Firm Capital Mortgage Investment Corporation · TSX:FC
Firm Capital Mortgage Investment — Firm Capital Apartment Real Estate Investment Trust — Q3 2025 Earnings Presentation
14 slides from Firm Capital Mortgage Investment's earnings presentation, 2025
Slide 1: Firm Capital Apartment REIT Investor Presentation Q3 2025
TSXV: FCA.U / FCA.UN (Listed 08/2016) Diversified Mix of U.S. Multi-Residential Real Estate & Preferred Capital Investments Firm Capital Apartment Real Estate Investment Trust INVESTOR PRESENTATION – Q3 2025
Slide 2: Contents
Contents STRATEGIC REVIEW 3 Q3/2025 FINANCIAL HIGHLIGHTS 9 STRATEGIC ASSET DISPOSITION INITIVATIVES 4 INSIDER PARTICIPATION 10 PROPERTY SUMMARY 5 BOARD OF TRUSTEES 11 INVESTMENT PROFILE 6 CONTACT INFORMATION 12 PORTFOLIO BY INVESTMENT TYPE & GEOGRAPHY 7 DISCLAIMER 13 SUMS OF PARTS OF NAV/UNIT 8 Disc
Slide 3: Introduction to Firm Capital Organization
Introduction to Firm Capital Organization • Firm Capital Organization: o Established in 1988, operates as a boutique real estate and financial services equity investment company deploying capital opportunistically between mortgage debt and equity in the real estate private and public markets across
Slide 4: Strategic Review
Strategic Review • The Trust disclosed on August 18, 2022, it was experiencing operating challenges for a portion of its portfolio located in certain geographies where rent controls and the eviction moratorium created significant rental arrears and non-collections. • Since November 15, 2022, the Tru
Slide 5: Strategic Asset Disposition Initiatives
Strategic Asset Disposition Initiatives Sale Status of Properties in the Investment Portfolio (US$ in millions) Gross Sale Net Sale Asset Status Sold Date Property Location Comments Amount Amount Sold Jun. 22/23 Texas (Austin) $12.6M $8.8M Proceeds used to pay mortgage debt, bank indebtedness and ma
Slide 6: Property Summary
Property Summary1 New York Prop. Units Loan Value1 FCA Share2 3 130 $14.8M $3.1M New York South Dakota Prop. Units Asset Value1 FCA Share3 Prop. Units Loan Value1 FCA Share2 18 707 $2.0M $2.0M 3 132 $19M $9.5M Connecticut 16% Prop. Units Asset Value1 FCA Share3 U.S. North 2 109 $18.7M $9.4M Maryland
Slide 7: Investment Profile
Investment Profile • FCA REIT’s real estate investment portfolio is comprised of 1,099 residential units across 9 apartment properties in 5 U.S. states and provides a broad platform for further external growth opportunities • FCA REIT’s preferred capital investments is currently comprised of 3 prefe
Slide 8: Investment Portfolio By Investment Type & Geography
Investment Portfolio By Investment Type & Geography Portfolio Asset Value by Class Portfolio Asset Value by Region Disciplined Investing ● Capital Preservation 7
Slide 9: Sum of Parts Net Asset Value (NAV) Per Unit
Sum of Parts Net Asset Value (“NAV”) Per Unit Breakdown of NAV by Investment Type Preferred Capital Investments Joint Ventures Wholly Owned Investment Properties $7.00 NAV/UNIT: $5.84 $6.00 $5.00 $2.73 50% Discount to NAV $4.00 $3.00 $2.95 Trading Price/Unit $2.00 $2.30 $1.00 $0.81 $- Note: Figures
Slide 10: Q3/2025 Financial Highlights
Q3/2025 Financial Highlights Quarter Ended Quarter Ended Quarter Ended In USD$ millions, unless per unit or % amounts Sept. 30, 2025 Jun. 30, 2025 Sept. 30, 2024 Net Income (Before Fair Value Adjustments) $0.134 $0.265 $0.143 AFFO $0.262 $0.301 $0.159 AFFO/Unit $0.03 $0.04 $0.02 NAV/Unit $5.84 $6.56
Slide 11: Insider Participation – A True Alignment of Interests
Insider Participation – A True Alignment of Interests • Senior Management and the Board have a true alignment of interests with Unitholders, having ownership interest consisting of 13% of the common equity & preferred capital in FCA REIT, as well as controlling 28.0% of the outstanding Trust units i
Slide 12: Highly Experienced Management & Board of Trustees
Highly Experienced Management & Board of Trustees • Director of Mortgage Investment Corporation (TSX:FC) • Trustee of Firm Capital Property Trust (TSX: FCD.UN) Geoffrey Bledin • Chairman & Trustee of Firm Capital Private Equity Realty Trust Chairman, Independent Trustee • Former President and CEO of
Slide 13: Contact Information
Contact Information OUR CORE PRINCIPLES TRUST INNOVATION RELATIONSHIPS Our partners, investors and clients Firm Capital brings an Firm Capital builds strong, long- can trust Firm Capital to execute on innovative approach to term relationships with its our commitment. structuring a transaction. partn
Slide 14: Disclaimer
Disclaimer This presentation is for informational purposes only and not intended for solicitation. This presentation may not provide full disclosure of all material facts relating to the investment and or security being offered. If applicable, Investors should read the most recent Financial Reports
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