Langley, British Columbia--(Newsfile Corp. - April 15, 2024) - Armada Mortgage Corp. ("Armada" or "The Company") is pleased to announce a record high year-end net yield following the completion of the 2023 audited financials.
The annual net yield is 8.81% for shares with the interim dividend accrued, and 8.61% for shares with the interim dividend paid out. The simple average rate of return for The Company has increased to 6.94%, up from 6.84%, and assets under management exceed $52M.
The 2023 audited financial statements are available to view online at https://armadamortgage.com/invest/shareholder-resources/.
Armada would like to thank current shareholders for their continued support.
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 of 6.94% 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/205582
SOURCE: Armada Mortgage Corporation
