RFA Financial (RFA) Q3 2026 earnings summary

Executive summary

• Integration and strategic execution continued following the February merger, with mortgage originations rising 31% YoY to $5.2B through September and 2026 volume on track to exceed 2025.

• Disposition activity reached $530M by Nov. 11, supporting capital recycling and growth of the lending platform.

Financial highlights

• Q3 property sales totaled $110.5M; YTD closed sales were $264.8M through September and $304M as of Nov. 11.

• Q3 net interest income was $18.0M and PPPT was $7.6M; reported NIM was 2.6%, or 2.4% excluding non-cash purchase price adjustments.

• CET1 was 16.09%; realized credit losses were 0.23% of average mortgage and loan assets.

• Q3 lease renewals achieved an 11.2% weighted-average rental-rate increase.

Outlook and guidance

• 3–5-year targets include $1.3B–$1.5B in cumulative asset sales, $8B–$12B in lending assets, low-to-mid-teen ROE, 40%–50% bank net income CAGR and payout ratio below 65%.

• 2026 originations were on track to exceed 2025; priorities include accelerating growth, completing integration and reducing the payout ratio.

• Sale agreements covering $170.5M in Canadian and U.S. properties were expected to close in 2026, subject to closing conditions.