Dream Impact Trust (MPCT) investor relations material

Executive summary

• Multi-family portfolio totaled 3,824 units at 100% asset level, or 1,250 units at share, and was nearly 90% occupied, including committed units.

• Leasing momentum improved across completed rental assets; construction at 49 Ontario was advancing in line with budget, with nearly all contracts tendered.

• Liquidity management remained a priority, with increased borrowing capacity and potential loan extensions and asset sales among the strategies being pursued.

Financial highlights

• Q3 net loss was $6.8 million versus $10.3 million in Q3 2025; 9M net loss was $14.3 million versus $30.6 million.

• Q3 net loss per unit was $0.35 versus $0.56 in 2025; 9M net loss per unit was $0.75 versus $1.63.

• Q3 loss improvement reflected increased leasing and multi-family portfolio growth, net favourable fair value adjustments and lower interest expense from capitalized interest at 49 Ontario; higher Cherry House and Dream loan interest and fees partly offset the gains.

• At September 30, total assets were $506.0 million, liabilities $168.0 million and unitholders' equity $338.0 million; equity per unit was $17.71 versus $18.55 at December 31, 2025.

Outlook and guidance

• Multi-family rental development investments are expected to add 2,800 units over four years, including 1,550 units at share.

• Odenak was nearing completion, with leasing expected to begin in early 2027; Cherry House lease-up and low-cost government-affiliated financing are expected to contribute additional recurring income earnings.

• Liquidity strategies include loan extensions, increased borrowing capacity and potential asset sales; management expected to provide a fuller update with Q4 results.