FG Communities Holdings Inc.
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
FGCPP$25.00-2.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-12.
0001493152-26-037445
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001493152-26-050524
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 63 previous paragraphs and 59 current paragraphs.
27 unchanged; 16 reworded; 16 added; 20 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
FG Communities Holdings is focused on building a portfolio of income-producing real estate, with an emphasis on manufactured housing communities. We also conduct merchant banking activities, including advisory services, capital formation and investments in other businesses.
Current report
During 2026, we exited our digital asset business and began allocating capital to our real estate strategy. In September 2026, we invested $10.0 million in FGCI, a separate, privately held owner and operator of manufactured housing communities. In October 2026, we acquired our initial directly owned manufactured housing communities.
Current report
Our investment in FGCI and our direct property acquisitions represent separate uses of capital. FGCI remains independently operated, while properties acquired directly by us form part of our real estate operations.
Current report
Current Operations and Sources of Earnings
Current report
For the three and nine months ended September 30, 2026, our operating revenue from continuing operations consisted of rental income from our Quebec property and merchant banking advisory fees. The manufactured housing communities acquired in October 2026 did not contribute revenue or operating results during the periods presented.
Current report
Our results of operations also reflect equity-method earnings and losses, changes in the value of certain investments and financial instruments, and interest income. These items can cause significant fluctuations in reported earnings and may not correspond to cash received or used during the same period.
Current report
Real Estate Strategy and Capital Allocation
Current report
We intend to expand our directly owned real estate portfolio through acquisitions of manufactured housing communities. Our ability to implement this strategy will depend on the availability of suitable properties, acquisition pricing, financing terms and our available capital.
Current report
We expect to fund acquisitions through a combination of cash on hand, property-level debt and proceeds from common stock issuances. The financing structure of each acquisition will depend on the property, market conditions, balance sheet liquidity and other capital requirements.
Current report
As our property portfolio grows, rental revenue and property operating expenses are expected to represent a larger portion of our results of operations. Until such time as the portfolio reaches scale, corporate expenses, preferred stock dividends and other obligations will continue to require funding from available cash and other sources of liquidity. We will evaluate these competing sources and uses of capital as we implement our growth strategy.
Current report
Recent Developments
Current report
During September 2026, we invested $10.0 million in FGCI following a review of strategic alternatives by our Board of Directors and a special committee composed of independent directors. The special committee retained an independent financial advisor to assist with its evaluation.
Current report
During October 2026, we acquired two separate manufactured housing communities located in North Carolina, with a combined total of 78 homesites for rental.
Current report
We completed the exit from our digital asset business during the second quarter of 2026 and the sale of our remaining reinsurance business during the first quarter of 2026. Results of these businesses are presented as discontinued operations. See Note 3.
Current report
Loss from operations decreased to $1.7 million during the three months ended September 30, 2026 as compared to $10.0 million during the three months ended September 30, 2025. Stock-based compensation expense decreased from $7.4 million during the three months ended September 30, 2025 to $0.1 million in the current year period with the prior year expense primarily attributable to warrants issued in connection with the Private Placement Offering in 2025. General and administrative expenses decreased $1.1 million during the three months ended September 30, 2026 as compared to the prior year period primarily due to reduced spending on legal fees, professional fees and public relations expenses incurred in the prior year period.
Current report
Nine Months Ended September 30, 2026 Compared with Nine Months Ended September 30, 2025
Removed paragraphs (20)
Previous report
FG Nexus is a holding company incorporated in the state of Nevada. Our common stock and Series A preferred shares are currently listed on Nasdaq under the symbols “FGNX” and “FGNXP,” respectively. The Company currently conducts business through its business segments including merchant banking and real estate.
Previous report
Merchant Banking
Previous report
Merchant banking services include various strategic, administrative, and regulatory support services to newly formed SPACs (our “SPAC Platform”). Additionally, the Company co-founded a partnership, FG Merchant Partners, LP (“FGMP”), to participate as a co-sponsor for newly formed SPACs and other merchant banking clients.
