Timbercreek Financial Corp.

Thank you, Operator. Good afternoon, everyone. Thanks for joining us to discuss the first quarter financial results. I'm joined as usual by Scott Rowland, CIO, Tracy Johnston, CFO, and Jeff McDate, Head of Canadian Originations and Global Syndications. The second quarter delivered solid performance across key metrics. We expanded the portfolio from Q1 levels with significant year-over-year growth. We supported net investment income of $25.2 million. Distributable income was 18 cents per share, consistent with our historically quarterly range. As we signaled on our last earnings call, we resolved a material portion of Stage 2 and Stage 3 loans, close to $83 million since that time. And we're pleased to report that the renewal of our credit facility is nearly complete, featuring a substantial upsize and improved margin terms to support our plans for growth. Transaction activity was healthy in the second quarter, and the pipeline is building, despite some lingering effects from the broader macro environment. While this tariff-related uncertainty poses challenges for certain sectors, our focus on multifamily residential real estate, an essential and resilient asset class, positions us to deliver stable income and protect investor capital. As rates have stabilized in a more typical range, we've seen an overall improvement in market conditions for commercial real estate this year, creating a positive backdrop as we look to further growth in the portfolio. With improving fundamentals, we've increased our proactive engagement with the investment community, highlighting our cycle-tested track record, strengthening outlook, and the attractive yield. Our dividend is currently yielding roughly 9%, a more than 6% premium of our short-term Canadian bond yields. And at $8.26 per share, our current book value is roughly 18% above the weighted average trading price in Q2. I'll now ask Scott to cover the portfolio review. Scott?

Thanks, Blair, and good afternoon. I'll quickly cover the portfolio metrics and provide a brief update on key developments with the stage loans, and Jeff will comment on the originations activity and lending environment. In the portfolio KPIs, most were stable relative to recent periods and consistent with historical averages. At quarter end, 76.3% of our investments were in cash-flowing properties. Multi-residential real estate assets continue to comprise the largest portion of the portfolio at roughly 55%. As Blair highlighted, this core asset class has shown to be durable in periods of economic uncertainty. First mortgages represented 92% of the portfolio. The weighted average LTV for Q2 was 66%, similar to Q1. And the portfolio's weighted average interest rate was 8.6% in Q2 versus 8.7% in Q1 and 9.8% in Q2 last year. Decrease reflects the Bank of Canada's policy rate cuts, bringing the wear closer to a long-term average of roughly 8%. With rates coming down, we have seen a corresponding decrease in interest expense on the credit facility, supporting a healthy net interest margin. Portfolio wear is also protected by the high percentage of floating rate loans with rate floors above 87% of the portfolio at quarter end. Roughly 90% of the loans with floors are currently at their floor rates. In terms of asset allocation by region, there were no major shifts to highlight. Approximately 93% of the capital invested in Ontario, D.C., Quebec, and Alberta, and focused on urban markets. From an asset management perspective, it was a productive quarter as we resolved close to $83 million in Stage 2 and 3 loans since our last earnings call. Thanks to the team for their great work on these files. We are actively working towards the resolution and monetization of the outstanding Stage loans and continue to advance the remaining files. While challenges remain, we expect to see further progress over the coming quarters with the goal of ultimately returning this portion of the portfolio to historical norms. On that note, I'll ask Jeff to comment on the transaction activity within the portfolio.

Thanks, Scott. It was a solid quarter for new investments as we build back the portfolio to historical levels. The portfolio is 11% or $111 million higher than Q2 of last year. During the quarter, we advanced over $168 million in new mortgage investments, all targeting multifamily and industrial assets. Continued uncertainty from tariff issues caused some transaction delays, pushing more of our origination volume to the end of the quarter, while other deals have moved into the back half of 2025. Total mortgage portfolio repayments in the quarter were $132 million, resulting in a turnover ratio of 12.9%. We ended the period with a portfolio balance a bit over $1.1 billion, which was a $35 million increase from Q1. Looking at these trends over the past several years, you see a recovery in volume in 2024 as activity began its return to more normalized levels, along with the wear also returning to historical levels. While CRE transaction activity has improved, uncertainty tied to the Trump administration's tariff policies has continued to moderate the recovery somewhat, resulting in lengthier transaction timelines or deferred decisioning altogether. That said, the multifamily asset class most specifically remains the least impacted by this broader economic uncertainty, with the resiliency of the fundamentals supporting continued trades, which in conjunction with recent risk-off messaging from CMAC, generating continued opportunity in a conventional multifamily bridge and construction lending space. The market also continues to respond well to Timber Creek Capital's status as a CMAC-approved lender, with the prospect of an eventual term takeout option driving more bridge opportunities with existing clients and interest for both products from new prospects. In summary, despite delays to a more fulsome market recovery, our positioning in the market and strong client relationships continue to support our ability to deploy capital into high-quality loans in the second half of this fiscal year and shift to growth mode as transaction activity normalizes thereafter. I will now pass the call over to Tracy to review the financial highlights. Tracy?