Firm Capital Mortgage Investment Trust announces strong first quarter results



    TSX Symbol FC.UN

    TORONTO, May 5 /CNW/ - Firm Capital Mortgage Investment Trust (the
"Trust") (TSX FC.UN), today released its financial statements for the first
quarter ended March 31, 2009.

    
    EARNINGS
    --------
    
    Net earnings for the quarter ended March 31, 2009 totaled $3,640,040
compared to $3,574,288 for the quarter ended March 31, 2008. Net earnings for
the quarter ended March 31, 2009 exceeded distributions by $392,627 or $0.028
per unit. Basic weighted average net earnings per unit of $0.262 for the
quarter ended March 31, 2009 compared to $0.283 per unit for the comparable
period in 2008. The first quarter net earnings represent an annualized return
on average Unitholders' equity of 10.98% per annum. This return on
Unitholders' equity equates to 1021 basis points per annum over the average
One Year Government of Canada Treasury Bill yield for the year and is well in
excess of the Trust's target yield objective of 400 basis points per annum
over the One Year Treasury Bill yield.

    
    DISTRIBUTION OVERVIEW:
    ----------------------
    Monthly distributions for first quarter equaled $.078 per month, for a
total $0.234 per unit.

    INVESTMENT PORTFOLIO TURNS:
    ---------------------------
    In the first quarter mortgage discharges equated to $20,347,626 million.
This represents a significant turn of the portfolio enabling management to
re-invest funds in evolving market conditions. As the portfolio revolves, the
Trust is able to manage the portfolio size and return on equity based on the
pricing of new investments.

    MORTGAGE PORTFOLIO HIGHLIGHTS:
    ------------------------------
    Details on the Trust's mortgage portfolio as at March 31, 2009 are as
follows:
    -   Total Gross Mortgage Portfolio equals $215,369,642
    -   Conventional first mortgages, being those mortgages with loan to
        values less than 75%, comprise 78% of our total portfolio, and total
        Conventional mortgages with loan to values under 75% comprise 92% of
        our total portfolio.
    -   Special Profit Mortgage Investments total 8% of the portfolio.
    -   Approximately 91% of the portfolio matures within 12 months. This
        results in a continuously revolving portfolio, allowing management to
        assess market conditions.
    -   The Average Face Interest Rate on the portfolio is 9.98% per annum.
    -   Regionally, the portfolio is diversified approximately as follows:
        Ontario 77.8%, Alberta 13.8%, British Columbia 3.1%, with the balance
        (5.3%) being in other provinces.
    -   Mortgage portfolio breakdown by loan size is as follows:

                         Mortgage Portfolio Breakdown

               Amount             Number of Mortgages        Total Amount
       -------------------------------------------------------------------
               $0-$1,000,000              98                $  48,375,320
       $1,000,001-$2,000,000              44                   64,252,441
       $2,000,001-$3,000,000              18                   45,906,884
       $3,000,001-$4,000,000               7                   23,978,136
       $4,000,001-$5,000,000               6                   27,336,861
       $5,000,001-$6,000,000               1                    5,520,000
       -------------------------------------------------------------------
       Total                             174                $ 215,369,642
       -------------------------------------------------------------------
       -------------------------------------------------------------------

    LOAN LOSS PROVISION UPDATE:
    ---------------------------
    Management has always taken a proactive approach to loan loss provision
reserves. This is a prudent approach to protecting our Unitholders' equity.
Loan loss provisions at the start of the fiscal year amounted to $2,400,000.
During first quarter a further $200,000 was added to the provision for a total
of $2,600,000, representing 1.21% of the gross loan portfolio.

    UNRECOGNIZED INCOME COLLECTED:
    ------------------------------
    As at March 31, 2009, the Trust has banked non-refundable fee income of
$326,932, which will be recognized as income over the term of the
corresponding investments and, in one circumstance, as a specific investment
is repaid.

    DISTRIBUTION AND UNIT PURCHASE PLAN:
    ------------------------------------
    The Trust has in place a Distribution Reinvestment Plan (DRIP) and Unit
Purchase Plan that is available to its Unitholders. The plans allows
participants to have their monthly cash distributions reinvested in additional
Trust units and grants participants the right to purchase, without commission,
additional units, up to a maximum of $12,000 per annum.

    ABOUT THE TRUST
    ---------------
    
    The Trust, through its Mortgage Banker, Firm Capital Corporation, is a
non-bank lender providing residential and commercial short-term bridge and
conventional real estate financing, including construction, mezzanine and
equity investments. The Trust's investment objective is the preservation of
Unitholders' equity, while providing Unitholders with a stable stream of
monthly distributions from investments. The Trust achieves its investment
objectives through investments in selected niche markets that are
under-serviced by large lending institutions. Lending activities to date
continue to develop a diversified mortgage portfolio, producing a stable
return to Unitholders. Full reports of the financial results of the Trust for
the year are outlined in the audited financial statements and the related
management discussion and analysis of Firm Capital, available on the SEDAR
website at www.sedar.com. In addition, supplemental information is available
on Firm Capital's website at www.firmcapital.com.

    Forward-Looking Statements

    This news release contains forward-looking statements within the meaning
of applicable securities laws including, among others, statements concerning
our objectives, our strategies to achieve those objectives, our performance,
our mortgage portfolio and our distributions, as well as statements with
respect to management's beliefs, estimates, and intentions, and similar
statements concerning anticipated future events, results, circumstances,
performance or expectations that are not historical facts. Forward-looking
statements generally can be identified by the use of forward-looking
terminology such as "outlook", "objective", "may", "will", "expect", "intent",
"estimate", "anticipate", "believe", "should", "plans" or "continue" or
similar expressions suggesting future outcomes or events. Such forward-looking
statements reflect management's current beliefs and are based on information
currently available to management.
    These statements are not guarantees of future performance and are based
on our estimates and assumptions that are subject to risks and uncertainties,
including those described in our Annual Information Form under "Risk Factors"
(a copy of which can be obtained at www.sedar.com), which could cause our
actual results and performance to differ materially from the forward-looking
statements contained in this circular. Those risks and uncertainties include,
among others, risks associated with mortgage lending, dependence on the
Trust's trust manager and mortgage banker, competition for mortgage lending,
real estate values, interest rate fluctuations, environmental matters,
Unitholder liability and the introduction of new tax rules. Material factors
or assumptions that were applied in drawing a conclusion or making an estimate
set out in the forward-looking information include, among others, that the
Trust is able to invest in mortgages at rates consistent with rates
historically achieved; adequate mortgage investment opportunities are
presented to the Trust; and adequate bank indebtedness and bank loans are
available to the Trust. Although the forward-looking information continued in
this new release is based upon what management believes are reasonable
assumptions, there can be no assurance that actual results and performance
will be consistent with these forward-looking statements.
    All forward-looking statements in this news release are qualified by
these cautionary statements. Except as required by applicable law, the Trust
undertakes no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or otherwise.

