Income-producing real estate & residential projects.
Nehasim UBinui enters 2026 with a strong operating engine at Gev-Yam and real progress at 10 Bryant, but the equity story is still decided at the parent company because asset quality still has to be turned into upstream cash, orderly refinancing, and wider liquidity room.
10 Bryant already has two meaningful anchor tenants, but at the end of 2025 it was still generating only $25 million of NOI against a $728 million carrying value, so the key question is how quickly signed leasing can turn into real NOI.
Series 12 and 13 could improve the parent-company funding map by extending duration into 2028-2034, but they do not yet solve the funding question because final size and final pricing are still unresolved, and the package relies on covenants rather than collateral.
