Technology

Tucows Delivers Strong Q1 with Gains in Revenue, Gross Profit and Adjusted EBITDA

Published

1 year ago

May 8, 2025

TORONTO, May 8, 2025 /CNW/ – Tucows Inc. (NASDAQ: TCX) (TSX: TC), a global internet services leader, today reported its unaudited financial results for the first quarter ended March 31, 2025. All figures are in U.S. dollars.

“On the heels of four years of strong revenue growth, we are very pleased with our first quarter results,” said Elliot Noss, President and CEO of Tucows. “All three of our businesses delivered year-over-year gains, with an 8% increase in consolidated revenue, a 29% increase in gross profit, and a more than threefold improvement in Adjusted EBITDA compared to Q1 last year. Importantly, we achieved a substantial year-over-year reduction in net loss through strong revenue growth and cost optimization initiatives. We also continued to deleverage the business with payments on our syndicated debt. The progress we are making across the organization positions us well for continued improvement in 2025 and beyond.”

Financial Results

Consolidated net revenue for the first quarter of 2025 increased 8.2% to $94.6 million from $87.5 million for the first quarter of 2024, driven by strong year-over-year revenue gains from all three Tucows businesses.

Gross profit for the first quarter of 2025 increased 28.5% to $23.5 million from $18.3 million from the first quarter of 2024. The increase in gross profit was driven by strong year-over-year gains from all three Tucows businesses.

Net loss for the first quarter of 2025 narrowed significantly to $15.1 million, or a loss of $1.37 per share, compared to a net loss of $26.5 million, or a loss of $2.42 per share, for the first quarter of 2024, reflecting improved operational efficiency and revenue momentum. Adjusted net income1 (loss) and Adjusted EPS1 in Q1 2025 are ($14.9 million) and ($1.35) per share compared to Q1 2024 Adjusted net income1 (loss) of ($23.4 million) and Adjusted EPS1 of ($2.14) per share.

Adjusted EBITDA1 for the first quarter of 2025 climbed 225% to $13.7 million from $4.2 million for the first quarter of 2024, highlighting the strength of our operating leverage. The year-over-year increase was driven by growth of revenues from all three businesses, margin gains, and company-wide cost-reduction efforts, including the 2024 Ting capital efficiency plan.

We ended the first quarter of 2025 with cash and cash equivalents, and restricted cash and restricted cash equivalents of $55.0 million, while continuing to reduce debt and invest in growth. This compares with $73.2 million at the end of the fourth quarter of 2024 and $79.4 million at the end of the first quarter of 2024.

Summary Financial Results
(In Thousands of US Dollars, except Per Share data)

3 Months ended March 31

2025

(unaudited)

2024
(unaudited)

% Change
(unaudited)

Net Revenues

94,609

87,457

8 %

Gross Profit

23,531

18,316

28 %

Income Earned on Sale of Transferred Assets, net

2,741

3,621

(24) %

Net Income (Loss)

(15,133)

(26,484)

43 %

Adjusted Net Income (Loss)¹

(14,914)

(23,380)

36 %

Basic earnings (Loss) per common share

(1.37)

(2.42)

43 %

Adjusted Basic earnings (Loss) per common share¹

(1.35)

(2.14)

37 %

Adjusted EBITDA¹

13,671

4,202

225 %

Net cash provided by (used in) operating activities

(11,251)

(5,678)

(98) %

1 Non-GAAP financial measures are described below and reconciled to GAAP measures in the accompanying tables.

Summary of Revenues, Gross Profit and Adjusted EBITDA
(In Thousands of US Dollars)

Revenue

Gross Profit

Adj. EBITDA¹

3 Months ended March 31

2025
(unaudited)

2024
(unaudited)

2025
(unaudited)

2024
(unaudited)

2025
(unaudited)

2024
(unaudited)

Ting Internet Services:

Fiber Internet Services

16,315

14,102

10,478

8,742

(854)

(9,537)

Wavelo Platform Services:

Platform Services

11,396

9,365

11,259

9,033

4,449

Other Professional Services

Total Wavelo Platform Services

11,396

9,390

11,259

9,039

2,787

Tucows Domain Services:

Wholesale

Domain Services

50,004

48,151

9,623

9,488

Value Added Services

5,903

4,703

5,423

4,156

Total Wholesale

55,907

52,854

15,046

13,644

Retail

9,348

9,028

5,169

4,892

Total Tucows Domain Services

65,255

61,882

20,215

18,536

11,540

10,011

Corporate:

