Romspen U.S. Mortgage Investment Fund
Managed by Romspen Investment Corporation
Data as of: March 31, 2026
This review is compiled by WOWA for informational purposes only and is not investment advice, an offer, or a solicitation. Figures are drawn from the manager's published materials as of the dates shown and may change. Returns are historical and do not guarantee future results. Verify all details with the manager or a licensed advisor before investing.
Redemptions currently suspended
This fund is currently not processing investor redemption requests. This prevents existing investors from withdrawing their funds.
AUM
$753M CAD
2025 return
5.8%
LTV
65%
Management fee
1.25%
About Romspen U.S. Mortgage Investment Fund
Romspen U.S. Mortgage Investment Fund (RUSMIF) is an open-ended limited partnership launched June 15, 2018, focused exclusively on short-term first mortgages on commercial and construction properties in the United States. The fund held approximately USD $540 million in mortgage assets as of its most recent available report and is denominated in USD. All CAD-equivalent figures are converted at the Bank of Canada spot rate.
The fund reports approximately $753M CAD in assets.
The portfolio is predominantly composed of first mortgages.
The latest annual return declined from 7.2% in 2024 to 5.8% in 2025.
The portfolio is highly concentrated in the U.S..
At a glance
| Assets under management (AUM) | $753M CAD |
| 2025 return | 5.8% |
| Overall LTV | 65% |
| First mortgages (as a % of the portfolio) | 100% |
| Structure | Partnership (LP) |
| Investor access | Redemptions suspended |
Romspen U.S. Mortgage Investment Fund portfolio and performance
The portfolio is composed of is composed predominantly of commercial mortgages; it also is composed of multi-residential mortgages (18%).
Romspen U.S. Mortgage Investment Fund has a focus on the U.S., with 100% of its mortgages located in the U.S..
| Province/Region | Share (%) |
| the U.S. | 100% |
Romspen U.S. Mortgage Investment Fund returns
| Calendar year | Net return |
| 2023 | 7.8% |
| 2024 | 7.2% |
| 2025 | 5.8% |
Romspen U.S. Mortgage Investment Fund facts
Fund structure
| Structure | Partnership (LP) |
| Manager | Romspen Investment Corporation |
| Latest data | March 31, 2026 |
Mortgage portfolio
| First mortgages | 100% |
| Overall LTV | 65% |
| Leverage | Yes, the fund uses leverage. This means the fund borrows additional money and combines it with investor capital to fund more mortgages. Leverage can increase returns when the portfolio performs well, but it also adds interest costs and can magnify losses. |
Fees
| Management fee | 1.25% |
| Performance fee | No |
Additional fund details
Redemptions are currently deferred, which may delay investors’ ability to withdraw their capital.
About Romspen Investment Corporation
Founded in 1966 and headquartered in Toronto, Romspen Investment Corporation is one of Canada's largest independent non-bank commercial mortgage lenders, specializing in short-term first-mortgage financing for construction, development and bridge situations across Canada and the United States. It manages the flagship Romspen Mortgage Investment Fund — an open-ended trust overseeing roughly $2.6 billion of assets — alongside a U.S.-focused sister fund, on behalf of institutional investors, family offices, foundations, pension plans and high-net-worth individuals. Romspen runs a deliberately conservative balance sheet that avoids structural leverage, lending on unconventional, complex and illiquid situations that demand intensive structuring and active oversight. Since the 2022–2023 rate shock, the firm has been working through a prolonged asset-resolution cycle: roughly half the flagship portfolio is classified as "under review," a growing share (about a quarter) has moved into foreclosed real estate that Romspen now owns and manages toward disposition, and cumulative fair-value provisions have pushed net returns negative. Distributions have been cut and unitholder liquidity curtailed while management pursues a broader liquidity transaction.
Compare other funds by Romspen Investment Corporation
Romspen Investment Corporation manages several mortgage investment entities (MIEs) with different loan and investment objectives. Compare its other funds below.
| Fund | Primary strategy | Approx. size | |
|---|---|---|---|
| Romspen Mortgage Investment Fund (RMIF) | Commercial mortgages | $2.3B CAD | Learn More |
Frequently asked questions
It invests in commercial mortgages.
The fund reports a weighted-average LTV of 65%.
Yes. It is available to individual investors.
The fund is managed by Romspen Investment Corporation.
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