    
                   NOTICE UNDER NATIONAL INSTRUMENT 51-102

    National Instrument 51-102: Continuous Disclosure Requirements requires
that these interim financial statements be accompanied by this notice which
indicates that these financial statements have not been reviewed by the
auditors of Firm Capital Mortgage Investment Trust.


    Unaudited Financial Statements of

    FIRM CAPITAL MORTGAGE
    INVESTMENT TRUST

    For the Three Months Ended March 31, 2009


    FIRM CAPITAL MORTGAGE INVESTMENT TRUST
    Balance Sheets

    March 31, 2009, with comparative figures for December 31, 2008 and March
    31, 2008

    -------------------------------------------------------------------------
                                         Mar. 31,      Dec. 31,      Mar. 31,
                                            2009          2008          2008
                                      (Unaudited)     (Audited)   (Unaudited)
    -------------------------------------------------------------------------
    Assets

    Amounts receivable and
     prepaid expenses (note 5)      $  2,094,245  $  1,986,112  $  2,250,884
    Mortgage investments (note 6)    212,769,642   223,395,801   230,117,058

    -------------------------------------------------------------------------
                                    $214,863,887  $225,381,913  $232,367,942
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities and
     Unitholders' Equity

    Liabilities:
      Bank indebtedness (note 7)    $ 24,953,885  $ 27,337,813  $ 43,323,055
      Accounts payable and
       accrued liabilities               901,120       618,541       966,760
      Unearned income                    201,996       275,856       281,068
      Unitholder distribution
       payable                         1,082,471     3,430,390       986,643
      Loans payable (note 8)          31,287,034    37,729,228    42,155,296
      Convertible debenture (note 9)  23,513,706    23,973,019    23,807,814
    -------------------------------------------------------------------------
                                      81,940,212    93,364,847   111,520,636

    Unitholders' equity (note 10):   132,923,675   132,017,066   120,847,306
      Issued and outstanding:
        13,877,836 units
        (2008 - 12,649,263)

    Commitments (note 6)
    Contingent liabilities (note 16)

    -------------------------------------------------------------------------
                                    $214,863,887  $225,381,913  $232,367,942
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    See accompanying notes to financial statements.



    FIRM CAPITAL MORTGAGE INVESTMENT TRUST
    Unaudited Statement of Earnings

    -------------------------------------------------------------------------
                                                       3 Month       3 Month
                                                        Period        Period
                                                      March 31,     March 31,
                                                          2009          2008
    -------------------------------------------------------------------------

    Interest and fees earned, net of Trust
     Manager interest allocation (note 14)        $  5,021,614  $  5,478,664
    Less interest expense (note 15)                    945,962     1,708,285
    -------------------------------------------------------------------------

    Net interest and fee income                      4,075,652     3,770,379

    Expenses:
      General and administrative                       235,612       196,091
      Unrealized loss in value of mortgages
       (note 6)                                        200,000             -
    -------------------------------------------------------------------------
                                                       435,612       196,091

    -------------------------------------------------------------------------

    Net earnings for the period                   $  3,640,040  $  3,574,288
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Net earnings per unit (note 11):
      Basic                                       $      0.262  $      0.283
      Diluted                                     $      0.255  $      0.271


    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    See accompanying notes to financial statements.



    FIRM CAPITAL MORTGAGE INVESTMENT TRUST
    Statement of Unitholders' Equity

    -------------------------------------------------------------------------
                                         Mar. 31,      Dec. 31,      Mar. 31,
                                            2009          2008          2008
                                      (Unaudited)     (Audited)   (Unaudited)
    -------------------------------------------------------------------------
    Trust units (note 9):

    Balance, beginning of period    $131,636,584  $119,753,729  $119,753,729

    Offering costs                             -      (292,076)      (14,648)

    Proceeds from issuance of units      522,140    12,174,931       112,739

    -------------------------------------------------------------------------
    Balance, end of period          $132,158,724  $131,636,584  $119,851,820
    -------------------------------------------------------------------------

    Equity component of convertible
     debentures (note 8):

    Balance, beginning of period    $    380,482  $    380,482  $    380,482

    Impact of conversion of
     debenture to units                   (8,158)            -             -

    -------------------------------------------------------------------------
    Balance, end of period          $    372,324  $    380,482  $    380,482
    -------------------------------------------------------------------------

    Cumulative earnings:

    Balance, beginning of period    $ 80,874,768  $ 66,174,234  $ 66,174,234

    Net earnings for the period        3,640,040    14,700,534     3,574,288

    -------------------------------------------------------------------------
    Balance, end of period          $ 84,514,808  $ 80,874,768  $ 69,748,522
    -------------------------------------------------------------------------

    Cumulative distributions
     to unitholders:

    Balance, beginning of period    $ 80,874,768  $ 66,174,234  $ 66,174,234

    Distributions to
     unitholders (note 12)             3,247,413    14,700,534     2,959,284

    -------------------------------------------------------------------------
    Balance, end of period          $ 84,122,181  $ 80,874,768  $ 69,133,518
    -------------------------------------------------------------------------

    Total unitholders' equity       $132,923,675  $132,017,066  $120,847,306


    Units issued and
     outstanding (note 10)            13,877,836    13,832,219    12,649,263

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    See accompanying notes to financial statements.