Mobile Services and Eliminations

1,643

2,083

(2,504)

(654)

(1,464)

941

Network Expenses:

Network, other costs

n/a

(4,971)

(7,064)

n/a

Network, depreciation of property and equipment

n/a

(10,376)

(9,865)

n/a

Network, amortization of intangible assets

n/a

(366)

(365)

n/a

Network, impairment

n/a

(204)

(53)

n/a

Total Network Expenses

n/a

(15,917)

(17,347)

n/a

Total

94,609

87,457

23,531

18,316

13,671

4,202

1 Non-GAAP financial measures are described below and reconciled to GAAP measures in the accompanying tables.

Notes:

1. Tucows reports all financial information required in conformity with United States generally accepted accounting principles (GAAP).

Along with this information, to assist financial statement users in an assessment of our historical performance, the Company discloses non-GAAP financial measures in press releases and on investor conference calls and related events, as the Company believes that the non-GAAP information enhances investors’ overall understanding of our financial performance, and should be read in addition to, rather than instead of, the financial statements prepared in accordance with GAAP.

Non-GAAP financial measures do not reflect a comprehensive system of accounting and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies and/or analysts and may differ from period to period. The Company endeavors to compensate for these limitations by providing the relevant disclosure of the items excluded in the calculation of Adjusted EBITDA to net income based on U.S. GAAP; Adjusted net income to GAAP net income; and adjusted basic earnings per share to GAAP basic earnings per share, which should be considered when evaluating the Company’s results. Tucows strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure.

Adjusted EBITDA

The Company believes that the provision of this supplemental non-GAAP measure allows investors to evaluate the operational and financial performance of the Company’s core business using similar evaluation measures to those used by management. The Company uses Adjusted EBITDA to measure its performance and prepare its budgets. Since Adjusted EBITDA is a non-GAAP financial performance measure, the Company’s calculation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies; and should not be considered in isolation, as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP. Because Adjusted EBITDA is calculated before certain recurring cash charges, including interest expense and taxes, and is not adjusted for capital expenditures or other recurring cash requirements of the business, it should not be considered as a liquidity measure.

The Company’s Adjusted EBITDA definition excludes depreciation, impairment and loss on disposition of property and equipment, amortization of intangible assets, income tax provision, interest expense (net), stock-based compensation, asset impairment, gains and losses from unrealized foreign currency transactions, loss on debt extinguishment and costs that are not indicative of on-going performance (profitability), including acquisition and transition costs. Gains and losses from unrealized foreign currency transactions removes the unrealized effect of the change in the mark-to-market values on outstanding unhedged foreign currency contracts, as well as the unrealized effect from the translation of monetary accounts denominated in non-U.S. dollars to U.S. dollars.

The following table reconciles net income (loss) to Adjusted EBITDA (in thousands of US dollars):

3 Months ended March 31

2025 (unaudited)

2024 (unaudited)

Net income (Loss) for the period

(15,133)

(26,484)

Less:

Provision (recovery) for income taxes

2,166

1,774

Depreciation of property and equipment

10,460

9,987

Impairment of property and equipment

204

Amortization of intangible assets

1,205

1,679

Interest expense, net

13,613

11,879

Stock-based compensation

1,505

1,873

Unrealized loss (gain) on foreign exchange revaluation of foreign denominated monetary assets and liabilities

(364)

390

Acquisition and transition costs*

3,051

Adjusted EBITDA

13,671

4,202

* Acquisition and transition costs represent transaction-related expenses and transitional expenses. Expenses include severance or transitional costs associated with department, operational or overall company restructuring efforts, including geographic alignments.

Adjusted Net Income and Adjusted Basic Earnings Per Common Share (Adjusted EPS)

The Company believes that the provision of this supplemental non-GAAP measure allows investors to best evaluate our operating results and understand the operating trends of our core business without the effect of acquisition and transition costs, impairment expenses and losses on extinguishment of debt. Acquisition and transition costs represent transaction-related expenses and transitional expenses. Expenses include severance or transitional costs associated with department, operational or overall company restructuring efforts, including geographic alignments. Since adjusted net income and adjusted EPS are non-GAAP financial performance measures, the Company’s calculation of adjusted net income and adjusted EPS may not be comparable to other similarly titled measures of other companies; and should not be considered in isolation, as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP.

