Private Companies

Capital Direct I Income Trust – Minimally Impacted by the Pandemic / Lowers Risk Profile

Despite the pandemic, Capital Direct expanded its mortgage receivable by 21% YTD to $243M, across 1,697 properties, by the end of Q3-2020. The company maintains its spot among the 15 largest mortgage investment entities in Canada.Due to lower lending rates, and slightly higher losses (0.28% of portfolio in 2020-9M vs 0.24% in 2019), annualized dividends declined in 2020 (9M) to 6.9%, from 7.4% in 2019 (full year). We expect yields to increase to 7.2% in 2021.

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Three Point Capital Corp. Minimally Impacted by COVID-19

Three Point remains focused on first mortgages on single family residential properties. At the end of Q3, first mortgages accounted for 93% of the total portfolio. The loan-to-value (“LTV”) remains low at just 55%. The MIC has been diversifying its portfolio into Ontario (“ON”). At the end of Q3, B.C. accounted for 62%, and ON accounted for 29%.

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