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Timbercreek Financial Corp (TF) investor relations material

Timbercreek Financial Corp Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

Executive summary

  • Portfolio expanded 11% year-over-year, with net investment income of $25.2M and distributable income of $0.18 per share, maintaining historical ranges.

  • Net income for the quarter was $12.4M, down from $15.4M year-over-year.

  • Significant progress resolving over $80M in Stage 2 and 3 loans, freeing capital for new investments.

  • Renewal and upsize of the credit facility nearly complete, with improved margin terms to support growth.

  • Dividend yield remains strong at approximately 9%, with book value per share 18% above Q2's weighted average trading price.

Financial highlights

  • Q2 net investment income was $25.2M, down from $28.6M in Q1 and $26.4M in Q2 last year.

  • Distributable income was $14.6M ($0.18/share), compared to $16.3M ($0.20/share) in Q2 last year; payout ratio at 97.8%.

  • Net mortgage portfolio (excluding syndications) ended at just over $1.1B, up $111M year-over-year.

  • Weighted average interest rate was 8.6% in Q2, down from 9.8% in Q2 last year.

  • Dividend yield at the current share price is 8.9%, a 6% premium over the 2-year Canadian bond yield.

Outlook and guidance

  • Portfolio growth expected to continue, with a target to reach $1.3B supported by the upsized credit facility.

  • Payout ratio anticipated to average around 95% for the full year.

  • Ongoing resolution of impaired loans expected, with some assets likely to be sold or resolved by year-end and others into next year.

  • Commercial real estate conditions remain positive in key segments, supporting portfolio and pipeline growth.

  • Multi-family residential assets are expected to be resilient against near-term tariff impacts and economic uncertainty.

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Frequently asked questions

Timbercreek Financial Corp. is a non-bank lender that specializes in providing shorter-duration structured financing solutions for commercial real estate investors. The company focuses on lending against income-generating properties such as multi-residential, office, and retail buildings, particularly in urban markets across Canada. These loans typically bridge the gap for investors needing flexible, fast-executing financing, often for purposes such as capital improvements or property acquisitions. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.

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