Atrium Mortgage Investment (AI) Q4 2025 earnings summary

Executive summary

• Net income for FY 2025 was $49.1 million, up 2.5% year-over-year, with basic EPS of $1.03 and total dividends of $1.03 per share, including a $0.10 special dividend.

• Mortgage portfolio grew 3.4% to $917.1 million, with 95.2% in first mortgages and an average loan-to-value of 61.4%.

• Assets under management reached $917 million, and market capitalization was $570.4 million as of Q4 2025.

• Focus on creative financing for commercial real estate and development in Ontario and Western Canada, with disciplined risk management and a strengthened underwriting team.

• Expanded credit facility by $40 million to $380 million and appointed PricewaterhouseCoopers LLP as new auditor for 2025.

Financial highlights

• FY 2025 total revenues were $97.3 million, up from $85.1 million in FY 2024.

• Allowance for mortgage losses at year-end was $30.5 million, or 3.32% of the gross mortgage portfolio.

• Weighted average interest rate on the mortgage portfolio was 8.98%, down from 9.98% in 2024.

• Mortgages receivable at year-end were $892.5 million, up from $863.2 million.

• Shareholders’ equity at year-end was $525.1 million, with book value per share at $10.96.

Outlook and guidance

• Expectation to access the convertible debenture market in 2026 if conditions are favorable.

• Monthly cash dividends of $0.0775 per share declared for Q2 2026.

• Board-approved monthly dividend for 2025 set at $0.93 per share.

• Focus remains on disciplined underwriting and stable returns amid a challenging lending environment.

• Housing markets, especially in the GTA, expected to stabilize and recover in 2027 as completions drop.