Firm Capital Mortgage Investment Corporation Confirmation of Special Year-End Dividend Amount

TORONTO, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Firm Capital Mortgage Investment Corporation (the "Corporation") (TSX: FC) is pleased to confirm that its board of directors has formally declared the previously announced special year-end dividend of $0.054 per common share. The regular December 2023 dividend and the special year-end dividend, totalling $0.132 per common share, are payable on January 15, 2024, to holders of common shares of record at the close of business on December 31, 2023.

The special year-end dividend recognizes that the annual income generated in 2023 exceeded the regular dividends. Accordingly, the Corporation is paying out the special year-end dividend to ensure it distributes all its taxable income. The special dividend is not indicative of future performance by the Corporation.

Total dividends paid to holders of common shares in 2023, including the December and special year-end dividends, amounted to $0.99 per common share.

On December 1, 2023, the Corporation announced that its board of directors has declared monthly cash dividends of $0.078 per common share (subject to adjustment in the discretion of the board of directors) 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 Date January 31, 2024 February 29, 2024 March 31, 2024	Dividend Payment Date February 15, 2024 March 15, 2024 April 15, 20241

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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.