Warren Equity Partners

On December 18, 2025, KeyBanc Capital Markets (KBCM) successfully advised Hasgrove Limited (Interact), a leading provider of employee experience software, on its majority investment from Castik Capital S.à r.l. (Castik). This strategic investment will allow Interact to accelerate product innovation, scale operations, and expand global reach through both targeted M&A and market expansion. Selling shareholders included Unicorn Asset Management, Octopus Ventures, and Perwyn Advisors. KBCM worked alongside its exclusive U.K. partner Clearwater International on the transaction.

Headquartered in Manchester, United Kingdom, Interact is a leading employee experience platform that helps organizations facilitate internal communication, foster knowledge sharing, and boost employee engagement. Interact provides solutions for enterprise Internal Communications, Human Resources, and Information Technology teams. The company currently serves a broad range of blue-chip customers across North America, EMEA, and the Middle East, with its largest markets being the United States and the United Kingdom.

Founded in 2014 and based in Luxembourg, Castik is a private equity investment manager acquiring majority ownership positions in European companies. Castik’s sector focus covers technology-enabled business services, software and internet platforms, specialist healthcare, and industrial technology.

On December 1, 2025, KeyBanc Capital Markets (KBCM) successfully advised FluentStream Corp. (FluentStream or the Company), a leading provider of enterprise-grade business phone services for small and medium-sized organizations, on its sale to Ooma, Inc. (Ooma).

Founded in 2010, FluentStream is a cloud communications provider, offering voice, text, mobile, and call-center features. Under PSG’s ownership since 2018, the Company has grown significantly through a series of acquisitions and expanded partner programs. FluentStream is headquartered in Denver, Colorado, and serves approximately 80,000 users across North America.

Founded in 2003, Ooma (NYSE: OOMA) delivers phone, messaging, video, and advanced communications services. Ooma’s offerings include Ooma Office for small to medium-sized businesses; Ooma AirDial for businesses looking to replace aging copper phone lines; Ooma 2600Hz for businesses that provide their own communications solutions built on a white-label platform; and Ooma Telo for residential consumers who value a landline experience. Ooma is headquartered in Sunnyvale, California, and serves more than 2 million users across North America.

Cain Brothers, a division of KeyBanc Capital Markets, acted as exclusive financial advisor to Blue Cross and Blue Shield of Kansas City ("KC") on its pending affiliation with Highmark, Inc ("Highmark"). 

Cain Brothers was engaged to identify an optimal partner that could help achieve efficiencies, add new capabilities, and drive more affordable health care. Through this affiliation, Blue KC will maintain its local leadership, brand, and commitment to accessible and affordable health care, while gaining access to Highmark’s scale, diversified businesses and leading technology capabilities. This affiliation further solidifies Cain Brothers’ managed care franchise and demonstrates its unparalleled experience advising BCBS plans.

Serving members since 1938, Blue Cross and Blue Shield of Kansas City is the largest not-for-profit health insurer in Missouri and the only not-for-profit commercial health insurer in Kansas City.  Blue KC provides health coverage services to more than one million residents in the greater Kansas City area, including Johnson and Wyandotte counties in Kansas and 30 counties in Northwest Missouri. Blue KC's mission: to provide affordable access to healthcare and to improve the health of its members.

An independent licensee of the Blue Cross Blue Shield Association, Highmark, Inc., together with its affiliates, collectively comprise the fifth largest overall Blue Cross Blue Shield-affiliated organization in the country with more than 7 million members in Pennsylvania, Delaware, West Virginia, and western and northeastern New York. Its diversified businesses serve group customer and individual needs across the United States through dental insurance and other related businesses.

In late November 2025, KeyBanc Capital Markets (KBCM) successfully advised Campers Inn, Inc. (Campers Inn or the Company) on its acquisition of Lazydays Holdings Inc. (Lazydays).  

KBCM was selected to serve as Campers Inn’s Exclusive Buy-Side Advisor based on its industry-leading specialty distribution practice, long history of transaction success within the recreational products industry and track record of successful M&A execution.

