FCMIC Q2 2026 results
Q2 net income was C$8.6M, down 10.7% year over year as the portfolio shrank and yields fell. New fundings in the quarter were C$106.2M.
Investment Management
Toronto non-bank mortgage lender and real estate investor behind TSX-listed Firm Capital Mortgage Investment Corporation and two listed real estate trusts.
Firm Capital is a Toronto-based group, founded in 1988, that describes itself as a boutique alternative real estate firm moving capital between mortgage lending and real estate equity. Its mortgage banker, Firm Capital Corporation, originates and services short-term bridge, construction, mezzanine and conventional loans. It manages the lending for TSX-listed Firm Capital Mortgage Investment Corporation (TSX: FC), whose portfolio is about 83% in Ontario. The group also sponsors Firm Capital Property Trust (TSX: FCD.UN), Firm Capital Apartment REIT and private funds. For students, it is a small, Toronto-centred lender; its most clearly published entry route is a CPA Ontario pre-approved training program for accounting graduates.
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Firm Capital Corporation is a non-bank lender that originates, structures and services residential and commercial bridge, construction, conventional and mezzanine loans, focusing on niches that large lenders underserve.
Listed mortgage investment corporation, operating since 1999, that invests in loans arranged by the mortgage banker and pays monthly dividends. At June 30, 2026, 96.4% of its portfolio was conventional first mortgages.
Owns and co-owns income property through Firm Capital Property Trust (TSX: FCD.UN), which holds grocery-anchored retail, industrial, multi-residential and manufactured-home communities, and through Firm Capital Apartment REIT.
Opportunistic debt and equity investments alongside private capital pools, partnerships and funds.
The official site has no locations page. The contact page and FCMIC's 2025 AIF give only the Toronto head office at 163 Cartwright Avenue. Current job postings also list property-level roles in Saint-Laurent, QC and the GTA, which are building sites rather than offices. This list may be incomplete.
| Toronto | ON | headquarters |
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Reasons that work in interviews
3 reasons for Firm Capital
Credit interviews test whether you think about downside first. The strongest framing is that you want to learn to underwrite what happens when a business underperforms, which equity investing never forces you to do properly. Then make it specific to their position in the capital structure.
Operates multiple listed and private vehicles in real estate lending, so you see how credit strategies get structured and financed as products.
Mortgage and bridge lending to Canadian real estate borrowers.
Long-standing independent with a consistent niche focus.
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Interviewing there sooner than that? Get in touch and we’ll help you prepare.
How juniors get in
Runs a May-to-August summer internship and invites recent graduates to apply for roles including mortgage and real estate underwriting and origination; email internships@firmcapital.com.
Green: evidence it does. Struck through: evidence it doesn’t. Dashed: no public evidence either way.
Programs
Full-time (CPA trainee) · Toronto
President & CEO, Firm Capital; CEO, President and Director, Firm Capital Mortgage Investment Corporation
Executive
Has run Firm Capital's mortgage banker, its property management company and Firm Capital Mortgage Corporation since 1988. He is also Vice Chair and Co-CIO of Firm Capital Property Trust and Vice Chairman of Firm Capital Apartment REIT.
President & CEO, Firm Capital Property Trust
Real Estate (FCPT)
Leads Firm Capital Property Trust and led its July 2026 acquisition of 50% interests in ten manufactured home communities in Alberta and Saskatchewan.
Chief Financial Officer, Firm Capital Mortgage Investment Corporation
Finance
CFO of FCMIC since August 2021. Before that he was CFO of Rapport Credit Union for four years and worked in finance at TD Bank Financial Group and in financial services assurance at Ernst & Young.
Executive Vice President & COO and Director, Firm Capital Mortgage Investment Corporation
Mortgage Banking
VP, Mortgage Banking at the mortgage banker since 1997, and a Trustee and Co-CIO of Firm Capital Property Trust. Before Firm Capital he was a Vice-President at KPMG Inc., specializing in restructuring mortgage lenders and mortgage portfolios.
