Timbercreek Financial Corp. · TSX:TF
Timbercreek Financial — Q4 2025 Earnings Presentation
20 slides from Timbercreek Financial's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 Financial Results
Q4 2025 Financial Results February 26, 2026
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: Q4 2025 Summary
Q4 2025 Summary ▪ Strong Q4 transaction activity reflecting improved $334M Q4 2025 ORIGINATIONS market conditions in CRE ▪ Solid net investment income ▪ Meaningful progress on remaining staged loans – substantial progress expected in 2026 $0.18* DISTRIBUTABLE INCOME PER SHARE ▪ Momentum and GROWING
Slide 5: Portfolio Review
Portfolio Review 5
Slide 6: Portfolio Strategy: Stable & Secure Returns
Portfolio Strategy: Stable & Secure Returns 83.7% 62.2% ~96% CASH-FLOWING 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 Q2 Q3 Q4 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021
Slide 8: Well-Diversified Portfolio
Well-Diversified Portfolio* 122 $15.6m ~2/3 average mortgage of business from repeat mortgage investments investment size borrowers BY ASSET** BY REGION 1.1% Multi-residential 3.5% 10.8% Ontario Retail 2.0% 6.8% 26.8% British Columbia Office 34.1% Alberta 5.0% Unimproved land Quebec 62.9% 11.4% Impr
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 Q2 Q3 Q4 2019 2019 2019 2019 2020 2020 2020 2020 2021
Slide 10: Financial Highlights
Financial Highlights 10
Slide 11: Income Statement Highlights
Income Statement Highlights For the three months ended December 31, 2025 September 30, 2025 December 31, 2024 Net Investment Income on financial assets measured at amortized cost $25,684 $25,422 $27,902 Income from operations $6,750 $15,980 $10,951 DISTRIBUTABLE INCOME $14,976 $14,077 $17,727 Net in
Slide 12: 3-Year EPS and DI per Share
3-year Eps and di per share * $0.30 100.0 % $0.25 80.0 % $0.20 60.0 % $0.15 40.0 % $0.10 20.0 % $0.05 $- -% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 EPS EPS before ECL DIPS DI Payout Ratio Stable eps and di perfor
Slide 13: 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 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25
Slide 14: Balance Sheet Highlights
Balance Sheet Highlights Statements of Financial Position (in 000’s) December 31, 2025 December 31, 2024 Mortgage investments (including mortgage syndications)* $1,895,142 $1,505,501 Other investments $31,668 $42,913 Cash $7,180 $13,303 Real estate HELD FOR SALE — $132,635 Real estate inventory $23,
Slide 15: Summary & Outlook
SUMMARY & Outlook • Increasingly constructive outlook based on continued recovery in CRE • strong transaction PIPELINE to support continued portfolio growth • Resolving remaining staged loans; broader portfolio has been resilient • Well-positioned for the next phase of the real estate cycle • Stable
Slide 16: Q&A
Q&A 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 December 31, 2025 December 31, 2024 Mortgage investments, including mortgage syndications 1,895,142 1,505,501 Mortgage syndication liabilities (673,626) (427,263) 1,221,516 1,078,238 Interest receivable (17,898) (15,533) Unamortized lender fees 5,419 6,276 Exp
Slide 19: Reconciliations
RECONCILATIONS OPERATING RESULTS1 Three months ended Year ended December December 31, 31, NET INCOME AND COMPREHENSIVE INCOME 2025 2024 2025 2024 2023 Net investment income on financial assets measured at $ 25,684 $ 27,902 $ 104,913 $104,344 $ 124,205 amortized cost Fair value (loss) gain and other
Slide 20: Reconciliations
RECONCILATIONS OPERATING RESULTS1 Three months ended December 31, Year ended December 31, DISTRIBUTABLE INCOME 2025 2024 2025 2024 2023 Net (loss) income and comprehensive income $ (1,147) $ 2,373 $ 34,453 $ 46,157 $ 66,421 Less: Amortization of lender fees (2,073) (2,163) (8,491) (6,588) (8,279) Le
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