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CALGARY, Alberta, Feb. 04, 2026 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) is pleased to announce that it has entered into a definitive agreement to acquire operated, oil-weighted Cardium light oil assets in the Harmattan area of central Alberta (the "Acquired Assets") from a third-party vendor (the "Vendor") for total consideration of approximately $33.4 million (the "Purchase Price"), subject to customary adjustments and the assumption by Petrus of certain pre-estimated post-closing obligations of the Vendor (the "Transaction").

In connection with the Transaction, Petrus has also entered into a bought deal agreement in respect of a $6 million brokered private placement and intends to complete a $4 million non-brokered private placement, in each case pursuant to the listed issuer financing exemption.

ACQUISITION HIGHLIGHTS

Strategic, Oil-Weighted Cardium Expansion: Operated Cardium light oil assets that complement Petrus' existing Deep Basin assets, delivering meaningful near-term cash flow and long-life producing reserves.
Material Increase in Production: The Transaction is expected to increase Petrus' current production by approximately 2,000 boe/d (640 bbl/d crude oil, 4,580 mcf/d natural gas and 600 bbl/d NGLs)1.
Increased Liquids Weighting: Company pro forma liquids weighting increases to approximately 40% (+11%)2, delivering a higher-value production base.
Highly Attractive Acquisition Metrics: The Transaction implies compelling acquisition pricing across key benchmark metrics, including 2.0x operating income3, $16,700 per flowing boe/d4, and Purchase Price (prior to adjustments) equal to approximately 51% of PDP NPV-105.
Low-Decline Base Production with Meaningful Future Drilling Upside: The Acquired Assets include long-life producing reserves and future drilling inventory, providing Petrus with operational flexibility and sustainable long-term free funds flow generation. Proved developed producing reserves associated with the Acquired Assets include 5.8 MMboe at year end 2024 (+33% increase relative to Petrus' year end 2024 reserves)6, with associated NPV-10 value of approximately $66.1 million (+32% increase relative to Petrus' year end 2024 reserves)6.
Strong Pro Forma Accretion and Scale Benefits: The Transaction is expected to be accretive to Petrus on a per-share production and cash flow basis while supporting a more consistent and efficient development program. Additional detail on the anticipated financial impact of the Transaction is expected to be provided in conjunction with announcement of the Company's 2026 budget. TRANSACTION DETAILS

The Transaction will be funded through a combination of the Company's newly established Term Facility and net proceeds from the Offering (as each is defined below). Following closing of the Transaction, Petrus expects to maintain a conservative balance sheet and significant financial flexibility to support its ongoing development program.

The Transaction has an effective date of February 1, 2026 and is expected to close on or about February 19, 2026, subject to customary regulatory approvals and closing conditions.

Purchase Price$33.4 MillionAverage Current Production12,000 boe/dLiquids Weighting262%Annual Decline Rate722%Net Locations8 Proved13.4Proved plus Probable32.6Acreage Net Developed Acres44,532Net Undeveloped Acres22,626Reserves Volumes5 PDP5,819 MboeProved9,505 MboeProved plus Probable19,465 MboeReserves Values ($M NPV-10)5 PDP$66,106Proved$85,589Proved plus Probable$159,077Acquisition Metrics Multiple of Operating Income32.0Multiple of Flowing Barrel Production4$16,700/boe/d% of PDP Reserves651%% of Proved Reserves640%
STRATEGIC RATIONALE

The Transaction is consistent with Petrus' strategy of finding, developing, and producing oil and gas profitably in the Deep Basin and acquiring assets that align with this focus.

The Harmattan Cardium asset represents a concentrated operated position that complements Petrus' existing Deep Basin footprint and enhances the Company's overall liquids weighting and corporate scale. The added production base is expected to support a more consistent development program, improving capital efficiency and strengthening the sustainability of free funds flow generation. Importantly, the asset includes long-life producing reserves and attractive future drilling inventory, providing Petrus with increased operational flexibility and additional development opportunities for years ahead.

The Transaction is expected to be accretive on key metrics and it advances Petrus' objective of growing shareholder value by building a strong and profitable production base with long-term development opportunities.

THE TERM FACILITY

In connection with the Transaction, Petrus amended and restated its current credit facilities (the "Current Credit Facilities") to include, inter alia, a non-revolving term facility of up to $35 million that may only be utilized to fund the Purchase Price (the "Term Facility"). The net proceeds of the Offering will be used to reduce the amount drawn under the Term Facility to fund the Purchase Price. If the Offering does not close, it is anticipated the Term Facility will be used to fund the entirety of the Purchase Price.

The Term Facility contains certain prepayment options in favour of the Company and certain mandatory prepayment obligations upon the occurrence of certain events. The Term Facility has a maturity date of two years from closing, and the amount outstanding thereunder may be repaid in whole or in part at any time prior to maturity with no prepayment penalty. The Term Facility carries an interest rate of Canadian Prime Rate plus 3.75%.

THE OFFERING

The Company has entered into a bought deal agreement with Haywood Securities Inc. ("Haywood") for and on behalf of a syndicate of underwriters (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase on a "bought deal" private placement basis 3,428,571 common shares of the Company (the "Common Shares") at a price of C$1.75 per Common Share (the "Offering Price") for aggregate gross proceeds of approximately C$6,000,000 (the "Bought Deal Offering"). Concurrent with the Bought Deal Offering, the Company will also conduct a non-brokered private placement (the "Non-Brokered Private Placement", and together with the Bought Deal Offering, the "Offering") of 2,285,714 Common Shares at the Offering Price for aggregate proceeds of approximately $4,000,000.

The Underwriters have been granted an option (the "Over-Allotment Option") to purchase up to an additional 514,285 Common Shares at the Offering Price on the same terms and conditions as the Bought Deal Offering. The Over-Allotment Option will be exercisable, in whole or in part, at any time up until 48 hours prior to the closing of the Offering.

The Common Shares will be offered for sale to purchasers resident in each of the provinces of Canada, except Quebec, pursuant to the listed issuer financing exemption under National Instrument 45-106 - Prospectus Exemptions (the "Listed Issuer Financing Exemption"). As the Offering is being completed pursuant to the Listed Issuer Financing Exemption, the Common Shares issued pursuant to the Offering will not be subject to a statutory hold period pursuant to applicable Canadian securities laws. The Common Shares may also be offered in the United States by way of private placement pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction.

The Company intends to use the net proceeds of the Offering to fund a portion of the Purchase Price. If the Transaction does not close, the Company will use the net proceeds from the Offering to pay down existing debt under its Current Credit Facilities.

The offering document (the "Offering Document") related to the Offering can be accessed under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.petrusresources.com. Prospective investors should read the Offering Document before making an investment decision. The Offering is expected to close on or about February 19, 2026, and is subject to certain conditions including, but not limited to, approval by the Toronto Stock Exchange.

In connection with the Bought Deal Offering, the Company will pay a cash commission of 6.0% of the gross proceeds of the Bought Deal Offering on closing to the Underwriters. No commission will be paid in respect of the Non-Brokered Private Placement. Haywood was also engaged by the Company as a strategic advisor in connection with the Transaction and will receive a fee upon the completion thereof, which will be paid in part in cash and in part through the issuance of 85,714 Common Shares at a price of $1.75 per Common Share.

This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States. The securities described herein have not been, and will not be, registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirements is available.

About Petrus

Petrus is a public Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta.

For further information, please contact:
Ken Gray, P.Eng.
President and Chief Executive Officer
T: (403) 930-0889
E: [email protected]

Notes:

Represents Vendor-operated production for the Acquired Assets for the month of January 2026, estimated at field level. Boe conversion uses a 6:1 ratio. See "BOE Presentation" and "Production and Product Type Information" in Advisories.Liquids weighting associated with the Acquired Assets includes 640 bbl/d crude oil and 600 bbl/d NGLs.Operating income multiple based on estimated 2025 operating income from the Acquired Assets of $16.3 million.$/flowing boe/d based on ~2,000 boe/d average production (January 2026).Based on an independent reserve evaluation effective December 31, 2024 prepared by InSite Petroleum Consultants Limited ("InSite"), a qualified reserves evaluator, before tax, discounted at 10% (the "Acquisition Reserve Report"). See "Oil & Gas Metrics" in Advisories.Based on the Acquisition Reserve Report and values attributed to Petrus' 2024 year end reserves in the report prepared by InSite, dated March 25, 2025 and effective December 31, 2024 evaluating the crude oil, NGLs and natural gas and future net production revenues attributable to the properties of Petrus (the "2024 Reserves Report").Represents an oil and gas metric that does not have a standardized meaning and may not be comparable to similar measures presented by other issuers. See "Oil and Gas Metrics" in Advisories.See "Drilling Locations" in Advisories. ADVISORIES

Basis of Presentation

All amounts in this press release are stated in Canadian dollars unless otherwise specified.

Certain other information contained in this press release has been prepared by third‐party sources, which information has not been independently audited or verified by Petrus. No representation or warranty, express or implied, is made by Petrus as to the accuracy or completeness of the information contained in this press release, and nothing contained in this press release is, or shall be relied upon as, a promise or representation by Petrus.

BOE Presentation

The oil and natural gas industry commonly expresses production volumes and reserves on a barrel of oil equivalent ("boe") basis whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for improved measurement of results and comparisons with other industry participants. Petrus uses the 6:1 boe measure which is the approximate energy equivalence of the two commodities at the burner tip. Boes do not represent an economic value equivalence at the wellhead and therefore may be a misleading measure if used in isolation.

Reserves Advisories

The Acquisition Reserves Report and the 2024 Reserves Report were prepared in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-101"), and the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and are each dated effective as of December 31, 2024. The Acquisition Reserves Report and the 2024 Reserves Report are based on certain factual data supplied by Petrus and InSite's opinion of reasonable practice in the industry. The extent and character of ownership and all factual data pertaining to petroleum properties and contracts (except for certain information residing in the public domain) were supplied by Petrus to InSite. InSite accepted this data as presented and neither title searches nor field inspections were conducted.

