Firm Capital Mortgage Investment (FC) Q3 2025 earnings summary

Executive summary

• Q3 2025 net income rose 1.4% YoY to $9.09M; 9M net income increased 10.3% to $28.74M.

• 9M income exceeded distributions by $2.95M, or $0.08 per share, while the investment portfolio declined 4.1% from Dec. 31, 2024.

Financial highlights

• Q3 net income was $9.09M vs. $8.96M in Q3 2024; 9M net income was $28.74M vs. $26.06M.

• Q3 basic weighted-average EPS was $0.247 vs. $0.250 YoY; distributions were $0.234 per share.

Key financial ratios and metrics

• Gross portfolio carrying amount was $627.1M at Sept. 30, 2025, down from $653.8M at Dec. 31, 2024; average gross face interest rate was 9.61% vs. 10.07%.

• Conventional first mortgages represented 93.0% of the net portfolio vs. 92.4%; 34% of gross carrying amount matured by Dec. 31, 2025.

• Geographic mix: Ontario 91.0%, Quebec 4.6%, Western Canada 1.5%, and USA 2.9%.