Dear Partners,

The Constitution Real Estate Credit Fund closed August and September 2025 with 3.92% and 1.71% gains, bringing year-to-date net performance to 31.76%.

It was great getting to meet some of you at our first in-person investor event. We look forward to hosting more gatherings, both online and in person, in the months ahead.

Learn more about the fund
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Performance

• NAV as of September 30, 2025: $14,551,543
• Net Return YTD (as of September 30, 2025): 31.76%
• Net Return FY 2024: 57.60%

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Net P/L Performance by Month Breakdown

Jan 2024
-1.21%

Feb 2024
2.85%

Mar 2024
6.59%

Apr 2024
3.38%

May 2024
5.84%

Jun 2024
5.78%

Jul 2024
4.68%

Aug 2024
3.83%

Sep 2024
0.06%

Oct 2024
2.69%

Nov 2024
4.11%

Dec 2024
8.02%

YTD 2024
57.60%



Jan 2025
10.27%

Feb 2025
2.18%

Mar 2025
2.25%

Apr 2025
2.52%

May 2025
0.61%

Jun 2025
1.63%

Jul 2025
2.32%

Aug 2025
3.92%

Sep 2025
1.70%

YTD 2025
31.76%

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Portfolio Insights and Highlights

• As of September 30, the Fund holds 12 active investments.
• No new investments in September; three new investments will be announced in the October update.
• A $1.55mm non-performing multifamily construction loan paid off in under 70 days, generating a $4mm profit.
  Read case study and how investors made $4mm in 60 days
• The fund reached $14.55mm in NAV.. Across the broader Constitution Lending platform, we now manage over $100 million in capital, including both the fund and actively managed individual/prefunding notes and JVs.
• The Fund now counts over 90 limited partners, with more than 400 accredited investors having participated across the platform.

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Asset Updates

• 500 Blake St, New Haven CT Ground Up NPL:
  This ground-up construction NPL was acquired for $12M and paid off for $16M in just 60 days; delivering an unlevered 33% return. Quick outcomes like this aren’t typical in NPLs, but they highlight the value of decisive execution.
  ‍
  ‍Read Case Study

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Market Thoughts

• The current environment remains highly attractive for distressed-debt investors. As refinancing challenges persist in the “higher for longer” rate regime, both banks and private lenders continue to shed paper. Unlike prior downturns, today’s distress is driven more by capital structure than by property fundamentals; multifamily, retail, and industrial assets remain strong, but many sponsors are overleveraged and must sell or restructure.

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Looking Ahead

• • Our October and November pipeline is strong, and with a strong cash position we’re well positioned to capitalize on upcoming opportunities.
  • Please note: the minimum investment will increase to $50,000 in December.
  • If you’d like to discuss the Fund or upcoming opportunities, schedule a call with us

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Learn more about investing in the Constitution Real Estate Credit Fund

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Yours truly,
Ricardo, Kyle, and Joe

200 Pemberwick Road
Greenwich CT 06831

Invest@ConstLending.com
203-423-3534

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