Toronto, Ontario--(Newsfile Corp. - February 26, 2026) - Atrium Mortgage Investment Corporation (TSX: AI) (TSX: AI.DB.F) (TSX: AI.DB.G) today released its financial results for the year ended December 31, 2025.
2025 Highlights
Annual net income of $49.1 million, compared to $47.9 million in the prior year
Annual basic and diluted earnings per share of $1.03
Special dividend of $0.10 per share to shareholders of record on December 31, 2025 to be paid on March 25, 2026
Mortgage portfolio of $917.1 million
Well-secured mortgage portfolio
95.2% of the portfolio in first mortgages
90.7% of the portfolio is less than 75% loan-to-value
Average loan-to-value is 61.4%
"Atrium delivered strong net income and earnings per share in 2025 despite the challenging lending environment that continues to put pressure on many market participants. These results reflect our strategy of disciplined underwriting, a focus on lower-risk sectors and a commitment to delivering steady and reliable dividends and earnings per share to our shareholders. For 2025, we delivered basic earnings per share of $1.03 and dividends of $1.03 per share, including a special dividend of $0.10 per share. This marked the fourth year in a row where our earnings exceeded $1.00 per share. Through increasing the size of our loan origination and underwriting team, we were able to grow our mortgage portfolio in 2025 by 3.4% to $917.1 million, while still maintaining a low average loan-to-value of 61.4%. We continue to have the support of our lenders and in October 2025 we expanded our credit facility by $40 million to $380 million with the addition of ATB Financial to our lending syndicate. Our ample funding sources are secure and give us the opportunity to grow the portfolio without any funding constraints. During the year we appointed PricewaterhouseCoopers LLP as our new auditor effective for the year ended December 31, 2025. We have an experienced and dedicated senior management team in place which positions Atrium for continued success. As we enter our 25th anniversary year, we remain focused on delivering stable, attractive returns for our shareholders," said Rob Goodall, CEO of Atrium.
Conference call
Interested parties are invited to participate in a conference call with management on Friday, February 27, 2026 at 9:00 a.m. ET to discuss the results. To participate or listen to the conference call live, please call 1-833-491-0507 (call topic: Fourth quarter results). For a replay of the conference call (available until March 11, 2026) please call 1-833-607-0619, passcode 6813207#.
Results of operations
For the year ended December 31, 2025, Atrium reported assets of $893.6 million, up from $864.3 million at the end of 2024. Revenues were $85.1 million, a decrease of 12.5% from the prior year. Net income for 2025 was $49.1 million, an increase of 2.5% from the prior year. Atrium's allowance for mortgage losses at December 31, 2025 totaled $30.5 million or 3.32% of the gross mortgage portfolio.
For the year ended December 31, 2025, basic and diluted earnings per common share were $1.03, compared with $1.06 and $1.05 basic and diluted earnings per common share in the prior year, a decrease of 2.8% and 1.9%, respectively. For the fourth quarter of 2025, basic and diluted earnings per common share were $0.25, compared to $0.27 and $0.26 basic and diluted in the comparative quarter.
The Board of Directors declared a special dividend of $0.10 for 2025, resulting in a total dividend of $1.03 per common share paid to shareholders for the year, compared to $1.0625 for the prior year.
Mortgages receivable as at December 31, 2025 were $892.5 million, up from $863.2 million as at December 31, 2024. This was due to mortgage interest and principal advances exceeding repayments which was partially offset by a higher allowance for mortgage losses. During the year ended December 31, 2025, $358.6 million of mortgage principal was advanced and $316.7 million was repaid and transferred. The weighted average interest rate on the mortgage portfolio at December 31, 2025 was 8.98%, compared to 9.98% at December 31, 2024.
