• We are initiating coverage on CMI High Yield Opportunity Fund Corp. (CMI). Founded in 2019, CMI is one of three Mortgage Investment Corporations (MICs) managed by CMI Mortgage Services (the “Manager”), which has been in the mortgage business since 2010. These three funds collectively manage $320M in assets. Our reports on CMI Balanced Mortgage Fund can be viewed here. 
  • At the end of Q3-2024 (July 2024), CMI managed $154M across 500+ mortgages, with an average mortgage size of $177k, and an average loan-to-value of 76%. First mortgages comprised 18% of the portfolio, with 79% of the mortgages concentrated in Ontario.