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q=dns/txt; t=1748009034; x=1748271834; X-HS-Cid: 1axfhv9wgo06cjw7ctt2azzgg77j73kg3eghxu List-Unsubscribe: , Date: Fri, 23 May 2025 10:03:54 -0400 From: iGlobal Forum Partners Reply-To: copartner@iglobalforum.com To: andrew@sterlingcal.com Message-ID: <1748009026537.72d37ed0-aa56-4bce-8c2b-696699d64bda@bf58x.hubspotemail.net> Subject: How Haynes Boone Sees Real Estate Finance Evolving in 2025 MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----=_Part_84460_1815036189.1748009033982" X-Report-Abuse-To: abuse@hubspot.com (see https://policy.hubspot.com/abuse-complaints) List-Unsubscribe-Post: List-Unsubscribe=One-Click X-Spam-Status: No, score=-4.0 X-Spam-Score: -39 X-Spam-Bar: ---- X-Spam-Flag: NO ------=_Part_84460_1815036189.1748009033982 Content-Type: text/plain; charset=utf-8 Content-Transfer-Encoding: quoted-printable Nicholas Hoffman, Partner at Haynes Boone shares key insights on liquidity,= distress, and the growing role of alternative capital iGlobal_Logo_560x144 transparent (https://cHycy04.na1.hubspotlinks.com/Ctc/= I5+113/cHycy04/VWdWMT7DKx-GW7yxV-53MrMP7W7-75Mp5wXrTQN8wLL5x3pyd0W6N1vHY6lZ= 3p4N18j6vH85M8bW5V_1Zq3z5nBCW8htM383YtmTLN2dL4jMvCgKgW5Qn85t7jRQZpW8GNhbg54= lzLMW6kJq257LXFC4W3mNcSf89xBpDW25gGPS2lKRvDW62SGQv5Snf2kW8DTSr65djkz6W94Cch= k5k-8qgW21972Y77ZMrPV9vsch5jP5p1W82fLVk90jzgvW68jGSD5T2svgW4Rn8Fc5sjvG0W8xD= ZJg5_V6NzW2_--Qh4ftWb6W5Jhv_V70nFzlN2HB_cm796RfW5qWV7N7ssSh6f8Fq54404 ) Real Estate Partner Insights (https://cHycy04.na1.hubspotlinks.com/Ctc/I5+1= 13/cHycy04/VWdWMT7DKx-GW7yxV-53MrMP7W7-75Mp5wXrTQN8wLL663pyd0W7Y8-PT6lZ3n5W= 4TZNGH5dJZ4wW452y-21N9SpcW3TC7r_6Yb_rYW87RZQm1Nj4D-W86JStk85DB9sW96fXkL62Ng= 49W8hjqx_3mXt_bW5HZp__6KBn_xW5cMKy47xKGwVW23VZyV2PfV96W2XStJN3PXDGJN8m9XSNG= N_RgW6xpW-k1B8k2KVymLl35Km5rYW1vQJXQ6zk9NLMz0q-LGt6SwW6BR80r3GpHyTW9lJdCC91= GKQpV6rfrs51SRBRMvsNrqjbwdPW8dq-7J65k-qdVdr44l1GkCN7N7w6pdVDFnBKW7sNDcp7vVW= L4VS1wvX5k4vllW5WpgRX2Tvzj-f35H8P-04 ) PRESENTED BY: Haynes Boone HB_Banner_iGlobal_v2 (https://cHycy04.na1.hubspotlinks.com/Ctc/I5+113/cHycy= 04/VWdWMT7DKx-GW7yxV-53MrMP7W7-75Mp5wXrTQN8wLL5x3pyd0W6N1vHY6lZ3nbW1G85S390= t3WJW4NnrCX3g6scXW4PRFhZ82S6krW1dYRsv3h38CjMJJFM4tmSSTW2T9mdS1xpV6GW49V9rw5= SSl49W5PcW3c6VnvsRW7yQZ548nJjrtW2ljZRX1CrXX6W5dNFyt5PJFp0W5gZkHz7rrmFMW8_hN= 2_96_NXjW2MZ4n96CTgb8Vx4gty4-t8VXW734-y96ftz9-W2LX0l98-w4tVW5VV4946MNsd5W3Y= 8Z2S51vT8_W5MTpz73CNDbPW3ZlmDk2f9r7qN3T3bdrvtCVTf22Pkpz04 ) The Evolving Landscape of Real Estate Finance: Insights from Haynes Boone Screenshot 2025-05-01 112807 (https://cHycy04.na1.hubspotlinks.com/Ctc/I5+1= 13/cHycy04/VWdWMT7DKx-GW7yxV-53MrMP7W7-75Mp5wXrTQN8wLL4Y5n4LbW5BWr2F6lZ3mKW= 8c8tFq73PNDbW1tNJMR6PZpT2W7517fp3tWyKvW1w6qnW2tb3TqW1pYnNw2PMJskW4xwRTN8gY0= xDW4j_0cs2B5MtcW5Mgf_M7rM1d2W3Jm7Gy877vffW781r5z77Rnd4W5bKjgQ7mFvpDVG50ct3W= 0Q9vW3gGsdS3hrVWzW75-TT68fg1R0W8Wy4pc3GBdnvW3L0-Cl1mlPd1W1nFwgT8LKFl8VDFjKd= 7dsHHfW7QlKlK3-KRW7W8_YGhf3x-MYbW2d421G3LJjQzW3cMX0C4Qj0JjW1gn7Wy7SQK9YW6Bm= l2t5mmP4bVQDtwT43cMNrW4P5Fk87tqgy8W2JLyph1Wp0TtW80wsYj5M8rCFW2G0-1t2tk9MKW7= vgR4C5cFg9_W5WXkKj8MM3-wW8JMndb7YtMRKW19qy_f96vCyVW54Fpp97KK10Hf8-TRyF04 ) As market volatility reshapes the real estate financing landscape, industry= leaders are rethinking their approach to capital deployment and deal struc= ture. In this exclusive Q&A (https://cHycy04.na1.hubspotlinks.com/Ctc/I5+113/cHyc= y04/VWdWMT7DKx-GW7yxV-53MrMP7W7-75Mp5wXrTQN8wLL4Y5n4LbW5BWr2F6lZ3mKW8c8tFq7= 3PNDbW1tNJMR6PZpT2W7517fp3tWyKvW1w6qnW2tb3TqW1pYnNw2PMJskW4xwRTN8gY0xDW4j_0= cs2B5MtcW5Mgf_M7rM1d2W3Jm7Gy877vffW781r5z77Rnd4W5bKjgQ7mFvpDVG50ct3W0Q9vW3g= GsdS3hrVWzW75-TT68fg1R0W8Wy4pc3GBdnvW3L0-Cl1mlPd1W1nFwgT8LKFl8VDFjKd7dsHHfW= 7QlKlK3-KRW7W8_YGhf3x-MYbW2d421G3LJjQzW3cMX0C4Qj0JjW1gn7Wy7SQK9YW6Bml2t5mmP= 4bVQDtwT43cMNrW4P5Fk87tqgy8W2JLyph1Wp0TtW80wsYj5M8rCFW2G0-1t2tk9MKW7vgR4C5c= Fg9_W5WXkKj8MM3-wW8JMndb7YtMRKW19qy_f96vCyVW54Fpp97KK10Hf8-TRyF04 ) , Nicho= las Hoffman, Partner in the Real Estate Finance group at Haynes Boone, shar= es his perspective on what=E2=80=99s changing=E2=80=94and what smart dealma= kers should be watching. Key insights include: - Selective Liquidity Is Back Lenders are active=E2=80=94but only for the right deals with strong fundame= ntals and realistic valuations. - Alternative Capital Is Gaining Ground Mezzanine financing, preferred equity, and private credit are stepping in a= s traditional lenders pull back. - Distress Is Brewing Many borrowers are extending loans, but maturity cliffs and rate pressure m= ay force action soon. - Creativity & Legal Strategy Matter More Than Ever Navigating today=E2=80=99s environment requires flexible structures and tru= sted legal guidance. READ MORE (https://cHycy04.na1.hubspotlinks.com/Ctc/I5+113/cHycy04/VWdWMT7DKx-GW7yxV-= 53MrMP7W7-75Mp5wXrTQN8wLL4Y5n4LbW5BWr2F6lZ3mKW8c8tFq73PNDbW1tNJMR6PZpT2W751= 