Analyses on Peakhill (5)
- May 31, 2026
- March 31, 2026March 31, 2026
- Follow-up
Peakhill: How Much of Earnings Really Comes From the Loan Book, and How Much From the Internal Fee Layer
Peakhill reported CAD 26.4 million of net income in 2025, but a meaningful part of the improvement in the bottom line did not come only from loan-book spread. CAD 4.8 million of related-party commitment fees and a CAD 365 thousand drop in management fees lifted earnings quality…
P - Follow-up
Peakhill: Why a 60% Capital Ratio Is Not the Same as Accounting Equity
Peakhill's 60% capital ratio is a covenant measure, not pure accounting equity. Roughly a quarter of covenant equity at year-end 2025 rests on a subordinated shareholder loan that still sits inside liabilities, while the unsecured bond layer was enlarged again in January 2026.
P - Follow-up
Peakhill: What the Watchlist Really Says About the CMHC Exit Path
At Peakhill, the year-end 2025 watchlist is no longer a marginal monitoring layer. It is effectively the whole troubled-credit picture outside Stage 1, which means the CMHC exit test now sits not only in the 9 loans already in default but also in the CAD 29.1 million of Stage 2…
P Peakhill in 2025: The Capital Cushion Looks Thick, but the Real Test Is the CMHC Exit Path
Peakhill still looks like a fast-growing debt issuer with comfortable covenant headroom, but the quality of the story now depends mainly on whether it can keep recycling its bridge book into CMHC takeouts without the rising watchlist and arrears bucket turning into real capital…
P
