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:
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