Cameron Stephens
Cameron Stephens is a privately held Canadian commercial real estate investment manager operating dual mortgage (CSMC) and equity (CSEC) divisions, serving developers and institutional/private investors across Ontario, Alberta, and British Columbia with approximately $3.6 billion in assets under administration.
- Company typePrivate
- Founded2004
- HeadquartersToronto, Canada
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Cameron Stephens does
Cameron Stephens is a privately held Canadian commercial real estate investment manager founded in 2004 and headquartered in Toronto, with additional origination offices in Vancouver and Calgary. The firm operates a dual-division platform: Cameron Stephens Mortgage Capital (CSMC) provides first-mortgage and bridge financing (land acquisition, construction, inventory) to commercial and residential developers across Ontario, Alberta, and British Columbia; Cameron Stephens Equity Capital (CSEC), established in 2021, co-invests equity alongside developers in ground-up projects. Both divisions are supported by a family of investment funds — the retail Cameron Stephens Mortgage Trust (CSMT, ~$140M AUM, 6.96% trailing 12-month yield), the flagship Bay Street High Yield Fund (BSHY, $350M, 11.4% C.A.G.R. since inception, now closed), the 2025-vintage Western Canada High Yield Fund (WCHY), and a forthcoming Senior Debt Fund targeting 6–8% yields.
The firm underwrites through an Independent Investment Committee and a regional origination structure, syndicating portions of larger loans to institutional capital partners (banks, insurance companies, pension funds, family offices). Total assets under administration are approximately $3.6 billion ($3.0B institutional + $0.6B private), with $12 billion in cumulative committed loans since inception. Go-to-market is enterprise field sales: dedicated capital markets professionals distribute fund products to retail, family office, institutional, and ultra-high-net-worth channels, while regional originators cultivate long-cycle developer relationships across the three core provinces.
Revenue is generated through a combination of recurring management and performance fees on managed funds, interest income and origination/syndication fees on mortgage lending, and transaction-based equity participation in development projects. The firm is licensed by FSRA (Ontario), RECA (Alberta), and BCFSA (British Columbia), and remains under founder-family control, with Steve Cameron as President & CEO since 2020, Scott Cameron as Executive Chairman, and Brandon Frankfort joining the Board in 2024.
Cameron Stephens firmographics
Firmographics- Name
- Cameron Stephens
- Legal name
- Cameron Stephens Mortgage Capital Ltd.
- Website
- https://cameronstephens.com
- Company type
- Private
- Founded year
- 2004
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Cameron Stephens is a privately held Canadian commercial real estate investment manager operating dual mortgage (CSMC) and equity (CSEC) divisions, serving developers and institutional/private investors across Ontario, Alberta, and British Columbia with approximately $3.6 billion in assets under administration.
- Ownership category
- akta.pro rank
Cameron Stephens industry classification
Industry- Product category
- Commercial Real Estate Lending & Investment Management
- NAICS
- Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (52599)
- SIC
- Mortgage Bankers & Loan Correspondents (6162), Loan Brokers (6163), Investment Advice (6282)
- akta.pro primary industry
- Commercial Mortgage Brokerage (FSAEAEAB)
- akta.pro secondary industries
- Capital Markets Advisory (Equity Placement, JV & Recapitalization) (BPAJABAL), Real Estate Capital Markets Brokerage (Debt & Equity Placement) (FSAEAJAK), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)
Keywords
Where Cameron Stephens is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices3 records
Markets served
Cameron Stephens business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Mortgage Lending Interest Income: Cameron Stephens generates revenue through interest income on mortgage loans provided to real estate developers across Canada. The firm offers various loan products including land acquisition loans, construction financing, bridge loans, and inventory loans.
- Equity Investment Returns: Through Cameron Stephens Equity Capital (CSEC), the firm invests as equity partner in development projects. Returns are generated through profit participation after investors receive their capital back and preferred returns. CSEC shareholders commit 27.5% of equity for each deal on same terms as investors.
- Fund Management Fees: Cameron Stephens manages investment funds including Cameron Stephens Mortgage Trust (CSMT), Bay Street High Yield Fund (BSHY), and Western Canada High Yield Fund (WCHY). Revenue includes management fees from these funds targeting institutional and private investors.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Cameron Stephens Mortgage Trust (CSMT) - Retail mortgage fund focused on residential land, development, and construction financing |
| Subscription | Monthly | Bay Street High Yield Fund (BSHY) - Flagship private investment vehicle for family offices |
| Subscription | Monthly | Western Canada High Yield Fund (WCHY) - Established 2025 for Western Canada real estate markets |
| Subscription | Monthly | Cameron Stephens Senior Debt Fund - Upcoming limited partnership for senior secured first mortgages |
| Transaction based/ take rate | Multi-year contract | Equity Capital Investments - Strategic partnerships with developers |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels6 records
Cameron Stephens product offering
Product offeringCore offering
Cameron Stephens is a Canadian commercial real estate investment manager operating two core divisions. Cameron Stephens Mortgage Capital (CSMC) provides mortgage lending solutions, including land acquisition, construction, bridge and inventory loans, to real estate developers across Ontario, Alberta and British Columbia. Cameron Stephens Equity Capital (CSEC) provides equity partnership capital alongside developers in ground-up residential and commercial projects across Canada, and manages multiple investment funds (CSMT, BSHY, WCHY and a forthcoming Senior Debt Fund) for institutional, family office and retail investors.