The Company’s adjusted net income and adjusted EPS definitions exclude from the calculation of reported GAAP net income and GAAP EPS, the effect of the following items: impairment of property and expenses, acquisition and transition costs (including restructuring charges) and loss on debt extinguishment.

The following table reconciles adjusted net income and adjusted EPS to GAAP net income (In thousands of US dollars, except Per Share data):

3 Months ended March 31

2025 (unaudited)

2024 (unaudited)

Net Income (Loss) for the period

(15,133)

(26,484)

Less:

Acquisition and transition costs*

3,051

Impairment of property and equipment

204

Adjusted Net Income (Loss)¹ for the period

(14,914)

(23,380)

Adjusted Basic Earnings (Loss) Per Common Share¹

(1.35)

(2.14)

Management Commentary

Concurrent with the dissemination of its quarterly financial results news release at 5:05 p.m. ET on Thursday, May 8, 2025, management’s pre-recorded audio commentary (and transcript), discussing the quarter and outlook for the Company will be posted to the Tucows website at http://www.tucows.com/investors/financials.

Following management’s prepared commentary, for the subsequent seven days, until Thursday, May 15, 2025, shareholders, analysts and prospective investors can submit questions to Tucows’ management at ir@tucows.com. Management will post responses to questions in an audio recording and transcript to the Company’s website at http://www.tucows.com/investors/financials, on Tuesday, May 27, 2025, at approximately 5 p.m. ET. All questions will receive a response, however, questions of a more specific nature may be responded to directly.

About Tucows

Tucows helps connect more people to the benefit of internet access through communications service technology, domain services, and fiber-optic internet infrastructure. Ting (https://ting.com) delivers fixed fiber Internet access with outstanding customer support. Wavelo (https://wavelo.com) is a telecommunications software suite for service providers that simplifies the management of mobile and internet network access; provisioning, billing and subscription; developer tools; and more. Tucows Domains (https://tucowsdomains.com) manages approximately 24 million domain names and millions of value-added services through a global reseller network of over 35,000 web hosts and ISPs. Hover (https://hover.com) makes it easy for individuals and small businesses to manage their domain names and email addresses. More information can be found on Tucows’ corporate website (https://tucows.com).

Tucows, Ting, Wavelo, and Hover are registered trademarks of Tucows Inc. or its subsidiaries.

This release includes forward-looking statements as that term is defined in the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding our expectations regarding our future financial results and, including, without limitation, our expectations regarding our ability to realize synergies from the Enom acquisition and our expectation for growth of Ting Internet. These statements are based on management’s current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Information about other potential factors that could affect Tucows’ business, results of operations and financial condition is included in the Risk Factors sections of Tucows’ filings with the Securities and Exchange Commission. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. All forward-looking statements are based on information available to Tucows as of the date they are made. Tucows assumes no obligation to update any forward-looking statements, except as may be required by law.

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SOURCE Tucows Inc.

Technology

Cognizant Schedules Third Quarter 2026 Earnings Release and Conference Call

Published

18 minutes ago

October 2, 2026

TEANECK, N.J., Oct. 2, 2026 /PRNewswire/ — Cognizant (Nasdaq: CTSH), a leading AI builder and technology services provider, will announce results for the third quarter of 2026 on Thursday, October 29, 2026 before market open.

Following the release, Cognizant management will conduct a conference call at 8:30 a.m. (Eastern) to discuss operating performance for the quarter. To participate in the conference call, domestic callers can dial 877-810-9510 and international callers can dial 201-493-6778 and provide the following conference passcode: Cognizant Call.

The conference call will also be available live on the Investor Relations section of the Cognizant website at http://investors.cognizant.com. Please go to the website at least 15 minutes prior to the call to register and to download and install any necessary audio software.

For those who cannot access the live broadcast, a replay will be available by dialing (877) 660-6853 for domestic callers or (201) 612-7415 for international callers and entering 13762450 from two hours after the end of the call until Thursday, November 12, 2026. The replay will also be available at Cognizant’s website http://investors.cognizant.com for 60 days following the call.

