Earnings call transcript: Timbercreek Financial beats Q1 2025 forecasts

Timbercreek Financial Corp (TF) reported its first-quarter earnings for 2025, showcasing a positive performance that surpassed market expectations. The company posted an earnings per share (EPS) of $0.18, exceeding the forecasted $0.1696. Revenue for the quarter came in at $28.57 million, surpassing the anticipated $27.57 million. Following the release of these results, the company’s stock price increased by 2.33%, reflecting investor optimism. According to InvestingPro data, the company currently trades at a P/E ratio of 12.57 and maintains an impressive dividend yield of 10.03%, making it an interesting option for income-focused investors.

Key Takeaways

• Timbercreek Financial exceeded both EPS and revenue forecasts for Q1 2025.
• The stock price rose by 2.33% in response to the positive earnings report.
• The company reported a net investment income of $28.6 million, up from the previous quarter.
• Timbercreek Financial continues to focus on multi-residential real estate assets.

Company Performance

Timbercreek Financial demonstrated strong performance in the first quarter of 2025, with net investment income rising to $28.6 million, compared to $27.9 million in the previous quarter and $24.6 million in Q1 of the previous year. The company maintained a robust portfolio value of just under $1.1 billion, highlighting its strategic focus on cash-flowing properties and multi-residential real estate assets.

Financial Highlights

• Revenue: $28.57 million, up from the forecasted $27.57 million.
• Earnings per share: $0.18, surpassing the forecast of $0.1696.
• Distributable income: $15.4 million or $0.19 per share.
• Net income: $14.8 million.
• Payout ratio: 92.8%.

Earnings vs. Forecast

Timbercreek Financial’s actual EPS of $0.18 exceeded the forecasted $0.1696 by approximately 6.9%. The revenue also beat expectations by $1 million. This positive surprise is consistent with the company’s recent trend of outperforming market forecasts, reinforcing investor confidence.

Market Reaction

Following the earnings announcement, Timbercreek Financial’s stock experienced a 2.33% increase, closing at $6.88. The stock’s movement reflects positive investor sentiment, as the company continues to perform well within its 52-week range of $5.91 to $8.29.

Outlook & Guidance

Looking ahead, Timbercreek Financial maintains a positive outlook for 2025, with expectations of resolving $80 million in stage loans this quarter. The company anticipates strong lending vintages in 2024 and 2025, while continuing to diversify its portfolio across multifamily and other commercial assets. InvestingPro indicates strong financial health metrics, with liquid assets exceeding short-term obligations and a current ratio of 14.55. Subscribers can access 6 additional ProTips and comprehensive financial analysis through the Pro Research Report.

Executive Commentary

"We’re actually quite optimistic that loans we’re doing in 2024, this year 2025, we think these are good vintages," stated Scott Rolland, CIO. CEO Blair Tamblin added, "We’re underwriting these loans as if we’re buying the assets," emphasizing the company’s strategic approach to risk management.

Risks and Challenges

• Market fluctuations in the commercial real estate sector.
• Economic uncertainties that could impact loan resolutions.
• Potential supply constraints in key markets like Toronto.
• Interest rate volatility affecting mortgage investments.

Q&A

During the earnings call, analysts inquired about the company’s strategy for resolving stage loans and its ability to navigate the condo market dynamics. Executives addressed concerns about balance sheet strength and tariff-related market uncertainties, providing reassurance about Timbercreek Financial’s robust position and adaptability.

Overall, Timbercreek Financial’s Q1 2025 earnings report indicates a strong start to the year, with promising prospects for the future.

Full transcript - Timbercreek Financial Corp (TF) Q1 2025:

Operator: the presentation, we will conduct a question and answer session for analysts. As a reminder, today’s call is being recorded. I would now like to turn the meeting over to Blair Tamblin. Please go ahead.

