DREAM Unlimited (DRM) Q2 2026 earnings summary

Executive summary

• Assets under management reached $28 billion as of June 30, 2026, with fee-earning AUM at $21 billion, reflecting growth across mandates, acquisitions, and joint ventures.

• Q2 2026 revenue was $75.6 million, up from $68.2 million in Q2 2025; net margin rose to $16.5 million, and net loss narrowed to $0.9 million from $25.0 million year-over-year, driven by improved fair value adjustments and higher segment earnings.

• Major joint venture with CPP Investments and Dream Industrial REIT closed, seeding $805 million of assets; acquisition of Chancerygate Limited in the UK announced to expand the European asset management platform.

• 1,062 rental units are operational, with 951 more under construction for completion by end of 2027, supporting future income growth.

• 396,558 shares were repurchased for $7.8 million, and $14.7 million was returned to shareholders via dividends in the first half of 2026.

Financial highlights

• Q2 2026 revenue: $75.6 million (Q2 2025: $68.2 million); net margin: $16.5 million (Q2 2025: $11.0 million); net margin percentage improved to 21.9%.

• Asset management Q2 2026 revenue and net margin were $14.1 million and $9.8 million, up from $11.6 million and $6.9 million year-over-year.

• Income properties Q2 2026 NOI was $7.7 million, a 13% increase year-over-year, with revenue at $13.9 million.

• Western Canada development: 58 lot sales, 29 occupancies in Q2 2026; $223.2 million in sales commitments secured for 2026–2028.

• Total assets as of June 30, 2026: $4.1 billion; total equity: $1.43 billion.

Outlook and guidance

• Majority of income from Western Canada development is expected in the second half of the year due to seasonality.

• 951 rental units under construction are expected to be completed by the end of 2027, contributing to future NOI growth.

• Expects income from new joint ventures and the Chancerygate acquisition to drive future fee income and AUM growth.

• Infrastructure work will unlock 2,300 acres for development in the next 12 months.

• Revised pre-sales expectations for certain retail land due to municipal delays, shifting some revenue from 2027 to 2028.