Product overview
Cameron Stephens is a Canadian commercial real estate investment manager operating as a dual-division platform. The core offering consists of two main divisions: Cameron Stephens Mortgage Capital (CSMC), which provides mortgage lending solutions for developers across Ontario, Alberta, and British Columbia; and Cameron Stephens Equity Capital (CSEC), which offers equity investment partnerships in development projects. Supporting these divisions are multiple investment funds including Cameron Stephens Mortgage Trust (CSMT) for retail investors, the Bay Street High Yield Fund (BSHY) for family offices, the Western Canada High Yield Fund (WCHY) for Western Canadian exposure, and the upcoming Senior Debt Fund. The firm manages approximately $3.6 billion in assets under administration across debt and equity investments in residential, industrial, retail, office, self-storage, and hospitality asset classes.
Differentiator
Problem solved
Functional benefit
Products and services
- Cameron Stephens Mortgage Capital (CSMC) Mortgage lending division providing innovative mortgage solutions backed by rigorous underwriting and strategic credit adjudication for real estate developers in Ontario, Alberta, and British Columbia, including land acquisition, construction, bridge and inventory financing.
- Cameron Stephens Equity Capital (CSEC) Equity investing division forming strategic partnerships with developers to provide investors access to premier ground-up development projects across Canada, managing approximately $78.5 million in committed capital across residential and commercial projects.
- Cameron Stephens Mortgage Trust (CSMT) Retail mortgage fund focused on capital preservation and stable, consistent returns through a diversified portfolio of residential land, development and construction financing, targeting a 6.96% trailing 12-month yield with a 60% weighted average loan-to-value.
- Bay Street High Yield Fund (BSHY) Cameron Stephens' flagship private investment vehicle with a 20+ year track record, $350M fund size, 11.4% C.A.G.R. since inception, and $20 billion in funded deals. Currently closed to new investments.
- Western Canada High Yield Fund (WCHY) Fund established in 2025 to capture growth opportunities in Western Canada's real estate markets, targeting residential and commercial development loans with disciplined underwriting and strong local market expertise.
- Cameron Stephens Senior Debt Fund Forthcoming limited partnership designed to generate stable, risk-adjusted returns through origination of senior secured first mortgages on commercial real estate in large, liquid urban markets across Canada, targeting an annual yield of 6% to 8%.
- Accelerated Lending Program Fast, flexible financing program for commercial real estate assets across Canada, supported by internal mortgage funds, that surpassed $100 million in commitments shortly after launch in summer 2025.
Quantifiable outcome
- 6.96% trailing 12-month yield for CSMT with 60% weighted average LTV
- +4 more outcomes
Companies that use Cameron Stephens
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
Cameron Stephens technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Cameron Stephens partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core.
- WestdalecoreDevelopment partner for the Yonge and Rosehill 51-storey high-rise project in Toronto. Westdale and Originate acquired the 0.5-acre site in 2023 for $79 million. Cameron Stephens Equity Capital participates as equity investor in the joint venture.
- OriginatecoreDevelopment partner for the Yonge and Rosehill project. Together with Westdale, acquired the prime Toronto site for a transformative residential development with site plan approval anticipated by end of 2025.
- Mirabelli CorporationcoreJoint venture partner for Consumers Road light industrial condo conversion in Toronto. Acquired a 150,000 SF legacy industrial building for $43 million in 2022, less than 0.5km from Highway 401 and 404. Nearly 80% of space sold to date.
- TFC DevelopmentscoreEquity partner for Lambton Mills townhome community in Toronto. Acquired the 58-unit development site for $11 million in 2020. Pre-sales achieved and construction slated to begin imminently.
Scale indicators13 records
Recent moves6 records
Expansion highlights5 records
Cameron Stephens competitors and assessment
Company assessmentDirect peers
- MCAP (Mortgage Investment Corporation): Canada's largest independent mortgage finance company, directly comparable to Cameron Stephens' CSMC division in commercial mortgage origination and fund management. Notably, Scott Cameron (Cameron Stephens co-founder) previously built MCAP from $50M to $12B AUM, making MCAP the closest historical and operational analog.
