CFIT Update
Dear Unitholders,
Since announcing the wind-down of CFIT (the “Trust”) in August 2024, Management and the Board of Trustees have remained focused on maximizing the value recovered from the Trust's investments and returning capital to Unitholders in a fair, transparent, and orderly manner.
Since the wind-down commenced, substantial progress has been made. The Trust has successfully recovered and distributed capital from its corporate debt and real estate investments, resulting in two significant capital distributions to Unitholders: $2.1060/unit in October 2024 and $1.8433/unit in August 2025.
Wind-Down Progress |
Status |
Corporate Debt Investments |
Fully Recovered |
Real Estate Investments |
Fully Recovered |
Participating Investments |
2 Remaining |
Capital Distributions |
2 |
Management Fees |
Waived Since Wind-Down Announcement |
Carry Allocation |
Waived Since Wind-Down Announcement |
Expected Wind-Down Completion |
Continuing into 2027 |
The current NAV of $2.6590/unit reflects the cumulative impact of the significant capital already returned to Unitholders, together with updated valuation assessments of the remaining investments based on information available today.
The Trust's two remaining participating investments are concentrated in the U.S. healthcare and Canadian food sectors. Management continues to actively monitor these positions, work with the companies’ management teams and advisors, and evaluate opportunities to maximize recovery value while balancing timing, liquidity, and market conditions. Valuations are prepared and reviewed monthly by Management and are also subject to an annual external audit as part of the Trust's financial reporting and corporate governance processes.
We appreciate that the wind-down process has taken longer than many Unitholders would prefer and understand the desire for greater certainty regarding timing and value realization. While private investments often require patience to maximize outcomes, Management and the Board of Trustees remain committed to balancing a timely conclusion of the Trust's affairs with the responsibility to protect and optimize unitholder value. We anticipate the wind-down continuing into 2027.
We will continue to provide updates as material developments occur and we remain focused on achieving the best possible outcome for all Unitholders.
On behalf of the Board of Trustees and Management team, we thank you for your continued patience, trust, and support throughout this process.
Centurion Financial Trust