Q3 2026 Executive Summary
A strong, steadily-appreciating quarter
The portfolio remained in a strong position at May 31, 2026, with total assets of approximately $1.96 million. While overall assets changed little year over year, mortgage debt declined by roughly $78,000, and investor equity increased by approximately 10%.
Estimated share value continued its steady growth, reaching $2,044 per share, up from $1,916 last quarter and $1,780 one year ago. Investors who purchased shares at the original $1,000 issue price have now more than doubled their investment.
This quarter's growth was driven primarily by real estate. Updated 2026 municipal assessments increased the estimated value of the Clairmont properties, while year-to-date rental income rose nearly 6%, reflecting continued strong occupancy and stable demand.
Following a strong start to the fiscal year, precious metals and Bitcoin experienced modest short-term declines as markets consolidated. These holdings remain positive year to date, and the fund strengthened its long-term allocation by adding a $40,000 direct precious-metals position.
Key Highlights
- Estimated share value reached a new high of $2,044 (+15% year-over-year)
- Mortgage debt reduced by about $78,000 over the past year
- Investor equity up roughly 10% year-over-year
- Rental revenue up 5.9% year-to-date
- Metals & Bitcoin softened modestly in the quarter but remain positive year-to-date
Fund Priorities
- Long-term capital appreciation
- Steady rental income
- Capital preservation & inflation hedging
Where The Money Is
Portfolio composition
Rental properties in Clairmont & Grande Prairie, AB remain the core of the fund, complemented by precious metals, Bitcoin, and cash reserves. Hover or tap a segment for the exact allocation.
Quarter vs. previous quarter
Portfolio Highlights
- Mortgage debt reduced by approximately $78,000
- Investor equity increased by approximately 10%
- Share value reached a new high of $2,044
- Rental income increased nearly 6%
- Real estate remained the primary driver of portfolio growth
Market Detail
Real estate, precious metals & Bitcoin
Real Estate
Three Clairmont duplexes (managed by Grassroots Realty) and one Grande Prairie property. The local market is shifting toward balance in 2026, with low-single-digit price growth expected — supporting steady rents and gradual, rather than dramatic, appreciation. Updated 2026 municipal assessments on the Clairmont properties drove this quarter's valuation gain.
Precious Metals & Bitcoin
Gold consolidated after a January record high; silver stayed strong. Bitcoin traded well below its late-2025 peak, with a brief April recovery giving way to May weakness. The fund treats both as long-term hedges, not trading positions, and added a $40,000 precious-metals position this quarter.
Revenue & Property Performance
Steady revenue, real-estate-led appreciation
Rental revenue rose year-over-year while net income held steady. Each rental property also appreciated against its 2026 municipal assessment — select a bar to see the full valuation waterfall.
Revenue up, net income steady (YoY)
Estimated property appreciation (net of costs)
Total estimated appreciation across all four properties: $310,464.52
1262126 B.C. Ltd
Financial statements
The balance sheet and statement of earnings are traditional financial reports, reported at cost. Toggle the detail level, or expand a statement to review every line.
Calculation of Investor Equity & Share Value
Two methods, one number
TWF calculates share value two different ways — from the balance sheet outward, or from investor contributions and earnings forward. Both land on exactly the same figure.
"Beginning of fiscal year" reflects the investor-share ledger carried forward from the prior year-end, before this year's issuances, redemptions, income, and appreciation are layered in.
Investor Share Value Growth
October 2021 — May 2026
From the original $1,000 issue price to today's $2,044.34 — hover the gold markers for the milestones behind the curve.
Share value dipped in August 2022 as a stock-market loss for the fiscal year was recorded, bringing investments to fair market value at year-end. It dipped again in February 2023 due to tenant improvements on a commercial property and a 2.82% drop in that year's municipal assessment.
Looking Ahead
Outlook — Q4 (June–August 2026)
Real estate should remain the portfolio's stable core; precious metals stay supported by macro uncertainty; Bitcoin's path is less predictable. The fund holds its diversified, income-focused approach into fiscal year-end, ahead of the fuller annual review.
Sources (Market Commentary)
- Grande Prairie real estate — shifting toward balance, low-single-digit growth expected (Zolo.ca; startritehomes.com; brentnorth.com)
- Gold & silver — January record high, spring consolidation, historically elevated (J.P. Morgan Global Research; CBS News; BlackRock)
- Bitcoin — trading below its late-2025 peak, April recovery, May weakness (CNBC; youhodler.com)
For Investors
How to read your TWF quarterly report
Investors are usually most interested in their share price — highlighted throughout this report — and how it's calculated. Two methods are used, and they always agree.
From the balance sheet
Add up TWF's assets (properties, crypto, precious metals, stocks, and cash), subtract its liabilities (mostly mortgages), then add the estimated appreciation of the properties. Divide by outstanding shares. You can trace every number back to the balance sheet or the property appreciation calculation.
From investor contributions
Add up all capital investors have provided, all net income and losses TWF has ever recorded, and the estimated appreciation of the properties. That gives the total value to shareholders — divided by outstanding shares, it's the price per share.
What TWF owns and owes
Lists assets, liabilities, and what's left for investors — always at cost. Estimating fair market value of the properties (Method One) is what bridges book value to true share value.
What TWF made
Reports income — almost entirely rental revenue — against variable and fixed expenses, showing how much the fund earned during the period.
Example: at the end of November 2025 shares were worth $1,915.73 each. An investor who bought 10 shares for $10,000 would have held shares worth $19,157.30 at that date.