Core Insights - The Baltic Horizon Fund has reported its unaudited financial results for the year 2025, highlighting a fresh start under new management and the decision to proceed with a secondary public offering of new units [1][9]. Financial Performance - The Fund generated a total rental income of EUR 15,098 thousand in 2025, with a significant vacancy rate of 13.8% at year-end, leading to unrecovered property costs of EUR 3,435 thousand and a Net Operating Income (NOI) of EUR 11,663 thousand [2]. - The like-for-like NOI comparison shows an increase to EUR 11,473 thousand in 2025 from EUR 11,339 thousand in 2024, while Q4 2025 NOI was EUR 2,954 thousand, which included provisions of EUR 540 thousand for historic tenant debts [2][3]. Cost Management - Total overheads for the Fund were EUR 1,923 thousand in 2025, down from EUR 2,373 thousand in 2024, as management is focused on terminating non-essential costs and merging subsidiaries to minimize administrative expenses [4]. - The total financing costs amounted to EUR 9,193 thousand, indicating a heavy burden on financial performance due to overleveraging [5]. Portfolio Valuation - The independent revaluation of the property portfolio resulted in a total value of EUR 208.9 million at year-end, reflecting a write-down of EUR 20,602 thousand recorded in Q4 2025 [6]. - The Fund's equity ratio stands at 36.1%, below the minimum requirement of 37.5% set for bondholders, necessitating corrective actions within 20 days [7]. Future Outlook - The management anticipates a gradual improvement in operational performance in 2026, driven by ongoing lease transformations, active leasing of key assets, and cost reductions [10]. - A secondary public offering of units is planned to raise up to EUR 25 million to address liquidity needs and restore the equity ratio [9].