Global Real Assets Trust Reports Q2 2026 Results

TORONTO--(BUSINESS WIRE)--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 months ended June 30, 2026.

Q2 2026 HIGHLIGHTS

Portfolio Investments

As of June 30, 2026, the Trust had an investment of $208,889,660 (December 31, 2025 – $188,799,591) in the four Private Portfolio LPs and an investment in the Public Equity LP of $47,499,728 and $11,585,765 in two investments in the Private Portfolio ($25,171,937 in the Public Equity LP and $11,544,811 in two investments in the Private Portfolio as of December 31, 2025). The Public Equity LP had 61 investments with an effective market value of $29,821,318 in publicly traded global real estate and infrastructure securities.

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.

Distributions

As at June 30, 2026, the Trust declared two distributions of $0.1523 per Series C Unit for a total distribution of $0.3046 per Series C Unit, two distributions of $0.1546 per Series F Unit for a total distribution of $0.3092 per Series F Unit, two distributions of $0.1575 per Series I Unit for a total distribution of $0.3150 per Series I Unit, two distributions of $0.1500 per Series B Unit for a total distribution of $0.3000 per Series B Unit and two distributions of US$0.1500 per Series B USD Unit for a total distribution of US$0.3000 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.

The tax composition of the Trust's distributions is determined on an annual basis and will be available only after the Trust's tax year-end.

Special Redemption of Units

On June 30, 2026, 2,399,468 Series B Units, 98,385 Series C Units and 44,656 Series F Units were redeemed under the Special Redemption with net asset values (“NAV”) of $9.3218, $9.5880, $10.2021, respectively for total proceeds of $23,766,266.

Redemption of Units

During the quarter, 12,378 Series I Units were redeemed with a weighted average NAV of $11.0039 for total proceeds of $136,206.

Preferred Unit Offering

On May 29, 2026, the Trust completed an offering of 2,000,000 6.85% fixed, cumulative, redeemable Series 1 preferred units (the "Preferred Units") at an offering price of $25.00 per Preferred Unit for gross proceeds of $50,000,000 (the "Preferred Offering"). The Preferred Units commenced trading on the Toronto Stock Exchange on May 29, 2026 under the symbol GLRA.PR.A and carry a fixed cumulative preferential quarterly distribution of $0.428 per unit ($1.71 per annum), maturing on May 31, 2031, subject to extension by the Trustees. Net proceeds of the Preferred Offering were used to fund a special redemption right for existing unitholders in connection with the Trust's 2025 reorganization, with the remainder invested in accordance with the Trust's investment objectives.

FINANCIAL AND OPERATIONAL HIGHLIGHTS

	As at June 30, 2026	As at December 31, 2025
Current assets	$295,710,426	$246,784,923
Current liabilities	75,107,168	1,364,808
Net assets attributable to holders of redeemable units per series
Series B	115,467,626	139,239,515
Series B USD	382,896	387,884
Series C	4,210,673	5,210,455
Series F	23,743,287	24,659,931
Series I	76,798,776	75,922,330
	$220,603,258	$245,420,115

ANALYSIS OF FINANCIAL PERFORMANCE

The Trust’s financial performance and results of operations for the three months ended June 30, 2026 are summarized below:

	Three months ended June 30, 2026	Three months ended June 30, 2025
Investment income	$71,686	$11,844
Net realized gain (loss) on sale of investments and cash	(127,390)	(12,604)
Net change in unrealized appreciation (depreciation) of investments and cash	6,064,833	(708,425)
Total gain (loss)	$6,009,129	$(709,185)
Expenses	(3,532,934)	(158,916)
Net investment income (loss)	2,476,195	(868,101)
Increase/(decrease) in net assets attributable to holders of redeemable units	$2,476,195	$(868,101)

Forward-looking statements

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 rise 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.

Information contained in FLS is based upon certain material assumptions applied in drawing a conclusion or making a forecast or projection, including management’s perception of historical trends, current conditions and expected future developments, as well as other considerations believed to be appropriate in the circumstances. Although the FLS contained herein are based upon what Starlight Capital believes to be reasonable assumptions, Starlight Capital cannot be sure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on FLS.

The forward-looking statements relate only to events or information as of the date on which the statements are made in this press release. Unless required by applicable law, it is not undertaken, and specifically disclaimed that there is any intention or obligation to update or revise FLS, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

About Global Real Assets Trust

The Global Real Assets Trust’s investment objective is to provide unitholders with cash distributions and long-term capital appreciation through exposure to institutional quality real assets in the global real estate and global infrastructure sectors, and to a lesser extent, the global diversified equity sector.

The Trust’s unaudited financial statements, the notes thereto, and Management’s Discussion and Analysis for the three and six months period ended June 30, 2026, can be found on Starlight Capital’s website at www.starlightcapital.com or www.sedarplus.ca.

About Starlight Capital and Starlight Investments

Starlight Capital is an independent Canadian asset management firm with over $1 billion in assets under management. We manage Global and North American diversified private and public equity investments across traditional and alternative asset classes, including real estate, infrastructure and private equity. Our goal is to deliver superior risk-adjusted, total returns to investors through a disciplined investment approach: Focused Business Investing. Starlight Capital is a wholly-owned subsidiary of Starlight Investments. Starlight Investments is a leading global real estate investment and asset management firm with over 360 employees and $28B in AUM. A privately held owner, developer and asset manager of over 66,000 multi-residential suites and over 7 million square feet of commercial property space. Learn more at www.starlightcapital.com and connect with us on LinkedIn at https://www.linkedin.com/company/starlightcapital/.