    FIRM CAPITAL MORTGAGE INVESTMENT TRUST
    Unaudited Statement of Cash Flows
    -------------------------------------------------------------------------
                                                       3 Month       3 Month
                                                        Period        Period
                                                      March 31,     March 31,
                                                          2009          2008
    -------------------------------------------------------------------------
    Cash provided by (used in):

    Operating activities
      Net earnings for the period                 $  3,640,040  $  3,574,288
      Net changes in non-cash items:
        Fair value adjustment - mortgages              200,000             -
        Implicit interest rate in excess of
         coupon rate - convertible debentures           54,669        54,384
        Decrease (increase) in amounts
         receivable and prepaid expenses              (108,133)     (157,857)
        Increase in accounts payable
         and accrued liabilities                       282,579       146,760
        Decrease in unearned income                    (73,860)      (54,653)
    -------------------------------------------------------------------------
                                                     3,995,295     3,562,922

    Financing activities:
      Proceeds from issuance of units                        -       112,739
      Decrease in bank indebtedness                 (2,383,928)   (9,270,104)
      Increase (decrease) in loans payable (net)    (6,442,194)    6,153,236
      Increase (decrease) in distribution payable   (2,347,919)   (1,199,770)
      Equity offering costs                                  -       (14,648)
      Distributions to unitholders                  (3,247,413)   (2,959,284)
    -------------------------------------------------------------------------
                                                   (14,421,454)   (7,177,831)


    Investing activities:
      Funding of mortgage investments               (9,921,467)  (21,554,589)
      Discharge of mortgage investments             20,347,626    25,169,498
    -------------------------------------------------------------------------
                                                    10,426,159     3,614,909

    -------------------------------------------------------------------------

    Increase in cash, being cash,
     beginning and end of period                  $          -  $          -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Supplemental cash flow information
      Interest paid (note 15)                     $    586,362  $  1,479,489

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    See accompanying notes to financial statements.



    FIRM CAPITAL MORTGAGE INVESTMENT TRUST
    Notes to Financial Statements

    -------------------------------------------------------------------------

    1.  Organization of Trust:

        Firm Capital Mortgage Investment Trust (the "Trust") is a closed-end
        trust created for the benefit of the unitholders, pursuant to the
        Declaration of Trust dated July 13, 1999, as amended and restated.

        Pursuant to the Declaration of Trust, the Trust's mortgage banker is
        Firm Capital Corporation and the trust manager is FC Treasury
        Management Inc.

    2.  Basis of Presentation:

        The unaudited interim period financial statements were prepared in
        accordance with Canadian generally accepted accounting principles
        ("GAAP") and follow the same accounting policies and methods of
        application with those used in the preparation of the audited
        financial statements for the year ended December 31, 2008. Under
        Canadian GAAP, additional disclosure is required in annual financial
        statements and accordingly the interim financial statements should be
        read together with the audited financial statements and the
        accompanying notes included in Firm Capital Mortgage Investment
        Trust's 2008 Annual Report.

    3.  Summary of significant accounting policies:

        The Trust's accounting policies and its standards of financial
        disclosure are in accordance with Canadian generally accepted
        accounting principles ("GAAP").

        (a) Use of estimates:

           The preparation of financial statements requires management to
           make estimates and assumptions that affect the reported amounts of
           assets and liabilities, disclosure of contingent assets and
           liabilities at the date of the financial statements and the
           reported amounts of revenues and expenses during the year.

           The most significant estimates that the Trust is required to make
           relate to the fair value of the mortgage investments (Note 3b).
           These estimates may include assumptions regarding local real
           estate market conditions, interest rates and the availability of
           credit, cost and terms of financing, the impact of present or
           future legislation or regulation, prior encumbrances and other
           factors affecting the mortgage and underlying security of the
           mortgage investments.

           These assumptions are limited by the availability of reliable
           comparable data, economic uncertainty, ongoing geopolitical
           concerns and the uncertainty of predictions concerning future
           events. Illiquid credit markets, volatile equity markets and
           declines in consumer spending have combined to increase the
           uncertainty inherent in such estimates and assumptions.
           Accordingly, by their nature, estimates of fair value are
           subjective and do not necessarily result in precise
           determinations. Should the underlying assumptions change, the
           estimated fair value could by a material amount.

        (b) Mortgage investments:

           Mortgage investments are stated at estimated fair value in
           accordance with Canadian Institute of Chartered Accountants
           ("CICA") Accounting Guideline 18. Fair value is the amount of
           consideration that would be agreed upon in an arm's length
           transaction between knowledgeable, willing parties who are under
           no compulsion to act. The fair value of Mortgage investments
           approximate their carrying values due to the fact that the
           majority of the mortgages are (i) are short-term in nature with
           terms of 12 months or less, (ii) repayable in full, at any time at
           the option of the borrower prior to maturity without penalty, and
           (iii) have minimum specified interest rates for mortgages with
           floating rates linked to bank prime. When, in management's
           opinion, collection of principal on a particular mortgage
           investment is no longer reasonably assured, the fair value of the
           mortgage investment is reduced to reflect the estimated net
           realizable recovery from the collateral securing the mortgage
           loan.

        (c) Convertible debentures:

           The Trust's convertible debentures are classified into debt and
           equity components. The equity component represents the estimated
           value of the conversion rights of the holders.

        (d) Revenue recognition:

           (i) Interest and fee income:

               Interest income is accounted for on the accrual basis, and is
               recorded net of the Trust Manager interest spread described in
               note 14. Commitment fees received are amortized over the
               expected term of the mortgage.

          (ii) Special mortgage investments:

               Special profit participations earned by the Trust on special
               mortgage investments are recognized only once the receipt of
               such amounts is certain.

        (e) Unit-based compensation:

           The Trust has unit-based compensation plans (i.e. incentive option
           plan) which are described in note 10. The Trust accounts for its
           unit-based compensation using the fair value method, under which
           compensation expense is measured at the grant date and recognized
           over the vesting period.

        (f) Basic and diluted net earnings per unit:

           Basic net earnings per unit is computed by dividing net earnings
           for the year by the weighted average number of units outstanding
           during the year. Diluted net earnings per unit is computed
           similarly to basic net earnings per unit, except that the weighted
           average number of shares outstanding is increased to include
           additional shares from the assumed exercise of incentive option
           units and the conversion of the convertible debentures, if
           dilutive. The number of additional units is calculated by assuming
           that outstanding incentive options were exercised and that
           proceeds from such exercises were used to acquire units at the
           average market price during the year. The additional units would
           also include those units issuable upon the assumed conversion of
           the convertible debentures, with an adjustment to net earnings for
           the year to add back any interest paid to the debenture holders.
           These common equivalent units are not included in the calculation
           of the weighted average number of units outstanding for diluted
           earnings per unit when the effect would be anti-dilutive.

