First Street Expands Climate Risk Coverage from Real Estate to Companies and Infrastructure
The standard for Climate Risk Financial Modeling now connects physical exposure to earnings,
credit, and valuation for institutional investors.
NEW YORK, April 27, 2026 /PRNewswire/ -- As physical climate risk continues to shape investment decisions, investment teams still lack consistent, actionable data to translate that risk into financial terms. To meet this need, First Street has formally expanded its climate risk coverage beyond real estate to include companies and complex infrastructure assets, giving investors a more complete view of how physical exposure affects earnings, credit, and valuations across markets.
Founded nearly a decade ago as a research nonprofit, First Street has built a global foundation in property-level climate risk modeling, with coverage spanning billions of buildings worldwide. Its peer-reviewed, proprietary models quantify the likelihood and severity of hazards such as floods, wildfires, and extreme temperatures, translating physical exposure into estimates of damage, downtime, and financial loss.
Building on this foundation, First Street has developed two new modules that extend Climate Risk Financial Modeling across corporate balance sheets and infrastructure portfolios:
The Company Module connects physical climate risk to financial outcomes across corporate footprints and supply chains to earnings, credit, and valuation. It quantifies how disruptions at specific sites, suppliers, and infrastructure nodes flow through to company performance, helping equity and credit analysts assess when physical risk becomes material to the P&L.
The Complex Assets Module extends analysis beyond individual properties to infrastructure systems and large-scale sites, including transportation networks, data centers, energy systems, and industrial campuses. It captures exposure across entire routes and parcels, identifying the specific segments or sub-assets that drive vulnerability, and giving infrastructure investors, lenders, and operators the asset-level detail needed for more targeted capital planning and resilience investment.
Together, these modules close a structural gap in how institutional investors evaluate physical risk. Exposure at the property level can affect infrastructure performance, disrupt supply chains, and ultimately influence big-picture financial outcomes. Evaluating these interdependencies within a consistent framework lets asset owners, asset managers, and other financial institutions price physical risk across due diligence, underwriting, and capital allocation.
"Earth Day increasingly reflects how climate risk is being integrated into financial decisions across the system," said Matthew Eby, CEO and Founder of First Street. "Our expansion into companies and infrastructure builds on our foundation in real estate and aligns with how risk actually moves, from individual assets through to financial performance."
First Street's data and analytics are used by institutional investors, corporations, and financial institutions to identify exposure, assess financial materiality, and integrate physical climate risk into investment strategy and operations.
Complete coverage of these asset types is available to investors, financial institutions, governments, and corporations in the First Street Enterprise Suite. To learn more, visit firststreet.org.
About First Street:
At First Street, we are on a mission to connect climate and financial risk. For nearly a decade, our scientists have created transparent, peer-reviewed physical climate risk models that quantify the financial impacts of perils such as flooding, wildfire, and extreme wind events for every property in the world. In December 2024, we launched the First Street Enterprise Suite, a global software platform that transforms our models into actionable financial signals for decision-makers worldwide. First Street is the standard for Climate Risk Financial Modeling, empowering asset owners, asset managers, governments, real estate investors, corporations, and millions of homebuyers every day to make climate informed decisions.
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