# EDGAR Filing Document

**Accession Number:** 0001846702
**File Stem:** 0001437749-25-035425
**Filing Date:** 2025-11
**Character Count:** 33168
**Document Hash:** f75f4d88aa33afceefb4559b4288b385
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-035425.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0001437749-25-035425

**CONFORMED SUBMISSION TYPE**: 1-U

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251117

**ITEM INFORMATION**: Other Events (quarterly financials)

**FILED AS OF DATE**: 20251117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Forge Group, Inc.
- **CENTRAL INDEX KEY:** 0001846702
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 854184821
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-U
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00607
- **FILM NUMBER:** 251491294

**BUSINESS ADDRESS:**
- **STREET 1:** 8401 CONNECTICUT AVENUE
- **STREET 2:** SUITE 300
- **CITY:** CHEVY CHASE
- **STATE:** MD
- **ZIP:** 20815
- **BUSINESS PHONE:** 202-547-8700

**MAIL ADDRESS:**
- **STREET 1:** 8401 CONNECTICUT AVENUE
- **STREET 2:** SUITE 300
- **CITY:** CHEVY CHASE
- **STATE:** MD
- **ZIP:** 20815

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Amalgamated Specialty Group Holdings, Inc.
- **DATE OF NAME CHANGE:** 20210217

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

__________________________

**FORM 1-U**

**Current Report Pursuant to Regulation A**

**Date of Report: November 17, 2025**

(Date of earliest event reported)

**Forge Group, Inc.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Pennsylvania** | **85-4184821** |
| (State or other incorporation) | (I.R.S. Employer Identification No.) |

---

**P.O. Box 15033**

**Worcester, MA 01615**

(Full mailing address of principal executive offices)

**(202) 547-8700**

(Issuer's telephone number, including area code)

**Common Stock**

(Title of each class of securities issued pursuant to Regulation A)

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**Item 9. Other Events**

<u>Financial Results for the period ended September 30, 2025</u>

On November 17, 2025, Forge Group, Inc. (the "Company") issued a press release, which will be posted on its website and on its company page on the OTC Market website, announcing its financial results for the three and nine-month periods ended September 30, 2025. A copy of the press release is filed as Exhibits 1U.1 to this Report on Form 1-U.

---

| |
|:---|
| **<u>Exhibit No.</u>** |
| 1U.1<br> [Forge Group, Inc. Announces 3<sup>rd</sup> Quarter 2025 Financial Results](ex_888947.htm) |

---

<u>Safe Harbor Statement</u>

The information furnished in Form 1-U is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section, and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

This Current Report on Form 1-U may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled "Risk Factors" in our Offering Statement on Form 1-A dated February 7, 2022, filed with the Securities and Exchange Commission ("SEC"), as such factors may be updated from time to time in our periodic filings and prospectus supplements filed with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

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**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Forge Group, Inc. | Forge Group, Inc. |
| By: | /s/ Patrick J. Bracewell |
|  | Patrick J. Bracewell |
|  | Chief Executive Officer |
| Date: November 17, 2025 | Date: November 17, 2025 |

---

## Ex1U-1

**Exhibit 1U.1**

![logo.jpg](logo.jpg)

**Forge Group, Inc. Announces 3<sup>rd</sup> Quarter 2025 Financial Results**

***BETHESDA, Maryland, November 17, 2025*** – Forge Group, Inc. (the "Company", "we", "us", "our", or "Forge") (OTC ID: FIGP), a specialist commercial auto insurance business, recently announced its financial results for nine months ended September 30, 2025.

