2023 Fiscal Year Summary

• Consistent with our targeted distribution, we paid dividends of $0.80 per share to our Class A public shareholders in 2023. This represents an 8% annual return on the original $10.00 issue price for the tenth consecutive year since inception.

• Subsequent to the year-end, we distributed $0.40 per share to our Class B shareholders based on 2023 earnings. This provided an annualized 16% return on the original $10.00 share issue price.

• We achieved the highest quarterly revenue result in our history, with fourth quarter revenues growing 18.72% to $1.26 million, from $1.06 million Q4 2022.

• Total comprehensive income grew to $3.3 million, up 21.6% year-over-year.

• Earnings per share increased to $1.04, up 13% from $0.92 in 2022.

• Assets held for sale were successfully reduced by 45% year-over-year. By year-end, assets held for sale represented just 2.2% of shareholders’ equity.

• We continue to maintain a balanced presence in both Alberta and BC with 54% of the current mortgage pool invested in Alberta. Shifting affordability constraints in BC has motivated management to begin a transition to a greater portion of our loan concentration back to the Alberta market.

• We achieved an approximate weighted average loan-to-value ratio of 76.15% on our mortgage portfolio, slightly missing our 75% target level.