Bye, this is the conference operator. Welcome to the ECN Capital Q3 2025 Results conference call. As a reminder, all participants are in a listen-only mode, and the conference is being recorded. I would now like to turn the meeting over to Katherine Moradiellos, Vice President of Finance and Investor Relations. Please go ahead, Katherine.
Thank you, Jen. Good afternoon, everyone, and thank you all for joining this call. Joining us today on the call are Steven Hudson, Chief Executive Officer of ECN, and Jackie Weber, Chief Financial Officer of ECN. A separate news release summarizing, one, the details of our proposed going private transaction pursuant to a definitive agreement to be acquired by an investor group led by Warburg Pincus and our Q3 2025 results was issued this morning, and the financial statements and MD&A for the three-month period ended September 30, 2025, have been filed with SEDAR+. These documents are available on our website at www.ecncapitalcorp.com. Presentation slides to be referenced during the call are accessible in the webcast as well as in PDF format under the presentation section of the company's website.
Before we begin, I want to remind our listeners that some of the information we are sharing with you today includes forward-looking statements. These statements are based on assumptions that are subject to significant risk and uncertainties. I will refer you to the cautionary statement sections of the press releases and the MD&A for a description of such risk, uncertainties, and assumptions. Although management believes that the expectations reflected in these statements are reasonable, we can obviously give no assurance that the expectations of any forward-looking statements will prove to be correct. You should note that the company's earnings release, financial statements, MD&A, and today's call include references to non-IFRS measures, which we believe help to present the company and its operations in ways that are useful to investors. A reconciliation of these non-IFRS measures to IFRS measures can be found in our MD&A. All figures are presented in U.S.
dollars unless explicitly noted. With these introductory remarks complete, I will now turn the call over to Steven Hudson, Chief Executive Officer.
Thank you, Kathy, and good evening. My apologies for a few delays in getting this call done, but we're here with great news to announce. Turning to slide six, ECN Capital is announcing its sale to an investor group led by Warburg Pincus at CAD 3.10 per share at 13% premium to closing price. It's an all-cash transaction backed by a full equity backstop and not conditional on financing. Transaction expected to close in the first half of 2026, subject to customary approvals. Turning to slide seven and the rationale for our shareholders, established purchaser provided favorable terms with minimal closing conditions. It is a significant complete liquidity event for our shareholders. A small number of concentrated shareholders with large holdings is characteristic of our shareholder base. Our trading volumes have significantly lowered since the sale of Service Finance and Kessler, and that's an opportunity for our shareholders to redeploy cash.
Taking private is a logical transition for our manufactured housing and RV marine businesses. Businesses significantly strengthen, allowing for completion of corporate simplification and reduction of public operating company cost. CIBC provided a fairness opinion that the consideration is fair. What I'm quite proud of on behalf of my partners and employees is our proven history of creating shareholder value. Turning to slide eight, I would highlight three items that underpin the 238% return, including dividends. The first would be the $380 million of SIB in two transactions. The second would be the sale of Service Finance for $2 billion USD, and the third is the announcement tonight is the sale of ECN at an enterprise value of CAD 1.9 billion. We're quite proud of our track record and being an exceptional steward of capital for our shareholders.
Turning to slide ten, three quick highlights: sixth and like with consensus, $466 million in Q3 originations, an all-time high, and a 33% increase for Triad. Turning to RV marine, $360 million in Q3 originations and a 31% increase year over year. Turning to operating highlights in slide twelve, three items I'd like to call out is James Berry's origination margin of 6.8%. He's quite proud of that. We are proud of him. The Champion Financing Joint Venture outperforming plan, which is great. You also saw comments from Tim Larson in his recent quarter where he commented on the performance of Champion Financing. And number three, managed assets have grown 17% to $6.5 billion. Turning to slide 13, three highlights: Q3 originations at $360 million, up 31% year over year. Revenue increased 60% to $17.5 million in Q3. And finally, a new funding partnership closed in October. Jackie.
Thanks, Steve. Turning to page 15 for our consolidated Q3 results, total originations were $826 million for the third quarter, with $466 million from manufactured housing and $360 million from RV and marine. Adjusted operating income increased to $24.4 million, and adjusted net income to common shareholders was $16.7 million, or $0.06 per share. Turning to page 16, total assets and total debt have remained at consistent levels throughout 2025. Finance assets increased modestly to $465 million, which was due to the timing of held-for-trading portfolio sales. Turning to page 17, total adjusted revenue increased to $74.6 million, up from $66.4 million in the prior year quarter, which was driven by higher originations revenue and servicing revenue at both business segments. Operating expenses increased to $34 million as a result of the growth in originations and managed assets.
Adjusted operating income was $24.4 million, up from $19.5 million in the prior year quarter, and adjusted net income to common increased to $0.06 per share compared to $0.05 in the prior year. Thank you, everyone, for listening into today's call. Operator, this concludes the call.
Thank you. This does conclude today's conference call. You may now disconnect your lines. Thank you for participating and have a great day.