DeFi Development (DSDV) investor relations material

Executive summary

• Q3’s SOL rally from $70 to $120 drove common-stock outperformance of ~1.5x SOL’s quarterly price return and nearly 3x in August; amplification was ~9.3x on November 11.

• CHAD reached its $10 stated amount 48 days after trading began and became the intended primary financing channel for growing SOL holdings without issuing common shares.

• Strategy centers on accumulating and compounding SOL through staking, validator operations and DeFi, while scaling financing only when it can sustainably support obligations and improve SPS.

• Legacy Janover Capital Markets and Janover Insurance operations were largely wound down by end-Q2, except Groundbreaker Tech.

Financial highlights

• Q3 revenue was $2.432M, down 47.4% YoY; net income was $66.591M, up 18.9%, and diluted EPS was $1.91.

• Q3 operating income was $36.1M versus $72.1M YoY; 9M operating loss was $42.0M versus operating income of $88.4M.

• Q3 digital-asset net gain was $37.946M, down 49.0% YoY; 9M digital-asset net loss was $34.6M versus a $95.6M gain.

• Q3 derivative gain was $33.4M; 9M derivative gain was $10.6M, with collateral-related gains partly offset by financing-arrangement losses.

• 9M net loss was $44.1M; digital-asset and derivative fair-value movements materially shaped results.

Outlook and guidance

• Priorities include scaling CHAD issuance, deploying capital into SOL, growing SPS, broadening CHAD’s investor base and deepening liquidity.

• Each CHAD issuance is to be assessed against its SPS contribution and added obligations; attractive terms are intended to expand SOL holdings and treasury income.

• Available liquidity and capital-market access are expected to meet working-capital needs and future obligations; staking and validator rewards may be monetized as needed, subject to market conditions.

• Common-equity ATM proceeds may fund operating expenses, but CHAD issuance is intended to reduce reliance on the common-equity ATM as it scales.

• Long-term leverage is constrained by liquidity, cash obligations, financing costs, treasury income and the ability to withstand substantial SOL drawdowns; no specific digital-asset holding target is set.