Financial Data and Key Metrics Changes - Year-to-date revenues until September 30, 2025, were approximately flat compared to the same period in 2024, with Q3 revenues at $7.0 million, a 22% decline from $9.0 million in Q3 2024 [5][14] - Total operating expenses for Q3 2025 were $13.3 million, down from $14 million in Q3 2024, while net loss increased to $6.6 million from $5.7 million year-over-year [14][15] - Adjusted EBITDA for Q3 2025 was negative $6.0 million compared to negative $4.6 million in Q3 2024 [16] Business Line Data and Key Metrics Changes - The installed base of RhodoLED lamps reached approximately 750, supporting recurring high-margin sales of Ameluz gel [6][7] - Cost of revenues decreased by $2.8 million, or 58%, due to a reduced cost agreement with Biofrontera AG [14][15] - Selling, general, and administrative expenses increased to $10.4 million in Q3 2025 from $8.4 million in Q3 2024, primarily due to increased legal costs [15] Market Data and Key Metrics Changes - The company anticipates strong revenue growth in Q4 2025, driven by a normalization of sales following a transient effect in Q3 [5] - The new royalty structure for Ameluz is expected to enhance gross margins significantly, with a royalty of 12% when U.S. revenue is below $65 million and 15% above that threshold [11] Company Strategy and Development Direction - The company is focused on expanding the clinical and commercial potential of Ameluz across multiple high-value dermatologic indications, including upcoming FDA submissions for new indications [8][10] - A transformational agreement with Biofrontera AG has granted the company full control over U.S. rights, approvals, and patents for Ameluz and RhodoLED, enhancing long-term profitability [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year sales objectives despite a challenging Q3, citing a strong pipeline and upcoming catalysts for growth [5][6] - The company aims to reach cash flow breakeven by fiscal year 2026, supported by recent financing and divestments [12][19] Other Important Information - The company completed the sale of the Xepi license for $3 million, with potential additional milestones of $7 million, which will not impact current sales due to the product's inactivity [12] - As of September 30, 2025, the company had cash and cash equivalents of $3.4 million, bolstered by recent financing and divestment proceeds [18][19] Q&A Session Summary Question: Are you contemplating any price increases in the future and if so, when? - Management confirmed plans for a price increase before year-end [26] Question: When do you expect data from the trial for AK of the extremities and the plan for FDA submission? - Data is expected in January, with FDA submission planned for Q2 [27] Question: When will data be available for the acne trial and what are the next steps? - Data will be available early next year, followed by an end of phase 2 meeting with the FDA [30] Question: Should the plan for breaking even be modeled similarly to the seasonality seen in the income statement? - Management confirmed that individual quarters in 2026 might fluctuate between losses and gains, with the fourth quarter expected to be significant for achieving breakeven [33]

Financial Data and Key Metrics Changes - For Q3 2025, the company generated distributable earnings of $0.31 per share, covering the dividend of $0.30 per share [5][15] - The net interest income for the quarter was $6.1 million, with GAAP net income of $4.05 million [14][15] - As of September 30, 2025, total assets were $258.8 million, and total shareholder equity was $184.6 million, resulting in a book value of $13.76 per share [16] Business Line Data and Key Metrics Changes - The company’s portfolio had $367 million in commitments and $253 million in principal outstanding across 13 loans as of September 30, 2025 [16] - The weighted average loan-to-cost at closing was only 56%, indicating conservative positioning [6] - The portfolio yield to maturity was approximately 11.8% [16] Market Data and Key Metrics Changes - There has been a notable increase in financing requests, indicating a recovery in the real estate market [9] - The bid-ask spread between buyers and sellers is narrowing, which is increasing transaction volume [10] - Most new financing activity is concentrated in the bridge lending space, particularly in multifamily and industrial properties [11] Company Strategy and Development Direction - The company focuses on originating transitional loans primarily in the southern United States, aiming for attractive risk-adjusted returns [5][6] - The long-term goal is to achieve an investment-grade rating within the next three to five years [6] - The company is expanding its presence in the southern U.S., with a focus on states like Florida, Texas, North Carolina, Georgia, and Tennessee [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted a renewed sense of interest rate stability, encouraging more sponsors to engage in capital planning [9] - The company remains confident in its ability to capitalize on attractive opportunities in the current market environment [13] - The underlying construction activity and progression of loans are performing as expected, with no significant issues reported [32] Other Important Information - The company has a CESL reserve of approximately $400,000, or 17 basis points for loans at carrying value [16] - The company is not pursuing a repo line and aims to maintain a conservative leverage strategy [26][29] Q&A Session Summary Question: What new geographies within the southern U.S. are being seen in the pipeline? - The company is focusing on Florida, Texas, North Carolina, Georgia, and Tennessee, with a preponderance of deals in these areas [19] Question: Are there any geographies that stand out as the most attractive for investment? - Texas and Florida continue to present interesting opportunities, with the Carolinas and Tennessee also being areas of focus [20] Question: How is the debt side of the business strategy progressing? - The company is focused on expanding bank lines and is considering preferred or unsecured debt offerings, avoiding high-leverage deals [26][27][29] Question: How is the portfolio performing and what trends are being observed? - The portfolio is performing as expected, with steady progress in construction and sales, and a recent pickup in for-sale projects noted [32]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $162.5 million, representing a 20% increase from Q3 2024, driven by increased kiosk deployment and higher median transaction sizes [12] - Gross profit increased 40% to $28.2 million, with gross margin rising 250 basis points to 17.4% [12] - GAAP net income rose 139% to $5.5 million, compared to $2.3 million in Q3 2024, with adjusted EBITDA increasing 75% to $16.1 million [13][12] Business Line Data and Key Metrics Changes - Median transaction size increased by 40% year over year to $350, with total transaction volume reaching $162.5 million [5] - Q3 gross profit was up 40% year over year, reflecting the success of the kiosk growth and optimization plan [5] Market Data and Key Metrics Changes - The company ended Q3 with approximately 9,300 active machines and expects continued growth in kiosks [6] - Over 260 kiosks have been deployed in Australia, which ranks third worldwide in total Bitcoin ATMs [6] Company Strategy and Development Direction - The company is focused on international expansion, with recent operations commenced in Hong Kong and ongoing regulatory processes in other jurisdictions [7] - Strategic M&A opportunities are being pursued, highlighted by the acquisition of National Bitcoin ATM, adding over 500 kiosks to the network [8] - Enhanced compliance standards have been introduced, requiring customer identification for transactions, reflecting a commitment to consumer protection and trust [9] Management's Comments on Operating Environment and Future Outlook - Management noted that recent state regulations imposing transaction size caps are the biggest impact on guidance, followed by seasonality and enhanced compliance standards [19] - The company anticipates Q4 revenues to range between $112-$115 million, with adjusted EBITDA expected to be in the low single-digit millions [15] - Management believes that the recent regulatory changes will ultimately benefit the industry by weeding out smaller, less compliant operators [10] Other Important Information - Cash, cash equivalents, and cryptocurrencies increased to $72.9 million as of September 30, 2025, compared to $31.0 million at the end of 2024 [14] - The company generated $33.0 million of cash from operating activities in the first nine months of 2025, a 90% increase from the same period last year [14] Q&A Session Summary Question: What are the contributors to the guidance difference? - The biggest impact is state regulation, followed by seasonality and proactive compliance changes [19] Question: Which states had the biggest regulatory changes? - Over 15 states enacted restrictions, with six going into effect in Q3 and early Q4 [20] Question: How will the acquisition of National Bitcoin ATM contribute in Q4? - The deal is closed, and the conversion of kiosks to the company's platform is underway, expected to be completed by the end of Q4 [22] Question: Will the enforcement of regulations be strict? - Enforcement actions have been seen in states like California, which helps level the playing field [28] Question: What is the outlook for 2026 regarding kiosk deployment? - The company expects a mix of new deployments and relocations, with ongoing international expansion efforts [30] Question: What is the market opportunity in Hong Kong? - The Hong Kong market is seen as an exciting opportunity, though not expected to grow to thousands of kiosks [35] Question: Any updates on the Bit License with NYDFS? - There are no updates, and it does not seem likely to happen soon [39]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported recurring cash flows of $77 million or $0.59 per share, down from $85 million or $0.69 per share in Q2 2025 [5] - The net investment income less realized losses was $21 million or $0.16 per share, compared to $0.16 per share in the previous quarter and $0.23 per share in Q3 2024 [10] - The company's NAV as of September 30 was $7 per share, a decrease of 4.2% from $7.31 per share as of June 30 [5] - GAAP net income for Q3 2025 was $16 million or $0.12 per share, down from $0.47 per share in the previous quarter [10] Business Line Data and Key Metrics Changes - The company deployed nearly $200 million into new investments during the quarter, focusing on both primary and secondary markets [4][12] - The weighted average remaining reinvestment period (WARP) ended at 3.4 years, which is 26% above the market average of 2.7 years [6] - The company completed 16 refinancings and 11 resets during the quarter, enhancing the earning power of its CLO equity portfolio [4] Market Data and Key Metrics Changes - The S&P UBS Leveraged Loan Index returned 1.6% for Q3 2025, with a trailing 12-month default rate of 1.5%, up from 1.1% as of June 30 [15] - The CLO market saw $53 billion in volume during the quarter, with significant increases in reset and refinancing activity [17] - The company's CCC-rated exposures within its CLO equity portfolio stood at 4.6%, lower than the broader market average of 4.8% [18] Company Strategy and Development Direction - The company is focused on portfolio rotation and optimization to enhance cash flows and earning power [6] - Management highlighted a robust pipeline of additional resets and refinancings planned into 2026 [4] - The company aims to maintain a competitive advantage through its attractive cost of capital and proactive management of its CLO equity investments [8] Management's Comments on Operating Environment and Future Outlook - Management noted that loan fundamentals remain strong despite recent pressures from loan repricings [15] - The company expects to see a return of repricing activity as 42% of loans are trading above par [7] - Management expressed optimism about the near-term investment pipeline, citing stabilizing market conditions [19] Other Important Information - The company utilized its at-the-market program, issuing $26 million of common stock at a premium to NAV [7] - The board declared regular monthly distributions of $0.14 per share for the first quarter of 2026 [8] - The company recorded a comprehensive loss of $2.5 million for Q3 2025 [11] Q&A Session Summary Question: Can you provide more color on the timeline for portfolio resets and refinancings? - Management anticipates actions on another 20% of the portfolio over the next one to two quarters, depending on market conditions [22] Question: What are the near-term investment opportunities in the primary and secondary markets? - The primary market remains active with plenty of issuance opportunities, while the secondary market has selective opportunities for investment [25] Question: How have loan spreads changed in October compared to September? - Loan spread compression has slowed, with the weighted average spread on loans down approximately 50 basis points over the last year [30] Question: What factors drove the decline in recurring cash flows? - The principal factor was spread compression, which fell by about eight basis points this quarter [38] Question: Is there a plan to refinance the Series F preferreds soon? - The call date for the Series F preferreds is January 18, 2026, and management is considering refinancing options [44] Question: How does the decline in NAV relate to market pricing and spreads? - The largest component of the NAV decline was the excess of distributions over net investment income [56]

Financial Data and Key Metrics Changes - For Q4 2025, the company achieved revenue of over $552 million, with same-store sales growth of more than 2% [5][14] - Full-year revenue was $2.31 billion, reflecting a same-store sales decline of just over 2% and a total revenue decline of 5% due to strategic store and brand optimization efforts [16] - Gross margin for Q4 increased to 34.7%, while full-year gross margin was 32.5%, down slightly from the previous year [14][16] - The reported net loss for Q4 was just under $1 million or $0.04 per share, with adjusted EBITDA of $17.3 million [15][16] Business Line Data and Key Metrics Changes - Growth was driven by used boat revenue, finance and insurance, parts and service, and contributions from superyacht services and marina operations [14] - The company continues to focus on higher-margin businesses, which helped maintain gross margins despite low boat margins [6][34] Market Data and Key Metrics Changes - The recreational boating industry is experiencing softness, with double-digit declines in certain categories [26] - The company noted that inventory levels are expected to normalize, which should provide margin relief in the future [23] Company Strategy and Development Direction - The company is focused on diversifying its revenue sources and enhancing operational efficiency through strategic initiatives and product innovation [9][22] - Investments in technology, such as the Boatyard platform and CustomerIQ, are aimed at improving customer engagement and driving growth [8][9] - The company is optimistic about the industry's potential inflection