A YEAR OF RELENTLESS MOMENTUM
As we look back on 2025, one thing is clear. Our success was made possible by the incredible clients we have the privilege to work with.
In a year marked by market volatility and reduced bank participation, you continued to trust Cardinal Capital Group as your capital partner. Because of that trust, our team funded more than $500 million across 300+ loans, while remaining focused on what matters most to our clients. Clarity. Responsiveness. Certainty of execution.
We are grateful for the relationships we have built and the projects we have helped bring to life. Your confidence drives everything we do, and we are proud to support your growth in every market environment.
$14,750,000 SOMERVILLE, MA
$3,250,000 WELLESLEY, MA
$510,000 TAMPA, FL
$1,365,000 YORK, ME
We rise by deciding to outwork, outthink, and outperform in every market we enter.
2025 GOLD STEVIE AWARD TOP FEMALE ENTREPRENEUR
A LETTER FROM OUR FOUNDER
As we step into 2026, we are also marking something deeply meaningful to us. Five years since Cardinal Capital Group was created. What began as a clear vision has grown into something far greater because of the trust, belief, and partnership of our borrowers.
We simply would not be here without you.
You chose to work with us, often in moments when certainty mattered most. You trusted our word, our speed, and our ability to execute. That trust shaped who we are. It pushed us to build a disciplined platform, to hold ourselves to a higher standard, and to show up consistently, even in uncertain markets.
This past year was a defining one. We expanded across the East Coast, delivered institutional level performance, and closed our inaugural $130M RTL securitization. These milestones were not accidental. They were earned through focus, resilience, and a commitment to doing exactly what we say we will do, every time. And at the center of all of it were your projects, your goals, and your confidence in us as a partner.
Cardinal was built to move with clarity and conviction. To protect relationships. To perform when it matters. Five years in, that purpose feels stronger than ever.
Thank you for believing in us, for building alongside us, and for trusting Cardinal with work that matters to you. We do not take that responsibility lightly. As we look ahead, we carry real momentum, real gratitude, and a deep commitment to continue earning your trust.
We are just getting started, and we are honored to do this work with you.
BRIANA HILDT FOUNDER AND CHIEF EXECUTIVE OFFICER
WINNING BY HELPING BUILD. BUILDING BY HELPING WIN.
2025 was defined by decisive action and rapid execution. Our clients sought lending partners who could move quickly, think creatively, and provide clarity from start to finish. Cardinal met that demand with discipline and follow-through, empowering our clients to compete, scale, and seize opportunities across key East Coast markets.
2026 TERMS
TO
IN AS LITTLE AS 5 DAYS
In 2026, operators will continue to navigate a market defined by tight supply, shifting affordability, and growing demand for rental housing. Developers and investors who move with confidence will be the ones who stay ahead. Cardinal’s role is to give them the clarity and certainty to do that.
With deep regional insight and a disciplined, founderled platform, we provide capital that moves as fast as our borrowers need. Our competitive pricing, efficient closings, and streamlined draw process allow operators to execute without friction and stay competitive in a tightening market.
REFINANCE
59% increase YTD
Largest volume product of 2025 72% increase YTD
Strong demand from operators portfolios
79% increase YTD
Consistent performance across core markets NEW
CONSTRUCTION
$750,000 SIMSBURY, CONNECTICUT FUNDED
CARDINAL COMPLETES ITS FIRST $130M RTL SECURITIZATION
BUSINESS WIRE, NOVEMBER 20, 2025
In November 2025, Cardinal Capital Group reached a defining milestone with the closing of our first residential transitional loan securitization, CRDNL 2025-RTL1, backed by $130 million in collateral. The transaction marks a significant evolution of our lending platform and demonstrates the strength of our credit capabilities, disciplined underwriting, and proven performance across dynamic markets.
The offering received strong, oversubscribed investor participation, underscoring market confidence in the quality and consistency of Cardinal’s loan portfolio. The securitization was backed by 94 RTL loans financing approximately 365 housing units, with over 70 percent of the collateral supporting projects throughout Massachusetts. The deal features a two-year revolving period, allowing payoffs to be reinvested and enabling Cardinal to expand originations while maintaining balance sheet efficiency.
“Our inaugural securitization highlights the strength of our credit platform and validates investor confidence in our lending model,” said Briana Hildt, Chief Executive Officer. “This transaction directly enhances our capacity to deliver the certainty, speed, and reliability our borrowers depend on.”