About Cognizant

Cognizant (NASDAQ: CTSH) is an AI builder and technology services provider, building the bridge between AI investment and enterprise value by building full-stack AI solutions for our clients. Our deep industry, process and engineering expertise enables us to build an organization’s unique context into technology systems that amplify human potential, realize tangible returns and keep global enterprises ahead in a fast-changing world. See how at www.cognizant.ai or @cognizant.com

Investor Contact:
Tyler Scott, Senior Vice President, Investor Relations, (551) 220-8246, tyler.scott@cognizant.com

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SOURCE Cognizant Technology Solutions Corporation

Technology

Parry Labs Secures Enterprise Agreement with General Dynamics Land Systems

Published

18 minutes ago

October 2, 2026

Long-term software partnership expands deployment of STRATIA® and VIW across next-generation combat vehicle programs

ALEXANDRIA, Va., Oct. 2, 2026 /PRNewswire/ — Parry Labs today announced that it has signed a five-year Enterprise License Agreement (ELA) with General Dynamics Land Systems (GDLS) for its STRATIA® and VIW software platforms. The agreement marks a significant expansion of the companies’ strategic relationship and reinforces Parry Labs’ role as a trusted software partner supporting the modernization of U.S. Army ground combat systems.

The enterprise agreement builds on Parry Labs’ successful support of the worldwide combat vehicle fleet and modernization programs, transitioning the relationship from individual program engagements to a long-term enterprise software partnership. By standardizing on STRATIA and VIW, General Dynamics Land Systems will continue leveraging Parry Labs’ modular, open architecture software to accelerate development, integration, and deployment across mission-critical vehicle platforms.

As the Army modernizes, software has become a decisive enabler of future combat capability. The platform must rapidly integrate advanced technologies while maintaining a secure, modular, and continuously upgradable software architecture aligned with Ground Combat Systems Common Infrastructure Architecture (GCIA) and Modular Open Systems Approach (MOSA) principles. Achieving these objectives requires robust cybersecurity, resilient network architectures, and software designed to support mixed-criticality environments throughout development, integration, and operational deployment.

Parry Labs addresses these challenges by delivering mission-critical computer software configuration items (CSCIs), software integration, and engineering expertise spanning cybersecurity, systems and software architecture, and network design. Through STRATIA and VIW, the company enables accelerated software development while supporting GCIA compliance, FACE™ Technical Standard conformance, and seamless integration across evolving vehicle architectures. This approach enables General Dynamics Land Systems to rapidly prototype, integrate, and field new technologies while preserving the flexibility and interoperability essential to modern combat systems.

“This agreement represents an important milestone for Parry Labs,” said Don Claussen, CEO of Parry Labs. “A five-year enterprise commitment reflects the confidence GDLS has in both our technology and our team’s ability to consistently deliver on complex defense programs. We’re proud to support their mission with software designed to enable faster innovation, strengthen cyber resilience, and accelerate delivery of next-generation capabilities to the warfighter.”

“We design our combat vehicles to rapidly integrate new digital capabilities,” said Jeff Massimilla, Vice President of Engineering, Design and Technology at General Dynamics Land Systems. “Parry Labs’ STRATIA and VIW platforms provide a powerful, open and cyber-resilient software foundation that aligns with GCIA and MOSA principles and helps ensure warfighters receive modernized, mission-ready systems faster. This is what it means to deliver the power to win.”

The award underscores a broader shift across the defense industry toward enterprise software strategies that prioritize open systems, reusable capabilities, and long-term digital modernization. Rather than procuring software on a program-by-program basis, enterprise agreements provide greater continuity, accelerate capability delivery, and establish a foundation for future innovation.

The contract strengthens Parry Labs’ position as a leading provider of mission software and digital infrastructure for defense platforms while creating new opportunities to expand enterprise software adoption across additional Department of War modernization initiatives.

About Parry Labs

Parry Labs is a defense technology company delivering open, modular software and precision hardware that enables the U.S. military and its allies to modernize, connect, and deploy new capabilities with speed and impact. Through the unification of autonomy, AI, and command and control, Parry Labs builds integrated, mission-ready platforms built for the fight, designed to move faster, adapt smarter, and deliver advantage where it matters most. For more information, visit www.parrylabs.com and follow us on LinkedIn.