points, with expectations for improved inventory levels and consumer demand due to anticipated interest rate cuts [22][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging environment due to elevated interest rates, inflation, and geopolitical tensions, but remains confident in the company's long-term strategy [5][22] - The company expects adjusted EBITDA for Fiscal 2026 to be in the range of $110 million to $125 million, with same-store sales growth anticipated to be flat to slight growth [18][19] Other Important Information - The company successfully launched new models at the Fort Lauderdale International Boat Show, achieving record sales [11] - Two new members were added to the board of directors to enhance strategic initiatives [12] Q&A Session Summary Question: How much of the same-store sales growth was due to units versus ASPs? - Management indicated that the increase in same-store sales was primarily driven by an increase in average unit selling price, as units were down in the mid-single-digit range [26] Question: Are rate cuts impacting consumer behavior? - Management noted that favorable rate environments tend to make small business owners more optimistic, which can lead to increased boat purchases [29] Question: Can you elaborate on the gross margin increase? - Management explained that the increase in gross margin was due to the expansion of higher-margin categories and the strategic initiatives in place, despite low boat margins [34] Question: What are the expectations for promotional drag entering the new year? - Management expects continued pressure on margins due to elevated inventory levels but anticipates potential relief as inventories normalize later in the year [41] Question: How does the guidance for Fiscal 2026 compare to industry performance? - Management acknowledged a more cautious view for Fiscal 2026, expecting performance to align more closely with industry trends rather than outperformance [44] Question: What is the status of operating expense rationalization? - Management confirmed the closure of 10 stores and ongoing cost-cutting measures, but noted that additional substantial savings are not expected in the current guidance [47]

Financial Data and Key Metrics Changes - Sales increased 29% year over year to approximately $26 million in Q3 2025, compared to approximately $20.1 million in Q3 2024 [11] - Year-to-date sales reached $87.3 million for the first nine months of 2025, a 56.7% increase from approximately $55.7 million in the same period last year [14] - EBITDA improved by approximately $2.8 million year to date, moving from a negative $3.2 million in 2024 to a negative $384,000 in 2025 [7][16] Business Segment Data and Key Metrics Changes - The Stran segment achieved nine-month revenue of $60.3 million, up from $52.2 million last year, driven by deeper client relationships and new enterprise wins [5] - The Stran Loyalty Solutions (SLS) segment generated $26.9 million in revenue compared to $3.5 million last year, significantly boosted by the acquisition of Gander Group [5][15] - Operating expenses grew only 30.3% year over year for the first nine months of 2025, while sales grew 56.7% during the same period [6] Market Data and Key Metrics Changes - Elevated tariffs led to increased product costs for direct import orders, particularly affecting the SLS segment, which compressed margins [7] - Buyer hesitation due to tariff uncertainty impacted top-line activity and profitability for the quarter [8] Company Strategy and Development Direction - The company is focused on deepening client relationships, increasing operational efficiency, and maintaining financial discipline [19] - Strategic M&A remains a key pillar of growth, with a disciplined roll-up strategy in a fragmented industry [8] - The company aims to transition into a phase focused on consistent profitability and margin expansion [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Q4 performance, historically the strongest quarter, and emphasized a focus on sustained profitability [26] - The company is prepared to navigate potential economic contractions due to its diversified client base and strong balance sheet [32][33] Other Important Information - The company repurchased approximately 267,000 shares of common stock during Q3, totaling about $408,000 [8] - As of September 30, 2025, the company had approximately $11.8 million in cash, cash equivalents, and investments [17] Q&A Session Summary Question: How are tariffs counted from an accounting perspective? - Management explained that tariffs increased costs significantly, with over $1 million in direct costs that could not be passed on to customers, impacting profitability [22][23] Question: Will the company be positive net income for Q4? - Management indicated that Q4 is historically strong and expressed confidence in achieving sustained profitability moving forward [26] Question: How does the business perform during economic contractions? - Management noted that the business is not heavily reliant on capital expenditure and can pivot easily during economic downturns, with diversified client bases mitigating risks [31][32] Question: What is the methodology for finding acquisition targets? - Management highlighted that the company receives numerous inquiries for acquisitions and attends industry events to identify potential targets, focusing on those without succession plans [36]

