SEDAR Interim Financial Statements

[
  {
    "metadata": {
      "companyName": "STARLIGHT U.S. RESIDENTIAL FUND",
      "reportingPeriodEnd": "2025-09-30",
      "reportStatus": "Unaudited",
      "auditorName": null,
      "auditorKeyMatters": []
    },
    "balanceSheet": {
      "investmentProperties": 321216,
      "derivativeFinancialInstruments": 0,
      "utilityDeposits": 45,
      "residentAndOtherReceivables": 723,
      "prepaidExpensesAndOtherAssets": 166,
      "restrictedCash": 5377,
      "cash": 5003,
      "totalNonCurrentAssets": 321261,
      "totalCurrentAssets": 11269,
      "totalAssets": 332530,
      "loansPayableNonCurrent": 80855,
      "preferredSharesUSREITsSeriesA": 250,
      "totalNonCurrentLiabilitiesExcludingNetLiabilitiesAttributableToUnitholdersAndNonControllingInterests": 81105,
      "loansPayableCurrent": 228830,
      "residentRentalDeposits": 506,
      "financeCostsPayable": 3735,
      "accountsPayableAndAccruedLiabilities": 8190,
      "totalCurrentLiabilitiesExcludingNetLiabilitiesAttributableToUnitholdersAndNonControllingInterests": 241261,
      "totalLiabilities": 322366,
      "netLiabilitiesAttributableToUnitholders": 11673,
      "nonControllingInterests": -1509,
      "totalLiabilitiesAndNetLiabilitiesAttributableToUnitholdersAndNonControllingInterests": 332530,
      "cashPerShare": 0.1572,
      "workingCapitalPerShare": -7.2294
    },
    "incomeStatement": {
      "revenueFromPropertyOperations": [7015, 10005, 25427, 30350],
      "propertyOperatingCosts": [-1993, -2755, -6978, -7979],
      "propertyTaxes": [-955, -910, -3251, -3227],
      "incomeFromRentalOperations": [4067, 6340, 15198, 19144],
      "fundAndTrustExpenses": [-1093, -856, -3126, -2463],
      "financeCosts": [-6870, -10251, -23566, -29087],
      "dividendsToPreferredShareholdersUSREITsSeriesA": [-7, -7, -23, -23],
      "fairValueAdjustmentOfInvestmentProperties": [3396, -37, -27256, -6743],
      "unrealizedForeignExchangeGainLoss": [-6, 0, 5, -8],
      "lossBeforeIncomeTaxes": [-501, -4811, -38778, -19164],
      "incomeTaxExpenseCurrent": [-13, -17, -44, -51],
      "netLossAndComprehensiveLoss": [-514, -4828, -38822, -19215]
    },
    "cashFlowStatement": {
      "netLossAndComprehensiveLoss": [-514, -4828, -38822, -19215],
      "financeCosts": [6870, 10251, 23566, 29087],
      "dividendsToPreferredShareholdersUSREITsSeriesA": [7, 7, 23, 23],
      "fairValueAdjustmentOfInvestmentProperties": [-3396, 37, 27256, 6743],
      "unrealizedForeignExchangeGainLoss": [-6, 0, 5, -8],
      "changeInNonCashOperatingWorkingCapital": [559, 551, 1556, 1975],
      "changeInRestrictedCash": [954, -1122, 2050, -2515],
      "cashProvidedByOperatingActivities": [4474, 4896, 15634, 16090],
      "capitalAdditionsToInvestmentProperties": [-704, -1004, -2256, -2699],
      "dispositionsOfInvestmentProperties": [64700, 2245, 168200, 5864],
      "cashProvidedByInvestingActivities": [63996, 1241, 165944, 3165],
      "loansPayableProceedsFromNewFinancing": [0, 0, 0, 18277],
      "loansPayableProceedsFromRefinancing": [0, 0, 0, 62223],
      "loansPayableRepaymentsOfExisting": [-64225, -300, -167827, -76614],
      "loansPayableDrawDownsOnExisting": [1783, 2472, 8059, 4315],
      "financeCostsPaid": [-7432, -9326, -19199, -28538],
      "contributionsFromNonControllingInterests": [0, 147, 26, 205],
      "dividendsToPreferredShareholdersUSREITsSeriesA": [-7, -7, -23, -23],
      "cashUsedInFinancingActivities": [-69881, -7014, -178964, -20155],
      "decreaseIncreaseInCash": [-1411, -877, 2614, -900],
      "cashBeginningOfPeriod": [6408, 2925, 2394, 2940],
      "changeInCashDueToForeignExchange": [6, 0, -5, 8],
      "cashEndOfPeriod": [5003, 2048, 5003, 2048]
    },
    "investmentsAndOtherAssets": [],
    "shareStructure": {
      "authorizedShares": "unlimited",
      "issuedShares": 30567,
      "classesOfShares": ["Class A", "Class C", "Class D", "Class E", "Class F", "Class G", "Class I", "Class U", "Class B LP"],
      "warrants": [],
      "options": [],
      "rightsConvertibleInstruments": "Conversion rights between certain classes of Units based on conversion ratios."
