Timbercreek Financial Provides Update on Calgary Office Loan

Executive Summary

• Timbercreek Financial disclosed its exposure to a $139 million mortgage on the Stephen Avenue Place office tower in Calgary, with a net exposure of $15 million (1.3% of its mortgage portfolio).
• On October 15, 2025 the company’s servicing affiliate obtained a court order appointing MNP Ltd. as receiver and manager of the property, moving the loan into realization after a forbearance period ended.
• The loan has been classified as a Stage 3 (non‑performing) mortgage since December 31, 2024, indicating heightened credit risk for the portfolio.

Key Details

• Mortgage Balance: $139 million gross balance as of June 30, 2025; first‑ranking and syndicated pari‑passu with two other institutional partners.
• Timbercreek’s Net Exposure: $15 million (10.8% of the total loan), representing 1.3% of its net mortgage portfolio of $1.114 billion.
• Loan Classification: Designated as a Stage 3 mortgage in the consolidated financial statements effective December 31, 2024.
• Receiver Appointment: On October 15, 2025, Timbercreek Mortgage Servicing Inc. (TMSI) applied for and was granted an order from the Alberta Court of King’s Bench appointing MNP Ltd. as receiver and manager of Stephen Avenue Place.
• Reason for Action: Termination of a forbearance period; move to realization to protect stakeholder interests.
• Portfolio Context: The Stephen Avenue Place loan is among the few pre‑rate‑hike cycle investments remaining in Timbercreek’s portfolio.

Notable Quotes

“While we do not typically comment on individual loans, we felt it was important to disclose our net exposure in this situation… Our primary focus with this asset is to preserve our investors’ capital.” – Blair Tamblyn, CEO, Timbercreek Financial.