NOTE 4             INVESTMENT

During the three months ended June 30, 2026, the Company acquired 126,000 shares of On Re, a private tokenized reinsurance company on the Solana blockchain which is incorporated in England and Wales. The shares acquired represent approximately 9.9% of On Re’s shares on a fully diluted basis and were purchased in a combination of newly issued shares and shares purchased from existing On Re shareholders. An additional $266,000 primary subscription for 18,000 additional shares remains subject to regulatory approval from the Bermuda Monetary Authority. At June 30, 2026, the Company did not have significant influence over On Re and therefore accounted for this investment under the cost method. The investment in On Re was recorded at $1,901,000, representing the cash paid for the shares purchased. The Company will evaluate the accounting for this investment in future periods as needed.

In connection with the Company’s investment in On Re, the Company committed to purchase up to $25.0 million of On Re’s ONyc token, which is built natively and trades exclusively on the Solana blockchain. The Company’s obligation to fund this commitment is subject to the terms and conditions set forth in the applicable investment documentation. If the Company fails to fund this commitment within thirty days of the applicable deadline, the lead co-investors have the right to acquire the Company’s equity stake in On Re at the original purchase price. During the three and nine months ended June 30, 2026, the Company purchased $18,048,000 of On Re’s ONyc token. The Company has evaluated its remaining commitment in the context of its liquidity planning and believes it has adequate resources to fund this obligation, subject to market conditions.