Friday afternoon post-FOMC week wrap-up analysis for institutional real estate capital positioning following Federal Reserve decision week. Post-FOMC Week Performance: Federal Reserve's 25bp cut to 4.00%-4.25% creating sustained week-long momentum. US 10-year Treasury at 4.14% with 30-year at 4.76% showing market adjustment while commercial real estate investment volume projected to rise 15% in 2025. Global real estate investment volumes resilient at $380 billion H1 2025. Global Capital Flow Week Analysis: Cross-border investment jumped 57% in Q1 2025 to highest level since 2022. Asia-Pacific investment activity increased 5% in H1 2025 with acceleration expected. European investors capitalizing on improved debt liquidity in US market. Global capital flows anticipated to accelerate in late 2025 as rates decline. Currency Week Performance: USD positioning creating enhanced acquisition opportunities for foreign capital. Geopolitical tensions reshaping capital flows requiring new cross-border strategies. Institutional investors re-engaging with increased market share throughout the week. Sovereign Wealth Fund Week Positioning: $13-14 trillion assets under management up from $11.6 trillion in 2022. Real estate allocations declining to 7.3% from 9.2% in 2022. Infrastructure allocations reaching 8.1% surpassing real estate for first time. Middle Eastern funds contributing over 54% of global SWF deployment. Regional Week Dynamics: Singapore, Japan, Hong Kong among top 10 global sources of cross-border capital. Australia and Japan leading global capital destinations. US remaining leading source of global capital surpassing five-year average. Europe (excluding UK) seeing surge in SWF investment to €2.7 billion H1 2025. Weekend Positioning Advantage: Market absorption time allowing refined strategies based on FOMC impacts. Global coordination opportunities across time zones for international positioning. Reduced competition environment for focused negotiations. Strategic preparation for upcoming week's deployment opportunities. Post-FOMC Week Global Institutional Advantage: Weekend positioning creating strategic advantage for pension funds and sovereign wealth funds preparing for Monday deployment acceleration in sustained lower rate environment. Contact: capitaldesk@protonmail.com

Thursday morning post-FOMC follow-through analysis for institutional real estate capital positioning following Federal Reserve decision execution. Post-FOMC Market Follow-Through: Federal Reserve's 25bp cut to 4.00%-4.25% creating sustained momentum. US 10-year Treasury rose to 4.13% with 30-year at 4.74% showing market adjustment while commercial mortgage rates positioned for continued compression from 5.01% baseline. Investment volume projected 15% increase for year up from earlier 10% estimate with dealmaking acceleration expected. Global Capital Deployment Acceleration: Cross-border investment building on 57% Q1 surge momentum with global capital flows projected to increase as interest rates decline. Industrial and multifamily expected immediate beneficiaries with data centers, student housing, senior housing continuing capital flow. Office showing stabilization signals despite ongoing challenges. Currency-Driven Opportunities: USD weakening creating enhanced acquisition opportunities for foreign capital. Europe emerging as preferred destination due to favorable exchange rates. Emerging markets more appealing with softer US yields. Asia-Pacific investment activity up 5% H1 2025 with acceleration expected. Sovereign Wealth Fund Follow-Through: $13-14 trillion assets under management up from $11.6 trillion in 2022. Real estate allocations at 7.3% vs infrastructure at 8.1% creating rebalancing opportunities. Middle Eastern funds controlling 54% deployment with increased activity expected. Strategic repositioning toward private credit and real estate debt. Regional Follow-Through Dynamics: Australia and Japan prominent global capital destinations. Singapore, Japan, Hong Kong key sources outbound cross-border capital. Cross-border capital retreating from US due to tariff concerns. Industrial & logistics and multifamily attracting most cross-regional investment. Post-FOMC Global Institutional Advantage: Currency-driven opportunities accelerating with central bank divergence creating sustained arbitrage windows for pension funds and sovereign wealth funds positioning for global deployment in lower rate environment. Contact: capitaldesk@protonmail.com

