05:33 PM EDT, 10/29/2025 (MT Newswires) -- Timbercreek Financial ( TBCRF ) on Wednesday reported third-quarter net income of C$8.5 million, down from $14.1 million a year earlier, as higher expected credit losses offset steady earnings from its mortgage investment portfolio.

The Canadian non-bank commercial real estate lender reported earnings per share of $0.10 for the quarter ended Sept. 30, down from $0.17 a year earlier.

Net investment income totaled C$25.4 million in the third quarter, unchanged from a year earlier and below the C$28.1 million consensus estimates compiled by FactSet.

"Transaction volumes remained solid during the quarter, though modestly impacted by ongoing macroeconomic volatility, which led to delays in select transactions," said chief executive Blair Tamblyn. "Despite this, our investment pipeline continues to show strength, supported by recalibrated commercial real estate valuations and a reduced interest rate environment, both of which are laying the foundation for a new real estate cycle. Originations have been productive through the fourth quarter to date, and we anticipate closing the year on a strong note as portfolio growth resumes."

The company said it remains within its targeted year-to-date payout range and expects to end the year on target, underscoring the stability of its monthly dividend.

Timbercreek's shares closed down $0.12 to $7.12 on the Toronto Stock Exchange.