Highlights

• Findev expects to write off about C$7.4 million tied to its Loan exposure on 1682 Victoria Park Avenue.

• The borrower entered CCAA protection on 17 July 2026 following an application brought by Findev's lending subsidiary.

• A C$0.0075 quarterly Dividend declared in May was paid on 9 October, after the creditor protection order.

• No further dividend had been declared in the company news reviewed, leaving the January payment unconfirmed.

On 25 September 2026, Findev Inc. (TSXV:FDI) told shareholders it expects to expense about C$7.4 million, the full net carrying value of its exposure to a Toronto development borrower now under creditor protection. Two weeks later, on 9 October, the small real estate lender still paid its C$0.0075 quarterly dividend, a payment declared back in May.

The overlap raises an obvious question for anyone holding the shares for income: whether the quarterly cheque survives the hit.

Inside the Victoria Park exposure

Findev makes shorter-term loans of one to five years to developers, secured on properties in the Greater Toronto Area. Its subsidiary, Findev Lending, applied for and obtained an Initial Order from the Ontario Superior Court of Justice (Commercial List) on 17 July 2026, granting 1682 Victoria Park Avenue Inc. protection under the Companies' Creditors Arrangement Act. Albert Gelman Inc. is the monitor.

At 30 June, receivables from the project were about C$17.7 million, of which C$5.3 million was principal. An expected Credit Loss Reserve of C$10.3 million had already been booked, leaving roughly C$7.4 million that the company now expects to write off. Findev describes this as a recoverability assessment rather than a Waiver of its claim, and says part of the Impairment could be reversed if recoveries improve.

A related-party twist

Helmsbridge Holdings, controlled by director and significant Shareholder Anthony Heller, agreed to fund interest, preservation, construction completion and sale costs for the project. In return, Findev agreed to subordinate its security to advances under that financing. A first-ranking mortgage, guaranteed by Plazacorp Investments and Mr Heller, also sits ahead of Findev.

The dividend and its yield

The most recent price obtained was C$0.27, last traded on 4 November 2026 in thin volume, rather than a 10 November close. Four payments of C$0.0075 have ex-dates between 11 November 2025 and 10 November 2026, totalling C$0.03 and a trailing Yield of about 11.11%. Annualising the latest payment gives the same indicated figure.

That indicated number assumes the quarterly rate continues, yet no new declaration appeared in the company news reviewed after the September update. The write-off will also flow through Earnings once management, the auditors and the board finalise the accounting. A double-digit yield on a stock this small reflects risk as much as income.

What to watch

Last year, the January dividend was announced in mid-November alongside the third-quarter calendar. Whether a similar declaration follows, and at what rate, will be the clearest signal of how the board views the impairment.

The CCAA process itself is designed to preserve, restructure or realise the project under court supervision, so the final recovery for Findev could still differ from the current estimate in either direction.