Previous report
The Company’s merchant banking group provides advisory services, facilitates capital formation and allocates capital to equity holdings. In our SPAC Platform, this also includes launching, sponsoring and providing strategic, administrative, and regulatory support services to newly formed SPACs. Our merchant banking division has facilitated the launch of several new companies, including FG Communities, Inc. (“FG Communities”), a self-managed real estate company focused on a growing portfolio of manufactured housing communities that are owned and operated by FG Communities, Craveworthy LLC (“Craveworthy”), an innovative fast casual restaurant platform company, and Saltire Holdings Ltd. (“Saltire”), a Canadian public company that allocates capital to equity, debt and/or hybrid securities of high-quality private companies, among others.
Previous report
Real Estate
Previous report
The Company owns real estate in Quebec, Canada that is leased pursuant to a long-term triple net operating lease.
Previous report
Recent Developments and Transactions
Previous report
Exiting Digital Assets Business
Previous report
In August 2025, we launched our digital asset business and adopted Ether, the native cryptocurrency of the Ethereum blockchain (“Ether” or “ETH”) as our primary treasury asset. In June 2026, our Board of Directors (the “Board”) authorized management to continue reducing the Company’s exposure to digital assets by exiting our digital asset business. We completed the sale of all of our previously held digital assets prior to June 30, 2026.
Previous report
Potential Business Combination with FG Communities
Previous report
In April 2026, we announced that our Board was reviewing potential strategic alternatives to enhance long-term stockholder value and further our strategic objectives. As part of this review, the Board discussed a potential business combination transaction with FG Communities (the “Potential Transaction”) to establish a durable, income-producing real estate business that addresses critical housing needs. The Board has established a special committee composed solely of independent directors (the “Special Committee”) to evaluate the Potential Transaction or other strategic alternatives. The Special Committee is continuing to evaluate potential transactions and has retained an independent financial advisor to provide a fairness opinion for the Potential Transaction and to assist in the Board’s evaluation and negotiation of the Potential Transaction. In June 2026, the Board also authorized management to reallocate capital to real estate acquisitions in connection with our exit from the digital asset business. We intend to advance our strategy to build a leading platform for tangible assets and believe that the establishment of an in-house real estate division, along with the Potential Transaction with FG Communities would accelerate a strategic expansion into income-producing affordable housing, providing a durable foundation for long-term growth and scalable capital formation.
Previous report
If the Potential Transaction is completed, we expect it would have a material impact on our future business operations, risks and opportunities, as well as our overall financial position, results of operations, segment and other financial reporting in future periods. The Board’s discussions with respect to the Potential Transaction are preliminary in nature and no decisions or agreements have been reached. There can be no assurance that the Potential Transaction will ultimately be pursued or consummated.
Previous report
Agreement to Sell Reinsurance Business
Previous report
In October 2025, we entered into an agreement to sell the remaining portion of our reinsurance business. Pursuant to the agreements, we received (1) the release of $3.3 million of collateral that we had posted in connection with certain reinsurance contracts; (2) the payment of $1.0 million in cash; and (3) a 40% equity interest in the entity purchasing the reinsurance business. Additionally, pursuant to the agreements, we agreed to leave $1.3 million dollars in cash in the reinsurance business in exchange for a promissory note in the amount of $1.3 million that accrues interest at a rate of 6% per annum with all principal and accrued interest due and payable on January 1, 2028. The sale transaction closed in early 2026.
Previous report
Letter of Intent to Sell Quebec Real Estate
Previous report
In October 2025, we signed a non-binding letter of intent to sell our Quebec property for $15.0 million CAD, or approximately $11.0 million USD. The letter of intent does not constitute a binding agreement. As of June 30, 2026, we do not believe closing of a sale transaction under the previous letter of intent to be probable. We continue to hold the real estate as part of our ongoing real estate operations and the property is classified as held and used.
Previous report
Asset Transfer and CVR Trust
Previous report
In August 2025, we transferred a significant portion of our legacy assets (the “Asset Transfer”) to a trust (the “CVR Trust”) established in connection with the creation of contingent value rights (“CVRs”) for the benefit of the Company’s stockholders as of August 8, 2025. The CVRs represent the contractual right to receive a pro rata portion of the net proceeds received by the CVR Trust upon the future disposition, if any, of the assets transferred to the CVR Trust by the Company.
