Steady Performance, Promising Outlook Amidst Rate Cuts

Published: 2/4/2025

Author: Sid Rajeev, B.Tech, CFA, MBA

Thumbnail of the report Steady Performance, Promising Outlook Amidst Rate Cuts

*Ginkgo 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

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Report Highlights

In FY2024 (ended August 2024), mortgage receivables increased 29% YoY to $169M vs our forecast of $157M. As of December 2024, receivables hit a historic high of $188M.
In FY2024, the yield increased by 0.3 pp to 9.4%, beating our estimate of 9.2%, driven by higher lending rates, and mortgage receivables. FY2024 net income was up 15% YoY, beating our estimate by 3%.

As of December 2024, 89% of mortgages were in ON. The weighted average loan-to-value was 67%. First mortgages accounted for 85% of the portfolio.
As of August 2024, Ginkgo had

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