Atrium Mortgage Investment Corporation Announces Increased December 2024 Dividend and Portfolio Update
Atrium Mortgage Investment has announced a dividend increase for December 2024.
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Rhea-AI Summary
Atrium Mortgage Investment has announced a dividend increase for December 2024. The monthly dividend of $0.0775 per common share will be paid on January 10, 2025, to shareholders of record December 31, 2024, representing a 3.3% increase in the annual dividend rate from $0.90 to $0.93 per share.
The company will also pay a special dividend in Q1 2025 to shareholders of record December 31, 2024, with the amount to be determined upon announcing 2024 results. Notably, Atrium has made significant progress in resolving high-risk loans, with approximately 60% of Stage 2 and Stage 3 loans being repaid since Q3, reducing higher risk loans in the portfolio from 14.0% to 5.6%.
Positive
- Monthly dividend increased by 3.3% to $0.0775 per share
- Special dividend announced for Q1 2025
- 60% reduction in high-risk loans since Q3 2024
- Higher risk loans in portfolio decreased from 14.0% to 5.6%
Negative
- Real estate markets remain challenging according to company statement
Details
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Toronto, Ontario--(Newsfile Corp. - December 11, 2024) - Atrium Mortgage Investment Corporation (TSX: AI) is pleased to announce that its board of directors has declared a dividend for the month of December 2024 of
In addition, Atrium will pay a special dividend to shareholders of record December 31, 2024 within the first quarter of 2025. The amount of the special dividend will be determined when Atrium announces its 2024 results.
Atrium has also made material progress, as anticipated, in terms of resolving loans classified as Stage 2 (significant increase in credit risk) and Stage 3 (impaired), which totaled
Shareholders are reminded that Atrium offers a dividend reinvestment plan (DRIP) that allows them to automatically reinvest their dividends in new shares of Atrium at a
About Atrium
Canada's Premier Non-Bank Lender™
Atrium is a non-bank provider of residential and commercial mortgages that lends in major urban centres in Canada where the stability and liquidity of real estate are high. Atrium's objectives are to provide its shareholders with stable and secure dividends and preserve shareholders' equity by lending within conservative risk parameters.
Atrium is a Mortgage Investment Corporation (MIC) as defined in the Canada Income Tax Act, so 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 company had been made directly by the shareholder. For further information, please refer to regulatory filings available at www.sedarplus.ca or Atrium's website at www.atriummic.com.
For further information, please contact
Robert G. Goodall
Chief Executive Officer
John Ahmad
Chief Financial Officer
(416) 867-1053
info@atriummic.com
www.atriummic.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233425
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