Previous report
Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025
Previous report
Loss from operations increased to $5.2 million during the six months ended June 30, 2026 as compared to $3.9 million during the six months ended June 30, 2025. General and administrative expenses increased $1.5 million during the six months ended June 30, 2026 as compared to the prior year period primarily due to higher compensation costs, audit fees and legal expenses, as well as professional fees and public relations expenses incurred as we operated our ETH treasury operations. The increase in general and administrative expenses was partially offset by a reduction in stock-based compensation expense.
Reworded paragraphs (16)
Previous wording
Unless context denotes otherwise, the terms “Company,” “FG Nexus” “we,” “us,” and “our,” refer to FG Nexus Inc., and its subsidiaries.
Current wording
Unless context denotes otherwise, the terms “Company,” “FG Communities Holdings” “we,” “us,” and “our,” refer to FG Communities Holdings Inc. (formerly FG Nexus Inc.), and its subsidiaries.
Previous wording
Management cautions that the forward-looking statements in this Quarterly Report on Form 10-Q are not guarantees of future performance, and we cannot assume that such statements will be realized or the forward-looking events and circumstances will occur. Factors that might cause such a difference include, without limitation, the Company’s ability to execute its business plans which are contemplated to include increasing the Company’s scale through acquisition, fluctuations in the real estate industry, the Company’s ability to achieve profitable operations, customer acceptance of new products and services, general conditions in the global economy; risks associated with operating in the merchant banking industry; risks of not being able to execute on our asset management strategy and potential loss of value of our holdings; risk of becoming an investment company; fluctuations in our short-term results as we implement our business strategies; risks of not being able to attract and retain qualified management and personnel to implement and execute on our business and growth strategy; failure of our information technology systems, data breaches and cyber-attacks; our ability to establish and maintain an effective system of internal controls; the requirements of being a public company and losing our status as a smaller reporting company or becoming an accelerated filer; and potential conflicts of interest between us and our directors and executive officers.
Current wording
Management cautions that the forward-looking statements in this Quarterly Report on Form 10-Q are not guarantees of future performance, and we cannot assume that such statements will be realized or the forward-looking events and circumstances will occur. Factors that might cause such a difference include, without limitation, the Company’s ability to execute its business plans which are contemplated to include increasing the Company’s scale through acquisition, the acquisition, ownership, operation and financing of manufactured housing communities; the use of cash, debt financing and proceeds from common-stock issuances to fund acquisitions; future share repurchases; the Company’s acquisition pipeline and growth strategy; and the anticipated size and long-term characteristics of the manufactured housing market, fluctuations in the real estate industry, the Company’s ability to achieve profitable operations, customer acceptance of new products and services, general conditions in the global economy; risks associated with operating in the merchant banking industry; risks of not being able to execute on our asset management strategy and potential loss of value of our holdings; risk of becoming an investment company; fluctuations in our short-term results as we implement our business strategies; risks of not being able to attract and retain qualified management and personnel to implement and execute on our business and growth strategy; failure of our information technology systems, data breaches and cyber-attacks; our ability to establish and maintain an effective system of internal controls; the requirements of being a public company and losing our status as a smaller reporting company or becoming an accelerated filer; and potential conflicts of interest between us and our directors and executive officers.
Previous wording
Revenue of $0.2 million during the three months ended June 30, 2026 included $0.1 million of merchant banking advisory fees and $0.1 million of rental income. Total revenue during the three months ended June 30, 2025 also consisted of $0.1 million of merchant banking advisory fees and $0.1 million of rental income.
Current wording
Revenue during each of the three months ended September 30, 2026 and September 30, 2025 included $0.1 million of merchant banking advisory fees and $0.1 million of rental income.