Definitions of Oil and Gas Reserves

Reserves are estimated remaining quantities of crude oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical, and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable. Reserves are classified according to the degree of certainty associated with the estimates as follows:

Proved Reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

Probable Reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

PDP or Proved Developed Producing Reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

Production and Product Type Information

References to crude oil (or oil), natural gas liquids ("NGLs"), natural gas (or gas) and average daily production in this press release refer to the light and medium crude oil, conventional natural gas, and NGLs product types, as applicable, as defined in NI 51-101, except as noted below.

NI 51-101 includes condensate within the NGLs product type. The Company has disclosed condensate as combined with crude oil and separately from other NGLs since the price of condensate as compared to other NGLs is currently significantly higher and the Company believes that this crude oil and condensate presentation provides a more accurate description of its operations and results therefrom. Crude oil therefore refers to light oil, medium oil, and condensate. NGLs refers to ethane, propane, butane and pentane combined. Natural gas refers to conventional natural gas.

Net Present Value Estimates

It should not be assumed that the net present value of the estimated future net revenues of the reserves the Acquired Assets included in this press release represent the fair market value of the reserves. There is no assurance that the forecast prices and cost assumptions will be attained and variances could be material

Drilling Locations

This press release discloses drilling inventory in two categories: (a) proved locations; and (b) proved plus probable locations. Proved locations and proved plus probable locations are derived from the Acquisition Reserves Report and account for drilling locations that have associated proved and/or probable reserves, as applicable. The drilling locations considered for future development will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. Petrus makes no commitment to drill all of the drilling locations that have been identified. Factors affecting ultimate recovery include the scope of Petrus' on‐going drilling program, which will be directly affected by the availability of capital, drilling, and production costs, availability of drilling and completion services and equipment, drilling results, lease expirations, regulatory approvals, and geological and mechanical factors. Estimates of reserves and resource potential may change significantly as development of our oil and gas assets provides additional data.

Oil & Gas Metrics

This press release contains metrics commonly used in the oil and natural gas industry, such as "decline" and "NPV-10" and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon. Management uses these oil and gas and finance metrics for its own performance measurements and to provide securityholders and readers with measures to compare Petrus' operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this press release, should not be unduly relied upon. Corporate decline ("decline") is the rate at which production from a grouping of assets falls from the beginning of a fiscal year to the end of that year. NPV-10 is a calculation of the net present value of estimated net operating income discounted at an annual rate of 10%.

Forward-Looking Statements

Certain information regarding Petrus set forth in this press release contains forward-looking statements within the meaning of applicable securities law, that involve substantial known and unknown risks and uncertainties. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Such statements represent Petrus' internal projections, estimates, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions and actual events or results may differ materially. Although Petrus believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Petrus' actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Petrus. In particular, forward-looking statements included in this press release include, but are not limited to statements with respect to: the Transaction and the anticipated timing and benefits thereof; Petrus' expectations regarding the Transaction and the Acquired Assets; the anticipated future drilling inventory of the Acquired Assets; that additional details regarding financial impact of the Transaction will be provided with the Company's 2026 budget forecast; the establishment of the Term Facility; Petrus' expectations regarding its balance sheet and financial flexibility; the anticipated production from the Acquired Assets and the timing and benefits therefrom; Petrus' plans to build a larger, more liquids-weighted business with resilient cash flow that will create long-term value for shareholders; the anticipated use of the Term Facility; the details in respect of the Offering, the anticipated closing date of the Offering, the receipt of required approvals and the anticipated use of proceeds of the Offering. Further, statements relating to reserves and resources are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the resources and reserves described can be profitably produced in the future. In addition, forward-looking statements may include statements attributable to third-party industry sources. There can be no assurance that the plans, intentions, or expectations upon which these forward-looking statements are based will occur.

These forward-looking statements are subject to numerous risks and uncertainties, most of which are beyond the Company's control, including: the risk that (i) the tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased, or new tariffs are imposed, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company, including by decreasing demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to financing; general economic and business conditions and changes in international, national and local macroeconomic and business conditions, as well as sociopolitical conditions in certain local or regional markets, including as a result of conflicts in the Middle East and the conflicts between Russia and Ukraine and the U.S. and Venezuela and the responses thereto from other countries and institutions (including trade sanctions and financial controls), which has created volatility in the global economy and could continue to adversely impact economic and trade activity; volatility in market prices for crude oil, NGL and natural gas; industry conditions; currency fluctuation; changes in interest rates and inflation rates; imprecision of reserve estimates; liabilities inherent in crude oil and natural gas operations; environmental risks; incorrect assessments of the value of acquisitions and exploration and development programs; competition; the lack of availability of qualified personnel or management; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; hazards such as fire, explosion, blowouts, cratering, and spills, each of which could result in substantial damage to wells, production facilities, other property and the environment or in personal injury and/or increase our costs, decrease our production, or otherwise impede our ability to operate our business; extreme weather events, such as wild fires, floods, drought and extreme cold or warm temperatures, each of which could result in substantial damage to our assets and/or increase our costs, decrease our production, or otherwise impede our ability to operate our business; stock market volatility; ability to access sufficient capital from internal and external sources; that the amount of dividends that the Company pays may be reduced or suspended entirely; that the Company reduce or suspend the repurchase of shares under its NCIB; and the other risks and uncertainties described in the Company's most recently filed annual information form. With respect to forward-looking statements contained in this press release, Petrus has made assumptions regarding: the duration and impact of tariffs that are currently in effect on goods exported from or imported into Canada, and that other than the tariffs that are currently in effect, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, reenacts tariffs that are currently suspended, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; the closing of the Transaction and the Offering on the terms described herein or at all; future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment and services; effects of regulation by governmental agencies; the effects of inflation on the Company's costs and profitability; future interest rates; and future operating costs. Management has included the above summary of assumptions and risks related to forward-looking statements provided in this press release in order to provide investors with a more complete perspective on Petrus' future operations and such information may not be appropriate for other purposes. Petrus' actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. Readers are cautioned that the foregoing lists of factors are not exhaustive.

Forward-Looking Financial Information

This press release may contain future oriented financial information ("FOFI") within the meaning of applicable securities laws about the prospective operational and financial results of the Assets, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. The FOFI contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Company's future business operations. The Company disclaims any intention or obligation to update or revise any FOFI contained in this press release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable securities laws. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein.

Although Petrus believes that the expectations reflected in these forward-looking statements and FOFI are reasonable, undue reliance should not be placed on them because Petrus can give no assurance that they will prove to be correct. Since forward looking statements and FOFI address future events and conditions, by their very nature they involve inherent risks and uncertainties. The intended use of the net proceeds of the Offering may change if the board of directors of Petrus determines that it would be in the best interests of Petrus to deploy the proceeds for some other purpose and the closing date for the Offering may be changed. The forward-looking statements and FOFI contained in this press release are made as of the date hereof and Petrus undertakes no obligations to update publicly or revise any forward-looking statements or FOFI, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Abbreviations

$/bbldollars per barrel$/boe
dollars per barrel of oil equivalent
$/mcf
dollars per thousand cubic feet
bbl
barrel
mbbl
thousand barrels
bbl/d
barrels per day
boe
barrel of oil equivalent
mboe
thousand barrel of oil equivalent
mmboe
million barrel of oil equivalent
boe/d
barrel of oil equivalent per day
mcf
thousand cubic feet
mcf/d
thousand cubic feet per day
NGLs
natural gas liquids

, /PRNewswire/ -- On February 3, 2026, the Board of Directors (the "Board") of Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") declared a first quarter 2026 dividend of $0.5425 per common share, representing, on an annualized basis, a dividend of $2.17 per common share. The dividend will be paid on April 10, 2026 to stockholders of record at the close of business on March 27, 2026.

This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of material weaknesses, if any, in our internal control over financial reporting.

For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.

These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.

We are a fully integrated owner of lifestyle-oriented properties and own or have an interest in 453 properties located predominantly in the United States consisting of 173,355 sites as of December 31, 2025. We are a self-administered, self-managed, real estate investment trust with headquarters in Chicago.

SOURCE Equity Lifestyle Properties, Inc.

by Todd Bishop on Feb 4, 2026 at 1:37 pmFebruary 4, 2026 at 1:38 pm

Amazon exec Amit Agarwal is expanding his role to lead Seller Partner Services. (LinkedIn Photo) Amazon named a new executive leader for its Selling Partner Services business, one of the most consequential parts of the company, and said the division’s current chief will become CEO Andy Jassy’s next technical advisor.

Amit Agarwal, SVP of International Emerging Stores, will expand his role to lead the seller services and customer trust organizations, in addition to his current responsibilities overseeing Amazon’s stores in 10 countries including India, Brazil, and South Africa. 

The current VP of Worldwide Selling Partner Services, Dharmesh Mehta, will become Jassy’s technical advisor in March. The job is often called the CEO’s “shadow,” and it has historically served as a launchpad for Amazon’s most senior leaders to take on larger roles. 

Jassy himself was once TA to Jeff Bezos, when the Amazon founder was CEO.

Alex Dunlap, Jassy’s current technical advisor, will transition to a new leadership role within Amazon that has yet to be publicly announced, the company said.

Amazon’s third-party marketplace generated $42.5 billion in revenue last quarter, and independent sellers now account for 62% of units sold in the company’s store. 

The business has also faced regulatory scrutiny. A federal antitrust suit, over issues including Amazon’s treatment of third-party sellers, makes a range of allegations the company disputes.

Dharmesh Mehta speaks at Amazon Accelerate in Seattle last fall. (GeekWire Photo / Todd Bishop) Under Mehta’s leadership, Selling Partner Services escalated its fight against counterfeits and fraud and expanded to offer a range of logistics, supply chain management, and generative AI tools to sellers. 

Mehta focused heavily on addressing seller pain points, such as ending the long-controversial practice of “commingling” inventory from different sellers, a change that Amazon estimates will save brand owners $600 million a year in workaround costs.

Agarwal, who has been with Amazon for nearly 27 years, is a former technical advisor to Bezos, a role he held from 2007 to 2009. He launched Amazon’s marketplace in India in 2013 and has been a member of the company’s S-team senior leadership group since 2020. 

He is based in Seattle and will report to Worldwide Amazon Stores CEO Doug Herrington.

RENO, Nev.--(BUSINESS WIRE)--U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings (losses) available to common shareholders for its third quarter ended December 31, 2025, of ($37.0) million compared with net earnings of $67.2 million for the same period last year. Earnings (losses) per share for Non-Voting Shares (UHAL.B) were ($0.18) for the third quarter of fiscal 2026 compared to $0.35 for the same period in fiscal 2025.

