1GAAP net income grew 242.4% YoY to $123.1M for fiscal 2025, driven primarily by increased realized gains from sales of consolidated CMBS VIEs.
2Diluted GAAP EPS increased 179.4% YoY to $2.85 for fiscal 2025, up from $1.02 per share reported for full-year 2024.
3The company focuses investments on real estate sectors where its senior management team has deep operating expertise, concentrated in the top 50 U.S. MSAs.
4Management utilizes a flexible, relative-value focused investment strategy, with plans to periodically reallocate capital across target investment classes.
5Short-term liquidity requirements primarily cover debt repayment, investment maintenance, stockholder distributions, and other general business needs.
6The company believes available cash, expected operating cash flows, and potential financings are sufficient to cover operations and its potential IQHQ preferred stock purchase obligation.