FY2024 Breaks Records; Lower Rates Enhance Appeal

Published: 9/12/2024

Author: FRC Analysts

Thumbnail of the report FY2024 Breaks Records; Lower Rates Enhance Appeal

*AWM Diversified Mortgage Investment Corporation has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.

Sector: Mortgage | Industry: Mortgage

Ticker Symbols:

Rating and Key Data

Metrics	Value
Current Price	CAD $
Fair Value	CAD $
Risk	2
52 Week Range	CAD $
Shares O/S (M)	N/A
Market Cap. (M)	CAD $
Current Yield (%)	9.1
P/E (forward)	N/A
P/B	N/A

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Report Highlights

AWM Diversified MIC is one of the larger Mortgage Investment Corporations (MICs) in Canada. The MIC is focused on first/second mortgages on single family residential units.
In FY2024 (12 months ended March 2024), mortgage receivables were up 9% to $243M (the highest in AWM’s history) vs our forecast of $250M.

The yield increased from 8.1% in FY2023, to 8.7% in FY2024 vs our forecast of 8.3%.
In FY2024, the MIC achieved record revenue and net income. Net income was up 20% YoY, beating our

Rating and Key Data