Mr. Eli Dadouch reports

FIRM CAPITAL MORTGAGE INVESTMENT CORPORATION ANNOUNCES A SPECIAL DIVIDEND, BRINGING THE 2023 YTD TOTAL TO $0.99/SHARE, A 4.2% INCREASE IN 2023 VS. 2022 TOTAL DIVIDENDS

Firm Capital Mortgage Investment Corp. has declared: (i) a 2023 special dividend; (ii) the December, 2023, dividend; and (iii) first quarter 2024 dividends.

Special dividend -- 4.2-per-cent increase over 2022 total dividends

The corporation has estimated a 2023 special year-end cash dividend on its outstanding common shares of 5.4 cents per share. This special dividend represents a significant increase over the 1.4 cents per share special dividend declared and paid at the end of 2022. Over all, for 2023, the corporation will have declared and paid total dividends of 99 cents per share, which is a 4.2-per-cent increase over the 95 cents per share declared and paid for 2022. 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 2023 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.

December, 2023, dividend

The corporation has also declared and approved its monthly cash dividend on its outstanding common shares for December, 2023, of 7.8 cents per share. Combined with the special dividend, these cash dividends, totalling an estimated 13.2 cents per share, are payable on or about Jan. 15, 2024, to holders of shares of record at the close of business on Dec. 31, 2023.

Q1 2024 dividends

The corporation has also declared and approved monthly cash dividends of 7.8 cents per share payable on the dates set out in an attached table to holders of common shares of record at the close of business on the corresponding dates.

Record date                         Dividend payment date 

Jan. 31, 2024                               Feb. 15, 2024
Feb. 29, 2024                              March 15, 2024
March 31, 2024                             April 17, 2024
  

About Firm Capital Mortgage Investment Corp.

The corporation, through its mortgage banker, Firm Capital Corp., 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 underserviced 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, 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 Dec. 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.

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