The newly formed platform reports over $1 billion in mortgage originations in its inaugural quarter as a combined entity
Canadian financial services platform RFA Financial Inc. has reported its inaugural quarterly results following the completion of its merger with Artis Real Estate Investment Trust, posting net interest income of $10.8 million in the three months ended March 31, 2026.
Combined mortgage originations for the period exceeded $1 billion, with on-balance sheet volumes reaching $156.7 million and off-balance sheet originations totalling $878.1 million.
The company was formed through a share exchange transaction on February 1, 2026, when Artis and RFA Capital Holdings combined to create RFA Financial. The results, therefore, capture only two months of RFA Capital's contributions to the consolidated platform.
Ben Rodney, president and chief executive officer of RFA, described the performance as a sign of things taking shape as planned.
"This marks our first quarter as RFA Financial, and we are encouraged by the early results," he said.
"Our performance reflects disciplined execution of our integration plan, as we continue to identify opportunities to enhance operating efficiency, and optimise shared infrastructure and resources."
On the lending side, on-balance sheet mortgage originations totalled $156.7 million during the quarter. The company also reported a net interest margin of 2.7% and pre-provision pre-tax income of $4.0 million for the period.
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Capital recycling drives asset sales
A central pillar of RFA's strategy involves rotating capital out of legacy real estate holdings and into higher-returning financial services businesses.
During the quarter, the company executed the sale of two retail properties in Canada for an aggregate $45.0 million, alongside a parcel of development land held through a joint venture arrangement for $15.5 million, bringing the total to $60.5 million in completed dispositions.
As at March 31, 2026, RFA had unconditional sale agreements in place for one office property and one parkade in Winnipeg, Manitoba, as well as one industrial property in the Greater Houston area of Texas, for a combined value of $88.0 million. Those transactions are anticipated to close within the year.
Subsequent to the quarter's end, the company announced a further agreement to sell a portfolio of 12 industrial properties in Winnipeg for $79.8 million, a disposition expected to settle during the second quarter of 2026.
The TSX has also approved a normal course issuer bid allowing RFA to repurchase up to 2,330,274 common shares, 277,810 Series E preferred shares, and 413,705 Series I preferred shares, a programme that commenced on April 6, 2026 and runs until April 5, 2027.
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Rodney framed the asset-sale activity as central to the company's longer-term growth ambitions.
"We remain focused on unlocking value within our real estate portfolio and recycling capital into higher-return financial services across our platform, supporting long-term, sustainable value creation for shareholders," he said.
"We are confident in our strategy and believe it will support a compelling growth trajectory for RFA over the coming years."
RFA Financial Inc. is a Canadian financial services platform, uniquely positioned at the intersection of banking, mortgage origination, and real estate. Founded in 1996 as Realty Financial Advisors, RFA expanded into residential lending in 2018, and accelerated its growth through the acquisition of Street Capital Bank in 2019, establishing a presence in both prime and alternative lending segments.
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