Campers Inn is a leading, family-owned and operated distributor of recreational vehicles and related services. Founded in 1966, the Company offers a wide selection of new and pre-owned recreational vehicles, parts, accessories and maintenance solutions to retail customers nationwide. Headquartered in Jacksonville, Florida, the Company operates more than 50 dealership locations throughout the country post-acquisition. Campers Inn maintains relationships with over 30 industry-leading OEMs to provide a diversified product portfolio to their customers.

Headquartered in Tampa, Florida, Lazydays is a leading provider of new and used recreational vehicles and service solutions throughout the United States. Founded in 1976, Lazydays has developed a strong reputation for providing premier customer experience, supported by exceptional service and unparalleled product expertise. Lazydays operates across 13 facilities nationwide, offering a full suite of solutions, including sales, service, parts & accessories, financing and maintenance, creating a one-stop-shop platform for its customers. Lazydays was formerly a publicly listed company on the Nasdaq stock exchange (GORV).

On November 25, 2025, KeyBanc Capital Markets (KBCM) successfully advised Warren Equity Partners (WEP) on its acquisition of American Roller Company (American Roller, or the Company). 

KBCM was selected to serve as Warren’s Buy-Side Advisor based on its industry-leading Industrial & Business Services practice, longstanding relationship with WEP, and unique insight into American Roller and its industry.

WEP is a Jacksonville, Florida-based private equity firm targeting investments in middle market companies operating primarily across infrastructure, utilities, industrial, and business services end markets. WEP is currently investing out of their $2.3 billion fifth fund and, since inception, has raised a total of $4.5 billion in capital across 34 platform investments and 179 total completed transactions.

Founded in 1938, American Roller provides design, repair, and testing services for industrial rollers. The Company designs and services products including heat transfer rollers, arco-Tron charge rollers, chrome plating, arco-flow rollers, and anti-static idler rollers for a wide range of applications within the metals, pulp & paper, power generation, marine, medical, textile, printing, and flexible packaging end markets.

On November 24, 2025, Diversified Energy Company (Diversified or the Company) closed its acquisition of Canvas Energy Inc. (Canvas) for total consideration of approximately $550 million. Diversified acquired Canvas through a corporate transaction with ~3.7 million shares issued to the seller, on-hand liquidity, and proceeds from a new ABS offering. This transaction expands Diversified's presence in Major, Kingfisher and Canadian Counties, and results in combined pro forma production of ~1.3 Bcfe/d.

KeyBanc Capital Markets served as Exclusive Buy-Side Advisor to Diversified.

Diversified (NYSE & LSE: DEC) is a leading independent energy company focused on natural gas and liquids production, transportation, marketing and well retirement, primarily located within the Appalachian and Central regions of the United States. The Appalachian Basin spans Pennsylvania, Virginia, West Virginia, Kentucky, Tennessee, and Ohio and consists of multiple productive, shallow conventional formations and two productive, deeper unconventional shale formations, the Marcellus Shale and the slightly deeper Utica Shale. Diversified also operates in the Bossier and Haynesville shale formations and the Cotton Valley sandstones in East Texas and West Louisiana, the Barnett Shale in North Texas and the Mid-Continent producing areas across Central Texas, along with the Anadarko Basin across North Texas and Oklahoma and Permian Basin in West Texas and New Mexico.

Canvas is a private E&P, backed by Amzak Capital Management (Amzak), Avenue Capital Group (Avenue), and Millstreet Capital Management (Millstreet). Canvas engages in the exploration and production of oil and gas, primarily in the Anadarko Basin. 

Headquartered in Boca Raton, Florida, Amzak is a diversified investment manager focused on private equity, real estate, fixed income, and industrial businesses. Headquartered in New York, New York, Avenue is a global investment firm focused on specialty lending, opportunistic credit, and other special situations investments across the United States, Europe and Asia. Headquartered in Boston, Massachusetts, Millstreet is a SEC-registered investment adviser pursuing return streams uncorrelated with traditional asset classes.

