.jpg)
1 hour ago
3
Article content
| OPERATING RESULTS1,2 | Three months ended June 30, | Six months ended June 30, | Year ended December 31, | ||||||||||||
| NET INCOME AND COMPREHENSIVE INCOME | 2026 | 2025 | 2026 | 2025 | 2025 | ||||||||||
| Net investment income on financial assets measured at amortized cost | $ | 24,886 | $ | 25,234 | $ | 50,016 | $ | 53,807 | $ | 104,913 | |||||
| Revenue from real estate properties | 22 | — | 71 | 3,158 | 3,585 | ||||||||||
| Total revenue, net of mortgage syndication | 24,908 | 25,234 | 50,087 | 56,965 | 108,498 | ||||||||||
| Management fees | (2,943 | ) | (2,623 | ) | (5,874 | ) | (5,526 | ) | (11,185 | ) | |||||
| Servicing fees | (252 | ) | (192 | ) | (450 | ) | (326 | ) | (686 | ) | |||||
| Expected credit loss | (6,716 | ) | (2,094 | ) | (10,421 | ) | (3,648 | ) | (17,877 | ) | |||||
| General and administrative | (654 | ) | (978 | ) | (1,328 | ) | (2,005 | ) | (3,234 | ) | |||||
| Expense from real estate properties | (97 | ) | (191 | ) | (234 | ) | (2,512 | ) | (3,755 | ) | |||||
| Total operating expenses | (10,662 | ) | (6,078 | ) | (18,307 | ) | (14,017 | ) | (36,737 | ) | |||||
| Total other income (expenses) | 1,759 | 431 | 2,675 | (21 | ) | (6,104 | ) | ||||||||
| Income from operations | 16,005 | 19,587 | 34,455 | 42,927 | 65,657 | ||||||||||
| Financing costs: | |||||||||||||||
| Financing cost on credit facility | (5,580 | ) | (4,603 | ) | (11,044 | ) | (10,558 | ) | (20,751 | ) | |||||
| Financing cost on convertible debentures | (2,614 | ) | (2,614 | ) | (5,227 | ) | (5,227 | ) | (10,453 | ) | |||||
| Net income and comprehensive income | 7,811 | 12,370 | 18,184 | 27,142 | 34,453 | ||||||||||
| Payout ratio on earnings per share | 182.8 | % | 115.4 | % | 157.0 | % | 105.3 | % | 165.8 | % | |||||
| NET INCOME BEFORE EXPECTED CREDIT LOSS | |||||||||||||||
| Net income and comprehensive income | $ | 7,811 | $ | 12,370 | $ | 18,184 | $ | 27,142 | $ | 34,453 | |||||
| Add: Expected credit loss | 6,716 | 2,094 | 10,421 | 3,648 | 17,877 | ||||||||||
| Net income before expected credit loss1 | 14,527 | 14,464 | 28,605 | 30,790 | 52,330 | ||||||||||
| DISTRIBUTABLE INCOME | |||||||||||||||
| Net income and comprehensive income | $ | 7,811 | $ | 12,370 | $ | 18,184 | $ | 27,142 | $ | 34,453 | |||||
| Add: Expected credit loss | 6,716 | 2,094 | 10,421 | 3,648 | 17,877 | ||||||||||
| Add: Lender fees received and receivable | 1,201 | 1,402 | 3,099 | 2,741 | 6,671 | ||||||||||
| Add: Amortization expense, credit facility | 182 | 221 | 450 | 433 | 1,150 | ||||||||||
| Add: Amortization expense, convertible debentures | 293 | 293 | 587 | 587 | 1,175 | ||||||||||
| Add: Accretion expense, convertible debentures | 160 | 160 | 320 | 320 | 641 | ||||||||||
| Add: Straight-line rent adjustment | 16 | — | 31 | — | (132 | ) | |||||||||
| Less: Amortization income of lender fees | (1,684 | ) | (1,748 | ) | (3,532 | ) | (4,527 | ) | (8,491 | ) | |||||
| Less: Accretion income, deferred consideration | (44 | ) | (59 | ) | (88 | ) | (59 | ) | (147 | ) | |||||
| Less: (Gain) loss on DSU | (51 | ) | 213 | (77 | ) | 116 | (53 | ) | |||||||
| Less: (Gain) loss on FVTPL investments | 35 | (42 | ) | (21 | ) | (78 | ) | 4,414 | |||||||
| Less: (Gain) loss on sale of real estate | (29 | ) | (313 | ) | (269 | ) | (313 | ) | 1,505 | ||||||
| Distributable income1 | $ | 14,606 | $ | 14,591 | $ | 29,105 | $ | 30,010 | $ | 59,063 | |||||
| Payout ratio on distributable income1 | 97.7 | % | 97.8 | % | 98.1 | % | 95.2 | % | 96.7 | % | |||||
| PER SHARE INFORMATION | |||||||||||||||
