Terrapin Mortgage Investment Corp.
Managed by Adera Group
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
$236M CAD
2025 return
11.07%
First mortgages
87%
2024 return
11.2%
About Terrapin Mortgage Investment Corp.
Incorporated in 1978, Terrapin Mortgage Investment Corp. (TMIC) is a Vancouver-based private real estate financing company. The fund provides investors with sustainable returns and capital preservation by investing in diverse residential and commercial mortgages secured by real estate across British Columbia, Alberta, and Ontario. With over 47 years of experience, TMIC offers RRSP, TFSA, and RRIF eligible preferred shares that generate steady annual or quarterly dividends. The fund prioritizes capital protection by lending ahead of owner equity in major Canadian markets.
The fund reports approximately $236M CAD in assets.
Most of the portfolio is in first mortgages, with some subordinate exposure.
The portfolio is diversified across BC and Alberta.
At a glance
| Assets under management (AUM) | $236M CAD |
| 2025 return | 11.07% |
| First mortgages (as a % of the portfolio) | 87% |
| Property focus | Residential (10%) / Construction (10%) / Commercial (36%) / Multi-Residential (44%) |
| Structure | Private Corporation (MIC) |
| Investor access | Available to individual investors |
Terrapin Mortgage Investment Corp. portfolio and performance
The portfolio is composed of residential mortgages (10%), construction mortgages (10%), commercial mortgages (36%) and multi-residential mortgages (44%).
| Property Type | Share (%) |
| Residential | 10% |
| Construction | 10% |
| Commercial | 36% |
| Multi-Residential | 44% |
Terrapin Mortgage Investment Corp. has a focus on BC, with 80% of its mortgages located in BC, followed by Alberta (15%), Ontario (5%).
| Province/Region | Share (%) |
| Ontario | 5% |
| BC | 80% |
| Alberta | 15% |
Terrapin Mortgage Investment Corp. returns
| Calendar year | Net return |
| 2023 | 8.5% |
| 2024 | 11.2% |
| 2025 | 11.07% |
Return objective (2026)
Terrapin Mortgage Investment Corp. has a target return of 7.45% for 2026.
Terrapin Mortgage Investment Corp. facts
Fund structure
| Structure | Private Corporation (MIC) |
| Manager | Adera Group |
| Series | A |
| Latest data | May 31, 2026 |
Mortgage portfolio
| First mortgages | 87% |
| Property focus | Multi-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 | None disclosed |
| Performance fee | None disclosed |
Additional fund details
As of its February 28, 2026 fiscal year-end, the fund reported $251 million in net mortgages receivable and a fiscal 2026 Class A return of 8.26%. It also had access to a $70 million bank credit facility. Chris Cavanaugh was appointed President in March 2026. Mortgage originations are conducted through TerraFund Financial, a 76.9%-owned subsidiary.
Who can invest in Terrapin Mortgage Investment Corp.?
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 Adera Group
Adera Group is a diversified real estate developer, investor, and manager with over 55 years of experience. Based in Vancouver, Adera internally manages Terrapin Mortgage Investment Corp., operating out of the same office to maximize synergies between real estate development, investment, and mortgage origination. The management team works alongside TMIC's subsidiary, TerraFund Financial Inc., to source and underwrite mortgage opportunities. The firm leverages its extensive real estate knowledge to provide seamless credit, administration, and investor relations functions for the fund.
Frequently asked questions
It invests in multi-Residential mortgages.
Yes. It is available to individual investors.
The fund is managed by Adera Group.
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