On November 21, 2025, KeyBanc Capital Markets (KBCM) successfully advised SeaWestern Holdings, Inc. (SeaWestern or the Company), a portfolio company of Traction Capital Partners (Traction), on its sale to Municipal Emergency Services, LLC (MES), a portfolio company of Platte River Equity L.P. (Platte River). KBCM was selected to serve as SeaWestern’s Exclusive Sell-Side Advisor based on its industry-leading Specialty Distribution investment banking practice, experience in the fire and safety distribution industry, longstanding relationship with the Company and proven M&A execution capabilities.

Founded in 1977 and headquartered in Kirkland, Washington, SeaWestern is a leading distributor of critical fire and life safety solutions in the Western United States. SeaWestern provides best-in-class turnout gear, self-contained breathing apparatuses (SCBAs), compressors, personal protective equipment and emergency vehicle apparatuses. The Company’s footprint spans across 11 states, serving over 2,000 fire stations with distribution rights granted by industry-leading OEM partnerships.

Headquartered in Tacoma, Washington, Traction is a lower middle-market independent sponsor investing in businesses headquartered in the Western United States. The firm focuses on long-term investments while preserving the legacy of the prior owner's business.

Headquartered in Miami, Florida, MES is a leading equipment supplier and service provider to first responders throughout North America. MES’s workforce includes over 300 sales reps and service technicians, covering the United States and Canada from 41 locations.

Headquartered in Denver, Colorado, Platte River Equity is a leading middle-market private equity firm with over $1.7 billion of assets under management. The firm focuses on investing in middle market companies in the United States that possess scalable business models with protected market positions and strong customer relationships.

On November 18, 2025, KeyBank Specialty Finance Lending (KBSFL) closed a new $100MM senior secured revolving credit facility with Lendistry Core SPV II, LLC as the borrower. The facility is secured by a portfolio of small business loans originated by Lendistry. Individual loans within the portfolio range from $10,000 to $500,000 and span a diverse set of industry sectors. The structure includes a revolving period, followed by an amortization term. Lendistry Core SPV II, LLC is a bankruptcy remote wholly owned special purpose entity owned by B.S.D. Capital, Inc. dba Lendistry. KeyBank Specialty Finance Lending served as Administrative Agent and Sole Lender.

Lendistry Overview
Lendistry, also known as B.S.D. Capital, is a small business lender founded in 2015 by Everett Sands. Over the past decade, the company has originated more than $5 billion in loans through multiple lending channels. Lendistry has grown into a significant player in the small business lending space by partnering with 15 states to deliver financing through various federal and state economic programs. The company plans to expand its state-level partnerships to more than 40 states by 2026. Lendistry also serves as the servicer for most of its originated loans and generates additional fee income by facilitating loans and grant funding available through government programs.

On November 12, 2025, KeyBanc Capital Markets served as Joint Lead Arranger, Joint Bookrunner and Co-Documentation Agent on a $1.7 billion Senior Secured Credit Facility for Harvest Midstream I, L.P., consisting of a $1.1 billion Senior Secured Revolving Credit Facility and a $600 million Term Loan A. Proceeds will be used to fund the acquisition of Green River Basin assets and Uinta Basin assets from MPLX LP and for general corporate purposes.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Retina-Vitreous Associates Medical Group (“LA Retina”) on its strategic affiliation with Retina Consultants of America (“RCA”), a leading management services organization of retina specialists. Financial terms were not disclosed.

Cain Brothers was engaged to serve as LA Retina’s exclusive financial advisor due to its extensive history of advising physician practices, expertise in ophthalmology and retina, and deep relationships with the relevant buyers. Cain Brothers conducted a competitive marketing process to identify the right partner for LA Retina. This transaction continues Cain Brothers’ strong record in the multi-site physician services sector and is the eighth retina specialty practice Cain Brothers has represented since 2020.

