PINE operating income +250% YoY as commercial loan portfolio doubles; $70M equity raised

Filed July 23, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 24, 2025 · ~2 min read

Key Changes

• high

  Operating income rose from $2.5M to $8.7M (+250%) driven by commercial loan interest income (+$4.6M) and lower impairment charges (-$2.6M). Commercial loan portfolio expanded from $110.9M to $238.6M, now 34% of assets vs 18% a year ago.

  MD&A: Operating Income & Commercial Loans verify on EDGAR →
• high

  Company raised $70M gross proceeds through common stock ATM (2.8M shares at $25 weighted avg) and preferred stock ATM ($8.6M), increasing common shares outstanding from 14.2M to 17.6M and issuing 2.4M preferred shares with 8% cumulative dividend.

  Notes: Equity Issuance & Capital Structure verify on EDGAR →
• high

  Unfunded construction loan commitments increased from $22.3M (six loans) to $85.4M (nine loans), representing future capital deployment obligations as borrowers draw on approved facilities.

  MD&A: Unfunded Loan Commitments verify on EDGAR →