7fp3tWyKvW1w6qnW2tb3TqW1pYnNw2PMJskW4xwRTN8gY0xDW4j_0cs2B5MtcW5Mgf_M7rM1d2W= 3Jm7Gy877vffW781r5z77Rnd4W5bKjgQ7mFvpDVG50ct3W0Q9vW3gGsdS3hrVWzW75-TT68fg1R= 0W8Wy4pc3GBdnvW3L0-Cl1mlPd1W1nFwgT8LKFl8VDFjKd7dsHHfW7QlKlK3-KRW7W8_YGhf3x-= MYbW2d421G3LJjQzW3cMX0C4Qj0JjW1gn7Wy7SQK9YW6Bml2t5mmP4bVQDtwT43cMNrW4P5Fk87= tqgy8W2JLyph1Wp0TtW80wsYj5M8rCFW2G0-1t2tk9MKW7vgR4C5cFg9_W5WXkKj8MM3-wW8JMn= db7YtMRKW19qy_f96vCyVW54Fpp97KK10Hf8-TRyF04 ) About the Author Haynes and Boone, LLP is among the fastest-growing Am Law 100 firms, provid= ing full-service counsel across sectors, including corporate, energy, finan= cial services, real estate, restructuring, litigation, intellectual propert= y and specialty transactions. Companies at all stages rely on Haynes Boone,= whether they=E2=80=99re in the Fortune 500 and/or S&P 500, well-funded, ex= change-listed, privately held or in emerging-growth mode. More than 700 law= yers practice across 19 global offices in California, Colorado, Illinois, N= ew York, North Carolina, Texas, Virginia, Washington, D.C., London, Mexico = City and Shanghai. In 2024, Chambers USA ranked 35 firm practice areas, and= Haynes Boone became the first top-100 firm to earn Mental Health America= =E2=80=99s Gold Bell Seal for its industry-leading commitment to creating a= mentally healthy workplace. For more information, visit haynesboone.com (h= ttps://cHycy04.na1.hubspotlinks.com/Ctc/I5+113/cHycy04/VWdWMT7DKx-GW7yxV-53= MrMP7W7-75Mp5wXrTQN8wLL5x3pyd0W6N1vHY6lZ3q7Vyn6tk2dGhTwM681M5KwTK-W32K1Xv1K= v15pW6ZLZYd8x95hCW7YVcJC43h0kbW76ysdC8hNPgtW2jqGZS22BrxpW35hmJt4mwgRLW52qtL= k34wmL_W11yQ9s5R-j4CN6MsRkyqLNmtW1MbcGv152NbPV7Yy0d4gRPrBW8TYq1y2jbLXVW2hcm= 1m35qtPBW2VnkCf5rLQhJW3ym2Py1ltLCKW8ZSR7w757JtVW66b_LY4njspXW5JQtQM91P7JsW6= CVNG94CxNPjVKlvnk6ZHgCGf38fxQK04 ) . 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charset="utf-8" Content-Transfer-Encoding: quoted-printable How Haynes Boone Sees Real Estate Finance Evolving in 2025</titl= e> <meta property=3D"og:title" content=3D"How Haynes Boone Sees Real Estat= e Finance Evolving in 2025"> <meta name=3D"twitter:title" content=3D"How Haynes Boone Sees Real Esta= te Finance Evolving in 2025"> =20 =20 =20 <meta name=3D"x-apple-disable-message-reformatting"> <meta http-equiv=3D"Content-Type" content=3D"text/html; charset=3DUTF-8"> <meta http-equiv=3D"X-UA-Compatible" content=3D"IE=3Dedge"> <meta name=3D"viewport" content=3D"width=3Ddevice-width, initial-scale=3D1.= 0"> <!--[if gte mso 9]> <xml> <o:OfficeDocumentSettings> <o:AllowPNG/> <o:PixelsPerInch>96</o:PixelsPerInch> </o:OfficeDocumentSettings><w:WordDocument xmlns:w=3D"urn:schemas-micro= soft-com:office:word"> <w:DontUseAdvancedTypographyReadingMail/> </w:WordDocument></xml> =20 <style> ul > li { text-indent: -1em; } </style> <![endif]--> <!--[if mso]> <style type=3D"text/css"> body, td {font-family: Arial, Helvetica, sans-serif;} .hse-body-wrapper-table {background-color: #f2f2f2;} </style> <![endif]--><!--[if mso | IE]> <style type=3D"text/css"> .hse-column-container { border: none !important; padding: 0 !important;= } </style> <![endif]--> =20 =20 =20 =20 =20 <meta name=3D"generator" content=3D"HubSpot"><meta property=3D"og:url" co= ntent=3D"http://iglobalforum-5753891.hs-sites.com/-temporary-slug-2abd8dc2-= 96ee-4a9b-8222-480066d800cc"><meta name=3D"robots" content=3D"noindex,follo= w"><!--[if !((mso)|(IE))]><!-- --><style type=3D"text/css">@media only scre= en and (max-width:639px){img.stretch-on-mobile,.hs_rss_email_entries_table = img,.hs-stretch-cta .hs-cta-img{height:auto !important;width:100% !importan= t} .display_block_on_small_screens{display:block}.hs_padded{padding-left:20px = !important;padding-right:20px !important} .hs-hm,table.hs-hm{display:none}.hs-hd{display:block !important}table.hs-hd= {display:table !important} }@media only screen and (max-width:639px){.hse-border-m{border-left:1px sol= id #ccc !important;border-right:1px solid #ccc !important;box-sizing:border= -box} .hse-border-bottom-m{border-bottom:1px solid #ccc !important}.hse-border-to= p-m{border-top:1px solid #ccc !important} .hse-border-top-hm{border-top:none !important}.hse-border-bottom-hm{border-= bottom:none !important} }.moz-text-html .hse-column-container{max-width:600px !important;width:600p= x !important} .moz-text-html .hse-column{display:table-cell;vertical-align:top}.moz-text-= html .hse-section .hse-size-12{max-width:600px !important;width:600px !impo= rtant} @media only screen and (min-width:640px){.hse-column-container{max-width:60= 0px !important;width:600px !important} .hse-column{display:table-cell;vertical-align:top}.hse-section .hse-size-12= {max-width:600px !important;width:600px !important} }@media only screen and (max-width:639px){ul,blockquote{margin:0;padding:1e= m 40px} }@media only screen and (max-width:639px){.hse-body-wrapper-td{padding-top:= 20px !important} #section_1697617990813 .hse-column-container{background-color:#fff !importa= nt} }@media screen and (max-width:639px){.social-network-cell{display:inlin= e-block} }@media only screen and (max-width:639px){.hse-body-wrapper-td{padding-bott= om:20px !important} #section_16959791752793 .hse-column-container{background-color:#fff !import= ant} }</style><!