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SOURCE Parry Labs LLC

Technology

Nasdaq Fund Secondaries, LODAS Markets Complete First Interval Fund Auction with Harrison Street Private Wealth

Published

18 minutes ago

October 2, 2026

91% of Harrison Street Real Estate Fund (VCMIX) shares offered were sold to secondary buyers;
Harrison Street Real Assets Fund (VCRRX) auction expected to launch October 2

MISSION, Kan., Oct. 2, 2026 /PRNewswire/ — LODAS Markets, together with Nasdaq Private Market’s (NPM) Nasdaq Fund Secondaries (NFS) business, and Harrison Street Private Wealth (“Harrison Street”), a division of Harrison Street Asset Management, today announced the successful close of their inaugural interval fund auction.

Due to the auction’s success, a second auction—for the Harrison Street Real Assets Fund (VCRRX)—launches October 2

The auction, completed September 23rd in shares of the Harrison Street Real Estate Fund (VCMIX), is believed to be among the industry’s first intra-period auctions for interval fund shares. All purchasers were non-affiliated secondary buyers and the process was completed as designed across its three-week window, demonstrating a market-driven path to liquidity that complements the interval fund structure.

Auction highlights include:

91% of all shares offered were sold. This includes shares from sellers who set an asking price above the price where the auction ultimately cleared.Nearly 99% of shares with an asking price at or below the clearing price were sold at the seller’s asking price or better.41% of the shares sold received a better price than requested. Those sellers offered to sell at a 20% discount to net asset value (NAV) and instead sold at a 15% discount.Demand outpaced supply. Buyer bids exceeded seller asks, signaling investor appetite.

Building on the success of the first auction, a second auction, for Harrison Street Real Assets Fund (VCRRX) is expected to launch October 2, 2026. The collaboration aims to create a scalable foundation for alternative liquidity options across a broad range of interval funds and other semi-liquid investment vehicles.

Semi-liquid fund net assets approached $600 billion at the end of March 2026, up more than 120% from the end of 2022, according to Morningstar’s “The State of Semiliquid Funds 2026” report (June 16, 2026), driven by advisor and investor demand for private credit, real estate and other private market strategies. As the market has grown, so has the need for liquidity tools that work in evolving market conditions.

Interval funds allow investors to access private markets and other alternative strategies through a registered investment structure. While these funds offer periodic opportunities for repurchases, investors and financial advisors have limited options when liquidity needs arise outside scheduled repurchase windows. The collaboration among NFS, Harrison Street, and LODAS Markets, first announced on August 24, 2026, was designed to address this gap through a periodic auction process that gives investors greater liquidity flexibility while complementing the existing interval fund structure. The auction sits alongside the traditional repurchase program, giving investors an additional, market-based option that is designed not to come at the expense of long-term shareholders.

Additional Transaction Details:

Harrison Street was the first investment manager to authorize transfers of interval fund interests through this environment with LODAS acting as broker for the transactions and providing the technology for trading, clearing, and settlement, as well as access to its investor network. The auction was conducted through NFS and the Alternative Trading System (ATS) operated by its affiliate, NFSTX, LLC.Sellers and buyers each chose from a set of preset discounts to NAV, and all trades executed at a single clearing price, so every participant received the same transparent price. Because the auction moves shares directly from investors who want to sell to investors who want to own, no fund assets were sold to meet these trades. The fund did not have to sell property or draw on its liquidity, and shareholders who stayed invested were not affected by these trades.All trades in the auction have settled. Cash proceeds have been returned to sellers’ original custodial accounts, and tax reporting will be provided to participating sellers as required.

LODAS Markets CEO Brian King:

“We’re pleased with the success of this innovative auction, both from a technical and price discovery perspective. Approximately 41% of the shares sold received price improvement and the technology infrastructure operated as designed, matching and settling nearly every eligible sell order. We look forward to additional auctions in the near future to provide investors another path to liquidity.”

Harrison Street Private Wealth division CEO Mark Quam:

“We’re pleased to see the success of the recent auction process, which we believe will lead to broader industry conviction and investment in interval funds. Investors can have varying investment horizons, and the recent auction provides investors in our interval funds with an additional voluntary option to manage their liquidity needs while preserving fund-level capital to optimize portfolio management for long-term shareholders.”

NPM Chief Operating Officer Andrew Kroculick:

“Our first auction shows what a transparent, well-designed process can deliver for interval fund shareholders. Executing more than 90% of the shares offered, with meaningful price improvement for a significant portion of the shares sold, validates the auction mechanics and the demand for liquidity options that work alongside scheduled repurchases. We’re excited to build on this result as we bring the model to additional funds.”

