SEDAR Interim Financial Statements

[
  {
    "companyName": "Urbana Corporation",
    "reportingPeriodEnd": "2025-09-30",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "assets": {
        "cash": 372639,
        "investmentsAtFairValue": 585400796,
        "accountsAndOtherReceivables": 895484
      },
      "liabilities": {
        "loanPayable": 18300000,
        "accountsPayableAndAccruedLiabilities": 1336082,
        "currentIncomeTaxesPayable": 0,
        "deferredIncomeTaxLiability": 49653000
      },
      "shareholdersEquity": {
        "shareCapital": 98760119,
        "contributedSurplus": 66649532,
        "retainedEarnings": 351970186,
        "shareholdersEquityRepresentingNetAssets": 517379837
      },
      "derivedMetrics": {
        "cashPerShare": 0.0090,
        "workingCapitalPerShare": 13.6985
      }
    },
    "incomeStatement": {
      "revenue": {
        "netRealizedGainLossOnSaleDisposalOfInvestmentsAndForeignExchange": -5501667,
        "netChangeInUnrealizedGainOnInvestments": 70859908,
        "dividends": 4700547,
        "interest": 282885
      },
      "expenses": {
        "investmentManagementFees": 8856854,
        "interest": 382663,
        "administrative": 1514899,
        "mineralExploration": 1520629,
        "transactionCosts": 38,
        "professionalFees": 452317
      },
      "netIncomeBeforeIncomeTaxes": 57614273,
      "foreignWithholdingTaxExpense": 346811,
      "currentIncomeTaxExpenseRecovery": 50028,
      "provisionForDeferredIncomeTaxes": 5847000,
      "totalProfitAndComprehensiveIncomeForThePeriod": 51370434,
      "basicAndDilutedEarningsLossPerShare": 1.24,
      "weightedAverageNumberOfSharesOutstanding": 41395100
    },
    "cashFlowStatement": {
      "operatingActivities": {
        "totalComprehensiveIncomeForThePeriod": 51370434,
        "itemsNotAffectingCash": {
          "netRealizedGainLossOnSaleDisposalOfInvestmentsAndForeignExchange": 5501667,
          "netChangeInUnrealizedGainOnInvestments": -70859908,
          "provisionForDeferredIncomeTaxes": 5847000,
          "currentIncomeTaxExpense": 0
        },
        "purchasesOfInvestments": -76274212,
        "proceedsFromSaleOfInvestmentsAndForeignExchange": 53517423,
        "netChangeInNonCashWorkingCapitalItems": {
          "accountsAndOtherReceivables": -61731,
          "accountsPayableAndAccruedLiabilities": 15742,
          "currentIncomeTaxesPayable": -242000
        },
        "cashProvidedByUsedInOperatingActivities": -31185585
      },
      "financingActivities": {
        "issuanceOfLoanPayable": 30100000,
        "repaymentOfLoanPayable": -11800000,
        "dividendsPaid": -5381391,
        "cashProvidedByUsedInFinancingActivities": 12918609
      },
      "netChangeInCashDuringThePeriod": -18266976,
      "cashBeginningOfPeriod": 18639615,
      "cashEndOfPeriod": 372639,
      "supplementalDisclosure": {
        "dividendsReceived": 4063773,
        "interestReceived": 575979,
        "interestPaid": 461930
      }
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Investment in other entity",
        "description": "CNSX Global Markets Inc.",
        "ownershipPercentage": 53.37,
        "value": 100736146,
        "notes": "CSE is a wholly-owned subsidiary of CNSX. Urbana owns 53.37% of CNSX."
      },
      {
        "type": "Investment in other entity",
        "description": "Caldwell Financial Ltd.",
        "ownershipPercentage": 20,
        "value": 4168000,
        "notes": "Parent company of Caldwell Securities Ltd. and Caldwell Investment Management Ltd."
      },
      {
        "type": "Marketable Security",
        "description": "Cboe Global Markets, Inc.",
        "ownershipPercentage": null,
        "value": 37536494,
        "notes": "Public equity investment."
      },
      {
        "type": "Joint Venture",
        "description": "Global Exchange L.P.",
        "ownershipPercentage": 52.47,
        "value": 7841791,
        "notes": "Urbana owns 52.47% of Global Exchange L.P., which owns 2.67% of CNSX and 3.18% of Tetra Digital Group Inc."
      },
      {
        "type": "Mineral Property",
        "description": "44 mining claims in Urban Township, Quebec",
        "ownershipPercentage": 100,
        "value": null,
        "notes": "44 mining claims totaling 1,154.4 hectares. Exploration costs are expensed as incurred; no known mineral reserves or resources."
      },
      {
        "type": "Investment in other entity",
        "description": "Radar Capital Inc.",
        "ownershipPercentage": 73.22,
        "value": 727786,
        "notes": "Urbana owns 73.22% of the voting common shares of Radar Capital Inc."
      },
      {
        "type": "Investment in other entity",
        "description": "Blue Ocean Technologies, LLC / Urbana International Inc.",
        "ownershipPercentage": 36.83,
        "value": 76798782,
        "notes": "Urbana owns 36.83% of Blue Ocean through its wholly-owned subsidiary Urbana International Inc."
      },
      {
        "type": "Investment in other entity",
        "description": "Tetra Digital Group Inc.",
        "ownershipPercentage": 52.85,
        "value": 18206261,
        "notes": "Urbana owns 52.85% of Tetra Digital Group Inc."
      },
      {
        "type": "Investment in other entity",
        "description": "Evolve Funds Group Inc.",
        "ownershipPercentage": null,
        "value": 30450041,
        "notes": "Held through various classes of preferred shares."
      }
    ],
    "shareStructure": {
      "authorizedShares": "Unlimited",
      "issuedShares": 41395100,
      "classesOfShares": ["Common Shares", "Class A Shares"],
      "warrants": [],
      "options": [],
      "rightsConvertibleInstruments": null
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "2025": {
          "total": 724364
        },
        "2024": {
          "total": 597883
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Caldwell Investment Management Ltd.",
          "description": "Investment management fees",
          "amount": 8856854,
          "period": "Nine months ended September 30, 2025"
        },
        {
          "counterparty": "Caldwell Securities Ltd.",
          "description": "Administrative services",
          "amount": 361035,
          "period": "Nine months ended September 30, 2025"
        },
        {
          "counterparty": "Directors and officers",
          "description": "Loans to directors and officers for purchase of company securities",
          "amount": 322888,
          "period": "Outstanding as at September 30, 2025"
        }
      ]
    },
    "subsequentEvents": []
  }
]