The increase in book value per share compared to the fourth quarter of 2024 and the net earnings in the first quarter of 2025 were primarily due to unrealized gains related to the Helios Managed Investments and TopCo LP Class A and interest income. These unrealized gains were offset by unrealized losses on the company’s investment in TopCo LP Class B and increased expenses for the quarter related to the payment of the initial startup costs of Seven Rivers.

HFP deployed $2.5 million under the loan facility with Digital Ventures during the quarter.

HFP disposed of the remainder of its investment in Indirect equity interest in AGH.