Core Insights - Eurocastle Investment Limited has released its interim management statement for Q3 2025, highlighting a shift in its investment strategy and financial performance [2][4]. Financial Performance - As of 30 September 2025, the Adjusted NAV is €15.1 million, or €15.01 per share, down from €15.2 million, or €15.19 per share in Q2 2025 [4]. - The pro forma Q3 NAV, after the release of reserves, is €20.3 million, or €20.20 per share [4]. - The company reported a loss of €111,000 for Q3 2025, equating to €0.11 per share, compared to a loss of €975,000 for the first nine months of 2025 [17]. Investment Strategy - Eurocastle launched a new investment strategy in 2024 through the European Properties Investment Fund (EPIF), focusing on acquiring small to mid-size real estate assets in Southern Europe [7][20]. - By the end of September 2025, EPIF had received over €61 million in capital commitments, with an additional €20 million raised in November 2025, totaling over €81 million [8]. - EPIF has invested €18.7 million in three investments, with a reported NAV of €19.9 million, reflecting a 4% increase relative to the capital called [9]. Business Updates - The company has released all reserves related to the legacy German tax matter, simplifying its financial reporting to a single IFRS-based NAV [4][11]. - Eurocastle's investment portfolio includes two commercial properties in Athens, Greece, and a significant interest in a portfolio of Italian real estate assets [13]. Board Changes - Mr. Constantine (Dean) Michael Dakolias retired as a non-independent director, and Mr. Alex Gillette has been appointed as a new non-independent director [14][15].