Previous wording
The six months ended June 30, 2026 included an equity method loss on the shares of Saltire of $9.7 million, which included an other-than-temporary write down of the carrying value of $11.2 million, as compared to a $2.0 million equity method gain on the shares of Saltire in six months ended June 30, 2025. The remainder of the net loss on equity holdings and other holdings during the six months ended June 30, 2026 included a $0.6 million gain related to our USFM cost method equity holding, which was offset by a $0.5 million unrealized loss on our fair value method equity holding due to a change in the quoted market price of FG Merger II Corp. The remainder of the net loss on equity holdings and other holdings during the six months ended June 30, 2025 related to holdings distributed to the CVR Trust in August 2025.
Current wording
Gain on equity holdings during the three months ended September 30, 2026 included an equity method gain on the shares of Saltire of $0.8 million and a reversal of the $0.5 million unrealized loss on our previous fair value method equity holding recorded during the second quarter of 2026 due to the redemption of our shares at our original purchase price, which was partially offset by a $0.4 million equity method loss on our Devondale equity ownership. Loss on equity holdings during the three months ended September 30, 2025 included a $6.6 million equity method loss from Saltire, partially offset by $0.8 million of dividend income from the Saltire preferred shares. The remainder of the net loss on equity holdings and other holdings during the three months ended September 30, 2025 related to holdings distributed to the CVR Trust in August 2025.
Previous wording
Net loss from continuing operations increased to $10.2 million during the three months ended June 30, 2026 compared to net income from continuing operations of $4.4 million during the three months ended June 30, 2025 primarily due to unrealized losses on our equity holdings in the current period compared to gains in the prior year period, partially offset by the gain on financial instruments during the current year.
Current wording
Net loss from continuing operations decreased to $0.2 million during the three months ended September 30, 2026 compared to $17.4 million during the three months ended September 30, 2025 due to a reduction in stock-based compensation, general and administrative expenses, equity holdings losses and income taxes in the current year period, as well as higher interest income and a gain on financial instruments during the current year.
Previous wording
Revenue of $0.5 million during the six months ended June 30, 2026 included $0.3 million of merchant banking advisory fees and $0.2 million of rental income. Total revenue during the first half of 2025 consisted of $0.2 million of merchant banking advisory fees and $0.2 million of rental income.
Current wording
Revenue of $0.7 million during each of the nine months ended September 30, 2026 and September 30, 2025 included $0.4 million of merchant banking advisory fees and $0.3 million of rental income.
Previous wording
Loss from operations increased to $2.1 million during the three months ended June 30, 2026 as compared to $1.6 million during the three months ended June 30, 2025. General and administrative expenses increased $0.7 million during the three months ended June 30, 2026 as compared to the prior year period primarily due to higher compensation costs and legal fees, as well as professional fees and public relations expenses incurred as we operated our ETH treasury operations. The increase in general and administrative expenses was partially offset by a reduction in stock-based compensation expense.
Current wording
Loss from operations decreased to $7.0 million during the nine months ended September 30, 2026 as compared to $13.9 million during the nine months ended September 30, 2025. Stock-based compensation expense decreased to $0.4 million from $7.8 million, primarily because the prior-year period included expense related to warrants issued in connection with the August 2025 private placement. General and administrative expenses increased $0.5 million during the nine months ended September 30, 2026 as compared to the prior year period primarily due to higher professional fees and public relations expenses incurred as we operated our ETH treasury operations.
Previous wording
The three months ended June 30, 2026 included an equity method loss on the shares of Saltire of $9.7 million, which included an other-than-temporary write down of the carrying value of $11.2 million, as compared to a $3.6 million equity method gain on the shares of Saltire in three months ended June 30, 2025. The remainder of the net loss on equity holdings and other holdings during the three months ended June 30, 2026 included a $0.6 million gain related to our USFM cost method equity holding, which was offset by a $0.5 million unrealized loss on our fair value method equity holding due to a change in the quoted market price of FG Merger II Corp. The remainder of the net loss on equity holdings and other holdings during the three months ended June 30, 2025 related to holdings distributed to the CVR Trust in August 2025.
