SEDAR Interim Financial Statements

[
  {
    "companyName": "The Westaim Corporation",
    "reportingPeriodEnd": "2025-09-30",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cashAndCashEquivalents": 412971,
      "restrictedCash": 16869,
      "dueFromBrokers": 5271,
      "incomeTaxesReceivable": 2338,
      "receivablesFromRelatedParties": 1526,
      "feeReceivable": 561,
      "investmentsAtFairValue": 262485,
      "investmentInAssociates": null,
      "otherAssets": 11442,
      "loanReceivable": null,
      "goodwill": 13950,
      "intangibleAssetsNetOfAccumulatedAmortization": 56649,
      "fixedAssetsNetOfAccumulatedDepreciation": 732,
      "rightOfUseAssetsNetOfAccumulatedDepreciation": 7128,
      "deferredTaxAsset": 17142,
      "totalAssets": 809064,
      "dueToBrokers": 30582,
      "accountsPayableAndAccruedLiabilities": 28270,
      "accruedCompensationLiabilities": 36666,
      "profitShareLiability": 8517,
      "incomeTaxesPayable": null,
      "payableToRelatedParties": 5371,
      "derivativeLiabilities": 1489,
      "leaseLiabilities": 7537,
      "insuranceContractLiabilities": 4314,
      "otherLiabilities": 40,
      "deferredTaxLiability": 10989,
      "totalLiabilities": 133775,
      "shareCapital": 557305,
      "treasuryShares": -3708,
      "contributedSurplus": 2215,
      "accumulatedOtherComprehensiveLoss": -1982,
      "retainedEarnings": 117504,
      "equityAttributableToControllingInterest": 671334,
      "nonControllingInterest": 3955,
      "totalEquity": 675289,
      "totalLiabilitiesAndEquity": 809064,
      "cashPerShare": 0.01399,
      "workingCapitalPerShare": null
    },
    "incomeStatement": {
      "revenue": {
        "interestIncome": 8464,
        "dividendIncomeFromInvestments": null,
        "assetServicingFees": 4908,
        "managementFees": 11247,
        "incentiveAndPerformanceFees": 815,
        "advisoryFeeIncome": 928,
        "serviceFeeIncome": 695,
        "otherIncome": 1266,
        "totalRevenue": 28323
      },
      "netResultsOfInvestments": {
        "realizedGainLossOnInvestments": 29939,
        "unrealizedGainLossOnInvestments": -5935,
        "realizedGainLossOnDerivativesContracts": -3701,
        "unrealizedGainLossOnDerivativesContracts": 149,
        "totalNetResultsOfInvestments": 20452
      },
      "netExpenses": {
        "salariesAndBenefits": 37852,
        "generalAndAdministrative": 12594,
        "professionalFees": 21087,
        "shareBasedCompensationExpenseRecovery": -1161,
        "foreignExchangeLossGain": 491,
        "amortizationOfIntangibleAssets": 1804,
        "depreciationExpenseOnFixedAssets": 482,
        "depreciationExpenseOnRightOfUseAssets": 644,
        "interestExpense": 583,
        "otherExpenses": 1240,
        "totalNetExpenses": 75616
      },
      "lossProfitBeforeIncomeTaxes": -26841,
      "incomeTaxesRecoveryExpense": 9622,
      "netLossProfit": -17219,
      "otherComprehensiveIncome": {
        "foreignCurrencyTranslationAdjustments": -16,
        "insuranceFinanceIncomeExpenses": 7,
        "unrealizedGainsLossesOnInvestments": 254,
        "totalOtherComprehensiveIncome": 245
      },
      "lossProfitAndComprehensiveLossIncome": -16974,
      "netLossProfitAttributableTo": {
        "controllingInterests": -19304,
        "nonControllingInterests": 2085
      },
      "earningsLossPerShare": {
        "basic": -0.65,
        "diluted": -0.65
      },
      "weightedAverageCommonSharesOutstanding": {
        "basic": 29526468,
        "diluted": 29526468
      }
    },
    "cashFlowStatement": {
      "operatingActivities": {
        "netLossProfit": -17219,
        "shareBasedCompensationExpense": -1161,
        "depreciationAndAmortization": 2930,
        "unrealizedForeignExchangeLossGain": 6,
        "increaseInValueOfInvestmentInSkywardSpecialty": null,
        "increaseInDueToRelatedParty": 96,
        "decreaseIncreaseInValueOfInvestmentInArenaFINCOsLessDividends": 781,
        "shareOfLossIncomeFromInvestmentInArenaPriorToTheStrategicTransaction": null,
        "increaseInValueOfInvestmentInASOF_LP_PriorToTheStrategicTransaction": null,
        "netRealizedLossGainOnInvestments": -38480,
        "netRealizedLossGainOnDerivativeContracts": 3701,
        "netUnrealizedGainLossOnInvestments": 13412,
        "netUnrealizedGainLossOnDerivativeContracts": -149,
        "changeInIncomeTaxesReceivablePayableAndDeferred": -10185,
        "netChangesInOtherNonCashBalances": {
          "changeInOtherAssets": 5699,
          "changeInOtherAccountsPayableAndAccruedLiabilities": 1959
        },
        "cashUsedInOperatingActivities": -38610
      },
      "investingActivities": {
        "purchaseOfCapitalAssets": -3515,
        "investmentInArenaPriorToTheStrategicTransaction": -18600,
        "acquisitionOfArenaNetOfCashReceived": 22492,
        "proceedsFromSaleOfSkywardSpecialtyCommonShares": null,
        "capitalContributionToInvestmentInSalemGroup": -36500,
        "purchaseOfInvestment": -56890,
        "proceedsFromDisposalOfInvestments": 22395,
        "purchaseOfDerivativeContracts": -8668,
        "proceedsFromSaleOfDerivativeContracts": 5312,
        "changeInInvestmentBrokerReceivablesPayables": 25363,
        "distributionReceivedFromArena": null,
        "cashUsedInProvidedByInvestingActivities": -48611
      },
      "financingActivities": {
