🇨🇦 Canada's Mortgage Investment Entities (MIEs)
Canada has 43 Mortgage Investment Entities (MIEs), with assets under management (AUM) of over $150 million, representing around $38.5B+ in combined assets. These entities span residential, commercial, multi-residential, construction, and mixed-use mortgage investment strategies. Most operate in a corporate structure known as Mortgage Investment Corporations (MICs).
Those that reported returns (representing over 80% of the market) delivered weighted average returns of 9.2% in 2024 and 7.7% in 2025, despite weak real estate markets.
Key Insights:
- 📊 Largest MIE in Canada: MCAN Mortgage Corporation tops the ranking with $8.27B in assets. It is a federally regulated with bank-like capabilities, including deposit-taking and mortgage securitization. Unlike most MIEs, which focus on subprime borrowers, MCAN primarily serves prime borrowers.
- 🏠 Residential Lending Dominates: About half focus primarily on residential mortgages. The two largest residential-focused entities are MCAN and Amur Capital. MIEs focused solely on residential mortgages delivered average returns of over 10% in both 2024 and 2025.
- 🏢 Commercial Mortgage Exposure: Commercial mortgage lending is led by ACM, followed by KingSett.
- 📉 Loan-to-Value Ratios: Reported LTV ratios generally range from the low-40% range to the high-70% range. The weighted average LTV is 64%, indicating moderate leverage, although overall risk still depends heavily on asset type and market conditions.
- 💹 Returns Vary By Fund and Strategy: Reported 2024/2025 returns vary widely, from lower single-digit returns to double-digit returns. Only one in the list provided negative return (Romspen), while three restricted investors redemptions.
- 🌎 U.S. Market Exposure: Several Canadian-managed mortgage investment entities have meaningful U.S. exposure.
Key Developments in 2025–2026:
- ACM Commercial: Majority-owned (75%) by EQB Inc. since late 2023, but continues to operate as an independent subsidiary.
- Romspen RMIF: Suspended redemptions and shifted to a controlled capital return process after U.S. development exposure drove ~$500M in fair-value provisions.
- Trez Capital: Suspended redemptions on Prime Trust (Aug 2025) and Yield Trust (Feb 2026), both now in orderly wind-down due to U.S. commercial real-estate pressure.
- Fisgard + Neighbourhood Holdings: Fisgard acquired by Neighbourhood Holdings (Oct 2025), creating a combined platform with over $750M in AUM.
Canada's Mortgage Investment Entities (MIEs) — 2026
| Name | AUM ▼ | Main Investment | Loan-to-Value | Return 2024 | Return 2025 |
|---|---|---|---|---|---|
| MCAN Mortgage Corp. | $8.27B | Residential | 67.4% | 24.7%† | 31.9%† |
| ACM Commercial Mortgage Fund | $4.8B | Commercial | 65.3% | 6.83% | 5.15% |
| Romspen Mortgage Investment Fund (RMIF) | $2.5B | Mixed Use | 65% | 0.1% | -6.7% |
| KingSett High Yield Fund | $1.6B | Commercial | — | — | — |
| KingSett Senior Mortgage Fund | $1.6B | Commercial | — | — | — |
| Trez Capital Yield Trust U.S. | $1.25B | Residential | 66.8% | 8.7% | 7.5% |
| Timbercreek Financial | $1.24B | Multi-res | 67.4% | 16.4%† | 6.5%† |
| Amur Capital Income Fund | $1.09B | Residential | 55% | 11.71% | 10.65% |
| Nicola Canadian Mortgage Fund | $1.07B | Commercial | 68.9% | 8.2% | 6.7% |
| Mortgage Company of Canada Inc. (MCOCI) | $1B+ | Residential | — | — | — |
| Antrim Balanced Mortgage Fund (Series C) | $922M | Residential | 60% | 7.64% | 9.08% |
| Trez Capital Yield Trust (Series F) | $913M | Multi-res | 67% | 7.7% | 6.6% |
| Atrium Mortgage Investment Corporation | $896M | Multi-res | 61.4% | 12.3%† | 14.7%† |
| Timbercreek Real Estate Debt U.S. Fund | $800M+ | Commercial | — | — | — |
| VWR Capital Corp. | $760M | Residential | <75% | 10.19% | 10.35% |
| Romspen U.S. Mortgage Investment Fund | ~$750M | Commercial | ~65% | 7.2% | 5.8% |
| PHL Capital MortEq Fund | $747M | Residential | 53.3% | 10.28% | 9.22% |
| Capital Direct I Income Trust (Class C) | $683M | Residential | 55.6% | 9.06% | 9.16% |
| Firm Capital Mortgage Investment Corporation | $573M | Construction | 55% | — | — |
| ACM Mortgage Fund Two | $547M | — | — | — | — |
| Westboro Mortgage Investment Fund (Class F) | $538M | Residential | 63.6% | 10.3% | 9.4% |
| Neighbourhood Holdings Income Trust I (NHIT) | $484M | Residential | 52.1% | 8.54% | 7.99% |
| Magenta MIC | $462M | Residential | 69.2% | 8.6% | 7.58% |
| KV Mortgage Fund | $423M | Commercial | 62% | — | 7.64% |
| Calvert Home Mortgage Investment Corp (CHMIC) | $356M | Residential | 61% | 10.36% | 10.85% |
| Cameron Stephens Mortgage Trust (CSMT) | $350M | — | 60% | 10.04% | 7.9% |
| Fisgard Capital Corporation | $310M | Residential | 55.4% | 8.63% | 7.33% |
| AP Capital MIC | $293M | Residential | 57% | 9.02% | 8.2% |
| Canguard MIC | $280M | Residential | 52% | 10.73% | 9.48% |
| Trez Capital Prime Trust | $266M | Multi-res | 46.9% | 6.3% | 5.4% |
| Pacifica MIC | $263M | Residential | 53% | 10.02% | 8.32% |
| Clifton Blake Mortgage Income Fund Trust | $261M | Commercial | 54.7% | 9.48% | 8.78% |
| AWM Diversified MIC | $240M | Residential | 67% | 8.67% | 8.97% |
| RiverRock Mortgage Investment Corporation | $230M+ | Residential | 67.2% | 9.11% | 8.57% |
| CMI MIC High Yield Opportunity Fund | $219M | Residential | 76.8% | 10.82% | 10.68% |
| Amur Capital Conservative Income Fund Inc. | $219M | Residential | 43% | 10.75% | 9.1% |
| Kuber Mortgage Investment Corporation | $200M+ | — | — | — | — |
| Nicola U.S. Mortgage Fund | ~$200M | Commercial | 60.6% | 4.4% | 5% |
| Genesis Mortgage Investment Corporation | $180M | Residential | 60.3% | 8.62% | 8.24% |
| YTM Capital Mortgage Income Fund | $180M | Residential | 59% | 7.47% | 6.83% |
| First Source Mortgage Fund | $179M | Construction & Residential | 64.2% | 9.1% | — |
| PHL Capital Oakhill Fund | $169M | Residential | 62.9% | 12.42% | 11.36% |
| CMI MIC Balanced Mortgage Fund | $153M | Residential | 68.9% | 8.84% | 8.75% |
43 MIEs with assets over $150 million as of 2026; combined AUM of ~$38.5B+. † = Total Return (annual price change plus dividends, divided by the prior year-end price). Sources: MIEs' reported financials, WOWA Data Labs.
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