Financial Data and Key Metrics Changes - For Q4 2025, the company generated distributable earnings of $0.27 per share, impacted by a loan foreclosure which reduced earnings by approximately $0.03 per share [7][16] - For the full year 2025, net interest income was $21.6 million, with distributable earnings of $15.2 million or $1.19 per share [17] - The company ended Q4 2025 with total assets of $310.2 million and total shareholder equity of $182 million, with a book value of $13.56 per share [19] Business Line Data and Key Metrics Changes - The company focused on providing loans primarily in the Southern United States, with a portfolio construction emphasizing residential loans, mainly senior secured and floating rate [5][6] - In Q4 2025, SUNS closed on $56 million of commitments, including loans for a small-bay industrial development and a senior bridge loan for a retail property [12] - The TCG real estate platform closed on $368 million of loans in FY 2025, with SUNS committing $247 million and funding $224 million [6] Market Data and Key Metrics Changes - The commercial real estate market showed a transition in 2025, with limited transaction volume in early 2025, improving in the second half due to the Federal Reserve's rate easing [5] - The company noted a bifurcation in the lending market, with lenders focused on multifamily and industrial assets, while SUNS targeted transitional business plans requiring bespoke solutions [10][11] Company Strategy and Development Direction - The company aims to capitalize on transitional real estate business plans and maintain a focus on high-quality real estate projects [5][12] - The strategy includes a commitment to structured complexity and asset-level expertise to generate superior unlevered returns [11] - The company plans to hire a premier broker to market the Thompson Hotel asset, indicating a proactive approach to asset management [14][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the opportunity set ahead, despite market volatility creating uncertainty [15][23] - The company anticipates that the current volatility will create opportunities for dislocation in the market, allowing for potential acquisitions [23][48] - Management acknowledged the need to resolve issues related to the Thompson Hotel to restore earnings momentum and expand the borrowing base [41][42] Other Important Information - The board declared a $0.30 dividend per share for Q1 2026, indicating a commitment to maintaining dividends consistent with earnings power [8][19] - The revolving credit facility was increased to $165 million, with potential expansion to $200 million, which could enhance the company's financial flexibility [9] Q&A Session Summary Question: How does the recent market volatility affect investment opportunities? - Management noted that volatility has created ups and downs, but it has also opened opportunities for transitional deals that the company focuses on [21][22] Question: What caused the decrease in the loan pipeline from $1.7 billion to $652 million? - Management explained that the decrease reflects a more discerning approach to transactions, focusing on long-term durability [28] Question: Can you provide more details on the foreclosure of the San Antonio asset? - Management indicated that the asset faced challenges due to market conditions and management issues, but they believe in its medium to long-term prospects [30][31] Question: How does the company plan to cover the dividend given the earnings? - Management stated that the board is confident in covering the dividend over the next 6-12 months [32] Question: What are the expectations for the increased credit facility? - Management expressed that resolving the current asset issues will allow for more capital deployment and expand the borrowing base [40][42] Question: How has capital deployment trended compared to previous expectations? - Management acknowledged that while there were significant opportunities initially, market conditions have led to a more selective approach in capital deployment [43][46]

