Firm Capital Mortgage Investment Corporation Announces Q1/2025 Results, as Well as the Declaration of July, August, and September Monthly Cash Dividends

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[{"type":"text","content":"Firm Capital Mortgage Investment Corporation Announces Q1/2025 Results, as Well as the Declaration of July, August, and September Monthly Cash Dividends\n\n\n\n TORONTO, May 06, 2025 (GLOBE NEWSWIRE) -- Firm Capital Mortgage Investment Corporation (the “Corporation”) (TSX FC, FC.DB.I, FC.DB.J ,FC.DB. K and FC.DB.L) today released its financial statements for the three months ended March 31, 2025.\n \n\n\n NET INCOME\n \n\n\n For the three months ended March 31, 2025, net income increased by 16.4% to $9,973,265 as compared to $8,569,784 for the same period in 2024.\n \n\n\n\n EARNINGS PER SHARE\n \n\n\n\n Basic weighted average earnings per share for the three months ended March 31, 2025 was $0.271, as compared to the $0.248 per share reported for the three months ended March 31, 2024. Distributions per share to shareholders for the first quarter ended March 31, 2025 totaled $0.234.\n \n\n For the quarter ended March 31, 2025, the Corporation reported income in excess of distributions by approximately $1.4 million, or $0.04 per share.\n \n\n\n\n PORTFOLIO\n \n\n\n\n The Corporation’s investment portfolio decreased by 3.4% to $631.9 million as at March 31, 2025, in comparison to $653.8 million as at December 31, 2024 (in each case, gross of impairment allowance, fair value adjustment, and unamortized fees). For the three months ended March 31, 2025, new investment funding was $70.2 million (2024 – $47.7 million), and repayments were $92.2 million (2024 – $32.6 million). On March 31, 2025, the Investment Portfolio was comprised of 277 investments (2024 – 286). The average gross investment size was approximately $2.3 million, with 17 investments individually exceeding $7.5 million.\n \n\n\n\n ALLOWANCE FOR EXPECTED CREDIT LOSSES AND FAIR VALUE ADJUSTMENTS\n \n\n\n\n The allowance for expected credit losses and fair value adjustment as of March 31, 2025 was $31.6 million (December 31, 2024 – $29.6 million), comprising (i) $25.1 million (December 31, 2024 – $21.9 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) $4.7 million (2024 – $6.0 million) representing the total amount of management’s estimate of fair valu...

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