The Company has provided certain selected financial data in the table below for the three months ended September 30, 2025 ("3Q25") and 2024 ("3Q24"), respectively, and the nine months ended September 30, 2025 ("YTD 2025") and 2024 ("YTD 2024"), respectively:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 3 months ended** | **For the 3 months ended** | **For the 9 months ended** | **For the 9 months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| ***(dollars in thousands except for per-share items)*** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| Gross premiums written | $11280 | $8765 | $26971 | $19862 |
| Net premiums written | 10754 | 8361 | 25470 | 18628 |
| Net premiums earned | 8022 | 5426 | 22793 | 15229 |
| Underwriting income (loss) <sup>1</sup> | 287 | (398) | 381 | (1504) |
| Operating income (loss) before income taxes <sup>2</sup> | 850 | 22 | 1888 | (280) |
| <u>Operating ratios</u> |  |  |  |  |
| Loss ratio <sup>3</sup> | 51.9% | 49.7% | 55.7% | 56.1% |
| Expense ratio <sup>4</sup> | 44.5% | 57.6% | 42.6% | 53.7% |
| **Combined ratio <sup>5</sup>** | **96.4%** | **107.3%** | **98.3%** | **109.9%** |
| Less: Investment ratio <sup>6</sup> | -7.0% | -7.7% | -6.6% | -8.0% |
| **Operating ratio <sup>7</sup>** | **89.4%** | **99.6%** | **91.7%** | **101.8%** |
| Adjusted book value per common share equivalent <sup>8</sup> | $21.52 | $19.97 | $21.52 | $19.97 |
| Adjusted tangible book value per common share equivalent <sup>9</sup> | $19.40 | $17.75 | $19.40 | $17.75 |

---

**<u>Footnotes</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. Underwriting income (loss) is a non-GAAP financial metric which measures the pre-tax profitability of our insurance operations before considering investment income. It is derived by subtracting loss and loss adjustment expense and underwriting expenses from net premiums earned.

&nbsp;&nbsp;&nbsp;&nbsp;2. Pre-tax operating income (loss) is a non-GAAP financial metric which measures the profitability of our insurance operations before considering the impact of net realized and unrealized gains (losses), income (loss) from real estate operations, and certain non-recurring items.

&nbsp;&nbsp;&nbsp;&nbsp;3. Loss ratio is losses and loss adjustment expenses incurred expressed as a percentage of net premiums earned.

&nbsp;&nbsp;&nbsp;&nbsp;4. Expense ratio is underwriting expenses expressed as a percentage of net premiums earned.

&nbsp;&nbsp;&nbsp;&nbsp;5. Combined ratio is the sum of the loss ratio and the expense ratio.

&nbsp;&nbsp;&nbsp;&nbsp;6. Investment ratio is net investment income expressed as a percentage of net premiums earned.

&nbsp;&nbsp;&nbsp;&nbsp;7. Operating ratio is the combined ratio minus the investment ratio.

&nbsp;&nbsp;&nbsp;&nbsp;8. Adjusted book value per common share equivalent is a non-GAAP metric that our board and management team uses to evaluate overall long-term corporate performance. See Exhibits for more detail.

&nbsp;&nbsp;&nbsp;&nbsp;9. Adjusted tangible book value per common share equivalent is a non-GAAP metric that our board and management team uses to evaluate overall long-term corporate performance. See Exhibits for more detail.

------

**3Q25 financial highlights include:**

● **Premium revenue.** Gross premiums written were $11.3 million in 3Q25, an increase of 28.7% compared to the prior year period. Net premiums written were $10.8 million in 3Q25, an increase of 28.6% compared to the prior year period. Net premiums earned were $8.0 million in 3Q25, an increase of 47.8% compared to the prior year period.

● **Loss ratio.** Our loss ratio continues to perform well and below that of the commercial auto industry generally. Our loss ratio was 51.9% in 3Q25 compared to 49.7% for 3Q24.

● **Expense ratio.** Our expense ratio continues to decline as we grow our premium revenue and scale our fixed expenses. Our expense ratio was 44.5% in 3Q25, which represents a decline of 13.1% compared to the prior year period.

● **Combined ratio.** Our combined ratio continues to decline as our expense ratio declines, and our loss ratio remains within our long-term targets. Our combined ratio was 96.4% in 3Q25, which represents a decline of 10.9% compared to the prior year period. As a reminder, a lower combined ratio is better and our near-term goal is to generate a combined ratio of below 100%, thereby producing an underwriting profit. We are pleased to report an underwriting profit in 3Q25.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Underwriting income (loss).** We reported underwriting income of $287 thousand in 3Q25 compared to an underwriting loss of $398 thousand in 3Q24. This represents an improvement of $685 thousand.

● **Operating ratio.** Our operating ratio was 89.4% in 3Q25, which represents a decline of 10.2% compared to the prior year period. Our operating ratio continues to decline due to improvement in the combined ratio. Our investment ratio declined in 3Q25 compared to the prior year period as our premium revenue (denominator) increased at a more rapid rate than net investment income. As a reminder, a lower operating ratio is better and our goal is to continue to generate an operating ratio below 100%, thereby producing an operating profit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Operating income (loss) before income taxes.** We reported pre-tax operating income of $850 thousand in 3Q25 compared to pre-tax operating income of $22 thousand in 3Q24. This represents an improvement of $828 thousand.

