R4 CAPITAL CLOSED A RECORD $2.1 BILLION OF AFFORDABLE HOUSING INVESTMENTS IN 2025

Including the syndication of $1.19 billion of LIHTC equity and the origination of $925 million of mortgage capital

NEW YORK, Jan. 22, 2026 /PRNewswire/ -- R4 Capital, a national affordable housing investment firm, announced today that as of December 31, 2025, it surpassed $12.9 billion of affordable housing investments under management. Both R4's LIHTC equity business, and its subsidiary, R4 Capital Funding (R4CF), R4's tax-exempt lending platform, attained record levels of business volume during 2025. In addition, R4's development subsidiary, Forward Housing Preservation (Forward Housing), closed on six property purchases during 2025.

R4 Capital closed $1.19 billion from 51 institutional investors, including ten new R4 investor clients, representing a 39% increase over 2024. "We are extraordinarily proud to have provided more than $1.19 billion of equity financing to the LIHTC market in a year that posed a number of challenges and uncertainties." noted Jason Gershwin, Managing Director and Director of Fund Management. In 2025, the firm closed on three R4-sponsored national multi-investor funds and R4's largest California Fund to date, for which the Company raised $163 million in LIHTC equity to finance the creation of 654 units spanning ten properties across California. Founded in 2011, R4 has raised and manages more than $7.8 billion of LIHTC equity investments on behalf of more than 145 institutional investors across 43 multi-investor funds and 14 proprietary funds.

In 2025, R4CF provided $925 million of construction and permanent mortgage capital to build or preserve 4,398 units of affordable housing. Remarked R4CF President, James Spound, "Two years in a row, R4CF has surpassed capital deployed from the previous year with a 34% increase in our 2025 volume over 2024. The results demonstrate that R4CF continues to tailor its lending programs to meet the needs of affordable housing developers and of our investment partners." Reaching a decade of business operations since its establishment in 2016, R4CF has provided more than $5.1 billion in mortgage loans, financing the construction and preservation of over 29,000 units of affordable housing across 31 states and Washington, DC. Expanding into new geographies with responsive and evolving products positions R4CF as a national leader in the private placement market, capable of supporting developers wherever affordable housing is needed.

Over the past 15 years, R4's LIHTC portfolio has grown substantially with maturing properties that now provide opportunities for disposition, further enhancing returns for R4's investors. "These dispositions provide many of our developer clients the opportunity to recapitalize and preserve properties for, in many cases, a new LIHTC cycle," notes Kevin Day, Senior Vice President and Director of Capital Transactions and Asset Strategies, who joined R4 in early 2025 within R4's growing Asset Management Team. "Our willingness to exit before Year 15 in certain situations provides additional flexibility."

Launched in 2021, Forward Housing is R4's development subsidiary that acquires existing affordable housing properties, most of which benefit from Section 8 rental subsidies, and rehabilitates them for long-term preservation. In 2025, Forward Housing closed on six acquisitions, bringing the portfolio to 16 properties to date. Forward Housing is led by its President, Alex Magliozzi. He notes, "Forward Housing's ability to acquire six new affordable properties, including five in new states in a demanding year, shows our commitment to preserving affordable housing on a nationwide level. We look forward to completing needed renovations and continuing to serve the needs of our residents." 

Marc Schnitzer, R4 Capital President and CEO, concluded, "I am immensely proud of and grateful for the dedication and hard work of our entire 107-person team for making 2025 an outstanding year. Despite all the volatility with respect to interest rates, construction costs, government programs, and other external challenges, for us to have the year we had – setting annual volume records for both equity and debt, along with six fantastic acquisitions for Forward Housing - is really a testament to the quality of our people." R4 is truly grateful for its developer and investor partners that made 2025 a banner year making a difference for affordable housing production nationwide.

About R4 Capital
R4 Capital provides capital solutions to create and preserve affordable housing nationwide. We are an affordable housing investor with proven expertise in LIHTC equity syndication, underwriting, asset management, tax-exempt lending, and development. Our growing $12.9 billion LIHTC equity and debt portfolio is distributed throughout 49 U.S. states, Washington, D.C., and territories representing more than 78,500 units of affordable housing. R4 Capital has offices in New York, NY, Boston, MA, Newport Beach, CA, and Austin, TX. 

SOURCE R4 Capital LLC