Romspen U.S. Mortgage Investment Fund
Partnership (LP)
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.
About the 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.
At a glance
| Assets under management (AUM) | $753M CAD |
| 2025 return | 5.8% |
| Overall LTV | 65% |
| First mortgages | 100% |
| Structure | Partnership (LP) |
| Investor access | Redemptions suspended |
Portfolio & 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% |
Fund facts
| Structure | Partnership (LP) |
| Managed by | Romspen Investment Corporation (RIC) |
| Management fee | 1.25% |
| Performance fee | No |
| First mortgages | 100% |
| Leverage | Leveraged |
| Latest data | March 31, 2026 |
Additional fund details
Redemptions are currently deferred, which may delay investors’ ability to withdraw their capital.
Investor access
Redemptions currently suspended
This fund is currently not processing investor redemption requests. This prevents existing investors from withdrawing their funds.
About the manager
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.
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