        (g) Comprehensive income:

           CICA Section 1530, "Comprehensive Income", requires the
           presentation of a Statement of Comprehensive Income where certain
           gains and losses that would otherwise be recorded as part of net
           earnings are presented in other comprehensive income until it is
           considered appropriate to recognize it in net earnings. The Trust
           does not have any material income from this source and as such a
           Statement of Comprehensive Income has not been included in these
           financial statements.

        (h) Financial instruments - recognition and measurement:

           CICA Section 3855, "Financial Instruments - Recognition and
           Measurement", establishes standards for recognizing and measuring
           financial assets and financial liabilities including non-financial
           derivatives. In accordance with this standard, the Trust is
           required to classify its financial assets as one of the following:
           (i) held-to-maturity, (ii) loans and receivables, (iii) held for
           trading or (iv) available for sale. All financial liabilities must
           be classified as: (i) held for trading or (ii) other liabilities.
           The Trust's designations on adoption are as follows:

              Amounts receivable are classified as "loans and receivables"
              and are measured at amortized cost.

              Bank indebtedness, Accounts payable and accrued liabilities,
              Unitholder distribution payable, Loans payable and Convertible
              debentures are classified as "Other Liabilities" and are
              measured at fair value on inception and amortized using the
              effective interest rate method.

        (i) Capital disclosures and financial instrument disclosure and
            presentation:

           Effective January 1, 2008, the Trust adopted CICA Handbook Section
           1535 "Capital Disclosures", Section 3862 "Financial Instruments -
           Disclosure" and Section 3863 "Financial Instruments -
           Presentation". Under Section 1535, the Trust is required to
           disclose both qualitative and quantitative information that
           enables users of financial statements to evaluate the entity's
           objectives, policies and processes for managing capital. See note
           18(d), "Capital risk management" for disclosures made under this
           Section. Under Section 3862, the Trust is required to disclose the
           significance of financial instruments to the Trust's financial
           position and performance, the nature and extent of risks arising
           from these instruments to which the Trust is exposed, and how the
           Trust manages those risks. See note 18, "Financial instrument
           risk" for disclosures made under this Section. Section 3863
           establishes standards for presentation of financial instruments
           and non-financial derivatives. There has been no financial impact
           to the financial statements due to the adoption of this Section.

    4.  Future accounting changes:

        The Canadian Accounting Standards Board (AcSB") confirmed that the
        adoption of IFRS would be effective for the interim and annual
        periods beginning on or after January 1, 2011 for Canadian publicly
        accountable profit-oriented enterprises. IFRS will replace Canada's
        current GAAP for these enterprises. Comparative IFRS information for
        the previous fiscal year will also have to be reported. These new
        standards will be effective for the Trust in the first quarter of
        2011.

        The Trust is currently in the process of evaluating the potential
        impact of IFRS to its financial statements. This will be an ongoing
        process as the International Accounting Standards Board and the AcSB
        issue new standards and recommendations. The Trust's financial
        performance and financial position as disclosed in the Trust's
        current GAAP financial statements may be significantly different when
        presented in accordance with IFRS.

    5.  Amounts receivable and prepaid expenses:

        The following is a breakdown of amounts receivable and prepaid
        expenses as at March 31, 2009, December 31, 2008 and March 31, 2008:

        ---------------------------------------------------------------------
                                        March 31,      Dec. 31,     March 31,
                                            2009          2008          2008
                                          Amount        Amount        Amount
        ---------------------------------------------------------------------
        Interest receivable         $  1,940,549  $  1,783,105  $  2,022,870
        Prepaid expenses                 114,060       142,774       163,011
        Fees receivable                   39,636        60,233        65,003
        ---------------------------------------------------------------------
        Amounts receivable and
         prepaid expenses           $  2,094,245  $  1,986,112  $  2,250,884
        ---------------------------------------------------------------------
        ---------------------------------------------------------------------

    6.  Mortgage Investments:

        The following is a breakdown of the mortgage investments as at March
        31, 2009, December 31, 2008 and March 31, 2008:

    -------------------------------------------------------------------------
                   March 31, 2009      Dec. 31, 2008       March 31, 2008
    -------------------------------------------------------------------------
                   Amount        %     Amount        %     Amount        %
    -------------------------------------------------------------------------

    Conventional
     first
     mortgages    $166,915,172  77.5  $178,473,671  79.0  $194,394,221  83.8
    Conventional
     non-first
     mortgages      31,387,352  14.6    29,635,034  13.2    22,400,238   9.7
    Special
     mortgages
     investments    17,067,118   7.9    17,687,096   7.8    15,047,599   6.5
    -------------------------------------------------------------------------
    Total mortgage
     investments
     (at cost)    $215,369,642 100.0  $225,795,801 100.0  $231,842,058 100.0

    Fair value
     adjustment      2,600,000           2,400,000           1,725,000

    -------------------------------------------------------------------------
    Fair value    $212,769,642        $223,395,801        $230,117,058
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

        Conventional first mortgages are loans secured by a first priority
        mortgage charge with loan to values not exceeding 75%. Conventional
        non-first mortgages are loans with mortgages not registered in first
        priority with loan to values not exceeding 75%. Special mortgage
        investments are loans that in some cases have loans to value that
        exceed or may exceed 75% and are the investments that are the source
        of all special profit participations earned by the Trust.

        Mortgages are stated at estimated fair value in accordance with CICA
        Accounting Guideline 18. Estimated fair value is based on discounted
        cash flows. The discount interest rate utilized by the Trust is
        equivalent to the weighted average interest rate on the mortgage
        portfolio since the majority of the mortgages are (i) are short-term
        in nature with terms of 12 months or less, (ii) repayable in full, at
        any time at the option of the borrower prior to maturity without
        penalty, and (iii) have minimum specified interest rates for
        mortgages with floating rates linked to bank prime. When, in
        management's opinion, collection of principal on a particular
        mortgage investment is no longer reasonably assured, the value of the
        mortgage investment is reduced to reflect the estimated net
        realizable recovery from the collateral securing the mortgage loan.
        The Fair value adjustment in the amount of $2,600,000 as at March 31,
        2009 represents the total amount of management's estimate of the
        shortfall between the mortgage investment principal balances and the
        estimated net realizable recovery from the collateral securing the
        mortgage loans.

