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RFA F I N A N C I A L P A G E 1INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 RFA F I N A N C I A L P A G E 1INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 RFAFINANCIAL RFA FINANCIAL Investor Presentation Q2 2026 TSX: RFA
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RFA F I N A N C I A L P A G E 2INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 P A G E 2 Content Overview Content Overview P A GE 2 EXECUTIVE SUMMARY 052 FINANCIAL PERFORMANCE 103 OPERATIONAL OVERVIEW 124 INTRODUCTION 041 CLOSING REMARKS 185
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RFA F I N A N C I A L P A G E 3INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 F OR WARD L O O K I N GS T A T E M E N TS Unless otherwise indicated or the context otherwise requires, all references in this presentation to the “Company”, “RFA”, “we”, “our”, “us”, or similar terms refers to RFA Financial Inc., together with its subsidiaries. This presentation contains “forward-looking information” within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events, or developments that RFA believes, expects, or anticipates will, may, could, or might occur in the future are “forward-looking information”. These statements may include, but are not limited to, statements about RFA’s objectives, strategies and initiatives, financial performance expectations, and other statements made herein, whether with respect to RFA’s businesses or the Canadian economy. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects”, “does not expect”, “is expected”, “budget”, “intends”, “scheduled”, “planned”, “estimates”, “forecasts”, “anticipates”, “does not anticipate”, or “believes”, or variations of such words and phrases which state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”, or other similar expressions of future or conditional verbs. In this presentation, these statements include, but are not limited to, statements relating to RFA’s strategic objectives and growth initiatives; the execution, timing, completion and anticipated proceeds of real estate dispositions, including transactions under conditional and unconditional contracts; the recycling and deployment of capital, including into lending assets, acquisitions, loan acquisitions and other higher-returning opportunities; anticipated growth in originations, lending assets and financial services operations; RFA’s medium-term financial and operating targets, including targets for total lending assets, cumulative asset sales, RFA Bank return on equity, RFA Bank net income growth and payout ratio; expected benefits from leasing activity, including occupancy, net operating income and property value impacts; credit quality, underwriting and risk management expectations; and the advancement of integration and other operational priorities. Forward-looking information contained herein is subject to a variety of known and unknown risks and uncertainties and other factors that could cause the actual events or results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, and are not (and should not be considered to be) guarantees of future performance. These risks and uncertainties and other factors are discussed under the headings “Risk Factors”, “Risk Management” and “Risk Factors Relating to the Resulting Issuer” under Appendix I, Appendix I-2 and Appendix J, respectively, in the Management Information Circular of Artis Real Estate Investment Trust (“Artis”) dated November 10, 2025, “Risk Factors” in Artis’ Annual Information Form for the year ended December 31, 2024 and “Risks and Uncertainties” in RFA’s Q2-26 Management’s Discussion and Analysis, each of which is posted on SEDAR+ at sedarplus.ca. All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends, including their knowledge of the current credit, interest rate and liquidity conditions affecting RFA and the Canadian economy, among other things. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. As such, any forward-looking statements speak only as of the date of this presentation and, except as may be required by applicable securities laws, RFA disclaims any intent or obligation to update or revise such forward-looking statements, whether as a result of new information, future events, or results, or otherwise. Investors are cautioned not to rely on these forward-looking statements. L E G A LD I S C L A I M E R The information contained in this presentation has been prepared by RFA and contains information pertaining to the business and operations of RFA. The information contained in this presentation: (a) is provided as at the date of this presentation, is subject to change without notice, and is based on publicly available information, internally developed data as well as third party information from other sources; (b) does not purport to contain all the information that may be necessary or desirable to fully and accurately evaluate an investment in RFA; (c) is not to be considered as a recommendation by RFA that any person make an investment in RFA; and (d) is for information purposes only. The information contained herein has been prepared for the purpose of providing interested parties with general information to assist them in their evaluation of RFA and this presentation should not be used for any other purpose. Where any opinion or belief is expressed in this presentation, it is based on certain assumptions and limitations and is an expression of present opinion or belief only. The third party information contained herein has not been independently verified. While RFA may not have verified the third party information, it believes that it obtained the information from reliable sources and has no reason to believe it is not accurate in all material respects. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of such information. RFA disclaims and excludes all liability (to the extent permitted by law) for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information in this presentation, its accuracy, completeness or by reason of reliance by any person on any of it. This presentation may not be reproduced, in whole or in part, in any form or forwarded or further distributed to any other person. Any forwarding, distribution or reproduction of this document in whole or in part is unauthorized. NON - G A A P A N D S U P P L E M E N T A R YF I N A N C I A LM E A S U R E S Management uses a combination of non-GAAP and supplementary financial measures to evaluate performance. Refer to the Notice with Respect to Non-GAAP & Supplementary Measures Disclosure section of RFA’s Q2-26 MD&A. RFA presents certain non-GAAP financial measures and ratios in this investor presentation. These measures are not presented in RFA's consolidated financial statements. These non-GAAP financial measures and ratios are not standardized under GAAP and may not be comparable to similar measures presented by other issuers. Non-GAAP measures and ratios are not intended to replace GAAP financial measures and are presented to enhance the discussion of financial performance. Originations: Originations include mortgages and loans sourced through broker and partner channels, consistent with RFA's underwriting and risk management standards. Increase in Weighted-Average Rental Rate: The percentage change on renewal activity is calculated by comparing the rental rate in place at the end of the expiring term to the rental rate in place at the commencement of the new term. Increase Over Property IFRS Accounting Standards value: The percentage increase over which the sale price of a property exceeded the IFRS Accounting Standards value for the specified period. Aggregate Sale Price of Dispositions: Aggregate sale price of dispositions represents the total gross consideration received from the sale of properties for which transactions closed during the period. Net Interest Margin ("NIM"): RFA calculates net interest margin by dividing annualized net interest income by the average total interest earning assets. RFA's interest earning assets consist of mortgages and loans assets. Payout Ratio: RFA calculates the payout ratio by dividing the quarterly dividends per share by the adjusted net income attributable to common shareholders per share. Compound Annual Growth Rate ("CAGR") on Originations: Represents a financial variation of originations (as described above) by taking into account the annual growth rate in originations as compared between Q4 2025 last twelve months (“LTM”) originations and 2021 LTM originations. Originations CAGR provides a comparative metric of originations growth over time. Average Mortgage & Loan Assets: The average of mortgage and loan assets at the beginning of the period and mortgage and loan assets at the end of the period.
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RFA F I N A N C I A L P A G E 4INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 JOINING US TODAY RFA Financial Management RFA Financial Management BEN RODNEY President & Chief Executive Officer MELODY LO Chief Operating Officer JACLYN KOENIG Chief Financial Officer
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RFA F I N A N C I A L P A G E 5INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 RFA F I N A N C I A L P A G E 5INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 Executive Summary BEN RODNEY President & CEO
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RFA F I N A N C I A L P A G E 6INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 TOTAL LENDING ASSETS $8.0 - $12.0 BILLION CUMULATIVE ASSET SALES $1.3 - $1.5 BILLION RFA BANK RETURN ON EQUITY LOW -TO -MID TEEN DOUBLE DIGITS % RFA BANK NET INCOME CAGR 40% - 50% PAYOUT RATIO TARGET <65% 3-5 Year Targets DELIVERING DISCIPLINED GROWTH & SUSTAINABLE VALUE OVER THE MEDIUM TERM.
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RFA F I N A N C I A L P A G E 7INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 1) Represents RFA Bank of Canada 3-5 year ROE target. Strategic Growth Engine Strategic Growth Engine CONVERTING ASSET MONETIZATION INTO SCALABLE FINANCIAL SERVICES GROWTH. • Higher capital velocity = strong ROE (targeting low-to-mid teens %)1 • Scalable platform with operating leverage to drive capital efficiency • Consistently low realized write-offs through market cycles KEY BENEFITS A S S E T S A L E S F R O M ~ $ 2 . 1 B R E A L E S T A T E P O R T F O L I O INITIAL CAPITAL GENERATE RETURNS I N T E R E S T I N C O M E & L E N D I N G A S S E T M O N E T I Z A T I O N RECYCLE CAPITAL L I Q U I D I T Y G E N E R A T E D F O R R E I N V E S T M E N T DEPLOY CAPITAL $8 - $ 1 2 B: L E N D I N G A S S E T T A R G E T M & A & L O A N A C Q U I S I T I O N S N O R M A L C O U R S E I S S U E R B I D
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RFA F I N A N C I A L P A G E 8INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 RFA F I N A N C I A L P A G E 8INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 Q2 Spotlight
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RFA F I N A N C I A L P A G E 9INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 FINANCIALLY ACCRETIVE E X P E C T E D T O I N C R E A S E N E T R E N T A L I N C O M E + 5 9 . 7 %( 2 ) & E X T E N D S W E I G H T E D- A V E R A G E L E A S E T E R M 20 YR LEASE TERM | 120,000 SQFT C O M M I T T E D O C C U P A N C Y I N C R E A S E F R O M 7 9 . 6 %( 2 ) TO ≈ 9 5 . 1 % INSTITUTIONAL -GRADE TENANT I G W E A L T H M A N A G E M E N T INCREASE TO PROPERTY VALUE V A L U E C R E A T I O N V A L I D A T E S P O R T F O L I O Q U A L I T Y STRATEGIC PORTFOLIO BENEFIT 1 , 0 0 0 + E M P L O Y E E S D R I V E T R A F F I C & S U P P O R T S U R R O U N D I N G R F A A S S E T P E R F O R M A N C E Significant Lease Secured With Institutional-Grade Tenant Significant Lease Secured With Institutional-Grade Tenant LARGEST PRIVATE -SECTOR OFFICE RELOCATION IN WINNIPEG’S RECENT HISTORY ( 1 ). 360 & 300 MAIN STREET, MB 1) To a Class A downtown Winnipeg office property 2) In RFA's core Winnipeg office portfolio, adjusted to reflect the expiration of an existing lease within the premises to be occupied by IG Wealth Management.
