Financial Data and Key Metrics Changes - For Q1 2025, the company reported a net loss of $6.9 million, or a loss of $0.27 per diluted share, on total revenue of $63.2 million, compared to a net income of $26.4 million, or $1 earnings per diluted share, for the same period in 2024 on total revenue of $67.6 million [7] - Net Operating Income (NOI) for Q1 2025 was $37.8 million on 35 properties, down from $41.1 million for Q1 2024 on 37 properties, indicating a decrease in same store NOI of 3.8% year-over-year [7][10] - Core Funds from Operations (FFO) for Q1 was $19.1 million, or $0.75 per diluted share, compared to $0.74 per diluted share in Q1 2024 [7] Business Line Data and Key Metrics Changes - Same store rent and occupancy decreased by 1.3% and 0.3% respectively, leading to a 1% decrease in same store revenues [7] - The company completed two full and partial upgrades during the quarter, achieving an average monthly rent premium of $62 and a 16.1% return on investment [8] Market Data and Key Metrics Changes - Occupancy ended the quarter at 94.4%, with significant growth in Nashville and Phoenix, which finished at 95.4% and 96.6% respectively [12] - Nationally, over 38,000 units were absorbed, marking a record first quarter leasing and demand performance [14] Company Strategy and Development Direction - The company is focusing on rent growth initiatives while balancing occupancy maximization, particularly in markets facing new deliveries and concessions [16] - The company is optimistic about the inflection of new lease growth, which is seen as a positive sign for its assets after several quarters of softness [22] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment remains strong, with expectations for same store NOI to improve over the remainder of the year [13] - The company is actively monitoring the impacts of tariffs but has not seen a material impact on operations thus far [19][20] Other Important Information - The company reaffirmed its guidance for same store rental income, total revenue, total expenses, and NOI for the year [10] - The company has initiated a share buyback program and purchased 223,109 shares totaling approximately $7.6 million at an average price of $34.29 per share [11] Q&A Session Summary Question: Are there geographies where cap rates are softer? - Management indicated that Atlanta and some areas in DFW are on the weaker side of the NAV guidance due to ongoing supply [25] Question: Could the company sell more assets to repurchase stock? - Management expressed the intention to maintain a steady buyback program while being opportunistic in recycling capital [28] Question: Is the increase in core FFO per share guidance driven by share buybacks and swaps? - Management confirmed that the increase is primarily due to favorable swap rates and share buybacks [34] Question: How does the company view the strength in Las Vegas amidst declining tourism? - Management attributed the strength to the affordable gap in the market, with net migration inflows continuing to support demand [47] Question: What is the CapEx guidance for the year? - Management indicated a stable run rate for recurring and nonrecurring CapEx, with a target of around 300 interior upgrades in Q2 and Q3 [53]

THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS St Peter Port, Guernsey 28 April 2025 NB Private Equity Partners (NBPE), the $1.3bn FTSE 250 listed private equity investment company managed by Neuberger Berman, today releases its 2024 Annual Financial Report and 31 March 2025 Monthly NAV Update. Audited Annual Results Highlights (31 December 2024) NAV per share of ...

Financial Data and Key Metrics Changes - The company achieved AFFO of $0.44 per diluted share for Q1 2025, representing a growth of approximately 5% compared to the same quarter last year [5] - Total revenue for the quarter was $14,200,000, including lease income of $11,800,000 and interest income from commercial loans of $2,300,000 [11] - FFO and AFFO for the quarter were both $0.44 per diluted share, reflecting growth of 7.3% and 8% respectively compared to the prior year [11] - The company increased its common dividend to a new quarterly rate of $0.0285, continuing its practice of annual dividend increases since its IPO [5][11] Business Line Data and Key Metrics Changes - The company acquired three properties for $39,700,000 at a weighted average initial cap rate of 8.6% [6] - Total investment activity for the quarter, including property acquisitions and structured finance investments, totaled $79,200,000 at a weighted average initial yield of 9% [6] - The average WALT (Weighted Average Lease Term) for acquisitions was 14.3 years, while sold properties had a WALT of 4.7 years, resulting in a portfolio WALT increase to 9 years from 6.9 years year-over-year [9] Market Data and Key Metrics Changes - The company noted that its tenant mix and sector diversification position it well amid recent tariff volatility and uncertainty [9] - The company has $65,000,000 of liquidity at quarter-end, consisting of approximately $8,000,000 in cash and $57,000,000 available under its revolving credit facility [12] Company Strategy and Development Direction - The company is focused on a strategic approach to investing, which includes acquiring high credit tenants for stable cash flows and lesser credits for growth and diversification [8] - The company plans to continue opportunistic share repurchases as its shares trade at attractive relative valuations [9] - The company is increasing its FFO and AFFO guidance for the full year of 2025 to a range of $1.74 to $1.77 per diluted share, driven by successful investment activity [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position despite tariff volatility, noting a strong pipeline of opportunities across the tenant landscape [10] - The company is actively monitoring the evolving economic environment but sees no significant disruption in tenant activity [30] - Management indicated that the company expects to sell vacant properties this year, which will help pay down leverage and reinvest [66] Other Important Information - The company has no debt maturing until 2026, and its debt maturities are well staggered thereafter [12] - The company has been actively repurchasing shares, with approximately 274,000 common shares repurchased for $4,500,000 at an average price of $16.33 per share [11] Q&A Session Summary Question: Factors driving the increase in AFFO guidance - Management identified three main factors: stock buybacks, a swap that reduced interest rates, and investment activity [18][19] Question: Clarification on investment guidance - Management explained that the increase in investment guidance reflects loans and funding, with a total of approximately $60,000,000 funded in the quarter [20] Question: Future capital allocation priorities - Management indicated a balanced approach between buybacks, acquisitions, and investments, with a focus on maintaining liquidity [24][25] Question: Impact of tariffs on deal processes - Management noted no significant disruption from tariff issues, with strong tenant activity and restaurant performance [30] Question: Details on impairment charges - Management clarified that the impairment charge was related to properties anticipated to be sold in the short term [58] Question: Timing of funding unfunded commitments - Management indicated that funding should remain consistent in the first half of the year, with some larger loans maturing in the third quarter [60] Question: Leverage trends and expectations - Management expects leverage to decrease by year-end due to loan payoffs and property sales [66] Question: Tenant watch list in structured investments - Management confirmed that there are no tenant issues in the structured investment program, which focuses on high-quality credits [66]