        The mortgages are secured by real property, bear interest at the
        weighted average rate of 9.98% (2008 - 9.47%) and mature between 2009
        and 2012.

        The un-advanced funds under the existing mortgage portfolio (which
        are commitments of the Trust) amounted to $22,925,450 as at March 31,
        2009 (March 31, 2008 - $37,038,926 & December 31, 2008 -
        $23,424,066).

        Credit risk arises from the possibility that mortgagors may
        experience financial difficulty and be unable to fulfill their
        mortgage commitments. In accordance with the operating policies of
        the Declaration of Trust, the Trust mitigates the risk of credit loss
        by ensuring that its mix of mortgages is diversified between
        conventional and non-conventional mortgages, and by limiting its
        exposure to any one mortgagor.

        Interest rate risk arises from a mismatch of terms on borrowings to
        terms on the mortgage investments. The bank indebtedness bears
        interest at a floating rate that fluctuates with bank prime. A
        significant portion of the investment portfolio is short term in
        nature and also bears interest that fluctuates with bank prime,
        subject to an interest rate floor, thereby partially mitigating the
        interest rate risk. Interest on loans payable is matched to specific
        mortgage investments, thereby ensuring positive interest rate spread.

        Principal repayments based on contractual maturity dates are as
        follows:

        ---------------------------------------------------------------------

        2009                                                   $ 159,784,501
        2010                                                      46,263,978
        2011                                                       3,000,000
        2012                                                       6,321,163
        ---------------------------------------------------------------------
                                                               $ 215,369,642
        ---------------------------------------------------------------------
        ---------------------------------------------------------------------

        Borrowers who have open loans have the option to repay principal at
        anytime prior to the maturity date.

    7.  Bank indebtedness:

        The Trust has entered into credit arrangements of which $24,953,885
        (March 31, 2008 - $43,323,055 & December 31, 2008 - $27,337,813) has
        been drawn. Interest on bank indebtedness is predominately charged at
        a formula rate that varies with bank prime and may have a component
        with a fixed interest rate established based on a formula linked to
        Bankers Acceptance rates. The credit arrangement comprises a
        revolving operating facility, a component of which is a demand
        facility and a component of which has a committed term to September
        30, 2009. Bank indebtedness is secured by a general security
        agreement. The credit agreement contains certain financial covenants
        that must be maintained. The Trust is currently in compliance with
        all financial covenants and was in compliance at all times during
        2009.

    8.  Loans payable:

        First priority charges on specific mortgage investments have been
        granted as security for the loans payable. The loans mature on dates
        consistent with those of the underlying mortgages. The loans are on a
        non-recourse basis and bear interest at rates ranging from 2.75% to
        7.55% as at March 31, 2009 (2008 - 5.50% to 7.55%). The Trust's
        principal balance outstanding under the mortgages for which a first
        priority charge has been granted is $39,140,258 as at March 31, 2009
        (2008 - $54,017,688).

        The loans are repayable at the earlier of the contractual expiry date
        of the underlying mortgage investment and the date the underlying
        mortgage is repaid. Repayments based on contractual maturity dates
        are as follows:

        ---------------------------------------------------------------------
        2009                                                    $ 29,550,658
        2010                                                       1,736,376
        ---------------------------------------------------------------------
                                                                $ 31,287,034
        ---------------------------------------------------------------------
        ---------------------------------------------------------------------

    9.  Convertible debentures:

        On April 24, 2006, the Trust completed a public offering of 25,000 6%
        convertible unsecured subordinated debentures at a price of $1,000
        per debenture for gross proceeds of $25,000,000. The debentures
        mature on June 30, 2013 and interest is paid semi-annually on June 30
        and December 31. The debentures are convertible at the option of the
        holder at any time prior to the maturity date at a conversion price
        of $11.75. The debentures may not be redeemed by the Trust prior to
        June 30, 2009. On and after June 30, 2009, but prior to June 30,
        2010, the debentures are redeemable at a price equal to the
        principal, plus accrued interest, at the Trust's option on not more
        than 60 days and not less than 30 days notice, provided that the
        weighted average trading price of the units on the Toronto Stock
        Exchange for the 20 consecutive trading days ending five trading days
        preceding the date on which the notice of redemption is given is not
        less than 125% of the conversion price. On and after June 30, 2010
        and prior to the maturity date, the debentures are redeemable at a
        price equal to the principal amount plus accrued interest, at the
        Trust's option on not more than 60 days and not less than 30 days
        prior notice. On redemption or at maturity, the Trust may, at its
        option, elect to satisfy its obligation to pay all or a portion of
        the principal amount of the debenture by issuing that number of units
        of the Trust obtained by dividing the principal amount being repaid
        by 95% of the weighted average trading price of the units for the 20
        consecutive trading days ending on the fifth trading day preceding
        the redemption or maturity date.

        The convertible debentures were allocated into liability and equity
        components on the date of issuance as follows:

        ---------------------------------------------------------------------
        Liability                                                $25,000,000
        Equity                                                       380,482
        ---------------------------------------------------------------------

        Principal                                                $24,619,518
        ---------------------------------------------------------------------
        ---------------------------------------------------------------------

        The accretion of the liability component of the convertible
        debentures, which increases the liability component from the initial
        allocation on the date of issuance, is included in interest expense.

        ---------------------------------------------------------------------
                                                       2009             2008
        ---------------------------------------------------------------------
        Liability, beginning of period          $23,973,019      $23,753,430
        Conversion of debentures to equity         (513,982)               -
        Implicit interest rate in excess
         of coupon rate                              12,508           11,754
        Amortization of debenture
         financing costs                             42,161           42,630
        ---------------------------------------------------------------------
        Liability, end of period                $23,513,706      $23,807,814
        ---------------------------------------------------------------------
        ---------------------------------------------------------------------

        Deferred financing costs relating to the issuance of convertible
        debentures are no longer presented as a separate asset on the balance
        sheet and are now netted against the carrying value of the
        convertible debenture.