    },
    "managementCompensation": {
      "currency": "USD",
      "periods": {
        "threeMonthsEndedSep2025": {
          "assetManagementFees": 394,
          "acquisitionFees": 0,
          "guaranteeFees": 0,
          "keyManagementCompensation": 0
        },
        "threeMonthsEndedSep2024": {
          "assetManagementFees": 552,
          "acquisitionFees": 0,
          "guaranteeFees": 1,
          "keyManagementCompensation": 0
        },
        "nineMonthsEndedSep2025": {
          "assetManagementFees": 1420,
          "acquisitionFees": 0,
          "guaranteeFees": 6,
          "keyManagementCompensation": 0
        },
        "nineMonthsEndedSep2024": {
          "assetManagementFees": 1659,
          "acquisitionFees": 0,
          "guaranteeFees": 1,
          "keyManagementCompensation": 0
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Starlight Investments US AM Group LP (Manager)",
          "description": "Asset management fees",
          "amount": 394,
          "period": "three months ended September 30, 2025"
        },
        {
          "counterparty": "Starlight Investments US AM Group LP (Manager)",
          "description": "Asset management fees",
          "amount": 552,
          "period": "three months ended September 30, 2024"
        },
        {
          "counterparty": "Starlight Investments US AM Group LP (Manager)",
          "description": "Asset management fees",
          "amount": 1420,
          "period": "nine months ended September 30, 2025"
        },
        {
          "counterparty": "Starlight Investments US AM Group LP (Manager)",
          "description": "Asset management fees",
          "amount": 1659,
          "period": "nine months ended September 30, 2024"
        },
        {
          "counterparty": "Starlight Investments US AM Group LP (Manager)",
          "description": "Guarantee fees",
          "amount": 0,
          "period": "three months ended September 30, 2025"
        },
        {
          "counterparty": "Starlight Investments US AM Group LP (Manager)",
          "description": "Guarantee fees",
          "amount": 1,
          "period": "three months ended September 30, 2024"
        },
        {
          "counterparty": "Starlight Investments US AM Group LP (Manager)",
          "description": "Guarantee fees",
          "amount": 6,
          "period": "nine months ended September 30, 2025"
        },
        {
          "counterparty": "Starlight Investments US AM Group LP (Manager)",
          "description": "Guarantee fees",
          "amount": 1,
          "period": "nine months ended September 30, 2024"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": "2025-10-21",
        "description": "Foreclosure proceedings finalized through public auction resulting in transfer of ownership of Emerson to a third party with no net proceeds.",
        "impactValue": null
      },
      {
        "eventDate": "2025-10-10",
        "description": "Entered into reorganization agreement with Starlight Group. All Unitholders will exchange current Units for limited partnership units of MF Investment LP. Fund to be dissolved.",
        "impactValue": null
      }
    ]
  }
]