DREAM Unlimited Corp.

Welcome to Dream Unlimited Corp first quarter 2026 conference call for Wednesday, May 14th, 2026. During this call, management of Dream Unlimited Corp may make statements containing forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties. many of which are beyond Dream Unlimited Corp's control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Additional information about these assumptions and risks and uncertainties is contained in Dream Unlimited Corp's filings with securities regulators, including its latest annual information form and MVA. These filings are also available on Dream Unlimited Corp's website at www.dream.ca. Later in the presentation, we'll have a question and answer session. To join the question queue, you may press star then the number one on your telephone keypad. Your host for today will be Mr. Michael Cooper, CRO of Dream Unlimited Corp. Mr. Cooper, please go ahead.

Thank you, Operator, and welcome to Dream Unlimited's first quarter conference call. Today, as always, I'm with Megan Peloso, and I'd like to call on her to speak to the financials, and I'll make some comments afterwards.

Thanks, Michael. Good morning, everyone. Overall, our financial results for the quarter were very much in line with our expectations. In the period, we incurred a net loss of $4.8 million, which was an improvement from a loss of $8.1 million in the prior year. Due to seasonality, Western Canada was not a large contributor, as most of the income from the division will occur in the back half of the year. Nonetheless, margin from our core divisions, being asset management, income properties, and Western Canada, was $19.6 million in the quarter, which is an increase of 12% relative to prior year. At a segmented level, in the first quarter, our asset management division generated revenue in that margin of $15.6 million and $12.2 million, respectively. up significantly from $13 million and $9.3 million in the prior period. The increase versus prior year was driven by continued AUM growth and higher incentive fee income in 2026. Western Canada development generated net margin of $0.4 million in the first quarter, down modestly from prior year due to the specific product mix and volume sold in each period. Since our last reporting in February, we have secured a further $32 million in pre-sales commitments, which is strong activity for the period. Based on pre-sales commitments secured to date, we have locked in revenue of $138.9 million for land sales to be recognized in 2026, which is in addition to the $13.3 million of revenue recognized already in the first quarter. In the first quarter, our income properties portfolio generated NOI of $7 million, up from $6.6 million in the prior year, largely driven by lease of activity across our apartment portfolio. We currently have 950 apartment units under construction that will be completed now through the end of 2027 and expect to start at least another 200 units later this year, all of which will continue to support steady growth for the division. Our other investment segment generated $6.9 million of negative net margin in the first quarter, an improvement compared to $8.7 million of negative net margin in the comparative period. We expect our development fee income in this segment to increase over time as new projects come online, but for 2026 specifically, don't anticipate earnings from this segment as we have minimal inventory available for sale. Over the course of and subsequent to the quarter, We spent $7.7 million in share repurchases. Now, lastly, as of March 31st, we had ample liquidity of $342 million. On a consolidated basis, the company had about $450 million of current debt. Of that amount, about 100 million rolls automatically on an annual basis. We're pretty active on another $165 million, which we're on track to be completed over the next couple of quarters. Of the remaining maturities, A significant balance relates to a CMHC-insured loan that doesn't mature until the first quarter of 2027, which will be renewed or refinanced in normal course, but closer to the maturity. So, overall, we feel very well positioned on our near-term maturities, and we'll provide further updates as we report this year. So, with that, I'll turn the call back over to you, Michael.