DAMI Mortgage Income Fund
Announces distribution for the month of August 2023
Toronto, September 6, 2023 – DAMI Mortgage Income Fund Corp is pleased to announce that its Manager, Durham Asset Management Inc. (DAMI), has declared an interest distribution of $0.66 per unit of Subordinated Series B for the month of August 2023. This distribution equates to 0.66% monthly or 8.00% per annum.
The last time the Bank of Canada paused the rate hike, the home prices got a bump. This time, it may differ as the Bank of Canada paused today’s rate hike. The bank left the option of hiking the rate if inflation persists. This will have an impact on the home prices.
The home price decline from the peak of February 2022 has increased the loan-to-value for the existing mortgages. We are monitoring our Portfolio of mortgages. Currently, our portfolio is in the target range.
We do expect heightened activity in the housing market; certain parts of the country are already showing positive change. Toronto and surrounding areas will have sideways movement in the coming months.
You can get more information about the fund and associated documents at https://durhamasset.ca/alternative-funds/
DAMI Mortgage Income Fund Corp is registered in Ontario as a Mortgage Investment Corporation in the private lending business. DAMI is an asset management firm that provides niche investment services focused on fixed-income strategies in the province of Ontario. DAMI will offer its clients the solutions to generate positive returns with low volatility while preserving capital and is the manager of the DAMI Mortgage Income Fund Corp. DAMI is registered with the Ontario Securities Commission as Portfolio Manager, Exempt Market Dealer and Investment Fund Manager.
Manager – DAMI Mortgage Income Fund Corp
Ph: 905 239 2436
Durham Asset Management Inc.