None
SEDAR Interim Financial Statements
TF · Price
[
{
"companyName": "Timbercreek Financial Corp.",
"reportingPeriodEnd": "2025-09-30",
"reportStatus": "Unaudited",
"auditorName": null,
"auditorKeyMatters": [],
"balanceSheet": {
"cash": {
"2025-09-30": 1519,
"2024-12-31": 13303
},
"otherAssets": {
"2025-09-30": 7823,
"2024-12-31": 7326
},
"realEstateInventory": {
"2025-09-30": 28248,
"2024-12-31": 32506
},
"realEstateHeldForSale": {
"2025-09-30": 0,
"2024-12-31": 132635
},
"mortgageInvestmentsIncludingMortgageSyndications": {
"2025-09-30": 1669735,
"2024-12-31": 1505501
},
"jointVenture": {
"2025-09-30": 18415,
"2024-12-31": 0
},
"otherInvestments": {
"2025-09-30": 20240,
"2024-12-31": 42913
},
"totalAssets": {
"2025-09-30": 1745980,
"2024-12-31": 1734184
},
"accountsPayableAndAccruedExpenses": {
"2025-09-30": 8037,
"2024-12-31": 6909
},
"dividendsPayable": {
"2025-09-30": 4728,
"2024-12-31": 4742
},
"dueToManager": {
"2025-09-30": 1010,
"2024-12-31": 1041
},
"mortgageAndOtherLoansFundingHoldbacks": {
"2025-09-30": 632,
"2024-12-31": 1612
},
"prepaidMortgageAndOtherLoansInterest": {
"2025-09-30": 1114,
"2024-12-31": 3042
},
"creditFacility": {
"2025-09-30": 283507,
"2024-12-31": 396085
},
"mortgageSyndicationLiabilities": {
"2025-09-30": 628341,
"2024-12-31": 427263
},
"realEstateHeldForSaleCollateralLiability": {
"2025-09-30": 0,
"2024-12-31": 67312
},
"convertibleDebentures": {
"2025-09-30": 140936,
"2024-12-31": 139574
},
"totalLiabilities": {
"2025-09-30": 1068305,
"2024-12-31": 1047580
},
"shareholdersEquity": {
"2025-09-30": 677675,
"2024-12-31": 686604
},
"totalLiabilitiesAndEquity": {
"2025-09-30": 1745980,
"2024-12-31": 1734184
},
"derivedMetrics": {
"cashPerShare": 0.0183,
"workingCapitalPerShare": null
}
},
"incomeStatement": {
"threeMonths2025": {
"netInvestmentIncomeOnFinancialAssetsMeasuredAtAmortizedCost": 25422,
"fairValueGainAndOtherIncomeOnFinancialAssetsMeasuredAtFVTPL": 81,
"totalIncomeOnFinancialAssets": 25503,
"netRentalIncomeLoss": -253,
"netIncomeFromJointVenture": 194,
"lossOnSaleOfRealEstateProperties": -100,
"gainOnRealEstateHeldForSaleCollateralLiability": 0,
"totalIncomeOnRealEstateProperties": 41,
"managementFees": 2790,
"servicingFees": 181,
"expectedCreditLoss": 5885,
"generalAndAdministrative": 708,
"totalExpenses": 9564,
"incomeFromOperations": 15980,
"financingCostOnCreditFacility": 4909,
"financingCostOnConvertibleDebentures": 2613,
"totalFinancingCosts": 7522,
"netIncomeAndComprehensiveIncome": 8458,
"basicEarningsPerShare": 0.1,
"dilutedEarningsPerShare": 0.1
},
"threeMonths2024": {
"netInvestmentIncomeOnFinancialAssetsMeasuredAtAmortizedCost": 25411,
"fairValueGainAndOtherIncomeOnFinancialAssetsMeasuredAtFVTPL": 291,
"totalIncomeOnFinancialAssets": 25702,
"netRentalIncomeLoss": 459,
"netIncomeFromJointVenture": 0,
"lossOnSaleOfRealEstateProperties": 0,
"gainOnRealEstateHeldForSaleCollateralLiability": 0,
"totalIncomeOnRealEstateProperties": 459,
"managementFees": 2681,
"servicingFees": 132,
"expectedCreditLoss": 252,
"generalAndAdministrative": 564,
"totalExpenses": 3629,
"incomeFromOperations": 22532,
"financingCostOnCreditFacility": 5865,
"financingCostOnConvertibleDebentures": 2611,
"totalFinancingCosts": 8476,
"netIncomeAndComprehensiveIncome": 14056,
"basicEarningsPerShare": 0.17,
"dilutedEarningsPerShare": 0.17
},
"nineMonths2025": {
"netInvestmentIncomeOnFinancialAssetsMeasuredAtAmortizedCost": 79229,
"fairValueGainAndOtherIncomeOnFinancialAssetsMeasuredAtFVTPL": 225,
"totalIncomeOnFinancialAssets": 79454,
"netRentalIncomeLoss": -178,
"netIncomeFromJointVenture": 287,
"lossOnSaleOfRealEstateProperties": -2302,
"gainOnRealEstateHeldForSaleCollateralLiability": 2715,
"totalIncomeOnRealEstateProperties": 522,
"managementFees": 8316,
"servicingFees": 507,
"expectedCreditLoss": 9533,
"generalAndAdministrative": 2713,
"totalExpenses": 21069,
"incomeFromOperations": 58907,
"financingCostOnCreditFacility": 15467,
"financingCostOnConvertibleDebentures": 7840,
"totalFinancingCosts": 23307,
