| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q4'25 | February 12, 2026 | 10/12 | 1 medium, 9 low flags | 5 | 0 | Call sheet → |
| Q3'25 | November 6, 2025 | 5/12 | 1 high, 4 medium, 1 low flags | 3 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q4'25 | Delivered | Take advantage of improving market conditions with rate declines Closed 10 deals in Q4 with 7.3% economic yields, though noted 'headwinds remain' |
| Q4'25 | Delivered | Strong balance sheet and liquidity position to be more offensive with customers Improved to $1.2B liquidity, completed $400M refinancing, achieved single-A ratings |
| Q4'25 | Pending | Expanding affordable housing throughout the country beyond California Still 'beginning' expansion-8 of 9 Q4 deals were Southern California, minimal geographic progress |
| Q4'25 | Exceeded | Additional LOIs signed with customers for deals expected to close through year-end and into 2026 Not only closed year-end deals but disclosed over 15 deals/$300M under LOI going forward |
| Q4'25 | Delivered | Good traction in affordable sector to help buoy origination volume 8 of 9 Q4 ground leases were affordable housing, showing concentrated traction |
| Q4'25 | Delivered | More deals will likely close in Q4 or Q1 next year due to extended time frames Q4 delivered 10 deals for $167M, significantly exceeding Q3's 4 deals for $42M |
| Q3'25 | Pending | Continue expanding affordable housing geographic reach All recent closings remain concentrated in California markets despite expansion claims |
| Q3'25 | Delivered | Balance sheet well positioned with no near-term maturities Maintained strong liquidity and no maturities until 2027 |
| Q3'25 | Missed | Park Hotels transition planning for 2 non-renewed assets Escalated to litigation against all 5 hotels instead of managing orderly transition |
| Q3'25 | Exceeded | Affordable housing segment to more actively contribute to closings later in year 100% of Q3 and Q4-to-date closings were affordable housing deals |
| Q3'25 | Delivered | One-stop capital test program to simplify and shorten time to closing Program expanded beyond test phase, now offering custom pricing solutions |
| Q3'25 | Pending | LOIs at highest level since 2022 expected to close later in year and into 2026 Q3 originations actually dropped 81% from Q2, casting doubt on conversion timeline |
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