For the nine-month period ended December 31, 2025, net earnings available to shareholders were $210.9 million compared with net earnings of $449.4 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $1.09 for the nine-month period of fiscal 2026 compared to $2.31 for the same period in fiscal 2025.

“We continue to undermine earnings with fleet depreciation and poor resale results. I expect that this will bottom out this calendar year,” stated Joe Shoen, Chairman of U-Haul Holding Company. “We have underutilized capacity in both fleet and self-storage. I anticipate improving market penetration in U-Move. Today, we are even with our self-storage peers and need to set ourselves apart to impact top line revenue. As always, the customer will determine the winners and losers.”

Highlights of Third Quarter Fiscal 2026 Results

Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, decreased $120.2 million to $7.1 million compared to the third quarter of fiscal 2025. Increased losses from the disposal of retired rental equipment combined with fleet depreciation expense accounted for $74.6 million of the decrease for the third quarter, while liability costs increased $37.9 million for the third quarter, all compared with the third quarter of fiscal 2025. Moving and Storage earnings before interest, taxes, depreciation and amortization adjusted (EBITDA), decreased $41.7 million to $335.0 million compared to the third quarter of fiscal 2025 and for the trailing twelve months for December 31, 2025 increased $26.0 million to $1,640.2 compared to the trailing twelve months for December 31, 2024. Self-storage revenues increased $17.9 million, or 7.9%, versus the third quarter of fiscal year 2025. Same store occupancy decreased 4.9% to 87.2%, revenue per foot increased 5.2%, and the number of locations qualifying for the pool increased by 19. During the third quarter of fiscal 2026, we added 16 new locations with storage and 1.5 million net rentable square feet (NRSF). We have approximately 12.9 million NRSF in development or pending. Self-moving equipment rental revenues increased $7.6 million, or 0.9%, compared with the third quarter of fiscal year 2025, primarily from In-Town rentals. Fleet maintenance and repair costs experienced a $13.1 million increase, compared with the third quarter of fiscal 2025. During the quarter our Property and Casualty Insurance subsidiary paid a $100 million dividend to U-Haul Holding Company. Cash and credit availability at the Moving and Storage segment was $1,475.0 million as of December 31, 2025 compared with $1,347.5 million at March 31, 2025. On December 3, 2025, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on December 15, 2025. The dividend was paid on December 30, 2025. Supplemental financial information as of December 31, 2025 is available at investors.uhaul.com under “Investor Kit.”

U-Haul Holding Company will hold its investor call for the third quarter of fiscal 2026 on Thursday, February 5, 2026, at 8 a.m. Arizona Time (10 a.m. Eastern). The call will be broadcast live over the Internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com.

About U-Haul Holding Company

U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.

About U-Haul

Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of nearly 25,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 203,800 trucks, 137,400 trailers and 45,900 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,126,800 rentable storage units and 98.0 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America.

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company’s business and future operating results, please refer to our Form 10-Q for the quarter ended December 31, 2025, which is on file with the SEC.

Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the third quarter of fiscal 2026 and 2025.

Quarter Ended December 31,

2025

2024

(Unaudited)

(In thousands)

Self-moving equipment rental revenues

$

886,170

$

878,585

Self-storage revenues

245,060

227,125

Self-moving and self-storage product and service sales

68,929

70,407

Property management fees

8,817

8,869

Life insurance premiums

17,848

22,926

Property and casualty insurance premiums

30,355

28,364

Net investment and interest income

47,259

40,536

Other revenue

111,170

111,746

Consolidated revenue

$

1,415,608

$

1,388,558

Listed below are the revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2026 and 2025.

Quarter Ended December 31,

2025

2024

(Unaudited)

(In thousands)

Moving and storage

Revenues

$

1,319,890

$

1,296,556

Earnings from operations before equity in earnings of subsidiaries

7,084

127,277

Property and casualty insurance

Revenues

42,516

38,141

Earnings from operations

20,819

19,463

Life insurance

Revenues

56,207

56,762

Earnings from operations

5,797

4,244

Eliminations

Revenues

(3,005)

(2,901)

Earnings from operations before equity in earnings of subsidiaries

(28)

(252)

Consolidated Results

Revenues

1,415,608

1,388,558

Earnings from operations

33,672

150,732

Moving and Storage

Debt Metrics

(in thousands)(unaudited)

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2025

2025

2025

2024

Real estate secured debt

$3,096,564

$3,002,344

$2,727,545

$2,703,656

$2,436,840

Unsecured debt

1,700,000

1,700,000

1,700,000

1,700,000

1,700,000

Fleet secured debt

3,196,817

2,965,804

2,792,015

2,758,821

2,724,349

Other secured debt

64,798

64,357

65,570

66,864

68,402

Total debt

8,058,179

7,732,505

7,285,130

7,229,341

6,929,591

  Cash and cash equivalents

$1,010,011

$910,969

$726,069

$872,467

$883,108

Total assets

18,717,342

18,460,371

17,858,535

17,522,952

17,291,214

Adjusted EBITDA (TTM)

1,640,173

1,681,900

1,650,277

1,619,714

1,614,146

  Net debt to adjusted EBITDA

4.3

4.1

4.0

3.9

3.7

Net debt to total assets

37.7%

37.0%

36.7%

36.3%

35.0%

  Percent of debt floating

6.8%

7.1%

6.1%

6.1%

6.2%

Percent of debt fixed

93.2%

92.9%

93.9%

93.9%

93.8%

Percent of debt unsecured

21.1%

22.0%

23.3%

23.5%

24.5%

  Unencumbered asset ratio*

4.01x

3.96x

3.86x

3.91x

3.81x

  * Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x

The components of depreciation, net of (gains) losses on disposals for the third quarter of fiscal 2026 and 2025 are as follows:

Quarter Ended December 31,

2025

2024

(Unaudited)

(In thousands)

Depreciation expense - rental equipment

$

222,717

$

177,956

Depreciation expense - non rental equipment

23,564

24,064

Depreciation expense - real estate

52,638

47,597

Total depreciation expense

$

298,919

$

249,617

Net (gains) losses on disposals of rental equipment

$

26,210

$

(3,774)

Net (gains) losses on disposals of non-rental equipment

90

248

Total net (gains) losses on disposals equipment

$

26,300

$

(3,526)

Depreciation, net of (gains) losses on disposals

$

325,219

$

246,091

Net (gains) losses on disposals of real estate

$

2,696

$

3,358

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:

Quarter Ended December 31,

2025

2024

(Unaudited)

(In thousands, except occupancy rate)

Unit count as of December 31

847

781

Square footage as of December 31

72,642

66,792

Average monthly number of units occupied

610

610

Average monthly occupancy rate based on unit count

72.4%

78.7%

End of December occupancy rate based on unit count

71.7%

78.1%

Average monthly square footage occupied

54,286

53,444

Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2026 and 2025.

Nine Months Ended December 31,

2025

2024

(Unaudited)

(In thousands)

Self-moving equipment rental revenues

$

3,054,920

$

2,980,265

Self-storage revenues

725,596

667,381

Self-moving and self-storage product and service sales

256,946

254,761

Property management fees

28,020

27,950

Life insurance premiums

55,387

64,154

Property and casualty insurance premiums

80,365

75,360

Net investment and interest income

122,492

115,455

Other revenue

442,274

409,830

Consolidated revenue

$

4,766,000

$

4,595,156

Listed below are the revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2026 and 2025.

Nine Months Ended December 31,

2025

2024

(Unaudited)

(In thousands)

Moving and storage

Revenues

$

4,506,576

$

4,339,360

Earnings from operations before equity in earnings of subsidiaries

447,402

703,030

Property and casualty insurance

Revenues

108,128

97,780

Earnings from operations

49,861

44,769

Life insurance

Revenues

160,414

166,668

Earnings from operations

11,501

11,887

Eliminations

Revenues

(9,118)

(8,652)

Earnings from operations before equity in earnings of subsidiaries

(84)

(756)

Consolidated Results

Revenues

4,766,000

4,595,156

Earnings from operations

508,680

758,930

The components of depreciation, net of (gains) losses on disposals for the first nine months of fiscal 2026 and 2025 are as follows:

Nine Months Ended December 31,

2025

2024

(Unaudited)

(In thousands)

Depreciation expense - rental equipment

$

657,838

$

511,824

Depreciation expense - non rental equipment

71,343

71,775

Depreciation expense - real estate

153,923

135,156

Total depreciation expense

$

883,104

$

718,755

  Net (gains) losses on disposals of rental equipment

$

86,664

$

(29,614)

Net (gains) losses on disposals of non-rental equipment

68

765

Total net (gains) losses on disposals equipment

$

86,732

$

(28,849)

  Depreciation, net of (gains) losses on disposals

$

969,836

$

689,906

  Net (gains) losses on disposals of real estate

$

5,610

$

9,453

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:

Nine Months Ended December 31,

2025

2024

(Unaudited)

(In thousands, except occupancy rate)

Unit count as of December 31

847

781

Square footage as of December 31

72,642

66,792

Average monthly number of units occupied

624

605

Average monthly occupancy rate based on unit count

75.6%

79.9%

End of December occupancy rate based on unit count

71.7%

78.1%

Average monthly square footage occupied

55,103

52,756

  Self-Storage Portfolio Summary

As of December 31, 2025

(unaudited)

