change is estimated to exceed $1.3 quadrillion (1,266 trillion dollars) by 2100, which is 10 times global GDP [4] - In Germany, there is a 30 billion euro gap of philanthropic potential [16] - Foundations in Germany, with endowments between 100 and 200 billion euro, give away only about 1% annually [13][14] - Mobilizing 1% of income or wealth in Germany could generate 100 billion euro per year, a ten-fold increase over current giving levels [23] Wealth Management & Philanthropy - A significant portion of wealth in developed economies is inherited, often with family expectations to preserve it for future generations [7] - Financial gatekeepers (bankers, tax advisors, family officers) are incentivized to protect and grow wealth, not necessarily to invest it for social good or facilitate giving [9] - Legal instruments like trusts and foundations, while originally intended for protection and preservation, have become part of a global wealth defense industry, locking up money with tax privileges and secrecy [12][13] - Traditional foundations often invest in harmful industries due to low-risk, market-return investment strategies [14] Solutions & Future Trends - Modern giving can be revolutionized by using the internet to reduce costs, replace gatekeepers, and allow broader participation [20] - Digital foundations can enable anyone to start one with any amount of money, facilitating strategic giving, impact investing, and fundraising [21] - Shifting from a blame game to a model where everyone can be a philanthropist, impact investor, or influencer is crucial [25] - Encouraging individuals to give just 1% of their income or wealth can create significant positive change [22]