Founded in 1977, LA Retina provides comprehensive medical and surgical care for retinal, macular, and vitreous conditions across Southern California. The practice also offers advanced diagnostic imaging, intravitreal injections, laser treatments, and access to clinical research trials for patients with complex eye diseases. LA Retina’s 11 board-certified and fellowship-trained ophthalmologists take an individualized approach to care that enables patients to receive personalized treatment plans focused on preserving and restoring vision.

RCA is a network of leading retina specialists with the mission of saving sight and improving patient lives through innovation and the highest quality care. Through RCA’s physician-centered practice management model, physicians continue to drive clinical care and practice culture, while benefitting from the business expertise, resources, and shared best practices available through RCA. Physicians across the RCA network conduct more than 2 million visits annually, delivering high-quality care to patients in 23 states. For more information about RCA and its network of practices, please visit www.retinaconsultantsofamerica.com. 

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Tenor Health Foundation in its pending acquisition of three hospitals from affiliates of Community Health Systems, Inc. (NYSE: CYH). Cain Brothers was also engaged to arrange debt financing associated with the transaction.

Tenor Health entered into a definitive agreement to acquire 186-bed Regional Hospital of Scranton and 122-bed Moses Taylor Hospital in Scranton, Pennsylvania and 369-bed Wilkes-Barre General Hospital in Wilkes-Barre, Pennsylvania from Commonwealth Health, a subsidiary of Community Health Systems. Rosemawr Management is providing the acquisition financing.

The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in the fourth quarter of 2025. Terms are not being disclosed.

With a mission rooted in advancing equitable and innovative care, Tenor Health Foundation was formed to identify, own, manage, and turn around financially challenged hospitals. They are committed to the needs of a community, providing compassionate care, and delivery quality patient outcomes.

Community Health Systems owns or leases 70 affiliated hospitals in 14 states, with more than 10,000 beds, and operates more than 1,000 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers and ambulatory surgery centers. CHS reported consolidated revenues of $12.6 billion for the last 12 months ending 9/30/2025.

On October 28, 2025, KeyBanc Capital Markets (KBCM) successfully advised ACME Technologies, Inc. (ACME or the Company), on its sale to Peek Travel, Inc. (Peek). KBCM was engaged as the Exclusive Sell-Side Advisor due to its industry-leading sector expertise in ticketing and track record with vertical software and payments business models.

ACME empowers non-profit institutions with its best-in-class visitor experience software via a cloud-based enterprise-grade platform, enabling seamless ticketing and embedded payments offerings for guests. The Company has over a decade of experience providing a breadth of offerings ranging from online ticketing, membership, donation, and payment solutions for the largest Arts and Culture institutions in the US and Canada. ACME has sold 220+ million tickets and memberships, and served 60M+ visitors since its founding in 2014.

Peek is the operating system powering the experiences industry—from museums and attractions to tours and activities. With over $7B in bookings, Peek’s AI-powered platform has helped thousands of merchants to increase revenues, save time and deliver seamless guest experiences. Customers include MoMA, Whitney Museum, Seattle Aquarium, Bryant Park, Looping Group, and Museum of Ice Cream. The company has raised over $150 million from institutional investors including Springcoast Partners, WestCap and Goldman Sachs Alternatives.

On October 23, 2025, KeyBanc Capital Markets served as Co-Documentation Agent on a $500 million Senior Unsecured Revolving Credit Facility for Texas Pacific Land Corporation. Proceeds will be used for general corporate purposes.

The transaction includes an undisclosed amount, non-recourse, first mortgage loan secured by a 288-unit, garden-style apartment complex known as Chisholm Trace Apartments, located in Cleburne, Texas. Built in 2021, Chisholm Trace Apartments consists of 12 three-story apartment buildings and a one-story clubhouse/office, situated on a 13.16-acre site. The proposed loan will be used to refinance the existing debt of the property. The loan is structured with a five-year term, and, subsequent to a three-year interest-only period, amortizes on a 35-year schedule.

The transaction includes a $16.5 million ($100,425/unit) non-recourse, first mortgage loan secured by a 170-unit, garden-style student housing community known as Heritage Apartments, located in Spartanburg, South Carolina. Built in 2020, the property consists of seven one- to four-story buildings, situated on 14.16 acres of land. The proposed loan will be used for acquisition of the property. The loan is structured with a five-year term, and, subsequent to a five-year interest-only period, amortizes on a 30-year schedule.

