Highlights

• Findev paid four quarterly dividends of C$0.0075 per share with ex-dates inside the trailing twelve-month window.

• The latest payment went ex-dividend on 23 September and reached shareholders on 9 October 2026.

• A borrower linked to the company's Victoria Park Loan has entered proceedings under the CCAA.

• Findev has flagged an expected accounting Impairment on that loan, adding uncertainty to future payouts for holders.

Small specialist lenders live and die by the quality of their loan books, and Findev Inc. (TSXV:FDI) is now testing that rule in public. The real estate lender has kept paying a modest quarterly Dividend through 2026, but a borrower tied to one of its loans has entered creditor protection, and the company has warned of an accounting hit.

The question for income holders is simple to state and hard to answer: how much of the loan can be recovered, and what that means for the next payment.

A steady quarterly cheque

Every payment inside the window from 12 November 2025 to 11 November 2026 was C$0.0075 per share. The four ex-dates were 30 December 2025, 29 April, 26 June and 23 September 2026, with payments on 15 January, 6 May, 9 July and 9 October. Over a full year, the C$0.0075 rate adds up to C$0.03 per share, a small sum in cash terms that looks large only because of the low share price.

In late May the company announced dividends payable on 9 July and 9 October 2026, covering two quarters in a single declaration.

The Victoria Park exposure

Findev disclosed CCAA proceedings involving the borrower behind its Victoria Park loan and later issued an update on that exposure, saying it expected to record an accounting impairment. The final size of the loss will depend on how the restructuring process recovers value for creditors. The CCAA, or Companies' Creditors Arrangement Act, is the federal statute that lets insolvent companies with large debts restructure under court supervision while creditors are held back from enforcement.

For a lender of this size, a single impaired loan can weigh heavily on Earnings and capital. That makes the next dividend decision more significant than usual, because the board will be weighing payout against the balance sheet. Findev's Business is lending against real estate, so the outcome also bears on how investors judge the rest of its portfolio.

What the yields show

The four payments total C$0.03 per share. On the C$0.215 price at which the shares last traded on 20 October 2026, that equals a trailing Yield of 13.95%, and the indicated yield is the same figure because the rate has not changed.

Both figures should be read as at risk until a fresh declaration appears. The price used is the last trade recorded on that day rather than an official close. An earlier data set showed a C$0.27 price and a 9.38% yield; the lower trading price since then explains most of the difference.

What comes next

The next quarterly results and any accompanying dividend notice are the points to watch. Holders will be looking for detail on the size of the impairment and on whether the company keeps the C$0.0075 rate in place. Last year's comparable payment went ex on 30 December, which offers a rough guide to the timing of the next one.