Wrapping Up and Going Forward

We are closing out 2025 well. Zoners – our first feature film investment – scored well among prospective buyers at AFM (American Film Market) in November. Final edits are underway. Zoners will officially go to market at the Berlin Film Festival in February.

2025 was an active and often tumultuous year for our operations and finance teams. Crown acquired and restructured three companies, requiring all hands on deck to turn around the distressed businesses and direct the companies toward bringing a return on investment for Obris members.

Our High Yield Debt Fund continues to outperform the market with returns in the high teens. This year, we navigated shifting interest rates and restructured loans that put investors in improved positions with borrowers who are encountering a tight capital market.

Yours Truly with Steve & Claudia

Mumbai Meet Up – November 2025
We had a blast and learned a great deal in India. Will we invest? Read on to find out.

Bottom line: India is one crazy, fascinating and chaotic country – everything you have ever heard about the sites, sounds, smells, extreme contrasts of culture, architecture and cuisine are true.

The Taj Mahal Palace Hotel in Mumbai was an oasis of calm, order and opulence. Step out of the hotel and you are into the heart of Mumbai and its 25 million people.

A Brief Event Summary Video

From an investment perspective, India has potential. One of our speakers, Rajesh Mane of Spotlight Strategic Partners (Fund Managers) stated it well. Twenty years ago, India provided back office and IT infrastructure to the developed world. Ten years ago they realized that they could lead the world in fintech.

Today, India is attempting to digitize every possible aspect of commerce, government and utility. They are using their technological advancements to power innovation in every industry.

Another of our speakers, Tarun Joshi, CEO of Join Ventures & IGP (eCommerce), conveyed that India has a window of the next 15 years to take advantage of significant investment opportunities.

Investing in India, though, is not for the faint of heart. As we listened to presenter after presenter express a similar positive outlook, we were baffled to reconcile the chaos we experienced from the moment we arrived at the Mumbai airport with the sophistication that is required to develop a country, the country’s infrastructure and businesses.

Plenary at the Taj Mahal Palace

Ringing the Bell at Bombay Stock Exchange

Perhaps the most valuable session was our day three panel on Investing with Confidence: Veteran Investors & Local Entrepreneurs. Tarun, who created and leads India’s first and largest e-commerce platform for buying flowers and related gifts, along with Rajesh Pathania, a Canadian who moved to India 20 years ago explained it well.

First, you must embrace the chaos. It is everywhere. It permeates every aspect of society. It is intrinsic to India, and it is not going away – ever. From there, choose your investments and your partners well.

We will not grasp the chaos, but we can invest with locals who do. Rajesh Mane was a stand out. We are currently doing due diligence on Rajesh’s VC fund with “Direct access to Indian markets.”

What Happens in Goa…
Days before the Mumbai event, Marvin and I (James) decided to extend our stay. It would give us a chance to debrief Mumbai, and also to experience a bit more of India.

We settled on the coastal state of Goa on the Arabian Sea. A few members decided to join us, so we had a group. Three Aussies – Adam, Craig and Nathan, Marvin and me.

While we often offer optional excursions after the main event, our time in Goa has likely begun a new tradition – Obris adventures.

The Gang

After we settled into the Calangute Le Méridien, another calm oasis though on a much smaller scale than the Taj, someone had the brilliant idea to rent scooters. Goa is a fairly large state with much to experience. What better way to explore.

Over four days, we visited beaches, historic colonial Portuguese towns, seaside cafes, bougie bars, and even a retired prison turned museum.

Our conversations ran deep. We laughed along with and at each other’s expense. With three Aussies on board, I drank more beer than I have consumed in the past five years. We had a blast.

Apparently, we also developed a reputation in Goa. Shortly after we settled into a taxi back to the airport, the driver exclaimed, “I know you guys. We sit in our taxis on the street outside your hotel. Everyone knows you guys.”

“You come and go on scooters as if you are locals. Foreigners never rent scooters. They think it is dangerous and too difficult to navigate the chaos of our roads. You guys earned our respect.”

Adventure is in Obris’ DNA. With or without scooters, we plan to introduce more adventures to complement Obris events. Next time you will be invited!

That brings us to 2026 – we are thinking U.S.A.
We are currently exploring several locations in the U.S. to gather for the next Obris Investor Meet Up. In addition to helping you grow and protect your wealth, expect that we will offer something to get the adrenaline pumping. We will provide ample advance notice for those who need to secure a U.S. visa.

We are working on several new deals for 2026. Dermalayr is one example of a company for which we are preparing a bespoke investment offering to Obris members. This company creates a collagen mask that is the closest thing we’ve seen approximating the fountain of youth. We will investors on this opportunity in early 2026.

Conclusion – 2026 is set to be a year of promise – with multiple opportunities and exits coming up for investors. It’s been a wild ride but expect from us bespoke deal flow with clearly defined exits. By exits, we mean actual exits with multiple X gains as we anticipate from Kraken and potentially two or three other portfolio companies.

In addition to staying tuned, investors should keep some powder dry to take advantage of these developments as they unfold.