How the return is generated
Interest on mortgages in the book, plus lending fees earned at origination — less operating costs, provisions and any losses.
MIC returns:
what has actually been paid.
MIC returns are only meaningful when they are the returns actually paid. Lendmax Capital Mortgage Investment Corp. distributes quarterly; below is the net rate of return paid to investors in each fiscal year since the corporation began lending. Fiscal 2025 finished at 13.57%, against a targeted annual return of 9%. Past performance is not a guarantee of future returns.
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Net rate of return by fiscal year
The rate actually paid to investors in each fiscal year, net of costs. Hover a bar, or switch to the table, for every figure.
| Fiscal year | Net rate of return |
|---|---|
| FY2020 | 0.00% |
| FY2021 | 6.00% |
| FY2022 | 7.83% |
| FY2023 | 8.15% |
| FY2024 | 10.15% |
| FY2025 | 13.57% |
FY2020 is the first fiscal year shown. Figures are rates actually paid, not a forecast.
13.57%FY2025 net rate of return
9%FY2025 target annual return
QuarterlyDistribution frequency
6Fiscal years reported
Past performance is not indicative of future results. The figures shown are historical distributions actually paid; they are not a projection, a forecast or a promise. Distributions are not guaranteed and may be reduced or suspended. Any target return is a target only and may not be achieved. Shares are not deposits, are not insured by the Canada Deposit Insurance Corporation, and are not guaranteed by any government or agency. An investor may lose some or all of their investment. Read the offering memorandum, including the risk factors, before investing.
Why a bonus distribution
A MIC must distribute its taxable income to keep its flow-through treatment. Where the book earns more than the regular dividend rate, the surplus is distributed rather than retained.
What would reduce it
Rising arrears, enforcement costs, falling property values, or capital sitting undeployed. All of these are real and none of them are hypothetical.
MIC returns — questions
Which is the best MIC in Canada?
There is no ranking that answers that honestly, and any MIC that calls itself the best should be read with care. What can be checked: the net rate of return actually paid each year (above), whether the statements are audited, whether the shares are sold through a registered exempt market dealer under an offering memorandum, whether the administrator is licensed, and how the corporation handles arrears and redemptions. Compare those, not the adjectives.
What is a reasonable MIC return?
It depends on what the book holds. A MIC lending first mortgages in urban markets should be expected to pay less than one lending seconds and rural firsts, because the borrower is paying less for the money. Lendmax targets 9% and has paid between 6.00% and 13.57% in the fiscal years shown above. A rate far above the risk in the book is the thing to question, not celebrate.
Are MIC returns guaranteed?
No. Distributions depend on the interest and fees borrowers actually pay and on the losses the corporation takes. Past performance is not a guarantee of future returns, and nothing about a MIC investment is insured or guaranteed.