Estimated Special and Regular Dividend for December 2021 - December 2021 Dividend of $0.09 per Share
- 2021 Estimated Total Dividend of $0.948 per Share
TORONTO, Dec. 16, 2021 (GLOBE NEWSWIRE) -- Firm Capital Mortgage Investment Corporation (the "Corporation") (TSX: FC) announces that its board of directors has declared and approved its monthly cash dividend on its outstanding common shares for December 2021 of $0.078 per share. The Corporation also announces an estimated special year-end cash dividend (the “Special Dividend”) on its outstanding common shares of $0.012 per share. These cash dividends, totaling an estimated $0.09 per share, are payable on or about January 17, 2022, to holders of shares of record at the close of business on December 31, 2021.
The precise amount of the Special Dividend will be confirmed prior to the payment date. The Special Dividend recognizes that the (estimated) annual income generated in 2021 is expected to exceed the regular monthly dividends paid to holders of common shares. The Special Dividend is not indicative of future performance by the Corporation.
The Corporation is also pleased to announce that its board of directors has declared monthly cash dividends of $0.078 per share (subject to adjustment at the discretion of the board of directors) payable on such dates as are set out below to holders of common shares of record at the close of business on each date as follows:
| Record Date | | Dividend Payment Date |
| January 31, 2022 | | February 15, 2022 |
| February 28, 2022 | | March 15, 2022 |
| March 31, 2022 | | April 15, 2022 |
DIVIDEND OVERVIEW 2021
Regular monthly cash dividends for 2021 equalled $0.078 per month, for a total $0.936 per share, which, together with the estimated year-end Special Dividend of $0.012, represents total cash dividends for 2021 of $0.948 per share.
The Corporation has in place a Dividend Reinvestment Plan (“DRIP”) and Share Purchase Plan (“Plan”) that is available to its shareholders. Shareholders are reminded that they can participate in the Corporation’s Dividend Reinvestment Plan and Share Purchase Plan. Participant shareholders pay no commission for common shares issued from treasury.
DIVIDEND REINVESTMENT PLAN (DRIP)
The DRIP allows participants to have their monthly cash dividends reinvested in additional common shares of the Corporation. A 3% discount will only apply if the weighted average trading price, calculated during the five trading days immediately preceding each dividend payment date, is higher than $14.10.
SHARE PURCHASE PLAN
Once registered with the DRIP, participants have the right to purchase additional common shares, totaling no greater than $12,000 per year and no less than $250 per month.
For further information, including answers to frequently asked questions about the DRIP, please refer to our website: www.firmcapital.com, and select Firm Capital Mortgage Investment Corporation under the heading Capital Management, which also includes enrollment information. If you have any questions, please contact Investor Relations at the Corporation by calling 416-635-0221.
ABOUT THE CORPORATION
Where Mortgage Deals Get Done®
The Corporation, through its mortgage banker, Firm Capital Corporation, is a non-bank lender providing residential and commercial short-term bridge and conventional real estate financing, including construction, mezzanine and equity investments. The Corporation's investment objective is the preservation of shareholders' equity, while providing shareholders with a stable stream of monthly dividends from investments. The Corporation achieves its investment objectives through investments in selected niche markets that are under-serviced by large lending institutions. Lending activities to date continue to develop a diversified mortgage portfolio, producing a stable return to shareholders. The Corporation is a Mortgage Investment Corporation (MIC) as defined in the Income Tax Act (Canada). Accordingly, the Corporation is not taxed on income provided that its taxable income is paid to its shareholders in the form of dividends within 90 days after December 31 each year. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same position as if the mortgage investments made by the Corporation had been made directly by the shareholder. Full reports of the financial results of the Corporation for the year are outlined in the audited financial statements and the related management discussion and analysis of the Corporation, available on the SEDAR website at www.sedar.com. In addition, supplemental information is available on the Corporation's website at www.firmcapital.com.
https://www.globenewswire.com/news-release/2021/12/16/2354158/0/en/Firm-Capital-Mortgage-Investment-Corporation-Announces-Estimated-Special-and-Regular-Dividend-for-December-2021-and-Dividends-for-January-through-to-March-of-2022.html