Press Release
Investors to Benefit from Increase in Target Yield for RiverRock MIC
Toronto, Canada. November 27, 2023 – RiverRock Mortgage Investment Corp. (“RiverRock”), a mortgage investment corporation (MIC) that provides access to investments in high-yield Canadian residential mortgages, announced today an increase of 0.25% to the target yield paid to its investors, effective January 1, 2024.
RiverRock’s portfolio holds owner occupied residential mortgages in Southern Ontario with a maximum duration of 12 months and has paid investors a consistent monthly dividend yield since 2014. The target yield for each share class beginning January 1, 2024 will be:
- Class F – 8.50% increasing to 8.75% (including DRIP 9.11%)
- Class A – 8.25% increasing to 8.50% (including DRIP 8.84%)
- Class N – 7.50% increasing to 7.75% (including DRIP 8.03%)
“Amidst the upward trajectory of Bank of Canada rates in the past 18 months, our attention has been on the rates extended to our borrowers," remarked Nick Kyprianou, President & CEO of RiverRock. "Anticipating a correction in the residential real estate market, we proactively adjusted our lending criteria at the close of 2021. This foresight has proven crucial in weathering the softening of real estate values. Consequently, we not only navigated through this market shift but also continued to enhance yields for our investors.”
The RiverRock team is led by Nick Kyprianou, who has over 35 years of experience in Canadian non-traditional lending. As of October 31, 2023, the portfolio characteristics are as follows:
- Average loan to value – 67.71%
- Average mortgage amount - $436,342
- 100% highly marketable residential homes, 87% owner occupied
- All mortgage terms are 1 year or less
The RiverRock Mortgage Investment Corporation has an agreement with Ninepoint Partners LP (“Ninepoint”) to distribute the Class N and Class F Non-Voting Common Shares of RiverRock MIC. Ninepoint Partners provides RiverRock’s high-yield MIC to investors looking for investment opportunities and access to Canada’s secondary mortgage market.
About RiverRock Mortgage Investment Corporation
RiverRock Mortgage Investment Corporation (RiverRock MIC) is a mortgage investment corporation based in Toronto, Ontario. RiverRock MIC offers investors an opportunity to participate in a diversified portfolio of high yield Canadian residential mortgages. RiverRock MIC is primarily focused on residential real estate in Ontario in both urban and suburban markets. Our principals have decades of experience in mortgage underwriting, risk management and administration.
About Ninepoint Partners
Based in Toronto, Ninepoint Partners is one of Canada’s leading alternative investment management firms overseeing approximately $8 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies including North American Equity, Global Equity, Real Assets & Alternative Income.
For more information on Ninepoint, please visit www.ninepoint.com or inquiries regarding the Offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.
Sales Inquiries:
Neil Ross
Ninepoint Partners
416.945.6227
nross@ninepoint.com
Toronto, Ontario M5J 2J1 Canada