Class a, f, i
U.S. First Mortgage Income Fund (USA)
U.S. First Mortgage Income Fund (USA) provides Canadian investors direct access to U.S. short term, first lien, residential mortgages.
Stable and consistent, US high yield distributions with low volatility. U.S. First Mortgage Income Fund (USA) seeks to generate high interest income with low volatility by sourcing and originating U.S. senior secured, first mortgage bridge loans collaterized by U.S. residentially anchored investment properties.
$801M
Fund AUM
(CAD, as of Jul 2026)
100%
Borrower fees are paid to investors
2%
Quarterly distribution target
Fund Type
1940 Act Registered Fund
Minimum Investment
$1 MM
Management Fee
1.5%
Inventive Fee
15%, paid annually
Distribution Schedule
Quarterly
Lock Up Period
1 year
Currency
CAD or USD
Liquidity
Quarterly Redemptions (25% max per quarter)
Why U.S. First Mortgage Income Fund? Why a U.S. private credit manager?
Higher investor return potential
Earn more by avoiding extra layers of fees and accessing U.S. private credit directly.
Lower Investor Expenses by Avoiding Fee Duplication
Skip Canadian intermediaries and eliminate redundant fees.
Direct Access to the Larger U.S. Private Credit Marketplace
Invest directly in the larger U.S. private credit market without cross-border limitations.
Fund Comparison
Evaluate key features across funds to align with your investment strategy.1
Metrics
$/Min. Investment
FundServ A/F/I-Class
RSP/TFSA Eligible
Fund Domiciled
FX Hedged to CAD
AUM$ Date**
2026 YTD
2025
2024
2023
2022
2021
Since Inception1
U.S.Bridge Loan Fund Trust (USBLF) F Class, CAD Hedged
CAD
$5,000
Canada
$39.5 M
Jul 31, 2026
3.26%
Jul 31, 2026
6.39%
8.42%
8.57%
7.96%
6.30%
7.33%
Dec 2020
U.S. Bridge Loan Fund Trust (USBLF) F Class CAD Unhedged
CAD
$5,000
Canada
$39.5 M
Jul 31, 2026
6.24%
Jul 31, 2026
3.20%
15.50%
4.73%
13.95%
9.19%
9.39%
Dec 2020
U.S. Mortgage Fund Trust (USMFT*) S(F) Class CAD Hedged
CAD
$5,000
Canada
$39.5 M
Jul 31, 2026
3.69%
Jul 31, 2026
6.95%
8.25%
9.19%
-
-
7.84%
Dec 2022
U.S. Mortgage Fund Trust (USMFT*) S(F) Class CAD Unhedged
CAD
$5,000
Canada
$39.5 M
Jul 31, 2026
6.68%
Jul 31, 2026
3.74%
15.31%
5.31%
-
-
8.60%
Dec 2022
U.S. Mortgage Fund Trust (USMFT*) S(F) Class USD Unhedged
USD
$5,000
Canada
$39.5 M
Jul 31, 2026
4.48%
Jul 31, 2026
8.42%
7.61%
8.02%
%
%
7.98%
Dec 2022
For accredited investors only
*US MFT refers to S-Class units of US BLF. **All units of US BLF are part of the same structure.
U.S. First Mortgage Income Fund (USA)
Operations Summary
USD
Canadian Qualified Investors
Institutions, Direct U.S. Investments
CAD
Canadian Qualified Investors
Institutions, Direct U.S. Investments
U.S. Custodian
U.S. First Mortgage Income Fund
Available Downloads
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U.S. First Mortgage Income Fund (USA)
Business of U.S. First Mortgage Income Fund (USA) (“USFMIF”)
USFMIF is a U.S. based open-ended first mortgage bridge loan fund registered under the Investment Company Act of 1940.
The Business of U.S. First Mortgage Income Fund (USA)
USFMIF seeks to generate high interest income with low volatility by sourcing and underwriting senior secured first mortgage bridge loans collateralized by residentially anchored investment properties located in the United States. USFMIF offers the opportunity for Canadian investors to access U.S. residential real estate debt in a tax efficient manner. Loans are senior secured, first-lien, non-levered and backed by real assets.
The U.S. Securities And Exchange Commission, (SEC), prevents the U.S. based Manager of the, “U.S. First Mortgage Income Fund (Cayman)”, from publicly displaying the name or identity of the fund. Contact us for more information.
President & CCO
Michael Steepe
Request a personal consultation with Michael Steepe,
a trusted leader in private credit.
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