        Notwithstanding the carry value of the convertible debenture, the
        principal balance outstanding to the debenture holders is
        $24,464,000.

        On January 6, 2009, $536,000 of debentures were converted by the
        debenture holder to 45,617 units of the Trust.

    10. Unitholders' equity:

        The beneficial interests in the Trust are represented by a single
        class of units which are unlimited in number. Each unit carries a
        single vote at any meeting of unitholders and carries the right to
        participate pro rata in any distributions.

        (a) The following units are issued and outstanding:

        ---------------------------------------------------------------------
                                        March 31,      Dec. 31,     March 31,
                                            2009          2008          2008
                                          Amount        Amount        Amount
        ---------------------------------------------------------------------
        Balance, beginning
         of period                    13,832,219    12,638,227    12,638,227
        New units from
         Rights Offering                       -       439,982             -
        New units from
         Private Placement                     -       724,120             -
        New units from
         Debenture Conversion             45,617             -             -
        New units issued during
         the year under
         Distribution
         Reinvestment Plan                     -        28,890        11,036
        ---------------------------------------------------------------------
        Balance, end of period        13,877,836    13,832,219    12,649,263
        ---------------------------------------------------------------------
        ---------------------------------------------------------------------

        (b) Incentive option plan:

           In 2005, 415,000 options were issued to trustees, directors,
           officers and employees of the Trust Manager and Mortgage Banker,
           with an exercise price of $9.90 per unit. The options are
           exercisable any time up to November 17, 2010. The fair value of
           the unit options used to compute compensation expense of $21,729
           (which was recorded in the fourth quarter of 2005) is the
           estimated fair value of all options granted on the grant date.
           This was calculated for the options granted during 2005 using the
           Black-Scholes option pricing model with the following
           assumptions: expected distribution yield is 9.44%, expected
           volatility is 8.83%; risk free interest rate is 3.96%; and
           expected option life in years is 5. The options vested on the
           grant date. During 2007 22,500 unit options were exercised.

           In 2008, 35,000 options were issued to trustees with an exercise
           price of $9.94. The options are exercisable any time up to
           October 7, 2013. The fair value of those unit options, given the
           small number of options issued and given the low volatility in
           the Trust's unit trading price, is not material and therefore no
           related compensation expense has been recorded by the Trust.

           As at March 31, 2009, 427,500 options remained outstanding (March
           31, 2008 - 392,500)

        (c) Distribution reinvestment plan and direct unit purchase plan:

           The Trust has a distribution reinvestment plan and direct unit
           purchase plan for its unitholders which allows participants to
           reinvest their monthly cash distributions in additional trust
           units at a unit price equivalent to the weighted average price of
           units for the preceeding five day period.

    11. Per unit amounts:

        The following table reconciles the numerators and denominators of the
        basic and diluted earnings per unit.

        Basic earnings per unit calculation:

        ---------------------------------------------------------------------
                                                     Three months ended:
                                              March 31, 2009  March 31, 2008
        ---------------------------------------------------------------------
        Numerator for basic earnings per unit:
          Net earnings                            $3,640,040      $3,574,288
        ---------------------------------------------------------------------

        Denominator for basic earnings
         per unit:
          Weighted average units                  13,874,795      12,644,696
        ---------------------------------------------------------------------

        Basic earnings per unit                       $0.262          $0.283
        ---------------------------------------------------------------------

        Diluted earnings per unit calculation:

        ---------------------------------------------------------------------
        ---------------------------------------------------------------------
                                                     Three months ended:
                                              March 31, 2009  March 31, 2008
        ---------------------------------------------------------------------

        Numerator for diluted earnings
         per unit:
          Net earnings                             $3,640,040      $3,574,288
          Interest on convertible debentures          422,070         429,384

        ---------------------------------------------------------------------
        Net earnings for diluted earnings
         per unit                                  $4,062,110      $4,003,672
        ---------------------------------------------------------------------

        Denominator for diluted earnings
         per unit:
          Weighted average units                   12,874,795      12,644,696
          Net units that would be issued:
            Assuming the proceeds from incentive
             options are used to repurchase units
             at the average unit price                      -          10,796

            Assuming convertible debentures are
             converted                              2,082,043       2,127,660

        ---------------------------------------------------------------------
        Diluted weighted average units             15,956,838      14,783,151
        ---------------------------------------------------------------------

        Diluted earnings per unit                      $0.255          $0.271
        ---------------------------------------------------------------------
        ---------------------------------------------------------------------

    12. Distributions:

        The Trust makes distributions to the unitholders on a monthly basis
        on or about the 15th day of each month. The Declaration of Trust
        provides that the Trust will distribute to unitholders by year end at
        least 100% of the net income of the Trust determined in accordance
        with the Income Tax Act (Canada), subject to certain adjustments. The
        net income of the Trust determined in accordance with the Income Tax
        Act (Canada), for the three month period ended March 31, 2009 was
        $3,488,726 (2008 - $3,367,325).

        For the quarter ended March 31, 2009, the Trust recorded
        distributions of $3,247,413 (2008 - $2,959,284) to its unitholders.
        Distributions were $0.234 (2008 - $0.234) per unit.

    13. Income taxes:

        The Trust is taxed as a mutual fund trust for income tax purposes.
        Pursuant to the Declaration of Trust, the Trust is required to
        distribute its income for income tax purposes each year to such an
        extent that it will not be liable for income tax under Part 1 of the
        Income Tax Act (Canada). For financial statement reporting purposes,
        the tax deductibility of the Trust's distributions is treated as an
        exemption from taxation as the Trust distributed and is committed to
        continue to distributing all of its income to unitholders.

        On June 22, 2007, Bill C-52, which significantly modifies the income
        tax rules applicable to certain publicly traded or listed trusts and
        partnerships, received Royal Assent. In particular, certain income of
        (and distributions made by) these entities will be taxed in a manner
        similar to income earned by (and distributions made by) a
        corporation. These rules will be effective for the 2007 taxation year
        with respect to trusts which commence public trading after October
        31, 2006. For trusts which were publicly traded or listed prior to
        November 1, 2006, the application of the rules will be delayed to the
        earlier of (i) the trust's 2011 taxation year, and (ii) a taxation
        year of the trust in which the trust exceeds normal growth as
        determined by reference to the normal growth guidelines, as amended
        from time to time, unless that excess arose as a result of a
        prescribed transaction. As currently structured, the Trust will be
        subject to these new rules, once applicable.

