Toronto, Ontario--(Newsfile Corp. - November 5, 2026) - Atrium Mortgage Investment Corporation (TSX: AI) (TSX: AI.DB.F) (TSX: AI.DB.G) ("Atrium") today released its financial results for the three and nine months ended September 30, 2026.
"Atrium delivered solid results for the third quarter and for the first nine months of 2026, while maintaining its disciplined approach to portfolio management and recognizing prudent provisions for credit losses. Although commercial real estate conditions have remained relatively stable, residential market activity softened in the third quarter after showing signs of improvement earlier in the year. Against this backdrop, Atrium earned basic earnings per share of $0.71 for the year-to-date, which is in excess of our regular dividend. The portfolio had 96.8% invested in first mortgages and a modest weighted average loan-to-value of 63.2%1.
Our mortgage portfolio increased to $869.1 million as at September 30, 2026, from $860.1 million at June 30, 2026. During the quarter, we originated $10.6 million in mortgages from our new Alberta office, and the BC office also had a very productive quarter. We have strategically and deliberately reduced the risk profile of the portfolio in 2026 by:
i.) Broadening geographic diversification by growing mortgage origination activity in Western Canada, and
ii.) Increasing the proportion of the portfolio secured by revenue producing properties, including industrial, retail and apartment loans, as well as single family loans.
This strategy will enhance the resilience of our portfolio during this period of continued uncertainty in the overall market. We anticipate an active fourth quarter for new business and reaffirm our earlier target that the mortgage portfolio should finish the year at approximately $900 million," said Rob Goodall, CEO of Atrium.
Q3 2026 Highlights
Quarterly net income of $10.5 million, compared to $11.9 million in the prior year
Quarterly basic and diluted earnings per share of $0.22
Mortgage portfolio of $869.1 million
Well-secured mortgage portfolio
96.8% of the portfolio in first mortgages
87.5% of the portfolio is less than 75% loan-to-value
Weighted average loan-to-value of 63.2%1
Results of operations
Atrium reported assets of $844.0 million as at September 30, 2026, down from $893.6 million at the end of 2025. Revenues for the three months ended September 30, 2026 were $18.7 million, a decrease of 11.0% from the comparative quarter in the prior year. Net income for the three months ended September 30, 2026 was $10.5 million, a decrease of 11.6% from the comparative quarter of the prior year.
For the nine months ended September 30, 2026, revenues were $57.2 million, a decrease of 10.8% from the comparative period in the prior year. Net income for the nine months ended September 30, 2026 was $34.3 million, a decrease of 7.2% from the prior year.
For the three months ended September 30, 2026, basic and diluted earnings per common share were $0.22, compared with basic and diluted earnings per common share of $0.25 for the three months ended September 30, 2025. For the nine months ended September 30, 2026, basic and diluted earnings per common share were $0.71, compared with basic and diluted earnings per common share of $0.78 for the nine months ended September 30, 2025.
For the three and nine months ended September 30, 2026, regular dividends declared were $0.2325 per share and $0.6975 per share, respectively.
Mortgages receivable as at September 30, 2026 were $842.8 million, down from $892.5 million as at December 31, 2025. This was due to mortgage interest and principal repayments exceeding advances for the year to date. Atrium's allowance for credit losses at September 30, 2026 totalled $31.0 million or 3.57% of the gross mortgage portfolio. During the nine months ended September 30, 2026, $193.4 million of mortgage principal was advanced and $239.7 million was repaid and transferred, net of write-offs of $1.7 million. The weighted average interest rate on the mortgage portfolio at September 30, 2026 was 8.64%, compared to 8.98% at December 31, 2025.
Borrowings under our $380 million credit facility decreased to $231.0 million as at September 30, 2026, down from $283.0 million as at December 31, 2025, providing significant available capacity. The weighted average cost of borrowing on the credit facility was 4.68% for the three months ended September 30, 2026, down from 5.08% for the year ended December 31, 2025, and 5.14% in the prior year comparative quarter.
