Timbercreek Financial Corp.

Good day, ladies and gentlemen, and welcome to Timber Creek Financial's first quarter earnings call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session for analysts. Analysts are asked to raise their hand to register for a question. As a reminder, today's call is being recorded. I would now like to turn the meeting over to Blair Chamberlain. Please go ahead.

Thank you. Good afternoon, everyone, and thank you for joining us. With me on the call today are Scott Rowland, our Chief Investment Officer, Tracy Johnson, our Chief Financial Officer, and Jeff McCabe, who leads Canadian Originations and Global Syndication. Q1 marked a good start, 2026, with strong origination activity and continued progress in repositioning the portfolio. During the quarter, we deployed 224 million, and the portfolio has grown nearly 15% year-over-year, to approximately $1.24 billion, reflecting the sustained level of lending activity we've seen over the past 12 months. That investment income for the quarter was solid at $25.1 million, a distributable income of 18 cents per share, resulting in a payout ratio of 98.5. Importantly, we continue to make steady progress resolving the legacy-stage loans and redeploying that capital into high-quality, income-producing investments, which we expect will continue to strengthen the earnings power of the portfolio as we move through 2026. The underlying cash generating strength of the portfolio remains intact, and our core lending platform continues to perform as expected. With improving transaction activity in commercial real estate and a strong pipeline of opportunities, we're well positioned to deliver the portfolio growth to the balance of the year. With that, I'll turn the call over to Scott to walk through the portfolio in more detail.

Scott? Thanks, Blair, and good afternoon, everyone. I'll spend a few minutes reviewing portfolio composition and performance, touch on asset management activity related to stage loans, and then hand things over to Jeff to discuss origination trends. At a high level, the portfolio remains well aligned with our longstanding risk framework. At quarter end, just over 81% of the portfolio was invested in cash flowing properties. And multi-residential assets continue to represent the largest single asset class at approximately 60%. First mortgages accounted for roughly 95% of the portfolio at the end of Q1. The weighted average loan-to-value was 66.5%. The weighted average interest rate for the quarter was 7.7%, compared to 8.1% in Q4 and 8.7% a year ago. This reflects the impact of the Bank of Canada rate reductions over the past year. Importantly, 88.4% of the portfolio is floating rate with contractual rate floors, and the vast majority of those loans are currently operating at their rate floor levels. As rates have come down, we are also seeing opportunities to capture incremental margin through a combination of a lower cost of bank financing and higher fee contribution as transaction volumes increase. This dynamic is consistent with our experience managing the portfolio through previous rate cycles. In terms of the asset allocation by region, 92% of the capital is concentrated in Ontario, British Columbia, Quebec, and Alberta, and forecasted and focused on urban markets. As Blair highlighted, we continue to make steady progress on our remaining Stage 2 and Stage 3 loans. Over the past year, most of these files have advanced meaningfully, whether through zoning approvals, leasing improvements, preparation for sale. As these milestones are achieved, assets are increasingly positioned for resolution. For example, two Stage 3 Calgary assets, downtown office tower and adjacent retail building, were sold subsequent to quarter end. Capital recovered through these processes is being redeployed into new income-producing loans, and we expect this capital recycling to continue throughout 2026 and for the percentage of stage loans to decrease materially. At this point, I'll turn things over to Jeff to discuss origination activity and the lending environment.