Report

FY2024 Breaks Records; Lower Rates Enhance Appeal

AWM Diversified Mortgage Investment Corporation had a record-breaking FY2024, with mortgage receivables reaching $243M, a 9% increase, and a yield of 8.7%, exceeding expectations. The MIC, which focuses on first/second mortgages for single-family residential units, achieved record revenue and net income, with net income up 20% YoY. The majority of the mortgages are concentrated in Ontario (58%), followed by Alberta (26%) and British Columbia (16%). Despite a slight increase in impaired mortgages, the fund remains well-positioned with a low Loan-to-Value (LTV) of 68%. With declining lending rates and a favorable economic outlook, AWM is expected to see further growth, with an anticipated yield of 9.1% for FY2025.
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Fundamental Research
Fundamental Research

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Analysts
Sid Rajeev

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