- Trez Capital: One of Canada's largest non-bank commercial mortgage lenders and investment fund managers, offering comparable bridge construction financing and syndicated mortgage solutions to developers. Directly competitive with Cameron Stephens' core CSMC mortgage origination business and multi-fund structure.
- Romspen Investment Corporation: Canadian mortgage investment corporation focused on commercial real estate lending with a multi-decade track record. Operates a similar model of originating first mortgages on commercial and residential development properties and syndicating to investors via funds.
- Firm Capital Corporation: Canadian specialty finance company with both an investment trust (Firm Capital Mortgage Investment Trust) and capital markets advisory arm that originates and services commercial real estate loans. Highly comparable business mix to Cameron Stephens' lending + equity + capital markets model.
- CMLS Financial: Canadian-based mortgage services platform offering commercial mortgage origination, securitization (CMBS conduit), and capital markets advisory. CMLS overlaps with Cameron Stephens' debt placement, syndication, and CRE financing capabilities.
Broad incumbents
- KingSett Capital: Major Canadian real estate private equity firm managing core+/value-add strategies with both debt and equity solutions across Canadian CRE. Larger and broader in mandate than Cameron Stephens, but overlaps on the equity-capital partnership and CRE investment fund side.
- Hazelview Investments: Toronto-based global real estate investment manager with substantial Canadian multifamily/development debt and equity exposure. Adriano Deabreu (Cameron Stephens Senior Director, Capital Markets) previously served as Partner at Hazelview, indicating direct talent and operating-model overlap.
- Equitable Bank (EQB): Schedule I Canadian bank specializing in residential and commercial mortgage lending via brokers. A larger, deposit-funded incumbent competing in adjacent segments of the Canadian non-bank / specialty mortgage market Cameron Stephens addresses.
Emerging players
- Verdant Realty Capital: Emerging Canadian real estate private credit and equity firm providing flexible structured financing to developers across Canada. Operates in the same commercial-mortgage-and-equity niche as Cameron Stephens but at a smaller, earlier-stage scale.
Regional players
- Frontline (Diversified Royalty Corp-related mortgage lending) / Northpoint Capital: Regional Canadian commercial mortgage and real estate investment firm originating construction and bridge loans in select provinces. Smaller geographic footprint than Cameron Stephens but directly comparable in deal-type and target customer (mid-market developers).
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Cameron Stephens social profiles
Digital presenceCameron Stephens compliance and trust
Trust signalCompliance3 records
Cameron Stephens financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cameron Stephens leadership team
Management profileNumber of profiles
Profiles20 records
Cameron Stephens subsidiaries and ownership
Company hierarchySubsidiaries2 records
Cameron Stephens funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cameron Stephens M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cameron Stephens
What does Cameron Stephens do?
Cameron Stephens is a Canadian commercial real estate investment manager operating two core divisions. Cameron Stephens Mortgage Capital (CSMC) provides mortgage lending solutions, including land acquisition, construction, bridge and inventory loans, to real estate developers across Ontario, Alberta and British Columbia. Cameron Stephens Equity Capital (CSEC) provides equity partnership capital alongside developers in ground-up residential and commercial projects across Canada, and manages multiple investment funds (CSMT, BSHY, WCHY and a forthcoming Senior Debt Fund) for institutional, family office and retail investors.
Is Cameron Stephens a public or private company?
Cameron Stephens is a private company. It is classified as family owned and is currently operating.
When was Cameron Stephens founded?
Cameron Stephens was founded in 2004. It employs 11 to 50 people.
Where is Cameron Stephens based?
Cameron Stephens is headquartered in Toronto, Canada, in the North America region.
How does Cameron Stephens make money?
Three revenue lines are on record. Mortgage Lending Interest Income is the primary driver. The others are equity Investment Returns and fund Management Fees.
Who are Cameron Stephens's main competitors?
Direct peers on record are MCAP (Mortgage Investment Corporation), Trez Capital, Romspen Investment Corporation, Firm Capital Corporation and CMLS Financial. Broad incumbents are KingSett Capital, Hazelview Investments and Equitable Bank (EQB). Verdant Realty Capital is listed as an emerging player. Frontline (Diversified Royalty Corp-related mortgage lending) / Northpoint Capital is listed as a regional player.
Does Cameron Stephens have an API?
No public API is recorded for Cameron Stephens.
What industry is Cameron Stephens in?
Cameron Stephens's product category is Commercial Real Estate Lending & Investment Management. Its primary akta.pro industry code is FSAEAEAB, Commercial Mortgage Brokerage, with a secondary code of BPAJABAL, Capital Markets Advisory (Equity Placement, JV & Recapitalization). Its NAICS code is 523940 and its SIC code is 6162.