Blair Tamblin, CEO, Timber Creek Financial: Thank you, operator. Good afternoon, everybody. Thanks for joining us to discuss the first quarter financial results. I’m joined as usual by Scott Rolland, CIO Tracy Johnson, CFO and Jeff McTape, our Head of Canadian Originations and Global Syndications. As we discussed on the year end call, we’re seeing an overall improvement in business fundamentals in 2025 with BOC rate cuts spurring increased financing opportunities.

It was a solid first quarter highlighted by healthy income levels allowing us to build on our long term track record of stable monthly dividends. Of note, net investment income was $28,600,000 We generated distributable income of $0.19 per share at a payout ratio of 93% and EPS was $0.18 a share, comfortably within the expected quarterly range. Transaction activity was solid in the first quarter and the pipeline is building as we forecasted at year end. The broader market volatility from tariff disputes has caused delays in a few instances, our portfolio is expected to be well protected from any near term implications. Over eighteen years as a leading private lender in the transactional lending space, we’ve successfully navigated macro issues of all types to generate the attractive risk adjusted yield our shareholders have come to expect.

This track record speaks to the resiliency of our strategy and our core asset classes, but of course by multi residential. With this strong foundation, can expect to see us actively communicating the TS story in coming quarters. Highlighting that our dividend today represents roughly a 10% yield, more than 7% premium over short term Canadian bond yields. And at $8.28 per share, which is net of our ECL provisions of course, our current book value is roughly 20% above the weighted average trading price in Q1. I’ll let Scott to take over for the portfolio review now.

Scott?

Scott Rolland, CIO, Timber Creek Financial: Thanks, Blair, and good afternoon. I’ll comment on portfolio metrics and provide a brief update on material progress on stage loans. And I’ll ask Jeff to comment on the originations activity and lending environment. Looking at the portfolio KPIs, most were stable relative to recent periods and consistent with historical averages. At quarter end, 79.7% of our investments were in cash flowing properties.

Multi residential real estate assets, apartment buildings continue to comprise the largest portion of the portfolio at roughly 60%. As Blair highlighted, this core asset class has shown to be durable in periods of economic uncertainty. First mortgages represented 88.3% of the portfolio. As expected, we have seen this percentage trend upward towards 90%. Our weighted average LTV for Q1 was 66.2%, up from 63.3% in Q4 consistent with our plan to increase LTVs on new originations back to historical levels.

Portfolio’s weighted average interest rate was 8.7% in Q1 versus 8.9% in Q4 and 9.9% in Q1 last year. The decrease mainly reflects the Bank of Canada’s policy rate cuts of two twenty five basis points between June 24 and March 25. The WARE is also reverting toward a longer term average. For example, since 2016, which captures a few rate environments, the average WARE exit rate is 7.9%. With rates coming down, we are seeing a corresponding decrease in interest expense on the credit facility supporting a healthy net interest margin.

Portfolio WARE is also protected by the high percentage of floating rate loans with rate floors close to 85% of the portfolio at quarter end. Roughly 88% of the loans with floors are currently at their rate floors. In terms of the asset allocation by region, there were no major shifts to highlight approximately 92% of the capital invested in Ontario, BC, Quebec and Alberta and focused on urban markets. From an asset management perspective, we provided extensive disclosure on the stage loans at year end. Throughout 2025, you can expect us to update on material changes as we continue to pursue resolution and monetization of these loans.

The overriding comment here is our team remains deeply engaged in these files and they are progressing as planned. We successfully closed on the sale of three senior living facilities previously recorded as assets held for sale, freeing up capital we’re recycling into higher yielding mortgages in our core asset types. We continue to expect that over the course of this fiscal year, this portion of the portfolio will decline toward historical averages. On that note, I’ll ask Jeff to comment on the transaction activity in the portfolio.