U-Haul Owned Store Data by State

State/
Province

Stores

Units
Occupied

Rentable
Square Feet

Annual
Revenue
Per Foot

Occupancy
During Qtr

Texas

100

35,939

4,789,881

$15.47

69.1%

Florida

92

34,004

4,126,552

$19.05

71.8%

California

89

33,664

3,351,525

$22.01

77.6%

Illinois

85

37,637

4,402,195

$16.72

73.3%

Pennsylvania

73

27,780

3,148,555

$18.37

69.6%

Ohio

68

25,563

3,134,940

$15.24

70.3%

New York

67

27,588

2,722,796

$23.65

76.5%

Michigan

60

19,724

2,337,644

$16.31

76.3%

Georgia

56

21,138

2,787,198

$16.60

70.8%

Arizona

50

23,617

3,152,769

$16.37

67.5%

Wisconsin

44

16,614

2,092,746

$14.33

70.2%

North Carolina

42

16,937

2,125,751

$15.77

68.1%

Washington

39

13,694

1,672,876

$17.48

67.8%

Missouri

38

13,775

1,820,979

$14.51

68.9%

Tennessee

37

14,809

1,630,083

$15.33

80.9%

New Jersey

34

15,843

1,594,332

$21.10

81.3%

Minnesota

34

13,295

1,699,941

$13.96

73.2%

Ontario

33

12,308

1,415,964

$23.61

68.9%

Indiana

33

10,450

1,189,232

$14.54

78.6%

Alabama

32

8,011

1,313,068

$13.59

54.7%

  Top 20 Totals

1,106

422,390

50,509,027

$17.40

71.9%

  All Others

506

184,697

22,133,137

$17.38

73.6%

  3Q 2026 Totals

1,612

607,087

72,642,164

$17.40

72.4%

  Same Store Pool Held Constant for Prior Periods

Same Store 3Q26

923

331,655

32,661,548

$18.25

87.2%

Same Store 3Q25

923

351,888

32,647,437

$17.34

92.1%

Same Store 3Q24

923

351,559

32,608,219

$16.84

92.0%

Non-Same Store 3Q26

689

275,432

39,980,616

$16.37

60.1%

Non-Same Store 3Q25

615

258,144

34,144,096

$15.98

65.6%

Non-Same Store 3Q24

526

217,243

26,894,592

$15.90

69.4%

Same Store Pool, Prior Periods Unchanged

Same Store 3Q26

923

331,655

32,661,548

$18.25

87.2%

Same Store 3Q25

904

320,420

29,827,746

$17.28

92.4%

Same Store 3Q24

854

283,150

26,769,110

$16.64

92.9%

Non Same Store 3Q26

689

275,432

39,980,616

$16.37

60.1%

Non Same Store 3Q25

634

289,612

36,963,786

$16.20

67.5%

Non Same Store 3Q24

597

284,899

32,664,093

$16.33

73.1%

Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of the reporting quarter.

Occupancy % reflects average occupancy during the reporting quarter.

Revenue per foot is average revenue per occupied foot over the trailing twelve months ending December 2025.

Same store includes storage locations with rentable storage inventory for more than three years and a capacity change of less than twenty units for any year-over-year period of the reporting month.

The locations have occupancy each month during the last three years and have achieved 80% or greater occupancy for the last two years.

Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

  December 31,

March 31,

2025

2025

(Unaudited)

(In thousands)

ASSETS

Cash and cash equivalents

$

1,032,257

$

988,828

Trade receivables and reinsurance recoverables, net

172,649

230,716

Inventories and parts

175,023

163,132

Prepaid expenses

353,201

282,406

Fixed maturity securities available-for-sale, net, at fair value

2,501,436

2,479,498

Equity securities, at fair value

57,418

65,549

Investments, other

720,713

678,254

Deferred policy acquisition costs, net

116,178

121,729

Other assets

129,516

126,732

Right of use assets - financing, net

30,561

138,698

Right of use assets - operating, net

40,689

46,025

Related party assets

60,630

45,003

  Property, plant and equipment, at cost:

Land

1,854,024

1,812,820

Buildings and improvements

10,329,648

9,628,271

Furniture and equipment

1,068,623

1,047,414

Rental trailers and other rental equipment

1,175,723

1,046,135

Rental trucks

8,416,008

7,470,039

22,844,026

21,004,679

Less: Accumulated depreciation

(6,616,653)

(5,892,079)

Total property, plant and equipment, net

16,227,373

15,112,600

Total assets

$

21,617,644

$

20,479,170

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Accounts payable and accrued expenses

$

765,426

$

820,900

Notes, loans and finance leases payable, net

8,017,296

7,193,857

Operating lease liabilities

41,464

46,973

Policy benefits and losses, claims and loss expenses payable

930,764

857,521

Liabilities from investment contracts

2,453,325

2,511,422

Other policyholders' funds and liabilities

5,786

7,539

Deferred income

54,227

52,895

Deferred income taxes, net

1,605,547

1,489,920

Total liabilities

13,873,835

12,981,027

  Common stock

10,497

10,497

Non-voting common stock

176

176

Additional paid-in capital

462,548

462,548

Accumulated other comprehensive loss

(168,090)

(229,314)

Retained earnings

8,116,328

7,931,886

Cost of common stock in treasury, net

(525,653)

(525,653)

Cost of preferred stock in treasury, net

(151,997)

(151,997)

Total stockholders' equity

7,743,809

7,498,143

Total liabilities and stockholders' equity

$

21,617,644

$

20,479,170

  U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

  Quarter Ended December 31,

2025

2024

(Unaudited)

(In thousands, except share and per share data)

Revenues:

Self-moving equipment rental revenues

$

886,170

$

878,585

Self-storage revenues

245,060

227,125

Self-moving and self-storage products and service sales

68,929

70,407

Property management fees

8,817

8,869

Life insurance premiums

17,848

22,926

Property and casualty insurance premiums

30,355

28,364

Net investment and interest income

47,259

40,536

Other revenue

111,170

111,746

Total revenues

1,415,608

1,388,558

  Costs and expenses:

Operating expenses

848,614

782,351

Commission expenses

96,101

95,031

Cost of product sales

50,871

52,767

Benefits and losses

49,232

48,683

Amortization of deferred policy acquisition costs

4,922

4,493

Lease expense

4,281

5,052

Depreciation, net of (gains) losses on disposals

325,219

246,091

Net (gains) losses on disposal of real estate

2,696

3,358

Total costs and expenses

1,381,936

1,237,826

  Earnings from operations

33,672

150,732

Other components of net periodic benefit costs

(346)

(372)

Other interest income

10,784

15,638

Interest expense

(95,527)

(76,581)

Fees on early extinguishment of debt

(163)

—

Pretax earnings (losses)

(51,580)

89,417

Income tax (expense) benefit

14,612

(22,251)

Earnings (losses) available to common stockholders

$

(36,968)

$

67,166

Basic and diluted earnings (losses) per share of Common Stock

$

(0.23)

$

0.30

Weighted average shares outstanding of Common Stock: Basic and diluted

19,607,788

19,607,788

Basic and diluted earnings (losses) per share of Series N Non-Voting Common Stock

$

(0.18)

$

0.35

Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted

176,470,092

176,470,092

  U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

  Nine Months Ended December 31,

2025

2024

(Unaudited)

(In thousands, except share and per share data)

Revenues:

Self-moving equipment rental revenues

$

3,054,920

$

2,980,265

Self-storage revenues

725,596

667,381

Self-moving and self-storage products and service sales

256,946

254,761

Property management fees

28,020

27,950

Life insurance premiums

55,387

64,154

Property and casualty insurance premiums

80,365

75,360

Net investment and interest income

122,492

115,455

Other revenue

442,274

409,830

Total revenues

4,766,000

4,595,156

  Costs and expenses:

Operating expenses

2,584,905

2,463,181

Commission expenses

334,649

326,610

Cost of product sales

190,701

181,031

Benefits and losses

142,592

137,081

Amortization of deferred policy acquisition costs

14,801

13,578

Lease expense

14,226

15,386

Depreciation, net of (gains) losses on disposals

969,836

689,906

Net (gains) losses on disposal of real estate

5,610

9,453

Total costs and expenses

4,257,320

3,836,226

Earnings from operations

508,680

758,930

Other components of net periodic benefit costs

(1,037)

(1,116)

Other interest income

31,468

50,004

Interest expense

(268,162)

(215,297)

Fees on early extinguishment of debt

(189)

(495)

Pretax earnings

270,760

592,026

Income tax expense

(59,847)

(142,645)

Earnings available to common stockholders

$

210,913

$

449,381

Basic and diluted earnings per share of Common Stock

$

0.94

$

2.16

Weighted average shares outstanding of Common Stock: Basic and diluted

19,607,788

19,607,788

Basic and diluted earnings per share of Series N Non-Voting Common Stock

$

1.09

$

2.31

Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted

176,470,092

176,470,092

EARNINGS PER SHARE

We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less than the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.

Our undistributed earnings per share were calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share was added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process was used for both Voting Common Stock and Non-Voting Common Stock.

The calculation of basic and diluted earnings per share for the quarters and nine months ended December 31, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:

For the Quarter Ended

December 31,

2025

2024

(Unaudited)

(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock

19,607,788

19,607,788

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

196,077,880

196,077,880

Percent of weighted average shares outstanding of Voting Common Stock

10%

10%

Net earnings (losses) available to common stockholders

$

(36,968)

$

67,166

Voting Common Stock dividends declared

—

—

Non-Voting Common Stock dividends declared

(8,824)

(8,824)

Undistributed earnings (losses) available to common stockholders

$

(45,792)

$

58,342

Undistributed earnings (losses) available to common stockholders allocated to Voting Common Stock

$

(4,579)

$

5,834

Undistributed earnings (losses) per share of Voting Common Stock

$

(0.23)

$

0.30

Dividends declared per share of Voting Common Stock

—

—

Basic and diluted earnings (losses) per share of Voting Common Stock

$

(0.23)

$

0.30

Weighted average shares outstanding of Non-Voting Common Stock

176,470,092

176,470,092

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

196,077,880

196,077,880

Percent of weighted average shares outstanding of Non-Voting Common Stock

90%

90%

Net earnings (losses) available to common stockholders

$

(36,968)

$

67,166

Voting Common Stock dividends declared

—

—

Non-Voting Common Stock dividends declared

(8,824)

(8,824)

Undistributed earnings (losses) available to common stockholders

$

(45,792)

$

58,342

Undistributed earnings (losses) available to common stockholders allocated to Non-Voting Common Stock

$

(41,213)

$

52,508

Undistributed earnings (losses) per share of Non-Voting Common Stock

$

(0.23)

$

0.30

Dividends declared per share of Non-Voting Common Stock

0.05

0.05

Basic and diluted earnings (losses) per share of Non-Voting Common Stock

$

(0.18)

$

0.35

For the Nine Months Ended

December 31,

2025

2024

(Unaudited)

