Atrium Mortgage Investment Corporation Announces Strong Third Quarter Earnings per Share

Toronto, Ontario–(Newsfile Corp. – November 12, 2025) – Atrium Mortgage Investment Corporation (TSX: AI) today released its financial results for the three and nine months periods ended September 30, 2025.

Highlights

• Quarterly basic and diluted earnings per share of $0.25, compared with $0.26 in the previous year

• Quarterly net income of $11.9 million, an increase of 2.5% from the previous year

• Mortgage portfolio of $917.3 million

• High quality mortgage portfolio

  • 96.0% of portfolio in first mortgages

  • 94.3% of portfolio is less than 75% loan-to-value

  • average loan-to-value is 60.8%

“Atrium continues to deliver strong and stable earnings per share, even amid a challenging economic environment. Loan originations for the first nine months of 2025 have increased compared to the same period last year, reflecting the dedication and expertise of our underwriting team in maintaining high-quality standards and low loan-to-value ratios,” noted Rob Goodall, CEO of Atrium. “Subsequent to quarter end, we expanded our line of credit from $340 million to $380 million, underscoring our lenders’ confidence in the quality of our mortgage portfolio. I’m also pleased to announce that PricewaterhouseCoopers LLP has been appointed as our new auditor effective for the year ending December 31, 2025.”

Conference call

Interested parties are invited to participate in a conference call with management on Thursday, November 13, 2025 at 4:00 p.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 27, 2025) please call 1-833-607-0619, passcode 4780303#.

Results of operations

For the three months ended September 30, 2025, Atrium reported assets of $894.4 million, up from $864.3 million at the end of 2024. Net income for the third quarter of 2025 was $11.9 million, an increase of 2.5% from the third quarter of the prior year. For the nine months ended September 30, 2025, net income was $36.9 million, an increase of 4.9% from the prior year period. Atrium’s allowance for mortgage losses at September 30, 2025 totaled $29.5 million, or 3.2% of the mortgage portfolio, slightly down from $29.6 million or 3.3% of the mortgage portfolio at December 31, 2024.

Basic and diluted earnings per common share were $0.25 for the three months ended September 30, 2025, compared with $0.26 basic and diluted earnings per common share in the comparative period, a decrease of 3.9%. Basic and diluted earnings per common share were $0.78 for the nine months ended September 30, 2025, compared with $0.79 basic and diluted earnings per common share in the comparative period.

Mortgages receivable as at September 30, 2025 were $893.2 million, up from $863.2 million as at December 31, 2024. During the nine months ended September 30, 2025, $286.9 million of mortgage principal was advanced and $245.5 million was repaid. The weighted average interest rate on the mortgage portfolio at September 30, 2025 was 9.20%, compared to 9.98% at December 31, 2024.

Update to previous news release

On June 30, 2025, Atrium announced that a public offering of debentures was terminated due to additional time required by a predecessor auditor to complete further remediation procedures identified by the Canadian Public Accountability Board over and above the initial remediation procedures previously performed. Atrium has been informed by the predecessor auditor that the remediation procedures have been completed and the audit opinions for Atrium’s annual financial statements as at and for the years ended December 31, 2023 and 2024 are fully supported and no restatements are required.

Financial summary

Interim Consolidated Statements of Income and Comprehensive Income
(Unaudited, 000s, except per share amounts)

		Three months ended						Nine months ended
		September 30,						September 30,
		2025			2024			2025			2024
Revenue	$	21,039		$	24,514		$	64,187		$	74,637
Mortgage servicing and management fees		(2,191	)		(2,168	)		(6,557	)		(6,414	)
Other expenses		(486	)		(414	)		(1,631	)		(1,064	)
Recovery of prior mortgage loss		335			–			473			183
Provision for mortgage losses		(1,632	)		(3,488	)		(3,925	)		(11,707	)
Income before financing costs		17,065			18,444			52,547			55,635
Financing costs		(5,165	)		(6,839	)		(15,633	)		(20,460	)
Net income and comprehensive income	$	11,900		$	11,605		$	36,914		$	35,175
Basic earnings per share	$	0.25		$	0.26		$	0.78		$	0.79
Diluted earnings per share	$	0.25		$	0.26		$	0.78		$	0.79
Dividends declared	$	11,087		$	10,004		$	33,130		$	29,906
Mortgages receivable, end of period	$	893,266		$	902,318		$	893,266		$	902,318
Total assets, end of period	$	894,421		$	903,562		$	894,421		$	903,562
Shareholders’ equity, end of period	$	526,953		$	493,610		$	526,953		$	493,610
Book value per share, end of period	$	11.03		$	11.09		$	11.03		$	11.09

 

Analysis of mortgage portfolio

		As at September 30, 2025								As at December 31, 2024
					Outstanding			% of					Outstanding			% of
Property Type		Number			amount			Portfolio		Number			amount			Portfolio
(outstanding amounts in 000s)
High-rise residential		19		$	253,455			27.6%		17		$	247,202			27.9%
Mid-rise residential		14			109,146			11.9%		20			139,738			15.8%
Low-rise residential		13			127,159			13.9%		12			152,827			17.2%
House and apartment		254			175,643			19.2%		219			154,713			17.5%
Condominium corporation		4			1,123			0.1%		6			1,279			0.1%
Residential portfolio		304			666,526			72.7%		274			695,759			78.5%
Commercial		26			250,785			27.3%		24			190,939			21.5%
Mortgage portfolio		330		$	917,311			100.0%		298		$	886,698			100.0%

 

		As at September 30, 2025
									Weighted		Weighted
		Number of			Outstanding		Percentage		average		average
Location of underlying property		mortgages			amount		outstanding		loan-to-value		interest rate
(outstanding amounts in 000s)
Greater Toronto Area		245		$	799,264		87.1%		60.0%		9.15%
Non-GTA Ontario		69			51,425		5.6%		61.2%		8.39%
British Columbia		16			66,622		7.3%		68.9%		10.47%
		330		$	917,311		100.0%		60.8%		9.20%
		As at December 31, 2024
									Weighted		Weighted
		Number of			Outstanding		Percentage		average		average
Location of underlying property		mortgages			amount		outstanding		loan-to-value		interest rate
(outstanding amounts in 000s)
Greater Toronto Area		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%

 

Loan-to-value is calculated as a weighted average of the mortgage commitment, including loans outstanding, divided by the value of the underlying asset. Book value per share is calculated as shareholders’ equity divided by the number of shares outstanding at the reporting date.

For further information on the financial results, and further analysis of the company’s mortgage portfolio, please refer to Atrium’s interim consolidated financial statements and its management’s discussion and analysis for the three- and nine-month periods ended September 30, 2025, available on SEDAR+ at www.sedarplus.ca, and on the company’s website at www.atriummic.com.

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.

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