Business
Builders Capital Mortgage Corp. Releases Annual Financial Statements; Reports Strong Results for 2023: Annual Income up 21.6% Year-Over-Year
Calgary, Alberta--(Newsfile Corp. - April 18, 2024) - Builders Capital Mortgage Corp. (TSXV: BCF)...
About this update from Builders Capital Mortgage Corp. Class A
[{"type":"text","content":"Builders Capital Mortgage Corp. Releases Annual Financial Statements; Reports Strong Results for 2023: Annual Income up 21.6% Year-Over-YearCalgary, Alberta--(Newsfile Corp. - April 18, 2024) - Builders Capital Mortgage Corp. (TSXV: BCF) (\"Builders Capital\" or \"the Company\") announced today the release of its annual report and financial results for the year ending December 31, 2023. Highlights include:Consistent with our targeted distribution plan and our dividend history since inception, total dividend payments of $0.80 per share were paid to Class A public shareholders in 2023.Total comprehensive income grew to $3.3 million, up 21.6% year-over-year.Assets held for sale were successfully reduced by 45% year-over-year. By year-end, assets held for sale represented just 2.2% of shareholders' equity.We achieved the highest quarterly revenue result in our history, with fourth quarter revenues growing 18.72% to $1.26 million, from $1.06 million Q4 2022.Earnings per share increased to $1.04, up 13% from $0.92 in 2022.In commenting on these results, Sandy Loutitt, President of Builders Capital, stated:\"We are happy to publish the results of another productive year. The management team continues to source, underwrite, and administer loans with a judicious eye to risk management without compromising yield. A tight housing supply has spurred activity in our sector, creating ample opportunity to place productive loans with builders who are showing improving margins. That said, the rising cost of labour is clearly impacting builder profitability and the underwriting team continues to factor this into our approval process.\"\"We are very excited to bring our participating bond offer to qualified investors, which will help us meet the rising demand for mortgages in our sector. Our current demand for quality mortgages exceeds our capital supply, so we look forward to utilizing this innovative tool to increase the size of our capital stock for our borrowers while providing good returns with short term liquidity to our new participating bond investors.\"Financial OverviewYear ended December 31, 2023$Year ended December 31, 2022$Year ended December 31, 2021$Year ended December 31, 2020$Revenues4,675,1423,758,9733,061,1633,230,735Total comprehensive earnings3,293,4562,708,1792,330,0232,124,919Net mortgages receivable, end of period32,697,763...