Capital Structure Shift: Transactions weighted heavily towards deals previously capitalized at market peak, including recently stabilized lease-ups and older vintage properties on floating rate debt.

Growing Investor Confidence: Increased investor confidence in Kansas City fundamentals and significant runway for near-term growth, compared to other major markets experiencing unbalanced supply/demand metrics. We have 3 recently stabilized assets under contract with new buyers entering the market, including Stonehaven in Overland Park representing the highest per-unit sale since peak 2022 pricing.

Stable Market Fundamentals: First Agency loan default in recent history executed. While seeing a handful of troubled assets, we don't anticipate high concentration in this space due to stable fundamentals and balanced supply numbers.

Location Premium: Properties in high-quality locations are highly sought after, creating cap rate compression for those deals.