(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock

19,607,788

19,607,788

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

196,077,880

196,077,880

Percent of weighted average shares outstanding of Voting Common Stock

10%

10%

Net earnings available to common stockholders

$

210,913

$

449,381

Voting Common Stock dividends declared

—

—

Non-Voting Common Stock dividends declared

(26,471)

(26,471)

Undistributed earnings available to common stockholders

$

184,442

$

422,910

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

18,444

$

42,291

Undistributed earnings per share of Voting Common Stock

$

0.94

$

2.16

Dividends declared per share of Voting Common Stock

—

—

Basic and diluted earnings per share of Voting Common Stock

$

0.94

$

2.16

Weighted average shares outstanding of Non-Voting Common Stock

176,470,092

176,470,092

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

196,077,880

196,077,880

Percent of weighted average shares outstanding of Non-Voting Common Stock

90%

90%

Net earnings available to common stockholders

$

210,913

$

449,381

Voting Common Stock dividends declared

—

—

Non-Voting Common Stock dividends declared

(26,471)

(26,471)

Undistributed earnings available to common stockholders

$

184,442

$

422,910

Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

$

165,998

$

380,619

Undistributed earnings per share of Non-Voting Common Stock

$

0.94

$

2.16

Dividends declared per share of Non-Voting Common Stock

0.15

0.15

Basic and diluted earnings per share of Non-Voting Common Stock

$

1.09

$

2.31

NON-GAAP FINANCIAL RECONCILIATION SCHEDULE

As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net (“PPE”) being reclassed to Right of use assets - financing, net (“ROU-financing”). The tables below show adjusted PPE as of December 31, 2025 and March 31, 2025, by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by, nor presented in accordance with, GAAP. We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP.

December 31,

March 31,

2025

2025

December 31,
2025

ROU Assets
Financing

Property, Plant and Equipment
Adjusted

Property, Plant and Equipment
Adjusted

(Unaudited)

(In thousands)

  Property, plant and equipment, at cost

Land

$

1,854,024

$

-

$

1,854,024

$

1,812,820

Buildings and improvements

10,329,648

-

10,329,648

9,628,271

Furniture and equipment

1,068,623

61

1,068,684

1,047,475

Rental trailers and other rental equipment

1,175,723

9,192

1,184,915

1,104,206

Rental trucks

8,416,008

80,722

8,496,730

7,779,514

Subtotal

22,844,026

89,975

22,934,001

21,372,286

Less: Accumulated depreciation

(6,616,653)

(59,414)

(6,676,067)

(6,120,988)

Total property, plant and equipment, net

$

16,227,373

$

30,561

$

16,257,934

$

15,251,298

March 31,

2025

March 31,
2025

ROU Assets
Financing

Property, Plant and Equipment
Adjusted

(Unaudited)

(In thousands)

Property, plant and equipment, at cost

Land

$

1,812,820

$

-

$

1,812,820

Buildings and improvements

9,628,271

-

9,628,271

Furniture and equipment

1,047,414

61

1,047,475

Rental trailers and other rental equipment

1,046,135

58,071

1,104,206

Rental trucks

7,470,039

309,475

7,779,514

Subtotal

21,004,679

367,607

21,372,286

Less: Accumulated depreciation

(5,892,079)

(228,909)

(6,120,988)

Total property, plant and equipment, net

$

15,112,600

$

138,698

$

15,251,298

Non-GAAP Financial Measures

Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Company believes that these widely accepted measures of operating profitability supplement the transparency of the Company's disclosures and provides a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and supplements the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. The non-GAAP measure reported is adjusted EBITDA. The table below presents the reconciliation of the trailing twelve months adjusted EBITDA measures to its most directly comparable GAAP measures.

Moving and Storage EBITDA Calculations

(In thousands, unaudited)

Trailing Twelve Months

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2025

2025

2025

2024

  Net earnings available to common stockholders

$

128,622

$

232,756

$

314,004

$

367,090

$

448,518

Income tax expense

11,714

48,448

76,156

94,747

137,940

Fees on early extinguishment of debt and costs of defeasance

189

26

26

495

495

Interest expense

348,914

330,192

311,609

296,721

280,487

Other interest income

(40,881)

(45,759)

(51,899)

(59,489)

(87,303)

Other components of net periodic benefit costs

1,409

1,435

1,462

1,488

1,480

Net (gains) losses on disposal of real estate

11,915

12,577

11,037

15,758

12,047

Depreciation, net of (gains) losses on disposals

1,238,114

1,158,986

1,045,648

958,184

888,253

Elimination of net earnings from insurance subsidiaries

(59,823)

(56,761)

(57,766)

(55,280)

(67,771)

Adjusted EBITDA

$

1,640,173

$

1,681,900

$

1,650,277

$

1,619,714

$

1,614,146

The table below presents the reconciliation of the second quarter adjusted EBITDA measures to its most directly comparable GAAP measures.

Moving and Storage EBITDA Calculations

(In thousands, unaudited)

Quarters Ended

December 31,

December 31,

2025

2024

  Net earnings (losses) available to common stockholders

$

(36,968)

$

67,166

Income tax expense (benefit)

(20,138)

16,596

Fees on early extinguishment of debt and costs of defeasance

163

-

Interest expense

95,555

76,833

Other interest income

(10,856)

(15,734)

Other components of net periodic benefit costs

346

372

Net (gains) losses on disposal of real estate

2,696

3,358

Depreciation, net of (gains) losses on disposals

325,219

246,091

Elimination of net earnings from insurance subsidiaries

(21,018)

(17,956)

Adjusted EBITDA

$

334,999

$

376,726

Q4: 2026-02-04 Earnings SummaryEPS of $2.03 beats by $0.03

 |

Revenue of

$13.86B

(2.23% Y/Y)

misses by $217.04M

Novartis AG (NVS) Q4 2025 Earnings Call February 4, 2026 8:00 AM EST

Company Participants

Sloan Simpson - Global Head of Investor Relations
Vasant Narasimhan - Chief Executive Officer
Harry Kirsch - Chief Financial Officer
Mukul Mehta

Conference Call Participants

Sachin Jain - BofA Securities, Research Division
Simon Baker - Rothschild & Co Redburn, Research Division
Matthew Weston - UBS Investment Bank, Research Division
Peter Verdult - BNP Paribas, Research Division
Steve Scala - TD Cowen, Research Division
Richard Vosser - JPMorgan Chase & Co, Research Division
Graham Glyn Parry - Citigroup Inc., Research Division
Seamus Fernandez - Guggenheim Securities, LLC, Research Division
James Gordon - Barclays Bank PLC, Research Division
Michael Leuchten - Jefferies LLC, Research Division
Thibault Boutherin - Morgan Stanley, Research Division
James Quigley - Goldman Sachs Group, Inc., Research Division

Presentation

Operator

Good morning and good afternoon, and welcome to the Novartis Q4 Full Year 2025 Results Release Conference Call and Live Webcast. [Operator Instructions] The conference is being recorded. A recording of the conference call, including the Q&A session, will be available on our website shortly after the call ends.

With that, I would like to hand over to Ms. Sloan Simpson, Head of Investor Relations. Please go ahead, madam.

Sloan Simpson
Global Head of Investor Relations

Thank you, Sarah. Good morning and good afternoon, everyone, and welcome to our Q4 2025 Earnings Call. The information presented today contains forward-looking statements that involve known and unknown risks, uncertainties and other factors. These may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements.

Please refer to the company's Form 20-F on file with the U.S. Securities and Exchange Commission for a description of some of these factors. The discussion today is not a solicitation of a proxy nor an offer of any kind with respect to the securities of

Q4: 2026-02-04 Earnings SummaryEPS of $0.50 beats by $0.00

 |

Revenue of

$793.00M

(4.48% Y/Y)

misses by $839.45K

Ares Capital (ARCC) Q4 2025 Earnings Call February 4, 2026 12:00 PM EST

Company Participants

John Stilmar - Partner & Co-Head of Public Markets Investor Relations
Kort Schnabel - CEO, Partner & Co-Head of U.S. Direct Lending
Scott Lem - CFO & Treasurer
James Miller - President

Conference Call Participants

John Hecht - Jefferies LLC, Research Division
Douglas Harter - UBS Investment Bank, Research Division
Finian O'Shea - Wells Fargo Securities, LLC, Research Division
Casey Alexander - Compass Point Research & Trading, LLC, Research Division
Arren Cyganovich - Truist Securities, Inc., Research Division
Brian Mckenna - Citizens JMP Securities, LLC, Research Division
Robert Dodd - Raymond James Ltd., Research Division
Kenneth Lee - RBC Capital Markets, Research Division
Paul Johnson - Keefe, Bruyette, & Woods, Inc., Research Division
Derek Hewett - BofA Securities, Research Division

Presentation

Operator

Good afternoon, welcome to Ares Capital Corporation's Fourth Quarter and Year Ended December 31, 2025, Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded on Wednesday, February 4, 2026. Over to Mr. John Stilmar, partner of Ares Public Markets, Investor Relations.

John Stilmar
Partner & Co-Head of Public Markets Investor Relations

Thank you, and good afternoon, everybody. Let me start with some important reminders. Comments made during the course of this conference call and webcast as well as the accompanying documents contain forward-looking statements and are subject to risks and uncertainties. The company's actual results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings. Ares Capital Corporation assumes no obligation to update any such forward-looking statements. Please also note that past performance or market information is not a guarantee of future results.

During this conference call, the company may discuss certain non-GAAP measures as defined by SEC Regulation G, such as core earnings per share or core EPS. The company believes

HomeIndustriesLosses could be tied in part to this week’s software rout, according to one analystPublished: Feb. 4, 2026 at 4:42 p.m. ET

Space stocks are having a rough week, with SpaceX rivals AST SpaceMobile and Rocket Lab taking some of the biggest hits.

The share price for AST SpaceMobile ASTS, which is building a satellite cellular broadband network, fell more than 10% on Wednesday as AT&T T linked up with Amazon Web Services and Amazon Leo, the company’s AMZN satellite-internet business formerly known as Kuiper.

-

NEW YORK--(BUSINESS WIRE)--Claros Mortgage Trust, Inc. (NYSE: CMTG) (the “Company” or “CMTG”) today announced that it will release its fourth quarter and full-year fiscal 2025 financial results after the closing of trading on the New York Stock Exchange on Wednesday, February 18, 2026.