SELECTED FINANCIAL HIGHLIGHTS
Consolidated Statements of Income and Comprehensive Income
(Unaudited, 000s, except per share amounts)
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| Revenue | $ | 18,727 | $ | 21,039 | $ | 57,235 | $ | 64,187 | |||||
| Mortgage servicing and management fees | (2,103 | ) | (2,191 | ) | (6,307 | ) | (6,557 | ) | |||||
| Other expenses | (490 | ) | (486 | ) | (1,748 | ) | (1,631 | ) | |||||
| Provision for credit losses | (1,455 | ) | (1,297 | ) | (2,243 | ) | (3,452 | ) | |||||
| Income before financing costs | 14,679 | 17,065 | 46,937 | 52,547 | |||||||||
| Financing costs | (4,157 | ) | (5,165 | ) | (12,668 | ) | (15,633 | ) | |||||
| Net income and comprehensive income | $ | 10,522 | $ | 11,900 | $ | 34,269 | $ | 36,914 | |||||
| Basic earnings per share | $ | 0.22 | $ | 0.25 | $ | 0.71 | $ | 0.78 | |||||
| Diluted earnings per share | $ | 0.22 | $ | 0.25 | $ | 0.71 | $ | 0.78 | |||||
| Dividends declared | $ | 11,254 | $ | 11,087 | $ | 33,640 | $ | 33,130 | |||||
Selected Financial Position Highlights
(000s, except per share amounts)
| September 30, | December 31, | |||||
| 2026 | 2025 | |||||
| Mortgages receivable | $ | 842,821 | $ | 892,456 | ||
| Total assets | $ | 844,004 | $ | 893,633 | ||
| Total liabilities | $ | 312,005 | $ | 368,579 | ||
| Shareholders' equity | $ | 531,999 | $ | 525,054 | ||
| Book value per share | $ | 10.98 | $ | 10.96 | ||
Mortgage portfolio
(carrying amounts in 000s)
| As at September 30, 2026 | As at December 31, 2025 | ||||||||||||||||||||||||
| Carrying | % of | Carrying | % of | ||||||||||||||||||||||
| Property Type | Number | amount | Portfolio | Number | amount | Portfolio | |||||||||||||||||||
| High-rise residential | 14 | 178,480 | 20.5% | 18 | $ | 245,843 | 26.8% | ||||||||||||||||||
| Mid-rise residential | 12 | 87,590 | 10.1% | 13 | 103,088 | 11.3% | |||||||||||||||||||
| Low-rise residential | 12 | 117,089 | 13.5% | 13 | 127,504 | 13.9% | |||||||||||||||||||
| House and apartment | 261 | 219,168 | 25.2% | 251 | 176,254 | 19.2% | |||||||||||||||||||
| Condominium corporation | 4 | 992 | 0.1% | 4 | 1,091 | 0.1% | |||||||||||||||||||
| Residential portfolio | 303 | 603,319 | 69.4% | 299 | 653,780 | 71.3% | |||||||||||||||||||
| Commercial | 32 | 265,756 | 30.6% | 27 | 263,294 | 28.7% | |||||||||||||||||||
| Mortgage portfolio | 335 | 869,075 | 100.0% | 326 | $ | 917,074 | 100.0% | ||||||||||||||||||
| As at September 30, 2026 | |||||||||||||||||||||||
| Location of underlying property | Number of mortgages | Carrying amount | % of Portfolio | Weighted average loan-to-value | Weighted average interest rate | ||||||||||||||||||
| Greater Toronto Area ("GTA") | 257 | $ | 701,714 | 80.8% | 62.3% | 8.57% | |||||||||||||||||
| Non-GTA Ontario | 61 | 76,716 | 8.8% | 62.8% | 8.05% | ||||||||||||||||||
| Alberta | 2 | 10,622 | 1.2% | 55.0% | 7.70% | ||||||||||||||||||
| British Columbia | 15 | 80,023 | 9.2% | 71.8% | 9.89% | ||||||||||||||||||
| 335 | $ | 869,075 | 100.0% | 63.2% | 8.64% | ||||||||||||||||||
| 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 | ||||||||||||||||||
| 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% | ||||||||||||||||||
For additional information on the financial results, further analysis of the company's mortgage portfolio, and definitions of non-IFRS measures and other financial measures, please refer to Atrium's interim condensed consolidated financial statements and management's discussion and analysis for the three and nine months ended September 30, 2026, available on SEDAR+ at www.sedarplus.ca, and on the company's website at www.atriummic.com.
2027 Annual Dividend and First Quarter Dividends
Atrium is pleased to announce its regular monthly dividend policy for 2027. Effective January 1, 2027, the annual regular dividend rate will remain unchanged at $0.93 per common share, payable in monthly installments of $0.0775 per common share. Each monthly dividend is subject to approval by Atrium's Board of Directors.
Atrium's Board of Directors has declared regular monthly cash dividends of $0.0775 per common share for the first quarter of 2027 (subject to rescission 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 |
| January 2027 | January 29, 2027 | February 10, 2027 |
| February 2027 | February 26, 2027 | March 10, 2027 |
| March 2027 | March 31, 2027 | April 9, 2027 |
Conference call
Interested parties are invited to participate in a conference call with management on Friday, November 6, 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: Third quarter results). For a replay of the conference call (available until November 18, 2026) please call 1-833-607-0619, passcode 1493992#.
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 Income Tax Act (Canada), 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.
Forward-Looking Information
This news release may contain forward-looking statements. Such statements are disclosures regarding possible events, conditions, results of operations or changes in financial position, including the future size of Atrium's mortgage portfolio, that are based upon assumptions and expectations. These are not based upon historical facts but are with respect to management's beliefs, estimates, and intentions. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intent", "estimate", "anticipate", "believe", "should", "plans", "continue" or similar expressions suggesting future outcomes or events. Forward-looking statements regarding earnings, possible credit losses, and mortgage portfolio growth are based upon assumptions regarding performance of the economy in general and real estate markets in particular. Forward-looking statements generally assume that our revenues and expenses continue to follow current trends, and that current trends in our mortgage portfolio growth continue.
All forward-looking statements reflect management's current beliefs and are based on information currently available to management. These statements are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties which could cause our actual results to differ materially from the forward-looking statements contained in this press release or elsewhere. Those risks and uncertainties include risks associated with mortgage lending, competition for mortgage lending, real estate values, interest rate fluctuations, environmental matters and the general economic environment. For other risks and uncertainties, please refer to Atrium's filings with securities regulators, including the latest Annual Information Form for the year ended December 31, 2025, which is available at www.sedarplus.ca and at www.atriummic.com. That list is not exhaustive, as other factors could adversely affect our results, performance or achievements. The reader is cautioned against undue reliance on any forward-looking statements.
Although the forward-looking statements contained in this press release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise unless required by applicable law.
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
1 Weighted average loan-to-value ("LTV") is calculated based on the value of the underlying assets determined using third-party appraisals at origination and updated using third-party appraisals when warranted as described in Atrium's Management's Discussion and Analysis for the three and nine months ended September 30, 2026.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/322811