Jeff McTape, Head of Canadian Originations and Global Syndications, Timber Creek Financial: Thanks Scott. It was a good start to the year for new investments as we build back the portfolio to historical levels. The portfolio was 10% or $100,000,000 higher than Q1 of last year. In Q1, we advanced nearly $150,000,000 in new mortgage investments and advances on existing mortgages all focused on low LTV multifamily investments. As Blair highlighted, the sudden and unexpected volatility in financial markets from tariff issues caused some borrowers to shift timelines modestly.

However, we expect these delays to be transitory. Total mortgage portfolio repayments in the quarter were $136,800,000 resulting in a turnover ratio of 12.7%. We ended the period with the portfolio balance a bit under $1,100,000,000 which was a modest decrease from Q4. Looking at these trends over the past several years, on this slide you see a recovery in volume in 2024 as activity returned to normalized levels and the way of returning to historical levels as Scott mentioned. In addition to the improved market environment, we’re beginning to see increased activity resulting from Timber Creek Capital status as a CMHC approved lender.

Recently, Mike Sagert was appointed Executive Director to lead this program. Mike is an industry veteran and we’re excited to work with him to grow this business line, which will bring benefits to our Bridge Lending business as well, allowing our team to deepen borrower relationships by providing a broader range financing solutions. In summary, we’re well positioned to deploy capital into high quality loans this year. I will now pass the call over to Tracy to review the financial highlights. Tracy?

Tracy Johnson, CFO, Timber Creek Financial: Thanks, Jeff, and good afternoon, everyone. As the team has highlighted, the portfolio has returned to a more typical size based on strong originations and we are seeing this translate to top line income and DI. Q1 net investment income on financial assets measured at amortized cost was $28,600,000 up from $27,900,000 in Q4 and $24,600,000 in Q1 last year. We reported strong distributable income of $15,400,000 or $0.19 per share compared with CAD 15,800,000.0 or CAD $0.01 9 per share in Q1 last year. The payout ratio on DI was 92.8% this quarter.

We recorded a reserve on net mortgage investments and other loans of $1,600,000 reflective of the changes in Stage two and Stage three loans. Net income increased to $14,800,000 this quarter and net income before ECL was $16,400,000 versus CAD 15,400,000.0 in Q1 twenty twenty four. Looking at quarterly EPS over the past three years with and without ECLs, you will see it has been quite stable as has DI per share. Over the medium term, quarterly DI per share has been between $0.17 and $0.21 averaging just over $0.19 per share over this time period. In short, the monthly dividend remains well covered.

Let’s quickly look at the balance sheet. The value of the net mortgage portfolio excluding syndications was just under CAD 1,100,000,000.0 at the end of the quarter, an increase of about CAD 100,000,000 year over year. At quarter end, we had zero net real estate held for sale as we closed the sale of three senior living facilities that Scott mentioned earlier. The balance on the credit facility was CAD $331,000,000 at the end of Q1, down from CAD396 million at the end of Q4 based on the increased portfolio. The credit utilization rate at the end of the quarter was 83%.

We have ample capacity to deploy new capital against the pipeline Jeff and team are building. I’ll now turn the call back to Scott for closing comments.

Scott Rolland, CIO, Timber Creek Financial: Thanks, Tracy. We continue to have a positive outlook for 2025. Conditions in the commercial real estate market are stabilizing, which is good for overall transaction activity in our pipeline. And the CMHC lender status Jeff mentioned should act as a tailwind for our bridge loan business. Distributable income is strong and we see this continuing.

Lastly, we are taking the right steps to resolve the remaining stage loans and free up this capital for new investments. While the tariff driven uncertainty has been impactful to a broad range of businesses, in the short term our focus on multifamily lending keeps us well insulated. As said, team continues to monitor developments closely and prepared to modify our investment parameters should conditions change materially. That completes our prepared remarks. With that, we will open the call to questions.

Operator: We will now take analyst questions. The first question comes from Graham Ryding. Graham, your line is open. Please go ahead.

Graham Ryding, Analyst: Hi. Can you hear me?

