CA - Timbercreek Financial Corp. (TBCRF) Q1 2024 Earnings Call Transcript
2024-05-12 03:19:08 ET
Timbercreek Financial Corp. (TBCRF)
Q1 2024 Earnings Conference Call
May 7, 2024, 1:00 PM ET
Company Participants
Blair Tamblyn - Chief Executive Officer
Scott Rowland - Chief Investment Officer
Tracy Johnston - Chief Financial Office
Geoff McTait - Head, Canadian Originations and Global Syndications
Conference Call Participants
Graham Ryding - TD Securities Inc.
Stephen Boland - Raymond James
Presentation
Operator
Good day, ladies and gentlemen. Welcome to Timbercreek Financial’s First Quarter Earnings Call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session for our analysts. Analysts are asked to raise their hand to register for a question. As a reminder, today’s call is being recorded.
I would now like to turn the meeting over to Blair Tamblyn. Please go ahead.
Blair Tamblyn
Thank you, Operator. Good afternoon, everyone. Thanks for joining us to discuss the first quarter financial results. As usual, I’m joined today by Scott Rowland, CIO; Tracy Johnston, CFO; and Geoff McTait, Head of Canadian Originations and Global Syndications.
During the first quarter, we were able to generate solid income levels and deliver on our monthly distribution while navigating a near-term reduction in the average mortgage portfolio. As we discussed on our last earnings call, we were intentionally cautious through much of 2023 and the lower portfolio balance also reflects two quarters of significant repayments, including the repayment of the large Quebec City portfolio in early January 2024.
As you are evaluating the year-over-year financial results, this lower average balance was the primary factor in the reduced topline income versus last year’s first quarter, which represented a high-water mark over the previous two years. Conversely, interest expense on our credit facility was much lower, allowing us to largely maintain net income margins....
Timbercreek Financial Corp. (TBCRF) Q1 2024 Earnings Call Transcript