When I joined Denholtz in 2024, gridlocked capital markets and broad uncertainty made transacting difficult. At that time, the industry was waiting for the long-promised rate cuts that would unlock deal flow. Fast forward a year, and we’ve finally received the first of what should be a series of cuts. While the full impact will take time, I anticipate we will begin to see the pricing clarity that’s essential for the market to function. This shift gives me more optimism heading into 2026 than I felt at the close of last year.