Market Overview
During the fourth quarter of 2025, we saw improving conditions across commercial real estate as lower interest rates, stronger liquidity, and recovering transaction activity created a more constructive investment environment. Commercial real estate pricing continued to stabilize, while private real estate remained attractive as many sectors continued trading below previous market peaks.
This quarter, we continued expanding SMK Alternative Fund IV through investments across industrial properties, self-storage facilities, mobile home parks, tax-exempt apartment communities, and private real estate debt. We also announced the commencement of investor distributions, marking an important milestone as the portfolio transitioned from capital deployment toward ongoing income generation.