CMI MIC Funds
Resilient Yields in a Declining Rate Environment
Published: 2/3/2025
Author: FRC Analysts

Sector: Mortgage | Industry: Mortgage
Ticker Symbols:
- 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%.
- At the end of FY2024, CMI had $21M (12% of the portfolio) in stage three (impaired) mortgages, spread across nine out of 52 properties, up from $10M (10% of the portfolio) at the end of FY202