Happy New Year!
As we welcome 2026, we extend our warmest wishes for health, prosperity, and success in the year ahead. We remain deeply grateful for your continued trust and partnership, which have been the foundation of growth and resilience in our investment platform over the past decade.
CMI MIC Funds – Performance Highlights
2025 was a year of transition for Canadian mortgage markets. Elevated interest rates, slower real estate activity, and increased borrower stress created challenges across the landscape, while evolving investor preferences introduced new dynamics across our portfolio. Through this period of adjustment, one constant remained: strong, consistent performance across all funds, with yields delivered at the high end of their target ranges.
| FUND | ANNUAL TARGET YIELD | NET ANNUAL YIELD (2025)* | SINCE INCEPTION* |
| CMI MIC Prime Mortgage Fund | 6 – 8% | 7.45% | 7.00% |
| CMI MIC Balanced Portfolio Fund | 8 – 9% | 8.82% | 8.72% |
| CMI MIC High Yield Opportunity Fund | 10 – 11% | 10.74% | 10.60% |
*Class F yields
Balanced Fund Milestone
In July, our flagship CMI MIC Balanced Mortgage Fund marked its 10‑year anniversary — a milestone that underscores the fund’s strength and longevity. Over the past decade, it has consistently delivered annual yields in the 8–9% range, earning the confidence of investors and reinforcing its role as a cornerstone of our platform. In 2025, the fund recorded $25.46M in new subscriptions and closed the year with assets under management (AUM) of $174.8M.
Prime Fund Growth
The CMI MIC Prime Mortgage Fund saw subscriptions nearly double in 2025, reflecting heightened demand for conservative, short‑term mortgage exposure with compelling risk‑adjusted returns. Amid declining GIC rates, the Fund stood out as a flexible alternative — offering attractive asset‑backed yields without the constraints of long lock‑in periods.
High Yield Fund Expansion
The CMI MIC High Yield Opportunity Mortgage Fund also experienced meaningful growth in 2025. Investors seeking higher returns in a moderating rate environment drove subscriptions up nearly 40% ($52.0M), with the fund ending the year at $200.0M in AUM.
CMI Mortgage Investments – Performance Highlights
Our platform demonstrated its capacity to operate at scale while maintaining strength and stability in a complex market. Managing through one of the most difficult lending environments in recent years required discipline and focus. Slower real estate activity and increased borrower stress put pressure on the mortgage market, but by focusing on fundamentals—clear communication with brokers, fast and transparent turnaround, disciplined underwriting, and proactive risk assessment—we were able to continue funding high-quality deals.
In 2025, we strengthened our credit review process, increased touchpoints with brokers to identify deal challenges early, and leveraged data-driven tools to assess risk more precisely. These measures, combined with our solutions-oriented approach, helped maintain portfolio quality as market conditions shifted. Even as default rates in the broader market edged higher, our historical loan loss rate remained negligible at 0.27%, a testament to prudent underwriting, robust risk management, and proactive monitoring.
New fundings totalled approximately $516.8M, bringing our lifetime placements to over $3.6 billion — a milestone that highlights the continued demand for flexible financing solutions and the enduring appeal of private mortgages as a strategic investment alternative. As of December 31, 2025, we manage more than $1 billion in assets across 14,064 active mortgages, demonstrating the breadth and depth of our platform.
We also enhanced the investor experience by introducing a team-based approach that combines specialized expertise with personalized support. This model ensures every investor receives attentive service, tailored mortgage investment solutions, and deep market insight.
Looking Ahead
As we enter 2026, opportunities remain abundant. Private mortgages will continue to provide essential financing for a growing number of Canadians — particularly self‑employed and non‑traditional income earners — while offering investors meaningful diversification beyond traditional investment strategies.
Our focus for the year ahead remains on delivering innovative mortgage investment solutions that enable you to achieve your financial goals while supporting borrowers with responsible, well-structured financing.
We thank you for your confidence in CMI and look forward to building on this foundation together in 2026.
Bryan Jaskolka
CEO, CMI Financial Group
