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TORONTO, May 06, 2025 (GLOBE NEWSWIRE) — Firm Capital Mortgage Investment Corporation (the “Corporation”) (TSX FC, FC.DB.I, FC.DB.J ,FC.DB. K and FC.DB.L) today released its financial statements for the three months ended March 31, 2025.
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NET INCOME
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For the three months ended March 31, 2025, net income increased by 16.4% to $9,973,265 as compared to $8,569,784 for the same period in 2024.
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EARNINGS PER SHARE
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Basic weighted average earnings per share for the three months ended March 31, 2025 was $0.271, as compared to the $0.248 per share reported for the three months ended March 31, 2024. Distributions per share to shareholders for the first quarter ended March 31, 2025 totaled $0.234.
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For the quarter ended March 31, 2025, the Corporation reported income in excess of distributions by approximately $1.4 million, or $0.04 per share.
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PORTFOLIO
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The Corporation’s investment portfolio decreased by 3.4% to $631.9 million as at March 31, 2025, in comparison to $653.8 million as at December 31, 2024 (in each case, gross of impairment allowance, fair value adjustment, and unamortized fees). For the three months ended March 31, 2025, new investment funding was $70.2 million (2024 – $47.7 million), and repayments were $92.2 million (2024 – $32.6 million). On March 31, 2025, the Investment Portfolio was comprised of 277 investments (2024 – 286). The average gross investment size was approximately $2.3 million, with 17 investments individually exceeding $7.5 million.
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ALLOWANCE FOR EXPECTED CREDIT LOSSES AND FAIR VALUE ADJUSTMENTS
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The allowance for expected credit losses and fair value adjustment as of March 31, 2025 was $31.6 million (December 31, 2024 – $29.6 million), comprising (i) $25.1 million (December 31, 2024 – $21.9 million) representing the total amount of management’s estimate of the shortfall between the investment balances and the estimated recoverable amount from the security under the specific loans, (ii) $4.7 million (2024 – $6.0 million) representing the total amount of management’s estimate of fair value adjustment on investments stated at fair value through profit or loss; and (iii) a collective allowance balance of $1.8 million (2024 – $1.7 million).
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INVESTMENT PORTFOLIO DETAILS
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Details on the Corporation’s investment portfolio as at March 31, 2025, are as follows:
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- The total gross carrying amount of the investment portfolio was $631,857,993, a decrease of 3.4% from the $653,767,443 reported at December 31, 2024.
- Conventional first mortgages comprise 92.9% of the total gross investment portfolio (92.4% as at December 31, 2024).
- Approximately 67.7% of the total gross carrying amount of the investment portfolio matures by December 31, 2025.
- The average face interest rate on the total gross carrying amount of the investment portfolio is 9.96% per annum, as compared to 10.07% at December 31, 2024.
- Regionally, the gross mortgage investment portfolio is diversified as follows: Ontario (90.1%), Quebec (5.0%), Western Canada (1.8%), USA (2.9%) and Nova Scotia (0.2%).
- Of the 277 investments, 245 were underwritten (as part of a renewal process or for new fundings) between 2025 and 2024, representing 88.7% of the investment portfolio, while the remaining 11.3% were underwritten in 2023 or prior.
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CASH DIVIDEND DISTRIBUTION
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