Consolidated Statements of Income and Comprehensive Income
| (000s, except per share amounts) | |||||||||
| Year ended December 31 | |||||||||
| 2025 | 2024 | 2023 | |||||||
| Revenue | $ | 85,144 | $ | 97,263 | $ | 98,574 | |||
| Mortgage servicing and management fees | (8,790 | ) | (8,558 | ) | (8,465 | ) | |||
| Other expenses | (2,297 | ) | (1,301 | ) | (1,299 | ) | |||
| Provision for mortgage losses | (4,468 | ) | (13,571 | ) | (11,402 | ) | |||
| Income before financing costs | 69,589 | 73,833 | 77,408 | ||||||
| Financing costs | (20,524 | ) | (25,981 | ) | (25,923 | ) | |||
| Net income and comprehensive income | $ | 49,065 | $ | 47,852 | $ | 51,485 | |||
| Basic earnings per share | $ | 1.03 | $ | 1.06 | $ | 1.18 | |||
| Diluted earnings per share | $ | 1.03 | $ | 1.05 | $ | 1.14 | |||
| Dividends declared | $ | 49,051 | $ | 48,171 | $ | 52,095 | |||
| Mortgages receivable, end of year | $ | 892,456 | $ | 863,169 | $ | 876,733 | |||
| Total assets, end of year | $ | 893,633 | $ | 864,304 | $ | 877,877 | |||
| Shareholders' equity, end of year | $ | 525,054 | $ | 516,980 | $ | 482,206 | |||
| Book value per share, end of year | $ | 10.96 | $ | 10.96 | $ | 10.97 | |||
Mortgage portfolio
(carrying amounts in 000s)
| As at December 31, 2025 | As at December 31, 2024 | |||||||||||||||||
| Carrying | % of | Outstanding | % of | |||||||||||||||
| Property Type | Number | amount | Portfolio | Number | amount | Portfolio | ||||||||||||
| High-rise residential | 18 | $ | 245,843 | 26.8% | 17 | $ | 247,202 | 27.9% | ||||||||||
| Mid-rise residential | 13 | 103,088 | 11.3% | 20 | 139,738 | 15.8% | ||||||||||||
| Low-rise residential | 13 | 127,504 | 13.9% | 12 | 152,827 | 17.2% | ||||||||||||
| House and apartment | 251 | 176,254 | 19.2% | 219 | 154,713 | 17.5% | ||||||||||||
| Condominium corporation | 4 | 1,091 | 0.1% | 6 | 1,279 | 0.1% | ||||||||||||
| Residential portfolio | 299 | 653,780 | 71.3% | 274 | 695,759 | 78.5% | ||||||||||||
| Commercial | 27 | 263,294 | 28.7% | 24 | 190,939 | 21.5% | ||||||||||||
| Mortgage portfolio | 326 | $ | 917,074 | 100.0% | 298 | $ | 886,698 | 100.0% | ||||||||||
| As at December 31, 2025 | ||||||||||||||||
| Location of underlying property | Number of mortgages | Carrying amount | % of Portfolio | Weighted average loan-to-value | Weighted average interest rate | |||||||||||
| Greater Toronto Area ("GTA") | 249 | $ | 793,802 | 86.6% | 60.5% | 8.95% | ||||||||||
| Non-GTA Ontario | 63 | 67,210 | 7.3% | 64.0% | 8.23% | |||||||||||
| British Columbia | 14 | 56,062 | 6.1% | 69.9% | 10.29% | |||||||||||
| 326 | $ | 917,074 | 100.0% | 61.4% | 8.98% | |||||||||||
| As at December 31, 2024 | |||||||||||||||
| Location of underlying property | Number of mortgages | Carrying amount | % of Portfolio | Weighted average loan-to-value | Weighted average interest rate | ||||||||||
| GTA | 211 | $ | 791,809 | 89.3% | 60.6% | 9.96% | |||||||||
| Non-GTA Ontario | 73 | 40,816 | 4.6% | 69.6% | 9.15% | ||||||||||
| British Columbia | 14 | 54,073 | 6.1% | 75.0% | 10.96% | ||||||||||
| 298 | $ | 886,698 | 100.0% | 61.9% | 9.98% | ||||||||||
For further information on the financial results, further analysis of the company's mortgage portfolio, and definitions of non-IFRS measures, please refer to Atrium's consolidated financial statements and its management's discussion and analysis for the year ended December 31, 2025, available on SEDAR+ at www.sedarplus.ca, and on the company's website at www.atriummic.com.
2026 Second Quarter Dividends
Atrium is pleased to announce that the Board of Directors has declared a monthly cash dividend of $0.0775 per common share (subject to recission or adjustment at the discretion of the Board of Directors) payable on each dividend payment date listed below to shareholders of record at the close of business on the corresponding record date:
| Dividend Month | Record Date | Dividend Payment Date |
| April 2026 | April 30, 2026 | May 13, 2026 |
| May 2026 | May 29, 2026 | June 12, 2026 |
| June 2026 | June 30, 2026 | July 10, 2026 |
About Atrium
Canada's Premier Non-Bank Lender
Atrium is a non-bank provider of residential and commercial mortgages that lends in major urban centres in Canada where the stability and liquidity of real estate are high. Atrium's objectives are to provide its shareholders with stable and secure dividends and preserve shareholders' equity by lending within conservative risk parameters. Atrium is a Mortgage Investment Corporation ("MIC") as defined in the Canada Income Tax Act, so is not taxed on income provided that its taxable income is paid to its shareholders in the form of dividends within 90 days after December 31 each year. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same position as if the mortgage investments made by the company had been made directly by the shareholder. For further information about Atrium, please refer to regulatory filings available at www.sedarplus.ca or investor information on Atrium's website at www.atriummic.com.
For additional information, please contact
Robert G. Goodall
Chief Executive Officer
Chris Anastasopoulos
Chief Financial Officer
(416) 867-1053
info@atriummic.com
www.atriummic.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285534
Source: Atrium Mortgage Investment Corporation
