Lack of Liquidity and Inconsistent Public Market Price. Our common stock is not currently listed or traded on any exchange. “Pink Sheet” price quotations for our stock under the symbol “ACMC” were made at certain isolated times during 2015 by other broker-dealers at prices as low as $2.10 per share and as high as $4.49 per share. In addition, the market for REIT securities historically has been less liquid than non-real estate types of publicly-traded equity securities. Because of such illiquidity and the fact that the shares would be valued by market-makers (if a material market develops) based on market forces which consider various factors beyond our control, there can be no assurance that the market value of the shares at any given time would be the same or higher than the public purchase price of our shares. In addition, the market price, if a material market develops, could decline if the yields from other competitive investments exceed the actual dividends paid by us on our shares.
There Are Restrictions on Certain Transfers of Our Shares. Our Articles of Incorporation and Bylaws prohibit a transfer of shares to any person who, as a result, would beneficially own shares in excess of 9.8% of the outstanding capital stock and allow us to redeem shares held by any person in excess of 9.8% of the outstanding capital stock. These provisions may reduce market activity for the shares and the opportunity for shareholders to receive a premium for their shares.
AMERICAN CHURCH MORTGAGE CO ACMC American Church Mortgage Company, a Minnesota corporation, was incorporated on May 27, 1994. The Company was organized to engage primarily in the business of making mortgage loans to churches and other nonprofit religious organizations throughout the United States, on terms established for individual organizations. The Company's loans have been granted to churches and other non-profit religious organizations. The ability of the Company’s debtors to honor their contracts is dependent on member contributions and the involvement in the church or organization of its senior pastor. Income 123,369 Assets 41,164,517 Equity 12,599,449 Shares Outstanding 1,677,798 Market cap 5,704,513 Dividends We have elected to operate as a real estate investment trust (REIT), therefore we are required, among other things, to distribute to shareholders at least 90% of “Taxable Income” in order to maintain our REIT status. The dividends declared and paid to shareholders may include cash from origination fees even though they are not recognized as income in their entirety for the period under generally accepted accounting principles in the United States. We earned $60,000 and $20,000 in origination fees for the six months ended June 30, 2015 and 2014, respectively. We paid a dividend of $.10 for each share held of record on January 27, 2015. The dividend, which was paid January 30, 2015, represents a 4.00% annual rate of return on each share of common stock owned, assuming a purchase price of $10 per share. Our Board of Directors declared a dividend of $.09 for each share held of record on April 27, 2015. The dividend, which was paid April 30, 2015, represents a 3.60% annual rate of return on each share of common stock owned, assuming a purchase price of $10 per share. Our Board of Directors declared a dividend of $.05 for each share held of record on July 28, 2015. The dividend, which was paid July 31, 2015, represents a 2.00% annual rate of return on each share of common stock owned, assuming a purchase price of $10 per share. Earnings per share 0.07
American Church Mortgage Company ("ACMC") is a direct lending source to not-for-profit religious organizations throughout the United States of loans ranging from $200,000 to $15,000,000 in size. Typically our church loans provide funding for new church construction or renovation.
American Church Mortgage Company, and its affiliate, American Investors Group, Inc., together form one of the most respectable and specialized church financing firms in America. We specialize in mortgage lending for church construction projects, church expansion, purchases, and refinancing existing debt. We are direct lenders that provide long-term loans at highly competitive interest rates fixed for terms up to 30 years. Our staff works closely with each church to fully understand its leadership's objectives and financial capabilities, and creates flexible financing structures to fit those particular needs. We can work in conjunction with church architects, construction professionals, and capital campaign advisors, to help the church meet all its goals.