On October 14, 2025, KeyBanc Capital Markets Inc. (KBCM) closed $75 million in Senior Secured Credit Facilities for Lightshift Energy’s battery energy storage systems (BESS) portfolio of six operating and 10 construction-ready projects. This financing, which includes a term loan, construction-to-term loan, and tax equity bridge loan, will help strengthen and accelerate Lightshift’s rapidly growing pipeline of energy storage projects across the East Coast.

The portfolio includes 16 battery energy storage projects, totaling 88 MW and 384 MWh in capacity, with installations located in Massachusetts (27 MW), Vermont (19 MW), and Virginia (42 MW). These construction-ready projects are expected to reach commercial operation during the second half of 2026. Revenue will be generated through energy storage service agreements with public power utilities and an industrial client.

This marks the second transaction in 2025 with Lightshift Energy. Earlier in June, KeyBanc Capital Markets served as exclusive financial advisor for Lightshift’s development capital raise from Aiga Capital Partners. 

About Lightshift Energy
Lightshift is a utility-scale energy storage project developer, owner and operator headquartered in Arlington, Virginia. Founded in 2019, Lightshift is developing a diverse, multi-gigawatt pipeline of energy storage projects, located throughout the U.S. With leading energy storage analytics, application design, finance, and development expertise, Lightshift deploys dynamic, multi-use energy storage projects that maximize value for utilities and other partners, while reinvesting directly into the communities where their projects are located.

On October 3, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed the syndication of $300 million Senior Secured Credit Facilities for WarHorse Gaming, LLC, wholly owned by the Winnebago Tribe of Nebraska’s award-winning economic development corporation, Ho-Chunk, Inc. The financing included a $250 million Term Loan A and a $50 million Revolving Credit Facility. Proceeds will be used to refinance existing indebtedness, fund working capital and capital expenditures, and general corporate purposes.

KBCM was selected to serve as Joint Lead Arranger on the transaction due to our successful track record of executing syndicated transactions and industry expertise in the debt capital markets.

About WarHorse Gaming, LLC
The Tribe established WarHorse in 2022 to develop, own, and operate two commercial casinos in eastern Nebraska: WarHorse Gaming Lincoln, LLC and WarHorse Gaming Omaha, LLC. WarHorse completed its multi-phase development in April 2025 and currently features an aggregate of 1,900 slot machines, 28 table games, several F&B options, and other premium amenities.

About Ho-Chunk, Inc.
Ho-Chunk, Inc. (“Ho-Chunk”) was established in 1994 as an independent commercial entity owned by the Tribe. Ho-Chunk owns and operates a diversified portfolio of businesses spanning multiple end markets including gaming & real estate, manufacturing & distribution, consumer, and government contracting. As a long-term capital provider, Ho-Chunk prioritizes their dual mission of generating revenue and affecting positive social and economic impact.

About Winnebago Tribe of Nebraska
Winnebago Tribe of Nebraska is a federally recognized sovereign nation comprised of over 5,000 enrolled members. Tribal lands encompass over 27,600 acres across eastern Nebraska.

On October 3, 2025, KeyBanc Capital Markets (KBCM) successfully advised Avance Investment Management, LLC (Avance or the Company) on its acquisition of Barchemy, LLC (Barchemy), a developer and manufacturer of chocolate and confectionery ingredients. KBCM was engaged to serve as the Exclusive Buy-Side Advisor to Avance based on our long-standing relationship with the Company and Barchemy, deep Food & Beverage domain expertise and relevant M&A execution experience.

Avance is a private equity firm with offices in New York and Miami, focused on building middle market businesses in partnership with talented founders and management teams. Avance makes thematic investments within the Consumer, Services and Technology sectors in the U.S., seeking attractive opportunities with catalysts for growth within fragmented spaces with consolidation opportunities. The Company has a long history of partnering with founder-owned businesses, industry executives and management teams to add value.

