• The MIC remains focused on first mortgages on single family residential units in Ontario. At the end of Q1-FY2025 (September 2024), mortgage receivables surpassed $180M, the highest in CMI’s history. 
  • In FY2024 (ended June 2024), revenue was up 23% YoY, amid higher mortgage receivables, and lending rates, falling just 0.3% short of our estimate. Net income was up 13% YoY, beating our estimate by 0.4%. The yield increased 0.1 pp to 8.8% vs our forecast of 9.0%.