NET INCOME
For the three months ended December 31, 2025, net income decreased by 4.7% to $8,735,874 as compared to $9,164,362 for the same period in 2024. Net income for the year ended December 31, 2025, increased by 6.4% to $37,471,563, as compared to $35,228,450 reported for the same period in 2024.
EARNINGS PER SHARE
Basic weighted average earnings per share for the three months ended December 31, 2025 was $0.238, as compared to the $0.249 per share reported for the three months ended December 31, 2024. Basic weighted average earnings per share for the year ended December 31, 2025 was $1.020 (December 31, 2024 - $0.996).
PORTFOLIO
The Corporation's investment portfolio decreased by 6.5% to $610.9 million as at December 31, 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 year ended December 31, 2025, new investment funding was $278.0 million (2024, $329.0 million), and repayments were $320.7 million (2024, $265.3 million). On December 31, 2025, the Investment Portfolio was comprised of 242 investments (2024, 286). The average gross investment size was approximately $2.5 million, with 13 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 December 31, 2025 was $36.8 million (December 31, 2024, $29.6 million), comprising (i) $29.1 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) $4.5 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 $3.2 million (2024, $1.7 million).
INVESTMENT PORTFOLIO DETAILS
Details on the Corporation's investment portfolio as at December 31, 2025, are as follows:
The total gross carrying amount of the investment portfolio was $610,923,271, a decrease of 6.6% from the $653,767,443 reported at December ...
