AP Capital Mortgage Fund
Managed by AP Capital MIC Management Corp.
Data as of: May 30, 2026 · View latest fund facts
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
$285M CAD
2025 return
8.33%
LTV
59%
Management fee
1.5%
About AP Capital Mortgage Fund
AP Capital Mortgage Investment Corporation is a Vancouver-based MIC founded in 2007, advancing short-term mortgages to owners of primarily single-detached homes in urban markets across BC and Alberta, targeting borrowers who do not fit conventional bank underwriting criteria. The fund reports $285 million in mortgages under administration and a 5-year annualized total return of 8.01%. In 2025, the fund delivered a return of 8.33% (Class F) and has paid 190+ consecutive monthly distributions since April 2010.
The fund reports approximately $285M CAD in assets.
Most of the portfolio is in first mortgages, with some subordinate exposure.
The latest annual return declined from 9.02% in 2024 to 8.33% in 2025.
The portfolio is highly concentrated in BC.
At a glance
| Assets under management (AUM) | $285M CAD |
| 2025 return | 8.33% |
| Overall LTV | 59% |
| First mortgages (as a % of the portfolio) | 78.7% |
| Property focus | Residential (68%) / Commercial (32%) |
| Structure | Private Corporation (MIC) |
| Investor access | Available to individual investors |
AP Capital Mortgage Fund portfolio and performance
The portfolio is composed of residential mortgages (68%) and commercial mortgages (32%).
| Property Type | Share (%) |
| Residential | 68% |
| Commercial | 32% |
AP Capital Mortgage Fund has a focus on BC, with 93% of its mortgages located in BC, followed by Alberta (7%).
| Province/Region | Share (%) |
| BC | 93% |
| Alberta | 7% |
AP Capital Mortgage Fund returns
| Calendar year | Net return |
| 2023 | 8.36% |
| 2024 | 9.02% |
| 2025 | 8.33% |
Return objective (2026)
AP Capital Mortgage Fund has a target return of 6.5%-7.5% for 2026.
AP Capital Mortgage Fund facts
Fund structure
| Structure | Private Corporation (MIC) |
| Manager | AP Capital MIC Management Corp. |
| Series | B, F and I |
| Latest data | May 30, 2026 |
Mortgage portfolio
| First mortgages | 78.7% |
| Overall LTV | 59% |
| Property focus | Residential |
| Leverage | Yes, the fund uses leverage. This means the fund borrows additional money and combines it with investor capital to fund more mortgages. Leverage can increase returns when the portfolio performs well, but it also adds interest costs and can magnify losses. |
Fees
| Management fee | 1.5% |
| Performance fee | 0 |
Additional fund details
AUM and weighted-average loan-to-value figures are based on the May 30, 2026 Class F fund facts. Mortgage-position, property-type and geographic allocations are based on the portfolio as of April 1, 2026, disclosed in the April 30, 2026 offering memorandum. Serviced and urban lots are classified as commercial exposure under our database methodology. Class F returned 8.36% in 2023, 9.02% in 2024 and 8.33% in 2025. For 2026, Class B targets an annual return of 6% to 7%, while Class F targets 6.5% to 7.5%. The minimum investment is $10,000 for Classes B and F and $15 million for Class I. The fund had a $100 million credit facility, of which approximately $45.7 million was drawn as of April 24, 2026.
Who can invest in AP Capital Mortgage Fund?
Available to individual investors
This fund is available to individual investors.
The minimum investment amount for accredited investors is $10,000.
The minimum investment amount through an advisor or dealer is $10,000.
About AP Capital MIC Management Corp.
AP Capital MIC Management Corp. is a Vancouver-based mortgage investment manager responsible for the management and day-to-day administration of AP Capital Mortgage Fund. The manager oversees a diversified portfolio of short-term mortgages secured primarily by residential properties and serviced urban lots in British Columbia and Alberta.
Frequently asked questions
It invests in residential mortgages.
The fund reports a weighted-average LTV of 59%.
Yes. It is available to individual investors.
The fund is managed by AP Capital MIC Management Corp..
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