Real Estate without traditional RE risks.

**The Opportunity Today** Never in our 40-year history have we seen an opportunity in U.S. real estate like today’s. **The Dislocation** Higher interest rates have significantly increased financing costs. Banks and traditional lenders have pulled back, creating a shortage of capital. More than $2 trillion of commercial real estate debt is approaching maturity. Result: High-quality real estate owners need capital—not because their assets are poor, but because traditional financing is no longer available. ⬇ **Our Solution** We provide structured capital solutions to overleveraged owners through super-senior, inflation-protected ground leases and lease finance, allowing investors to capture real estate returns without traditional real estate risk. ⬇ **The Investment Opportunity** Target 7% annual distribution Target 15–20% IRR (2.5x–3.0x MOIC over 5–7 years) $200M+ already deployed across the strategy Backed by 40 years of real estate investing experience Leading institutional investors are already allocating capital to this segment—but this opportunity is unlikely to remain available as credit markets normalize.