CareVest MIC DRIP - Class A Share Distribution

Carevest Mortgage Investment Corporation Class A Shares continue to pay a distribution during the redemption period if you are enrolled in the DRIP.  Cheques are distributed by Valiant Trust.  You can enroll for EFT but that does not seem to have kicked in yet.

The distribution rate is 0.0367 per unit, that is, on each $ 9.90 share NAV.  This works out to 0.37% per month or 4.4% per year.  This is quite a drop from the distribution of 6.51% before the conversion.  You can beat that distribution from a publicly traded MIC like Timbercreek.  With the recent drop in share price over the last week it yields 7.65 %.  Alternately, a private MIC like Fisgard pays and even 5.00% right now and has none of the stomach churning unit value fluctuation.

PS - MIC-DRIP ... sounds like a runner up name for McDonald's McCafe....just sayin'....