Founded in 2005, Barchemy is an innovative manufacturer of high-quality, better-for-you chocolate and confectionary ingredients for the nutritional bar, bakery, confectionary and ice cream industries. Barchemy specializes in custom-formulated solutions across several applications and formats, offering an assortment of ~300 coatings, filings and inclusions. Barchemy is headquartered near Pittsburgh, Pennsylvania where it operates ~110K sq. ft. of manufacturing space across three facilities.

Cain Brothers, a division of KeyBanc Capital Markets, is serving as the exclusive advisor to CommonSpirit Health in its sale of Trinity Health System. CommonSpirit and University of Pittsburgh Medical Center have publicly announced the signing of a non-binding letter of intent to integrate Trinity into the UPMC system.

Cain Brothers was engaged based on our expertise in the hospital and health system sector and strong understanding of the local market.  Cain Brothers engaged with parties interested in continuing Trinity’s mission, leading to a letter of intent with UPMC. Over the next several months, both parties will work towards a definitive agreement, pending customary regulatory review and approvals.

CommonSpirit Health is one of the nation’s largest nonprofit Catholic health systems, delivering over 20 million patient encounters annually across 138 hospital-based locations and 2,300 care sites. Serving 24 states, CommonSpirit Health employs 160,000 team members, including 45,000 nurses and 25,000 physicians.

Trinity Health System, based in Steubenville, Ohio, is a member of CommonSpirit. With a full network of hospitals, physician practices, and specialty services across the Ohio Valley, Trinity Health System is committed to improving community health with excellence and faith-driven service.

UPMC is a leading nonprofit health care provider and insurer headquartered in Pittsburgh. With 100,000 employees and 5,000 physicians, UPMC operates 40 hospitals and 800 outpatient sites across Pennsylvania, New York, Maryland, and overseas. UPMC’s insurance services cover more than 4 million members. UPMC invests nearly $2 billion annually in community benefits, the most of any health system in Pennsylvania.

The transaction includes a $112.38 million ($155,228/unit) non-recourse, first mortgage loan secured by a 724-unit, garden-style apartment complex known as Aspire Pinnacle Peak, located in Phoenix, Arizona. Built in 2009, the property consists of three-story residential buildings, situated on 29.48 acres of land. The proposed loan will be used to refinance the property. The loan is structured with a 10-year term and amortizes on a 35-year schedule.

The transaction includes a $86.1 million ($281,382.35/unit) non-recourse, first mortgage loan secured by a 306-unit, garden-style, and partially affordable apartment complex known as Willows at Ventura, located in Ventura, California. Built in 2024, the property consists of 13 two-, three-, and four-story apartment buildings, situated on 8.03 acres of land. The proposed loan will be used to refinance existing debt on the property. The loan is structured with a seven-year term, and, subsequent to a three-year interest-only period, amortizes on a 35-year schedule. This loan was closed under Freddie Mac’s new Lease-Up program.

KeyBank Community Development Lending & Investment provided $71.2 million in capital for new construction of The Heights, a 160-unit affordable housing project in Akron, Ohio. All 160 units will serve families and individuals earning no more than 40%-70% of Area Median Income (AMI). The property will feature amenities for residents that will include a clubhouse and picnic area, fitness center, and a playground. We want to thank DFP Development LLC and Industrial Realty Group LLC for their sponsorship and shared mission to build much-needed affordable housing in Ohio.

The financing includes a $30.1 million construction loan, $26.2 million in LIHTC equity, $15.4 million permanent loan arranged by Key Commercial Mortgage Group, and $25 million public sale of tax-exempt private activity bonds arranged by KeyBank Capital Markets.

