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Chief Executive Officer Dallas Tanner and Chief Investment Officer Scott Eisen confirmed they receive frequent inbounds. They emphasized that they are selective, seeking sophisticated, like-minded institutional partners with scale and market overlap. Eisen added that these partnerships are viewed as opportunities for future growth, as they provide a first look to acquire assets if a partner decides to sell parts of their portfolio.

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President Charles Young stated they have not seen such a trend. He reported that the percentage of residents moving out to purchase a home is at a historical low, in the mid-teens. Despite awareness of homebuilder rate buy-downs, it has not translated into a noticeable increase in move-outs for homeownership from their portfolio.

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Chief Investment Officer Scott Eisen broke down the market into channels. For forward purchases from builders, he stated they are still seeing deals around a 6% cap rate. For stabilized, fully leased communities that have come to market, he sees pricing in the 5.5% cap rate range. He noted there has not been meaningful activity in the MLS market to form an opinion on those cap rates.

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Executive Chairman Leonard Tannenbaum explained that the company avoids forecasting originations due to unpredictable closing timelines but noted five loans are actively in documentation. CEO Brian Sedrish confirmed the Florida condo projects are performing as expected. Regarding leverage, Mr. Tannenbaum indicated they would tap the unsecured market as needed to fund deals, likely in Q4 2025, to move toward their target.

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CEO Bryan Smith indicated that while senior housing is a potential long-term interest, the company's immediate focus is on its core single-family rental strategy. CFO Christopher Lau confirmed that the company is committed to maintaining its investment in land and construction in progress at a single-digit percentage of the balance sheet for the long term.

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CEO & Trustee Bryan Smith stated that while they have considered seniors housing, the company's near-term focus remains on its core strategy due to the significant internal opportunities. SEVP & CFO Christopher Lau confirmed that the current land pipeline is at an appropriate level and that the company remains committed to keeping total development exposure at a single-digit percentage of the balance sheet.

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CEO Bryan Smith responded that while senior housing is a potential long-term consideration, the company's immediate focus is on the significant opportunities within its core single-family rental strategy. CFO Christopher Lau confirmed that the company is committed to maintaining its investment in land and in-process construction at a single-digit percentage of the balance sheet.

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CFO Chris Lau explained that AMH's insurance program is placed at a national portfolio level, not market by market. He noted the 2024 renewal was successful, with a premium increase in the high single-digits. Despite an active hurricane season, he expressed confidence heading into the 2025 renewal, citing a well-capitalized insurance market and AMH's strong reputation for its disaster preparedness programs.

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CEO Marc Ganzi confirmed a significant uptick in interest for their private credit strategies, with the LP pipeline for the credit fund growing over 50% in 90 days. He highlighted that credit attracts different types of investors, such as insurance companies, which complements the flagship fund's investor base. Ganzi also emphasized the growth of Separately Managed Accounts (SMAs) in credit, which brings in new investors who may later look at the main fund, creating a 'virtuous cycle' and diversifying the company's fundraising efforts.

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CEO Matt Salem explained the Raleigh downgrade was prompted by a near-term maturity and weaker-than-expected rent growth in its specific submarket. For the Life Science portfolio, he expressed confidence, noting most exposure is in new, high-quality assets in prime locations targeting large tenants. While lease-up risk exists, he stated it is not their current expectation that these loans will be downgraded from a '3' to a '4' rating.

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CEO Matt Salem stated that progress has been made on life science assets through foreclosure and modification, and the remaining exposure is largely in high-quality, well-located construction loans. He noted 'green shoots' as tenants re-enter the market seeking the best assets, which aligns with KREF's portfolio. For the multifamily watch list, Salem explained the issues are mixed: some are in markets with new supply impacting rents, while the West Hollywood asset is more of a valuation issue from a peak-market financing, which is why a condo sellout strategy is being pursued.

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CEO Matthew Salem reported progress on life science exposure through a foreclosure and a significant loan modification. He noted remaining exposure is in high-quality new construction, where he sees 'green shoots' as tenants re-enter the market seeking best-in-class assets. For the multifamily watchlist, Mr. Salem explained the issues are mixed: some assets are in markets with heavy new supply impacting rents, while the West Hollywood property is a 'peak of the market' value issue, prompting a condo sellout strategy.

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