March 23, 2026 3 Takeaways for RIAs From Today’s Real Estate Cycle Ryan Brome Educational Resources 3 Takeaways for RIAs From Today’s Real Estate Cycle The real estate market has undergone a significant repricing over the past several years. Rising interest rates, tighter credit conditions, and reduced transaction activity have created uncertainty for many investors and advisors. In a recent conversation on the RIA Channel’s Private Markets Playbook, Forum President Lee Beck shared Forum’s perspective on where we may be in the cycle—and how advisors might think about positioning real estate allocations. Watch the full conversation below: This Appears to Be a Repricing Cycle — Not Structural Impairment Real estate valuations have adjusted meaningfully as interest rates rose and financing conditions tightened. However, the current environment appears to reflect a repricing of assets rather than a fundamental breakdown in the asset class. Demand for many property types—particularly sectors supported by demographic and economic trends—remains resilient. As a result, today’s environment may represent a transitional phase rather than a prolonged downturn. The Opportunity Today May Begin With Income One of the most significant shifts in the current market is occurring in the commercial mortgage market. As banks and traditional lenders pull back, a capital gap has emerged that may create opportunities for private lenders. For investors and advisors, this dynamic can potentially support income-oriented strategies that provide attractive yields and differentiated sources of portfolio income. In uncertain markets, income can serve as an important anchor for portfolios. Equity Opportunities Are Emerging — But Selectively While equity opportunities will likely follow as the cycle evolves, the opportunity set is unlikely to be uniform across property sectors. Certain sectors—such as multifamily and industrial—continue to benefit from structural demand drivers, while others may face more persistent challenges. For investors, this environment reinforces the importance of sector selectivity and disciplined underwriting. A Cycle-Aware Approach At Forum, we believe navigating real estate cycles requires a thoughtful approach to sequencing opportunity. In today’s market, that framework can be summarized simply: Income first. Equity next. This approach focuses first on resilient income opportunities while selectively pursuing equity investments where fundamentals are strongest as the cycle evolves. Interested in learning more about Forum’s investment strategies? Contact our Investor Relations team at InvestorRelations@ForumIG.com. ______________________________ This podcast is for informational purposes only and should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation to buy, sell or hold any security, investment, investment strategy, or market sector. This material is intended only to provide a broad market overview for discussion purposes. An investor should not construe the contents of this material as legal, tax, investment, or other advice. Investing involves risk, including the possible loss of principal and fluctuation of value. In considering any performance data contained herein, each recipient should bear in mind that past performance is not indicative of future results, and there can be no assurance that an investment program will achieve comparable results or will achieve any projected, estimated, or targeted results. Any projections, market outlooks, or estimates in this podcast are forward-looking statements and are based upon assumptions that are subject to inherent limitations. This podcast reflects our views and opinions as of the date herein. which are subject to change at any time based on market and other conditions. We disclaim any responsibility to update these views. Any projections, outlooks, or assumptions should not be construed to be indicative of the actual events which will occur.