NET INCOME
For the three months ended March 31, 2026, net income decreased by 13.7% to $8,611,465, as compared to $9,973,265 for the same period in 2025.
EARNINGS PER SHARE
Basic weighted average earnings per share for the three months ended March 31, 2026 was $0.234, as compared to the $0.271 per share reported for the three months ended March 31, 2025.
PORTFOLIO
The Corporation's investment portfolio decreased by 6.2% to $572.8 million as of March 31, 2026, in comparison to $610.9 million as at December 31, 2025 (in each case, gross impairment allowance, fair value adjustment, and unamortized fees). For the three months ended March 31, 2026, new investment funding was $25.8 million (2025, $70.2 million), and repayments were $63.9 million (2025, $92.2 million). On March 31, 2026, the investment portfolio was comprised of 237 investments (2025, 242). The average gross investment size was approximately $2.4 million, with 13 investments individually exceeding $7.5 million.
ALLOWANCE FOR EXPECTED CREDIT LOSSES AND FAIR VALUE ADJUSTMENTS
The allowance for expected credit losses and fair value adjustment as of March 31, 2026 was $36.8 million (December 31, 2025, $36.8 million), comprising (i) $29.5 million (December 31, 2025, $29.1 million) representing the total amount of management's estimate of the shortfall between the investment balances and the estimated recoverable amount from the security under the specific loans, (ii) $4.6 million (2025, $4.5 million) representing the total amount of management's estimate of fair value adjustment on investments stated at fair value through profit or loss; and (iii) a collective allowance balance of $2.7 million (2025, $3.2 million).
INVESTMENT PORTFOLIO DETAILS
Details on the Corporation's investment portfolio as at March 31, 2026, are as follows:
The total gross carrying amount of the investment portfolio was $572,751,240, a decrease of 6.2% from the $610,923,271 reported at December 31, 2025.
Conventional first mortgages comprise 94.9% of the total investment portfolio (95.2% as at December 31, 2025).
Approximately 73.5% of the total gross carrying amount of the investment portfolio matures by ...
