DRI Healthcare Trust (DHT-UN) Q3 2026 earnings summary

Executive summary

• Q3 normalized cash receipts and Adjusted EBITDA each rose 9% YoY to $47.5M and $40.0M; Adjusted EBITDA margin was 84%.

• EKTERLY disposition proceeds supported the $316M JUVMO investment; FY2026 Adjusted EBITDA is tracking above the high end of guidance, with increased multi-year growth and deployment capacity.

• Portfolio spans 29 royalty streams across 22 products, with over $1.51B deployed since the 2021 IPO.

Financial highlights

• Q3 total income was $46.9M, down 4% YoY; net earnings were $46.5M, or $0.85 per unit.

• Q3 normalized cash receipts were $47.5M, up 9% YoY; Adjusted EBITDA was $40.0M, up 9%, at an 84% margin.

• YTD total income was $145.6M, up 6%; normalized cash receipts were $152.3M, up 4%; Adjusted EBITDA was $135.3M, up 14%, at an 89% margin.

• LTM total income was $207.2M; normalized cash receipts were $202.9M and Adjusted EBITDA was $181.6M, at a 90% margin.

• Comprehensive earnings were $49.7M versus a $57.7M loss; adjusted cash earnings were $0.53 per unit versus $0.55.

Outlook and guidance

• FY2026 Adjusted EBITDA is expected to exceed the high end of the $157M–$162M guidance range; no additional transactions are assumed for the year.

• The $800M–$1B 2026–2030 deployment target and low-teens Adjusted EBITDA CAGR aspiration are not guidance; expanded capacity and JUVMO support higher multi-year aspirations, with updated targets due on the Q4 call.

• Core royalty income, excluding the one-time XOLAIR adjustment, ZEJULA softness and EKTERLY disposition effects, grew 3% in Q3 and 8% YTD; LUMVOA adds to the base.

• The next transaction is most likely in H1 2027, closer to Q2; Q4 credit-facility interest expense is expected to be $4.3M.