• Fisgard Capital Corporation (FCC) is one of the larger Mortgage Investment Corporations (MICs) in Canada. We believe FCC operates a relatively low-risk fund, with high exposure to first mortgages, and low Loan-to-Values (LTV), and debt/capital.
  •  In 2023, mortgage receivables increased 3% YoY to $289M vs our estimate of $300M.
  • The yield increased by 1.6 pp YoY to 7.1%, beating our estimate of 6.8%, driven by higher lending rates.