Langley, British Columbia--(Newsfile Corp. - February 5, 2024) - Armada Mortgage Corp. ("Armada" or "The Company") is pleased to announce a monthly dividend increase to 7.50% in response to The Company's steady growth, effective immediately. Shareholders have the option to have dividends paid out as income or have them DRIP (Dividend Reinvestment Plan) and converted into shares.
Armada's total Assets Under Management (AUM) as of December 31, 2023, had increased 14.75% since the same date in 2022, exceeding $52 Million. The average weighted loan-to-value (LTV) of the portfolio has remained the same at 45%, representing of The Company's conservative portfolio. The final net yield for 2023 will be announced following the completion of the audited financials.
Armada continues to do well in terms of business volume and applications.
About Armada
Armada Mortgage Corporation is a Mortgage Investment Corporation ("MIC"), an alternative lender and exempt market product. The MIC invests in residential, construction, and serviced land mortgage loans secured by first and second mortgages, and in exceptional cases, third mortgages. Armada has generated a simple average rate of return or 6.84% since 2003 and is audited annually. Share purchases are made through an Exempt Market Dealer partner company, Armada Wealth Management.
Armada is a MIC in accordance with the Canadian Income Tax Act ("The Act"). Per The Act, the MIC is not subject to income tax as it distributes all of its net income and net realized capital gains as dividends within the time period according to section 130.1.
For further information, please contact:
Arley Midgley
Dealer Representative
advisor@armadawealth.ca
604-467-6449 / 1-888-647-6449
armadamortgage.com
Disclosure: Armada relies on the OM exemption as per S.2.9 of National Instrument 45-106. This document does not include disclosure of all information investors require to make an informed decision. All investors should speak with their dealer representative. Current OM valid until 4/30/2024. This material is presented by Armada Mortgage Corporation.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/196867
SOURCE: Armada Mortgage Corporation
