First Circle Mortgage Investment Corporation
Consistently Generating Above Average Yields
Published: 2/22/2024
Author: Sid Rajeev, B.Tech, CFA, MBA
Sector: Financial Service | Industry: REIT-Mortgage
Ticker Symbols:
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