Financial Data and Key Metrics Changes - Total revenues increased by 21% quarter over quarter to $64.1 million, supported by 10.2% organic revenue growth and M&A revenues [2][4] - Adjusted EBITDA grew by 45% to $17 million, expanding margins by 430 basis points to 26.5% [2][5] - Written premium increased by $67.6 million, or 16.9%, over the prior year period to $467.7 million [4][5] - Net income was $9.6 million, up 40% over the prior year period, with an adjusted net income rise of 55% to $13 million [6][7] Business Line Data and Key Metrics Changes - Insurance services grew by $56 million, or 16.5%, while the MGA experienced a growth spike of $11.7 million, or 19.2% [4] - Consolidated written premium retention remained strong at 91%, indicating stability in the client base despite a softening rate environment [4][5] Market Data and Key Metrics Changes - The personal lines market is normalizing with a return of carrier appetite, moderated rate increases, and strong underwriting discipline [2] - The market environment has shifted from hard to soft, impacting renewal rates and premium retention [20][45] Company Strategy and Development Direction - The company is focused on investing in technology initiatives, executing accretive M&A goals, and expanding retail and MGA distribution channels [3][10] - The strategic priorities remain unchanged, emphasizing profitable growth and deepening relationships with carriers and agencies [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year 2025 targets, citing a strong balance sheet and ongoing recruiting and acquisition initiatives [8][10] - The company anticipates a double-digit organic growth rate for 2026, driven by same-store sales growth and new program initiatives [20][22] Other Important Information - The company completed the acquisition of Alabama Insurance Agency, adding 23 retail locations and marking expansion into Alabama [3] - Operating cash flow for the quarter was $15 million, with $151 million in cash and no draws on the revolver [8] Q&A Session Summary Question: Clarification on $10 million attributed to other investments - Management clarified that this is related to premium finance operations, which have been funded internally for higher yields [12][13] Question: Expectations for M&A pipeline in 2026 - Management expects to execute M&A earlier in the cycle in 2026 compared to 2025, with a focus on exceeding previous year's activity [15] Question: Insights on market environment and organic growth - Management discussed the impact of transitioning from a hard to soft market, affecting renewal rates and premium retention, with expectations for growth in exposure [18][20] Question: Impact of new agents on growth rate - Newly recruited agents are expected to contribute to organic growth over time, with their impact factored into forecasts [21][22] Question: Trends in MGA channel performance - The MGA channel saw strong premium growth, with commission income growing faster due to new programs launched [27][28] Question: Comparison of EBITDA margins between corporate and Agency in a Box - Corporate locations have higher margins compared to Agency in a Box due to retaining 100% of renewal income [38]

Financial Data and Key Metrics Changes - Nexxen reported a contribution ex-TAC of $92.6 million in Q3, an 8% increase year-over-year or 14% ex-political, marking a Q3 record [16] - Programmatic revenue reached a Q3 record of $89.6 million, up 10% year-over-year or 15% ex-political [16] - Adjusted EBITDA was $28.6 million in Q3, reflecting a 30% adjusted EBITDA margin as a percentage of contribution ex-TAC [18] - Non-IFRS diluted earnings per share were $0.20 in Q3 compared to $0.27 in Q3 2023 [19] - The company generated $35.8 million in net cash from operating activities in Q3, down from $39.9 million in Q3 2023 [19] Business Line Data and Key Metrics Changes - Contribution ex-TAC from non-programmatic business declined roughly $1 million year-over-year [16] - CTV revenue declined 17% year-over-year in Q3 to $24.5 million [16] - Desktop revenue increased 67% year-over-year, while mobile revenue rose 3% [18] - Self-service contribution ex-TAC grew 11% year-over-year amid greater enterprise DSP adoption [18] - Contribution ex-TAC from data products increased 154% [18] Market Data and Key Metrics Changes - The company observed year-over-year decreases in CTV and display, as well as reduced spending within government, retail, and education verticals [16] - Competitive pressures in CTV have led to lower CPMs, affecting revenue [40] - The company expects significant CTV revenue growth opportunities in 2026 and beyond, particularly following the renewal of the VIDAA partnership [17] Company Strategy and Development Direction - Nexxen is focused on enhancing its omnichannel DSP, improving automation, performance, and