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Timbercreek Financial Announces 2026 First Quarter Results
TORONTO, May 05, 2026 (GLOBE NEWSWIRE) -- Timbercreek Financial (TSX: TF) (the “Company&#x...
About this update from Timbercreek Financial Corp.
[{"type":"text","content":"Timbercreek Financial Announces 2026 First Quarter Results\nTORONTO, May 05, 2026 (GLOBE NEWSWIRE) -- Timbercreek Financial (TSX: TF) (the “Company”) announced today its financial results for the three months ended March 31, 2026 (“Q1 2026”). “Origination activity was solid in the first quarter, supported by improving market conditions and a strong pipeline of new opportunities across our core asset classes. This positions us well for portfolio growth through the balance of the year,” said Blair Tamblyn, CEO of Timbercreek Financial. “Importantly, we are making steady progress resolving legacy staged loans and redeploying that capital into high‑quality, income‑producing investments, which we expect will strengthen the earnings power of the portfolio and be substantially complete through 2026.” Q1 2026 Highlights1 The Company had a strong Q1 2026 for originations advancing $224.2 million in new net mortgages and existing net mortgages. This drove an increase in the net mortgage portfolio of $160.9 million or 14.9% year-over-year to $1,240.1 million and consistent with Q4 2025. The Company expects this increased funding momentum to continue during 2026 focused on multi-family opportunities across its target markets.Steady top-line income and distributable income to support monthly dividend: Net investment income of $25.1 million compared to $28.6 million in Q1 2025.Distributable income of $14.5 million ($0.18 per share) compared with $15.4 million ($0.19 per share) in Q1 2025.Net income and comprehensive income of $10.4 million (Q1 2025 – $14.8 million) or basic earnings per share of $0.13 (Q1 2025 – $0.18)Expected credit losses (\"ECL\") of $3.7 million in the quarter (Q1 2025 - $1.6 million), reflective of firm sales prices for two of the Stage 3 office/retail net mortgages sold in Q2 2026;Net income and comprehensive income before expected credit losses (\"ECL\") of $14.1 million (Q1 2025 - $16.3 million) or basic earnings per share before ECL of $0.17 (Q1 2025 - $0.20)Declared a total of $14.3 million in dividends to shareholders, or $0.17 per share, representing distributable income payout ratio of 98.5% (Q1 2025 – 92.8%), and an EPS payout ratio of 137.6% (Q1 2025 – 96.9%) on ear...