Firm Capital Mortgage Investment Corporation Reports Q2/2024 Financial Results

Strategic Insights -

Firm Capital Mortgage Investment Corporation (FC Mortgage) has announced its financial results for the six months ended June 30, 2024. The report highlights a 10.4% increase in the Investment Portfolio to $660.3 million as of June 30, 2024. Additionally, new investment funding for the six months ended June 30, 2024, was $173.3 million.

Key Takeaways:

  • Net income for the three months ended June 30, 2024, increased by 0.1% to $8,533,772 compared to $8,522,355 for the same period in 2023.
  • Net income for the six months ended June 30, 2024, decreased by 0.8% to $17,103,556, compared to $17,234,251 reported for the same period in 2023.
  • The Corporation's Investment Portfolio increased by 10.4% to $660.3 million as at June 30, 2024, compared to $598.1 million as at December 31, 2023.
  • New investment funding for the six months ended June 30, 2024, was $173.3 million, with repayments amounting to $111.2 million.
  • The average gross investment size was approximately $2.3 million, with 17 investments individually exceeding $7.5 million.
  • The Corporation's investment portfolio is diversified across regions, with 88.1% of the gross mortgage investment portfolio located in Ontario.
  • The average face interest rate on the total gross carrying amount of the investment portfolio is 10.33% per annum.
  • The Corporation has in place a Dividend Reinvestment Plan (DRIP) and Share Purchase Plan, allowing shareholders to have their monthly cash dividends reinvested in additional shares or purchase additional shares.

Statistics:

  • Net income for the three months ended June 30, 2024: $8,533,772
  • Net income for the six months ended June 30, 2024: $17,103,556
  • Investment Portfolio as at June 30, 2024: $660,379,085
  • New investment funding for the six months ended June 30, 2024: $173,300,000
  • Repayments for the six months ended June 30, 2024: $111,200,000
  • Average face interest rate on the total gross carrying amount of the investment portfolio: 10.33%
  • Number of common shares outstanding at June 30, 2024: 34,490,679
  • Total dividends declared on common shares for the six months ended June 30, 2024: $16,141,360

Sources:

  • Firm Capital Corporation (press release, August 9, 2024)
  • Firm Capital Corporation (2024 Q2 Press Release, final.pdf)
  • Firm Capital Corporation (audited consolidated financial statements and management discussion and analysis, available on the SEDAR website at www.sedar.com)