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TORONTO, Aug. 13, 2026 (GLOBE NEWSWIRE) — Firm Capital Mortgage Investment Corporation (the “Corporation”) (TSX FC, FC.DB. K, FC.DB. L and FC.DB.M) today released its financial statements for the three and six months ended June 30, 2026.
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NET INCOME
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For the three months ended June 30, 2026, net income decreased by 10.7% to $8,636,306, compared to $9,674,154 for the same period in 2025. For the six months ended June 30, 2026, net income decreased by 12.2% to $17,247,771, compared to $19,647,419 for the same period in 2025. The decreases were primarily attributable to a smaller average investment portfolio and lower average portfolio yields during the period.
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EARNINGS PER SHARE
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Basic weighted average earnings per share for the three months ended June 30, 2026 was $0.235, as compared to the $0.263 per share reported for the three months ended June 30, 2025. Distributions per share to shareholders for the second quarter ended June 30, 2026 totaled $0.234.
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PORTFOLIO
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The Corporation’s investment portfolio decreased by 0.8% to $605.8 million as of June 30, 2026, in comparison to $610.9 million as at December 31, 2025 (in each case, gross impairment allowance, fair value adjustment, and unamortized fees). For the three months ended June 30, 2026, new investment funding was $106.2 million (2025 – $63.3 million), and repayments were $69.7 million (2025 – $70.6 million). On June 30, 2026, the investment portfolio was comprised of 231 investments (December 31, 2025 – 242). The average gross investment size was approximately $2.6 million, with 16 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 June 30, 2026 was $32.8 million (December 31, 2025 – $36.8 million), comprising (i) $28.9 million (December 31, 2025 – $29.1 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) $0.7 million (2025 – $4.5 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 $3.2 million (2025 – $3.2 million).
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INVESTMENT PORTFOLIO DETAILS
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Details on the Corporation’s investment portfolio as at June 30, 2026, are as follows:
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- The total gross carrying amount of the investment portfolio was $605,775,051, a decrease of 0.8% from the $610,923,271 reported at December 31, 2025.
- Conventional first mortgages comprise 96.4% of the total investment portfolio (95.2% as at December 31, 2025).
- Approximately 56.1% of the total gross carrying amount of the investment portfolio matures by December 31, 2026.
- The average face interest rate on the total gross carrying amount of the investment portfolio is 9.13% per annum, as compared to 9.50% at December 31, 2025.
- Regionally, the gross mortgage investment portfolio is diversified as follows: Ontario (83.3%), Quebec (11.4%), Western Canada (2.2%), East Canada (0.1%) and USA (3.0%).
- Of the 231 investments, 218 were underwritten (as part of a renewal process or for new fundings) between 2025 and 2026, representing 91% of the investment portfolio, while the remaining 9% were underwritten in 2024 or prior.
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CASH DIVIDEND DISTRIBUTION
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