TORONTO, ON — February 26, 2026 — Leads & Copy — ECN Capital Corp. (TSX: ECN) reported its financial results for the three-month period and year ended December 31, 2025.
Adjusted net income applicable to common shareholders for the three-month period ended December 31, 2025, was $13.6 million, or $0.05 per share (basic), compared to $16.7 million, or $0.06 per share (basic), for the previous three-month period and $4.4 million, or $0.02 per share (basic), for the prior year comparable period.
Originations for the three-month period ended December 31, 2025, totaled $662.4 million, versus $826.8 million in the previous three-month period and $547.6 million for the prior year comparable period. This includes $447.9 million of originations from the Manufactured Housing Finance segment and $214.5 million from the Recreational Vehicle and Marine Finance segment.
Managed Assets as of December 31, 2025, were $7.3 billion, compared to $8.2 billion as of September 30, 2025, and $6.9 billion as of December 31, 2024.
Adjusted EBITDA for the three-month period ended December 31, 2025, was $36.2 million, versus $40.6 million for the previous three-month period and $24.1 million for the prior year comparable period.
Operating Expenses for the three-month period ended December 31, 2025, were $35.8 million, versus $34.0 million for the previous three-month period and $31.1 million for the prior year comparable period.
Net income attributable to common shareholders for the three-month period ended December 31, 2025, was $4.5 million, versus net income of $11.2 million for the previous three-month period and a net loss of ($3.9) million for the prior year comparable period.
According to CEO Steve Hudson, the company is actively obtaining necessary approvals for its acquisition led by Warburg Pincus LLC, with progress tracking to close early in the second quarter.
On November 13, 2025, ECN Capital entered into a definitive arrangement agreement to be acquired by Sinatra CA Acquisition Corp., a newly formed acquisition vehicle controlled by an investor group led by investment funds managed by Warburg Pincus LLC, in an all-cash transaction that values the Company at an enterprise value of approximately C$1.9 billion.
Pursuant to the Arrangement Agreement, the Purchaser will acquire:
(i) all of the issued and outstanding common shares of the Company for C$3.10 in cash per common share,
(ii) all of the issued and outstanding cumulative 5-year minimum rate reset preferred shares, Series C of the Company for C$26.00 in cash per Series C Preferred Share (plus all accrued but unpaid dividends thereon), and
(iii) all of the issued and outstanding mandatory convertible preferred shares, Series E of the Company, of which Champion Homes, Inc. is the sole beneficial owner, for C$3.10 in cash per Series E Preferred Share (plus all accrued but unpaid dividends thereon).
The Arrangement will be implemented via a statutory plan of arrangement under the Business Corporations Act (Ontario).
At a special meeting on January 20, 2026, the holders of common shares, Series C Preferred Shares, and Series E Preferred Shares voted to approve the Arrangement. On January 22, 2026, the Company obtained a final order from the Ontario Superior Court of Justice (Commercial List) approving the Arrangement.
Completion of the Arrangement remains subject to customary closing conditions, including the receipt of certain key regulatory approvals. The Arrangement is expected to close in the first half of 2026, assuming timely receipt of these approvals. Following completion, the common shares and the Series C Preferred Shares will be delisted from the Toronto Stock Exchange.
The Board of Directors has authorized and declared a quarterly dividend of C$0.01 per outstanding common share, payable on March 31, 2026, to shareholders of record on March 20, 2026. The Board also authorized a quarterly dividend of C$0.4960625 per outstanding Series C Preferred Share (TSX: ECN.PR.C), payable on March 31, 2026, to shareholders of record on March 20, 2026. These dividends are designated as eligible dividends under section 89(1) of the Income Tax Act (Canada).
ECN Capital Corp. (TSX: ECN) manages US$7.3 billion in assets. It provides business services to North American-based banks, institutional investors, insurance companies, pension plans, banks, and credit union partners. ECN Capital originates, manages, and advises on credit assets, specifically consumer (manufactured housing and recreational vehicle and marine) loans and commercial (floorplan and rental) loans. Its services are offered through two operating segments: Manufactured Housing Finance, and Recreational Vehicle and Marine Finance.
Source: ECN Capital Corp.