COO and Managing Director, Capital Markets & Strategic Developments, Firm Capital Corporation; EVP & Managing Director, Finance, FCMIC
Capital Markets
Also CFO and Trustee of Firm Capital Property Trust. Before joining Firm Capital he was in real estate investment banking at Macquarie Capital (Vice President) and TD Securities (Associate).
Senior Vice President, Mortgage Lending
Mortgage Lending
Has led mortgage lending at the mortgage banker since 1995, covering origination, structuring, underwriting and loan administration. His focus is land and development, construction, and residential and commercial term loans. Ryerson architectural science graduate.
Professional information only, drawn from official biographies and published reporting. BSO never lists private contact details.
Closed Jul 21, 2026
Ten manufactured home communities (1,649 sites) in Alberta and Saskatchewan
Acquirer (via Firm Capital Property Trust, 50% JV partner) · Manufactured housing communities
Buyer Firm Capital Property Trust (50%) and SunPark Communities, LP (50%)
FCPT bought a 50% interest in a ten-community portfolio through its joint venture with SunPark, an entity partly affiliated with FCPT's board and management. The deal also included 142 park-owned homes and 184 chattel mortgages. A Canadian chartered bank provided a C$145M six-year first mortgage. The deal was first announced in April 2026 as eleven communities for C$227M and closed as ten communities.
Mar 25, 2025
159,470 sq. ft. single-tenant industrial building, Montreal
Seller (via Firm Capital Property Trust JV) · Industrial real estate
Seller Montreal Industrial JV (Firm Capital Property Trust 50%)
FCPT's 50/50 Montreal industrial joint venture agreed to sell a property it had bought in 2018 for C$11.0M, producing an expected gain of about C$16M. Proceeds were to pay down the revolver and fund grocery-anchored retail, multi-tenant industrial and rental acquisitions. FCPT announced closing in May 2025 (month only).
Q2 net income was C$8.6M, down 10.7% year over year as the portfolio shrank and yields fell. New fundings in the quarter were C$106.2M.
The acquisition made the SunPark joint venture one of Canada's largest manufactured-housing owners and increased FCPT's exposure to Western Canada.
FCMIC paid out its 2018 5.50% convertible debentures in full when they matured.
C$27.9M sale of a JV-owned industrial property, with proceeds redeployed into smaller-bay industrial, grocery-anchored retail and rentals.
No sourced people moves for this firm. BSO publishes a fact only once it can attribute it to a named source, so these stay off the page rather than being filled in from inference. If you know something published that belongs here, it is the fastest way to get it added.
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Firm Capital Mortgage Investment Corporation · Aug 13, 2026 · firmcapital.com
Firm Capital Property Trust · Jul 21, 2026 · firmcapital.com
Firm Capital Property Trust · Mar 25, 2025 · firmcapital.com
Firm Capital · Date unavailable · firmcapital.com
Firm Capital · Date unavailable · firmcapital.com
Firm Capital · Date unavailable · firmcapital.com
Firm Capital · Date unavailable · firmcapital.com
Firm Capital · Date unavailable · firmcapital.com
Firm Capital Mortgage Investment Corporation · Date unavailable · firmcapital.com
Firm Capital · Date unavailable · firmcapital.com
Firm Capital · Date unavailable · firmcapital.com
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Get your planFirm Capital is a CPA Ontario pre-approved training office. The program offers mentorship, study leave, reimbursed prep courses and exam fees, and full-time roles on completion. Applicants need a completed bachelor's degree and the CPA prerequisite courses.
Typical background
GuidanceOne prior internship: a boutique bank, a small fund, transaction services, or a pension co-op.
Large-cap platforms and global multi-strategy funds
Upper mid-market PE, infrastructure, the Maple 8 and large managers
Mid-market PE, mid-sized managers, domestic hedge funds and smaller pensions
Firm Capital is hereSmall-cap private equity, boutique managers and early-stage VC
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