        On December 15, 2006, the Department of Finance (Canada) released the
        normal growth guidelines for income trusts and other flow-through
        entities that qualify for the four-year transitional relief. The
        guidance, as amended from time to time, establish objective tests
        with respect to how much an income trust is permitted to grow without
        jeopardizing its transitional relief. If the limits described in the
        normal growth guidelines are exceeded, the Trust may lose its
        transitional relief and thereby become immediately subject to the new
        rules. The Trust has not exceeded these limits.

        The Trust is considering these legislative changes and their possible
        impact to the Trust. The new rules (including the normal growth
        guidelines) may adversely affect the marketability of the Trust's
        units and the ability of the Trust to undertake financings and
        acquisitions, and, at such time as the new rules apply to the Trust,
        the distributable cash of the Trust may be materially reduced.

        The Trust expects that its distributions will not be subject to tax
        prior to 2011. The Trust has not recorded future income taxes on
        temporary differences since all such material differences are
        expected to be reversed prior to 2011. In addition, as the temporary
        differences between accounting and taxable income will all, or
        substantially all, reverse during the transitional period when the
        tax rate is 0%, a future tax asset or liability was not recorded.

    14. Related party transactions and balances:

        Transactions with related parties are in the normal course of
        business and are recorded at the exchange amount, which is the amount
        of consideration established and agreed to by the related parties,
        and in management's view represents fair market value.

        The Trust Manager (a company controlled by some of the trustees),
        pursuant to the Trust Management Agreement and Declaration of Trust,
        receives an allocation of mortgage interest referred to as Trust
        Manager spread interest, calculated as 0.75% per annum of the Trust's
        daily outstanding performing mortgage investment balances. For the
        quarter ended March 31, 2009 this amount was $403,211 (2008 -
        $442,460), and was deducted from interest and fees earned.

        The Mortgage Banker (a company controlled by a Trustee), pursuant to
        the Mortgage Banking Agreement and Declaration of Trust, receives
        certain fees from the borrowers as follows: loan servicing fees equal
        to 0.10% per annum on the principal amount of each of the Trust's
        mortgage investments; 75% of all the commitment and renewal fees
        generated from the Trust's mortgage investments and 25% of all the
        special profit income generated from the non-conventional mortgage
        investments after the Trust has yielded a 10% per annum return on its
        investments. Interest and fee income is net of the loan servicing
        fees paid to the Mortgage Banker of approximately $54,000 for the
        quarter ended March 31, 2009 (2008 - $59,000). The Mortgage Banker
        also retains all overnight float interest and incidental fees and
        charges payable by borrowers on the Trust's mortgage investments. The
        Trust's share of commitment and renewal fees recorded in income for
        the quarter ended March 31, 2009 was $166,730 (2008 - $171,188) and
        applicable special profit income for the quarter ended March 31, 2009
        was $51,477 (2008 - $214,988).

        The Trust Management Agreement and Mortgage Banking Agreement
        contains provisions for the payment of termination fees to the Trust
        Manager and Mortgage Banker in the event that the respective
        agreements are either terminated or not renewed.

        Several of the Trust's mortgages are shared with other investors of
        the Mortgage Banker, which may include members of management of the
        Mortgage Banker and/or Officers or Trustees of the Trust. The Trust
        ranks equally with other members of the syndicate as to receipt of
        principal and income.

        Mortgages totalling $1,760,000 at March 31, 2009 (2008 - $1,760,000)
        were issued to borrowers controlled by certain Trustees of the Trust.
        Each mortgage is dealt with in accordance with the Trust's existing
        investment and operating policies and is personally guaranteed by the
        related Trustee.

    15. Interest:

        ---------------------------------------------------------------------
                                                     3 months ended:
                                              March 31, 2009  March 31, 2008
        ---------------------------------------------------------------------
        Bank interest expense                       $197,931        $713,496
        Loans payable interest expense               325,961         565,405
        Debenture interest expense                   422,070         429,384
        ---------------------------------------------------------------------
        Interest expense                            $945,962      $1,708,285
        Deferred finance cost amortization
         - convertible Debentures                    (42,162)        (42,630)
        Implicit interest rate in excess of
         coupon rate - convertible debentures        (12,508)        (11,754)
        Change in accrued interest                  (304,930)       (174,412)
        ---------------------------------------------------------------------

        Cash interest paid                          $586,362      $1,479,489
        ---------------------------------------------------------------------
        ---------------------------------------------------------------------

    16. Contingent liabilities:

        The Trust is involved in certain litigation arising out of the
        ordinary course of investing in mortgages. Although such matters
        cannot be predicted with certainty, management believes the claims
        are without merit and does not consider the Trust's exposure to such
        litigation to have an impact on these financial statements.

    17. Fair value of financial instruments:

        The fair value of amounts receivable, bank indebtedness, accounts
        payable and accrued liabilities, unearned income and unitholder
        distribution payable, approximate their carry values due to their
        short-term maturities.

        The fair value of loans payable approximate their carry values due to
        the fact that the majority of the loans are (i) are short-term in
        nature with terms of 12 months or less, (ii) repayable in full, at
        any time upon the borrower under the underlying mortgage that secures
        the loan payable repaying their mortgage without penalty, and (iii)
        have floating interest rates linked to bank prime.

        The fair value of the convertible debentures has been determined
        based on the March 31, 2009 closing price on the TSX. The fair value
        has been estimated at March 31, 2009 to be $21,283,680 (2008 -
        $23,500,000).

    18. Financial instrument risk:

        (a) Interest rate risk

           The Trust's operations are subject to interest rate fluctuations.
           The interest rate on the majority of mortgage investments is set
           at the greater of a floor rate and a formula linked to bank
           prime. The floor interest rate mitigates the effect of a drop in
           short term market interest rates while the floating component
           linked to bank prime allows for increased interest earnings where
           short term market rates increase.

           The Trust's debt comprises bank indebtedness and loans payable,
           with the majority of such debt bearing interest based on bank
           prime and/or based on short term Bankers Acceptance interest
           rates as a benchmark.

