Highlights 

  • Book value per share increases to USD 4.05 from USD 3.96 in Q2 2025 
  • Net earnings of USD 9.7 mn supported by gains on Helios Managed Investments 
  • Commits USD 20 mn to Helios Fund V after its first close 

Helios Fairfax Partners Corporation (OTC:HFPC.U) released its financial results for the three and nine months ended September 30, 2025. The company reported net earnings of USD 9.7 mn for the third quarter, compared with USD 11.6 mn in the prior quarter and USD 4.0 mn in Q3 2024. 

Book value per share rose to USD 4.05 from USD 3.96 in the previous quarter, mainly reflecting unrealized gains on Helios Managed Investments and TopCo LP Class A and B Limited Partnership Interests. These gains were partially offset by unrealized losses related to the company’s indirect equity investment in Nova Pioneer. 

During the quarter, Helios Fairfax Partners deployed USD 4.5 mn from its USD 10 mn loan facility with HSEG and contributed USD 0.6 mn toward capital calls for Helios Fund V. The company also made a USD 20 mn commitment to Helios Fund V and an additional USD 2 mn for the management team’s participation, which entitles it to 50% of any carried interest generated through its ownership of TopCo LP Class A. 

Management Commentary 

“The third quarter of 2025 delivered another period of growth in book value and net earnings, reflecting continued momentum across our Helios Managed Investments and the value created from the underlying Helios platform,” said Tope Lawani and Babatunde Soyoye, Co-CEOs of Helios Fairfax Partners. “Our carried interest exposure benefited from our first investment in the Helios CLEAR fund as well as overall performance in Helios Fund IV. We also advanced the development of strategies including Helios Sports & Entertainment. 

“With the first close of Helios Fund V and growing investor interest across our platform, we remain confident in our ability to generate sustained capital appreciation and long-term value for our shareholders,” they added. 

Financial Performance and Position 

For the first nine months of 2025, the company reported net earnings of USD 22.1 mn, compared to a net loss of USD 17.2 mn during the same period in 2024. The turnaround was mainly driven by USD 48.2 mn in net gains from Helios Managed Investments and USD 7.8 mn in gains from TopCo LP, following the initial investment made by the Helios CLEAR Fund. 

Total operating expenses for the nine-month period were USD 16.7 mn, partly offset by USD 4.0 mn in interest income. The year-over-year rise in expenses was primarily related to USD 2.7 mn in costs tied to the Helios Seven Rivers Fund. 

As of September 30, 2025, book value per share stood at USD 4.05, up from USD 3.84 on December 31, 2024. The company held USD 15.5 mn in cash and cash equivalents, with 108,291,576 common shares outstanding.