As we continue to navigate the current real estate cycle, there are increasing signs that our markets and portfolio are approaching a cyclical bottom. We are very encouraged by our continued relative performance and excited about the future as the next cycle begins. These more challenging years are allowing us to establish a foundation of assets and a track record that will propel the Fund forward for years to come. Nationally, office markets experienced positive net absorption in the second quarter, and interest rates continue to slowly decline. While our office portfolio continues to outperform, these national tailwinds are a welcome change. Occupancy across the portfolio improved this quarter, increasing from 82.65% to 84.56%. While leasing progress is not linear, we are encouraged by the momentum and optimistic that it will continue, with increases in occupancy reflected over time. 
 
For the quarter, realized returns were 9.79% and total returns were 12.44%. Interest rates remain the biggest challenge, both from a return-on-equity perspective as we hold favorable loans longer, and in underwriting new acquisitions. However, rates are approaching levels where refinancing becomes attractive, allowing us to access substantial equity in many of our assets. Lower rates also increase the likelihood of finding new acquisitions that meet our cash flow standards.  
 
Realized returns continue to demonstrate the resilience of the portfolio and the team’s ability to deliver consistent results, despite elevated capital costs, expense inflation, and tenant turnover. Total returns for the quarter highlight the portfolio’s positive momentum as we see improvements in leasing, supported by current market valuations and the portfolio’s positive trajectory. Our valuation process is intentionally conservative, incorporating known tenant departures early, while new leases are incorporated only once spaces are delivered, and rent collections begin. Improvements in total returns often signal progress that later flows through to realized results. 
 
During the quarter, we acquired Pershing Plaza, a retail center located in Cheyenne, WY, serving as the main retail hub in its corridor. The property is fully leased to a diverse tenant base, and benefits from strong visibility, accessibility, and planned residential development nearby. We plan to add value immediately by correcting the CAM collections. We also sold our last remaining BrightStar Care property located in Meridian, ID, resulting in a 1.82x equity multiple. The sale highlights the value embedded in the portfolio and provides flexibility to redeploy capital into new opportunities. 
 
While real estate values remain resilient, supporting our existing holdings, high borrowing costs continue to limit acquisition opportunities. As interest rates gradually ease, refinancing becomes increasingly attractive. The growing equity position across the portfolio positions us well to redeploy capital and generate accretive returns as the market transitions to recovery. 

We are grateful for the trust you have placed in us, and look forward to building on our shared success in the years ahead.