Dream Impact Trust (TSE:MPCT.UN)
TSX:MPCT.UN
Top Page
Dream Impact Trust
(TSX:MPCT.UN)
Select Model
Select Model
Rating:47Neutral
Price Target:
C$1.50
▲(0.00% Upside)
Action:ReiteratedDate:03/03/26
The score is held down primarily by weak financial performance (sustained losses, declining equity quality, and negative free cash flow). Technicals are only mildly supportive with neutral momentum and a mixed trend versus the 200-day average. The earnings call adds some support due to tangible de-risking milestones and operating improvements, but near-term losses, liquidity dependence, and market softness cap the upside. Valuation is not meaningfully supportive given negative earnings and no dividend yield data.
Positive Factors
High Occupancy & Multifamily NOI Growth
Sustained 94% committed occupancy and ~12% multifamily NOI growth point to durable rental income stability. Higher occupancy and improving NOI increase predictability of cash flows, support margin resilience across leased assets, and reduce vacancy-related revenue volatility over the medium term.
Negative Factors
Sustained Net Losses & Revenue Decline
A sharp revenue decline (~38% TTM) combined with recurring net losses undermines the trust's ability to rebuild retained earnings. Persistent operating deficits reduce internal funding for capex or debt repayment, prolong recovery timelines and raise execution risk for strategic plans without sizeable operational improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
High Occupancy & Multifamily NOI Growth
Sustained 94% committed occupancy and ~12% multifamily NOI growth point to durable rental income stability. Higher occupancy and improving NOI increase predictability of cash flows, support margin resilience across leased assets, and reduce vacancy-related revenue volatility over the medium term.
Read all positive factors
Dream Impact Trust (MPCT.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$33.34M
Dividend YieldN/A
Average Volume (3M)21.95K
Price to Earnings (P/E)―
Beta (1Y)1.27
Revenue Growth-25.69%
EPS Growth0.12%
CountryCA
EmployeesN/A
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)-1.26
Shares Outstanding19,049,503
10 Day Avg. Volume15,414
30 Day Avg. Volume21,952
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.08
Price to Sales (P/S)2.10
P/FCF Ratio2.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.89
Revenue Forecast (FY)C$13.95M
Dream Impact Trust Business Overview & Revenue Model
Company Description
Dream Hard Asset Alternatives Trust specializes in hard asset alternative investments including real estate, real estate lending and infrastructure, including renewable power....
How the Company Makes Money
Dream Impact Trust primarily makes money from real estate operations. Its main revenue stream is rental revenue collected from tenants under lease agreements across its property portfolio. This rental income is supplemented by recoveries and reimb...
Dream Impact Trust Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 04, 2026
Earnings Call Sentiment Neutral
The call conveyed a mixture of substantive operational progress (notably on 49 Ontario, multifamily NOI growth, leasing stabilization, pipeline delivery, and meaningful debt-reduction wins) alongside notable near-term financial pressures (a substantially larger Q4 net loss, development segment losses, some market softness in specific geographies, and remaining debt maturities/liquidity sensitivities). Management highlighted concrete financing achievements and de‑risking milestones but acknowledged ongoing market and macro uncertainties that could affect timing of dispositions and capital plans.Positive Updates
Progress on 49 Ontario and Government Financing
Management completed demolition, sold a 10% interest in 49 Ontario to partner CentreCourt (reported at $6.5M by the CFO), secured 20-year government financing and completed the first draw which was used to repay the prior $80M land loan. Management projects the asset could be worth ~ $120M (cited as ~$6 per share) by completion (around 2030).
Negative Updates
Widening Net Loss in Q4 2025
The Trust reported a net loss of $23.5M in Q4 2025 versus a net loss of $8.3M in the prior year quarter — an increase in loss of $15.2M (≈183%). Drivers included fair value adjustments, a loss on amendment of convertible debentures and deferred tax variances.
Read all updates
Q4-2025 Updates
Positive
Negative
Progress on 49 Ontario and Government Financing
Management completed demolition, sold a 10% interest in 49 Ontario to partner CentreCourt (reported at $6.5M by the CFO), secured 20-year government financing and completed the first draw which was used to repay the prior $80M land loan. Management projects the asset could be worth ~ $120M (cited as ~$6 per share) by completion (around 2030).
