Firm Capital Mortgage Investment Corporation
TORONTO, May 08, 2024 (GLOBE NEWSWIRE) — Firm Capital Mortgage Investment Corporation (the “Corporation”) (TSX FC, FC.DB,H, FC.DB.I, FC.DB.J ,FC.DB. K and FC.DB.L) released its financial statements for the three months ended March 31, 2024.
NET INCOME
For the three months ended March 31, 2024, net income decreased by 1.6% to $8,569,784 as compared to $8,711,896 reported for the same period in 2023. The decrease is primarily a result of a lower average interest rate on the Corporation’s Investment Portfolio (March 31, 2024 – 10.89% vs March 31, 2023 – 11.15%).
EARNINGS PER SHARE
Basic weighted average profit per share for the three months ended March 31, 2024, was $0.248, as compared to the $0.253 per share reported for the three months ended March 31, 2023.
PORTFOLIO
The Corporation’s Investment Portfolio increased by $15.1 million…
