For the three months ended September 30, 2024, Woodbridge Liquidation Trust reported significant changes in its financial position compared to the same period in 2023. The Trust's net assets in liquidation increased to $43.5 million, up from $39.4 million a year earlier. This growth was primarily driven by an increase in net assets available to all interest holders, which rose from $35.9 million to $39.4 million.
The Trust's net change in assets and liabilities for Q3 2024 was approximately $3.7 million, a notable decrease from the $32.6 million recorded in Q3 2023. This decline reflects a shift in the Trust's operational focus as it continues to liquidate assets and settle claims. The carrying value of assets and liabilities also saw a significant reduction, with a net change of $3.6 million in Q3 2024 compared to $32.5 million in the prior year.
During the reporting period, the Trust recognized approximately $3.4 million from the settlement of various Causes of Action, a substantial decrease from the $34.4 million recorded in Q3 2023. This reduction indicates a slowdown in the resolution of legal claims, with 20 legal actions still pending as of September 30, 2024.
The Trust's cash, cash equivalents, and short-term investments totaled approximately $2.4 million at the end of Q3 2024, a decrease from $14.7 million in the same period last year. This decline was attributed to cash activities and remeasurement adjustments. Total liabilities also decreased to approximately $22.2 million, reflecting ongoing efforts to manage and settle obligations.
In terms of distributions, the Trust approved a distribution of approximately $4.1 million to Qualifying Victims, expected to be made by December 31, 2024. This distribution represents about $4.65 per $1,000 of total net qualifying victim claims. The Trust has declared a total of $433.16 million in distributions since its inception in February 2019.
The Trust continues to operate under a liquidation basis of accounting, with all assets recorded at their estimated net realizable value. As of September 30, 2024, the Trust's management structure remains unchanged, with no directors or employees, and is overseen by a Liquidation Trustee and a five-member Supervisory Board. The Trust anticipates completing its liquidation activities by March 31, 2026, with potential extensions.
About Woodbridge Liquidation Trust
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