Q1/26: 5-Year Plan Progresses Further

Research evidence excerpt

Q1/26: 5-Year Plan Progresses Further

TD Cowen Dream Impact Trust

Global Research May 14, 2026

AT A GLANCE

Our Investment Thesis Forthcoming Catalysts

With a robust development pipeline focused on building high-quality assets largely in the GTA ■ Activating new developments on

and Ottawa areas, we see a long-term path to meaningful growth across Dream Impact's attractive terms

portfolio. Recent liquidity enhancing initiatives (e.g., 100% distribution cut in Feb. '24) have ■ Active rental residential developments

strengthened the balance sheet and liquidity, helping the REIT to complete its current projects reaching completion and meet targeted

and move more projects into its active developments. Our HOLD recommendation reflects the stabilized yields.

uncertainty we see on the timing of balance sheet metrics being restored to traditional levels. ■ Potential success on liquidity initiatives

such as asset dispositions.

■ Q2/26 Results

Base Case Assumptions Upside Scenario Downside Scenario

■ Interest rates evolve generally in-line with ■ Visibility improves on MPCT's ability to ■ Difficulties are experienced in refinancing

TD Economics' outlook. reinstate its cash distributions. maturing debt.

■ All maturing debt is successfully ■ Interest rates decline more quickly than ■ Interest rates rise further or stay elevated

refinanced. currently anticipated. for longer.

■ Continuation of Dream's development ■ Market conditions improve and accelerate ■ Market conditions weaken and delay

program. Dream's development program. Dream's development program.

Price Performance Company Description

Dream Impact Trust is an open-ended trust dedicated to impact investing through real-estate

C$3.5

ownership and development. The Trust owns a portfolio of commercial income-producing