● **Adjusted book value and tangible book value per common share equivalent.** Adjusted book value per common share equivalent (adjusted book value per share) was $21.52 as of September 30, 2025, which represents an increase of 7.8% compared to September 30, 2024. Adjusted tangible book value per common share equivalent (adjusted tangible book value per share) was $19.40 as of September 30, 2025, which represents an increase of 9.3% compared to September 30, 2024.

**YTD 2025 financial highlights include:**

● **Premium revenue.** Gross premiums written were $27.0 million in YTD 2025, an increase of 35.8% compared to the prior year period. Net premiums written were $25.5 million in YTD 2025, an increase of 36.7% compared to the prior year period. Net premiums earned were $22.8 million in YTD 2025, an increase of 49.7% compared to the prior year period.

● **Loss ratio.** Our loss ratio continues to perform well and below that of the commercial auto industry generally. Our loss ratio was 55.7% in YTD 2025 compared to 56.1% in YTD 2024.

● **Expense ratio.** Our expense ratio continues to decline as we grow our premium revenue and scale our fixed expenses. Our expense ratio was 42.6% in YTD 2025, which represents a decline of 11.1% compared to the prior year period.

Page 2 of 9

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● **Combined ratio.** Our combined ratio continues to decline as our expense ratio declines, and our loss ratio remains within our long-term targets. Our combined ratio was 98.3% in YTD 2025, which represents a decline of 11.6% compared to the prior year period. As a reminder, a lower combined ratio is better and our near-term goal is to generate a combined ratio of below 100%, thereby producing an underwriting profit. We are pleased to report an underwriting profit in YTD 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Underwriting income (loss).** We reported underwriting income of $381 thousand in YTD 2025 compared to an underwriting loss of $1.5 million in YTD 2024. This represents an improvement of $1.9 million.

● **Operating ratio.** Our operating ratio was 91.7% in YTD 2025, which represents a decline of 10.1% compared to the prior year period. Our operating ratio continues to decline due to improvement in the combined ratio. Our investment ratio declined in YTD 2025 compared to the prior year period as our premium revenue (denominator) increased at a more rapid rate than net investment income. As a reminder, a lower operating ratio is better and our goal is to continue to generate an operating ratio below 100%, thereby producing an operating profit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Operating income (loss) before income taxes.** We reported pre-tax operating income of $1.9 million in YTD 2025 compared to a pre-tax operating loss of $280 thousand in YTD 2024. This represents an improvement of $2.2 million.

**The Company commented:**

We continue to make progress in all areas of our business. During YTD 2025, we generated gross premiums written of $27.0 million, which represents an increase of 35.8% compared to YTD 2024. Our sales and marketing team continues to expand our network of distribution partners, with a focus on identifying and onboarding distribution partners that align with our strategic priority of expansion in the "small business" segment. We've recently made investments in marketing data which will provide our sales and marketing team with higher-quality leads; the objective here is to identify and onboard distribution partners that have a high likelihood of becoming "productive Forge partners" – i.e., have commercial auto clients that operate in our target business class segments and are willing to give Forge an opportunity to provide them with a quote.

It is critical, particularly in the "small business" segment, that once our sales and marketing team onboards a distribution partner, we can deliver a quote and bind experience that is *as fast and easy* as our (typically, much larger) competitors. To that end, we continue to make investments in our agent-facing technology. This is an area where we still have ground to cover, but we expect to make meaningful progress in the coming months. We are also working to expand agent self-service capabilities for existing policies in our agent portal, which will improve service levels, agent experience, and operational efficiency.

Our loss ratio continues to perform well within our long-term targets and below that of the commercial auto industry generally. Our loss ratio was 55.7% in YTD 2025 compared to 56.1% for YTD 2024. In addition, we continue to make steady progress on our expense ratio. Our expense ratio was 42.6% in YTD 2025 compared to 53.7% in YTD 2024, a decline of 11.1%. While our expense ratio may fluctuate from quarter-to-quarter, the long-term trend is favorable, and we believe we have room for improvement as we continue to leverage investments in technology to make our business (and team members) more efficient.

