Armada Mortgage Corp. Announces Increase in Dividend
Langley, British Columbia--(Newsfile Corp. - May 17, 2023) - Armada Mortgage Corp. ("Armada" or "The Company) is pleased to announce a monthly dividend increase to 6.5% in response to The Company's steady growth. Shareholders have the option to have dividends paid out or have them DRIP (Dividend Reinvestment Plan) and converted into shares.
Armada's net yield for 2022 was 7.35% for shares with dividends accruing, bringing the historical average to 6.84% since The Company's inception in 2003. The average weighted loan-to-value (LTV) of the company is currently 44%, and assets under management are nearing $50 Million.
The Company is continuing to do well in terms of business volume and applications.
About Armada
Armada Mortgage Corporation is a Mortgage Investment Corporation (MIC) and 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. Share purchases are made through an EMD 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 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 / 1-888-467-6449
armadamortgage.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/166507
