NET ASSET VALUE
Including the full amount of debt obligations, the Corporation has an adjusted NAV of
NET INCOME
For the three months ended
EARNINGS PER SHARE
Basic weighted average earnings per share for the three months ended
PORTFOLIO
The Corporation’s Investment Portfolio decreased by
PRUDENT IMPAIRMENT ALLOWANCE
Management has always taken a proactive approach to the Corporation’s loan impairment allowance. This is a prudent approach that provides stability of dividends to our shareholders in the event there are any future issues with any of the loans within the Corporation’s Investment Portfolio. The allowance for impairment and fair value adjustment as of
INVESTMENT PORTFOLIO DETAILS
Details on the Corporation’s investment portfolio as at
- Total gross investment portfolio of
$617,904,998 a 6.5% decrease from the$661,003,596 reported atDecember 31, 2022 . - Conventional first mortgages, being those first mortgages with loan-to-values less than 75%, comprise 82.0% of the total portfolio (83.5% as at
December 2022 ), and total conventional mortgages with loan-to-values less than 75%, comprise 87.7% of the total portfolio (88.6% as at December 2022). - Approximately 52.2% of the portfolio matures by
December 31, 2023 . - The average face interest rate on the portfolio is 11.25% per annum, as compared to 8.78% at
June 30, 2022 . - Regionally, the mortgage investment portfolio is diversified as follows:
Ontario (86.2%),Quebec (7.1%),Western Canada (3.5%), andUSA (3.2%).
CASH DIVIDEND DISTRIBUTION
The Corporation is pleased to announce that its board of directors has declared a monthly cash dividend of
Record Date | Dividend Payment Date |
DIVIDEND AND SHARE PURCHASE PLAN
The Corporation has in place a Dividend Reinvestment Plan (DRIP) and Share Purchase Plan that is available to its shareholders. The DRIP allows participants to have their monthly cash dividends reinvested in additional shares. The price paid per share is 97% (if the share price is higher than
For the six months ended
About the Corporation
Where Mortgage Deals Get Done®
The Corporation, through its mortgage banker,
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives, our strategies to achieve those objectives, our performance, our investment portfolio and our dividends, as well as statements with respect to management’s beliefs, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intent”, “estimate”, “anticipate”, “believe”, “should”, “plans”, or “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management.
These statements are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in our current Annual Information Form under “Risk Factors” (a copy of which can be obtained at www.sedar.com), which could cause our actual results and performance to differ materially from the forward-looking statements contained in this news release.
Those risks and uncertainties include, among others, risks associated with mortgage lending, dependence on the Corporation’s manager and mortgage banker, competition for mortgage lending, real estate values, interest rate fluctuations, environmental matters, and shareholder liability. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information include, among others, that the Corporation is able to invest in mortgages at rates consistent with rates historically achieved; adequate mortgage investment opportunities are presented to the Corporation; and adequate bank indebtedness and bank loans are available to the Corporation. Although the forward-looking information contained in this news release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results and performance will be consistent with these forward-looking statements.
All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
For further information, please contact:
President & Chief Executive Officer
(416) 635-0221
Source:
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