● LIVE10Y · 4.32% (+0.04)SOFR · 4.85%NCREIF ODCE · -2.4% LTM
UPDATED 04.28.26 · 14:32 PTFirm Overview · 4Q25
Institutional capital, transparently underwritten.
Founded 1998. 28 years of investing across cycles. The metrics below update each quarter from our portfolio management system — what you see is what we underwrite to.
$29.3 B
Equity invested
▲ +$2.1 B YoY
1,360
Investments executed
▲ +74 LTM
$47.8 B
Total transaction value
▲ +8.2% YoY
28
Years investing
▲ since 1998
Equity invested · 8Y
Allocation by sector
Multifamily
63%
Industrial
21%
Office
10%
Hospitality
4%
Retail
2%
Going-in cap rates · sector matrix
Sector
Going-in
Exit
Spread to 10Y (bps)
Multifamily
5.40%
5.60%
130
Industrial
5.10%
5.30%
100
Office
7.80%
8.10%
380
Hospitality
8.20%
8.40%
420
Retail
6.90%
7.00%
290
Deal-flow funnel · LTM
Sourced
4,280
100%
Screened
1,640
38%
Underwritten
412
10%
IC reviewed
158
4%
Closed
74
1.7%
Featured commitments · selected
Strategies
Three strategies, integrated underwriting.
Equity
Equity Investing
Joint venture equity, preferred equity, recapitalization. Multifamily and industrial dominate.
$18.4 B
Equity invested
Debt
Debt Financing
Senior loans, mezzanine, bridge financing. Construction lender of the year, 2025.
$10.1 B
Debt originated
Advisory
Advisory Services
Strategic advisory and capital markets execution. Sponsor-side mandate.
$0.8 B
Mandate volume