A conference call to discuss CMTG’s financial results will be held on Thursday, February 19, 2026, at 10:00 a.m. ET. The conference call may be accessed by dialing 1-833-470-1428 and referencing the Claros Mortgage Trust, Inc. teleconference call; access code 121374.

The conference call will also be broadcast live over the internet and may be accessed through the Investor Relations section of CMTG’s website at www.clarosmortgage.com. An earnings presentation accompanying the earnings release and containing supplemental information about the Company’s financial results may also be accessed through this website in advance of the call.

For those unable to listen to the live broadcast, a webcast replay will be available on CMTG’s website or by dialing 1-866-813-9403, access code 539240, beginning approximately two hours after the event.

About Claros Mortgage Trust, Inc.
CMTG is a real estate investment trust that is focused primarily on originating senior and subordinate loans on transitional commercial real estate assets located in major markets across the U.S. CMTG is externally managed and advised by Claros REIT Management LP, an affiliate of Mack Real Estate Credit Strategies, L.P. Additional information can be found on the Company’s website at www.clarosmortgage.com.

More News From Claros Mortgage Trust, Inc.

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TORONTO, Feb. 04, 2026 (GLOBE NEWSWIRE) -- Argo Corporation (TSXV: ARGH), (OTCQX: ARGHF) ("Argo" or the "Company"), a leader in next-generation transit solutions, has closed its previously announced $1,500,000 secured loan (the "Loan") and extended the previously announced non-brokered private placement offering of up to 21,250,000 common shares ("Common Shares") of the Company at a price of $0.40 per Common Share, for proceeds of up to $8,500,000 pursuant to a non-brokered private placement (the "Offering").

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Global wealth management company Stifel has warned that the price of Bitcoin, one of the world's leading cryptocurrencies, could nose-dive due to a combination of tightening liquidity, regulatory gridlock, and relentless ETF outflows. 

The world's largest cryptocurrency might plunge all the way back to $38,000, the investment firm predicts. 

Earlier today, Bitcoin collapsed to yet another 2025 low of $72,185. 

HOT Stories

The ugly bear case In a new research note released Wednesday, the firm warned that Bitcoin is at risk of a further 47% collapse, a move that would drag the asset down to $38,000.

Stifel argues that the current market structure mirrors the most brutal phases of past crypto winters. 

A less accommodative Fed policy is the first major headwind identified by Stifel. 

Despite market hopes for aggressive rate cuts, the Federal Reserve has maintained a tighter stance to combat lingering inflation. 

High rates continue to drain liquidity from speculative risk assets, which leaves Bitcoin rather vulnerable. 

The cryptocurrency boom promised by the current administration has seemingly hit a legislative wall. The pace of pro-crypto regulation in the U.S. has slowed significantly. 

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In the meantime, liquidity continues to shrink. This, of course, does not bode well for risk assets of the likes of Bitcoin. 

Finally, the spot Bitcoin ETFs, which were mainly responsible for the latest bull run, have turned into a source of sell pressure. 

That said, analyst Eric Balchunas has argued that ETF investors are actually holding the line, while the long-time crypto natives are the ones dumping.

Despite Bitcoin suffering a "nasty 40% downturn", only 6% of the assets held in Spot Bitcoin ETFs have been withdrawn.

This is shockingly low churn for such a volatile asset. It means 94% of the institutional capital that entered the market via ETFs (BlackRock, Fidelity, etc.) has remained untouched.

Treasury Secretary Scott Bessent pushed back against speculation around a Strategic Bitcoin reserve, making clear that the federal government has no legal authority to support or "bail out" Bitcoin (CRYPTO: BTC) using public funds. No Bitcoin Bailout Authority During a House Financial Services Committee hearing on financial stability risks, a lawmaker questioned whether the U.S. government could support Bitcoin by directing banks to buy it or by deploying taxpayer funds into crypto markets.

TL;DR

Ethereum active loans expanded close to ten times since early 2023, rising from cycle lows to above $25 billion and confirming a return of real DeFi usage. The network continues to host the deepest liquidity and the largest share of decentralized borrowing, well ahead of Solana, Base and Arbitrum. The rebound signals that traders and protocols are deploying capital instead of keeping assets idle.
Ethereum active loans surge 10x, highlighting soaring on-chain demand and reinforcing the network position as the main marketplace for decentralized credit. Recent metrics from analytics platforms show that the value of assets currently borrowed and paying interest climbed above $25 billion during the first week of February, a level not seen since the previous market peak. The recovery suggests that activity is returning through organic usage rather than speculative token parking.

Ethereum's active loans have surpassed $28 billion, showing a 10x increase since 2023 pic.twitter.com/wB72nOH47P

— unfolded. (@cryptounfolded) February 3, 2026

Lending volumes on Ethereum cooled sharply during 2022 and part of 2023, when risk appetite across digital assets contracted. Since then, protocols such as Aave, Spark and Compound reported steady growth in utilization rates. Borrowing behavior usually reflects confidence in collateral values and in the stability of smart contracts, two elements that improved over the last 12 months.

Ethereum Active Loans And Market Structure The expansion of credit on Ethereum is closely tied to the structure of its DeFi ecosystem. Large pools of stablecoins, professional market makers and audited applications create conditions that are difficult to replicate on younger chains. Borrowers often prefer environments where liquidations and interest models have been tested for more than five years. This maturity explains why, even with higher fees than some rivals, Ethereum remains the default venue for sizeable positions.

Data comparisons indicate that alternative networks gained users, yet their combined lending books are still a fraction of the Ethereum total. Solana and Base attracted retail experimentation, but institutional desks continue to route the bulk of leverage through Ethereum markets. The presence of layer-two solutions also reduced costs and kept activity within the broader Ethereum economy.

Competition Fees And User Behavior Lower transaction costs on new blockchains increased pressure on Ethereum to improve efficiency. Developers responded with upgrades and rollups that processed millions of operations at cheaper rates. As a result, many borrowers returned without abandoning the security guarantees of the main chain. Traders note that reliability often outweighs small differences in fees when managing positions above $10 million.

The tenfold rise in active loans since 2023 signals that DeFi is again functioning as a source of working capital. Funds use borrowed stablecoins for arbitrage, while long-term holders seek yield on idle assets. Such behavior contrasts with periods when tokens remained untouched in wallets and markets depended mostly on speculation.

Analyst alarms: Shiba Inu finds itself on the edge of a deeper correction if this weekly trend-line doesn't hold.

Crypto’s capital rotation is predictable in rhythm but wild in its targets. While retail chases the tail end of meme rallies, “smart money” is quietly positioning in a sector that’s historically been sluggish but holds the industry’s deepest liquidity: Bitcoin infrastructure. The narrative is shifting. We’re moving away from pure speculation toward “fat protocols”—infrastructure plays solving critical bottlenecks.

That matters. Despite holding 50%+ of the market cap, Bitcoin is largely dormant capital—digital gold, not a productive asset. And with mainnet congestion spiking fees (again), there’s a vacuum for scaling solutions. 

Unlike Ethereum’s mature L2 ecosystem, Bitcoin’s landscape is barely out of the cradle. Smart money is tracking projects that don’t just “wrap” Bitcoin—they program it.

The “Modular Bitcoin” thesis is gaining serious traction. The idea? 

Use Bitcoin solely for settlement while offloading execution to faster environments. Investors want the best of both worlds: Solana’s speed with Bitcoin’s security. 

This convergence creates a high-beta opportunity for early infrastructure plays like Bitcoin Hyper ($HYPER), designed to bridge that exact gap.

SVM Integration Signals a New Era for Bitcoin DeFi Bitcoin’s primary barrier to DeFi adoption has always been technical. Its scripting language is intentionally limited (for security), making complex smart contracts nearly impossible on the base layer. Bitcoin Hyper fixes this by integrating the Solana Virtual Machine (SVM) directly as a Layer 2. Why does that matter?

It lets developers write in Rust—the dominant language for high-performance chains—and deploy apps that settle on Bitcoin but run at Solana speeds.

By using a modular architecture, Bitcoin Hyper separates the heavy lifting. Mainnet handles security; the SVM L2 handles execution. The result? Sub-second finality and negligible gas fees—effectively solving the “trilemma” plaguing previous forks. For developers, this finally unlocks high-speed payments, NFT platforms, and complex gaming dApps that were previously impossible on the network.

The implications are huge. If Bitcoin Hyper captures even a fraction of Bitcoin’s idle capital, $HYPER’s velocity could decouple from broader trends. Using a trusted sequencer with periodic L1 anchoring, the project ensures that while processing happens off-chain, the ultimate “truth” stays on Bitcoin.

Visit the Bitcoin Hyper Presale

Whale Accumulation Points to Infrastructure Bet Price action follows volume; sustainable explosions follow accumulation. On-chain analysis suggests whales are actively positioning in the Bitcoin Hyper presale before public listing. Smart money is moving. Etherscan data reveals two high-net-worth wallets accumulated $116K recently, with the largest single buy hitting $63K on Jan 15, 2026. That kind of pre-market positioning signals strong conviction that the asset is undervalued. View the whale activity on Etherscan.

The numbers back this up. According to official data, the project has already raised $31,228,293.92—validating the market demand for Bitcoin scaling. With tokens currently priced at $0.0136751, the entry point offers the kind of asymmetric upside traders hunt for in early-stage infrastructure.

Plus, the tokenomics encourage holding. Stakers get high APY immediately after the Token Generation Event (TGE), with a modest 7-day vesting period for presale participants. This mechanism aims to reduce sell pressure at launch—a setup smart money looks for to ensure stability during price discovery. The combination of massive capital raises and verifiable whale activity suggests the market is pricing in a major shift toward Bitcoin programmability.

Explore the Bitcoin Hyper Community

Disclaimer This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry high risks, including total loss.

Key Takeaways Capital Rotation: Smart money is shifting from speculative assets to infrastructure plays, specifically targeting the undeveloped Bitcoin Layer 2 market. The Modular Thesis: The industry is favoring modular blockchains that separate settlement (Bitcoin) from execution (Layer 2s) for maximum efficiency. Technical Convergence: Projects merging Bitcoin’s security with the Solana Virtual Machine (SVM) are unlocking new use cases for $1 trillion in idle BTC capital. Bitcoin Hyper’s Momentum: With over $31 million raised and confirmed whale entries of up to $63K, $HYPER is positioning itself as a leader in the BTC L2 race.

