As we close 2025, we reflect on a year defined by continued broader market volatility, as well as new and historic disruptions in the government real estate sector. In this environment, our focus remained on disciplined execution, risk management, and leadership—principles that allowed us to navigate uncertainty while maintaining stability across the business.

Throughout the year, we acted early, adjusted quickly, and remained tightly aligned across platforms. Our brokerage, investment, and development businesses each delivered better-than-expected results, while demonstrating exceptional resilience, retaining key talent, and creating meaningful momentum in a challenging market cycle.

As we begin a new year, FD Stonewater is operating from a stronger organizational foundation. With a collaborative culture, experienced leadership, and an absolute commitment to executional excellence, we are optimistic about the year ahead and the opportunity to continue delivering thoughtful solutions and long-term value for our partners, clients, and investors.

We are sincerely grateful to our partners, clients, and investors for their continued trust and partnership, and we extend our best wishes for a healthy and prosperous New Year!