user experience to attract more enterprise partners [7] - The company aims to reduce reliance on third-party DSPs and strengthen its end-to-end revenue opportunities [10] - Nexxen plans to release new DSP innovations and expand infrastructure in 2026 [14] - The strategic partnership with VIDAA has been renewed and expanded through 2029, providing exclusive access to ACR data and third-party ad monetization [10] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment in lowering guidance due to near-term headwinds, including softness in select channels and changes in a leading DSP customer's spending behavior [13] - The company remains confident in its long-term strategy and positioning, emphasizing the importance of its unique data and media assets [22] - Management believes that the combination of CTV, in-app mobile media, and enhanced data capabilities will drive growth in 2026 and beyond [32][78] Other Important Information - Nexxen repurchased approximately 1.8 million shares in Q3, investing about $18.1 million [19] - The company invested $20 million in VIDAA in Q3, with an additional $15 million planned for Q3 2026 [20] - Nexxen is exploring M&A opportunities focused on accelerating programmatic revenue growth and enhancing data capabilities [20] Q&A Session Summary Question: Steps to address DSP headwinds - Management outlined a clear path to enhance CTV media capabilities and self-service solutions to reduce reliance on third-party DSPs [27][29] Question: Current trend in CTV - Management acknowledged softness in CTV categories and increased competition leading to lower CPMs, but expressed optimism for growth in 2026 [38][40] Question: Impact of DSP spending on future guidance - Management clarified that reduced spending from a major DSP is expected to be isolated to Q4 2025 and will not materially impact 2026 performance [71][72] Question: Data licensing partnerships - Management discussed the growth potential of data licensing partnerships with Yahoo and Trade Desk, emphasizing the profitability of these initiatives [63][65] Question: Non-programmatic business impact - Management confirmed that the non-programmatic business operates in silos and does not provide benefits to the programmatic business [58][60]

Financial Data and Key Metrics Changes - R&D expenses decreased to approximately $2.4 million for Q3 2025 from $3.7 million in Q3 2024, primarily due to reductions in clinical trial support and consulting expenses [38] - General and administrative expenses increased to approximately $1.9 million in Q3 2025 from $1.5 million in the prior year, attributed to higher business development and investor relations costs [38] - The net loss for Q3 2025 was approximately $4.2 million, or $0.39 per share, compared to a net loss of approximately $4.5 million, or $0.42 per share in Q3 2024 [39] Business Line Data and Key Metrics Changes - The LP-184 phase 1a clinical trial achieved a 48% clinical benefit rate in evaluable cancer patients, demonstrating significant tumor reductions in patients with specific DNA-damage repair mutations [5][10] - Preliminary phase II data from the LP-300 Harmonic trial showed an 86% clinical benefit rate, with one patient demonstrating a durable complete response lasting nearly two years [21] Market Data and Key Metrics Changes - The combined annual market potential for the targeted indications of LP-184 exceeds $7 billion, focusing on triple-negative breast cancer, non-small cell lung cancer, bladder cancer, and recurrent GBM [17] - The market opportunity for lung cancer in never-smokers is approaching $4 billion annually, with no current therapies approved for this demographic [19] Company Strategy and Development Direction - The company is focused on integrating AI and machine learning into drug development, positioning itself as a leader in precision oncology [4][36] - The RADR AI platform is being commercialized, with eight distinct AI-powered modules developed to address critical pain points in oncology drug development [27][36] - The introduction of the Zeta platform aims to streamline rare cancer research and drug development by integrating fragmented data sources into a cohesive AI system [30][34] Management's Comments on Operating Environment and Future Outlook - Management highlighted the transformative nature of the past quarter, achieving multiple clinical, regulatory, and validation milestones [5] - The company expects to continue advancing its clinical assets while scaling its AI platform for commercial deployment, emphasizing a dual engine strategy [43] Other Important Information - As of September 30, 2025, the company had approximately $12.4 million in cash, cash equivalents, and marketable securities, providing a runway into Q3 2026 [39] - The company entered into an ATM sales agreement to offer and sell up to $15.53 million of its common stock, raising approximately $989,000 during Q3 2025 [40] Q&A Session Summary Question: Tracking toward an interim event analysis for the LP-300 trial - Management indicated that they do not believe they will reach the 31 events required for the analysis, which