Institutional Quality Equity Research for Every Investor

Atrium Mortgage Investment Corporation (TSX: AI) reported a 2% dip in Q1-2025 mortgage receivables to $852M, yet remains on track to hit $900M by year-end. Despite a 13% revenue and 7% EPS decline due to lower lending rates tied to Bank of Canada’s 225 bp cuts since June 2024, AI’s portfolio risk improved, with stage-three mortgages dropping 33% to 2.2%. With 96.7% first mortgages and a 61% LTV, AI is shifting toward lower-risk single-family and commercial properties. Amid sector challenges, including sluggish development and Trump’s tariff threats, AI’s stable $0.93/share dividend (8.4% yield) and focus on resilient property types position it well for a potential rebound in real estate lending as rates fall and economic uncertainties ease.

Condor Energies Inc. (TSX: CDR/OTC: CNPRF) reported Q1 results meeting expectations with record revenue and 4% QoQ production growth to 64,917 mcf/d. EBITDA surged 37%, and free cash flow turned positive, though EPS of -$0.001 missed estimates due to higher amortization. Operating eight gas fields in Uzbekistan under a 20-year contract, Condor leverages Western technologies to boost output, stabilizing decline rates and reactivating wells. A multi-well program could add 15,000 mcf/d in 2025. The company is on track to launch Asia’s first LNG facility in Kazakhstan by 2026, with a $36M modular unit acquired. Condor anticipates record revenue and EPS in 2025, driven by LNG progress and Uzbekistan production ramp-up. Despite a 4% YTD stock decline, Condor outperforms the S&P Oil & Gas Index, potentially benefiting from pro-energy sentiment.

Fisgard Capital's 2024 net income rose 29% to $24M, with mortgage receivables at $295M. Low-LTV strategy and 8.2% yield make it resilient in a declining rate environment.

Olympia Financial (TSX:OLY) Q1-2025 client assets up 8% to $12.97B, services revenue rises 4%. EPS beats forecast despite rate cuts. Tariffs pose risks, but stock trades at 46% discount.