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Timbercreek Financial Corp
Timbercreek Financial Corp. engages in the provision of shorter-duration structured financing solutions to commercial real estate investors. The company is headquartered in Toronto, Ontario and currently employs 0 full-time employees. The company went IPO on 2012-01-19. The investment objective of the Company is to secure and grow a diversified portfolio of mortgage and other investments, generating an attractive risk adjusted return and monthly dividend payments to shareholders. The firm invests in a portfolio of customized mortgage loans secured by commercial real estate, such as multi-residential, office and retail.
Timbercreek Financial Corp. engages in the provision of shorter-duration structured financing solutions to commercial real estate investors. The company is headquartered in Toronto, Ontario and currently employs 0 full-time employees. The company went IPO on 2012-01-19. The investment objective of the Company is to secure and grow a diversified portfolio of mortgage and other investments, generating an attractive risk adjusted return and monthly dividend payments to shareholders. The firm invests in a portfolio of customized mortgage loans secured by commercial real estate, such as multi-residential, office and retail.
Portfolio Growth: Timbercreek's portfolio grew by about $50 million year-to-date, with expectations for further growth by year-end, despite Q3 activity being slightly below plan due to transaction delays.
Q3 Financials: Net investment income was steady at $25.4 million, but distributable income dipped to $0.17 per share, leading to a temporarily higher payout ratio.
Loan Quality: Revaluations of two challenged loans, particularly in Calgary and Vancouver, triggered a $5.9 million increase in expected credit losses, impacting reported earnings.
Outlook: Management expects strong Q4 activity (over $200 million already funded or committed) and portfolio growth, with confidence that full-year payout ratios will settle within the target range.
Credit Facility Upsize: Timbercreek increased its credit facility (now up to $600 million), improved loan spread by 25 basis points, and added two banks to the syndicate.
Yield and Rates: Weighted average interest rate on the portfolio declined to 8.3% in Q3, reflecting Bank of Canada rate cuts, but management feels well-positioned due to high floating rate loan exposure with rate floors.
