Atrium Mortgage Investment Corporation reports developments tied to its role as a Mortgage Investment Corporation and non-bank lender for residential and commercial mortgages in major urban centres in Canada. Its recurring updates cover quarterly and annual financial results, mortgage receivables, principal advances and repayments, portfolio interest-rate measures, loan-to-value metrics, and allowances for mortgage losses.
Company announcements also address monthly and special dividend declarations, its dividend reinvestment plan, investor conference calls, credit facility changes, auditor appointments, and finance leadership updates. Atrium’s news flow is closely tied to mortgage portfolio performance, dividend policy, and the tax-distribution framework applicable to Canadian MICs.
Atrium Mortgage Investment announced the acceptance of a normal course issuer bid (NCIB) by the Toronto Stock Exchange. The NCIB allows Atrium to purchase up to 4,232,634 common shares (10% of the public float) from June 24, 2024, to June 23, 2025. Purchases will be made at market prices and will be conducted via open market transactions. An automatic share purchase plan (ASPP) has been implemented to facilitate purchases during blackout periods. As of June 10, 2024, Atrium had 44,313,954 common shares outstanding. The previous NCIB, which expires June 23, 2024, saw 37,527 shares purchased at an average price of $10.08 per share.
Atrium Mortgage Investment (TSX: AI) has declared a June 2024 dividend of $0.075 per common share, payable on July 12, 2024, to shareholders of record on June 28, 2024.
The company maintains a monthly dividend rate of $0.90 per share annually and may issue a special year-end dividend if declared dividends are less than the taxable income for the fiscal year.
Atrium offers a Dividend Reinvestment Plan (DRIP) allowing shareholders to reinvest dividends into new shares at a 2% discount from the market price without commissions, facilitating compound growth.
Atrium Mortgage Investment announced the election of eight directors at their annual shareholders' meeting held in Toronto on May 15, 2024. Each nominee listed in the management information circular dated March 25, 2024, was elected to serve until the next annual meeting of shareholders. The elected directors and their corresponding votes are: Peter P. Cohos (98.61% for), Robert H. DeGasperis (99.89% for), Robert G. Goodall (99.88% for), Andrew Grant (99.53% for), Maurice (Maish) Kagan (99.82% for), Nancy H.O. Lockhart (98.47% for), Jennifer Scoffield (99.65% for), and Mark L. Silver (98.78% for).
Atrium Mortgage Investment (TSX: AI) announced its financial results for Q1 2024, reporting a net income of $12.0 million, down 15.3% from the previous year. Basic and diluted EPS were $0.27. The mortgage portfolio grew to $886.1 million, a 4.8% increase compared to Q1 2023. The portfolio remained high quality, with 96.7% in first mortgages and an average loan-to-value of 64.0%. Revenues increased by 6.3% to $25.2 million, but the allowance for mortgage losses was raised to $24.9 million (2.81% of the portfolio). Despite a 4.8% portfolio growth, assets declined slightly from $877.9 million to $868.3 million, and mortgages receivable decreased to $867.1 million. The weighted average interest rate on the mortgage portfolio dropped marginally to 11.25% from 11.42%.
Atrium Mortgage Investment (TSX: AI) announced a dividend of $0.075 per common share for May 2024, payable on June 12, 2024. The company pays monthly dividends at an annual rate of $0.90 per share and offers a special dividend if declared dividends are less than taxable income. Financial results for Q1 2024 will be released on May 14, 2024, with a conference call scheduled for May 15, 2024. Atrium also offers a dividend reinvestment plan (DRIP) for shareholders.
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