• In Q1-2024, BCF reported record revenue (up 9% YoY) due to higher lending rates. However, EPS decreased 2% due to higher loan loss provisions. EPS was 5% higher than our estimate. While loan loss provisions were in line, lending rates were higher than anticipated.
  • Annual dividends remained unchanged at $0.80/share, implying a yield of 9.4%.
  • We believe the portfolio’s risk profile has decreased due to higher first mortgages, and lower LTV.