Core Viewpoint - Helios Fairfax Partners Corporation reported a return to growth in book value and strong net earnings in Q2 2025, driven by the performance of Helios Managed Investments and improved expectations from underlying investments [2][4]. Financial Performance - The company reported net earnings of $11.6 million in Q2 2025, a significant recovery from a net loss of $16.5 million in Q2 2024 [4]. - For the first six months of 2025, net earnings were $12.4 million, compared to a net loss of $21.2 million in the same period of 2024 [5]. - The net earnings in Q2 included $19.9 million in net gains from Helios Managed Investments and a net gain of $3.3 million from TopCo LP Class A [4][5]. - Book value per share increased to $3.96 as of June 30, 2025, up from $3.85 in Q1 2025, primarily due to unrealized gains from Helios Managed Investments [5][7]. Investment Activities - The company deployed $1.2 million under a loan facility with Digital Ventures and $1.5 million under a $13.5 million loan facility with Helios Sports & Entertainment Group (HSEG) during the quarter [5]. - HFP committed to investing $20 million in Helios Fund V and an additional $2 million for management team commitment, which will allow HFP to share in future carried interest [5]. Cash Position - As of June 30, 2025, the company had $14.7 million in cash and cash equivalents [7]. - The total number of common shares outstanding increased to 108,291,576 from 108,179,127 at the end of 2024 [7].