is positive as it suggests patients are remaining on the trial longer [44] Question: Status of the Denmark trial - The Denmark trial has been approved, with IRBs set and a project manager assigned, expected to start in late December or early January [45] Question: IND submission for the pediatric CNS program - Management confirmed readiness to submit the IND for the pediatric CNS program in the coming weeks [45] Question: Updates on the Zeta platform - The Zeta platform is expected to have an early rollout with demos available to collaborators and partners, with broader rollout planned for Q1 2026 [46] Question: Indications for LP-184 - Management plans to identify the most impactful indications for larger scale trials, with interest from pharmaceutical companies [47] Question: Development of Zeta - Zeta was initially developed to address rare cancers, with the goal of providing a comprehensive tool for drug developers [48]

Financial Data and Key Metrics Changes - Distributed earnings before realizations were $1.3 billion for the quarter, or $0.56 per share, and $5.4 billion over the last 12 months, or $2.27 per share, representing an 18% increase over the same period last year [4][13] - Total distributed earnings, including realizations, were $1.5 billion, or $0.63 per share for the quarter, and $6 billion, or $2.54 per share over the last 12 months [13] - Total net income was $1.7 billion over the same period [13] Business Line Data and Key Metrics Changes - The asset management business generated distributed earnings of $687 million, or $0.29 per share in the quarter, and $2.7 billion, or $1.14 per share over the last 12 months [13] - Wealth Solutions business delivered distributed earnings of $420 million, or $0.18 per share in the quarter, and $1.7 billion, or $0.70 per share over the last 12 months, representing organic growth of over 15% year-over-year [15][16] - Infrastructure and renewable power businesses remain at the forefront of global investment opportunities, with significant initiatives announced [18] Market Data and Key Metrics Changes - The company financed $140 billion of debt across operations and closed $75 billion of asset sales at attractive values [5][23] - The real estate business showed strong performance with 96% occupancy in the Super Core portfolio and 95% in the Core Plus portfolio [19] - Leasing activity in high-quality assets remains strong, with rents on newly signed leases averaging 15% above those expiring [20] Company Strategy and Development Direction - The company is focusing on AI innovation, aging populations, and real estate recovery as key growth drivers [8] - Strategic transactions include the acquisition of Just Group in the U.K. and a reinsurance agreement in Japan, expanding the company's footprint in retirement markets [9][17] - The company aims to leverage its scale and expertise to capture opportunities in energy transition and AI infrastructure [10][18] Management's Comments on Operating Environment and Future Outlook - The economic backdrop remains constructive, with healthy corporate earnings and open capital markets supporting real assets [4][6] - Management anticipates a period of declining real yields and low nominal rates, which would benefit real asset investments [7] - The company expects continued growth in financial results over the remainder of the year and into 2026 [23] Other Important Information - The company completed a three-for-two stock split on October 9, 2025, affecting all per-share amounts discussed [2] - The board declared a quarterly dividend of $0.06 per share, consistent with the previous quarter's dividend [24] Q&A Session Summary Question: Discussion on AI and humanoids creating another leg for Brookfield - Management emphasized that capital deployment is focused on building infrastructure to support AI growth, with significant investment in renewable energy and data centers [28][30] Question: Update on the reinsurance agreement in Japan - The reinsurance agreement is expected to scale over time, with a focus on long-duration low-risk liabilities [32] Question: Timeline for achieving the 200 basis point target net investment yield spread - Management indicated that achieving the target is a medium to long-term goal, with expectations for spread to broaden as capital is deployed [38] Question: Impact of the Oaktree acquisition on share repurchases - The acquisition will not materially impact the company's buyback strategy, with plans to repurchase shares issued as part of the transaction [40] Question: Progress on the Just acquisition and its financial implications - Management is working through regulatory approvals and expects to scale PRT origination significantly post-acquisition [47] Question: Downside protections for nuclear project investments - Investments in nuclear projects will be structured to provide strong downside protection, focusing on scaling Westinghouse's services [52][54] Question: Outlook for Carry Generation and realizations - Management expects a step-up in carried interest in 2026, with a healthy transaction market supporting this outlook [59][61]