           At March 31, 2009, if interest rates at that date had been 100
           basis points lower or higher, with all other variables held
           constant, net income for the quarter would be affected as
           follows:


                                  Carrying Value          Interest Rate Risk
                                 --------------------------------------------
                                                           -1%           +1%
    -------------------------------------------------------------------------
    Financial assets
      Amounts receivable            $  2,094,245   $         -   $         -
      Mortgage investments           212,769,642        (7,817)        7,817

    Financial liabilities
      Bank indebtedness               24,953,885        62,385      (62,385)
      Accounts payable and
       accrued liabilities               901,120
      Unearned income                    201,996
      Unitholder distribution
       payable                         1,082,471
      Loans payable                   31,287,034        67,206      (67,192)
                                                   --------------------------

                                                   --------------------------
    Total increase (decrease)                      $   121,774    ($121,760)
                                                   --------------------------
                                                   --------------------------

        (b) Credit and operational risks

           Any instability in the real estate sector and an adverse change in
           economic conditions in Canada could result in declines in the
           value of real property securing the Trust's mortgage investments.
           The Trust mitigates this risk by adhering to the investment and
           operating policies set out in its Declaration of Trust.

           The Trust's maximum exposure to credit risk is the fair values of
           amounts receivable and mortgage investments.

        (c) Liquidity risk

           The Trust's liquidity requirements relate to its obligations under
           its bank indebtedness, loans payable, convertible debentures and
           its obligations to make future advances under its existing
           mortgage portfolio. Liquidity risk is managed by ensuring that the
           sum of (i) availability under the Trust's bank borrowing line,
           (ii) the sourcing of other borrowing facilities, and (iii)
           projected repayments under the existing mortgage portfolio,
           exceeds projected needs (including funding of further advances
           under existing and new mortgage investments).

           As at March 31, 2009, the Trust had not utilized its full leverage
           availability, being a maximum of 60% of its first mortgage
           investments. Un-advanced committed funds under the existing
           mortgage portfolio amounted to $22,925,450 as at March 31, 2009
           (2008 - $37,038,926). These commitments are anticipated to be
           funded from the Trust's credit facility and borrower repayments.
           The Trust has a revolving line of credit with its principal banker
           to fund the timing differences between mortgage advances and
           mortgage repayments. The bank borrowing line is essentially a
           committed facility with a maturity date of September 30, 2009. If
           the loan is not renewed on September 30, 2009, the terms of the
           facility allow for the Trust to repay the balance owed on
           September 30, 2009 within twelve months. In the current economic
           climate and capital market, there are no assurances that the bank
           borrowing line will be renewed or that it could be replaced with
           another lender if not renewed. If it is not extended at
           maturity, repayments under the Trust's mortgage portfolio would be
           utilized to repay the bank indebtedness. There are limitations in
           the availability of funds under the revolving line of credit. The
           Trust's mortgages are predominantly short-term in nature, and as
           such, the continual repayment by borrowers of existing mortgage
           investments creates liquidity for ongoing mortgage investments and
           funding commitments. Loans payable relate to borrowings on
           specific mortgages within the Trust's portfolio and only have to
           be repaid once the specific loan is paid out by the Borrower.

           If the Trust is unable to continue to have access to its bank
           borrowing line and loans payables, the size of the Trust's
           mortgage portfolio will decrease and the income historically
           generated through holding a larger portfolio by utilizing leverage
           will not be earned.

    Contractual obligations are due as follows:

    -------------------------------------------------------------------------
                              Total     Less than        1 - 3         4 - 6
                                           1 year        years         years
    -------------------------------------------------------------------------
    Bank indebtedness   $24,953,885   $24,953,885
    -------------------------------------------------------------------------
    Loans payable        31,287,034    29,714,545    1,572,489
    -------------------------------------------------------------------------
    Convertible
     debenture           24,464,000                              $24,464,000
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Subtotal -
     Liabilities        $80,704,919   $54,668,430   $1,572,489   $24,464,000
    -------------------------------------------------------------------------
    Future advances
     under mortgages     22,925,450    17,987,751    4,937,699
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Liabilities and
     contractual
     obligations       $103,630,369   $72,656,181   $6,510,188   $24,464,000
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

           The bank indebtedness and loans payable are liabilities resulting
           from the funding of the Trust's mortgage investment asset.
           Repayment of mortgage investments results in a direct and
           corresponding pay down of the bank indebtedness and/or loans
           payable. The obligations for future mortgage advances under the
           Trust's mortgage portfolio are anticipated to be funded from the
           Trust's credit facility and borrower mortgage repayments. Upon
           funding of same, the funded amount forms part of the Trust's
           mortgage investment asset.

        (d) Capital risk management

           The Trust defines capital as being the funds raised through the
           issuance of publicly traded securities of the Trust. The Trust's
           objectives when managing capital/equity are:

              -  to safeguard the entity's ability to continue as a going
                 concern, so that it can continue to provide returns for
                 unitholders, and
              -  to provide an adequate return to unitholders by obtaining an
                 appropriate amount of debt, commensurate with the level of
                 risk.

           The Trust manages the capital/equity structure and makes
           adjustments to it in light of changes in economic conditions. In
           order to maintain or adjust the capital structure, the Trust may
           issue new units or repay bank indebtedness and loans payable.

           The Trust's Declaration of Trust incorporates various mortgage
           investing restrictions and investment operating policies. The
           Trust can not invest more than 5% of the amount of its capital in
           any single conventional first mortgage and can not invest more
           than 2.5% of the amount of its capital in any single non-
           conventional mortgage or conventional mortgage that is not a first
           mortgage. The Trust may only borrow funds in order to acquire or
           invest in mortgage investments in amounts up to 60% of the book
           value of the Trust's portfolio of conventional first mortgages.
           The Trust has complied with all such restrictions in its
           Declaration of Trust.

           The Trust is required by its Bank lender to maintain various
           covenants, including minimum equity amount, interest coverage
           ratios, indebtedness as a percentage of the performing first
           mortgage portfolio size, and indebtedness to total assets. The
           Trust has complied with all such Bank covenants.

    19. Comparative figures:

        Certain 2008 comparative figures have been reclassified to conform
        with the financial statement presentation adopted in 2009.
    





For further information:

For further information: Firm Capital Mortgage Investment Trust, Eli
Dadouch, President & Chief Executive Officer, (416) 635-0221


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