MOFI Real Estate Investment Fund (MREIF) announced a profit before tax of N14.49 billion for the first half of 2026, ending June 30. This performance was primarily fueled by robust income generation from its diverse investment portfolio.

Interest income from cash and cash equivalents, alongside financial assets measured at amortized cost, collectively amounted to N14.31 billion. This figure represented 81.9% of the Fund’s total income of N17.48 billion during the reporting period.

After accounting for a withholding tax of N250.5 million, the Fund’s profit after tax for the period settled at N14.24 billion.

MREIF’s earnings were largely driven by its investment portfolio. Interest income from financial assets measured at amortized cost contributed N8.10 billion, making it the largest contributor at 46.4% of total income.

This was closely followed by interest income from cash and cash equivalents, which generated N6.21 billion, accounting for 35.5% of the total income. Mortgage loan interest income added N3.11 billion, representing 17.8% of the income.

An analysis of asset allocation versus income contribution shows that cash and financial assets generated a larger proportion of income relative to their balance sheet size. Conversely, mortgage loans, despite being the largest asset class, contributed a smaller share to the total income.

Specifically, mortgage loans represented 47.0% of assets but generated 17.8% of income, while cash balances, representing 29.9% of assets, contributed 35.5% of income. Operating expenses for the period amounted to N2.99 billion, which was 17.1% of total income, with management expenses being the largest cost item at N2.08 billion.

The Fund maintained a strong balance sheet position, with total assets recorded at N269.88 billion as of June 30, 2026. This reflects a marginal decrease of 0.15% from N270.29 billion reported in 2025.

MREIF’s capital structure remained predominantly equity-funded, with total equity standing at N266.78 billion, representing 98.9% of total assets. Unit holders’ equity contributions accounted for N250 billion, complemented by retained earnings of N2.54 billion and the profit for the period of N14.24 billion.

The Fund reported a net asset value per unit of N106.71, derived from net assets of N266.78 billion divided by 2.5 billion outstanding units.

As of July 21, 2026, MREIF shares were priced at N100.00, resulting in a market capitalization of N100 billion. This share price represents a discount of 6.3% to the Fund's Net Asset Value, indicating that investors are pricing the Fund below the underlying value of its assets.

MREIF had previously declared and paid H1 2026 dividends on July 15, 2026. Series I investors received N2.8022 per unit, while Series II investors received N8.6136 per unit.