Clairvest (CVG) Q2 2026 earnings summary

Executive summary

• Book value declined to $1,154 million ($83.92/share) as of September 30, 2025, from $1,260 million ($88.94/share) at June 30, 2025.

• Net loss for Q2 2026 was $76.8 million ($5.43/share), mainly due to a full provision on the Head Digital Works investment after adverse regulatory developments in India.

• Net loss for the six months ended September 30, 2025, was $55.4 million ($3.91/share).

• Share repurchases totaled 410,900 shares at a cost of $28.8 million, adding $0.41/share to book value.

• Subsequent to quarter end, an agreement was reached to acquire MGM Northfield Park for US$546 million.

Financial highlights

• Net investment loss for Q2 2026 was $94.5 million, compared to $38.6 million in Q2 2025.

• Distributions, interest income, dividends, and fees totaled $14.8 million for the quarter.

• Total assets as of September 30, 2025, were $1,310.6 million, down from $1,429.4 million at March 31, 2025.

• Cash, cash equivalents, and temporary investments totaled $263 million, representing 23% of book value.

Outlook and guidance

• Future investment focus will shift toward North America, reducing exposure to international regulatory risks.

• Management remains committed to disciplined investing and long-term value creation.