The Company reported net income attributable to common stockholders of $8.2 million, compared with $10.5 million in Q1 2025. Total Operating Assets NOI rose 2% to $73.1 million driven by 3% multifamily and 2% office NOI growth, while MPC EBT increased 33% to $84.4 million on higher Bridgeland land sales. The final six Ulana Ward Village units closed and construction began on The Launiu, now 74% pre-sold for 2028 delivery.

At March 31, 2026, cash and cash equivalents totaled $1.8 billion and undrawn credit capacity reached $1.6 billion, supporting development plans. In February, the subsidiary issued $500 million 5.875% and $500 million 6.125% senior notes due 2032 and 2034, redeemed $750 million of 5.375% notes due 2028, and secured a $300 million mortgage on Downtown Summerlin at a 5.52% fixed rate. The Lakefront Medical Office maturity was extended to March 2027 under the first extension option.

The previously announced $2.1 billion acquisition of Vantage Group Holdings Ltd. is on track to close in Q2 2026. Vantage will add a specialty insurance and reinsurance platform, diversifying earnings with long-duration capital and complementing the real estate base to compound intrinsic value per share over time.