Our continued favorable loss ratio results, in conjunction with the improvement in our expense ratio, resulted in reported underwriting profitability in YTD 2025. We reported an underwriting profit of $381 thousand in YTD 2025 compared to an underwriting loss of $1.5 million in YTD 2024, an improvement of $1.9 million. We believe we are closing in on "sustainable" underwriting profitability. Our pre-tax operating income was $1.9 million in YTD 2025 compared to a pre-tax operating loss of $280 thousand in YTD 2024, an improvement of $2.2 million.

In summary, our YTD 2025 results demonstrate the strength of our business model and our commitment to disciplined execution. Looking ahead, we remain optimistic about the long-term opportunity. We appreciate the continued support of our shareholders and look forward to updating you after year-end.

Page 3 of 9

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**About Forge**

Forge Group, Inc. is a commercial auto insurance specialist. We principally focus on delivering commercial auto insurance products to small business owners and operators that operate in (i) certain business class segments and (ii) certain geographic markets in the U.S. Additional information is available on the Company's website at: <u>www.forgeinsurance.com</u>.

**Forward-Looking Statements**

This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as the Company or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions, or goals are also forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. Please review the risks factors and uncertainties identified in the Company's 2023 Annual Report on Form 1-K, Semi-Annual Reports on Form 1-SA and our other filings with the Securities and Exchange Commission. Any forward-looking statement made by the Company in this document speaks only as of the date of this release. Except as required by applicable law, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or developments or otherwise.

**Note Regarding Financial Measures**

Investors should be aware that accounting principles generally accepted in the United States prescribe when a company may reserve for particular risks, including litigation exposures. Accordingly, results for a given reporting period could be significantly affected if and when we establish reserves for one or more contingencies. Also, our regular reserve reviews may result in adjustments of varying magnitude as additional information regarding claims activity becomes known. Reported results, therefore, may be volatile in certain accounting periods.

**Special Note Regarding Non-GAAP Financial Measures**

We believe that the non-GAAP financial measures in this report, including those in the Exhibits, provide important and useful information for our shareholders. We use these non-GAAP measures for internal planning purposes and to evaluate our ongoing operations and performance. These non-GAAP financial measures are presented as supplemental information and not as alternatives to any GAAP financial measures.

Page 4 of 9

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**<u>Exhibits</u>**

**Exhibit 1: Simplified Income Statement**

The "Simplified Income Statement" exhibit is a non-GAAP presentation of "Net income (loss) attributable to Forge Group, Inc." and is based on the Company's Consolidated Statements of Operations and Comprehensive Earnings. This exhibit separates the Company's core insurance operations (including investment income earned on income-generating securities) from the following other activities and items: real estate operations, the impact of net realized and unrealized gains (losses) on investment securities, and certain non-recurring items.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 3 months ended** | **For the 3 months ended** | **For the 9 months ended** | **For the 9 months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| ***(dollars in thousands)*** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| Net premiums earned | $8022 | $5426 | $22793 | $15229 |
| Losses and loss adjustment expenses | 4166 | 2698 | 12697 | 8550 |
| Policy acquisition costs and other operating expenses | 3520 | 2962 | 9539 | 7884 |
| Lease expense | 9 | 1 | 107 | 106 |
| Sublease (income) | 0 | 7 | (62) | (79) |
| Depreciation and amortization (excl. real estate) <sup>1</sup> | 67 | 67 | 200 | 200 |
| Service fee and other (income) expense | (26) | 89 | (70) | 72 |
| Underwriting expenses | 3569 | 3126 | 9715 | 8184 |
| **Underwriting gain (loss)** | **287** | **(398)** | **381** | **(1504)** |
| Net investment income | 563 | 420 | 1507 | 1224 |
| **Operating income (loss) before income taxes** | **850** | **22** | **1888** | **(280)** |
| Net realized and unrealized gains (losses) <sup>2</sup> | 349 | 258 | 554 | 266 |
| Income (loss) from real estate operations <sup>3</sup> | (10) | 4 | (7) | (19) |
| **Income (loss) before income taxes** | **1190** | **285** | **2436** | **(33)** |
| Income tax expense (benefit) | (24) | (124) | (20) | (88) |
| Net income (loss) | 1213 | 409 | 2455 | 54 |
| Net loss (gain) attributable to noncontrolling interest | 2 | (1) | 1 | 1 |
| **Net income (loss) attributable to Forge Group, Inc.** | **1215** | **408** | **2456** | **55** |

---

**<u>Footnotes</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. Total depreciation and amortization minus depreciation and amortization attributable to real estate.