--<![endif]--><style type=3D"text/css">#hs_body #hs_cos_wra= pper_main a[x-apple-data-detectors]{color:inherit !important;text-decoratio= n:none !important;font-size:inherit !important;font-family:inherit !importa= nt;font-weight:inherit !important;line-height:inherit !important} a{text-decoration:underline}p{margin:0}body{-ms-text-size-adjust:100%;-webk= it-text-size-adjust:100%;-webkit-font-smoothing:antialiased;moz-osx-font-sm= oothing:grayscale} table{border-spacing:0;mso-table-lspace:0;mso-table-rspace:0}table,td{borde= r-collapse:collapse} img{-ms-interpolation-mode:bicubic}p,a,li,td,blockquote{mso-line-height-rul= e:exactly}</style></head> <body id=3D"hs_body" bgcolor=3D"#f2f2f2" style=3D"margin:0 !important; pa= dding:0 !important; font-family:Arial, sans-serif; font-size:15px; color:#4= 44444; word-break:break-word"> <div id=3D"preview_text" style=3D"display:none;font-size:1px;color:#f2f= 2f2;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;= " lang=3D"en">Nicholas Hoffman, Partner at Haynes Boone shares key insights= on liquidity, distress, and the growing role of alternative capital</div> =20 <!--[if gte mso 9]> <v:background xmlns:v=3D"urn:schemas-microsoft-com:vml" fill=3D"t"> <v:fill type=3D"tile" size=3D"100%,100%" color=3D"#ffffff"/> </v:background> <![endif]--> <div class=3D"hse-body-background" lang=3D"en" style=3D"background-colo= r:#f2f2f2" bgcolor=3D"#f2f2f2"> <table role=3D"presentation" class=3D"hse-body-wrapper-table" cellpad= ding=3D"0" cellspacing=3D"0" style=3D"margin:0; padding:0; width:100% !impo= rtant; min-width:320px !important; height:100% !important" width=3D"100%" h= eight=3D"100%"> <tbody><tr> <td class=3D"hse-body-wrapper-td" valign=3D"top" style=3D"font-fa= mily:Arial, sans-serif; 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c= olor: #979393; font-size: 14px; font-weight: bold; font-family: Roboto,sans= -serif; line-height: 1.3;">PRESENTED BY: <span style=3D"color: #efac28;">Ha= ynes Boone</span></span></p> =20 </td> </tr> </tbody></table> </td> </tr> </tbody></table></div> </div> <!--[if gte mso 9]></table><![endif]--> <!--[if (mso)|(IE)]></td><![endif]--> <!--[if (mso)|(IE)]></tr></table><![endif]--> </div> =20 </div> <div id=3D"section_1704389029176" class=3D"hse-section" style=3D"padding-= left:10px; padding-right:10px"> =20 =20 =20 <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid= th:600px; Margin-left:auto; Margin-right:auto; background-color:#ffffff" bg= color=3D"#ffffff"> =20 =20 <!--[if (mso)|(IE)]> =20 <table align=3D"center" style=3D"width:600px;" cellpadding=3D"0" cell= spacing=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#ffffff"> <tr style=3D"background-color:#ffffff;"> <![endif]--> <!--[if (mso)|(IE)]> <td valign=3D"top" style=3D"width:600px;"> <![endif]--> <!--[if gte mso 9]> <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing= =3D"0" style=3D"width:600px"> <![endif]--> <div id=3D"column_1704389029176_0" class=3D"hse-column hse-size-12"> <div id=3D"hs_cos_wrapper_module_17043890324781" class=3D"hs_cos_wrapper = hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; 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tex= t-decoration:none; border:none; max-width:100%; font-size:16px" width=3D"56= 0" align=3D"middle"> </a> </td> </tr> </tbody> </table></div> </div> <!--[if gte mso 9]></table><![endif]--> <!--[if (mso)|(IE)]></td><![endif]--> <!--[if (mso)|(IE)]></tr></table><![endif]--> </div> =20 </div> <div id=3D"section-0" class=3D"hse-section" style=3D"padding-left:10px; p= adding-right:10px"> =20 =20 =20 <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid= th:600px; Margin-left:auto; Margin-right:auto; background-color:#ffffff" bg= color=3D"#ffffff"> =20 =20 <!--[if (mso)|(IE)]> =20 <table align=3D"center" style=3D"width:600px;" cellpadding=3D"0" cell= spacing=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#ffffff"> <tr style=3D"background-color:#ffffff;"> <![endif]--> <!--[if (mso)|(IE)]> <td valign=3D"top" style=3D"width:600px;"> <![endif]--> <!