Firm Capital Mortgage Investment Corporation recently made an exciting announcement regarding its special year-end dividend amount. The corporation’s board of directors has officially declared a special year-end dividend of $0.056 per common share, in addition to the regular December 2024 dividend. This brings the total payout to $0.134 per common share, which will be distributed on January 15, 2025, to shareholders recorded as of December 31, 2024.
The decision to issue a special year-end dividend stems from the corporation’s exceptional performance in generating income throughout 2024, surpassing expectations and resulting in higher dividends for shareholders. By distributing this additional dividend, Firm Capital Mortgage Investment Corporation ensures that it effectively allocates all taxable income accumulated during the year.
It is
important
to note that while the special year-end dividend reflects the corporation’s prosperous financial year in 2024, it should not be perceived as indicative of future performance trends by the corporation.
In total, including both the December and special year-end dividends, shareholders received $0.992 per common share in dividends throughout 2024. This figure demonstrates a modest increase from previous years’ dividend payouts.
Moreover, on December 12, 2024, Firm Capital Mortgage Investment Corporation disclosed its monthly cash dividends of $0.078 per common share (subject to potential adjustments by the board) scheduled for payment on specified dates in accordance with shareholder records at each corresponding date.
Firm Capital Mortgage Investment Corporation distinguishes itself through its mortgage banker subsidiary called Firm Capital Corporation. As a non-bank lender specializing in residential and commercial real estate financing – encompassing short-term bridge loans and conventional mortgages – including construction funding and mezzanine investments; their investment objective prioritizes preserving shareholder equity while offering a consistent stream of monthly dividends from investments.
By concentrating on niche markets underserved by major lending institutions and creating a diversified mortgage portfolio with stable returns for shareholders over time; the corporation aligns with regulations as a Mortgage Investment Corporation (MIC) under Canada’s Income Tax Act. Consequently, avoiding taxation on income provided it is disbursed to shareholders within three months after each fiscal year-end as dividends.
For further transparency into their financial performance throughout the year; detailed financial statements and management discussions concerning Firm Capital Mortgage Investment Corporation are available on SEDAR’s website or directly through their corporate site at www.firmcapital.com.
Amidst these positive developments for shareholders; it is essential to acknowledge that forward-looking statements contained herein are based on current information available to management but are not guarantees of future performance due to inherent risks and uncertainties outlined in regulatory filings such as our Annual Information Form accessible via www.sedar.com
While striving towards consistency between estimates and actual outcomes; investors should exercise caution when interpreting these forward-looking statements considering external factors like interest rate fluctuations or regulatory changes impacting mortgage lending activities undertaken by Firm Capital Mortgage Investment Corporation.
In conclusion; despite proactive efforts towards maintaining operational efficiency and fulfilling obligations towards shareholders; unforeseen circumstances may impact future results requiring ongoing engagement with market trends ensuring accurate projections align with expected outcomes.
For additional inquiries or clarifications regarding Firm Capital Mortgage Investment Corporation’s operations or announcements; please contact Eli Dadouch – President & Chief Executive Officer at (416)635-0221.
