Firm Capital Mortgage Investment Corporation Announces Q3/2023 Results

TORONTO, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Firm Capital Mortgage Investment Corporation (the Corporation”) (TSX FC, FC.DB.G, FC.DB.H, FC.DB.I, FC.DB.J ,FC.DB. K and FC.DB.L) released its financial statements for the three and nine months ended September 30, 2023.

NET ASSET VALUE
The Corporation has an adjusted NAV¹ of $11.37/share. This represents 13% discount to the closing price as of November 6, 2023 of $9.89/share.

NET INCOME
For the three months ended September 30, 2023 net income increased by 5.1% to $8,594,640 as compared to $8,179,541 for the same period in 2022. Net income for the nine months ended September 30, 2023 increased by 6.4% to $25,828,891, as compared to $24,278,981 reported for the same period in 2022. The increase is primarily a result of a higher interest income.

EARNINGS PER SHARE
Basic weighted average earnings per share for the three months ended September 30, 2023 was $0.249 (September 30, 2022 – $0.237). Basic weighted average earnings per share for the nine months ended September 30, 2023 was $0.749 (September 30, 2022 – $0.708).

PORTFOLIO
The Corporation’s Investment Portfolio decreased by $82 million to $578,929,118 as at September 30, 2023, in comparison to $661,003,596 as at December 31, 2022 (in each case, gross of impairment allowance, fair value adjustment, and unamortized fees). During the nine months ended September 30, 2023, new investment funding was $162.9 million (nine months ended September 30, 2022 – $326.8 million), and repayments were $244.8 million (nine months ended September 30, 2022 – $332.9 million). On September 30, 2023, the Investment Portfolio consisted of 241 investments (December 31, 2022 – 252). The average gross investment size was approximately $2.4 million, with 13 investments individually exceeding $7.5 million.

The Corporation specializes in providing bridge mortgage financing that entails seeing the portfolio revolve and re-deployed into new investments based on current market rates. Of the $578 million Investment portfolio as at September 30, 2023, approximately 88% was either underwritten or newly funded during 2023 and 2022. Only approximately 12% of the Investment Portfolio is associated with investments that were underwritten, or newly funded prior to 2022. The Investment Portfolio's revolving nature demonstrates the successful implementation of the Corporation’s bridge financing strategy.