Capital Direct I Income Trust
Record-Breaking 2023 Sets Stage for Continued Growth in 2024
Published: 5/28/2024
Author: Sid Rajeev, B.Tech, CFA, MBA
Sector: Mortgage | Industry: Mortgage
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Report Highlights
- Capital Direct I Income Trust is one of the larger Mortgage Investment Entities (MIEs) in Canada. The MIE is focused on first/second mortgages for single family residential units in B.C. and ON.
- In 2023, mortgage receivables were up 8% to $393M vs our forecast of $398M. In Q1-2024, receivables increased 7% YTD to $418M - the highest in Capital Direct’s history.
- The yield on class F units increased from 7.5% in 2022, to 8.6% in 2023 (our forecast was 8.0%), and to 9.4% in Q1-2024.
- In 2023, the fund achieved record revenue and net income. Net income was up 23% YoY, beating our estimate by 6%, due to higher lending rates. Net income was up
