Mr. Blair Tamblyn reports

TIMBERCREEK ANNOUNCES SALE OF GROUPE HUOT ASSETS

Timbercreek Financial Corp. has provided an update on Groupe Mach's purchase of a portfolio of five Groupe Huot income-producing, multifamily projects. The transaction will result in the company receiving repayment of all principal and interest in arrears on the associated loans. These loans were included in the company's Stage 3 assets as at Sept. 30, 2023, representing a total of $146.1-million.

As part of the transaction, the purchaser paid a portion of the acquisition with cash, equating to a partial paydown of approximately $24-million of the company's share of the outstanding debt. The company, along with the broader lending group, provided the purchaser with a current-pay bridge loan to its new term facility. The company is scheduled to receive the full amount of the remaining principal outstanding by the end of the fourth quarter of 2023.

"We're very pleased with the resolution on this portfolio of loans, which represented a sizable portion of the Stage 3 loans at quarter-end," said Blair Tamblyn, chief executive officer of Timbercreek Financial. "I appreciate the continued effort and focus of our team in actively managing these situations. As we continue to navigate through the end of the 'one-two' punch of the pandemic and interest-rate shock, we remain focused on actively driving similar outcomes in select situations, as required. Over our 15-year history, we have built a track record of doing so -- recovering capital and ensuring the best outcomes for our shareholders. We look forward to redeploying our capital into a market that is providing attractive risk-adjusted returns from a lender's perspective."

About Timbercreek Financial Corp.

Timbercreek Financial is a leading non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate professionals. The company's sophisticated, service-oriented approach allows it to meet the needs of borrowers, including faster execution and more-flexible terms that are not typically provided by Canadian financial institutions. By employing thorough underwriting, active management and strong governance, Timbercreek Financial is able to meet these needs while generating strong risk-adjusted yields for investors.