Westboro Mortgage Investment Fund Announces Bonus Distribution to Unitholders

OTTAWA, Jan. 22, 2024 (GLOBE NEWSWIRE) -- Westboro Mortgage Investment Fund has paid a bonus distribution of approximately 59bps per eligible Class F unit. The distribution amount paid to an individual investor will be based on the amount and duration of their Westboro investment in 2023.   The bonus distribution equals the excess income earned by the fund for the fiscal year ended December 31, 2023. The total distribution per unit for the 2023 fiscal year, inclusive of this bonus distribution, was 9.38%. This equates to a total annualized compounded return of 9.79% for the calendar year 2023. The strong performance of the Westboro Mortgage Investment Fund is a direct result of our long-standing and strong broker client relationships, best in class staff and our consistent, conservative, and thorough mortgage underwriting and portfolio management practices.

"We had yet another very successful year in 2023. We end the year with all-time high totals of mortgage assets and investor capital. We achieved this company performance record while at the same time not experiencing any material increase in mortgage losses. The high interest rate environment coupled with our conservative underwriting policies resulted in our best investors' ROI since 2009. A special thank you to the Mortgage Brokers who have qualified for our Private Members Club and to our staff, who are truly best in class," said Nick Christopoulos, CEO of Westboro Mortgage Investment Fund.

About Westboro Mortgage Investment Fund

The Fund manages a diversified portfolio of residential mortgages, with over 92% in 1^st position, located in Ontario. The primary objective of the fund is to provide investors with a consistent and stable risk adjusted return for their investment portfolio. https://westboromic.com/fund-performance/

FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of applicable securities laws including, among others, our objectives, our strategies to achieve those objectives, our performance, our mortgage portfolio, and our distributions, as well as statements with respect to management's beliefs, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Forward-looking statements generally can be identified by using forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intent", "estimate", "anticipate", "believe", "should", "plans" or "continue" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.

These statements are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in our Offering Memorandum under "Risk Factors" (a copy of which can be obtained at https://westboromic.com/fund-performance/).

Those risks and uncertainties include, among others, risks associated with public health crisis; liquidity; dependence on the Fund manager and the mortgage broker; potential conflicts of interest; no guaranteed return; credit risk; interest rate risk; environmental matters associated with our business; availability of investments; borrowing; limited sources of borrowing; risks related to the renewal of mortgages comprising our investment portfolio; risks related to the composition of our investment portfolio; reliance on borrowers; litigation risks; ability to manage growth; change in legislation; cyber risk; and qualification as a mortgage investment fund. Readers are cautioned that the foregoing list is not exhaustive. Although the forward-looking information contained in this news release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results and performance will be consistent with these forward-looking statements.

All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Scott Roberts
Vice-President Sales ? Funds
Westboro Mortgage Investment Corp.
267 Richmond Road, 2nd Floor | Ottawa, ON K1Z 6X3
Email [email protected]