KeyBank Community Development Lending & Investment provided $5.8 million in capital for the new construction of Brynhill Apartments, a 59-unit affordable housing project in North Plains, Oregon. All 59 units will serve families and individuals earning no more than 30%-60% of Area Median Income (AMI). Supportive services will be offered to residents by Centro Cultural, a community-based and culturally specific organization serving the Latinx community in Washington Counties. CC provides multigenerational and culturally specific services through the following core program areas: K-12 STEAM education, workforce development, small business technical assistance, public engagement, civic advocacy, community health and wellness, transitional housing, and community-wide arts and cultural events. We want to thank Home First Development Green Light Investments for their sponsorship and shared mission to build much-needed affordable housing in Oregon.

The financing includes a $3.3 million construction loan and a $2.5 million permanent loan.

KeyBank Community Development Lending & Investment provided $12.8 million in capital for the new construction of Artem on Gay, a 71-unit affordable housing project in Columbus, Ohio. All 71 units will serve families and individuals earning no more than 30%-80% of Area Median Income (AMI). The property will feature amenities for residents including a community room and a fitness center. We want to thank the Ohio Community Development Finance Fund for their sponsorship and shared mission to build much-needed affordable housing in Ohio.

The financing includes a $8.3 million construction loan and a $4.5 million permanent loan.

The transaction includes a $21.47 million (116,696/unit) non-recourse, first mortgage loan secured by a 184-unit apartment complex known as Schooner Cove III, located in Ypsilanti, Michigan. Built in 1995 and renovated in 2018, the property consists of 13 three-story residential buildings, situated on 21.19 acres of land. The loan is structured with a 15-year term, and, subsequent to a 120-year interest-only period, amortizes on a 360-year schedule.

The transaction includes a $12.21 million ($249,265/unit) non-recourse, first mortgage loan secured by a 49-unit apartment complex known as Essex Street Apartments, located in Boston, Massachusetts. Built in 1900 and renovated in 1992, it received two known major renovations in 1986 and 2005. The property consists of one eight-story residential building, situated on 0.69 acres of land. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a 10-year interest-only period.

KeyBank Community Development Lending & Investment provided $66 million in capital for the new construction of Vita Lifestyle of Lafayette, a 198-unit senior affordable housing project in Lafayette, Indiana. This project will serve senior citizens earning no more than 40%–60% of Area Median Income (AMI). The property will feature amenities for residents that include a community room, pet wash, sports courts, and community patio. We want to thank Vita Investment Holdings LLC for their sponsorship and shared mission to build much-needed affordable housing in Indiana.

The financing includes $37.2 million in construction loans, a $28.8 million permanent loan arranged by Key Commercial Mortgage Group, and bond underwriting arranged by KeyBank Capital Markets.

KeyBank Community Development Lending and Investment (CDLI) provided a $25.9 million loan to finance the new construction of 1434 W. Compton Blvd LP, a 75-unit affordable housing project located in Compton, California. The Coalition for Responsible Community Development (CRCD) has partnered with LandSpire Group, LLC, to develop the project. This is the inaugural development project between the sponsor, CRCD, and LandSpire Group, LLC, a partnership that aims to produce 1,000+ permanent supportive and affordable housing units across the Greater Los Angeles area over the next decade.

The project will be a three-story development consisting of studio, one-bedroom and two-bedroom units, all of which are restricted at or below 50% of the area median income (AMI). Fifty percent of the units are set aside as permanent supportive housing, and the remaining 50% as general affordable housing. Additional LIHTC equity and Freddie Mac TEL permanent financing were secured from Walker & Dunlop.

Founded in 2005, the Coalition for Responsible Community Development (CRCD) is a 501(c) 3 organization dedicated to improving the quality of life in South Los Angeles. CRCD supports low-income residents and small businesses with jobs, education, training, affordable housing, and comprehensive support. Since its inception, CRCD has facilitated $160 million in investments, creating 464 housing units and additional development worth $665 million.

Founded in 2019, LandSpire Group is a Southern California-based real estate private equity firm specializing in investing in ground-up developments in select U.S. markets that are experiencing housing affordability challenges and supply imbalances. LandSpire's housing portfolio currently consists of 500 units of market rate and workforce housing, with an additional 400 units of affordable and workforce housing scheduled for delivery by the end of 2025.

