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TORONTO — Starlight Investments Capital GP Inc. (“Starlight Capital”), on behalf of Global Real Assets Trust (the “Trust”), announced today the Trust’s financial results for the three and twelve months ended December 31, 2025.
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Q4 2025 & 2025 HIGHLIGHTS
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Portfolio Investments
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As of December 31, 2025, the Trust had an investment of $188,799,591 (December 31, 2024 – $253,961) in the four Private Portfolio LPs and an investment in the Public Equity LP of $25,171,937 and $11,544,811 in two investments in the Private Portfolio (in five investments in the Private Portfolio December 31, 2024 – $27,901,801). The Public Equity LP had 35 investments with an effective market value of $1,734,255 in publicly traded global real estate and infrastructure securities.
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The Public Equity LP’s investment portfolio remains liquid, and the Trust does not anticipate any issues in being able to meet the liquidity needs of the Trust.
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Distributions
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As at December 31, 2025, the Trust declared four distributions of $0.1523 per Series C (formerly, Series A) unit for a total distribution of $0.6092 per Series C unit, four distributions of $0.1546 per Series F unit for a total distribution of $0.6184 per Series F unit, four distributions of $0.1575 per Series I unit for a total distribution of $0.6300 per Series I unit, one distribution of $0.1500 per Series B unit and one distribution of U.S. $0.1500 per Series B USD unit. In addition, the distributions declared included a component funded by the Trust’s distribution reinvestment plan (“DRIP”), which allows Unitholders to elect to reinvest cash distributions into their respective series of units at net asset value.
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Unitholders of record will receive the “per-unit” quarterly distributions as per the schedule below:
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Series C (SLC1103) Dividend Rate | Series B (CAD) (SLC1403) Dividend Rate | Series B (USD) (SLC1803) Dividend Rate | Series F (SLC1203) Dividend Rate | Series I (SLC1903) Dividend Rate | Record Date | Payable Date |
0.152317 | 0.150000 | 0.150000 | 0.154596 | 0.157470 | 29-Jun-26 | 30-Jun-26 |
0.152317 | 0.150000 | 0.150000 | 0.154596 | 0.157470 | 29-Sep-26 | 30-Sep-26 |
0.152317 | 0.150000 | 0.150000 | 0.154596 | 0.157470 | 30-Dec-26 | 31-Dec-26 |
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The tax composition of the Trust’s distributions are determined on an annual basis and will be available only after the Trust’s tax year-end.
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Quarterly Redemption of Units
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On December 31, 2025, 14,297 Series F units were redeemed under the quarterly redemption with a net asset value of $10.5034 for total proceeds of $150,167.
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Trust Mergers
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On October 3, 2025, the mergers of Starlight Private Global Infrastructure Pool, Starlight Private Global Real Estate Pool and Starlight Global Private Equity Pool into the Trust were completed. In connection with the mergers, the Trust issued 14,398,755 Series B units and 28,772 Series B US$ units, 517,046 Series C units, 6,692,451 Series I units at a NAV per unit of $10.00, US$10.00, $10.3701 and $11.5973, respectively for a total of $227,365,164.
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FINANCIAL AND OPERATIONAL HIGHLIGHTS
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As at December 31, 2025 | As at December 31, 2024 | |
Current assets | $246,784,923 | $29,038,585 |
Current liabilities | 1,364,808 | 823,755 |
Net assets attributable to holders of redeemable units per series | ||
Series B | 139,239,515 | – |
Series B USD | 387,884 | – |
Series C | 5,210,455 | 25,562 |
Series F | 24,659,931 | 28,187,903 |
Series I | 75,922,330 | 1,365 |
$245,420,115 | $28,214,830 |
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ANALYSIS OF FINANCIAL PERFORMANCE
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The Trust’s financial performance and results of operations for the three and twelve months ended December 31, 2025, and 2024 are summarized below:
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Three months ended December 31, 2025 | Three months ended December 31, 2024 | |
Investment income | $118,338 | $91,012 |
Net realized gain (loss) on sale of investments and cash | 3,330,482 | (25,945) |
Net change in unrealized (depreciation) appreciation of investments and cash | (7,521,592) | 1,483,829 |
Total gain (loss) | $(4,072,772) | $1,548,896 |
Expenses | (1,679,045) | (178,363) |
Net investment income (loss) | (5,751,817) | 1,370,533 |
Increase/(decrease) in net assets attributable to holders of redeemable units | $(5,751,817) | $1,370,533 |
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Year ended December 31, 2025 | Year ended December 31, 2024 | |
Investment income | $149,680 | $18,285 |
Net realized gain (loss) on sale of investments and cash | 4,159,381 | 889,295 |
Net change in unrealized (depreciation) appreciation of investments and cash | (8,950,229) | 2,474,116 |
Total gain (loss) | $(4,641,168) | $3,358,655 |
Expenses | (2,190,803) | (642,368) |
Net investment income (loss) | (6,831,971) | $2,739,328 |
Increase/(decrease) in net assets attributable to holders of redeemable units | $(6,831,971) | $2,739,328 |
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Forward-looking statements
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Certain statements in this press release are forward-looking and involve a number of risks and uncertainties, including statements regarding the liquidity needs of the Trust and the payment of quarterly distributions. Forward-looking statements (“FLS”) are provided for the purpose of assisting the reader in understanding the Trust’s financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management’s current expectations and plans relating to the future. Readers are cautioned such statements may not be appropriate for other purposes. FLS involve known and unknown risks and uncertainties, which may be general or specific and which give risk to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, assumptions may not be correct and objectives, strategic goals and priorities may not be achieved. FLS are statements that are predictive in nature, depend upon or refer to future events or conditions, or that include words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “intend,” “plan,” “believe,” or “estimate,” or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future performance and are by their nature based on numerous assumptions.
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