"netIncomeAndComprehensiveIncome": 35600,
"basicEarningsPerShare": 0.43,
"dilutedEarningsPerShare": 0.43
},
"nineMonths2024": {
"netInvestmentIncomeOnFinancialAssetsMeasuredAtAmortizedCost": 76442,
"fairValueGainAndOtherIncomeOnFinancialAssetsMeasuredAtFVTPL": 863,
"totalIncomeOnFinancialAssets": 77305,
"netRentalIncomeLoss": 1322,
"netIncomeFromJointVenture": 0,
"lossOnSaleOfRealEstateProperties": 0,
"gainOnRealEstateHeldForSaleCollateralLiability": 0,
"totalIncomeOnRealEstateProperties": 1322,
"managementFees": 7697,
"servicingFees": 435,
"expectedCreditLoss": 1067,
"generalAndAdministrative": 2527,
"totalExpenses": 11726,
"incomeFromOperations": 66901,
"financingCostOnCreditFacility": 15721,
"financingCostOnConvertibleDebentures": 7396,
"totalFinancingCosts": 23117,
"netIncomeAndComprehensiveIncome": 43784,
"basicEarningsPerShare": 0.53,
"dilutedEarningsPerShare": 0.53
}
},
"cashFlowStatement": {
"nineMonths2025": {
"netIncome": 35600,
"adjustmentsFor": {
"interestIncomeNetOfSyndications": -72573,
"lenderFeesIncomeNetOfSyndications": -6418,
"expectedCreditLoss": 9533,
"interestExpenseAndFinancingCosts": 23307,
"fairValueGainAndInterestIncomeOnFinancialAssets": -154,
"netIncomeFromJointVenture": -287,
"lossOnSaleOfRealEstateProperties": 2302,
"gainOnRealEstateHeldForSaleCollateralLiability": -2715,
"netForeignExchangeLoss": 581
},
"totalAdjustments": -10824,
"changesIn": {
"advancesOfMortgageInvestmentsNetOfSyndications": -536546,
"repaymentsFromMortgageInvestmentsNetOfSyndications": 595924,
"repaymentsFromOtherLoanInvestments": 108,
"netAdditionsToRealEstateInventory": -133,
"netProceedsFromSaleOfRealEstateInventory": 5581,
"netChangeInNonCashOperatingItems": -17
},
"totalChanges": 54093,
"interestReceivedNetOfSyndications": 45076,
"interestReceivedFromFinancialAssetsMeasuredAtFVTPL": 100,
"interestAndFinancingCostsPaid": -21854,
"lenderFeesReceived": 3941,
"netCashFromOperatingActivities": 81356,
"netCreditFacilityRepaymentsDraws": -112000,
"repaymentOfConvertibleDebentures": 0,
"proceedsFromIssuanceOfConvertibleDebentures": 0,
"dividendsPaidToShareholders": -38820,
"repurchaseOfCommonShares": -5723,
"netCashUsedInFinancingActivities": -156543,
"netProceedsFromDispositionOfRealEstateHeldForSale": 123352,
"netRepaymentsToRealEstateHeldForSaleCollateralLiability": -61676,
"distributionFromFinancialAssetsMeasuredAtFVTPL": 42,
"netAdditionsToJointVenture": -55,
"distributionFromJointVenture": 1329,
"netPaymentsProceedsOnMaturityOfForwardContracts": 423,
"netCashFromInvestingActivities": 63415,
"decreaseInCash": -11772,
"netForeignExchangeLossGainOnCashAccounts": -12,
"cashBeginningOfPeriod": 13303,
"cashEndOfPeriod": 1519
},
"nineMonths2024": {
"netIncome": 43784,
"adjustmentsFor": {
"interestIncomeNetOfSyndications": -71854,
"lenderFeesIncomeNetOfSyndications": -4425,
"expectedCreditLoss": 1067,
"interestExpenseAndFinancingCosts": 23117,
"fairValueGainAndInterestIncomeOnFinancialAssets": -782,
"netIncomeFromJointVenture": 0,
"lossOnSaleOfRealEstateProperties": 0,
"gainOnRealEstateHeldForSaleCollateralLiability": 0,
"netForeignExchangeLoss": 414
},
"totalAdjustments": -8679,
"changesIn": {
"advancesOfMortgageInvestmentsNetOfSyndications": -434622,
"repaymentsFromMortgageInvestmentsNetOfSyndications": 376533,
"repaymentsFromOtherLoanInvestments": 10561,
"netAdditionsToRealEstateInventory": -315,
"netProceedsFromSaleOfRealEstateInventory": 380,
"netChangeInNonCashOperatingItems": 106
},
"totalChanges": -56036,
"interestReceivedNetOfSyndications": 53616,
"interestReceivedFromFinancialAssetsMeasuredAtFVTPL": 507,
"interestAndFinancingCostsPaid": -23414,
"lenderFeesReceived": 4746,
"netCashUsedInOperatingActivities": -20581,
"netCreditFacilityRepaymentsDraws": 65000,
"repaymentOfConvertibleDebentures": -45000,
"proceedsFromIssuanceOfConvertibleDebentures": 46000,
"dividendsPaidToShareholders": -43288,
"repurchaseOfCommonShares": -4442,
"netCashFromFinancingActivities": 18270,
"netProceedsFromDispositionOfRealEstateHeldForSale": 0,
