Business
Atrium Mortgage Investment Corporation Announces Strong Third Quarter Earnings per Share and an Increase in Monthly Dividend
Toronto, Ontario--(Newsfile Corp. - November 13, 2024) - Atrium Mortgage Investment Corporation (...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Announces Strong Third Quarter Earnings per Share and an Increase in Monthly DividendToronto, Ontario--(Newsfile Corp. - November 13, 2024) - Atrium Mortgage Investment Corporation (TSX: AI) (TSX: AI.DB.D) (TSX: AI.DB.E) (TSX: AI.DB.F) (TSX: AI.DB.G) today released its financial results for the three and nine months period ended September 30, 2024.HighlightsQuarterly basic and diluted earnings per share of $0.26, up from $0.25 basic and diluted in the prior yearQuarterly net income of $11.6 million, up from $11.0 million in the prior yearIncrease annual dividend rate by 3.3% from $0.90 to $0.93 per common share beginning in December 2024Record mortgage portfolio of $926.3 millionHigh quality mortgage portfolio97.3% of portfolio in first mortgages90.3% of portfolio is less than 75% loan-to-valueaverage loan-to-value is 64.1%\"Despite the ongoing challenges in the real estate market, Atrium continued to produce very strong results for shareholders. Earnings per share for the quarter were $0.26 and our year-to-date earnings per share of $0.79 represents our second best nine-month result reported in our history as a public company. Our conservative 85% dividend payout ratio bodes well for the prospect of another sizable special dividend at year-end. We have continued to maintain our disciplined underwriting with 97.3% of the portfolio composed of first mortgages and 90.3% with a loan-to-value of less than 75%. In Q3 and the early part of Q4, we made substantial progress on the repayment of several Stage 2 and 3 loans. Barring any unforeseen changes, we expect that Stage 2 and 3 loans, as a percentage of the total portfolio, to drop sharply when we release our year-end results. Based on improvements in our borrowing base and stabilizing market conditions, I am pleased to announce an increase in our monthly dividend from an annual rate of $0.90 to $0.93 per share. Shortly after the end of Q3, Atrium also completed a highly successful common share offering for total gross proceeds of $28.8 million to further support the growth and liquidity of our business. We were gratified by the overwhelming investor demand for this offering,\" said Rob Goodall, CEO of Atrium.Conference callInterested parties are invited to participate in a conference call with management on Thursday, November 14, 2024 at 4:00 ...