Core Insights - NB Private Equity Partners (NBPE) reported a monthly NAV estimate as of 28 February 2025, with a total NAV of $1.2 billion [1][2] - The NAV total return (TR) for the year to date is 2.7%, while the one-year return is 1.6% [3] NAV Performance - NAV TR (USD) for various periods: Year to Date: 2.7%, One Year: 1.6%, Three Years: 72.3%, Five Years: 165.3%, Ten Years: 10.3% [3] - MSCI World TR (USD) for the same periods: Year to Date: 2.8%, One Year: 16.1%, Three Years: 96.4%, Five Years: 168.9%, Ten Years: 10.4% [3] - Share price TR (GBP) shows a Year to Date return of 1.6% and a Ten Year return of 205.5% [3] Portfolio Update - The NAV performance was driven by $29 million of realizations year to date, with $26 million realized in February 2025 [4] - NAV per share was reported at $27.16 (£21.57), reflecting a total return of 0.2% for the month [5] - Approximately 87% of fair value is based on private company valuations as of Q4 2024 [5] Liquidity and Share Buybacks - Total liquidity available as of 28 February 2025 is $279 million, consisting of $69 million in cash and liquid investments and $210 million in undrawn credit lines [7] - In February 2025, approximately 220,000 shares were repurchased at a weighted average discount of 27%, which was accretive to NAV by approximately $0.04 per share [10] Portfolio Valuation - The fair value of NBPE's portfolio as of 28 February 2025 is based on various private equity investments, with the top 30 investments accounting for 76.5% of the total portfolio value [11] - Geographic distribution shows 78% in North America, 21% in Europe, and 1% in Asia/Rest of World [12] - Industry allocation includes 23% in Tech, Media & Telecom, 21% in Consumer/E-commerce, and 17% in Industrials/Industrial Technology [12] Company Overview - NBPE invests in direct private equity alongside leading private equity firms globally, with a focus on capital appreciation and bi-annual dividends [13] - Managed by Neuberger Berman, which oversees $508 billion in various asset classes [14]

Financial Data and Key Metrics Changes - Comparable FFO was $2.26 per share for the year, down from $20.23 due to lower NOI from known move-outs and higher net interest expense [5] - Overall results were better than anticipated earlier in the year, primarily due to accelerated leasing activity [5] Business Line Data and Key Metrics Changes - The availability in the better space market is 10.7% compared to 20.1% in the not better space market, indicating a tighter market for quality office space [4] - Rents across the entire building have been raised, reflecting a positive trend in leasing activity [9] Market Data and Key Metrics Changes - The current availability in the subset of better space is 10%, decreasing rapidly due to a shortage of space [16] - The market rents for PEN1 and PEN2 are expected to rise from $100 per foot to potentially $125 per foot or higher as the market tightens [19] Company Strategy and Development Direction - The company is focusing on the Penn District, with plans for one or two buildings under construction over the next ten years [44] - The company is optimistic about the demand for anchor space, particularly from financial, legal, and tech sectors [20] Management's Comments on Operating Environment and Future Outlook - Management expressed enthusiasm about the New York real estate market, particularly in the Penn District, and noted that the market is becoming increasingly competitive [4][104] - The company is optimistic about future NOI growth, particularly as leases roll over and the market continues to tighten [17][29] Other Important Information - The company is not currently considering a tracking stock, despite ongoing thoughts about it [25] - The cost to build a new Class A building is estimated at $1,900 per foot excluding land, with a required yield of 7% to 8% [72][73] Q&A Session Summary Question: Commentary on PEN2 timing and competitive dynamics - PEN2 is highly regarded among large tenants, with only five buildings in Manhattan offering blocks of 500,000 square feet or more [8] Question: Comments on rent increases and yield adjustments - Rents have been raised across the entire building, contributing to a yield increase of 70 basis points [9] Question: Anticipated new dispositions and focus areas - The company expects around $1 billion in new cash proceeds from various transactions, with a focus on non-core office and retail [11][12] Question: Insights on anchor space demand - Demand drivers for anchor space are primarily from financial, legal, and tech sectors [20] Question: Thoughts on Alexander's integration into Vornado - The company believes that the value of Alexander's assets exceeds the current trading price, and integration is not currently being considered [23][59] Question: Expectations for same-store NOI in the next few years - Management did not provide specific numbers but acknowledged the need for further analysis [68] Question: Commentary on capital expenditures - The company raised CapEx expectations slightly due to a strong leasing environment [70] Question: Building costs and required yields - Current building costs are around $1,900 per foot, with a required yield of 7% to 8% [72][73] Question: Competition from sublease space in Hudson Yards - PEN1 and PEN2 are competing effectively against new spaces, with pricing remaining favorable [82]