--[if gte mso 9]> <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing= =3D"0" style=3D"width:600px"> <![endif]--> <div id=3D"column_1695979011899_0" class=3D"hse-column hse-size-12"> <div id=3D"hs_cos_wrapper_module_16986533100811" class=3D"hs_cos_wrapper = hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; = font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widg= et" data-hs-cos-type=3D"module"><table cellpadding=3D"0" cellspcing=3D"0" b= order=3D"0" width=3D"100%" class=3D"emailglre_hero" style=3D"width: 100%; m= ax-width: 600px; border-spacing: 0px; margin: 0 auto; border-collapse: coll= apse !important;"> <tbody><tr> <td cellpadding=3D"0" cellspcing=3D"0" border=3D"0" width=3D"100%" styl= e=3D"font-family:Arial, sans-serif; font-size:15px; color:#444444; word-bre= ak:break-word; padding:20px 20px 0"> <table cellpadding=3D"0" cellspcing=3D"0" border=3D"0" width=3D"100%"= > <tbody><tr> <td class=3D"column" cellpadding=3D"0" cellspcing=3D"0" border=3D= "0" width=3D"100%" style=3D"font-family:Arial, sans-serif; font-size:15px; = color:#444444; word-break:break-word; padding-bottom:25px"> <h1 style=3D"font-size:28px; margin:0; mso-line-height-rule:exa= ctly; line-height:1.3; color:#000; font-family:Roboto,sans-serif">The Evolv= ing Landscape of Real Estate Finance: Insights from Haynes Boone</h1> </td> </tr> =20 <tr> <td class=3D"column" cellpadding=3D"0" cellspcing=3D"0" border=3D= "0" width=3D"100%" style=3D"font-family:Arial, sans-serif; font-size:15px; = color:#444444; word-break:break-word; padding-bottom:40px"> =20 =20 =20 <a href=3D"https://cHycy04.na1.hubspotlinks.com/Ctc/I5+113/cHyc= y04/VWdWMT7DKx-GW7yxV-53MrMP7W7-75Mp5wXrTQN8wLL4Y5nXHsW5BWr2F6lZ3mmW4C3WDX4= 3WH9vW7M6K9n1_5xv2W71zFzw3-gBwrW27L2Lj5p_hRNW6h4DLF2Y7w8gN83X_Yf6jgsnW4ZxrG= 27m70ZMW5jJtWM5RNp_JW6PdGfk8qqpfkW2P85dw7m_XhZW5R0rFn5F1tYMW6xB8Qh4YBS7kW8g= pttp8XklJkW8rCtR38wzKDmW8jzkjw8-0nrVW52NlQS4ynBJVVz8jQ46DM4FcW3QvdDP6N0XZKW= 35YDhj3P49yVW137X-q6YV1RYW7DSxCj5yXB2jW5xHtbC756HD4W4q2mQG2VF6k0W24YLx12qnt= PqW8QVmKs2rV36vW3xMd9F8gdzP5W27l9_C8ljD62W1ms_2t576SQMW7YGk2Y1hYk56W4YRBYT7= qPQctW72vmXP79w44YW38nd2M9kQpjxW1JkcC-3Pq__fV4FXNQ8T2NbJf4QNYp204" target= =3D"_blank" rel=3D"noopener" style=3D"color:#00a4bd" data-hs-link-id=3D"0" = data-hs-link-id-v2=3D"O3d+dZ5g"> <img src=3D"https://hs-5753891.f.hubspotemail.net/hub/5753891/h= ubfs/Screenshot%202025-05-01%20112807.png?width=3D1120&upscale=3Dtrue&a= mp;name=3DScreenshot%202025-05-01%20112807.png" alt=3D"Screenshot 2025-05-0= 1 112807" width=3D"560" style=3D"outline:none; text-decoration:none; border= :none"> </a> </td> </tr> =20 <tr> <td cellpadding=3D"0" cellspcing=3D"0" border=3D"0" width=3D"100%= " style=3D"font-family:Arial, sans-serif; font-size:15px; color:#444444; wo= rd-break:break-word"> <table cellpadding=3D"0" cellspcing=3D"0" border=3D"0" width=3D= "100%"> =20 =20 <tbody><tr> <td class=3D"column" cellpadding=3D"0" cellspcing=3D"0" b= order=3D"0" width=3D"100%" style=3D"font-family:Arial, sans-serif; font-siz= e:15px; color:#444444; word-break:break-word; padding-bottom:20px"> <div style=3D"font-size: 16px; line-height: 1.3; color:= #202020; font-family: Roboto,sans-serif;"><p>As market volatility reshapes= the real estate financing landscape, industry leaders are rethinking their= approach to capital deployment and deal structure.</p> <p> </p> <p>In this <a href=3D"https://cHycy04.na1.hubspotlinks.com/Ctc/I5+113/cHycy= 04/VWdWMT7DKx-GW7yxV-53MrMP7W7-75Mp5wXrTQN8wLL4Y5nXHsW5BWr2F6lZ3pRW3H9yCt12= GbfhW5JjJkm2dQ_5vW3N-GBZ8LRhvYW3LnGPV93nc3KN7p7GdccdfGFW7kR4yg8jzYZCN7P26S9= SVhlWW3-FFgZ7ZM2_cW57r05n6K0Lt5VN9R636RRvv1N2gllSvs5qV2W7nYdht1ZK0pMW4yF3Nl= 2wpYHnW1RPCS7319WThN4_7x4XrC7ztW339yYk72F7M4W1-CpCL5bS-tcVkcllr6xKzb-W80Dpn= m8JMr3JW2xBny91LBD-7W3sSTLl8KV7cxW28T6k84SJfHXW3nZW4X8P9K2vW9c5xlQ5YGg2dW4z= VMlJ2FxlrhW7ZTqcm4Mf0VNW98fWWl5k82zHW7YPdgy8y4931W3NMtMc2qjwZDW2sTdGr4xvRYh= W7tJljc6TBM7lW8QFM7D82CFGdW92zdQR5FFxFDW2mY32h4Q1bjYdmD1hP04" rel=3D"noopen= er" style=3D"color:#00a4bd" data-hs-link-id=3D"1" data-hs-link-id-v2=3D"64l= S4xs/" target=3D"_blank">exclusive Q&A</a>, <strong data-start=3D"524" = data-end=3D"544">Nicholas Hoffman</strong>, Partner in the Real Estate Fina= nce group at <span style=3D"font-weight: bold;">Haynes Boone</span>, shares= his perspective on what=E2=80=99s changing=E2=80=94and what smart dealmake= rs should be watching.</p> <p> </p> <p style=3D"font-weight: bold;">Key insights include:</p> <ul> <li data-start=3D"162" data-end=3D"298"> <p data-start=3D"164" data-end=3D"298"><strong data-start=3D"164" data-end= =3D"195">Selective Liquidity Is Back</strong><br data-start=3D"195" data-en= d=3D"198">Lenders are active=E2=80=94but only for the right deals with stro= ng fundamentals and realistic valuations.</p> </li> <li data-start=3D"300" data-end=3D"455"> <p data-start=3D"302" data-end=3D"455"><strong data-start=3D"302" data-end= =3D"343">Alternative Capital Is Gaining Ground</strong><br data-start=3D"34= 3" data-end=3D"346">Mezzanine financing, preferred equity, and private cred= it are stepping in as traditional lenders pull back.