Elah Holdings Inc 2025年度报告

Enclosed you will find Elah Holdings, Inc.’s disclosure package and audited financial results for thefiscal year 2025. Overall, the fourth quarter of 2025 was relatively uneventful from a financial reportingperspective. For the year, our net loss was slightly higher than 2024 due to increased spending ontransaction related diligence expenses, which was somewhat offset by reductions in management’scompensation expense. The prior year also had a one-time pickup from a reversal of an over-accrual thatresulted in 2024’s net loss being lower than typical. The management compensation reduction in 2025is permanent, so our ongoing cash “burn” has been reduced to maintain our cash resources as best aspossible. On the deal side, I’d like to start with an acronym: DPI. For those not active in the mergers andacquisitions sector, DPI stands for Distributions to Paid-In capital, and it represents the ratio of actualcash received by an investor for every dollar they have invested. Used primarily in the private equity andprivate credit space, DPI has always been an important metric for investment firms attempting to raisenew funds, as it demonstrates an ability to generate successful, realized investment returns from actual“exit” events in their portfolios (i.e., sales, mergers, IPOs, recapitalizations). For the last several years,and in particular for funds deployed in the 2021-2022 time period, DPI has been very tough to come by,and investors have taken notice. Fundraising is very challenging for many firms these days. You might be thinking: “Why should an Elah shareholder care about DPI?” Elah is, as we all know, apublicly traded company seeking to effectuate an acquisition or merger with a highly profitablecompany; we are not an investment firm raising funds. But Elah competes with those firms for theattention of business owners seeking to transact. And the tougher the environment is for investment firmsto raise capital and flash business owners purchase offers with big cash multiples, the better it is for us.Moreover, these competitor firms need to be far more careful now deploying the capital they alreadyhave to make sure it is only used in situations they are highly confident they can exit in 3-5 years toachieve future DPI, which makes them far more restricted in the deals they can consider. Elah, as apermanent capital entity, does not need to be as concerned in achieving a particular future exit event ordoing so on a set schedule, and we are taking advantage of this widening opportunity gap. The capital markets are always shifting, and the dynamic we are currently experiencing feels like Elahis in a great position to achieve its business objectives while meeting the needs of a business owner withour Win-Win deal structure mindset. Importantly, this DPI phenomenon is not just impacting smallerfunds. Our active deal pipeline currently has two of the largest companies we have taken a serious runat in years. We look forward to updating you further as our deal efforts proceed, and we thank you for your continuedsupport. Respectfully, Kyle RossCEO Elah Holdings, Inc. Principal Address:4514 Cole Avenue, Suite 1600Dallas, Texas 75205 Mailing Address:1934 Old Gallows Road, Suite 350, #T09301Tysons Corner, Virginia 22182________________________________ Annual ReportFor the Period Ending: December 31, 2025(the “Reporting Period”) Outstanding Shares The number of shares outstanding of our common stock was:739,096 as of March 16, 2026739,096 as of December 31, 2025 Shell Status Indicate by check mark whether the company is a shell company (as defined in Rule 405 of the Securities Act of 1933, Rule 12b-2 ofthe Exchange Act of 1934and Rule 15c2-11 of the Exchange Act of 1934): Yes:☐No:☒ Indicate by check mark whether the company’s shell status has changed since the previous reporting period: Yes:☐No:☒ Change in Control Indicate by check mark whether a Change in Control of the company has occurred during this reporting period: Yes:☐No:☒ 1)Name and address(es) of the issuer and its predecessors (if any) Current name of the issuer and any names used by predecessor entities, along with the dates of the name changes: Elah Holdings, Inc.(May 9, 2018 – present); Real Industry, Inc. (June 1, 2015 – May 9, 2018); Signature Group Holdings, Inc. (June 11, 2010 to June 1,2015) Current State and Date of Incorporation or Registration: Delaware, January 2, 2014 (following a holding company reorganization andreincorporation from a Nevada corporation, originally incorporated 1972) Standing in this jurisdiction (e.g. active, default, inactive): Active Prior Incorporation Information for the issuer and any predecessors during the past five years: N/A Describe any trading suspension or halt orders issued by the SEC or FINRA concerning the issuer or its predecessors since inception:N/A List any company name change, stock split, dividend, recapitalization, merger, acquisition, spin-off, or reorganization either currentlyanticip