  We present new photometry and spectroscopy of the 94m eclipsing binary
LSQ1725-64 that provide insight into the fundamental parameters and
evolutionary state of this system. We confirm that LSQ1725-64 is a magnetic
cataclysmic variable whose white dwarf has a surface-averaged magnetic field
strength of $12.5 \pm 0.5$ MG measured from Zeeman splitting. The spectral type
and colour of the secondary, as well as the eclipse length, are consistent with
other secondaries that have not yet evolved through the period minimum expected
for cataclysmic variables. We observe two different states of mass transfer and
measure the transition between the two to occur over about 45 orbital cycles.
In the low state, we observe photometric variations that we hypothesize to
arise predominantly from two previously heated magnetic poles of the white
dwarf. Our precise eclipse measurements allow us to determine binary parameters
of LSQ1725-64 and we find it contains a high mass ($0.97 \pm 0.03\ M_{\odot}$)
white dwarf if we assume a typical mass-radius relationship for a CO core white
dwarf. We also measure an eclipse of the accretion stream after the white dwarf
eclipse, and use it to estimate an upper limit of the mass transfer rate. This
derived limit is consistent with that expected from angular momentum loss via
gravitational radiation alone.