Current wording
The nine months ended September 30, 2026 included an equity method loss on the shares of Saltire of $8.8 million, which included an other-than-temporary write down of the carrying value of $11.2 million, as compared to a $4.6 million equity method loss on the shares of Saltire in nine months ended September 30, 2025. The remainder of the net loss on equity holdings and other holdings during the nine months ended September 30, 2026 included a $0.6 million gain related to our USFM cost method equity holding. The remainder of the net loss on equity holdings and other holdings during the nine months ended September 30, 2025 related to holdings distributed to the CVR Trust in August 2025.
Previous wording
Net loss from continuing operations increased to $13.3 million during the six months ended June 30, 2026 compared to $4.2 million during the six months ended June 30, 2025 primarily due to unrealized losses on our equity holdings in the current period compared to gains in the prior year period, as well as an increase in general and administrative expenses, partially offset by the gain on financial instruments during the current year.
Current wording
Net loss from continuing operations decreased to $13.6 million during the nine months ended September 30, 2026 compared to $21.6 million during the nine months ended September 30, 2025 primarily due to a reduction in stock-based compensation as well as higher interest income and a gain on financial instruments during the current year, which was partially offset by higher general and administrative expenses and losses on equity holdings in the current year period.
Previous wording
The valuation of the Company’s equity holdings requires management judgment, particularly for holdings accounted for under the equity method and cost method without readily determinable fair values. Judgment regarding the level of influence over each equity method holding includes considering key factors such as ownership interest, representation on the board of directors, participation in policy-making decisions and material intercompany transactions. Management evaluates equity method holdings for indicators of other-than-temporary impairment and evaluates cost method holdings for observable price changes and impairment indicators. These assessments involve judgment regarding quoted market prices, recent transactions, issuer-specific developments, market conditions and the expected recoverability of carrying amounts. During the three and six months ended June 30, 2026, the Company recorded an $11.2 million impairment charge related to its Saltire equity method holding and a $0.6 million gain related to an observable price change in its USFM cost method holding.
Current wording
The valuation of the Company’s equity holdings requires management judgment, particularly for holdings accounted for under the equity method and cost method without readily determinable fair values. Judgment regarding the level of influence over each equity method holding includes considering key factors such as ownership interest, representation on the board of directors, participation in policy-making decisions and material intercompany transactions. Management evaluates equity method holdings for indicators of other-than-temporary impairment and evaluates cost method holdings for observable price changes and impairment indicators. These assessments involve judgment regarding quoted market prices, recent transactions, issuer-specific developments, market conditions and the expected recoverability of carrying amounts. During the nine months ended September 30, 2026, the Company recorded an $11.2 million impairment charge related to its Saltire equity method holding and a $0.6 million gain related to an observable price change in its USFM cost method holding.
Previous wording
The Company uses the fair-value method of accounting for stock-based compensation awards granted. The Company has determined the fair value of its outstanding stock options on their grant date using the Black-Scholes option pricing model along with multiple Monte Carlo simulations to determine a derived service period as the options vest based upon meeting certain performance conditions. The Company determines the fair value of restricted stock units (“RSUs”) on their grant date using the fair value of the Company’s common stock on the date the RSUs were issued (for those RSUs which vest solely based upon the passage of time). The fair value of these awards is recorded as compensation expense over the requisite service period, which is generally the expected period over which the awards will vest, with a corresponding increase to additional paid-in capital. When the stock options are exercised, or correspondingly, when the RSUs vest, the amount of proceeds together with the amount recorded in additional paid-in capital is recorded in shareholders’ equity.
Current wording
The Company uses the fair-value method of accounting for stock-based compensation awards granted. The Company has determined the fair value of its outstanding stock options on their grant date using the Black-Scholes option pricing model along with multiple Monte Carlo simulations to determine a derived service period as the options vest based upon meeting certain performance conditions. The Company determines the fair value of restricted stock units (“RSUs”) on their grant date using the fair value of the Company’s common stock on the date the RSUs were issued (for those RSUs which vest solely based upon the passage of time). The fair value of these awards is recorded as compensation expense over the requisite service period, which is generally the expected period over which the awards will vest, with a corresponding increase to additional paid-in capital. When the stock options are exercised, or correspondingly, when the RSUs vest, the amount of proceeds together with the amount recorded in additional paid-in capital is recorded in stockholders’ equity.