Scott Rolland, CIO, Timber Creek Financial: Yes. Hi, Graham. Good afternoon, Graham.

Graham Ryding, Analyst: I got through this time. Great. Can you maybe just elaborate on it sounds like you got some confidence on your staged two and three loans that they should improve. Can you just elaborate a little bit on whether that’s specific visibility on some individual situations that you think should cure? Or is it just more broad based confidence in your ability to just navigate workout situations?

Blair Tamblin, CEO, Timber Creek Financial: Yeah. I mean, as we I guess, we’ve discussed this is Blair Graham. Sorry. We have clear visibility to, you know, call it $80,000,000 of resolutions this quarter. And that’s what we’re happy to be on the record, if you will, about.

On a broader level for the remaining Scott and Jeff can speak to this as well, of course, but for the remaining, call it $220,000,000 we’ll continue to do what we’ve been doing and that’s work towards resolutions helpful to our shareholders, which we remain confident of.

Scott Rolland, CIO, Timber Creek Financial: Yes. This is Scott. I concur with exactly what Blair just said. 80,000,000 more in the near term, which there’s some significant movement for us. We work on those files for around over a year.

A few smaller files should make material headway in the coming quarters. And we have a larger file in the Vancouver area that also I would think we should have material progress in by the end of the year.

Graham Ryding, Analyst: Okay. Great. Just one of the, you know, there are obviously press pressure in the condo market right now. Is that feeding through at all into the multifamily space either in, you know, valuations, vacancy, demand from investors to deploy capital? Any any commentary there?

Blair Tamblin, CEO, Timber Creek Financial: Yeah. You know, we can I mean, I’ll take a stab at it

Scott Rolland, CIO, Timber Creek Financial: and turn to Jeff as well? And the condo market, like, is interesting. Right? It’s sort of different in different different cities. We’re like, so the specific condo market, I I Toronto comes to mind, sort of, first and foremost, which is somewhat frozen.

Right? And and there is a lot of supply coming in, and there’s some weakness in prices housing prices, that’s very much sort of on the non commercial real estate side, right? That is on owner occupied single units of which Timber Creek Financial is not exposed to that market. When it comes to our sort of more bread and butter traditional multifamily, which for us is normally assets that were built, sometimes they’re older assets, right, like not brand new products, less so, Graham. That market is more stable.

The rents tend to be lower and remain well occupied. I think Jeff, anything to add?

Jeff McTape, Head of Canadian Originations and Global Syndications, Timber Creek Financial: Yes. I mean, think those are all fair comments. I mean, obviously, the what we are seeing incrementally on the development land side of the world is that historically what we’re tagged to be condo development sites are now being reconsidered as multi condo sites. Again, newer product that doesn’t compete generally with the product that we’re primarily focused on, but fundamentally does help support multi residential values versus condo for sale values. Yes.

Scott Rolland, CIO, Timber Creek Financial: I think the last comment I made is I want to make on this is, it’s interesting. Again, I’ll come back to Toronto just because it’s the largest market in the sort of classes that you have. Right now, there’s the uncertainty in the market and you have a large number of supply that sort of hit the market in these individual condo units. But because of the sort of prices to build and some of these uncertainties, there’s really no new product Project X going into the ground or being built, which is interesting. And if you start looking through the numbers, forecasts are two, three years from now, Toronto, you’re going to see a very supply constrained market again.

So it’s an interesting thing for like it’s sort of an ebb and a flow. But, you know, the problems we have right now, which are some vacancy and maybe you’re seeing some higher end rents coming off. We’ve more than likely gonna be in a very supply and balanced market in two, three years’ time. So as we go ahead and do lending again, most of it doesn’t affect us because it’s sort of a little bit of a different business than what we’re in day to day. We feel we feel just pretty good about, in general, again, people needing to rent in in the in these markets.