1434 W. Compton Blvd LP, which is expected to be completed by May 2027, will have onsite amenities including laundry facilities, a community room, a tot lot, a landscaped courtyard, an amphitheater-style seating area, a basketball/multi-court play area, onsite parking and a resident manager. Social services will also be provided on-site by CRCD and other community partners.

Matthew Haas and Cathy Danigelis of KeyBank CDLI structured the financing.

On September 30, 2025, KeyBanc Capital Markets acted as Co-Manager on a $286.35 million Follow-On Offering for AAR Corp. (AAR or the Company).

AAR is a leading independent provider of solutions to the global aviation aftermarket. The Company offers a broad line of products and services to commercial and defense aerospace customers. AAR operates globally in over 20 countries through four business segments: Parts Supply, Repair & Engineering, Integrated Solutions and Expeditionary Services. For the year ended May 31, 2025, the Company generated sales of $2.8 billion. For the quarter ended August 31, 2025, the Company generated sales of $739.6 million. AAR was founded in 1951, is based in Wood Dale, Illinois and as of May 31, 2025 employed approximately 5,600 employees worldwide.

On September 26, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed a new financing transaction for Ho-Chunk Nation of Wisconsin (HCN). The $610 million Senior Secured Credit Facilities (the Credit Facilities) consist of a $305 million Revolving Credit Facility and a $305 million Delayed Draw Term Loan. In combination with ~$95 million of equity, proceeds of the Credit Facilities will be used to finance the construction of the Nation’s new flagship casino resort in Beloit, Wisconsin, and pay fees and expenses. KBCM acted as Left Lead Arranger, Joint Bookrunner and Administrative Agent on the transaction.

HCN is a new Left Lead Agency for KBCM. KBCM was selected to arrange the financing due to our unmatched experience and expertise in the Native American Financial Services industry, robust Debt Capital Markets platform, and historical track record of success leading and syndicating transactions in the gaming space.

About Ho-Chunk Nation of Wisconsin
Ho-Chunk Nation is a federally recognized sovereign Tribal nation with ~7,766 enrolled members. Headquartered in Black River Falls, Wisconsin, the Nation’s trust lands are mainly non-contiguous and scattered across 14 counties throughout Wisconsin and surrounding states. The Ho-Chunk Nation Legislature skillfully negotiated and authorized the credit facility. The Nation’s Department of Business is responsible for the management and administration of its business enterprises, including Ho-Chunk Gaming Wisconsin.

About Ho-Chunk Gaming Wisconsin
The Nation currently owns and operates six gaming facilities under the Ho-Chunk Gaming Wisconsin brand, with locations in Black River Falls, Wisconsin Dells, Madison, Wittenberg, Tomah, and Nekoosa. Ho-Chunk Gaming Wisconsin is developing a new ~$705 million destination-style casino resort in Beloit, Wisconsin. The property will feature over 1,500 slot machines and 40 table games, a 312-room hotel with a rooftop lounge, numerous food and beverage outlets, a 2,000-seat convention center, and a parking garage. Construction started in October 2024 with the Casino opening in September 2026. The Hotel and Convention Center is expected to be completed in September 2027.

In September 2025, KeyBank successfully upsized and closed a $300 million Senior Secured Revolving Credit Facility for Pursuit Attractions and Hospitality, Inc. (“Pursuit” or the “Company”). KeyBanc Capital Markets acted as Joint Lead Arranger and Co-Syndication Agent.

Pursuit Attractions and Hospitality, Inc. is an attractions and hospitality company. The Company offers a diverse portfolio including world-class attractions, distinctive lodges, sightseeing tours, wildlife safaris in national parks, and immersive FlyOver flight ride experiences in the United States, Canada, Iceland, and Costa Rica. The Company's customers include individuals and groups seeking immersive and unforgettable experiences in iconic destinations.

On September 24, 2025, KeyBanc Capital Markets served as Joint Bookrunner on a $400 million Senior Notes offering for California Resources Corporation. Proceeds will be used to repay existing indebtedness in association with the acquisition of Berry Corporation and for general corporate purposes.