The auction is the first completed under NPM’s ownership of NFS. NPM acquired NFS from Nasdaq in September 2026, extending NPM’s platform to serve investors in private company shares and private fund interests.

ABOUT LODAS MARKETS
LODAS Markets is a vertically integrated technology company transforming alternative investments through its SEC-registered secondary market and transfer agent platforms, LODAS Securities and LODAS Transfer. Built for financial advisors, individual investors, and institutions, LODAS provides seamless trading, transfer, and settlement via fully automated, connected systems that support the entire investment lifecycle from capital raise to fund management to exit, delivering liquidity, transparency, and operational efficiency across private markets.

For more information, visit lodasmarkets.com.

ABOUT HARRISON STREET PRIVATE WEALTH
Harrison Street Private Wealth, a division of global investment firm Harrison Street Asset Management, manages investment strategies focused on real assets, including real estate, infrastructure, farmland and timberland. Since its founding, HSPW has been dedicated to providing institutional-quality alternative investment solutions to financial advisors and their clients, with a focus on delivering diversification, income, and long-term growth potential. The firm has built a strong track record of working with leading institutional partners to develop innovative investment opportunities tailored for the private wealth market.

For more information, visit: harrisonstpw.com.

ABOUT NASDAQ FUND SECONDARIES

Nasdaq Fund Secondaries, an affiliate of Nasdaq Private Market, LLC, provides technology and liquidity solutions for participants in the private secondaries markets. Its purpose-built platform helps general partners, limited partners, and their advisors manage and execute liquidity transactions through structured workflows designed to support greater transparency, efficiency, and scalability.

For more information, visit nasdaqprivatemarket.com/fund-secondaries/.

CONTACTS

LODAS Markets
Randy Williams
917-213-5980
media@lodasmarkets.com

Harrison Street Private Wealth
For media inquiries:
Doug Allen, Ellie Johnson
Dukas Linden Public Relations
646-722-6530
HSAM@dlpr.com

For other inquiries:
877-200-1878
info@harrisonstpw.com

Nasdaq Private Market
Samantha Tortora
press@npm.com

Cautionary Note Regarding Forward-Looking Statements:

Information set forth in this release contains forward-looking statements that involve a number of risks and uncertainties. NPM cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such as “will”, “would”, “expects”, “aims”, “look forward”, and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements related to operation of auctions and broker activities. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NPM’s control. NPM undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Please read these important legal notices and disclosures

The information contained herein is provided for informational and educational purposes only. None of the information provided represents an offer to buy or sell, or the solicitation of an offer to buy or sell, any security, nor does it constitute an offer to provide legal, tax, financial or investment advice or service, nor does it constitute a recommendation for the purchase or sale of any investment product or security. Investing in private markets is speculative and involves a high degree of risk. You must be prepared to withstand a total loss of your investment. The results of this auction are not indicative of the results of any future auction. Future auctions may clear at different prices, including at greater discounts to NAV, and there is no assurance that shares offered in any auction will be sold. You are strongly encouraged to complete your own independent due diligence before investing in private markets, including obtaining additional information, opinions, financial projections, and legal or other investment advice.

Changes in real estate values or economic conditions can have a positive or negative effect on issuers in the real estate industry.

Nasdaq Fund Secondaries, LLC is a wholly-owned subsidiary of Nasdaq Private Market, LLC. Nasdaq Fund Secondaries, LLC is not: (A) a registered exchange under the Securities Exchange Act of 1934; (B) a registered investment adviser under the Investment Advisers Act of 1940; or (C) a financial or tax planner, and does not offer legal, financial, investment or tax advice. Securities-related services are offered through NFSTX, LLC, a registered broker-dealer, a member FINRA/SIPC and a wholly-owned subsidiary of Nasdaq Fund Secondaries, LLC. Transactions in securities conducted through NFSTX, LLC are not listed or traded on The Nasdaq Stock Market LLC, nor are the securities subject to the same listing or qualification standards applicable to securities listed or traded on The Nasdaq Stock Market LLC.

The third-party trademarks and service marks appearing herein are the property of their respective owners. The third parties mentioned herein are independent entities and are not legally affiliated with Nasdaq Fund Secondaries or its affiliates, including Nasdaq Private Market, LLC.

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SOURCE LODAS Markets