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Spencer's assets look stronger at the end of 2025, but the real question is still how much of that improvement can turn into free cash rather than remaining trapped inside valuation and deed mechanics.
Spencer is not making two conflicting decisions here but operating two different capital pools: discretionary liquidity is being aimed at buybacks of Series B, D and Z, while cash coming out of Harrison II still has to flow through the Series H trust account and serve partial ea…
Spencer's 2025 profit looked strong in the headline, but it relied much more on equity-method profit, revaluations and financing structure than on recurring rent, and on an all-in cash-flexibility basis the year still needed new debt to finish with more cash.
Harrison II does carry real asset value and real sale potential, but only part of that money can become unrestricted liquidity because it first flows through Series H's trust account, transaction costs, and in some cases a partial early redemption. The right question is not what…