&nbsp;&nbsp;&nbsp;&nbsp;2. Net realized investment gains (losses) plus net unrealized gains (losses) on equity securities.

&nbsp;&nbsp;&nbsp;&nbsp;3. Income from real estate held for investment minus (i) depreciation of real estate held for the production of income, (ii) amortization of leases in place, (iii) amortization of finance costs, (iv) real estate operating expenses, and (v) interest expense.

Page 5 of 9

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**Exhibit 2: Adjusted Book Value and Tangible Book Value Per Common Share Equivalent**

"Adjusted book value per common share equivalent" and "adjusted tangible book value per common share equivalent" are non-GAAP metrics and are not intended to be an expression of the Company's opinion of the value of its common stock.

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| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **September 30,** | **December 31,** | **September 30,** |
| ***(dollars in thousands except for per-share items)*** | **2025** | **2024** | **2024** |
| <u>**Calculation of Numerators**</u> |  |  |  |
| Total equity | $50194 | $47153 | $46290 |
| Less: Noncontrolling interest | (701) | (701) | (699) |
| GAAP book value | 49494 | 46451 | 45590 |
| Less: Accumulated other comprehensive (income) loss (AOCI) | 1144 | 1714 | 1591 |
| GAAP book value excluding AOCI | 50637 | 48165 | 47181 |
| Add: Theoretical proceeds from exercise of options <sup>1</sup> | 1282 | 1276 | 1276 |
| Add: Non-GAAP real estate adjustments, net <sup>2</sup> | 5228 | 4585 | 4388 |
| Adjusted book value (numerator) | 57148 | 54027 | 52846 |
| Less: Goodwill and other intangibles | (5608) | (5809) | (5876) |
| Adjusted tangible book value (numerator) | 51539 | 48218 | 46970 |
| **<u>Calculation of Denominator</u>** |  |  |  |
| Common shares outstanding | 2058 | 2044 | 2044 |
| Common shares issuable upon conversion of Series A Preferred Stock <sup>3</sup> | 458 | 458 | 458 |
| Common shares underlying restricted stock awards outstanding <sup>4</sup> | 16 | 20 | 20 |
| Common shares issuable upon exercise of outstanding options <sup>5</sup> | 124 | 125 | 125 |
| Common share equivalents (denominator) | 2656 | 2647 | 2647 |
| **<u>Non-GAAP Measures</u>** |  |  |  |
| Adjusted book value per common share equivalent <sup>6</sup> | $21.52 | $20.41 | $19.97 |
| Adjusted tangible book value per common share equivalent <sup>7</sup> | $19.40 | $18.22 | $17.75 |

---

**<u>Footnotes</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. Proceeds that would be received from the exercise of outstanding stock options (vested and unvested).

&nbsp;&nbsp;&nbsp;&nbsp;2. Intended to represent Company's interest in real estate investments at historical cost. See Exhibit 3.

&nbsp;&nbsp;&nbsp;&nbsp;3. Common shares issuable upon conversion of the Company's Series A Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;4. Common shares underlying restricted stock awards outstanding (unvested).

&nbsp;&nbsp;&nbsp;&nbsp;5. Common shares underlying outstanding stock options (vested and unvested).

&nbsp;&nbsp;&nbsp;&nbsp;6. Adjusted book value (numerator) divided by common share equivalents (denominator).

&nbsp;&nbsp;&nbsp;&nbsp;7. Adjusted tangible book value (numerator) divided by common share equivalents (denominator).

Page 6 of 9

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**Exhibit 3: Non-GAAP Real Estate Adjustments**

The "Non-GAAP Real Estate Adjustments" contains certain non-GAAP adjustments and metrics intended to present the value of the Company's interest in its real estate investments at historical cost. These non-GAAP adjustments and metrics are not intended to be an expression of the Company's opinion of the value of its real estate investments.

