Firm Capital Mortgage Investment Corporation Announces Q3/2025 Results

Executive Summary

• Firm Capital Mortgage Investment Corp. reported a 10.3% increase in nine‑month net income to $28.74 M versus $26.06 M YoY.
• Portfolio value declined 4.1% to $627.1 M, with the average gross investment size remaining about $2.5 M and 16 investments exceeding $7.5 M.
• Dividends per share were unchanged at $0.234 for Q3, totaling $8.60 M; the corporation’s DRIP and Share Purchase Plan remain active.

Key Details

• Net Income:
• Q3 2025: $9.09 M (up 1.4% YoY).

• Nine months ended Sep‑30‑2025: $28.74 M (up 10.3% YoY).

• Earnings per Share (Basic):

• Q3 2025: $0.247 vs. $0.250 in Q3 2024.

• Distributions:

• Q3 2025 dividend declared: $0.234 per share ($8,596,506 total).

• Accrued/paid after quarter‑end: $2,865,520 (down from $4,922,410 in 2024).

• Investment Portfolio:

• Total gross carrying amount: $627,109,905 (−4.1% vs. Dec 31 2024).
• Number of investments: 248 (down from 286).
• Conventional first mortgages: 93.0% of net portfolio (up from 92.4%).
• Portfolio maturity profile: ~34% maturing by Dec 31 2025.

• Average face interest rate: 9.61% p.a. (down from 10.07%).

• Geographic Allocation: Ontario 91.0%, Quebec 4.6%, Western Canada 1.5%, USA 2.9%.

• New Funding vs. Repayments (nine months):

• New investment funding: $216.5 M (down from $234.3 M).

• Repayments: $243.3 M (up from $186.5 M).

• Allowance for Expected Credit Losses & Fair Value Adjustments:

• Total allowance as of Sep‑30‑2025: $34.4 M (up from $29.6 M).
• Management estimate of shortfall: $27.4 M (up from $21.9 M).

• Fair value adjustment: $4.6 M (down from $6.0 M).

• Share Structure:

• Shares outstanding Sep‑30‑2025: 36,737,435 (vs. 36,733,777 a year earlier).

• Dividend Reinvestment Plan (DRIP) & Share Purchase Plan:

• DRIP price = 97% of weighted average trading price (if > $12.50), no commission.
• Share Purchase Plan limit: up to $12,000 per year, minimum $250 per month, no commission.

Notable Quotes

• Eli Dadouch, President & CEO, highlighted the increase in net income and reaffirmed the corporation’s focus on delivering stable monthly dividends while managing a diversified mortgage portfolio.