AWM Diversified Mortgage Investment Corporation
FY2024 Breaks Records; Lower Rates Enhance Appeal
Published: 9/12/2024
Author: FRC Analysts
Sector: Mortgage | Industry: Mortgage
Ticker Symbols:
- 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
