SPENCER EQUITY

Spencer Across the Bond Layers: Why B and D Get Relief While H Remains Constrained

At Spencer, lower coupons in Series B and D reflect improvement at the group level, but Series H still operates under collateral and trust-account discipline, so cash created at Harrison II is not yet free cash.

Follow-up

Fulton: The Gap Between a Billion-Dollar Valuation and an NOI Base That Is Still Not Stabilized

Fulton is already large enough to support a material part of Spencer’s value story, but at the end of 2025 it still rests on just USD 7.3 million of NOI, an unfinished lease-up, and a refinancing path that is not yet closed.

Follow-up

Harrison II: How Much Value Actually Leaves the Project and How Much Stays in Trust

Harrison II has already created value, but the two secured layers split that value into two separate channels: Series V turns condos into cash that serves debt first, while Series H now allows commercial sales only if the full net proceeds stay in trust for early redemption.

Spencer Equity in 2025: Value Rose, but Cash Is Still Trapped Inside the Collateral Stack

Spencer ended 2025 with a stronger balance sheet and real progress at Harrison II and Fulton, but the central question is still how much of that value becomes accessible cash rather than remaining trapped inside collateral structures, lease-up periods, and partner loans.