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CALGARY, Alberta, Nov. 12, 2025 (GLOBE NEWSWIRE) — Wilmington Capital Management Inc. (TSX: WCM.A, WCM.B) (“Wilmington” or the “Corporation”) reports its third quarter and year-to-date 2025 financial reports and provides an operational update.
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For the three and nine months ended September 30, 2025, the Corporation reported a net loss of $0.2 million or ($0.02) per share and $0.6 million or ($0.05), compared to a net loss of $0.01 million or ($0.00) per share and net income of $1.2 million or $0.09 per share for the same periods in 2024, respectively.
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Management and Board Transition
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As previously reported, beginning in August 2023, the Corporation took steps to monetize a number of its investments in order to unlock the value which had been substantially realized, distribute capital to its shareholders and simplify its business. The monetization plan has met with considerable success and Wilmington is well positioned to continue to build on its past history of delivering attractive long-term returns to shareholders.
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Wilmington today announced, as part of its transition plan, upcoming changes in its leadership team and board of directors. Effective December 31, 2025, Messrs. Chris Killi, Joe Killi and Marc Sardachuk will be stepping down from their respective roles as CEO, Chairman and director of the Corporation. Their leadership and commitment have been instrumental in building unique alternative investment platforms such as land lease resorts and communities, self-storage facilities, marinas and delivering strong financial performance. Wilmington is grateful for their vision and stewardship throughout their tenure and wishes them every success in their future endeavors.
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Mr. Andrew Cockwell will assume the role of interim Chairman and will help lead Wilmington into an exciting new chapter that ensures the Corporation continues to have a dynamic and successful future.
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About Wilmington
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Wilmington is a Canadian investment company whose principal objective historically was to seek out investment opportunities in the alternative asset classes which provided shareholders with capital appreciation over the longer term as opposed to current income returns. The Corporation invested its own capital alongside partners and co-investors, in hard assets and private equity funds and managed these assets through operating entities. Further information relating to the Corporation may be found on www.sedarplus.ca as well on the Corporation’s website at www.wilmingtoncapital.ca.
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INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
AND COMPREHENSIVE INCOME (LOSS)
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| (unaudited) | Three months ended September 30, | Nine months ended September 30, | ||||||||||
| (CDN $ thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Management fee revenue | — | 240 | — | 640 | ||||||||
| Interest, distributions and other income | 268 | 315 | 824 | 1,401 | ||||||||
| 268 | 555 | 824 | 2,041 | |||||||||
| Expenses | ||||||||||||
| General and administrative | (506 | ) | (440 | ) | (1,626 | ) | (1,887 | ) | ||||
| Amortization | (7 | ) | (7 | ) | (21 | ) | (21 | ) | ||||
| Finance costs | (1 | ) | (1 | ) | (3 | ) | (4 | ) | ||||
| Stock-based compensation | — | — | — | (18 | ) | |||||||
| (514 | ) | (448 | ) | (1,650 | ) | (1,930 | ) | |||||
| Fair value adjustments and other activities | ||||||||||||
| Fair value adjustments to investments | — | (30 | ) | — | 164 | |||||||
| Gain from sale of investments | — | — | — | 947 | ||||||||
| — | (30 | ) | — | 1,111 | ||||||||
| Income (loss) before income taxes | (246 | ) | 77 | (826 | ) | 1,222 | ||||||
| Current income tax recovery (expense) | 61 | (20 | ) | 207 | (481 | ) | ||||||
| Deferred income tax recovery (expense) | (10 | ) | — | (17 | ) | 453 | ||||||
| Provision for income taxes | 51 | (20 | ) | 190 | (28 | ) | ||||||
| Net income (loss) | (195 | ) | 57 | (636 | ) | 1,194 | ||||||
| Other comprehensive income | ||||||||||||
| Items that will not be reclassified to net income: | ||||||||||||
| Fair value adjustments to investments | (200 | ) | — | (200 | ) | — | ||||||
| Related income taxes | 20 | — | 20 | 36 | ||||||||
| Other comprehensive income (loss) | (180 | ) | — | (180 | ) | 36 | ||||||
| Total comprehensive income (loss) | (375 | ) | 57 | (816 | ) | 1,230 | ||||||
| Net income (loss) per share | ||||||||||||
| Basic | (0.02 | ) | — | (0.05 | ) | 0.09 | ||||||
| Diluted | (0.02 | ) | — | (0.05 | ) | 0.09 | ||||||
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