First Circle Mortgage Investment Corporation
Steady Performance, Promising Outlook Amidst Rate Cuts
Published: 12/16/2024
Author: FRC Analysts

Sector: Financial Service | Industry: REIT-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 (%) | N/A |
P/E (forward) | 8.5 |
P/B | N/A |
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Report Highlights
- In FY2024 (ended September 2023), mortgage receivables were down 5% YoY to $184M. The yield declined 0.1 pp to 9.7%, but exceeded our estimate by 0.6 pp, driven by higher than anticipated lending rates. FCMIC has been able to raise lending rates quickly, as 70% of its mortgages are floating rate.
- The MIC remains focused on first mortgages on single family residential units in B.C.
- As of September 2024, FCMIC had $12M (6.3% of the portfolio) in stage three (impaired) mortgages, spread across nine out of 275 properties, largely unchanged from the end of FY2023. We