YTM Capital Mortgage Income Fund
Managed by YTM Capital Asset Management Ltd.
Data as of: May 31, 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.
AUM
$184M CAD
2025 return
6.83%
LTV
59%
Management fee
1.5%
About YTM Capital Mortgage Income Fund
YTM Capital Mortgage Income Fund is a defensive private mortgage fund investing in insured and uninsured mortgages secured by residential, commercial, and industrial properties, including properties under construction, with a primary objective of capital preservation and stable monthly income. Launched in May 2011, the fund holds approximately 900 mortgages with a weighted average maturity of five months, and has delivered a 10-year net return of 6.55% and a 2025 return of 6.83% (Class F). The fund is available to accredited investors in Class A and Class F.
The fund reports approximately $184M CAD in assets.
The portfolio is predominantly composed of first mortgages.
The latest annual return declined from 7.47% in 2024 to 6.83% in 2025.
The portfolio is highly concentrated in the U.S..
At a glance
| Assets under management (AUM) | $184M CAD |
| 2025 return | 6.83% |
| Overall LTV | 59% |
| First mortgages (as a % of the portfolio) | 96% |
| Property focus | Residential (67%) / Construction (29%) / Commercial (3%) |
| Structure | Open-Ended Mutual Fund Trust |
Stated annualized returns assume a fixed price of $10.00/unit. DRIP returns assume compounding at the Q1 2026 cash yield and full participation in the distribution reinvestment plan. Past performance does not guarantee or indicate future results. Almore Capital Ltd. is registered as an Exempt Market Dealer in the province of Ontario.
YTM Capital Mortgage Income Fund portfolio and performance
The portfolio is composed of residential mortgages (67%), construction mortgages (29%) and commercial mortgages (3%).
| Property Type | Share (%) |
| Residential | 67% |
| Construction | 29% |
| Commercial | 3% |
YTM Capital Mortgage Income Fund has a focus on the U.S., with 90% of its mortgages located in the U.S., followed by Ontario (5%), Alberta (2%).
| Province/Region | Share (%) |
| the U.S. | 90% |
| Ontario | 5% |
| Alberta | 2% |
| Unclassified | 3% |
YTM Capital Mortgage Income Fund returns
| Calendar year | Net return |
| 2023 | 7.37% |
| 2024 | 7.47% |
| 2025 | 6.83% |
Return objective (2026)
YTM Capital Mortgage Income Fund has a target return of 5%-7% for 2026.
YTM Capital Mortgage Income Fund facts
Fund structure
| Structure | Open-Ended Mutual Fund Trust |
| Manager | YTM Capital Asset Management Ltd. |
| Series | F |
| Latest data | May 31, 2026 |
Mortgage portfolio
| First mortgages | 96% |
| Overall LTV | 59% |
| Property focus | Residential |
Fees
| Management fee | 1.5% |
| Performance fee | No |
Stated annualized returns assume a fixed price of $10.00/unit. DRIP returns assume compounding at the Q1 2026 cash yield and full participation in the distribution reinvestment plan. Past performance does not guarantee or indicate future results. Almore Capital Ltd. is registered as an Exempt Market Dealer in the province of Ontario.
Additional fund details
As of May 31, 2026, the fund had $184 million in assets, with 96% of the portfolio in first mortgages, an uninsured weighted average LTV of 59%, and a current yield of 6.91%. The geographic split is calculated using only the uninsured, non-warehouse mortgage book.
Who can invest in YTM Capital Mortgage Income Fund?
Investor access
The minimum investment amount for accredited investors is $25,000. The minimum investment amount through an advisor or dealer is $25,000.
About YTM Capital Asset Management Ltd.
YTM Capital Asset Management Ltd. is an Oakville, Ontario-based alternative investment manager founded by former senior professionals from Canada's major banks, specializing in public and private credit strategies designed to deliver better returns than traditional fixed income while preserving capital. The firm manages three funds spanning private and public credit alternatives, including the YTM Capital Mortgage Income Fund, the YTM Capital Fixed Income Alternative Fund, and a credit OM fund. YTM Capital positions its offerings as fixed income alternatives with no correlation to public markets.
Frequently asked questions
It invests in residential mortgages.
The fund reports a weighted-average LTV of 59%.
The fund is managed by YTM Capital Asset Management Ltd..
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