"netRepaymentsToRealEstateHeldForSaleCollateralLiability": 0,
"distributionFromFinancialAssetsMeasuredAtFVTPL": 3896,
"netAdditionsToJointVenture": 0,
"distributionFromJointVenture": 0,
"netPaymentsProceedsOnMaturityOfForwardContracts": -101,
"netCashFromInvestingActivities": 3795,
"decreaseInCash": 1484,
"netForeignExchangeLossGainOnCashAccounts": 0,
"cashBeginningOfPeriod": 4802,
"cashEndOfPeriod": 6286
}
},
"investmentsAndOtherAssets": [
{
"type": "Joint Venture",
"description": "Commercial retail property in downtown Vancouver, BC (50% beneficial interest)",
"ownershipPercentage": 50,
"value": 18415,
"notes": "Acquired via credit bid of a net mortgage investment on January 31, 2025."
},
{
"type": "Other Loan Investments",
"description": "Other loan investments, net of expected credit loss",
"ownershipPercentage": null,
"value": 8153,
"notes": "Will mature between 2025 and 2038."
},
{
"type": "Finance Lease Receivable",
"description": "20-year emphyteutic lease with purchase obligation",
"ownershipPercentage": null,
"value": 6020,
"notes": "Lease term until September 2038, with option for earlier purchase."
},
{
"type": "Investment in Participating Debentures",
"description": "Junior debentures of Timbercreek Real Estate Finance Ireland Fund 1",
"ownershipPercentage": null,
"value": 842,
"notes": "Measured at FVTPL."
},
{
"type": "Investment in Equity Instrument",
"description": "Non-voting shares of Timbercreek Mortgage Servicing Inc.",
"ownershipPercentage": null,
"value": 3000,
"notes": "Measured at FVTPL."
},
{
"type": "Joint Venture Investment in Indirect Real Estate Development",
"description": "Investment in indirect real estate development joint venture",
"ownershipPercentage": null,
"value": 2225,
"notes": null
}
],
"shareStructure": {
"authorizedShares": "unlimited",
"issuedShares": 82753216,
"classesOfShares": ["common shares"],
"warrants": [],
"options": [],
"rightsConvertibleInstruments": "Convertible debentures: Series TF.DB.D (5.25%, maturing July 31, 2028, conversion price $11.40), Series TF.DB.E (5.00%, maturing December 31, 2028, conversion price $11.40), Series TF.DB.F (7.50%, maturing June 30, 2029, conversion price $8.50)"
},
"managementCompensation": {
"currency": "CAD",
"periods": {
"threeMonths2025": {
"managementFees": 2790,
"servicingFees": 181,
"arrangementFees": 400,
"directorCompensation": 116
},
"nineMonths2025": {
"managementFees": 8316,
"servicingFees": 507,
"arrangementFees": 1763,
"directorCompensation": 343
}
},
"namedIndividuals": [],
"otherRelatedPartyTransactions": [
{
"counterparty": "Timbercreek Capital Inc. (Manager)",
"description": "Management and servicing fees",
"amount": 1010,
"period": "2025-09-30"
},
{
"counterparty": "Timbercreek Mortgage Servicing Inc. (TMSI)",
"description": "Cash held in trust for mortgage and loan activities",
"amount": 1746,
"period": "2025-09-30"
},
{
"counterparty": "Director of Manager (related to borrower)",
"description": "First mortgage investment where director has subordinated loan position",
"amount": 7928,
"period": "2025-09-30"
},
{
"counterparty": "Director of Manager (related to borrower)",
"description": "First mortgage investment where director has non-voting equity position",
"amount": 2702,
"period": "2025-09-30"
},
{
"counterparty": "Timbercreek Real Estate Finance U.S. Holding LP (TREF US)",
"description": "Co-investment in mortgage investment",
"amount": 23944,
"period": "2025-09-30"
},
{
"counterparty": "Timbercreek Real Estate Finance Ireland Fund 1 (TREF Ireland 1)",
"description": "Investment in junior debentures",
"amount": 841,
"period": "2025-09-30"
},
{
"counterparty": "Timbercreek North American Mortgage Fund",
"description": "Co-investment in mortgages",
"amount": 30750,
"period": "2025-09-30"
}
]
},
"subsequentEvents": [
{
"eventDate": "2025-10-15",
"description": "Dividend declared of $0.0575 per common share, payable on October 15, 2025 to shareholders of record on September 30, 2025.",
"impactValue": null
}
]
}
]
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