Exchange Income Corporation

EIC acquires controlling stakes in profitable, well-established companies within Aerospace & Aviation and Manufacturing. The firm targets businesses with durable competitive advantages and strong management teams, then retains those leaders to run day-to-day operations. Capital is allocated for organic growth and add-on acquisitions, with the goal of generating steady cash flows to support a monthly dividend and long-term share price appreciation.

EIC is structured as a publicly traded, permanent-capital vehicle listed on the Toronto Stock Exchange (TSX: EIF). Unlike a traditional private equity fund, it does not raise finite-life vehicles with mandated exit timelines — it owns subsidiaries indefinitely and funds new acquisitions through retained earnings, debt, and occasional equity issuance. This aligns the firm with sellers seeking a long-term home rather than a near-term private equity exit.

No. EIC employs a decentralized model where each subsidiary retains its existing management team and operational autonomy. The corporate office in Winnipeg handles capital allocation, acquisition strategy, financial reporting, and governance oversight, but subsidiary leaders are responsible for day-to-day business decisions and on-the-ground operations.

EIC has never missed a monthly dividend payment since it began trading in 2004. It has raised its dividend 18 times over that period and distributed more than C$1 billion in cumulative cash dividends to shareholders as of year-end 2024. The annualized dividend rate stands at C$2.76 per share (per the firm, 2024).

EIC publicly focuses on two sectors — Aerospace & Aviation and Manufacturing — and does not indicate any intention to expand outside those domains. The firm has not disclosed specific sector exclusions beyond the scope of its stated acquisition criteria, which center on essential-services businesses with predictable, contracted revenue streams and strong market positions.