RRA Cycle Index™

The RRA Capital Cycle Index™ is derived solely from financing requests submitted to RRA Capital and reflects only the characteristics of those requests. The index does not represent the commercial real estate market generally, any geographic market, any property sector, or any category of investors or borrowers.The index measures request activity only and does not reflect loans originated, loans funded, transaction volume, property values, investment performance, borrower performance, loan performance, market returns, or economic conditions.Information presented is based on data collected and classified by RRA Capital according to its internal methodology. Results may be affected by changes in referral sources, marketing activity, customer mix, geographic concentration, product focus, data collection practices, and other factors unrelated to broader market conditions.The index is intended solely for informational and educational purposes.

It should not be interpreted as investment advice, legal advice, tax advice, a forecast, a prediction of future market activity, or a recommendation regarding any security, fund, investment strategy, loan, or real estate transaction.References to historical trends, averages, or prior readings do not imply future results. Past patterns may not continue.RRA Capital and its affiliates may sponsor, manage, advise, invest in, lend to, or transact with entities operating in the commercial real estate market discussed herein.Data and methodology are subject to correction of material errors and may be updated from time to time.