Firm Capital Mortgage Investment Corporation
Managed by Firm Capital Corporation
Data as of: March 31, 2026 · View latest fund facts
This review, compiled by WOWA for informational purposes only, is not investment advice, an offer, or a solicitation. Past returns don't guarantee future results.
AUM
$573M CAD
2025 return
6.90%
LTV
55.00%
First mortgages
94.90%
About Firm Capital Mortgage Investment Corporation
Firm Capital Mortgage Investment Corporation (TSX: FC) is a publicly traded non-bank lender founded in 1988 and listed on the TSX since October 1999. The Corporation invests in mortgages through its mortgage banker Firm Capital Corporation, providing residential and commercial short-term bridge and conventional real estate financing, including construction financing, mezzanine debt, and equity investments. Its stated investment objective is the preservation of shareholders' equity while providing a stable stream of monthly dividends from investments in select niche markets underserviced by large lending institutions.
The fund reports approximately $573M CAD in assets.
The portfolio is predominantly composed of first mortgages.
Return of the mortgage funds are closely related to bank prime lending rate of interest, which has been declining. The latest annual return declined from 19.3% in 2024 to 6.9% in 2025.
The portfolio is highly concentrated in Ontario.
At a glance
| Assets under management (AUM) | $573M CAD |
| 2025 return | 6.90% |
| Overall LTV | 55.00% |
| First mortgages (as a % of the portfolio) | 94.90% |
| Property focus | Residential (26%) / Construction (34%) / Multi-Residential (12%) / Unclassified (28%) |
| Structure | TSX-Listed Public Corporation (MIC) |
| Investor access | Available to individual investors |
Firm Capital Mortgage Investment Corporation portfolio and performance
The portfolio is composed of residential mortgages (26%), construction mortgages (34%), multi-residential mortgages (12%) and unclassified mortgages (28%).
| Property Type | Share (%) |
| Residential | 26% |
| Construction | 34% |
| Multi-Residential | 12% |
| Unclassified | 28% |
Note: Land and pre-construction mortgages are classified under commercial mortgages.
Firm Capital Mortgage Investment Corporation has a focus on Ontario, with 88.3% of its mortgages located in Ontario, followed by Quebec (6.8%), the U.S. (3.1%), Atlantic Canada (0.1%).
| Province/Region | Share (%) |
| the U.S. | 3.1% |
| Ontario | 88.3% |
| Quebec | 6.8% |
| Atlantic Canada | 0.1% |
| Unclassified | 1.7% |
Firm Capital Mortgage Investment Corporation returns
| Calendar year | Net return |
| 2023 | 10.70% |
| 2024 | 19.30% |
| 2025 | 6.90% |
Firm Capital Mortgage Investment Corporation facts
Fund structure
| Structure | TSX-Listed Public Corporation (MIC) |
| Manager | Firm Capital Corporation |
| Latest data | March 31, 2026 |
Mortgage portfolio
| First mortgages | 94.90% |
| Overall LTV | 55.00% |
| Property focus | Construction |
| Leverage | Yes, the fund uses leverage. This means the fund borrows additional money and combines it with investor capital to fund more mortgages. Leverage can increase returns when the portfolio performs well, but it also adds interest costs and can magnify losses. |
Fees
| Management fee | None disclosed |
| Performance fee | None disclosed |
Additional fund details
Reported annual performance figures are total returns, including both distributions and changes in the value of the investment.
Who can invest in Firm Capital Mortgage Investment Corporation?
Available to individual investors
This fund is available to individual investors.
Minimum investment terms are not publicly disclosed.
About Firm Capital Corporation
Since 1988, Firm Capital Organization, through its various affiliates, operates as a alternative private equity real estate firm deploying capital between debt and equity in real estate private and public markets. Firm Capital Corporation serves as the mortgage banker, loan originator, underwriter, servicer, and syndicator for Firm Capital Mortgage Investment Corporation (TSX: FC). The organization also manages Firm Capital Property Trust (TSX: FCD.UN) and Firm Capital Apartment REIT (TSXV: FCA.U). CEO is Eli Dadouch.
Frequently asked questions
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