Read all positive updates
Company Guidance
Management reiterated progress on its 5‑year plan and provided specific metrics: Q4 2025 net loss was $23.5M (vs. $8.3M LY), same‑property multifamily NOI rose to $2.8M (from $2.5M), and portfolio committed occupancy was 94% as of Dec 31, 2025; the near‑term multifamily pipeline is expected to deliver nearly 1,500 units over the next two years. On 49 Ontario management noted demolition has started, a 10% interest was sold (CentreCourt draw reported at $6.5M), 20‑year government financing was secured and the first draw repaid the prior $80M land loan, with the asset temporarily classified as held for sale and expected to be equity‑accounted in Q1 2026; management estimates roughly $65M of current equity (about $4/share), expects to realize about $1/share now, and projects the asset could be worth about $120M (≈$6/share) on completion (~2030). Other highlights: Brightwater closings exceeded 500 units in 2025 and Mason closings (158 units) repaid ~ $15M of construction debt; Cherry House Block 7 is >94% leased with ~850 units expected to stabilize next year; Maple House is stabilized and a $357M mortgage is expected to go non‑recourse soon. Balance‑sheet moves include reducing 2026 maturities by $56.5M, cutting land loan exposure by $95M since 2024 with a further $56M reduction planned this year, and increasing the Dream loan capacity to $50M (cash $24.8M and $29M available as of Feb 17, 2026) which management expects to draw in full in 2026.Dream Impact Trust Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
54
Neutral
Cash Flow
32
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 13.04M | 17.97M | -43.51M | -31.03M | 36.49M |
| Gross Profit | 5.58M | 8.68M | -53.22M | -43.92M | 23.59M |
| EBITDA | -38.21M | 1.47M | -84.46M | -37.58M | 20.25M |
| Net Income | -54.05M | -26.03M | -44.14M | -43.55M | 21.45M |
Balance Sheet | |||||
| Total Assets | 646.00M | 684.42M | 707.43M | 724.17M | 701.70M |
| Cash, Cash Equivalents and Short-Term Investments | 5.90M | 19.44M | 8.71M | 2.24M | 8.43M |
| Total Debt | 204.11M | 272.66M | 270.06M | 226.34M | 133.15M |
| Total Liabilities | 296.06M | 283.18M | 278.77M | 245.44M | 164.77M |
| Stockholders Equity | 349.95M | 401.24M | 428.66M | 478.73M | 536.93M |
Cash Flow | |||||
| Free Cash Flow | 9.69M | -15.23M | -23.50M | -10.96M | 13.31M |
| Operating Cash Flow | 21.91M | -12.47M | -21.46M | -7.42M | 15.43M |
| Investing Cash Flow | -22.65M | 21.90M | -12.62M | -60.71M | -128.87M |
| Financing Cash Flow | -10.10M | 611.00K | 38.01M | 61.95M | 11.21M |
Dream Impact Trust Technical Analysis
Positive
1.50
Price Trends
1.71
Positive
1.63
Positive
1.78
Negative
Market Momentum
>-0.01
Negative
59.62
Neutral
95.00
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MPCT.UN, the sentiment is Positive. The current price of 1.5 is below the 20-day moving average (MA) of 1.61, below the 50-day MA of 1.71, and below the 200-day MA of 1.78, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 59.62 is Neutral, neither overbought nor oversold. The STOCH value of 95.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:MPCT.UN.
Dream Impact Trust Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | C$129.56M | 6.98 | 12.17% | 6.15% | 3.20% | 39.37% | |
70 Outperform | C$346.01M | 16.24 | 4.52% | 7.37% | 0.92% | 92.93% | |
66 Neutral | C$233.37M | 8.72 | 8.37% | 8.65% | 2.69% | -45.80% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
53 Neutral | C$2.73B | -3.39 | -17.10% | 7.05% | -0.83% | -56.21% | |
47 Neutral | C$33.34M | -0.29 | -9.99% | ― | -25.69% | 0.12% | |
44 Neutral | C$28.80M | -0.63 | -18.69% | ― | -7.30% | 55.77% |
* Real Estate Sector Average
TSE:MPCT.UN
Dream Impact Trust
1.75
-1.05
-37.50%
TSE:BTB.UN
BTB REIT
3.92
0.94
31.32%
TSE:FCD.UN
Firm Capital Property
6.32
1.03
19.56%
TSE:NET.UN
Canadian Net Real Estate Investment Trust Trust Units
6.29
1.41
29.00%
TSE:HR.UN
H&R Real Estate ate Staple
10.31
1.40
15.74%
TSE:INO.UN
Inovalis REIT
0.85
0.03
3.66%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.