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Eclipse Residential MIC

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  • Closing Price (Mar 21, 2019) $9.30
  • Distribution $0.0625
  • Distribution Rate (Mar 21, 2019) 8.12%
  • Distribution Frequency Monthly
  • Total Assets (Feb 28, 2019) $45 Million

Why Invest?

  • 100% invested in Single Family Residential Mortgages3 (minimum 80%) – MCAP believes that Single Family Residential Mortgages are the most conservative, the most liquid and largest segment of the Canadian mortgage market
  • Diversification: Over 800 Canadian mortgages, diversified by term and location
  • Liquidity: Underlying properties are expected to be highly saleable homes in major urban centres
  • The mortgage portfolio is well positioned for potentially increased income if mortgage rates rise

Investment Objectives

The Investment objectives of the Company are to acquire and maintain a diversified mortgage portfolio comprised primarily of Single Family Residential Mortgages that seeks to preserve capital and generate sufficient income to permit the Company to pay monthly distributions to Shareholders

FUND FACTS

  • Ticker
    ERM
  • CUSIP
    2789E204
  • Outstanding (Mar 21, 2019)
    3,103,183
  • Inception Date
    June 28, 2013
  • Currency
    CAD
  • Manager/Portfolio Manager
    Brompton Funds Limited
  • Auditor
    PricewaterhouseCoopers LLP
  • Custodian
    CIBC Mellon Trust Company
  • Transfer Agent
    TSX Trust Company
  • Eligibility
    All registered and non-registered accounts
  • Mortgage Consultant & Mortgage Services Provider
    MCAP Financial Corporation

Mortgage Consultant/Mortgage Services Provider

One of Canada’s largest mortgage financing companies, MCAP Financial Corporation originates and services all mortgages for Eclipse. MCAP has more than 30 years of experience underwriting and servicing Canadian Single Family Residential Mortgages, with over $70 billion in mortgage assets managed for banks, lifecos, credit unions and institutional investors.

Eclipse Residential MIC

As at December 31, 2018

Total Net Asset Value$44,371,248.00
Performance NAV History

Annual Compound Returns(1)

YTD 1-Year 3-Year 5-Year Since Inception(2)
Eclipse Residential MIC 1.4% 8.8% 8.4% 8.7% 8.1%

Year-by-Year Returns

Since Inception(2) 2018 2017 2016 2015 2014 2013(3)
Eclipse Residential MIC 8.1% 8.8% 8.0% 8.7% 9.4% 8.2% 1.2%

The following table shows current and past performance of the Corporation. Past performance does not necessarily indicate how the Corporation will perform in the future. The information shown is based on Net Book Value per share (Net Asset Value per share prior to January, 2017) and assumes that dividends made by the Corporation on its shares in the period shown were reinvested at Net Book Value (Net Asset Value per share prior to January, 2017) in additional shares of the Corporation.

Returns for Eclipse Residential Mortgage Investment Corporation are unaudited.

You will usually pay brokerage fees to your dealer if you purchase or sell shares of a security on the Toronto Stock Exchange or other alternative Canadian trading system (an “exchange”). 

You can find more detailed information about the Corporation in the public filings available at www.sedar.com.  The indicated rates of return are the historical annual compounded total returns including changes in share value and reinvestment of all dividends and does not take into account income taxes payable by any securityholder that would have reduced returns. 

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Distributions

The annual breakdown of distributions for tax purposes will be provided to Shareholders annually in February. This information will also be posted on the website as soon as it becomes available.

This information is of general nature and does not constitute legal or tax advice to any particular investor. Accordingly, prospective investors are advised to consult their own tax advisors with respect to their individual circumstances.

Tax Allocation

The following information is applicable to holders who, for the purpose of the Income Tax Act (Canada), are resident in Canada and hold shares as capital property outside of an RRSP, RRIF or DPSP. Shareholders should receive a T5 slip from their investment dealer providing this information.

T5 supplementary slips will indicate Capital Gains Dividends in Box 18 and interest from Canadian sources in Box 13.

Select a year
Record Date Payment Date Interest Income Total Distribution
Feb 28, 2019 Mar 14, 2019 0.00000 0.0625
Jan 31, 2019 Feb 14, 2019 0.00000 0.06250
Dec 31, 2018 Jan 15, 2019 0.00000 0.06250
Nov 30, 2018 Dec 14, 2018 0.06250 0.06250
Oct 31, 2018 Nov 14, 2018 0.06250 0.06250
Sep 28, 2018 Oct 15, 2018 0.06250 0.06250
Aug 31, 2018 Sep 17, 2018 0.06250 0.06250
Jul 31, 2018 Aug 15, 2018 0.06250 0.06250
Jun 29, 2018 Jul 16, 2018 0.06250 0.06250
May 31, 2018 Jun 14, 2018 0.06250 0.06250
Apr 30, 2018 May 14, 2018 0.06250 0.06250
Mar 29, 2018 Apr 13, 2018 0.06250 0.06250
Total 0.56250 0.75000
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