Firm Capital Mortgage Investment Corporation, a non-bank lender serving as a financer for residential and commercial short-term bridge and conventional real estate, announced that its board of directors has declared a monthly cash dividend of $0.078 per common share payable on the July 15, 2020 to the common shares holders as of record date June 30, 2020.
The company has also announced a Share Purchase Plan and Dividend Reinvestment Plan for its common stock shareholders. Shareholders who engage in these plans will not have to pay commission for common shares issued from treasury.
Participants once registered with the Share Purchase Plan will have the right to purchase additional common shares. However, the total worth can’t exceed $12,000 per year and purchase of common shares is allowed when it is no less than $250 per month.
According to the Corporation’s Dividend Reinvestment Plan, shareholders will be allowed to participate to reinvest their monthly cash dividends in additional common shares. The company is offering a 3% discount. However, it will only apply if a weighted average trading price is higher than $14.10. While weighted average trading price will be calculated on the basis of the five preceding trading days of dividend payment date.
As of Tuesday, Firm Capital Mortgage Investment Corporation has stock at the per share value of $11.89 with the market cap of 341.249 million. This small cap non-bank lender has 28.7 million shares outstanding while it has dividend yield of 7.87% with price to book ratio of 1.07 and earnings per share of 0.89.
Financing that the company provides include including construction, mezzanine plans and equity investments.