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RFA F I N A N C I A L P A G E 10INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 RFA F I N A N C I A L P A G E 10INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 Financial Performance JACLYN KOENIG Chief Financial Officer
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RFA F I N A N C I A L P A G E 11INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 WEIGHTED -AVG LEASE RENEWAL RATES (1) 3.0% INCREASE | REAL ESTATE SEG MEN T AGGREGATE SALE PRICE: DISPOSITIONS (1) $93.8 M CLOSED Q2 | REAL ESTATE SEG MEN T NET INTEREST MARGIN (1)(2) 2.1% | FINANCIAL SERVICES SEGMENT CET1 RATIO (3) 17.5% | FINANCIAL SERVICES SEGMENT | RFA BANK REALIZED LOSSES (4) 0.08% | FINANCIAL SERVICES SEGMENT | RFA BANK Q2 2026 Financial Highlights Q2 2026 Financial Highlights 1) Represents a non-GAAP measure or supplementary financial information, refer to RFA’s Q2 2026 MD&A. 2) Excludes the impact of non-cash purchase price adjustments. 3) Represents a regulatory ratio for RFA Bank calculated in accordance with requirements issued by Office of the Superintendent of Financial Institutions (“OSFI”).. 4) Calculated as actual credit losses on mortgages and loans as a percentage of mortgage and loan assets (average) annualized.
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RFA F I N A N C I A L P A G E 12INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 RFA F I N A N C I A L P A G E 12INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 Operational Overview MELODY LO Chief Operating Officer
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RFA F I N A N C I A L P A G E 13INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 Real Estate Portfolio Real Estate Portfolio 1) Excludes RFA Asset Management’s commercial / residential property (300 Main). 2) Committed Occupancy: based on occupancy on June 30, 2026, plus commitments on vacant space. Excludes properties held for r edevelopment and RFA Asset Management’s commercial / residential property (300 Main). 3) 3.0% increase to weighted average rental rate on renewals that commenced in Q2 2026. Represents a non-GAAP measure or supplementary financial information, refer to RFA’s Q2 2026 MD&A for further information. WELL -DIVERSIFIED PORTFOLIO (1) 70.00% 75.00% 80.00% 85.00% 90.00% 95.00% 100.00% Q4 | 24 Q1 | 25 Q2 | 25 Q3 | 25 Q4 | 25 Q1 | 26 Q2 | 26 Industrial Retail Office Total Portfolio SUSTAINED HIGH OCCUPANCY (2) Retail 10% Industrial 31%Office 59% ASSET CLASS B Y G L A US 52% Canada 48% COUNTRY B Y G L A WEIGHTED AVG RENTAL RATE ON LEASE RENEWALS ( 3 ) +3.0% Million Square Feet of Commercial Gross Leasable Area8.7 Diversified Commercial & Residential Properties in Canada and the US76 Multi-Residential Apartment Suites395 R E T A I L Century Crossing III Spruce Grove, AB R E S I D E N T I A L 300 Main Winnipeg, MB I N D U S T R I A L 10840 27th Street SE Calgary, AB O F F I C E Boulder Lakes Business Park I & II Minneapolis, MN WEIGHTED AVG RENTAL RATE ON LEASE RENEWALS ( 3 ) +3.0%
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RFA F I N A N C I A L P A G E 14INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 $231M CLOSED SALES YTD AT 2.4% ABOVE IFRS (1) $122M UNCONDITIONAL CONTRACTS AT 9.0% ABOVE IFRS (1) $188M CONDITIONAL CONTRACTS AT OR ABOVE IFRS +4.6% INCREASE ON SALE PRICE ABOVE IFRS (1) $541 Million In Real Estate Disposition Activity $541 Million In Real Estate Disposition Activity Closed sales increased 285% in Q2(2) Information on this slide is as of August 13, 2026. All metrics representing increases over IFRS values are comparing to the IFRS value disclosed at June 30, 2025, the quarter immediately preceding the announcement of the transaction between RFA and Art is. 1) Represents closed sales & unconditional contracts. Represents a non-GAAP measure or supplementary financial information, refer to RFA’s Q2 2026 MD&A for further information. 2) Compared to $60 million of closed sales in Q1 2026.
