Morrison Financial Mortgage Income Junior Fund
Managed by Morrison Financial
Data as of: December 31, 2025
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
$70M CAD
2025 return
9.08%
LTV
52.7%
Management fee
1%
About Morrison Financial Mortgage Income Junior Fund
The Morrison Financial Mortgage Income Junior Fund is an open-ended mutual fund trust investing in the same underlying pool of short-term construction, development, and bridge mortgages as the Senior Fund, secured by residential real estate in key Ontario metropolitan markets. The Junior Fund holds the subordinate position on loan proceeds, taking on the first-loss exposure in exchange for a yield premium of approximately 2% over the Senior Fund. It targets a net annual return of 8.5–9.5% with monthly income distributions to investors. Units are eligible for registered accounts including RRSP, RRIF, and TFSA.
The fund reports approximately $70M CAD in assets.
Most of the portfolio is in first mortgages, with some subordinate exposure.
The latest annual return declined from 9.72% in 2024 to 9.08% in 2025.
The portfolio is highly concentrated in Ontario.
At a glance
| Assets under management (AUM) | $70M CAD |
| 2025 return | 9.08% |
| Overall LTV | 52.7% |
| First mortgages (as a % of the portfolio) | 83% |
| Property focus | Construction (38%) / Unclassified (62%) |
| Structure | Trust |
| Investor access | Available to individual investors |
Morrison Financial Mortgage Income Junior Fund portfolio and performance
The portfolio is composed of construction mortgages (38%) and unclassified mortgages (62%).
| Property Type | Share (%) |
| Construction | 38% |
| Unclassified | 62% |
Morrison Financial Mortgage Income Junior Fund has a focus on Ontario, with 89% of its mortgages located in Ontario.
| Province/Region | Share (%) |
| Ontario | 89% |
| Unclassified | 11% |
Morrison Financial Mortgage Income Junior Fund returns
| Calendar year | Net return |
| 2023 | 9.62% |
| 2024 | 9.72% |
| 2025 | 9.08% |
Return objective (2026)
Morrison Financial Mortgage Income Junior Fund's target for 2026: 8.50 – 9.50%
Morrison Financial Mortgage Income Junior Fund facts
Fund structure
| Structure | Trust |
| Manager | Morrison Financial |
| Series | F |
| Latest data | December 31, 2025 |
Mortgage portfolio
| First mortgages | 83% |
| Overall LTV | 52.7% |
| Property focus | Construction |
Fees
| Management fee | 1% |
| Performance fee | 50% Over Prime + 3% |
Additional fund details
The combined AUM of Morrison Financial Senior Mortgage Income Fund and Morrison Financial Junior Mortgage Income Fund is $70 million.
Who can invest in Morrison Financial Mortgage Income Junior Fund?
Available to individual investors
This fund is available to individual investors.
The minimum investment amount for accredited investors is $25,000.
The minimum investment amount through an advisor or dealer is $25,000.
About Morrison Financial
Morrison Financial Mortgage Corporation is a Toronto-based private mortgage lender and investment manager founded in 1987 by David Morrison, making it one of Canada's longest-standing non-bank mortgage finance firms. The firm specializes in short-term construction, development, and bridge financing for builders and developers across Ontario, as well as condominium corporation financing for capital repairs and reserve fund shortfalls. Over 35+ years, Morrison Financial has deployed more than $1.6 billion in mortgage financing. The firm manages two mortgage income funds structured as mutual fund trusts.
Compare other funds by Morrison Financial
Morrison Financial manages several mortgage investment entities (MIEs) with different loan and investment objectives. Compare its other funds below.
| Fund | Primary strategy | Approx. size | |
|---|---|---|---|
| Morrison Financial Mortgage Income Senior Fund | Construction mortgages | $70M CAD | Learn More |
Frequently asked questions
It invests in construction mortgages.
The fund reports a weighted-average LTV of 52.7%.
Yes. It is available to individual investors.
The fund is managed by Morrison Financial.
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