Overview
- Forward completed a private repurchase of about 6.16 million shares for $27.4 million, reducing outstanding shares to 76.98 million (down roughly 7%).
- The buyback is financed with a $40 million Galaxy Digital loan at an average interest rate of approximately 3.4% and a weighted maturity of about 4.9 months, secured by staked SOL.
- The pledged collateral continues to earn roughly 6.2% in staking rewards, producing a positive carry versus the borrowing cost.
- The transaction lifts the company’s SOL-per-share to 0.0662 from 0.0624 and was executed under a $1 billion repurchase authorization approved in November.
- Forward holds just over 7 million SOL and is cited by Artemis as carrying one of the largest unrealized loss positions (around $1.1 billion) as it targets roughly a 45% core SG&A reduction by fiscal Q3 and manages short-maturity and market-price risks.