Key Takeaways
- • Aventus Capital (TSXV: AVTS) reported a Q3 2026 net loss of $85.2 million ($2.56 diluted loss per share), versus a net loss attributable to controlling interests of $11.7 million ($0.35 per share) in Q3 2025.
- • Adjusted EBITDA was a loss of $68.7 million in Q3 2026, an improvement from a $79.8 million loss in Q2 2026; IFRS book value per share stood at $14.48 (C$20.60) at September 30, 2026.
- • Aventus announced a strategic joint venture with Nomura and CC Capital to build an investment management platform focused on securitized products and private credit.
- • CCaventus (formerly Arena Investors) lifted AUM and programmatic capital to nearly $5.5 billion as of October 31, 2026, including $1.0 billion of additional capital commitments.
- • Ceres Life's invested assets rose 28% quarter over quarter to $571 million, with $256.1 million of Q3 premiums and $687.8 million year-to-date through October 31, 2026.
Summary
Aventus Capital Inc. (TSXV: AVTS) reported unaudited results for the quarter ended September 30, 2026, posting a net loss of $85.2 million, or $2.56 per diluted share, compared with a net loss attributable to controlling interests of $11.7 million, or $0.35 per diluted share, in the third quarter of 2025, according to the company's Business Wire release. Adjusted EBITDA was a loss of $68.7 million, narrower than the $79.8 million loss reported in the second quarter of 2026. IFRS book value per share was $14.48 (C$20.60), while US GAAP book value per share was $18.59 (C$26.40).
In Asset Management, which operates primarily through CCaventus Asset Management LP, formerly Arena Investors, the segment reported Adjusted EBITDA losses of $12.0 million for the quarter and $27.3 million for the nine months. Quarterly revenue declined $3.5 million from Q2 as performance allocations on certain legacy drawdown funds were reversed following negative fair value adjustments. The segment also absorbed $10.3 million of legal and related matters. CCaventus is building a CLO platform with two CLOs in the warehouse stage; the first is expected to close early in the first quarter of 2027, with Aventus funding the equity portion of the first warehouse. The firm continues to advance its strategic partnership with Wilshire. CEO Andrew Rabinowitz said the company is making progress in bringing its credit capabilities to a broader investor base.
The Insurance segment, operating mainly through Ceres Life Insurance Company, reported an Adjusted EBITDA loss of $57.1 million for the quarter and $142.3 million for the nine months. Net insurance service losses narrowed to $31.6 million from $56.8 million in Q2, reflecting lower GLWB withdrawal rates on new issues. Ceres added $254.4 million in FIA premiums and $1.7 million in MYGA premiums during the quarter, and a $21.1 million net investment loss from rising interest rates was largely offset in other comprehensive income. The company said it expects the accounting impact of new business to moderate as the in-force book matures. On an illustrative US GAAP basis, the nine-month pre-tax loss would have been approximately $59.8 million, versus an IFRS pre-tax loss of $203.6 million.
At the corporate level, Adjusted EBITDA was $0.4 million, compared with a $7.9 million loss in Q2, aided by an unrealized gain of $6.7 million on the company's investment in Insignia Financial. Management said Q4 2026 should reflect the full benefit of cost reduction initiatives, particularly in salaries and benefits. Chief Executive Officer Cameron MacDonald cited the $1.0 billion in new commitments and nearly $5.5 billion in AUM and programmatic capital as evidence of progress. Chairman Chinh Chu said the platform is positioned to create long-term shareholder value.
In Asset Management, which operates primarily through CCaventus Asset Management LP, formerly Arena Investors, the segment reported Adjusted EBITDA losses of $12.0 million for the quarter and $27.3 million for the nine months. Quarterly revenue declined $3.5 million from Q2 as performance allocations on certain legacy drawdown funds were reversed following negative fair value adjustments. The segment also absorbed $10.3 million of legal and related matters. CCaventus is building a CLO platform with two CLOs in the warehouse stage; the first is expected to close early in the first quarter of 2027, with Aventus funding the equity portion of the first warehouse. The firm continues to advance its strategic partnership with Wilshire. CEO Andrew Rabinowitz said the company is making progress in bringing its credit capabilities to a broader investor base.
The Insurance segment, operating mainly through Ceres Life Insurance Company, reported an Adjusted EBITDA loss of $57.1 million for the quarter and $142.3 million for the nine months. Net insurance service losses narrowed to $31.6 million from $56.8 million in Q2, reflecting lower GLWB withdrawal rates on new issues. Ceres added $254.4 million in FIA premiums and $1.7 million in MYGA premiums during the quarter, and a $21.1 million net investment loss from rising interest rates was largely offset in other comprehensive income. The company said it expects the accounting impact of new business to moderate as the in-force book matures. On an illustrative US GAAP basis, the nine-month pre-tax loss would have been approximately $59.8 million, versus an IFRS pre-tax loss of $203.6 million.
At the corporate level, Adjusted EBITDA was $0.4 million, compared with a $7.9 million loss in Q2, aided by an unrealized gain of $6.7 million on the company's investment in Insignia Financial. Management said Q4 2026 should reflect the full benefit of cost reduction initiatives, particularly in salaries and benefits. Chief Executive Officer Cameron MacDonald cited the $1.0 billion in new commitments and nearly $5.5 billion in AUM and programmatic capital as evidence of progress. Chairman Chinh Chu said the platform is positioned to create long-term shareholder value.
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