Operator

Good day, ladies and gentlemen, and welcome to Timbercreek Financial's First Quarter Earnings Call. [Operator Instructions] As a reminder, today's call is being recorded. I would now like to turn the meeting over to Blair Tamblyn. Please go ahead.

Robert Tamblyn

Thank you. Good afternoon, everyone, and thank you for joining us. With me on the call today are Scott Rowland, our Chief Investment Officer; Tracy Johnson, our Chief Financial Officer; and Geoff McTait, who leads Canadian Originations and Global Syndication.

Q1 marked a good start 2026 with strong origination activity and continued progress in repositioning the portfolio. During the quarter, we deployed $224 million and the portfolio has grown nearly 15% year-over-year to approximately $1.24 billion, reflecting the same level of lending activity we've seen over the past 12 months. Net investment income for the quarter was solid at $25.1 million.

Our distributable income was $0.18 per share resulting in a payout ratio of 98.5%. Importantly, we continue to make steady progress resolving the legacy stage loans and redeploying that capital into high-quality income-producing investments, which we expect will continue to strengthen the earnings power of the portfolio as we move through 2026.

The underlying cash-generating strength of the portfolio remains intact and our core lending platform continues to perform as expected. With improving transaction activity in commercial real estate and a strong pipeline of opportunities, we're well positioned to deliver the portfolio growth through the