Q1 Overview
The first quarter of 2026 marked significant progress across CIL Global Capital's active portfolio. Despite broader macroeconomic headwinds — including elevated short-term interest rates and continued uncertainty in public equity markets — our land-backed portfolio continued to perform in line with underwriting targets, reinforcing the structural resilience of hard-asset real estate.
All active positions maintained their first-position land security, and no fund-level distributions were deferred during the quarter. The Mutual Fund Trust structure continued to deliver the regulatory transparency and audited reporting that institutional partners expect.
ICC Sports Hub: Construction Progress
The ICC Sports Hub project on Surrey's Fraser Highway corridor achieved two key milestones in Q1. Site servicing approvals were confirmed by the City of Surrey, and preliminary geotechnical reports were completed, clearing the path for detailed engineering on Phase 1 of the development. Government partnership documentation with the ICC was finalized in February, providing the institutional anchor that underpins the project's long-term viability.
Investor distributions tied to this project remain on schedule for the Q2 disbursement cycle. Total capital deployed into the site now represents a blended cost basis well below current comparable land values on the corridor.
Whatcom Expansion: Regulatory Momentum
In Washington State, the Whatcom County expansion platform continued to advance through municipal and county planning processes. Key zoning consultations were completed in Q1, with formal application submissions targeted for Q2. The 400-acre platform remains one of the most significant public-private development opportunities in the Pacific Northwest, and investor interest from U.S.-domiciled family offices has increased materially since the platform's public announcement.
Q2 Outlook and Pipeline
Entering Q2, CIL's deal pipeline includes two additional land-backed opportunities at advanced stages of due diligence — one in the Lower Mainland and one in a secondary BC market experiencing outsized population growth. Details will be shared with qualified investors through our standard investor communication channels.
We remain committed to the disciplined capital deployment and transparent reporting that has defined CIL Global Capital's approach across 40 years of market cycles. Accredited investors wishing to discuss the portfolio or explore new allocations are encouraged to contact our investor relations team directly.