Firm Capital Mortgage Investment Corporation Announces a Special Dividend, Bringing the 2023 YTD Total to $0.99/Share, a 4.2% Increase in 2023 vs. 2022 Total Dividends
December 01 2023 - 7:00AM
Firm Capital Mortgage Investment Corporation (the
"
Corporation") (TSX: FC) is pleased to announce:
(i) 2023 Special Dividend; (ii) December 2023 Dividend; and (iii)
Q1/2024 Dividends.
SPECIAL DIVIDEND – 4.2% INCREASE OVER
2022 TOTAL DIVIDENDSThe Corporation is pleased to announce
an estimated 2023 special year-end cash dividend (the
“Special Dividend”) on its outstanding common
shares of $0.054 per share. This special dividend represents a
significant increase over the $0.014 per share special dividend
declared and paid at the end of 2022. Overall, for 2023, the
Corporation will have declared and paid total dividends of $0.99
per share, which is a 4.2% increase over the $0.95 per share
declared and paid for 2022. The precise amount of the Special
Dividend will be confirmed prior to the payment date. The Special
Dividend recognizes that the (estimated) annual income generated in
2023 is expected to exceed the regular monthly dividends paid to
holders of common shares. The Special Dividend is not indicative of
future performance by the Corporation.
DECEMBER 2023 DIVIDENDThe
Corporation is also pleased to announce that it has declared and
approved its monthly cash dividend on its outstanding common shares
for December 2023 of $0.078 per share. Combined with the Special
Dividend, these cash dividends, totaling an estimated $0.132 per
share, are payable on or about January 15, 2024, to holders of
shares of record at the close of business on December 31, 2023.
Q1/2024 DIVIDENDSThe
Corporation is also pleased to announce that its board of directors
has declared and approved monthly cash dividends of $0.078 per
share payable on such dates as are set out below to holders of
common shares of record at the close of business on each date as
follows:
Record DateJanuary 31, 2024February 29, 2024March
31, 2024 |
Dividend Payment DateFebruary 15, 2024March 15,
2024April 17, 2024 |
ABOUT THE CORPORATION
Where Mortgage Deals Get
Done®
The Corporation, through its mortgage banker,
Firm Capital Corporation, is a non-bank lender providing
residential and commercial short-term bridge and conventional real
estate financing, including construction, mezzanine and equity
investments. The Corporation's investment objective is the
preservation of shareholders' equity, while providing shareholders
with a stable stream of monthly dividends from investments. The
Corporation achieves its investment objectives through investments
in selected niche markets that are under-serviced by large lending
institutions. Lending activities to date continue to develop a
diversified mortgage portfolio, producing a stable return to
shareholders. The Corporation is a Mortgage Investment Corporation
(MIC) as defined in the Income Tax Act (Canada). Accordingly, the
Corporation is not taxed on income provided that its taxable income
is paid to its shareholders in the form of dividends within 90 days
after December 31 each year. Such dividends are generally treated
by shareholders as interest income, so that each shareholder is in
the same position as if the mortgage investments made by the
Corporation had been made directly by the shareholder. Full reports
of the financial results of the Corporation for the year are
outlined in the audited financial statements and the related
management discussion and analysis of the Corporation, available on
the SEDAR website at www.sedar.com. In addition, supplemental
information is available on the Corporation's website at
www.firmcapital.com.
FORWARD-LOOKING STATEMENTSThis
news release contains forward-looking statements within the meaning
of applicable securities laws including, among others, statements
concerning our estimated Special Dividend, our objectives, our
strategies to achieve those objectives, our performance, our
mortgage portfolio and our dividends, as well as statements with
respect to management’s beliefs, estimates, and intentions, and
similar statements concerning anticipated future events, results,
circumstances, performance or expectations that are not historical
facts. Forward-looking statements generally can be identified by
the use of forward-looking terminology such as “outlook”,
“objective”, “may”, “will”, “expect”, “intent”, “estimate”,
“anticipate”, “believe”, “should”, “plans” or “continue” or similar
expressions suggesting future outcomes or events. Such
forward-looking statements reflect management’s current beliefs and
are based on information currently available to management.
These statements are not guarantees of future
performance and are based on our estimates and assumptions that are
subject to risks and uncertainties, including those described in
our most recent Annual Information Form under “Risk Factors” (a
copy of which can be obtained at www.sedar.com), which could cause
our actual results and performance to differ materially from the
forward-looking statements contained in this circular. Those risks
and uncertainties include, among others, risks associated with
public health crisis; liquidity and price fluctuation of our common
shares; dependence on the Corporation's manager and the mortgage
banker; potential conflicts of interest; dilution; no guaranteed
return; credit risk; interest rate risk; environmental matters
associated with our business; availability of investments; reliance
on the directors; borrowing; limited sources of borrowing; risks
related to the renewal of mortgages comprising our investment
portfolio; risks related to the composition of our investment
portfolio; subordinated and subsequent debt financing; investment
risk for land mortgage investments; reliance on borrowers;
litigation risks; ability to manage growth; change in legislation;
cyber risk; our convertible debentures; and qualification as a
mortgage investment corporation. Readers are cautioned that the
foregoing list is not exhaustive. Although the forward-looking
information continued in this new release is based upon what
management believes are reasonable assumptions, there can be no
assurance that actual results and performance will be consistent
with these forward-looking statements.
All forward-looking statements in this news
release are qualified by these cautionary statements. Except as
required by applicable law, the Corporation undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
For further information, please contact:Firm
Capital Mortgage Investment CorporationEli DadouchPresident &
Chief Executive Officer (416) 635-0221
Boutique Mortgage Lenders®
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