Romspen Mortgage Investment Fund (RMIF)
Managed by Romspen Investment Corporation
Data as of: March 31, 2026
This review, compiled by WOWA for informational purposes only, is not investment advice, an offer, or a solicitation. Past returns don't guarantee future results.
Redemptions currently suspended
This fund is currently not processing investor redemption requests. This prevents existing investors from withdrawing their funds.
AUM
$2.3B CAD
2025 return
-6.20%
LTV
65.00%
Management fee
1.00%
About Romspen Mortgage Investment Fund (RMIF)
Romspen Mortgage Investment Fund (RMIF) is an open-ended trust holding a $2.5 billion CAD portfolio of short-term first mortgages on commercial and construction properties across Canada and the United States. The fund has been in an extended asset-resolution cycle since 2022, during which significant fair-value provisions have been recorded on impaired U.S. development loans. As of Q1 2026, redemptions remain suspended and the fund is conducting a controlled, pro-rata capital return process.
The fund reports approximately $2.3B CAD in assets.
The portfolio is predominantly composed of first mortgages.
Return of the mortgage funds are closely related to bank prime lending rate of interest, which has been declining. The latest annual return declined from 0% in 2024 to -6.2% in 2025.
The portfolio is diversified across the U.S., Ontario and BC.
At a glance
| Assets under management (AUM) | $2.3B CAD |
| 2025 return | -6.20% |
| Overall LTV | 65.00% |
| First mortgages (as a % of the portfolio) | 94.00% |
| Property focus | Residential (5%) / Commercial (70%) / Multi-Residential (25%) |
| Structure | Trust |
| Investor access | Redemptions suspended |
Romspen Mortgage Investment Fund (RMIF) portfolio and performance
The portfolio is composed of residential mortgages (5%), commercial mortgages (70%) and multi-residential mortgages (25%).
| Property Type | Share (%) |
| Residential | 5% |
| Commercial | 70% |
| Multi-Residential | 25% |
Note: Land and pre-construction mortgages are classified under commercial mortgages.
Romspen Mortgage Investment Fund (RMIF) has a focus on the U.S., with 53% of its mortgages located in the U.S., followed by Ontario (23%), BC (14%), Alberta (5%).
| Province/Region | Share (%) |
| the U.S. | 53% |
| Ontario | 23% |
| BC | 14% |
| Alberta | 5% |
| Unclassified | 5% |
Romspen Mortgage Investment Fund (RMIF) returns
| Calendar year | Net return |
| 2023 | -0.30% |
| 2024 | 0.00% |
| 2025 | -6.20% |
Romspen Mortgage Investment Fund (RMIF) facts
Fund structure
| Structure | Trust |
| Manager | Romspen Investment Corporation |
| Latest data | March 31, 2026 |
Mortgage portfolio
| First mortgages | 94.00% |
| Overall LTV | 65.00% |
| Property focus | Commercial |
| Leverage | No, the fund does not use leverage. This means the fund uses only investor capital, rather than borrowed money, to fund its mortgage portfolio. This avoids borrowing costs and reduces the additional risks associated with leverage. |
Fees
| Management fee | 1.00% |
| Performance fee | No |
Additional fund details
Redemptions have been suspended since November 2022, and the fund is returning available capital to investors on a controlled, pro-rata basis as loans are repaid and assets are resolved or sold. Recent negative returns have primarily resulted from a prolonged asset-resolution cycle rather than low mortgage yields. Following the 2022–2023 interest-rate shock, a significant portion of the fund’s development-focused mortgage portfolio, particularly its U.S. exposure, became impaired. More than half of the portfolio has remained under review, while a growing share has transitioned into foreclosed real estate held for management and eventual sale. The fund has recorded approximately $500 million in cumulative fair-value provisions. These valuation adjustments have outweighed interest income and contributed to negative net returns, reduced distributions and restricted investor liquidity.
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 U.S. Mortgage Investment Fund | commercial mortgages | $753M CAD | Learn More |
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