| Dividends declared to shareholders | $ | 14,275 | $ | 14,275 | $ | 28,550 | $ | 28,582 | $ | 57,132 | |||||
| Weighted average common shares (in thousands) | 82,753 | 82,755 | 82,753 | 82,810 | 82,810 | ||||||||||
| Dividends per share | $ | 0.17 | $ | 0.17 | $ | 0.35 | $ | 0.35 | $ | 0.69 | |||||
| Earnings per share (basic) | $ | 0.09 | $ | 0.15 | $ | 0.22 | $ | 0.33 | $ | 0.42 | |||||
| Earnings per share (diluted) | $ | 0.09 | $ | 0.15 | $ | 0.22 | $ | 0.33 | $ | 0.42 | |||||
| Earnings per share before expected credit loss1 | $ | 0.18 | $ | 0.17 | $ | 0.35 | $ | 0.37 | $ | 0.63 | |||||
| Distributable income per share1 | $ | 0.18 | $ | 0.18 | $ | 0.35 | $ | 0.36 | $ | 0.71 | |||||
Article content
Article content
1. Refer to non-IFRS measures section.
2. Certain income statement items were re‑presented for clarity, with no impact on income from operations, net income, or equity.
Article content
Net mortgage investments
(In thousands of Canadian dollars, except units, per unit amounts and where otherwise noted)
Article content
The Company’s exposure to the financial returns is related to the net mortgage investments as mortgage syndication liabilities are non-recourse mortgages with periodic variance having no impact on Company’s financial performance. Reconciliation of gross and net mortgage investments balance is as follows:
Article content
| As at June 30, 2026 | As at December 31, 2025 | ||||||||||||
| Number | Carrying Amount | % of Portfolio | Number | Carrying Amount | % of Portfolio | ||||||||
| Multi-Residential | 79 | $ | 687,923 | 60.1 | % | 82 | $ | 770,490 | 62.2 | % | |||
| Retail | 4 | 140,273 | 12.3 | % | 4 | 140,006 | 11.3 | % | |||||
| Industrial | 12 | 123,458 | 10.8 | % | 14 | 131,821 | 10.6 | % | |||||
| Office | 2 | 40,887 | 3.6 | % | 5 | 61,183 | 4.9 | % | |||||
| Improved Land | 6 | 69,505 | 6.1 | % | 7 | 83,388 | 6.7 | % | |||||
| Unimproved Land | 2 | 50,558 | 4.4 | % | 3 | 24,027 | 2.0 | % | |||||
| Single-Residential | 2 | 214 | 0.0 | % | 3 | 13,507 | 1.1 | % | |||||
| Mortgages at Amortized Cost | 107 | 1,112,818 | 97.3 | % | 118 | 1,224,422 | 98.8 | % | |||||
| Mortgages at FVTPL | 5 | 31,087 | 2.7 | % | 4 | 14,896 | 1.2 | % | |||||
| Net mortgage investments | 112 | 1,143,905 | 100.0 | % | 122 | $ | 1,239,318 | 100.0 | % | ||||
| Accrued interest receivable | 20,292 | 17,898 | |||||||||||
| Expected credit loss | (24,483 | ) | (30,281 | ) | |||||||||
| Unamortized lender fee | (5,197 | ) | (5,419 | ) | |||||||||
| Mortgage syndications | 909,126 | 673,626 | |||||||||||
| Mortgage investments, including mortgage syndications | 2,043,643 | 1,895,142 | |||||||||||
Article content
Article content
Enhanced return portfolio
Article content
| As at | June 30, 2026 | December 31, 2025 | ||||
| Other loan investments, net of expected credit loss | $ | 22,614 | $ | 21,460 | ||
| Finance lease receivable, measured at amortized cost | 6,020 | 6,020 | ||||
| Investment in participating debentures, measured at FVTPL | 892 | 863 | ||||
| Joint venture investment in indirect real estate development | — | 325 | ||||
| Investment in equity instrument, measured at FVTPL | 3,000 | 3,000 | ||||
| Total enhanced return portfolio | $ | 32,526 | $ | 31,668 | ||
Article content
SOURCE: Timbercreek Financial
Article content
For further information, please contact:
Article content
Timbercreek Financial
Blair Tamblyn, CEO
Tracy Johnston, CFO
Article content
Article content
Article content
Article content
Article content
Article content
Article content
English (US)