Timbercreek Financial reported strong financial results for Q4 2024, with increased net mortgage investment portfolio.
From GlobeNewswire: 2025-02-25 20:02:02
Timbercreek Financial (TSX: TF) reported its financial results for Q4 2024, showing a significant increase in its net mortgage investment portfolio to $1,089.8 million. The company declared $14.3 million in dividends to shareholders, reflecting a distributable income payout ratio of 80.8%. The Company saw an improvement in its business fundamentals driven by the reduction in interest rates and the beginning of a new real estate cycle. CEO Blair Tamblyn expressed confidence in the ability to drive higher transaction volumes and strong net investment income in 2025. Full-year 2024 highlights included net investment income of $104.3 million and distributable income of $64.9 million.
The restatement of the Company’s consolidated statement of cash flows for the year ended December 31, 2023 was conducted in response to an issue-oriented review by the Ontario Securities Commission. The adjustment had no impact on the Company’s consolidated statement of net income and comprehensive income. Timbercreek Financial is a leading non-bank, commercial real estate lender providing structured financing solutions to commercial real estate professionals. The company disclosed certain non-IFRS measures in addition to results provided in accordance with IFRS.
In terms of operating results, the Company reported net investment income of $27.9 million in Q4 2024, with a net income and comprehensive income of $2.4 million. Distributable income for the quarter was $17.7 million, with a payout ratio of 80.8%. Timbercreek Financial maintains a conservative portfolio risk composition focused on income-producing commercial real estate. The Company’s exposure to financial returns is related to net mortgage investments, with net mortgage investments totaling $1,089.8 million at the end of Q4 2024. Enhanced return portfolio investments were $42.9 million as of December 31, 2024, and real estate held for sale, net of collateral liability, was $65.3 million.
For further information, interested parties can participate in a conference call with management on February 26, 2025. The playback of the conference call will also be available on the Timbercreek Financial website following the call. CEO Blair Tamblyn and CFO Tracy Johnston can be contacted for additional information about Timbercreek Financial.
Read more at GlobeNewswire: Timbercreek Financial Announces 2024 Fourth Quarter