Business
Atrium Mortgage Investment Corporation Announces a Strong Start to 2025
Toronto, Ontario--(Newsfile Corp. - May 13, 2025) - Atrium Mortgage Investment Corporation (TSX: ...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Announces a Strong Start to 2025Toronto, Ontario--(Newsfile Corp. - May 13, 2025) - Atrium Mortgage Investment Corporation (TSX: AI) (TSX: AI.DB.D) (TSX: AI.DB.F) (TSX: AI.DB.G) today released its financial results for the three months ended March 31, 2025.HighlightsQuarterly basic and diluted earnings per share of $0.25Quarterly net income of $11.9 millionMortgage portfolio of $875.0 millionHigh quality mortgage portfolio96.7% of portfolio in first mortgages96.3% of portfolio is less than 75% loan-to-valueaverage loan-to-value is 61.1%\"I am very pleased with our first quarter results, both from an earnings and quality perspective. We continue to generate earnings per share well above our dividend. Our underwriting teams originated almost $120 million in new loan business in Q1, which is well above our historic average and is particularly impressive in a market that has so little activity. We have begun to notice slightly less competition within the nonbank sector, and we are hopeful that Atrium MIC can pick up market share over the next year or two.We have also remained focused on maintaining a low risk profile for the portfolio. In particular, we have reduced our portfolio loan to value over the last twelve months from 64.0% to 61.1%, and the percentage of conventional mortgages has increased from 91.2% twelve months ago to 96.3% at Q1. These initiatives have resulted in a resilient portfolio despite weak real estate markets and a stagnant economy. Our Stage 3 loans have dropped to 2.2% of the mortgage portfolio, the lowest level since Q2 of 2023. Our annualized loan turnover has risen to approximately 55% over the last two quarters which is unusually high, and is a testament to the quality of the loans in the portfolio,\" said Rob Goodall, CEO of Atrium.Conference callInterested parties are invited to participate in a conference call with management on Wednesday, May 14, 2025 at 4:00 p.m. ET to discuss the results. To participate or listen to the conference call live, please call 1-833-491-0507 (call topic: First quarter results). For a replay of the conference call (available until May 28, 2025) please call 1-833-607-0619, passcode 7772119#.Results of operationsFor the three months ended March 31, 2025, Atrium reported assets of $852.8 million, down from $864.3 million at the end of 20...