Timbercreek Financial Corp. · TSX:TF
Timbercreek Financial — Q1 2025 Earnings Presentation
20 slides from Timbercreek Financial's earnings presentation, May 6, 2025
Slide 1: Q1 2025 Financial Results
Q1 2025 Financial Results May 6, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements in this presentation about Timbercreek Financial Corporation and its respective business, operations, investments and strategies, and financial performance and condition may constitute forward-looking information, future-oriented financial information, o
Slide 3: Speakers
Speakers Blair Tamblyn Scott Rowland Tracy Johnston Geoff McTait 3
Slide 4: Q1 2025 Summary
Q1 2025 Summary $0.19* ▪ SOLID first quarter results DISTRIBUTABLE INCOME PER SHARE ▪ Strong top-line income and distributable income 92.8% ▪ pipeline activity supported by improving market environment and status as an approved CMHC lender ▪ Portfolio well-protected in current environment DI PAYOUT
Slide 5: Portfolio Review
Portfolio Review 5
Slide 6: Portfolio Strategy: Stable & Secure Returns
Portfolio Strategy: Stable & Secure Returns 79.7% ~60% 91.8% income-producing multi-family invested in urban properties residential assets markets 6
Slide 7: Portfolio Strategy: Compelling Income With Reduced Risk
Portfolio Strategy: compelling income witH reduced risk 100% 12% 11% 95% 10% 90% 9% 85% 8% 80% 7% 6% 75% 5% 70% 4% 65% 3% 60% 2% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022
Slide 8: Well-Diversified Portfolio
Well-Diversified Portfolio* 104 $16.2m ~2/3 average mortgage of business from repeat mortgage investments investment size borrowers BY ASSET** BY REGION 1.6% Multi-residential 10.5% 8.2% Ontario Retail British Columbia 8.3% Office 21.3% 35.6% Alberta 3.6% Unimproved land Quebec 6.4% 60.6% Improved l
Slide 9: Portfolio Activity: Picking Up As Market Stabilizes
Portfolio Activity: picking up as market stabilizes (in 000’s) $450,000 30% $400,000 25% $350,000 $300,000 20% $250,000 15% $200,000 $150,000 10% $100,000 5% $50,000 $- 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 202
Slide 10: Strengthening Fundamentals
Strengthening fundamentals $250,000,000 72.0 % 70.0 % $200,000,000 68.0 % 66.0 % $150,000,000 64.0 % $100,000,000 62.0 % 60.0 % $50,000,000 58.0 % $0 56.0 % Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Originations (left axis) LTV at quarter
Slide 11: Financial Highlights
Financial Highlights 11
Slide 12: Income Statement Highlights
Income Statement Highlights For the three months ended March 31, 2025 December 31, 2024 March 31, 2024 Net Investment Income on financial assets measured at amortized cost $28,573 $27,902 $24,590 Income from operations $23,340 $10,951 $20,903 DISTRIBUTABLE INCOME $15,419 $17,727 $15,813 Net income &
Slide 13: 3-Year EPS and DI Per Share
3-year Eps and di per share * 100.0 % $0.30 90.0 % $0.25 80.0 % 70.0 % $0.20 60.0 % $0.15 50.0 % 40.0 % $0.10 30.0 % 20.0 % $0.05 10.0 % $- -% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 EPS EPS before ECL DIPS DI Payout Ratio Stable eps an
Slide 14: Stable Distributable Income
STABLE Distributable Income* Quarterly Distributable Income (per share) $0.24 $0.22 $0.20 $0.18 $0.16 $0.14 $0.12 $0.10 Q1'18 Q3'18 Q1'19 Q3'19 Q1'20 Q3'20 Q1'21 Q3'21 Q1'22 Q3'22 Q1'23 Q3'23 Q1'24 Q3'24 Q1'25 Payout ratio of 92.8% on DI FOR Q1 2025 *Non-IFRS measure. Refer to reconciliations in the
Slide 15: Balance Sheet Highlights
Balance Sheet Highlights Statements of Financial Position (in 000’s) March 31, 2025 December 31, 2024 Mortgage investments (including mortgage syndications)* $1,684,600 $1,505,501 Other investments $43,343 $42,913 Cash $5,295 $13,303 Real estate HELD FOR SALE — $132,635 Real estate inventory $29,636
Slide 16: Summary & Outlook
SUMMARY & Outlook • Improving market conditions / fundamentals • SOLID transaction PIPELINE • Strong distributable income; dividend well-covered • continued active management of staged loans; broader portfolio has been resilient 16
Slide 17: Thank You
THANK YOU The playback of the conference call will be available on www.timbercreekfinancial.com 17
Slide 18: Reconciliations
RECONCILATIONS Net Mortgage Investments March 31, 2025 December 31, 2024 Mortgage investments, excluding mortgage syndications $ 1,070,636 $ 1,078,238 Mortgage syndications 613,964 427,263 Mortgage investments, including mortgage syndications 1,684,600 1,505,501 Mortgage syndication liabilities (613
Slide 19: Reconciliations
RECONCILATIONS OPERATING RESULTS1 Three months ended Year ended March 31, December 31, NET INCOME AND COMPREHENSIVE INCOME 2025 2024 2024 Net investment income on financial assets measured at amortized cost $ 28,573 $ 24,590 $ 104,344 Fair value gain and other income on financial assets measured at
Slide 20: Reconciliations
RECONCILATIONS Three months ended Year ended March 31, December 31, 2025 2024 2024 DISTRIBUTABLE INCOME Net income and comprehensive income $ 14,772 $ 14,368 $ 46,157 Less: Amortization of lender fees (2,779) (1,405) (6,588) Add: Lender fees received and receivable 1,339 1,179 7,610 Add: Amortizatio
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