As we mark Armada Mortgage Corporation’s 31st year of operations, we are pleased to share a summary of the information presented at our Annual General Meeting held on June 2, 2026, along with a brief update on our 2025 performance, and Armada’s road ahead.

Despite a challenging year marked by U.S. tariffs of up to 25% on Canadian goods, four Bank of Canada rate cuts to a hold of 2.25%, and the softening housing market — Armada delivered record activity and continued to protect shareholder capital.

The portfolio grew 14% to $66.18 million across 247 mortgages, with $43.7 million funded in 2025, which is a 51% increase over 2024, and setting a record portfolio turnover of 62%. Armada delivered a net yield of 8.56%, raising the historical average since inception to 7.05%. In response to falling rates, the preferred payout of monthly dividend was adjusted from 7.50% to 7.00% in two steps during the year. Shareholder equity grew by 14% ($8.07 million), with redemptions at a modest 2.48%, showing a strong signal of investor confidence.

Capital preservation remains our foremost priority. We maintained a weighted average Loan-to-Value ratio of 45%, well below the 60% ceiling, and held a 70/30 first-to-second mortgage split across British Columbia (64%), Ontario (25%), and Alberta (11%). Armada’s 10-year nominal return of 7.69% outpaces preferred shares and bonds, with a standard deviation of just 0.96%, only a fraction of equity market volatility. We closed the year with only two foreclosures, both since resolved without material loss.

For 2026, the focus remains on preserving capital, growing the shareholder base by 15%, increasing second mortgages toward, and expanding out-of-province lending to 40–50% of assets. While Canada entered a technical recession in Q1 2026, our conservative underwriting and diversified portfolio position us well to navigate the road ahead.

Thank you for your continued trust and support.