No Forbearance Requests and Full Payment Compliance
All borrowers are current on their principal and interest payments for multifamily mortgage revenue bonds as of June 30, 2025, with no forbearance requests received.
Active Joint Ventures and Leasing Progress
The Vantage joint venture consists of interest in 5 properties, with construction completed on 4 properties. The Jessam at Hays Farm and Valage Senior Living Carson Valley projects have begun leasing activities with 49% occupancy for the latter.
Successful Real Estate Transaction
The Vantage at Helotes property was sold in May 2025, resulting in proceeds of $17.1 million, including a gain of $163,000 on the sale.
Liquidity and Credit Line Improvements
Unrestricted cash and equivalents are at $47.5 million, with $86 million available on secured lines of credit. Amendments to credit agreements have extended maturities and increased borrowing capacity.
New Construction Lending Joint Venture with BlackRock
The joint venture received an additional $60 million capital commitment and has begun deploying investments, filling a void left by commercial banks.