Dear Partners,

The Constitution Real Estate Credit Fund delivered 3.63% net returns in Q1 2026, comprised of 1.81% in January, 2.64% in February, and -0.83% in March. Please find the fund and portfolio updates through Q1 2026 and thoughts on the year ahead. 

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Learn more about the fund
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Administrative

2025 Audit & Financials: Now available in our due diligence folder for all investors.

Q2 Update: The Q2 fund update will be released within 2–3 weeks, after which we will resume timely monthly reporting. 

Investor Event: Invitations forthcoming for our Investor Meet Up on October 23rd at 4pm EST at our Greenwich office.

RSVP FOR INVESTOR EVENT HERE!

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PerformanceNet Return Q1 2026: 3.63%

• Net Return FY 2025: 37.67%
• Net Return FY 2024: 57.60%
• NAV as of March 31, 2026: $22,513,315
• Platform-wide AUM: $230MM (Fund, individual notes, REO, joint ventures)

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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%

Oct 2025
0.92%

Nov 2025
0.11%

Dec 2025
3.05%

YTD 2025
37.67%

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Jan 2026
1.81%

Feb 2026
2.64%

Mar 2026
-0.82%

YTD 2026
3.64%

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Portfolio Insights and Highlights

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• Diversification & Scale: As of March 31, the Fund holds 17 active investments, representing our most diversified portfolio to date. Q1 activity included 2 new investments (February and March) and the payoff of our land NPL position (February), which we had acquired in October 2025. 
• The Fund reached $22.51 million in NAV, and across the broader Constitution platform, we now have AUM of over $230mm, inclusive of the Fund, actively managed individual and prefunding notes, real estate owned, and joint ventures.
• The Fund now counts over 100 limited partners, with more than 400 accredited investors having participated across the platform
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Asset Updates

• Stamford Denton | 22 Unit Multifamily Portfolio:
  Strategy: Non-Performing Mortgage | Acquired: April 2025
  
  • Constitution acquired a non-performing senior loan secured by multiple buildings totaling 22 units in Stamford, Connecticut in April 2025. We have now signed a stipulation agreement with the borrower that they will pay off an agreed amount by 9/1/26 or we will be able to put the properties up for auction. 
    
  • This investment will end up being a 28%+ unlevered net return to fund investors and is an example of the type of positions we try to put ourselves in. High default interest rate and a very low basis relative to the value of the collateral. 
• Sheldrake NY | Mobile Home Park:
  Strategy: Non-Performing Mortgage | Acquired: Q4 2025
  
  • Our first mobile home park NPL, sourced through a limited partner who earned a finder's fee. The loan carries approximately $550K principal with accrued default interest and fees exceeding $1.0M. We estimate the underlying collateral value at $2.0M+.
  • We are actively managing the foreclosure process and this position has strong downside protection and multiple resolution paths.
• Orange NJ | 50+ Unit Multi Family:
  Strategy: Non-Performing Mortgage | Acquired: Q4 2025
  
  • Our largest Q4 2025 investment. The borrower abandoned the project to avoid prolonged litigation. 
  • We now hold title post-foreclosure. 
  • The property has obtained its Certificate of Occupancy and our in-house leasing team is positioned to stabilize occupancy and cash flow over the next 9 months.
• Vernon CT | 300+ Unit Multi Family:
• Strategy: Non-Performing Mortgage | Acquired: Q1 2026
  
  • We partnered with a longtime JV partner to acquire this $70M+ loan position. Results: Borrower paid off loan within 70 days of our acquisition.
  • This position demonstrates our ability to source, execute, and exit at scale without owning the underlying real estate or prolonged workout periods.

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Market Insights & Pipeline

• Our pipeline is approaching $200mm of NPLs that fit our criteria. With the rates higher for longer has helped increase the amount of distressed opportunities that banks and debt funds can no longer keep on their balance sheets.
• We are actively sourcing more NPL opportunities; if you see something, say something! Partner referrals remain a valuable source of off-market deals.

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Thanks to the support of our limited partners. We are grateful for your continued trust and support.

Have questions? Contact Investor Relations @  203.292.1169 or Abby@Constlending.com

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‍Learn more about investing in the Constitution Real Estate Credit Fund

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All the best,
Ricardo, Kyle, and Joe
200 Pemberwick Road, Greenwich CT 06831
Invest@ConstLending.com
203-423-3534

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