</p> </li> <li data-start=3D"457" data-end=3D"583"> <p data-start=3D"459" data-end=3D"583"><strong data-start=3D"459" data-end= =3D"482">Distress Is Brewing</strong><br data-start=3D"482" data-end=3D"485= ">Many borrowers are extending loans, but maturity cliffs and rate pressure= may force action soon.</p> </li> <li data-start=3D"585" data-end=3D"732"> <p data-start=3D"587" data-end=3D"732"><strong data-start=3D"587" data-end= =3D"640">Creativity & Legal Strategy Matter More Than Ever</strong><br = data-start=3D"640" data-end=3D"643">Navigating today=E2=80=99s environment = requires flexible structures and trusted legal guidance.</p> </li> </ul></div> </td> </tr> =20 =20 </tbody></table> </td> </tr> </tbody></table> </td> </tr> </tbody></table></div> <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D= "100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo= nt-family:Arial, sans-serif; font-size:15px; color:#444444; word-break:brea= k-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_17000593523453"= class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" = style=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs= -cos-general-type=3D"widget" data-hs-cos-type=3D"module"><table align=3D"ce= nter" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation= " style=3D"border-collapse:separate!important"> <tbody><tr> <td align=3D"center" valign=3D"middle" bgcolor=3D"#efac28" style=3D"f= ont-family:Arial, sans-serif; font-size:15px; color:#444444; word-break:bre= ak-word; border-radius:8px; cursor:auto; background-color:#efac28; mso-padd= ing-alt:12px 18px"> <a href=3D"https://cHycy04.na1.hubspotlinks.com/Ctc/I5+113/cHycy04/= VWdWMT7DKx-GW7yxV-53MrMP7W7-75Mp5wXrTQN8wLL4Y5nXHsW5BWr2F6lZ3l0W4MfB_K7Zk-3= wW3JKFqV8k71gmW8xz-FB44NC9wW17mS8S8CdPnBW2XZG4J3H0sDMW4kmg-J6_zCzXW2NDkGB57= Vgp_N1gWDN7RshkZN6wnNDbpYPXhW5nSXsQ5t4QzfW2Dl-BV81xWBkMr69kTdCCXNW7sx61T1N2= TMPW9khG222lj9TPW3Lr-lc5zQszGW6prfwy3yrVSnW1K8D_m66MKBJW3n4Myp6LytWMW65c-NT= 2n5XBSW9jbYbq3VKZJNW8XMryR8n_T2hW4qQkHb3JWmkQMNKwKg7vtG0W1nW7fc7YfYSXW2vbmn= l8j3NjlW7P5vsj7MWHwSW3R_YF-75XmvwV5D7s51Hf7fRW1v-dV51pmKJQW5_kRFX25sfb0W6Wd= Ft01tq811N3LC-kcPhkrYW1mKbt02rgpr_W89TGGS62r5fyf35trhl04" target=3D"_blank"= style=3D"color:#00a4bd; font-size:19px; font-family:Helvetica,Arial,sans-s= erif; Margin:0; text-transform:none; text-decoration:none; padding:12px 18p= x; display:block" data-hs-link-id=3D"2" data-hs-link-id-v2=3D"NMyMEpvM"> <strong style=3D"color:#FFFFFF;font-weight:bold;text-decoration:n= one;font-style:normal;">READ MORE</strong> </a> </td> </tr> </tbody></table></div></td></tr></tbody></table> <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D= "100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo= nt-family:Arial, sans-serif; font-size:15px; color:#444444; word-break:brea= k-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_16987580406691"= class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" = style=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs= -cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_= wrapper_module_16987580406691_" class=3D"hs_cos_wrapper hs_cos_wrapper_widg= et hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inher= it; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-= type=3D"rich_text"><p style=3D"mso-line-height-rule:exactly; font-weight:bo= ld; font-size:14px; line-height:175%"><span style=3D"color: #000000;">About= the Author</span></p></div></div></td></tr></tbody></table> </div> <!--[if gte mso 9]></table><![endif]--> <!--[if (mso)|(IE)]></td><![endif]--> <!--[if (mso)|(IE)]></tr></table><![endif]--> </div> =20 </div> <div id=3D"section_1698756960246" class=3D"hse-section" style=3D"padding-= left:10px; padding-right:10px"> =20 =20 =20 <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid= th:600px; Margin-left:auto; Margin-right:auto; background-color:#ffffff; pa= dding-bottom:20px" bgcolor=3D"#ffffff"> =20 =20 <!--[if (mso)|(IE)]> =20 <table align=3D"center" style=3D"width:600px;" cellpadding=3D"0" cell= spacing=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#ffffff"> <tr style=3D"background-color:#ffffff;"> <![endif]--> <!--[if (mso)|(IE)]> <td valign=3D"top" style=3D"width:600px;padding-bottom:20px;"> <![endif]--> <!