Residential real-estate investment trust (REIT)
Magorit ended 2025 with a much larger yielding portfolio, but the recurring economics of the business still have not caught up: FFO remained negative and the balance sheet still depends on refinancing and project completion.
At the end of 2025, Magorit had an asset base that still allowed it to refinance debt, but not an internal cash cushion that allowed it to deal with the 2026 wall without leaning on the debt market.
In 2025 Magorit's external-management model looked less like an efficient platform and more like a cost-and-equity layer that captures too much of NOI before it reaches shareholders.
Magorit's 838 non-yielding units are a material asset, but today they are closer to balance-sheet support and future NOI than to cash earnings that are already doing the work.
