DeFi Development Corp. — Q3 2026 Earnings Summary

Financial Performance:

• Net asset value (NAV) per share increased over 300% from August 12 to September 30, 2026.
• SOL per share (SPS) increased more than 20% from August 12 to September 30, 2026.
• Total SOL and SOL equivalents reached 2,549,137 at September 30, 2026, representing an approximate 10% increase from the August 12 update.
• SOL-denominated borrowings declined approximately 13%, decreasing from 562,000 SOL on August 12 to 487,000 SOL on September 30.
• Cash, cash equivalents, stablecoins, and marketable securities more than doubled between June 30 and September 30, 2026.
• As of November 9, 2026, total SOL and SOL equivalents reached 2,609,829, up approximately 13% from August 12.

Guidance and Future Outlook:

• The Company intends to broaden CHAD's investor base, deepen liquidity, and scale issuance on attractive terms.
• The Company aims to grow SOL holdings without issuing common shares through the perpetual capital structure of CHAD.
• Management expects to continue participating in the growth of the Solana ecosystem and exploring innovative DeFi opportunities.

Business Segments and Product Lines:

• Launched CHAD (Nasdaq: CHAD), a perpetual capital vehicle with no stated maturity or scheduled principal repayment.
• CHAD closed at its $10 par value just 48 calendar days after its trading debut.
• CHAD's annual dividend rate increased to 14% effective November 2, 2026, with daily cash dividends declared.
• The Company operates validator infrastructure to generate staking rewards and fees from delegated stake.
• The Company operates an AI-powered online platform connecting the commercial real estate industry via software subscriptions for multifamily and commercial property professionals.

Market and Competitive Landscape:

• CHAD's time to first close at par (48 days) was faster than Strive's SATA or Strategy's STRC, measured from trading debut.
• The Company provides investors with direct economic exposure to SOL while actively participating in the Solana ecosystem.

Risks and Challenges:

• Fluctuations in the market price of SOL and associated losses from price decreases.
• Failure for demand for SOL or activity on the SOL network to develop or grow as predicted.
• Volatility in the Company's stock price due to future issuances of common stock and convertible securities.
• Ongoing volatility in interest rates.
• Uncertainty regarding the Company's ability to achieve and maintain profitability.
• Regulatory environment complexities, including changes in securities laws.
• Changes in accounting treatment relating to SOL holdings.
• Inability to access sources of capital, including debt financing, to finance operations and growth.

Management Commentary and Tone:

• Management highlighted the strengthening of flexibility to fund operations and pursue treasury growth due to the doubling of liquid assets.
• The Company is focused on scaling the CHAD issuance on attractive terms.
• Management noted nine consecutive weeks of SOL purchases leading up to November 9, 2026.

Other Key Points:

• CHAD is established as a perpetual source of capital intended to grow SOL holdings without issuing common shares.
• The Company released its Q3 2026 shareholder letter detailing treasury strategy, CHAD credit metrics, and calculation methodologies.
• A management business update video was scheduled for November 12, 2026, at 11:00 a.m. Eastern Time.
• SPS and NAV per share are supplemental, management-defined analytical measures used to assess the treasury strategy and net SOL exposure.
• NAV calculations for the comparison period used SOL prices of $75.53 (August 12) and $117.99 (September 30).
• SPS growth calculations used a constant SOL price of $117.99.
• NAV includes the value of SOL, cash, stablecoins, and marketable securities, less SOL-denominated borrowings, convertible debt, other debt, and preferred equity.