--[if gte mso 9]> <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing= =3D"0" style=3D"width:600px"> <![endif]--> <div id=3D"column_1698756960247_1" class=3D"hse-column hse-size-12"> <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width= =3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D= "font-family:Arial, sans-serif; font-size:15px; color:#444444; word-break:b= reak-word; padding:0px 20px"><div id=3D"hs_cos_wrapper_module_1698757050791= 3" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module= " style=3D"color: inherit; font-size: inherit; line-height: inherit;" data-= hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_co= s_wrapper_module_16987570507913_" class=3D"hs_cos_wrapper hs_cos_wrapper_wi= dget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inh= erit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-co= s-type=3D"rich_text"><p style=3D"mso-line-height-rule:exactly; font-size:13= px; line-height:125%"><em>Haynes and Boone, LLP is among the fastest-growin= g Am Law 100 firms, providing full-service counsel across sectors, includin= g corporate, energy, financial services, real estate, restructuring, litiga= tion, intellectual property and specialty transactions. Companies at all st= ages rely on Haynes Boone, whether they=E2=80=99re in the Fortune 500 and/o= r S&P 500, well-funded, exchange-listed, privately held or in emerging-= growth mode. More than 700 lawyers practice across 19 global offices in Cal= ifornia, Colorado, Illinois, New York, North Carolina, Texas, Virginia, Was= hington, D.C., London, Mexico City and Shanghai. In 2024, Chambers USA=  ranked 35 firm practice areas, and Haynes Boone became the first top-= 100 firm to earn Mental Health America=E2=80=99s Gold Bell Seal for its ind= ustry-leading commitment to creating a mentally healthy workplace. For more= information, visit <a href=3D"https://cHycy04.na1.hubspotlinks.com/Ct= c/I5+113/cHycy04/VWdWMT7DKx-GW7yxV-53MrMP7W7-75Mp5wXrTQN8wLL5x3qn9gW6N1vHY6= lZ3m0W8vclsS2r2FXgW1sGKSg26b-WXW3tyP0G6NNdhMW6G_W8T9bgDKbVyrpNm5fJrxwW7vd1C= J7nP_ngW5FXw_r45kCprW8T7sWk1tXT6-W6h6Cj397VD1-W8FT1YM67hXJnW4wFZk97-HHjJW37= lpGz85S_06W1gj_sG27m5sZW1mHWcV9jkFxCV70ww42bQmd4W3-YbZY4bbXQKN7mZcK14vNk7M9= PdzhLzdlvW36VCPK72M-43W8gYvr04gz3kbW4m7Lkr7xqrVGW4PhyXh8dBvKLf68Tpqs04" tar= get=3D"_blank" rel=3D"noopener" data-saferedirecturl=3D"https://www.google.= com/url?q=3Dhttp://haynesboone.com&source=3Dgmail&ust=3D17479741283= 36000&usg=3DAOvVaw24pptbsO-z8OWoUJz_A37i" style=3D"color:#e69138" data-= hs-link-id=3D"0" data-hs-link-id-v2=3D"RdZ8Mnut">haynesboone.com</a>.</em><= /p></div></div></td></tr></tbody></table> </div> <!--[if gte mso 9]></table><![endif]--> <!--[if (mso)|(IE)]></td><![endif]--> <!--[if (mso)|(IE)]></tr></table><![endif]--> </div> =20 </div> <div id=3D"module_1704389050552" class=3D"hse-section" style=3D"padding-l= eft:10px; padding-right:10px"> =20 =20 =20 <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid= th:600px; Margin-left:auto; Margin-right:auto; background-color:#ffffff; pa= dding-bottom:20px" bgcolor=3D"#ffffff"> =20 =20 <!--[if (mso)|(IE)]> =20 <table align=3D"center" style=3D"width:600px;" cellpadding=3D"0" cell= spacing=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#ffffff"> <tr style=3D"background-color:#ffffff;"> <![endif]--> <!--[if (mso)|(IE)]> <td valign=3D"top" style=3D"width:600px;padding-bottom:20px;"> <![endif]--> <!--[if gte mso 9]> <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing= =3D"0" style=3D"width:600px"> <![endif]--> <div id=3D"module_1704389050552_0" class=3D"hse-column hse-size-12"> <div id=3D"hs_cos_wrapper_module_17043890505332" class=3D"hs_cos_wrapper = hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; = font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widg= et" data-hs-cos-type=3D"module"><table class=3D"hse-image-wrapper" role=3D"= presentation" width=3D"100%" cellpadding=3D"0" cellspacing=3D"0"> <tbody> <tr> <td class=3D"hs_padded" align=3D"center" valign=3D"top" style=3D"font= -family:Arial, sans-serif; color:#444444; word-break:break-word; text-align= :center; padding:10px 20px; font-size:0px"> <a href=3D"https://cHycy04.na1.hubspotlinks.com/Ctc/I5+113/cHycy04/= VWdWMT7DKx-GW7yxV-53MrMP7W7-75Mp5wXrTQN8wLL5x3qn9gW6N1vHY6lZ3kXVdz_G46hqd52= W4-y_FD6MvsH8W53rgS_1VCJJMW45QKY09jRtZDW8rFVWv6Q6H0VW1MPX8k34xDzkN96ylWgl6Q= 07W1R9hXD7kFj2lVYGW727n4ywdW7RGx0H6Jfzx2W4_k3wr1n0xpVW1y8nX35H6Wl9W5znhz988= 5z6pN6FqQ2RKv2bKW5cCBWr3MzZLQW2m5D2R7Wb512N2VXS5znG1YGW8Ftmtm36LCQcW5C8k5h6= hVqkDW9jtGzt1KP0QLV46jNt40ZsN8N7VDQTNwxvNFf4m26kY04" target=3D"_blank" styl= e=3D"color:#00a4bd" data-hs-link-id=3D"1" data-hs-link-id-v2=3D"Up+FDX4e"> <img alt=3D"HB_Banner_iGlobal_v2" src=3D"https://hs-5753891.f.hubsp= otemail.net/hub/5753891/hubfs/HB_Banner_iGlobal_v2.jpg?width=3D1120&ups= cale=3Dtrue&name=3DHB_Banner_iGlobal_v2.jpg" style=3D"outline:none; tex= t-decoration:none; border:none; max-width:100%; font-size:16px" width=3D"56= 0" align=3D"middle"> </a> </td> </tr> </tbody> </table></div> </div> <!--[if gte mso 9]></table><![endif]--> <!--[if (mso)|(IE)]></td><![endif]--> <!--[if (mso)|(IE)]></tr></table><![endif]--> </div> =20 </div> <div id=3D"section-5" class=3D"hse-section" style=3D"padding-left:10px; p= adding-right:10px"> =20 =20 =20 <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid= th:600px; Margin-left:auto; Margin-right:auto; background-color:#000000" bg= color=3D"#000000"> =20 =20 <!