Nicola U.S. Mortgage Fund
Trust · Commercial
Managed by Nicola Wealth Management Ltd.
Data as of: April 30, 2026
This review is compiled by WOWA for informational purposes only and is not investment advice, an offer, or a solicitation. Figures are drawn from the manager's published materials as of the dates shown and may change. Returns are historical and do not guarantee future results. Verify all details with the manager or a licensed advisor before investing.
About the fund
The Nicola U.S. Mortgage Fund is an open-ended trust providing access to senior secured first mortgage loans on commercial real estate in the United States, with a focus on middle-market borrowers in major U.S. metropolitan areas. The fund holds approximately USD $149.9 million (~$201 million CAD) in AUM as of Q1 2026 and reported a 2025 net return of 5.0%. The portfolio is 100% first mortgages and 100% U.S.-focused.
At a glance
| Assets under management (AUM) | $201M CAD |
| 2025 return | 5% |
| Overall LTV | 60.6% |
| First mortgages | 100% |
| Property focus | Commercial (74%) / Multi-Residential (26%) |
| Structure | Trust |
| Investor access | Available to individual investors |
Portfolio & performance
The portfolio is composed of commercial mortgages (74%) and multi-residential mortgages (26%).
| Property Type | Share (%) |
| Commercial | 74% |
| Multi-Residential | 26% |
Nicola U.S. Mortgage Fund has a focus on the U.S., with 100% of its mortgages located in the U.S..
| Province/Region | Share (%) |
| the U.S. | 100% |
Nicola U.S. Mortgage Fund returns
| Calendar year | Net return |
| 2023 | 5.4% |
| 2024 | 4.4% |
| 2025 | 5% |
Fund facts
| Structure | Trust |
| Managed by | Nicola Wealth Management Ltd. |
| First mortgages | 100% |
| Leverage | Leveraged |
| Series/classes | Class O |
| Latest data | April 30, 2026 |
Additional fund details
The AUM shown is the Canadian-dollar equivalent of approximately US$149.4 million. Launched in April 2022, the fund holds 20 direct mortgage loans and one fund investment, with approximately 21% of the portfolio held in cash. The fund uses leverage of approximately 1.59 times, compared with a target maximum of 2.0 times. Investors must generally provide six months’ notice before redeeming their units.
Investor access
Available to individual investors
This fund is available to individual investors.
Minimum investment terms are not publicly disclosed.
About the manager
Nicola Wealth Management Ltd. is a Vancouver-based independent wealth management firm founded in 1994, managing approximately $17.6 billion in assets as of March 2026. Registered as a Portfolio Manager, Exempt Market Dealer, and Investment Fund Manager, the firm serves high-net-worth families, entrepreneurs, foundations, and institutions across Canada. Nicola offers a suite of proprietary alternative funds spanning commercial mortgages, private equity, real estate, private debt, and infrastructure, alongside traditional public market portfolios.
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