---

| | | | |
|:---|:---|:---|:---|
|  | **September 30,** | **December 31,** | **September 30,** |
| ***(dollars in thousands)*** | **2025** | **2024** | **2024** |
| Real estate held for the production of income, net | $28472 | $28931 | $29084 |
| Add: Leases in place | 2143 | 2302 | 2354 |
| Add: Deferred rent <sup>1</sup> | 2444 | 2453 | 2437 |
| Real assets (GAAP) | 33059 | 33685 | 33875 |
| Add: Accumulated depreciation <sup>2</sup> | 6997 | 6538 | 6385 |
| Add: Accumulated amortization <sup>3</sup> | 2020 | 1862 | 1810 |
| Less: Deferred rent | (2444) | (2453) | (2437) |
| Real assets (Non-GAAP) <sup>4</sup> | 39633 | 39633 | 39633 |
| Notes payable, net (GAAP) | 25022 | 25612 | 25796 |
| Add: Unamortized finance costs | 909 | 980 | 1003 |
| Notes payable (Non-GAAP) <sup>5</sup> | 25931 | 26592 | 26799 |
| Net real assets (Non-GAAP) <sup>6</sup> | 13702 | 13041 | 12834 |
| Less: Net real assets (GAAP) <sup>7</sup> | (8037) | (8073) | (8079) |
| Non-GAAP adjustments <sup>8</sup> | 5664 | 4968 | 4754 |
| Less: Noncontrolling interest <sup>9</sup> | (436) | (383) | (366) |
| Non-GAAP real estate adjustments, net | 5228 | 4585 | 4388 |

---

**<u>Footnotes</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. Cumulative difference between actual cash receipts and rental income recorded on a straight-line basis.

&nbsp;&nbsp;&nbsp;&nbsp;2. Accumulated depreciation on real estate held for the production of income.

&nbsp;&nbsp;&nbsp;&nbsp;3. Accumulated amortization on leases in place.

&nbsp;&nbsp;&nbsp;&nbsp;4. Approximation of total cost basis of real estate investments.

&nbsp;&nbsp;&nbsp;&nbsp;5. Gross principal amount of notes payable.

&nbsp;&nbsp;&nbsp;&nbsp;6. Real assets (non-GAAP) minus notes payable (non-GAAP).

&nbsp;&nbsp;&nbsp;&nbsp;7. Real assets (GAAP) minus notes payable (GAAP).

&nbsp;&nbsp;&nbsp;&nbsp;8. Difference between non-GAAP and GAAP net real assets

&nbsp;&nbsp;&nbsp;&nbsp;9. Portion of non-GAAP adjustments attributable to 7.7% owned by operating partner.

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**Exhibit 4: Consolidated Balance Sheets**

