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MCAN Mortgage Corp. Q1-2017 Earnings & Price Target Update

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MCAN had $2.3B in mortgage assets as of Mar-31-2017 compared to 2.3B at Mar-31-2015. This includes $1.1B of mortgage loans which they hold directly referred to as corporate assets and $1.1B of securitized mortgages which are pools of mortgages. From time to time they will transfer mortgages into securitized mortgage pools or buy mortgage pools, however this is the lower margin portion of their business. All income is mainly derived from originating and holding mortgages secured by real estate and to a lesser extent from their investment in MCAP. Securitization activities contributed about 20% of profits, 70% from corporately held mortgages and the balance from the investment including MCAP and the Crown LP. Net investment income from holding mortgages is dependent from the difference or spread between amounts earned on mortgage assets and the cost of the term deposits they issue to fund the loan portfolio.

MCAN owns 14.4% interest in MCAP, with the balance primarily owned by the Caisse de dépôt et placement du Québec. MCAP is one of Canada's leading independent mortgage financing companies, operating in three lines of business: residential mortgages, commercial mortgages and construction loans. The total investment in MCAP is approximately $50M which is providing about $8M of income to MCAN. With a professional staff of over 500 across Canada, MCAP originates, trades and services residential, construction and commercial assets on behalf of a stable of over 35 institutional investors. MCAP is the second largest mortgage finance company in Canada with $56B of mortgage assets under administration.

During Q2-2013 they acquired Xceed Mortgage Corp. for $53M. Xceed is a specialized, single family insured and uninsured residential mortgage lender, focused primarily on the insured area of the mortgage market and, in recent years, has been focused on winding down its legacy securitization portfolio.

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