Firm Capital Mortgage Investment Corporation Completes $25 Million Bought Deal Financing

Core Viewpoint - Firm Capital Mortgage Investment Corporation has successfully closed a public offering of $25 million in convertible unsecured subordinated debentures, with potential total proceeds of $28.75 million if the over-allotment option is fully exercised [1][2]. Offering Details - The offering consists of 5.50% convertible unsecured subordinated debentures due December 31, 2032, with interest payable semi-annually starting December 31, 2025 [1][3]. - The debentures are convertible into common shares at a price of $14.06 per share, subject to adjustments [3]. - The underwriters have an over-allotment option for an additional $3.75 million in debentures, exercisable within 30 days of closing [1]. Redemption and Conversion - The debentures are not redeemable before December 31, 2028, and can be redeemed at the Corporation's option under specific conditions starting December 31, 2028 [4]. - The Corporation has the right to repay the principal amount through the issuance of shares and can also pay interest in shares [6]. Corporate Profile - Firm Capital Mortgage Investment Corporation operates as a non-bank lender, providing short-term bridge and conventional real estate financing [9]. - The Corporation aims to preserve shareholders' equity while providing stable monthly dividends through investments in niche markets underserved by larger institutions [10].