**Forge Group, Inc. and Subsidiaries**<br> Consolidated Balance Sheets<br>

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| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **September 30,** | **December 31,** | **September 30,** |
|  | **2025** | **2024** | **2024** |
| ***(dollars in thousands)*** | **(unaudited)** | **(audited)** | **(unaudited)** |
| Assets |  |  |  |
| Investments and cash: |  |  |  |
| Fixed maturity securities, at fair value | $35589 | $31908 | $30022 |
| Redeemable preferred stock, at fair value | 1063 | 1074 | 1413 |
| Perpetual preferred stock, at fair value | 83 | 95 | 91 |
| Common stock, at fair value | 1893 | 1287 | 1403 |
| Other invested assets | 4860 | 3609 | 3429 |
| Real estate held for the production of income, net | 28472 | 28931 | 29084 |
| Cash and cash equivalents | 13199 | 10597 | 10961 |
| Restricted cash | 249 | 236 | 104 |
| Total investments and cash | 85408 | 77737 | 76507 |
| Accrued investment income | 334 | 288 | 302 |
| Premium and reinsurance balances receivable | 13185 | 11872 | 10072 |
| Ceded unearned premiums | 96 | 109 | 75 |
| Reinsurance balances recoverable on unpaid losses | 2338 | 2015 | 1255 |
| Deferred policy acquisition costs, net | 542 | 491 | 438 |
| Deferred rent | 2444 | 2453 | 2437 |
| Leases in place | 2143 | 2302 | 2354 |
| Right-of-use asset, net | 157 | 55 | 89 |
| Goodwill and other intangibles | 5608 | 5809 | 5876 |
| Other assets | 1217 | 1577 | 1550 |
| Total assets | $113472 | $104706 | $100955 |
| Liabilities and Equity |  |  |  |
| Liabilities: |  |  |  |
| Unpaid losses and loss adjustment expenses | $16607 | $12344 | $11575 |
| Unearned premium | 18331 | 15667 | 13686 |
| Reinsurance balances payable | 52 | 90 | 26 |
| Accrued expenses | 3088 | 2852 | 2366 |
| Notes payable | 25022 | 25612 | 25796 |
| Defined benefit plan unfunded liability | 3 |  | 342 |
| Operating lease liability, net | 156 | 298 | 333 |
| Other liabilities | 19 | 691 | 541 |
| Total liabilities | 63278 | 57554 | 54665 |
| Mezzanine Equity: |  |  |  |
| Preferred stock, without par value <sup>1</sup> |  |  |  |
| Additional paid-in capital (Preferred Stock) | 5227 | 5227 | 5227 |
| Stockholders' Equity: |  |  |  |
| Common stock, $0.01 par value <sup>2</sup> | 21 | 21 | 21 |
| Treasury stock | (283) | (210) | (210) |
| Additional paid-in capital | 17030 | 16591 | 16691 |
| Unearned employee stock ownership plan shares | (1421) | (1421) | (1624) |
| Retained earnings | 30063 | 27957 | 27076 |
| Accumulated other comprehensive income (loss), net of tax | (1144) | (1714) | (1591) |
| Noncontrolling interest | 701 | 701 | 699 |
| Total equity | 50194 | 47153 | 46290 |
| Total liabilities and equity | $113472 | $104706 | $100955 |

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**<u>Footnotes</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. 1,000,000 shares authorized, 550,000 shares issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;2. 10,000,000 shares authorized, 2,057,614, 2,044,149, and 2,044,149 issued and outstanding, respectively.

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**Exhibit 5: Consolidated Statements of Earnings and Comprehensive Earnings**

**Forge Group, Inc. and Subsidiaries**<br> Consolidated Statements of Earnings and Comprehensive Earnings<br>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 3 months ended** | **For the 3 months ended** | **For the 9 months ended** | **For the 9 months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| ***(dollars in thousands)*** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| Revenues |  |  |  |  |
| Net premiums earned | $8022 | $5426 | $22793 | $15229 |
| Income from real estate held for investment | 546 | 546 | 1638 | 1648 |
| Net investment income | 563 | 420 | 1507 | 1224 |
| Net realized investment gains | (24) | (143) | (45) | (483) |
| Net unrealized gains on equity securities | 373 | 402 | 599 | 749 |
| Service fee and other income (expense) | 26 | (89) | 70 | (72) |
| **Total revenues** | **9507** | **6561** | **26562** | **18296** |
| Expenses |  |  |  |  |
| Losses and loss adjustment expenses | 4166 | 2698 | 12697 | 8550 |
| Policy acquisition costs and other operating expenses | 3520 | 2962 | 9539 | 7884 |
| Depreciation and amortization | 296 | 296 | 889 | 889 |
| Real estate operating expense | 54 | 31 | 133 | 129 |
| Interest expense on debt | 272 | 281 | 823 | 849 |
| Lease expense | 9 | 1 | 107 | 106 |
| Sublease income | 0 | 7 | (62) | (79) |
| **Total expenses** | **8317** | **6277** | **24126** | **18329** |
| **Income (loss) before income taxes** | **1190** | **285** | **2436** | **(33)** |
| Income tax expense (benefit) | (24) | (124) | (20) | (88) |
| **Net income (loss)** | **1213** | **409** | **2455** | **54** |
| Net loss (gain) attributable to noncontrolling interest | 2 | (1) | 1 | 1 |
| **Net income (loss) attributable to Forge Group, Inc.** | **1215** | **408** | **2456** | **55** |
| Other comprehensive income (loss), net of tax |  |  |  |  |
| Unrealized gains (losses) on AFS securities, net of tax | 114 | 501 | 551 | 508 |
| Reclassification adjustment for losses (gains) included in net income | 20 | 18 | 20 | 54 |
| **Total other comprehensive income (loss), net of tax** | **134** | **519** | **571** | **561** |
| **Total comprehensive income (loss)** | **1347** | **928** | **3026** | **615** |

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