Graham Ryding, Analyst: Okay. Perfect. And then beyond multi, any or or perhaps even with specific verticals within multi, any sort of opportunities you’re seeing developing in this market that perhaps weren’t around, you know, three to six months ago?

Scott Rolland, CIO, Timber Creek Financial: I listen. I I think for us, we have a pretty balanced approach. Right? Like, we we like to be sort of in that 60% plus multi exposure. For the commercial asset classes, we sort of take a bit of a diversified view on that where we’re going do not as much office.

We try to do some industrial. We do some retail. We do think retail is becoming a more favored asset class, especially stuff that’s sort of grocery anchored. There hasn’t been any new supply in a very long time. So you’ve seen some positivity there.

We’re probably keeping a bit of a closer eye to industrial right now, just depending on what happens with some of these sort of tariff related impacts, export related impacts. So we’re having a lot of sort of risk conversations about that. We’ll see if there’s some opportunities that come out of there. And then I think lastly is just coming back to this sort of the condo or some of these sort of development markets, land markets that have been impacted today. And we don’t have a lot of exposure, but we’re certainly talking about three, six months from now or sort of over the next twenty four months.

There might be some compelling opportunities for us to provide some capital to some strong sponsors who might need some additional capital than they normally would need in this type of a market. So we’ll look to be opportunistic if we think it’s a good deal for the TF shareholder.

Graham Ryding, Analyst: Okay. Excellent. That’s it for me. Thank you.

Operator: The next call or next caller is Steven Boland. Steven, your line is now open. Please go ahead.

Steven Boland, Analyst: Hi, everyone. Can you hear me okay?

Blair Tamblin, CEO, Timber Creek Financial: Yes. Hi, Steve.

Steven Boland, Analyst: Okay. Just following on Graham’s question, just you you’ve got 39 loans maturing in 2025. Should we then just expect, like, multi res? You know, I know it’s the vast majority of your loans anyhow, but it mean is it gonna be an exception to to do other types of loans? And I guess the second question is just, are are you seeing any particular softness or areas that you don’t wanna go to in terms of geography?

Scott Rolland, CIO, Timber Creek Financial: Yeah. It’s a good question. So I’ll start with the first part is, yep, we we certainly expect normal, repayment activity,

Jeff McTape, Head of Canadian Originations and Global Syndications, Timber Creek Financial: you know, as we, you

Scott Rolland, CIO, Timber Creek Financial: know, again, somewhere in the neighborhood of half of our portfolio will roll in in any given year. So we expect that to happen. When it comes to targeting asset classes, you know, you know, the very rough rule rule of thumb for us, call it two thirds multifamily and a third in in other commercial. Right? So we still believe that’s a healthy mix for us.

So we’ll continue to support that mix. When it comes to geographies, there’s particular weakness. I mean, listen, if we go back a few years ago, we were more concerned about, you know, some of the, you know, Calgary and Edmonton. Was sitting there saying that was because of the supply issues, more affecting office and other asset classes. So I I I kinda like we kinda like looking at the country in thirds still right now, like a third out West, a third in Ontario, a third in Quebec in the East.

Really, we were just keeping I wouldn’t say the particular geography we’re trying to avoid at all or necessarily lean into. I think we’re just very much looking at the supply and demand and micro conditions around our investments and making sure we feel we’re in a good position. So we’re not going to lean into areas where we feel there’s a lot of supply coming into a market. We’re just going to continue to sort of do our sort of our standard operating procedure. Looking at Jeff Yes.

Jeff McTape, Head of Canadian Originations and Global Syndications, Timber Creek Financial: No, I mean, think that’s all fair. I mean, I think it really comes down to liquidity, right? And as we look at different opportunities, be it asset class or geographic location, it’s what is the liquidity and demand for that specific asset class and that specific location. Again, our focus will always be sort of primary market focused and dip into the secondary in the multi res space where and when we can rationalize the opportunity and the liquidity therein. But again, fundamental part of our analysis of every deal.