--[if (mso)|(IE)]> =20 <table align=3D"center" style=3D"width:600px;" cellpadding=3D"0" cell= spacing=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#000000"> <tr style=3D"background-color:#000000;"> <![endif]--> <!--[if (mso)|(IE)]> <td valign=3D"top" style=3D"width:600px;"> <![endif]--> <!--[if gte mso 9]> <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing= =3D"0" style=3D"width:600px"> <![endif]--> <div id=3D"column-5-0" class=3D"hse-column hse-size-12"> <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width= =3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D= "font-family:Arial, sans-serif; font-size:15px; color:#444444; word-break:b= reak-word; padding:0px 20px"><div id=3D"hs_cos_wrapper_module-5-0-0" class= =3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style= =3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-= general-type=3D"widget" data-hs-cos-type=3D"module"><table role=3D"presenta= tion" align=3D"center" style=3D"width: auto; text-align: center;" class=3D"= hs_cos_wrapper_type_social_module"> <tbody> <tr align=3D"center"> <td class=3D"social-network-cell" style=3D"font-family:Arial, sans-se= rif; font-size:15px; color:#444444; word-break:break-word"> <table role=3D"presentation" align=3D"center" style=3D"width: auto;= text-align: center;" class=3D"hs_cos_wrapper_type_social_module_single"> <tbody> <tr align=3D"center"> <td class=3D"display_block_on_small_screens" style=3D"font-fa= mily:Arial, sans-serif; font-size:15px; color:#444444; word-break:break-wor= d; padding:8px 5px; line-height:1; vertical-align:middle" valign=3D"middle"= > <a href=3D"https://cHycy04.na1.hubspotlinks.com/Ctc/I5+113/= cHycy04/VWdWMT7DKx-GW7yxV-53MrMP7W7-75Mp5wXrTQN8wLL5R3qn9gW7lCdLW6lZ3m7W2BP= gf17sgMytVkmY5G95YFG9VfVzwD1NXYlLW7HZ4fx8g1J5MW4sVw034plSR2W85q0Wn2-qfbRW6W= jW897zY5VrW1VzZSQ8YQs5TW2GVMnh27_FhkW64bbqt1vB8t6W7n2clD2h7DPTW6YDD_D1-0-zZ= Vlk58y6d-RVbW1KGq-g21zKxpN3D3GS8NRCq5W1S6skH4JbRMWW9dhRJd1vrkwyW4j6xQG3RR55= zN6hh1DcmmCN1W6bhBbt37fCkDW5NdsNN4zSNNtW7pz6H_8Y-M2YVldsJf5zXQ6tW4GJ3SW1xsh= Hdf1BsXR404" style=3D"color:#00a4bd; text-decoration:none !important" data-= hs-link-id=3D"0" data-hs-link-id-v2=3D"nu2fhogY" target=3D"_blank"><img src= =3D"https://hs-5753891.f.hubspotemail.net/hs/hsstatic/TemplateAssets/static= -1.262/img/hs_default_template_images/modules/Follow+Me+-+Email/linkedin_or= iginal_white.png" alt=3D"LinkedIn" height=3D"30" style=3D"outline:none; tex= t-decoration:none; border:none; width:auto!important; height:30px!important= ; vertical-align:middle" valign=3D"middle" width=3D"auto"> </a> </td> </tr> </tbody> </table> </td><td class=3D"social-network-cell" style=3D"font-family:Arial, sa= ns-serif; font-size:15px; color:#444444; word-break:break-word"> <table role=3D"presentation" align=3D"center" style=3D"width: auto;= text-align: center;" class=3D"hs_cos_wrapper_type_social_module_single"> <tbody> <tr align=3D"center"> <td class=3D"display_block_on_small_screens" style=3D"font-fa= mily:Arial, sans-serif; font-size:15px; color:#444444; word-break:break-wor= d; padding:8px 5px; line-height:1; vertical-align:middle" valign=3D"middle"= > <a href=3D"https://cHycy04.na1.hubspotlinks.com/Ctc/I5+113/= cHycy04/VWdWMT7DKx-GW7yxV-53MrMP7W7-75Mp5wXrTQN8wLL5R3qn9gW7lCdLW6lZ3lqN8t2= MMPDV2-gW6m6MsN3TPDvDN2S223Zkb8P0W1pfZN746jlvhW1cbQxY9jcs-4W6_bvY35PrMmLW3j= zXgm9g-J8sW8xP55h6fdv3pVL2XdF775l37W3--tFD2m8cx-W1gjtk9393HTWW5s30Bs6BwTwrW= 2wnwHn56pTxXW54HY_c542bxpN4pZdzV2bDt-W2-8_Cr6pPFwhW4HT6_H2sTgtMW3NLYQz1whvd= 0VM2hBg8YR8GnW4PCqpc2ZN7NPV9jPzx7Dy9CkN2bg_h8cYDq6W33-ZDB809GPnW8NbHp16YFW6= Qf88fYHM04" style=3D"color:#00a4bd; text-decoration:none !important" data-h= s-link-id=3D"0" data-hs-link-id-v2=3D"TV3J+SwU" target=3D"_blank"><img src= =3D"https://hs-5753891.f.hubspotemail.net/hs/hsstatic/TemplateAssets/static= -1.262/img/hs_default_template_images/modules/Follow+Me+-+Email/facebook_or= iginal_white.png" alt=3D"Facebook" height=3D"30" style=3D"outline:none; tex= t-decoration:none; border:none; width:auto!important; height:30px!important= ; vertical-align:middle" valign=3D"middle" width=3D"auto"> </a> </td> </tr> </tbody> </table> </td><td class=3D"social-network-cell" style=3D"font-family:Arial, sa= ns-serif; font-size:15px; color:#444444; word-break:break-word"> <table role=3D"presentation" align=3D"center" style=3D"width: auto;= text-align: center;" class=3D"hs_cos_wrapper_type_social_module_single"> <tbody> <tr align=3D"center"> <td class=3D"display_block_on_small_screens" style=3D"font-fa= mily:Arial, sans-serif; font-size:15px; color:#444444; word-break:break-wor= d; padding:8px 5px; line-height:1; vertical-align:middle" valign=3D"middle"= > <a