Firm Capital Mortgage Investment Corporation Announces Q4/2024 Results

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[{"type":"text","content":"Firm Capital Mortgage Investment Corporation Announces Q4/2024 Results\n\n\n\n TORONTO, March 31, 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 and twelve months ended December 31, 2024.\n \n\n\n NET INCOME\n \n\n\n For the three months ended December 31, 2024, net income increased by 9.9% to $9,164,362 as compared to $8,335,525 for the same period in 2023. Net income for the year ended December 31, 2024 increased by 3.1% to $35,228,450, as compared to $34,164,416 reported for the same period in 2023.\n \n\n\n\n EARNINGS PER SHARE\n \n\n\n\n Basic weighted average earnings per share for the three months ended December 31, 2024 was $0.249 (2023 – $0.242). Basic weighted average earnings per share for the year ended December 31, 2024 was $0.966 (2023 – $0.991).\n \n\n\n\n PORTFOLIO\n \n\n\n\n The Corporation’s investment portfolio increased by 9.3% to $653.8 million as at December 31, 2024, in comparison to $598.1 million as at December 31, 2023 (in each case, gross of impairment allowance, fair value adjustment, and unamortized fees). For the year ended December 31, 2024, new investment funding was $329.0 million (2023 – $249.5 million), and repayments were $265.3 million (2023 – $312.3 million). On December 31, 2024, the Investment Portfolio was comprised of 285 investments (2023 – 243). The average gross investment size was approximately $2.3 million, with 15 investments individually exceeding $7.5 million.\n \n\n\n\n PRUDENT IMPAIRMENT ALLOWANCE\n \n\n\n\n The allowance for impairment and fair value adjustment as of December 32, 2024 was $29.6 million (December 31, 2023 – $22.7 million), comprising (i) $21.9 million (December 31, 2023 – $10.6 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) $6.0 million (2023 – $10.4 million) representing the total amount of management’s estimate of fair value adjustment on investments stated at fair value through profit or loss; and (iii) a collective allowance balance of $1.7 million (2023 – $1.7 million...

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