Consistently Generating Above Average Yields

Published: 2/22/2024

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

Thumbnail of the report Consistently Generating Above Average Yields

*This report and research coverage is paid for and commissioned by First Circle Mortgage Investment Corporation - See the bottom of this report for other important disclosures rating, and risk definitions. All figures in C$ unless otherwise specified.

Sector: Financial Service | Industry: REIT-Mortgage

Ticker Symbols:

Rating and Key Data

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

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Report Highlights

Highlights

In FY2023 (ended September 2023), mortgage receivables increased 2% YoY to $193M vs our estimate of $200M.

The yield increased by 2.8 pp to 9.8%, beating our estimate of 9.0%, driven by higher lending rates. FCMIC has been able to raise lending rates quickly, as 70%+ of its mortgages are floating rates.

The MIC remains focused on first mortgages for single family residential units in B.C.

Despite a recent uptick in inflation, and a downtick in the unemployment rate, we anticipate the B

Rating and Key Data