        "issuanceOfCommonSharesAndWarrants": 219460,
        "repaymentOfCC_Capital_PromissoryNote": -14607,
        "purchaseAndCancellationOfCommonShares": -2988,
        "purchaseOfCommonSharesHeldInTreasury": -3708,
        "sharesIssuedFromExerciseOfStockOptions": 38,
        "newEquityIssuanceCosts": -4231,
        "repaymentOfLeaseLiability": -59,
        "distributionsToNonControllingInterest": -2484,
        "cashUsedInProvidedByFinancingActivities": 191421
      },
      "effectOfExchangeRateChangesOnCashCashEquivalents": -16,
      "netIncreaseDecreaseInCash": 104200,
      "cashCashEquivalentsAndRestrictedCashBeginningOfPeriod": 301907,
      "cashRecordedUponInitialConsolidationsAsPartOfStrategicTransaction": 23749,
      "cashCashEquivalentsAndRestrictedCashEndOfPeriod": 429840,
      "supplementalDisclosureOfCashFlowInformation": {
        "nonCashInvestingActivitiesPaymentInKindInterestEarned": 229,
        "cashPaidDuringThePeriodForInterest": 748,
        "cashPaidDuringThePeriodForIncomeTaxes": 2299
      }
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Investment at Fair Value",
        "description": "Private investments, equity securities, private investment in public equity, private investment companies, investments in affiliates, corporate bonds, US treasury and equity securities, municipal bonds, trade claims, warrants, commercial paper",
        "ownershipPercentage": null,
        "value": 262485,
        "notes": "Includes various financial instruments measured at fair value; detailed breakdown available in Note 4."
      },
      {
        "type": "Investment in Salem Group",
        "description": "100% pecuniary limited partnership interest in Salem Group Partners, LP, which holds Ceres Life Insurance Company",
        "ownershipPercentage": 100,
        "value": null,
        "notes": "Fully consolidated after the Strategic Transaction; initial capital commitment of $620,000; $401,207 funded as of September 30, 2025."
      },
      {
        "type": "Investment in Arena",
        "description": "Integrated asset management platform; includes Arena Investors and Arena Institutional Services",
        "ownershipPercentage": 100,
        "value": null,
        "notes": "Fully consolidated after the Strategic Transaction; acquired remaining 49% equity as part of Strategic Transaction; profit interests allocated to BP LLC members (45%), Investor (6%), and Company (49%)."
      },
      {
        "type": "Marketable Securities",
        "description": "Equity securities, corporate bonds, US treasury and equity securities, municipal bonds, commercial paper",
        "ownershipPercentage": null,
        "value": null,
        "notes": "Included within Investments at Fair Value; classified as Level 1, 2, or 3 based on observability of inputs."
      },
      {
        "type": "Joint Ventures",
        "description": "Private investments held through joint ventures",
        "ownershipPercentage": null,
        "value": null,
        "notes": "Included within Private Investments; fair valued net of joint venture waterfall and other joint venture assets/liabilities."
      }
    ],
    "shareStructure": {
      "authorizedShares": "160,000,000 Common Shares, $0.001 par value; 100,000,000 Preferred Shares, $0.001 par value",
      "issuedShares": 33382104,
      "classesOfShares": ["Common Shares", "Preferred Shares"],
      "warrants": [
        {
          "number": 1303676,
          "exercisePrice": 24.12,
          "expiryDate": "2030-04-03",
          "notes": "Vest if Common Stock Price Target Condition (C$48.00) met within 5 years of Closing Date (April 3, 2025)."
        },
        {
          "number": 3911029,
          "exercisePrice": 28.5,
          "expiryDate": "2030-04-03",
          "notes": "Exercisable for 5 years following Closing Date."
        }
      ],
      "options": [],
      "rightsConvertibleInstruments": null
    },
    "managementCompensation": {
      "currency": "USD",
      "periods": [
        {
          "period": "Nine months ended September 30, 2025",
          "components": {
            "shareBasedCompensationExpenseRecovery": -1161,
            "salariesAndBenefits": 37852,
            "accruedCompensationAndBenefits": 27035,
            "profitShareArrangements": 8517
          }
        },
        {
          "period": "Nine months ended September 30, 2024",
          "components": {
            "shareBasedCompensationExpenseRecovery": 2139,
            "salariesAndBenefits": 23574
          }
        }
      ],
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "CC Capital and affiliates",
          "description": "Asset management services and allowable expenses charged back at cost to Ceres",
          "amount": 1174,
          "period": "Nine months ended September 30, 2025"
        },
        {
          "counterparty": "Wembley Management, LLC (affiliate of Investor/CC Capital)",
          "description": "Consulting fees and grant of 673,727 performance-based RSUs",
          "amount": null,
          "period": "Closing Date (April 3, 2025)"
        },
        {
          "counterparty": "Arena (prior to consolidation)",
          "description": "Advisory fees earned by the Company",
          "amount": 263,
          "period": "Nine months ended September 30, 2024"
        }
      ]
    },
    "subsequentEvents": []
  }
]