Equity income from MCAP Commercial fell to $5.6 million, down 22% from $7.2 million a year ago.
“Our first quarter results are within our expectations despite an uncertain economic and geopolitical environment impacting our provisions for credit losses, while our credit quality remains resilient as it has since our founding,” CEO Derek Sutherland said.
The board declared a second-quarter cash dividend of $0.41 per share, payable on June 30, to shareholders of record as of June 13. As a mortgage investment corporation, MCAN distributes all taxable income through dividends.
Total assets reached $5.4 billion by March 31, 2025, up 1.8% from year-end 2024. Non-securitized assets rose to $3.0 billion, up 5.1% from December, supported by a 2% increase in uninsured residential mortgages. Uninsured residential mortgage originations hit $97 million, up 15% from Q1 2024, while renewals stood at $104 million.
Construction loans totaled $1.1 billion, marking a 2% increase, with $144 million in new originations, offset by $22 million in project completions.
