BWETMEDIUM SIGNALFINANCIAL10-K

BWET shows a dramatic reduction in share count alongside substantial balance sheet growth and materially lower interest expenses.

The company's outstanding shares fell from over 2 million to just 125,100 shares, indicating a major share consolidation or buyback program that fundamentally restructured the equity base. This restructuring coincided with meaningful growth in both assets and stockholders' equity, suggesting improved financial positioning despite the complexity of the share count changes.

Comparing 2025-09-26 vs 2024-09-27View on EDGAR →
FINANCIAL ANALYSIS

BWET's financial profile improved notably across key metrics, with total assets growing 61% to $68.6M and stockholders' equity expanding 63% to $67.1M. Interest expenses fell dramatically from $72K to just $2K, indicating reduced debt burden or refinancing at more favorable terms. The company continued aggressive share repurchases with $122.6M in buybacks, which aligns with the substantial reduction in outstanding share count and suggests management's confidence in the business fundamentals.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
-97.8%
$72K→$2K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Stockholders Equity
Balance Sheet
+63%
$41.2M→$67.1M

Equity base grew 63% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+61.3%
$42.5M→$68.6M

Asset base grew 61.3% — expansion through organic growth, acquisitions, or capital deployment.

Share Buybacks
Cash Flow
+35.6%
$90.4M→$122.6M

Share repurchases increased 35.6% — management returning capital, signals confidence in intrinsic value.

LANGUAGE CHANGES
NEW — 2025-09-26
PRIOR — 2024-09-27
ADDED
(BDRY) The registrant had 125,100 outstanding shares as of September 1, 2025.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23 Item 6.
Management s Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 75 Item 9A.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 78 Item 13.
Exhibits and Financial Statement Schedules 80 Exhibit Index 80 Signatures 82 i Part I Item 1.
Treasuries or other high credit quality, short term fixed income or similar securities for direct investment and for other liquidity purposes and to meet redemptions that may be necessary on an ongoing basis.
The BWET Benchmark Portfolio will include a combination of TD3C andTD20 Oil Freight Futures.
Pursuant to the respective Marketing Agent Agreements between the Sponsor, each Fund and the former Distributor, the former Distributor assisted the Sponsor and the applicable Fund with certain functions and duties relating to distribution and marketing services to the applicable Fund, including reviewing and approving marketing materials and certain regulatory compliance matters.
The Distributor also assisted with the processing of creation and redemption orders.
REMOVED
The registrant had 2,400,040 outstanding shares as of September 1, 2024 .
(BDRY) The registrant had 200,100 outstanding shares as of September 1, 2024 .
Management s Discussion and Analysis of Financial Condition and Results of Operations.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
Certain Relationships and Related Transactions, and Director Independence.
The BWET Benchmark Portfolio will include a combination of TD3C and TD20 Oil Freight Futures.
Foreside s principal business address is Three Canal Plaza, Suite 100, Portland, ME 04101.
The assumption of expenses by the Sponsor for BDRY, pursuant to the BDRY Expense Cap, amounted to $-0- and $-0- for the years ended June 30, 2024 and 2023, respectively, as disclosed in the Combined Statements of Operations.
The waiver of Breakwave s CTA Fee, pursuant to the contractual waiver, amounted to $23,879 and $22,434 for the years ended June 30, 2024 and 2023, respectively, as disclosed in the Combined Statements of Operations.
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