Chicago-based cryptocurrency exchange Bitnomial has launched the first Tezos (XTZ) futures contracts regulated by the US Commodity Futures Trading Commission (CFTC), allowing both institutional and retail investors to gain exposure to the token without holding the underlying asset. The contracts are now live and accept cryptocurrency or US dollars as margin.

Bitnomial president Michael Dunn stated that a CFTC-regulated futures market with an established trading history meets a key requirement under the SEC’s generic listing standards for potential spot ETFs, highlighting the role of regulated derivatives in paving the way for broader institutional adoption. The exchange also confirmed it is actively exploring additional tokens to expand its US-regulated crypto derivatives offering.

The launch follows a challenging regulatory backdrop, including past disputes with the SEC over XRP futures. Bitnomial currently lists US-regulated futures tied to Cardano, XRP, and Aptos, positioning the exchange among the few US venues offering regulated crypto derivatives beyond Bitcoin and Ether.

Source: Bitnomial

Disclaimer: Crypto Economy Flash News is prepared using official and publicly available sources verified by our editorial team. Its purpose is to provide rapid updates on relevant developments within the crypto and blockchain ecosystem.

This information does not constitute financial advice or an investment recommendation. We recommend always verifying official project channels before making related decisions.

TL;DR Charles Hoskinson announced the “From Shell With Love” update for Logan the Exit Liquidity Lobster, Cardano's AI bot. The update will allow Logan to monitor tokens, project activity, and on-chain metrics, and connect project APIs and technical documentation.

Months ago, a prominent crypto analyst outlined a precise window where the Bitcoin price could enter a violent downside phase. At the time, the projection seemed extreme. Now, with price behavior beginning to align with that roadmap, the analyst has released a far more expansive update — one that not only reinforces the crash call but also maps what comes before and after the next major pivot.

Bitcoin Price Multi-Cycle Model Signals A Structural Reset In the update shared on X, the analyst integrates yearly, monthly, and weekly cycles to define both the potential magnitude of decline and the timing of the next pivot. On the yearly timeframe, Bitcoin sits in what he labels an extreme risk zone ahead of a projected pivot around February 2. The structure is left-translated with distributive price action — a formation linked to late-cycle weakness.

He compares the current setup to a previous harmonic phase where Bitcoin dropped roughly 50% from its all-time high before reaching the same pivot window. That decline produced a rebound of about 40% but failed to reach a new all-time high, suggesting the February pivot may bring relief rather than expansion. He also identifies a macro risk window from April to September 2026.

On the monthly cycle, the analyst marks a decisive pivot around December 22. Historical drawdowns in similar harmonics were 56%, 77%, and 34%, depending on the cycle context. The 77% drop occurred during a bear market, while the 34% retracement formed a mid-bull cycle. Upside rebounds ranged between 140% and 375%, with a later 158% expansion, showing that monthly harmonics often host the sharpest price dislocations.

On the weekly timeframe, a nearer-term pivot appears around November 19. Past pullbacks ranged from 20% to 34%, followed by upside expansions of 99%, 96%, 95%, 127%, and 69%, providing the tactical signals traders may rely on for short-term adjustments within the broader trend.

What’s More: Refined Crash Targets And The Bottom Window Beyond confirming the original crash call, the analyst refines the downside roadmap by synchronizing all three cycles. When harmonics align, volatility and pivot significance increase. While the full drawdown ranges 20%–77%, he narrows the likely decline to 34%–55% from the all-time high, noting deeper bear-market conditions are not yet confirmed.

The November weekly pivot appears too early for a macro bottom, with higher-timeframe pressure likely pushing the true pivot into January. A late-November dead-cat bounce is possible before further downside. Key levels: $90,000 (~30% drop) for November, $72,000 (~43% below the high) for January, with further support at $45,000 and $28,000 if selling intensifies.

The analyst remains cautious, noting the last comparable yearly harmonic rallied 40% without surpassing the all-time high, with similar limits expected before the May–September 2026 risk window. However, while his four-month-old crash call held, he believes Bitcoin’s path is far from over—investors should prepare for further downside and a multi-stage recovery shaping the next macro cycle.

BTC bears continue to put pressure on price | Source: BTCUSD on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com

Ethereum endured its sharpest decline of the year, losing $100 billion in market value and dropping nearly 27% in a week, with prices hitting $2,107, the lowest since May 2025.

Shiba Inu price hovers near critical support at $0.00000667 as long liquidations surge 8,972% above shorts. The death cross pattern signals a potential deeper decline ahead.

Newton Gitonga2 min read

4 February 2026, 08:39 PM

The Shiba Inu futures market experienced a dramatic imbalance over the past 12 hours. Data from CoinGlass reveals long liquidations exceeded short positions by 8,972%. The disparity signals mounting pressure on leveraged traders betting on price increases.

Approximately $18,710 in long positions were liquidated during this period. Short liquidations totaled just $208.85 by comparison. The skewed ratio suggests one-sided market positioning and declining buyer confidence in the meme coin's near-term prospects.

Death Cross Formation Confirms Bearish MomentumTechnical indicators paint a concerning picture for SHIB holders. The token has formed a death cross pattern, with its 23-day moving average crossing below the 50-day moving average. Traders commonly interpret this signal as a precursor to extended downward price movement.

At the time of writing, SHIB trades at around $0.000006707, hovering dangerously close to a critical support level at $0.00000667. The proximity to this threshold raises concerns about potential downside scenarios. A breakdown below this support could push the token into lower-liquidity zones where reliable price floors become difficult to identify.

The combination of lopsided liquidations and bearish technical patterns creates a challenging environment for the asset. Market participants appear hesitant to establish new long positions given recent price action. Volume metrics support this observation, showing reduced trading activity compared to historical averages.

Institutional Criticism Adds to Market UncertaintyBroader sentiment surrounding meme tokens faces scrutiny from institutional players. Evgeny Gaevoy, CEO of Wintermute, criticized current token economic models today. The institutional market maker executive described existing buyback and lockup mechanisms as fundamentally flawed in their implementation.

His comments arrive at a particularly sensitive time for SHIB. The token already contends with technical weakness and unfavorable derivatives positioning. Criticism from respected institutional figures may further erode confidence among retail and professional investors alike.

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Newton Gitonga covers cryptocurrencies, blockchain, and digital finance. He specializes in breaking down complex trends with clear, data-driven reporting. His work focuses on market analysis, technical insights, and the evolving role of altcoins in shaping global markets.

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Latest Shiba Inu News Today (SHIB)

TL;DR:

Alex Thorn denied that a client’s $9 billion sale was due to fears of quantum computing. The firm reported a net loss of $482 million in Q4 2025 following its earnings report. Mike Novogratz suggests the market is near a bottom thanks to potential legislative progress. Galaxy Digital addressed the ongoing speculation after a massive sell-off of assets was confirmed. The company clarified that the recent Bitcoin liquidation, valued at $9 billion, was not motivated by technological risks.

The company’s head of research, Alex Thorn, stated that fears regarding BTC’s quantum resistance were not the cause of this institutional operation. He added that they aim to calm the FUD generated on social media about the alleged current vulnerability of cryptography.

quantum is not why the whale sold

novo didn’t connect the two. he said it was one reason ppl are claiming for btc weakness, but he disagrees with that (this is clear if you read the full transcript)

he then clarified on bloomberg that quantum isn’t the reason for btc weakness https://t.co/pxvqOvsTZZ pic.twitter.com/JT5Qi0PXI4

— Alex Thorn (@intangiblecoins) February 3, 2026 Despite the clarification, the news coincided with quarterly results showing financial challenges for the organization. At the close of 2025, the firm reported significant losses in a context where the price of the primary asset briefly dipped below $74,000.

Debate on Quantum Security and the Regulatory Future Concern over advances in quantum computing is a recurring theme among asset managers and cryptographers. However, experts like Adam Back maintain that these types of threats would take decades to materialize and pose a real risk to the network.

To address these risks, the community is promoting improvement proposals such as BIP-360. This mechanism would introduce quantum-resistant signatures, ensuring the security of addresses that could be compromised in the distant future.

On the other hand, CEO Mike Novogratz remains optimistic about the ecosystem’s recovery through the CLARITY Act. The executive assured that a clear regulatory framework in the United States will serve as a catalyst to stabilize prices and attract capital flow once again.

In summary, while large-scale liquidations generate panic, Bitcoin’s technical fundamentals remain solid. The industry is now focusing its attention on meetings between the Donald Trump administration and sector leaders to define the future of stablecoins and market structure.

The comments came during Bessent's Congressional testimony on Wednesday in a tense exchange with California Representative Brad Sherman.

United States Treasury Secretary Scott Bessent testified before Congress on Wednesday and reiterated that the US will retain Bitcoin (BTC) acquired through asset seizures but will not direct private banks to purchase more BTC in the event of a market downturn.

California Congressman Brad Sherman, a major critic of Bitcoin and cryptocurrencies, asked Bessent: “Does the Treasury Department or the various components of the Federal Open Market Committee have the authority to bail out Bitcoin?”

Sherman then asked Bessent if he plans to direct private banks to acquire more BTC or “Trump Coin,” a reference to memecoins connected to US President Donald Trump, through changing banking reserve requirements to allow them to buy more. Bessent said:

“I am Secretary of the Treasury. I do not have the authority to do that, and as chair of the Financial Stability Oversight Council (FSOC), I do not have that authority.” Secretary Bessent testifies before Congress on Wednesday. Source: CNBCBessent added that the $500 million in seized Bitcoin retained by the US government surged to over $15 billion while in custody.

The testimony is the latest update on the Bitcoin strategic reserve initiative, which was established by Trump through an executive order in March 2025. However, the order has drawn backlash from some in the Bitcoin community, who say it did not go far enough.

US to acquire more Bitcoin through budget-neutral strategies onlyTrump’s executive order stipulated that the US could only acquire more BTC for the strategic reserve through asset forfeiture cases or budget-neutral strategies.

Budget-neutral methods do not add line-item expenses to the US budget and include converting other existing reserve assets, such as petroleum or precious metals, to Bitcoin. 

