SEDAR Interim Financial Statements

[
  {
    "companyName": "Clairvest Group Inc.",
    "reportingPeriodEnd": "2025-12-31",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cashAndCashEquivalents": 199105,
      "temporaryInvestments": 88006,
      "accountsReceivableAndOtherAssets": 82002,
      "loansReceivable": 19323,
      "incomeTaxesRecoverable": 4769,
      "derivativeInstrumentsAsset": 1090,
      "carriedInterestFromClairvestEquityPartnersIv": 44055,
      "corporateInvestments": 957448,
      "fixedAssets": 10567,
      "totalAssets": 1406365,
      "accountsPayableAndAccruedLiabilities": 10523,
      "incomeTaxesPayable": 464,
      "derivativeInstrumentsLiability": 0,
      "accruedCompensationExpense": 12900,
      "shareBasedCompensation": 49896,
      "managementParticipationFromClairvestEquityPartnersIv": 35074,
      "deferredIncomeTaxLiability": 42346,
      "totalLiabilities": 151203,
      "shareCapital": 73448,
      "retainedEarnings": 1181714,
      "totalShareholdersEquity": 1255162,
      "totalLiabilitiesAndShareholdersEquity": 1406365,
      "cashPerShare": 14.5395,
      "workingCapitalPerShare": 14.5395
    },
    "incomeStatement": {
      "netInvestmentGain": 119492,
      "distributionsAndInterestIncome": 5390,
      "carriedInterestFromClairvestEquityPartnersIiiAndIv": -3360,
      "dividendIncome": 497,
      "managementFees": 6414,
      "advisoryAndOtherFees": 1544,
      "totalRevenue": 129977,
      "employeeCompensationAndBenefits": 6167,
      "shareBasedCompensationExpenses": 1414,
      "administrationAndOtherExpenses": 2698,
      "financeAndForeignExchangeExpensesRecovery": 1038,
      "managementParticipationFromClairvestEquityPartnersIiiAndIv": -1922,
      "totalExpenses": 9395,
      "incomeBeforeIncomeTaxes": 120582,
      "incomeTaxExpense": 15468,
      "netIncomeAndComprehensiveIncomeForThePeriod": 105114,
      "basicAndFullyDilutedNetIncomeAndComprehensiveIncomePerShare": 7.65,
      "weightedAverageSharesOutstanding": 13694.131
    },
    "cashFlowStatement": {
      "operatingActivities": {
        "netIncomeAndComprehensiveIncomeForThePeriod": 105114,
        "amortizationOfFixedAssets": 397,
        "shareBasedCompensation": 1414,
        "deferredIncomeTaxExpense": 10533,
        "netInvestmentGain": -119492,
        "carriedInterestAndManagementParticipationFromClairvestEquityPartnersIiiAndIv": 1438,
        "nonCashItemsRelatingToForeignExchangeForwardContracts": -5914,
        "nonCashItemsRelatingToCorporateInvestments": 3579,
        "adjustmentsFor": {
          "netProceedsOnSaleOfTemporaryInvestments": 42657,
          "netLoansRepaidByAdvancedToAcquisitionEntitiesOrTheCepFunds": 14435,
          "costOfSettlementOfRealizedForeignExchangeForwardContracts": -2844,
          "investmentsMadeInInvesteeCompaniesOrAcquisitionEntities": -9049,
          "distributionOrReturnOfCapitalFromInvesteeCompaniesOrAcquisitionEntities": 37752,
          "settlementOfShareBasedCompensationLiability": -102
        },
        "netChangeInNonCashWorkingCapitalBalancesRelatedToOperations": 5025,
        "cashProvidedByOperatingActivities": 84943
      },
      "investingActivities": {
        "purchaseOfFixedAssets": 0,
        "cashUsedInInvestingActivities": 0
      },
      "financingActivities": {
        "cashDividendsPaid": 0,
        "purchaseAndCancellationOfShares": -4296,
        "cashUsedInFinancingActivities": -4296
      },
      "netIncreaseInCashDuringThePeriod": 80647,
      "cashAndCashEquivalentsBeginningOfPeriod": 118458,
      "cashAndCashEquivalentsEndOfPeriod": 199105,
      "supplementalCashFlowInformation": {
        "interestReceived": 1636,
        "distributionsReceived": 45818,
        "incomeTaxesPaidRecovered": -759,
        "interestPaid": 344
      }
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Corporate Investments",
        "description": "Investments in acquisition entities and investee companies across various industries (Aerospace, Gaming, Insurance, etc.)",
        "ownershipPercentage": null,
        "value": 957448,
        "notes": "Includes fair value of net assets of acquisition entities. Detailed by industry in Note 6."
