GlobeNewswire·Nov 11, 2026, 5:00 PM ET

Timbercreek Financial Announces 2026 Third Quarter Results and Update on Staged Loan Resolutions

Timbercreek Financial reported a net loss of $32.1 million for Q3 2026, driven by $40.2 million in expected credit losses & a $4.8 million fair value loss on mortgage investments.
Distributable income remained stable at $14.0 million ($0.17 per share), resulting in a dividend payout ratio of 101.9%.
Net mortgage portfolio grew 15.4% year-over-year to $1,217.4 million, supported by $228.9 million in new originations during the quarter.
The company resolved the Victoria mixed-use & Calgary office positions, & agreed to sell two GTA staged positions with combined net carrying values of approximately $44 million.
Approximately $33 million in additional expected credit losses were recorded for the Vancouver retail/development portfolio due to revised lower recovery values.
Interest income recognition on the Vancouver exposure will cease, temporarily raising the Q4 2026 distributable income payout ratio to approximately 135%.
The company plans to accelerate the resolution of remaining Stage 2 & Stage 3 loans to redeploy recovered capital into performing mortgage investments.
The Vancouver sale process is expected to conclude by the end of Q1 2027, subject to market conditions.
Conference call with management is scheduled for November 12, 2026, at 1:00 p.m. ET.