• Q1 results were mostly inline with our expectations. Interest collections continue to be in line with historical rates through the pandemic. Lending was down 4% YoY in Q2 due to intense competition, especially in the robust multi- family residential sector. In the earnings call, management indicated that they are expecting a stronger H2-2021, with plans to expand further in Quebec. Note that Quebec is a relatively untapped market for MICs, and we see opportunities for TF to expand within the province.
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