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Firm Capital Mortgage Investment Corp. Q3-2017 Earnings

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Firm Capital Mortgage Investment Corp. is a non-bank provider of residential and commercial real estate finance. They provide short-term bridge and conventional real estate financing, including construction, mezzanine and equity investments. Their investment objective is the preservation of capital while providing shareholders with a stable stream of monthly dividends. The income is earned from interest payments on loans secured by real estate. Our estimates for average loan to value ratio is 80% and the average term to maturity is under two years. The shorter term structure of the loan portfolio focuses on a segment of the mortgage market that is underserved by the larger lending institutions. Approximately 90% of income is earnings from interest on mortgages; the balance is from fee and special income.

Approximately 60% of the portfolio matures by Sept-30-2018 with an average term of less than 2 years. Regionally, the mortgage portfolio is diversified as follows: Ontario (86%), Alberta (6%), Quebec (4%), and Other (2%). Conventional first mortgages, being those first mortgages with loan to values less than 75%, comprise 75% of the portfolio, and conventional mortgages with loan to values under 75% comprise 85% of their total portfolio.

Firm Capital Mortgage Investment Corp is structured as a Mortgage Investment Corp. under Section 130 of the Canadian Income Tax Act. This structure permits distributions made to shareholders to be a deduction from income. Firm Capital's dividend policy is to pay out substantially all of their earnings otherwise the income retained is taxable at Firm Capital. Their yield objective is to produce a return on shareholders' equity in excess of 400 basis points over One Year Government of Canada Treasury bill yields.

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