Again, we aren’t we don’t have big access across anything per se. It’s unique circumstances underlying. And then fundamentally, even in some of the primary markets, we may pull back just based on the outcome of that analysis.

Scott Rolland, CIO, Timber Creek Financial: And I guess as I’m listening to Jeff there, honestly, after it’s been a we had a a difficult couple of years right in the market. You know, coming out of COVID and then rising rates was tough on borrowers. We’re actually if I did, like, a macro comment, I actually think we’re we’re we’re quite optimistic that, you know, loans that we’re doing in sort of the net 2024, this year 2025, we think these are good good we call them vintages. Right? Good years to lend where values are down some, interest rates are coming down.

So we think our borrowers are in a stronger position. And we we see a lot of green lights on the board for for, for new investing. We think these are gonna be strong years for us to put money to work.

Steven Boland, Analyst: And just sorry, quick follow-up, just forever. Just covenants, balance sheet, you’re comfortable you can achieve your kind of goals this year with the existing balance sheet?

Tracy Johnson, CFO, Timber Creek Financial: Yeah. Hey, Steve. It’s Tracy. Yeah. Yeah.

I I think, you know, we obviously monitor it closely, but, still comfortable with where we’re we’re trending on things.

Steven Boland, Analyst: Okay. Thanks very much.

Scott Rolland, CIO, Timber Creek Financial: Thanks. Thanks.

Operator: The next question comes from Jamie. Jamie, please go ahead.

Jamie, Analyst: Hey. Good afternoon.

Blair Tamblin, CEO, Timber Creek Financial: Hey, Jim.

Jamie, Analyst: Hey. First question, just on the, I guess, the the market outlook around some of your your your clients or potential clients delaying, some of their decisions. Are you starting to see any of that come back online or are these more, shelved longer term? Maybe just a little bit of color on some of those conversations you’re having with potential clients.

Jeff McTape, Head of Canadian Originations and Global Syndications, Timber Creek Financial: Yeah. Listen, I mean, I think the, you know, q four, q ’1 pipelines were were very robust. And, you know, for for sure within that q one reality, we did see, you know, timelines to close these transactions push. I would say the vast majority of them, is literally just a instead of a Q1 close, they’re pushing into Q2. And fundamentally that captive volume for us and pipelines on deals that we worked on will fund.

I think with the Trump tariff reality and the uncertainty that came with it, think the Q1 pipeline softened a little bit. Again, I think that’s an interim wait and see period as things flush out on that basis. But fundamentally, again, I don’t think it’s something that is being shelved on a longer term basis just based on the trends for the Q2 pipeline today. It continues to be very active. And again, it’s just a lot of noise around that reality and what that, you know, will ultimately mean.

But fundamentally, in particular, in the multi residential space, it continues to be a, actively traded, asset class.

Jamie, Analyst: Okay. And is there is is it primarily or only a shift from the potential borrowers? Or has Timber Creek made any adjustments in how they view the world as a result of some of this uncertainty?

Jeff McTape, Head of Canadian Originations and Global Syndications, Timber Creek Financial: So I mean, it certainly is it’s the borrowers to a degree. Again, for us, it is a fundamental question underlying the analysis that we’re undertaking. Again, I think it’s a different analysis depending on the asset class specifics. And as you get into industrial as an example, where and when you are digging in much further to understand the underlying operations of that tenant and is it a North America based business, is it a Canadian specifically domestic business, how are those things going to impact that tenant’s ability to pay. So it is something that we are absolutely, you know, considering and focusing on.

I think, you know, we don’t have, you know, candidly all the answers at this point as we’re trying to figure our way through it. But it’s 100% a a focus of what we’re thinking through and try to understand, yeah, you know, how is it impacting cost? How is it impacting tenants? How is it impacting our borrowers? And then what does that mean from a loan structuring standpoint in terms of how much money we’re prepared to lend?

