Ginkgo Mortgage Investment Corporation (Ginkgo) has announced the declaration of a special dividend for its Class “A” participating preferred shareholders. This special dividend of 2.5 cents per share (0.25%) will be payable on September 30, 2023, to all shareholders on record as of March 31, 2023. This is the second special dividend announcement by Ginkgo in the current year, with the first one being declared in June.
Ginkgo’s decision to declare this special dividend reflects its dedication to delivering financial value and appreciation for its investors’ trust and support. It is also a testament to the company’s rigorous risk assessments and thorough contingency planning. Despite the prevailing economic conditions, Ginkgo has been able to adapt and thrive, enhancing the benefits for its shareholders.
Ginkgo Mortgage Investment Corporation was established in 2011 as a mortgage investment corporation for the purpose of lending money, primarily to individuals, for the acquisition, development, maintenance, or upgrade of residential real estate or other real property. The company operates in Canada, primarily in the Greater Toronto Area, Greater Vancouver Area, Alberta, and the Winnipeg communities. Ginkgo’s objective is to generate income while preserving capital for reinvestment, and since its inception, it has paid over $40 million in dividends to investors.
It is important to note that this press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy securities. The information provided should be read in conjunction with Ginkgo’s offering memorandum dated December 30, 2022, and past performance is not a guarantee of future results.
The target yields mentioned for Ginkgo’s preference shares are determined by the Board of Directors based on various factors, including economic conditions, local real estate markets, and prevailing interest rates. The payment of dividends is subject to the discretion of the Board of Directors, and there is no guarantee that dividends will be paid at the targeted levels.
The announcement concludes with a legal disclaimer and a reminder that forward-looking statements made in the press release are subject to risks and uncertainties. Ginkgo cannot guarantee future results and does not intend to update or revise its forward-looking statements unless required by law.
Overall, this second special dividend announcement by Ginkgo Mortgage Investment Corporation demonstrates the company’s commitment to its shareholders and its ability to generate income while navigating economic challenges.