This means the US government will not acquire additional BTC in open market operations, as many in the Bitcoin community had hoped.

Source: Scott BessentIn August 2025, Bessent said the Treasury Department is exploring acquiring BTC through budget-neutral methods, backtracking on previous comments.

The US government actively buying BTC creates demand for the digital currency, which may raise asset prices and potentially send a signal to other nation-states to establish their own strategic reserves, according to Bitcoin advocate Samson Mow.

Magazine: US risks being ‘front run’ on Bitcoin reserve by other nations: Samson Mow

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Veteran crypto analyst Zack Humphries warns Shiba Inu holders to stop relying on the team's optimism and treat SHIB like any other risky altcoin.

Newton Gitonga2 min read

4 February 2026, 06:55 PM

A seasoned cryptocurrency analyst who profited from Shiba Inu's meteoric 2021 rally has issued a stark warning to current holders. Market expert Zack Humphries challenges investors to stop treating SHIB as a guaranteed recovery play and start managing it like any other high-risk cryptocurrency position.

The warning comes in response to recent optimistic statements from Shiba Inu's marketing lead, Lucie, who painted a rosy picture of the meme coin's prospects. While Humphries acknowledges the positive sentiment, he criticizes the lack of balanced analysis that fails to address significant risks and structural challenges facing the token.

Reality Behind the OptimismHumphries maintains that Shiba Inu remains a substantial cryptocurrency asset. The token holds a market capitalization of $4 billion and ranks approximately 25th among global digital assets. He expects SHIB will eventually experience some form of price recovery.

However, he strongly objects to investors using bullish social media posts as justification for continued heavy investment. The analyst emphasizes that relying on reassuring messages from team members creates a dangerous mindset. Investors who continuously pour money into SHIB based solely on insider optimism are making a critical error.

The core issue centers on investor behavior rather than the token's legitimacy. Humphries points out that treating promotional content as investment advice leads to poor portfolio management. Holders must distinguish between project enthusiasm and sound financial strategy.

Altcoin Market Struggles and Ethereum DependenceThe broader altcoin market has faced severe headwinds since the 2021 peak. Humphries describes the environment as exceptionally difficult for alternative cryptocurrencies. SHIB faces a particular vulnerability tied directly to Ethereum's performance.

The analyst explains that Shiba Inu struggles significantly when Ethereum fails to lead the market. The token's price action depends heavily on ETH momentum. This dependency creates problems because Ethereum has underperformed Bitcoin for an extended period.

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EthereumLatest Shiba Inu News Today (SHIB)

U.S. Treasury Secretary Scott Bessent came under intense scrutiny from lawmakers during a contentious House hearing, with sharp exchanges over World Liberty Financial (WLFI), a Trump-linked crypto and DeFi venture, and the Treasury Department's role in bitcoin (BTC) oversight.

On Wednesday, during a House Financial Services Committee hearing focused on the Treasury's Financial Stability Oversight Council, of which Bessent leads, Rep. Gregory Meeks, D-NY., sharply criticized World Liberty Financial and its links to the United Arab Emirates.

That link has recently come under fire after The Wall Street Journal reported that an investment vehicle backed by Emirati Sheikh Tahnoon bin Zayed Al Nahyan secretly acquired a 49% stake in World Liberty Financial for $500 million just days before Trump's inauguration. President Trump later denied knowledge of that investment.

This comes as World Liberty Financial is seeking a bank charter, and last month filed an application to the Office of the Comptroller of the Currency. Meeks said he wants Bessent to pause any bank charter connected to World Liberty Financial until conflicts of interest are reviewed and investigated.

Bessent said the OCC is an independent entity, but didn't answer the question as to whether he would investigate World Liberty Financial. The exchange escalated from there, with both yelling and talking over each other, ending with Meeks saying to the Treasury Secretary, "to stop covering for the president."

Bessent was also asked about the Treasury's role involving Bitcoin. Trump signed an executive order in March 2025 for a strategic bitcoin reserve, whereby bitcoin in the reserve will initially come from funds forfeited as part of a criminal or civil asset forfeiture, and that bitcoin deposited into the reserve cannot be sold.

Rep. Brad Sherman, D-Calif., asked Bessent if he had the authority to "bail out bitcoin" and if he could "order banks to buy bitcoin or to invest U.S. tax dollars in bitcoin or Trump coin."

"I am Secretary of the Treasury, I do not have the authority to do that, and as chair of FSOC, I do not have that authority," Bessent said, adding later that the Treasury is retaining bitcoin that's been seized.

Bessent's authority over central bank digital currencies also came up during Wednesday's hearing, and whether he was aware of any Federal Reserve or government efforts to develop a U.S. CBDC.

"Absolutely not," Bessent said.

The Federal Reserve has been exploring the possibility of issuing a CBDC and released a report in 2024 examining the pros and cons of a CBDC, but central bank officials have thrown cold water on the idea in the past. Fed Chair Jerome Powell has also said the Fed won't issue a CBDC without congressional approval.

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Shiba Inu lead developer Shytoshi Kusama has returned to the X platform, teasing an important update for the SHIB community. This comes just as the meme coin’s price crashed to a 3-year low amid the recent crypto market crash. 

Shiba Inu Lead Developer Returns as Price Hits New Lows In an X post, the Shiba Inu lead developer revealed that he had an “ultra important” update for the SHIB community. Shytoshi indicated that it was a very important update, noting how it could take 2 more hours to explain and that it was “extremely important to many.” Meanwhile, in a subsequent X post, the developer hinted that the update may be related to AI and a potential integration.

Meanwhile, Shiba Inu developer Kaal Dhairya has yet to comment on what the update may be about. However, he defended Shytoshi following criticisms from some members of the SHIB community over the developer’s cryptic comments. SHIB marketing lead Lucie also commented on Shytoshi’s statement, indicating that she was waiting on the update. 

The Shiba Inu lead developer’s return comes amid the recent crash in the Shiba Inu price, with the meme coin falling to a 3-year low of $0.000006461. SHIB’s crash follows the broader crypto market downtrend, with Bitcoin dropping to a new yearly low of $73,000. Crypto traders also appear to be bearish on the meme coin at the moment as CoinGlass data shows a 4% drop in SHIB’s open interest. 

Furthermore, the long/short ratio is currently below 1, signaling that more traders are shorting Shiba Inu in anticipation of lower prices. The SHIB price is now down year-to-date (YTD), erasing the double-digit gains that it recorded at the start of the year. 

SHIB’s Rebuild Depends On Execution, Not Price In an X article, Lucie indicated that the key to rebuilding confidence in the Shiba Inu ecosystem is execution and not price. She remarked that real confidence would show up first in behavior, not charts. She outlined ways they can improve this execution, including ensuring steady activity on the Ethereum layer-2 network, Shibarium. 

Furthermore, the Shiba Inu marketing lead stated that they must avoid repeating exploit patterns and ensure a smooth LEASH migration. She also addressed the developers, saying that they have to ship new upgrades without drama. 

Meanwhile, Lucie noted that users must continue interacting on the network even when the Shiba Inu price is stagnant, as this is what a recovery phase looks like. The SHIB executive added that the meme coin sits between two states as an asset that is no longer just a meme coin but one that isn’t yet a mature infrastructure network. 

At the time of writing, the Shiba Inu price is trading at around $0.000006774, down almost 2% in the last 24 hours, according to data from CoinMarketCap.

SHIB trading at $0.0000068 on the 1D chart | Source: SHIBUSDT on Tradingview.com Featured image from Sketchfab, chart from Tradingview.com

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Posted: February 5, 2026

Artificial Intelligence (AI) integration into cryptocurrency appears to be a sustainable trend.

The partnership has led to the launch of multiple AI-driven cryptos like ChainOpera AI, among others like the Fartcoin [FARTCOIN] and Pippin [PIPPIN] memecoins.

ChainOpera AI’s COAI token rallied over 24% in the past 24 hours, though it’s stayed way below its peak valuation. With a potential market structure break in play, will COAI recover some of its cap?

Is COAI’s market structure shift in play? The altcoin crashed by more than 37% on the 18th of January and has since been trading down toward the low that was created. COAI has consolidated for more than five days at these levels around $0.2714.

However, the past 24 hours saw COAI break out from this sideways movement to a day’s high of $0.3331. Since then, the market has entered a pullback, which seems to be confirming the retest area.

The Stochastic RSI was still in the overbought zone at press time, indicating buyers were still interested in the altcoin. Moreover, the MACD suggested that their strength was intact and had been growing despite the last-minute cool-off.

Source: COAI/USDT; TradingView

If the altcoin remains above the consolidation area, COAI may experience a structural shift. Conversely, the weakness might continue draining COAI’s valuation.

With numerical data showing a potential shift, the same is true for on-chain data.

Transactions surge as VCs increase their stake As per data from BscScan, transactions of more than 1 million COAI tokens have been on the rise over the past two weeks. These orders, surpassing the aforementioned scale, moved a total of over 55 million COAI tokens during this period.

While most of them involved exchange-to-exchange transfers, there were a couple of them from individual wallets. This indicated that activity was picking up while also signaling potential accumulation.

Source: BscScan

Venture Capital (VC) has backed these transfers since 2021. AI narratives are ahead of crypto in terms of capital invested by VCs, as per Miles Deutscher.

In 2024, the ratio of AI investments to crypto investments was 8x, and it is projected to be 11x in 2025. This gives COAI a competitive advantage due to its integration of AI.

Source: Miles Deutscher/X

Although individuals and institutions are changing their perspectives on COAI, the liquidity levels present a distinct picture. What is in the details?

Will liquidity derail the breakout? On the Liquidation Heatmap chart, orders formed below the level of $0.30 as the price continued to pull back at press time. Further declines could spark a long squeeze that would in turn accelerate the drop.

Source: CoinGlass

Still, the orders forming above the price of $0.33 may pull the price toward it if they outweigh those below. The price confinement between the liquidity zones places COAI’s price at a critical juncture in its next direction bias.

These thousands of COAI orders could derail the ongoing market structure shift while also providing a chance to accelerate it.

Final Thoughts ChainOpera AI is up 24% amid a structural shift, activity spike, and VC backing. COAI price faces a key test at the retest zone as liquidity continues to build.