Research Feed

VNO's Q4 2025 transcript confirmed April 2026 construction start for 350 Park/Citadel ($6B project, Citadel appetite growing from original deal), delivered economics on 623 5th Avenue (10%+ ROC, $569/ft in vs $1,175/ft all-in, 11¢ incremental FFO in 2027), and revealed all Penn District income-produ

Ladder Capital (LADR) missed Q4 distributable EPS by 28% ($0.17 vs $0.24) on a $5M charge-off, stock sold off -6.5% to RSI 29. The miss obscures what's happening underneath: $1.2B in loan originations over 7 months (Q3-Jan 2026), cash redeployed from $1.32B to $38M, securities up 93% into AAA CMBS,

Rithm Capital acquired 13M sqft of Class A NYC/SF office at $585/sqft—a 75% discount to replacement cost, 40% below pre-COVID—while SF just recorded its strongest leasing year since 2019. The cross-ticker pattern is visible: SLG reports 8M sqft AI tenant demand pipeline, BXP leased a dormant SF buil