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Builders Capital Mortgage Corp. Reports 2019 First Quarter Results: Mortgage Portfolio Continues to Strengthen
Calgary, Alberta--(Newsfile Corp. - May 28, 2019) - Builders Capital Mortgage Corp. (TSXV: BCF...
About this update from Builders Capital Mortgage Corp. Class A
[{"type":"text","content":"Builders Capital Mortgage Corp. Reports 2019 First Quarter Results: Mortgage Portfolio Continues to StrengthenCalgary, Alberta--(Newsfile Corp. - May 28, 2019) - Builders Capital Mortgage Corp. (TSXV: BCF) (\"Builders Capital\" or \"the Company\") today released first quarter financial results for the period ending March 31, 2019. Highlights Include:Consistent with the prior twenty consecutive fiscal quarters and in line with our targeted distribution plan, dividends paid to Class A public shareholders in the first quarter were $0.1973 per share, representing an 8% annual return on the original $10.00 issue price.First quarter mortgage revenue of $846,000 was up by 2% year-over-year and represented an annualized 12.3% of gross share capital calculated on the weighted average shares outstanding, compared to $829,000, or 12.5% of gross share capital in Q1 2018.At quarter-end, our debt-to-equity ratio was a conservative 13.1%.Earnings exceeded the amount required to pay planned Class A Non-Voting Share dividends by a healthy 1.6 times. Sandy Loutitt, President of Builders Capital, commented, \"2018 was a difficult year for the housing markets in British Columbia, Alberta and Saskatchewan, and the weakness has continued into 2019. Nevertheless, given our past success in similar markets, we are very confident in our ability to successfully navigate the difficulties posed by this weakness and to continue to ensure the maximum deployment of available funds. Certainly, the results of this quarter suggest we are on the right track and that we may have turned a corner on that weakness. Just as importantly, these results extend the Company's unblemished history of more than five years of continuous payments of 8% per year dividends to our public shareholders.\"Despite the difficult market conditions brought on by downstream oil distribution issues and by government policy decisions, labour market and demographic fundamentals remain supportive for housing demand. Builders Capital remains well positioned to continue to source high quality lending opportunities that appropriately balance risk while maintaining attractive returns for shareholders. With larger competitors retreating from certain markets, Builders Capital has become a significant option for home construction companies, which in turn has provided the Company with the opportunity ...