9. EQUITY

Authorized share capital

The Company is authorized to issue an unlimited number of Subordinate Voting Shares ("SVS"), Multiple Voting Shares ("MVS"), and Proportionate Voting Shares ("PVS"), with no par value. Subject to certain restrictions set out in the Company's articles, each SVS is entitled to one vote per share, each MVS is convertible, at the option of the holder, into 100 SVS and entitles the holder to 100 votes per share and each PVS is convertible into one SVS and entitles the holder to 1,000 votes per share. Each PVS will automatically convert to one SVS upon the holder's equity interest in Origination reducing to less than 75% of the interest held on the date of the closing of the BCA.

The following table summarizes the movements in the Company's share capital for the three months ended March 31, 2023:

															Total Share
	SVS Shares					MVS Shares					PVS Shares				Capital
	Shares			Amount		Shares			Amount		Shares		Amount
Balance at January 1, 2023	33,956,073		$	47,595,028		8,380		$	1,051,546		15,947	$	128,213	$	48,774,787
Exchange of units for SVS and MVS	152,748			191,672		(1,527	)		(191,672	)	-		-		-
Repurchase of SVS for cancellation	(278,600	)		(972,354	)	-			-		-		-		(972,354	)
Balance at March 31, 2023	33,830,221		$	46,814,346		6,853		$	859,874		15,947	$	128,213	$	47,802,433

The following table summarizes the movements in the Company's share capital for the three months ended March 31, 2022:

													Total Share
	SVS Shares			MVS Shares					PVS Shares				Capital
	Shares		Amount	Shares			Amount		Shares		Amount
Balance at January 1, 2022	32,535,731	$	41,989,020	10,335		$	1,296,914		15,947	$	128,213	$	43,414,147
Exchange of units for SVS and MVS	158,686		199,149	(1,587	)		(199,149	)	-		-		-
Settlement of RSUs	281,250		1,001,250	-			-		-		-		1,001,250
Balance at March 31, 2022	32,975,667	$	43,189,419	8,748		$	1,097,765		15,947	$	128,213	$	44,415,397

2023 Activity

During the three months ended March 31, 2023, the Company purchased and cancelled 278,600 SVS at an average price of $3.49/share for an aggregate value of $972,354, in connection with the Company's normal course issuer bid ("NCIB").

In March 2023, the Company cancelled the automatic share purchase plan ("ASPP") that had been entered into in connection with the NCIB. The cancellation of the ASPP resulted in the reversal of the accrued liability of the remaining balance under the NCIB (December 31, 2022 - liability of $4,670,507)

During the three months ended March 31, 2023 1,527 MVS were converted into 152,748 SVS on a 100 to 1 basis.

Dividends

The total dividends declared and paid during the three months ended March 31, 2023 by class of shares was $2,136,911, $52,793, and $1,005 for shares of SVS, MVS, and PVS, respectively (three months ended March 31, 2022 - $2,951,612, $86,497, and $1,435, for shares of SVS, MVS, and PVS, respectively).