The Issuer restated its consolidated statement of cash flow for the year ended December 31, 2023. The Issuer's cash funding of its investment portfolio and discharging of its investment portfolio, which were previously classified as investing activities, have been reclassified as operating activities. Additionally, cash flows for interest paid, previously classified as a financing activity, has been reclassified as an operating activity in the consolidated statement of cash flows.

Reason(s) for refiling: The Issuer restated its consolidated statement of cash flow for the year ended December 31, 2023. The Issuer's cash flows from funding of mortgage investments and from repayment of mortgage investments, and cash flows from funding of loan investments and repayments of loan investments, which were previously classified as investing activities, have been reclassified as operating activities. Additionally, cash flows for interest and financing costs, previously classified as financing activities, have been reclassified as operating activities in the consolidated statement of cash flows.

The Issuer restated its consolidated statement of cash flow for the year ended December 31, 2023. The Issuer's cash flows from cash advances of mortgages receivable and cash repayments of mortgages receivable, which were previously classified as investing activities, have been reclassified as operating activities in the consolidated statement of cash flows. Additionally, interest and fees on convertible debentures paid and interest and other financing charges paid, which were previously classified as financing activities, have also been reclassified to operating activities on the consolidated statement of cash flows.

The Issuer changed its year end from December 31st to June 30th and did not file the Statement of Executive Compensation (SOEC) for its transition year ended June 30th, 2023. The Issuer included this in their most recently filed Management Information Circular filed on October 1st, 2024. The press release also refers to including the SOEC for the year ended December 31st, 2022 in the latest MIC, but it was clarified in the press release dated October 18th, 2024 that the SOEC for the year ended December 31st, 2022 can be found in the MIC dated June 19th, 2023.

The Issuer re-filed the plea agreements (with appendices) related to its U.S. Bank Secrecy Act and Anti-Money Laundering compliance programs, entered into with the Department of Justice, Criminal Division, Money Laundering and Asset Recovery Section and the United States Attorney’s Office for the District of New Jersey (“DOJ”) as material contracts on SEDAR+. The plea agreements were previously filed as “other” on SEDAR+ without the appendices as required by National Instrument 51-102 Continuous Disclosure Obligations.

Reason(s) The Issuer did not previously file its credit agreement and associated amendments in respect of its senior funding facility as material contracts as required by National Instrument 51-102 Continuous Disclosure Obligations

In connection with the Commission’s review of the Issuer’s continuous disclosure record, the Issuer included substantially enhanced disclosure in the annual MD&A for the year ended December 31, 2024, in order to rectify material deficiencies identified by staff in the MD&A for the interim period ended September 30, 2024.