Things seem to have improved, for LLC, relative to a difficult few years. The reweight towards investments continues, via the sales of the communities business, and the balance sheet risk the market has feared (to fund the development pipeline, which is large) reduces.
The ROE guidance is maintained and if hit marks quite an uplift from the last 3 years or so.
The recent drop in longer-dated yields (from ~5% to ~4%) provides something of a tailwind/relief for the “all CRE and property-related businesses are dead at these levels” narrative, which is also pleasing.
Incrementally good news, for a very unloved stock.
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