Previous wording
As of June 30, 2026, we had cash and cash equivalents of $24.9 million. Subsequent to June 30, 2026, we received $15.5 million in connection with the redemption of the FG Merger II Corp. equity holdings and an additional $15.0 million related to the receivable from sale of ETH digital assets. As of July 31, 2026, we had cash and cash equivalents of approximately $51.4 million.
Current wording
As of September 30, 2026, we had cash and cash equivalents of $35.1 million.
Previous wording
The following table summarizes the Company’s consolidated cash flows for the six months ended June 30, 2026 and 2025 (in thousands).
Current wording
The following table summarizes the Company’s consolidated cash flows for the nine months ended September 30, 2026 and 2025 (in thousands).
Previous wording
For the first half of 2026, net cash used in operating activities from continuing operations was approximately $9.3 million compared to cash provided by operating activities from continuing operations of $2.0 million for the first half of 2025. Cash used in operations increased during the first half of 2026 as a result of higher operating expenses as well as an increase in working capital uses.
Current wording
For the first nine months of 2026, net cash used in operating activities from continuing operations was approximately $9.0 million compared to $1.7 million for the first nine months of 2025. Cash used in operations increased during the first nine months of 2026 despite improved loss from operations as a result of increased general and administrative expenses in the first nine months of 2026 along with the timing of payments of accounts payable and accrued expenses.
Previous wording
For the first half of 2026, net cash provided by investing activities from continuing operations was approximately $45.1 million, compared to $3.5 million during the first half of 2025. Cash provided by investing activities during the first half of 2026 primarily included $61.0 million of ETH sales and $0.2 million repayment of a note receivable, partially offset by $15.7 million outflow from purchase of equity holdings. Cash provided by investing activities during the first half of 2025 included $3.6 million of proceeds from the sale of equity securities and $0.1 million repayment of a note receivable, partially offset by $0.3 million of purchases of equity securities.
Current wording
For the first nine months of 2026, net cash provided by investing activities from continuing operations was approximately $64.2 million, compared with cash used in investing activities from continuing operations of $161.9 million during the first nine months of 2025. Cash provided by investing activities during the first nine months of 2026 primarily included $75.8 million of ETH sales, partially offset by $11.5 million outflow for the FGCI and USFM investments and $0.2 million related to the issuance of a note receivable. Cash used in investing activities during the first nine months of 2025 primarily included $171.7 million of ETH purchases and $0.9 million of purchases of equity securities, partially offset by $3.2 million of proceeds from sales of equity securities and $7.5 million received from the redemption of Saltire preferred shares.
Previous wording
For the first half of 2026, net cash used in financing activities from continuing operations was approximately $22.8 million compared to $1.4 million during the first half of 2025. Cash used in financing activities during the first half of 2026 included $22.0 million of purchases under our common and preferred share buyback programs, and $0.1 million of principal payments on debt, $0.7 million of payments of dividends on our Series A Preferred Shares. Cash used in financing activities during the first half of 2025 primarily included $0.2 million of principal payments on debt, $0.3 million of withholding taxes paid related to the net settlement of the vesting of RSUs and $0.9 million of payments of dividends on our Series A Preferred Shares.
Current wording
For the first nine months of 2026, net cash used in financing activities from continuing operations was approximately $31.1 million compared to cash provided by financing activities of $162.4 million during the first nine months of 2025. Cash used in financing activities during the first nine months of 2026 included $30.0 million of purchases under our common and preferred share buyback programs, $0.1 million of principal payments on debt, $1.0 million of payments of dividends on our Series A Preferred Shares, and $0.1 million of withholding taxes paid related to the net settlement of the vesting of RSUs. Cash provided by financing activities during the nine months ended September 30, 2025 included $168.1 million of net proceeds received as part of the Private Placement Offering, $14.1 million of net proceeds received under our at-the-market offering, partially offset by $18.0 million of cash distributed to the CVR Trust, $0.2 million of principal payments on debt, $1.3 million of payments of dividends on our Series A Preferred Shares and $0.3 million of withholding taxes paid related to the net settlement of the vesting of RSUs.