      },
      {
        "type": "Temporary Investments",
        "description": "Marketable securities, term loans, guaranteed investment certificates, limited recourse capital notes, other fixed income securities",
        "ownershipPercentage": null,
        "value": 88006,
        "notes": "Part of treasury funds. Composition detailed in Note 4."
      },
      {
        "type": "Carried Interest Receivable",
        "description": "Carried interest from Clairvest Equity Partners III, IV, V, VI, VII",
        "ownershipPercentage": null,
        "value": 44055,
        "notes": "From CEP III and IV on balance sheet. From CEP V, VI, VII included in corporate investments."
      },
      {
        "type": "Joint Ventures / Co-Investment Partnerships",
        "description": "CEP III Co-Invest, CEP IV Co-Invest, CEP V Co-Invest, CEP VI Co-Invest, CEP VII Co-Invest, and associated MIP and SLP partnerships",
        "ownershipPercentage": null,
        "value": null,
        "notes": "Used as acquisition vehicles. Structures and commitments detailed in Notes 6 and 11."
      }
    ],
    "shareStructure": {
      "authorizedShares": null,
      "issuedShares": 13694131,
      "classesOfShares": ["Common Shares", "Non-Voting Series 2 Shares"],
      "warrants": [],
      "options": [
        {
          "number": 65799,
          "exercisePrice": 175.03,
          "expiryDate": "2030-12-31"
        },
        {
          "number": 120151,
          "exercisePrice": 157.35,
          "expiryDate": "2029-12-31"
        },
        {
          "number": 65312,
          "exercisePrice": 159.83,
          "expiryDate": "2028-12-31"
        },
        {
          "number": 141499,
          "exercisePrice": 150.9,
          "expiryDate": "2027-12-31"
        },
        {
          "number": 213220,
          "exercisePrice": 131.94,
          "expiryDate": "2026-12-31"
        }
      ],
      "rightsConvertibleInstruments": "Employee Deferred Share Units (EDSUs), Bonus Value Appreciation Rights (BVARs), Deferred Share Units (DSUs), Automatic Deferred Share Units (ADSUs)"
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "quarterEndedDec312025": {
          "employeeCompensationAndBenefits": 6167,
          "shareBasedCompensationExpenses": 1414,
          "totalCompensationExpense": 7581
        },
        "nineMonthsEndedDec312025": {
          "employeeCompensationAndBenefits": 16654,
          "shareBasedCompensationExpenses": 5748,
          "totalCompensationExpense": 22402
        }
      },
      "namedIndividuals": [
        {
          "name": "CEO",
          "title": "Chief Executive Officer",
          "period": "Quarter ended Dec 31, 2025",
          "components": {
            "salary": null,
            "bonus": null,
            "total": 400
          }
        },
        {
          "name": "President",
          "title": "President",
          "period": "Quarter ended Dec 31, 2025",
          "components": {
            "salary": null,
            "bonus": null,
            "total": 400
          }
        },
        {
          "name": "CEO and President",
          "title": "Combined",
          "period": "Nine months ended Dec 31, 2025",
          "components": {
            "salary": null,
            "bonus": null,
            "total": 7400
          }
        }
      ],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "CEP Funds and Acquisition Entities",
          "description": "General partner priority distributions, management fees, carried interest, management participation, loans, accounts receivable",
          "amount": null,
          "period": "Ongoing"
        },
        {
          "counterparty": "Related Party (Aircraft Partnership)",
          "description": "50% ownership of aircraft through a limited partnership. Clairvest recognizes 100% asset and liability for the other 50%.",
          "amount": null,
          "period": "Ongoing"
        },
        {
          "counterparty": "Investee Companies",
          "description": "Advisory and other fees earned",
          "amount": 1500,
          "period": "Quarter ended Dec 31, 2025"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": "Subsequent to Dec 31, 2025",
        "description": "Sale of Acera Insurance Services Ltd. by CEP VI Co-Invest closed. Proceeds: $87.9M cash + $22.1M promissory note.",
        "impactValue": 110000
      },
      {
        "eventDate": "During Q3 Fiscal 2026 (Oct-Dec 2025)",
        "description": "Credit facility extended to December 2030 under same terms. Renewal fee of $75k paid.",
        "impactValue": -75
      },
      {
        "eventDate": "During Q3 Fiscal 2026 (Oct-Dec 2025)",
        "description": "Guarantee for Brunswick Bierworks credit facility extinguished and replaced with new $12.5M guarantee.",
        "impactValue": null
      },
      {
        "eventDate": "During Q3 Fiscal 2026 (Oct-Dec 2025)",
        "description": "Guarantee for cost overruns on construction of The Nash (New Hampshire Gaming) extinguished.",
        "impactValue": null
      }
    ]
  }
]