href=3D"https://cHycy04.na1.hubspotlinks.com/Ctc/I5+113/= cHycy04/VWdWMT7DKx-GW7yxV-53MrMP7W7-75Mp5wXrTQN8wLL5R3qn9gW7lCdLW6lZ3nvW4mQ= KPQ2LvZF-W6l3yYc2pMj3WVBvyT738vbC0W3XZz1-1zph2yN2TjyzrPf_kgN749RtZCPGZfW97F= SzV3ljqzgW4TXxfK3p_RzDN7DGFs42JbQYW3D86Gr92mSqgW6LFrTd7mtS2XW2Kqkts8W30p8W5= 5mCDD3LcmZkVcMNRZ4Lp0jhW5hBPyz7fkDyKW1dHt-83GW_hxW8d7_3c65Rk4DN5704hxq9g_lN= 8p2sSvpBtZpW79vtR2429PJ-W5dfxjN52NdlnW2n5dJf6Jby5xN982thL9wxsDW8SQHxq9dmZTs= f68fhbj04" style=3D"color:#00a4bd; text-decoration:none !important" data-hs= -link-id=3D"0" data-hs-link-id-v2=3D"FKJutiT+" target=3D"_blank"><img src= =3D"https://hs-5753891.f.hubspotemail.net/hs/hsstatic/TemplateAssets/static= -1.262/img/hs_default_template_images/modules/Follow+Me+-+Email/twitter_ori= ginal_white.png" alt=3D"X" height=3D"30" style=3D"outline:none; text-decora= tion:none; border:none; width:auto!important; height:30px!important; vertic= al-align:middle" valign=3D"middle" width=3D"auto"> </a> </td> </tr> </tbody> </table> </td> </tr> </tbody> </table> </div></td></tr></tbody></table> </div> <!--[if gte mso 9]></table><![endif]--> <!--[if (mso)|(IE)]></td><![endif]--> <!--[if (mso)|(IE)]></tr></table><![endif]--> </div> =20 </div> <div id=3D"section_16959791752793" class=3D"hse-section hse-section-last"= style=3D"padding-left:10px; padding-right:10px"> =20 =20 =20 <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid= th:600px; Margin-left:auto; Margin-right:auto; background-color:#ffffff; pa= dding-bottom:10px; padding-top:10px" bgcolor=3D"#ffffff"> =20 =20 <!--[if (mso)|(IE)]> =20 <table align=3D"center" style=3D"width:600px;" cellpadding=3D"0" cell= spacing=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#ffffff"> <tr style=3D"background-color:#ffffff;"> <![endif]--> <!--[if (mso)|(IE)]> <td valign=3D"top" style=3D"width:600px;padding-bottom:10px; padding-top:= 10px;"> <![endif]--> <!--[if gte mso 9]> <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing= =3D"0" style=3D"width:600px"> <![endif]--> <div id=3D"column-1695979175279-0" class=3D"hse-column hse-size-12"> <div id=3D"hs_cos_wrapper_module_16959791752792" class=3D"hs_cos_wrapper = hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; = font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widg= et" data-hs-cos-type=3D"module"><table role=3D"presentation" class=3D"hse-f= ooter hse-secondary" width=3D"100%" cellpadding=3D"0" cellspacing=3D"0" sty= le=3D"font-family:Arial, sans-serif; font-size:12px; line-height:135%; colo= r:#23496d; margin-bottom:0; padding:0"> <tbody> <tr> <td align=3D"center" valign=3D"top" style=3D"font-family:Arial, sans-= serif; font-size:15px; color:#444444; word-break:break-word; text-align:cen= ter; margin-bottom:0; line-height:135%; padding:10px 20px"> <p style=3D"font-size: 12px; line-height: 125%;">iGlobal Forum, 6= East 43rd Street, 19th Floor, New York,NY,10017,United States of America,<= /p> <p style=3D"font-size: 12px; line-height: 125%;"><span style=3D"color: #e69= 138;"><a href=3D"https://hs-5753891.s.hubspotemail.net/hs/preferences-cente= r/en/page?data=3DW2nXS-N30h-RRW2qRdcW4cwSghW3LQppW218KTmW4ftzrd41FlB1W3LQ0l= g3BY6KQW4rpDGC2RBD0DW1ND1Pw2-9_C3W23gRfq3C0dG5W41GBcR2HW8NcW22XC6Y3DW911W3Y= 2-2736sZGQW1ZlNfT4fjm5sW2s-pKF1XvnNyW3XLsWl49CHyNW34G4JW1ZlMRxW1V2tgV1X0FpZ= W1Xv2J434Cd11W1SCb_R4cPp5hW2sD9d930z9fJW2TGWvR3h_p-JW250RDC24RRwTW3P2_Tq1Bg= YyPW2p4-7k4tkHT0W2KwCWD2nJq_fW3_Mjlr1QyXnQW47Wj3s1X0CRXW1Q4-2r3dwbZFW49mPh6= 2-dtSgW2333m347vFHcW3LS0Mr4hqqVYW236S6m43qPxGW4rzQPc4pbGfhW2vxQB31LlJj3W1Lm= wW83Q-CVrW3VKqD823j0xgW3yYGy847F4HLW2CXpHS328djwW43XsB13SytDjW3M2KkG3ZP76-W= 4hpD0R1SfzmnW2vTkg31Xc2mqW2nH_VZ1SkKNZW3HbH553ZSsbWW2-tns-3g26C6W3NQ8zH4mHF= J-W2zWQGP4rgZb1f3z0QGh04&utm_campaign=3DiGlobal%20Content&utm_sourc= e=3Dhs_email&utm_medium=3Demail&utm_content=3D362514700&_hsenc= =3Dp2ANqtz-_BwicoiE9rwgqz2zRa5W5CF2DzN0u2pg2UUt2RHzJuMGHx2CCnVih7ihLSD6fDqn= 34bllHHhndctT5O0ckKeJjywT8dA&_hsmi=3D362514700" style=3D"color:#e69138"= rel=3D"noopener" data-unsubscribe=3D"true" data-hs-link-id=3D"0" data-hs-l= ink-id-v2=3D"qjPJqCop" target=3D"_blank">Unsubscribe/Manage Preferences</a>= </span></p> </td> </tr> </tbody> </table></div> </div> <!--[if gte mso 9]></table><![endif]--> <!--[if (mso)|(IE)]></td><![endif]--> <!--[if (mso)|(IE)]></tr></table><![endif]--> </div> =20 </div></div> </td> </tr> </tbody></table> </div> =20 <img src=3D"https://cHycy04.na1.hubspotlinks.com/Cto/I5+113/cHycy04/VWdWMT7= DKx-GW7yxV-53MrMP7W7-75Mp5wXrTQW8wLKTF8fYB4H2fD1" alt=3D"" width=3D"1" heig= ht=3D"1" border=3D"0" style=3D"display:none!important;min-height:1px!import= ant;width:1px!important;border-width:0!important;margin-top:0!important;mar= gin-bottom:0!important;margin-right:0!important;margin-left:0!important;pad= ding-top:0!important;padding-bottom:0!important;padding-right:0!important;p= adding-left:0!important"></body></html> ------=_Part_84460_1815036189.1748009033982--