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RFA F I N A N C I A L P A G E 15INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 $14.5 M $317.0 M $2.5 B $3.2 B $3.1 B $2.8 B $4.1 B $1.0 B $1.4 B $1.6 B $2.1 B 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD June Originations Q1-25 YTD ORIGINATIONS ( 1 ) GREW 35% ( 6 ) YoY, REACHING $3.5 BILLION VS $2.6 BILLION IN 2025. Origination Growth Origination Growth 1) Represents a non-GAAP measure or supplementary financial information, refer to RFA’s Q2 2026 MD&A for further information. 2) CAGR is calculated based on the period ending December 31, 2025. 3) Q1 2026 figures include January 2026 data reported prior to the merger on February 1, 2026. 4) 2018/2019 figures do not include originations prior to the acquisition of Street Capital in Q4 2019. 5) RFA Mortgage Corporation was founded in August of 2018. 6) Represents total YTD origination volume for RFA Mortgage Corporation and RFA Bank of Canada for the period ending June 30, 2026, compared to the same period in 2025. $5.4 B (4) (4)(5) Q1-26(3) Q2-25 Q2-26 $3.5 B RECORD MONTH! R F A M O R T G A G E C O R P A C H I E V E D $ 5 7 3 M I N F U N D E D O R I G I N A T I O N S I N J U N E +35% 2 0 2 6 Y T D G R O W T H V S P R I O R Y E A R( 6 )
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RFA F I N A N C I A L P A G E 16INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 P A G E 16 1) RFA Mortgage Corporation Q2 2026 arrears data vs Canadian Bankers Association data for total number of residential mortgages in arrears as of May 2026. 2) RFA Mortgage Corporation average client credit scores represent the outstanding balance weighted average primary borrower credit score at origination of the mortgages in our portfolio as of June 30, 2026. Scores reported by Equifax and range to 900. Prime Residential: Proven Portfolio Resilience 0.032% MORTGAGE ARREARS RATE VS 0.29% CANADIAN MARKET AVERAGE. 90% 0.020% 0.032% 0.290% 0.000% 0.050% 0.100% 0.150% 0.200% 0.250% 0.300% 0.350% Q2 2025 Q2 2026 Canadian Market Average L O W E R T H A N M A R K E T A V G( 1 ) O F M O R T G A G E A R R E A R S 89% L O W E R T H A N M A R K E T A V G( 1 ) O F M O R T G A G E A R R E A R S 89% 790+ H I G H- Q U A L I T Y B O R R O W E R S : 7 9 0 + A V G C R E D I T S C O R E( 2 )
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RFA F I N A N C I A L P A G E 17INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 P A G E 17 $2.2 B $2.5 B $0.5 M $0.5 M $0.0 $500 M $1.0 B $1.5 B $2.0 B $2.5 B $3.0 B Q2 2025 Q2 2026 Average Mortgage & Loan Assets Realized Losses A V G M O R T G A G E & L O A N A S S E T S V S R E A L I Z E D L O S S E S RFA Bank: Resilient Credit Quality REALIZED LOSSES REPRESENTED JUST 0.08% OF AVERAGE MORTGAGE AND LOAN ASSETS. 1) Calculated as actual credit losses on mortgages and loans as a percentage of average mortgage and loan assets annualized. 2) RFA Bank of Canada average client credit score for applicable quarter. Scores reported by Equifax and range to 900. O F A V G M O R T G A G E & L O A N A S S E T S W E R E R E A L I Z E D A S C R E D I T L O S S E S( 1 ) 698 S T R O N G A L T E R N A T I V E B O R R O W E R S : 6 9 8 A V G C R E D I T S C O R E( 2 ) 0.08%
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RFA F I N A N C I A L P A G E 18INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 RFA F I N A N C I A L P A G E 18INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 Closing Remarks BEN RODNEY President & CEO
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RFA F I N A N C I A L P A G E 19INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 Positioned to Deliver EXECUTING WITH DISCIPLINE & MOMENTUM. ADVANCE ONGOING I NTEGRATION SUCCESS 1 2 ACCELERATE ORIGINATION GROWTH, FUELED BY CURRENT MOMENTUM 3 UPHOLD DISCIPLINED UNDERWRITING, RESULTING IN BELOW -MARKET REALIZED WRITE -OFFS 4 EXECUTE ON DISPOSITION STRATEGY 5 ROTATE CAPITAL INTO HIGHER RETURNING OPPORTUNITIES 6 DRIVE DOWN PAYOUT RATIO
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RFA F I N A N C I A L P A G E 20INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 RFA F I N A N C I A L P A G E 20INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 Q&A
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RFA F I N A N C I A L P A G E 21INVESTOR PRESENTATION | Q2 2026 A U G U S T 1 4 , 2 0 2 6 HEATHER NIKKEL Global Investor Relations & Sustainability Leader investor.relations@rfa.ca TSX: RFA