Brett Asnas

“2025 has been a challenging environment for new deals as the combination of interest rate volatility and market uncertainty has repriced capital and slowed decision-making for our customers.”

“2024 was an important setup year for the business. While persistent rate volatility negatively impacted originations and our share price, we took significant steps forward building a more sustainable pipeline and balance sheet.”

“Let's start with a summary of the quarter on Slide 2. During the quarter, new origination activity was $104 million, including three multifamily ground leases for $72 million and one leasehold loan for $32 million.”

“Let’s start with the summary of the quarter on Slide 2. During the quarter, we originated six multifamily ground leases for $98 million. Of the six new deals, five were in the affordable housing space and one was student housing and they stand across four markets and three sponsors.”

“Let’s start with a summary of the quarter on Slide 2. The first quarter was highlighted by strong capital markets executions and positive pipeline momentum. On the capital front during the quarter, we issued $300 million of ten-year unsecured notes at a 6.1% coupon.”