We write further to our letter dated February 4, 2026, in which we advised you of the December 2025 write-downs in certain underlying funds managed by Capstone Asset Management Inc. (“Capstone”) and the resulting impact on CCMBC Investments Ltd. (“CCMBC”).
Since that time, CCMBC has continued to actively engage with Capstone and our professional advisors to assess the situation and to develop and implement a plan to address the reduction in net asset value and short-term liquidity. This remains a fluid and evolving matter. We are continuing to monitor developments closely and will provide further updates as appropriate.
Processing of Repayment Requests
As noted in our prior correspondence, CCMBC continues to accept repayment requests in accordance with the terms of the Notes. However, due to higher-than-normal redemption requests, aggregate repayment requests received exceed available cash at this time. In order to ensure fairness and equal treatment to all investors, and to prudently manage liquidity during this period, CCMBC will process repayment requests on a pro rata basis, using available cash (see below for those holding their investments through RRIFs).
The available cash on hand as at the date hereof will be distributed proportionately among investors who have submitted valid repayment requests as of the close of business March 10, 2026.
Accordingly, each investor who has submitted a repayment request as of March 10, 2026 will receive 50% of their requested amount. The unpaid balance of each request will remain outstanding and will be satisfied as additional cash becomes available.
Investors who hold their investments through RRIFs may continue to make withdrawals according to the same schedule that was in effect prior to our initial communication on February 4, 2026. To ensure fair and equal treatment of all investors, those holding investments in a RRIF will not receive repayments in excess of the amounts already contemplated, nor will they be given priority over other investors while CCMBC awaits distributions from its underlying Capstone investments.
However, RRIF investors may still submit a request for repayment beyond their existing withdrawal schedule. Any such request will be considered as part of the general pool of repayment requests.
Application of Future Cash Receipts
CCMBC anticipates being able to repay all repayment requests in full over time; however, the timing of such repayments remains subject to the pace at which cash is received from underlying investments and other sources. As available cash is received — whether from the excess funds that CCMBC has invested with Capstone or from other sources — such available cash will be applied toward outstanding repayment requests that have not yet been fully satisfied, in an equitable and orderly manner.
To maintain consistency in communication, all questions should be directed to Jason Krueger, CEO (This email address is being protected from spambots. You need JavaScript enabled to view it.).
March 16, 2026 Webinar
We invite investors to join a webinar on March 16, 2026, at 7:00 p.m. CT (5:00 p.m. PT). Investors who wish to submit questions in advance may do so by emailing Jason Krueger (This email address is being protected from spambots. You need JavaScript enabled to view it.).
- Zoom link: https://us02web.zoom.us/j/84392321174
March 19, 2026 Town Hall
We invite interested investors to meet on March 19, 2026, at 10:00 a.m. PT in the Fellowship Hall, Clearbrook Mennonite Brethren Church, 2719 Clearbrook Rd., Abbotsford, BC.
Commentary
We wish to express sincere gratitude for the patience, prayers, and many words of encouragement received from investors and ministry partners, and to our employees and board members who work tirelessly as we navigate complex circumstances. Although this is a dynamic situation, we see a path forward and remain confident the Lord will bring further clarity to us in His time. We remain focused on restoring CCMBC’s net asset position and maintaining the long-term stability of the organization.
We’re sensitive to our investors reasons for investing and having accessibility to their investment. Your semi-annual statements will continue to reflect the original value of your investment, as this is money owed to you. The write-downs will be reflected in our financial statements. On February 4, we wrote of forming a plan to restore our financial position. Several elements of this plan continue to advance. Between formal communications, investors can expect to receive a timely response to inquiries from the CCMBC team. We are acutely aware of the need for timely and transparent communication.
We exist to provide ministry-focused financial services to facilitate Kingdom Growth. For more than 40 years, investors have funded our church mortgage program, the bedrock of CCMBC’s stewardship ministries and the engine that supports several other services as we “serve the servants”—the workers and churches of CCMBC. Please continue to pray for us as we seek to honour God in every decision and rely upon Him to help us discern the path forward.
Jason Krueger, CFA
CEO, CCMBC Legacy Fund Inc. and CCMBC Investments Ltd.
Cory Regier
Board Chair, CCMBC Legacy Fund Inc. and CCMBC Investments Ltd.
