Firm Capital Mortgage Investment Corporation Announces Q2/2025 Results, as Well as the Declaration of October, and November Monthly Cash Dividends

Executive Summary

• Firm Capital Mortgage Investment Corporation released its financial statements for the six months ended June 30, 2025, reporting a 14.9% increase in net income compared to the same period in 2024.
• The investment portfolio decreased by 4.5% to $624.4 million as of June 30, 2025, with new funding of $133.4 million and repayments of $162.8 million during the period.
• The Board declared a monthly cash dividend of $0.078 per common share, with specific record and payment dates set for October, November, and December 2025.

Key Details

• Net Income:
  • Three months ended June 30, 2025: $9,674,154 (up 13.4% from $8,533,772 in 2024).
  • Six months ended June 30, 2025: $19,647,419 (up 14.9% from $17,103,556 in 2024).
• Earnings Per Share (EPS):
  • Basic weighted average EPS for Q2 2025: $0.263 (vs. $0.247 in Q2 2024).
  • Income in excess of distributions for the six months ended June 30, 2025: ~$2.46 million ($0.07 per share).
• Dividends:
  • Q2 2025 distributions per share: $0.234.
  • Total dividends declared for Q2 2025: $8,596,366 (vs. $8,070,758 in Q2 2024).
  • New monthly dividend declaration: $0.078 per common share.
  • Upcoming Record Dates: October 31, 2025; November 28, 2025.
  • Upcoming Payment Dates: November 17, 2025; December 15, 2025.
• Portfolio Metrics:
  • Total Gross Carrying Amount: $624,448,317 (down 4.5% from $653,767,443 at Dec 31, 2024).
  • Number of Investments: 257 (down from 286 at Dec 31, 2024).
  • Average Gross Investment Size: ~$2.4 million; 18 investments exceeded $7.5 million individually.
  • New Investment Funding (6 months): $133.4 million (vs. $173.4 million in 2024).
  • Repayments (6 months): $162.8 million (vs. $111.2 million in 2024).
  • Conventional First Mortgages: 93.5% of net investment portfolio.
  • Maturity: ~50.1% of gross carrying amount matures by Dec 31, 2025.
  • Average Face Interest Rate: 9.78% per annum (vs. 10.07% at Dec 31, 2024).
  • Geographic Diversification: Ontario (90.7%), Quebec (4.9%), Western Canada (1.6%), USA (2.8%).
  • Underwriting Vintage: 92.2% of portfolio underwritten in 2024-2025; 7.8% in 2023 or prior.
• Allowances and Adjustments:
  • Total Allowance for Expected Credit Losses and Fair Value Adjustment: $32.9 million (vs. $29.6 million at Dec 31, 2024).
  • Specific Loan Shortfall Estimate: $26.1 million.
  • Fair Value Adjustment: $4.5 million.
  • Collective Allowance Balance: $2.3 million.
• Share Count:
  • Common shares outstanding at June 30, 2025: 36,736,796 (vs. 34,490,679 at June 30, 2024).

Notable Quotes

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