Jamie, Analyst: Yeah. Last one. Yeah.

Blair Tamblin, CEO, Timber Creek Financial: I just but I mean, we’re as you know, we’re underwriting these loans as if we’re buying the assets. I mean, that’s the way that we lend. But, of course, we’re not buying them. So, we’re, you know, we’re looking at terms of leases or lease rates on turnover over the period of time, generally speaking, that we think we need to be invested. So we don’t really have to have a ten year view, which we would if we were owning them.

And that makes that’s one of the benefits of, you know, I think of this business of being a transitional lender. You can generate equity like returns in a position where you’re, you know, you generally speaking, you have whatever 30% equity from the borrower in front of you. And we’re looking at baseline values that are are call it 15 or, you know, pick the asset class, On average, call it, I don’t know, 15%, eighteen % lower than they were two years ago. So that, is kind of what Scott was talking about a minute ago, why we feel pretty good, and are not hammering on the brakes because we don’t need to. There is still lots of flow.

There are lots of businesses that are going to thrive as rates return to sort of a more normal or they have returned to a more normalized environment.

Jamie, Analyst: And are you, are you seeing, like, your competitive position improve, in this environment? Or is everybody sort of making the same same decisions?

Jeff McTape, Head of Canadian Originations and Global Syndications, Timber Creek Financial: Listen, I think I mean, it’s it’s it’s always interesting where and when you go through a transitional period or a period of uncertainty in terms of how the market adjusts. And I think, you know, again, we are, you know, we’re not turning the Titanic here. We can be pretty nimble and we can adjust fairly quickly. And I think look, we’re seeing probably tail end of Q1 where you the rest of the market hasn’t necessarily adjusted as quickly. And so again, we’re winning our share of business.

We’ve lost a subset of loans that we bid on based on what we believe to be irrational bids from other lenders who aren’t quite necessarily as nimble as we are or necessarily as thoughtful in their analysis as we are. But again, fundamentally those are one offs, not the norm. We continue to compete favorably within the within our market comp set and continue to win our fair share of deals. But I think it’s I don’t know if we’re necessarily getting a significantly outsized market share, but we’re certainly maintaining our a pretty standard and consistent historical

Blair Tamblin, CEO, Timber Creek Financial: execution rate. And then, I mean, obviously, compete on a cost of capital basis as well, right? And that’s that I think is relevant. I mean, we’ve talked pretty openly about how we’ve been working through our legacy loans. And as Scott said and we’ve all said, we’re feeling pretty good about entering a phase of certainly stability and growth at the appropriate time.

And without naming any names, it’s not the case for everybody, whether they’re public or private lenders. There are, you know, there are different portfolios around with different construction. So, you know, we we feel, you know, we we we feel good about our ability to compete there, sort of where we’re sitting today.

Jamie, Analyst: K. And then, last one, just, the, the land inventory. Just curious as to, you know, an update on, how you’re viewing that and, and the the realizable value there. What gets you comfortable with that, with that property?

Scott Rolland, CIO, Timber Creek Financial: Yeah. So on the we are actually moving towards this is this is the year we’re hoping to disposition most of it. There’s a couple deals that are close that I that are too close for me to sort of comment on at the moment. But we’re hoping to move a portion of it soon and then maybe a significant portion later this year, maybe sooner than later. So probably an update in the next in the next call.

But we do I am I’m feeling pretty good about the, you know, you know, the our our basis, our ability to disposition that land inventory hopefully in 2025.

Jamie, Analyst: Okay. Thank you. Thanks.

Operator: There are no other questions at this time. So I’ll turn the meeting back to Blair for closing remarks.

Blair Tamblin, CEO, Timber Creek Financial: All right. Thank you, operator. Thanks everyone for joining us today. We certainly look forward to answering any subsequent questions that you may have. And we’ll look forward also to talking in ninety days.

Have a good afternoon.

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