Tuesday morning FOMC decision day analysis for global institutional real estate capital positioning ahead of central bank divergence opportunities. **Global Central Bank Divergence:** Federal Reserve 93% probability 25bp cut to 4.00%-4.25% while ECB holds at 4.50% and BOJ maintains ultra-low rates. Currency-driven acquisition windows emerging for international capital with USD positioning creating cross-border opportunities. **Cross-Border Capital Acceleration:** Asia-Pacific investment doubled 116.7% YoY to $9.5B. International investors 28.4% of regional activity. North America projected 38% increase to $575B. Central/Eastern Europe surging 51% YoY with Slovakia up 315%. **Sovereign Wealth Fund Reallocation:** Real estate allocations declining to 7.3% from 9.2% in 2022. Infrastructure surpassing real estate at 8.1% for first time. Total SWF assets $13-14T. Middle Eastern funds controlling 54% of global deployment. **Global CMBS Intelligence:** Private-label issuance $59.55B H1 2025 (35% YoY increase, highest in 15+ years). SASB deals 75% of market. Delinquency 7.9% with $150.9B maturing 2025 creating refinancing opportunities. **Regional Performance:** EMEA moderate 6% growth with UK top cross-border destination. Asia-Pacific 13% increase excluding Greater China. Data centers 83% investment spike globally. **Sector Positioning:** Multifamily and industrial benefiting from lower financing costs globally. Office sector bifurcation with prime assets outperforming. Retail maintaining strength across regions. **Global Institutional Advantage:** Central bank divergence creating institutional arbitrage opportunities for pension funds and sovereign wealth funds positioning for cross-border deployment acceleration. Contact: capitaldesk@protonmail.com

Monday morning week-ahead positioning for institutional real estate capital ahead of the most consequential FOMC meeting of 2025. **Fed Watch:** 96% probability of 0.25% cut at September 16-17 FOMC. Federal funds rate positioned to move from 4.25%-4.50% to 4.00%-4.25%. 10-year Treasury at 4.082% with new issues at 4.250%. Commercial mortgage rates starting at 5.08% positioned for compression. **CMBS Momentum:** Private-label issuance up 23.9% YoY through August. H1 2025 recorded $59.55B (highest mid-year total in 15+ years). SASB deals constituting 75% of market issuance. Delinquency rate climbed to 7.9% with $54.8B requiring servicer advances. **Global Investment Recovery:** Direct transaction activity $179B in Q2 2025 (14% YoY increase). H1 2025 volumes up 21% from H1 2024. Cross-border Asia-Pacific investment doubled 116.7% YoY to $9.5B. International investors 28.4% of Asia-Pacific activity. **SWF Reallocation:** Real estate allocations declined to 7.3% from 9.2% in 2022. Infrastructure allocations surpassed real estate at 8.1%. Total SWF assets $13-14T. Middle Eastern funds control 54% of global deployment. **Sector Positioning:** Multifamily most preferred (Q2 volume up 39.5% YoY). Industrial steady at $31.4B H1, prices firm at $129/sq ft. Office vacancy bottoming with 5% leasing increase projected. Retail at 15-year vacancy low of 4.8%. **Maturity Wall:** $957B in commercial mortgages maturing by end 2025. LTV ratios tightened to 65%-70% range. Investment sales surged 25% in H1 2025 to $182.4B. **Week-Ahead Advantage:** Strategic positioning for Fed easing cycle initiation and commercial real estate recovery acceleration. Contact: capitaldesk@protonmail.com

- Fed Watch: 92% probability of a 25 bps cut at the September 16–17 FOMC. 10-year UST ~4.04% near a five-month low; 5-year ~3.61%. Bank CRE rates ~5.70–6.22%; agency ~4.91–5.15%. - CMBS: Delinquency 7.29%; office ~11.7%. H1 2025 issuance at post-GFC highs, ~74–75% SASB. ~$150.9B 2025 maturity wall; ~23% office exposure. - Cap Rates: Stabilization continues. Industrial ~5.0%; Multifamily Class A ~4.74%; Office Class A ~8.4%; Data centers ~5.8%. - SWFs & Pensions: SWFs trimming direct real estate (~7.3%) while lifting infra (~8.1%) and private credit/real estate debt. Pension funds increasing REIT usage to 70% (2025). - Sectors: Office vacancy ~14.2% with flight-to-quality (NYC, DFW, Austin, Nashville, Miami). Industrial vacancy ~7.12% with 3PLs ~35% of leasing. Multifamily rent growth 1.5–2.6% for 2025; construction starts rolling over. Retail vacancy at 20-year lows; Miami ~2.8%. Positioning - Debt: Lock favorable coupons into the cut window; prioritize SASB-quality collateral. - Equity: Industrial/logistics and data centers for durable cash flows; selective Class A office only in absorption-positive submarkets; retail neighborhood centers with tight supply. - Capital Programs: Increase allocation to real estate debt strategies; stage dry powder for Q4–Q1 bid-ask normalization. Contact: capitaldesk@protonmail.com

