CMLS Mortgage Fund
Managed by CMLS Asset Management
Data as of: March 31, 2026 · View latest fund facts
This review, compiled by WOWA for informational purposes only, is not investment advice, an offer, or a solicitation. Past returns don't guarantee future results.
AUM
$257M CAD
2025 return
7.06%
LTV
62.50%
Management fee
1.00%
About CMLS Mortgage Fund
Established in 2008, the CMLS Mortgage Fund is an unincorporated investment unit trust providing exposure to real estate private debt. The fund aims for capital preservation and income generation through monthly distributions. It invests in a portfolio of first and second priority mortgages secured by commercial and single-family real estate across Canadian urban centers. The fund is eligible for registered accounts (RRSPs, TFSAs, RRIFs, DPSPs, RESPs).
The fund reports approximately $257M CAD in assets.
The portfolio has a meaningful mix of first and subordinate mortgage positions.
Return of the mortgage funds are closely related to bank prime lending rate of interest, which has been declining. The latest annual return declined from 8.24% in 2024 to 7.06% in 2025.
The portfolio is diversified across Ontario, BC, Quebec and Alberta.
At a glance
| Assets under management (AUM) | $257M CAD |
| 2025 return | 7.06% |
| Overall LTV | 62.50% |
| First mortgages (as a % of the portfolio) | 69.00% |
| Property focus | Residential (48%) / Multi-Residential (35%) / Unclassified (17%) |
| Structure | Trust |
| Investor access | Available to individual investors |
CMLS Mortgage Fund portfolio and performance
The portfolio is composed of residential mortgages (48%), multi-residential mortgages (35%) and unclassified mortgages (17%).
| Property Type | Share (%) |
| Residential | 48% |
| Multi-Residential | 35% |
| Unclassified | 17% |
Note: Land and pre-construction mortgages are classified under commercial mortgages.
CMLS Mortgage Fund has a focus on Ontario, with 49% of its mortgages located in Ontario, followed by BC (20%), Quebec (15%), Alberta (10%), MB (2%), Atlantic Canada (2%).
| Province/Region | Share (%) |
| Ontario | 49% |
| Quebec | 15% |
| BC | 20% |
| Alberta | 10% |
| MB | 2% |
| Atlantic Canada | 2% |
| Unclassified | 2% |
CMLS Mortgage Fund returns
| Calendar year | Net return |
| 2023 | 7.56% |
| 2024 | 8.24% |
| 2025 | 7.06% |
CMLS Mortgage Fund facts
Fund structure
| Structure | Trust |
| Manager | CMLS Asset Management |
| Series | F |
| Latest data | March 31, 2026 |
Mortgage portfolio
| First mortgages | 69.00% |
| Overall LTV | 62.50% |
| Property focus | Residential |
| Leverage | No, the fund does not use leverage. This means the fund uses only investor capital, rather than borrowed money, to fund its mortgage portfolio. This avoids borrowing costs and reduces the additional risks associated with leverage. |
Fees
| Management fee | 1.00% |
| Performance fee | No |
Who can invest in CMLS Mortgage Fund?
Available to individual investors
This fund is available to individual investors.
The minimum investment amount for accredited investors is $25,000.
The minimum investment amount through an advisor or dealer is $25,000.
About CMLS Asset Management
Based in Toronto, CMLS Asset Management is an affiliate of CMLS, a Canadian lender with over 50 years of underwriting and servicing experience. The firm offers real estate private debt investment opportunities, leveraging CMLS's operational scale. Annually, CMLS originates approximately $26 billion in mortgages and administers a portfolio exceeding $70 billion. The asset management division's team evaluates credit to invest in real estate mortgages across the Canadian market.
Frequently asked questions
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