Financial Data and Key Metrics Changes - Distributable Earnings for Q4 2025 were reported at $4.6 million, or $0.28 per share, with an adjusted figure of $0.31 per share when accounting for the rights offering dilution [4][14] - The company raised $61.5 million in net proceeds from a rights offering, increasing investment capacity by over $200 million [4][5] - For the full year of 2025, distributable earnings were $1.21 per share, with a run rate annual dividend of $1.12 per share, representing a 93% payout ratio [14][17] Business Line Data and Key Metrics Changes - The loan portfolio increased by $83 million year-over-year, reaching total commitments of $724.5 million across 24 floating-rate first mortgage loans [7] - The weighted average all-in yield was reported at 7.92%, with a weighted average risk rating improving to 2.8 [7][17] - The company closed one additional loan for $30.5 million in Q1 2026, with two more loans expected to close soon for approximately $37 million combined [6][16] Market Data and Key Metrics Changes - Market conditions improved in Q4 2025, with two 25 basis point rate cuts bringing the target Fed funds rate to 350-375 basis points, leading to increased financing activity [10][11] - Office transaction volume increased by 25% year-over-year, indicating a recovery in the asset class [11] - Demand for short-term floating rate bridge loans remains strong, driven by improving fundamentals and expectations for a more accommodative rate environment [12] Company Strategy and Development Direction - The company aims to capitalize on middle-market lending opportunities with enhanced liquidity following the rights offering [8] - There is a focus on deploying capital selectively into attractive opportunities across various property types, including medical office and necessity-based retail [12][13] - The company remains committed to senior secured positions and is not currently focused on mezzanine or preferred equity investments [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about transaction activity continuing to increase in 2026 as acquisition and refinancing volumes recover [11][12] - The company expects first quarter distributable earnings to be in the range of $0.22 to $0.24 per share, with a temporary drag on earnings due to the rights offering [16][30] - Management anticipates a total loan portfolio size close to $1 billion by year-end 2026, driven by expected repayments and new originations [31][32] Other Important Information - The company ended Q4 2025 with $123 million in cash and extended the maturities of two secured financing facilities, increasing capacity to $377 million [17][18] - Interest rate floors became active for seven loans, providing earnings protection in a declining rate environment [15] Q&A Session Summary Question: How is the company finding inefficiencies in the pipeline given competition? - Management noted that while multifamily contributes significantly to activity, they are focusing on other sectors like storage and medical office for better risk-adjusted returns [21][22] Question: Are there opportunities outside of the first lien space? - Management confirmed that they are currently focused on senior secured positions and not exploring mezzanine or preferred equity options [23] Question: Does the $0.22-$0.24 EPS guidance assume full deployment of the rights offering capital? - Management clarified that the guidance does not assume full deployment by the end of Q1, but they expect earnings to recover by year-end [26][30] Question: What is the expected portfolio growth following the rights offering? - Management anticipates approximately $200 million per quarter in new originations, aiming for a total portfolio size of about $1 billion by year-end [31][32] Question: Were the loans acquired in the quarter purchased from another lender? - Management confirmed that the loans were underwritten and managed by their team, fitting well into their portfolio [33]

Core Viewpoint - Timbercreek Financial Corp. has provided an update regarding its mortgage investment in the recently renovated 40-storey office tower "Stephen Avenue Place" in downtown Calgary, indicating a significant development in its financial management strategy [1][3]. Mortgage Investment Details - Timbercreek Financial is one of several secured creditors with a gross mortgage balance of $139 million as of June 30, 2025, which is fully syndicated among three institutional partners [2]. - The company's gross exposure to this mortgage is $15 million, representing 10.8% of the total loan and 1.3% of its net mortgage portfolio valued at $1,114 million [2]. Legal Proceedings - On October 15, 2025, Timbercreek Mortgage Servicing Inc. applied for the appointment of MNP Ltd. as receiver and manager of the property, a decision made after the termination of a forbearance period [3]. Management Commentary - The CEO of Timbercreek Financial emphasized the importance of disclosing the company's net exposure and highlighted the firm's extensive experience in managing commercial real estate debt, having originated over $18 billion since 2007 [4]. Company Overview - Timbercreek Financial is a leading non-bank commercial real estate lender, providing structured financing solutions with a focus on faster execution and flexible terms compared to traditional Canadian financial institutions [5].

As filed with the U.S. Securities and Exchange Commission on June 29, 2023. Registration No. 333-267907 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 (Amendment No. 4) REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 JANOVER INC. (Exact name of registrant as specified in its charter) Delaware 7374 83-2676794 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) ...

As filed with the U.S. Securities and Exchange Commission on April 17, 2023. FORM S-1 (Amendment No. 2) REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 JANOVER INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation Registration No. 333-267907 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 7374 83-2676794 (I.R.S. Employer Identification Number) 6401 Congress Avenue, Suite 250 Boca Raton, FL 33487 (Address, including ...