Thursday morning, September 11th, ECB decision day, and while your competition waits for the announcement, we're delivering the decision-day global intelligence that positions institutional real estate capital with the market-moving information. **ECB Decision Day Intelligence:** - Market consensus expecting hold at 2.0% deposit rate (66 out of 69 economists in Reuters poll) - Second consecutive pause after eight consecutive cuts since June 2024 - Inflation hovering around 2% target supporting pause, eurozone unemployment at 6.2% July - Potential December cut still on table with 28 economists predicting cut to 1.75% **Global Investment Recovery Intelligence:** - Global real estate investment projected 27% increase to $952B in 2025 - Cross-border capital flows up 21% globally with Asia Pacific leading 87% increase - Institutional investors raising market share to highest level since 2021 - US saw 26% rise in cross-border capital, UK top global destination for cross-border investment **CMBS Crisis Intelligence:** - Overall CMBS delinquency rate hit 7.29% August (sixth consecutive monthly increase) - Office sector reached all-time high 11.66% delinquency, up 62bp from July - Multifamily delinquencies at nine-year high 6.86%, more than doubled in past year - $150.9B CMBS maturing 2025 with $63.6B requiring refinancing at higher rates **Currency Decision Day Positioning:** - EUR/USD at 1.17 ahead of ECB decision, up 5.57% over 12 months - Fed rate cut 100% probability September 17 with potential 25-50bp reduction - USD Index at 97.8481 (down 3.30% over 12 months) on Fed easing expectations - Euro holding firm on improving Eurozone momentum and EU-US trade deal **Treasury Decision Day Intelligence:** - US 10-Year at 4.05-4.07% reaching five-month low after weak jobs data - 2-Year at 3.47-3.52% as markets price aggressive Fed easing - Bond rally driving yields lower with 10-Year down from nearly 5% earlier in year - Policy-sensitive yields declining on 100% Fed cut probability **Sector Decision Day Intelligence:** - Office sector facing structural challenges with remote work impact continuing - Industrial and multifamily showing resilience despite elevated vacancy rates - Data centers experiencing extraordinary growth from AI and cloud expansion - Retail fundamentals stable with low vacancy rates and healthy rent growth Thursday ECB decision day intelligence that positions institutional capital with market-moving information while others wait for announcements. Because in institutional real estate, decision-day positioning isn't optional - it's competitive advantage.

Wednesday morning, September 10th, and while your competition waits for tomorrow's ECB decision, we're delivering the pre-meeting global intelligence that positions institutional real estate capital ahead of the curve. **Wednesday Pre-ECB Positioning:** - ECB September 11 meeting tomorrow with market consensus expecting hold at 2.0% deposit rate - Wait-and-see approach with potential cuts possibly deferred until December - Fed September 16-17 FOMC with 97% probability 25bp cut creating central bank divergence - French political uncertainty and inflation near 2% target supporting ECB pause **Global Investment Wednesday Intelligence:** - Global real estate investment recovery projected 27% increase to $952B in 2025 - North America leading growth 38% to $575B driven by Fed rate cuts - Institutions reducing CRE target allocations 10% average following 2023 underperformance - Investment activity projected 10% growth reaching $437B this year **Wednesday Refinancing Intelligence:** - $957B commercial mortgages maturing 2025 including $150.9B private-label CMBS - Nearly 63% of all US banks' CRE loans set to mature by year-end 2025 - Delinquency rates 7.2% July 2025 (up nearly 2pp from July 2024) - Office sector 11.0% delinquency July, loan modifications surging with "extend-and-pretend" tactics **CMBS Market Resurgence:** - Private-label CMBS issuance $59.55B H1 2025 (highest in 15+ years, up 35% YoY) - Full-year 2025 forecast $110B-$138B potentially reaching pre-GFC levels - SASB deals dominating issuance backed by trophy properties - Institutional capital active with private debt funds increasing market presence **Currency Wednesday Positioning:** - EUR/USD at 1.17085 ahead of ECB meeting (slight decrease but up over past week) - US 10-Year yield 4.08-4.09%, 30-Year eased to 4.73% - Dollar weakness on Fed cut expectations with 66bp easing expected this year - 10-Year forecast 4.06% end Q3, 4.00% in 12 months **Sector Wednesday Intelligence:** - Data Centers: 2.8% vacancy in primary markets, 21.3% FFO growth Q3 (top REIT performer), global investment $60B+ 2024 growing 20% by mid-2025 - Office: 20.4% vacancy Q1 record high but stabilization signs emerging, construction at 13-year low - Industrial: 7.5% vacancy, 1.7% rent growth, 8.0% FFO growth Q3, Miami-Dade/Minneapolis/Houston outperforming Wednesday intelligence that positions institutional capital ahead of tomorrow's ECB decision while others wait and react. Because in institutional real estate, pre-meeting positioning isn't optional - it's competitive advantage.