NET INCOME
For the three months ended September 30, 2025, net income increased by 1.4% to $9,088,270 as compared to $8,960,532 for the same period in 2024. Net income for the nine months ended September 30, 2025 increased by 10.3% to $28,735,689, as compared to $26,064,088 reported for the same period in 2024.
EARNINGS PER SHARE
Basic weighted average earnings per share for the three months ended September 30, 2025 was $0.247, as compared to the $0.250 per share reported for the three months ended September 30, 2024. Distributions per share to shareholders for the third quarter ended September 30, 2025 totaled $0.234.
For the nine months ended September 30, 2025, the Corporation reported income in excess of distributions by approximately $2.95 million, or $0.08 per share.
PORTFOLIO
The Corporation's investment portfolio decreased by 4.1% to $627.1 million as at September 30, 2025, in comparison to $653.8 million as at December 31, 2024 (in each case, gross impairment allowance, fair value adjustment, and unamortized fees). For the nine months ended September 30, 2025, new investment funding was $216.5 million (2024, $234.3 million), and repayments were $243.3 million (2024, $186.5 million). On September 30, 2025, the Investment Portfolio was comprised of 248 investments (2024, 286). The average gross investment size was approximately $2.5 million, with 16 investments individually exceeding $7.5 million.
ALLOWANCE FOR EXPECTED CREDIT LOSSES AND FAIR VALUE ADJUSTMENTS
The allowance for expected credit losses and fair value adjustment as of September 30, 2025 was $34.4 million (December 31, 2024, $29.6 million), comprising (i) $27.4 million (December 31, 2024, $21.9 million) representing the total amount of management's estimate of the shortfall between the investment balances and the estimated recoverable amount from the security under the specific loans, (ii) $4.6 million (2024, $6.0 million) representing the total amount of management's estimate of fair value adjustment on investments stated at fair value through profit or loss; and (iii) a collective allowance balance of $2.4 million (2024, $1.7 million).
INVESTMENT ...