Dominic Blad, Chief Investment Officer, added, “Diversifying our capital base is essential to supporting real estate investors nationwide. This transaction strengthens liquidity for builders and developers who are creating and revitalizing housing supply across the country.”
Performance Trust Capital Partners served as sole structuring agent, bookrunner, and initial purchaser. Dechert LLP acted as Cardinal’s legal counsel, with Mayer Brown LLP representing Performance Trust. Adige Asset Advisory LLC provided operational guidance throughout the process, supporting the efficient launch of the securitization.
This milestone reinforces Cardinal Capital Group’s commitment to advancing modern capital markets strategies, expanding access to reliable funding for real estate operators, and driving continued growth throughout New England and broader U.S. markets as we enter the next stage of our development.
LEFT TO RIGHT: JAKE MALKOON [CFO] BRIANA HILDT [CEO] AND DOMINIC BLAD [CIO]
2025 MARKET TRENDS
2025 reaffirmed what Cardinal has been preparing for over the past several years. Regulatory pressure continued to restrict bank lending and traditional institutions struggled to perform on time. This created a visible shift in borrower behavior. A growing number of highly qualified and previously banked clients turned to Cardinal because we close without delay, perform on our term sheets, and deliver the reliability their business models now require.
Across New England, the housing shortage continued to shape the market. Cities and towns pushed new zoning reforms to accelerate construction, while developers sought faster and more flexible capital to meet demand. Cardinal’s pipeline saw an increase in new construction opportunities, value-add projects, and experienced flippers moving quickly to address affordability pressures for end buyers.
THE SHIFT IN BORROWER BEHAVIOR
More bankable clients turned to private capital after experiencing delays with banks and credit unions. They chose Cardinal because we close on time, communicate clearly, and fit directly into their business model. Reliability became the differentiator of 2025.
WHY MASSACHUSETTS STOOD OUT
Massachusetts continues to outperform national housing fundamentals. Home values are significantly higher than the national median. Appreciation is stronger. Flipping profits are more than double. Homes sell in half the time with an average of twenty five days on market. These conditions support higher margins, faster project turnovers, and reduced carry risk for Cardinal borrowers.
Massachusetts has attractive economics for flippers, improving project returns, loan repayment timelines, and reducing carry risk.
- Home values are nearly 50% higher
- Profit margins are 2.2x greater
- Faster absorption, with half the average days on market
$4,775,000 WELLESLEY, MASSACHUSETTS FUNDED
INVESTING IN OUR FUTURE
2025 was a transformational year for Cardinal Capital Group. We expanded our team, strengthened our national footprint, and continued to build the internal capabilities required for long-term scale. As demand for disciplined, reliable private capital grew, we invested intentionally by adding new talent, opening new offices, and elevating every core function of our platform. These investments reflect our commitment to staying ahead of the market, supporting our borrowers with excellence, and building an organization designed to lead for decades to come.
INC. 5000
FASTEST GROWING PRIVATE COMPANIES IN AMERICA
ACROSS ALL FINANCIAL FIRMS NATIONWIDE #55
ACROSS ALL OF MASSACHUSETTS
CARDINAL CARES LAUNCH
$32,000,000 NEWTON, MASSACHUSETTS FUNDED
CASE STUDY
THE TOUGHEST DEAL WE UNDERWROTE IN 2025 AND WHY IT WORKED
Cash out refinance of a newly completed luxury condominium project in one of Newton’s strongest submarkets. The Beacon comprises thirty four high end residences with 1+ and 2+ bedroom layouts, developed by Alpine Property Group and designed by Zarifi Design.
Despite strong location and product quality, the transaction presented several execution challenges. The project was mid sell out with meaningful monthly carrying costs, required a large loan size across multiple notes, and needed to close within a narrow window to avoid additional sponsor cash outlays. At underwriting, 20 of 34 units were under agreement, creating momentum but also time sensitivity tied to ongoing closings.
The sponsor sought to pull out proceeds while preserving flexibility during sell out, which limited conventional financing options. As an institutional borrower with an established track record, they required a capital partner that could underwrite real time sales velocity, structure around internal capital constraints, and move decisively without slowing the project timeline.
Cardinal solved these challenges by structuring a $30M loan across multiple notes, aligning internal capital guidelines with the borrower’s liquidity needs. The team underwrote current contracts rather than waiting for full sell through and executed documentation in parallel to diligence. From initial receipt to closing, the transaction was completed in six business days. This deal worked because Cardinal combined speed with disciplined structuring, recognized real demand in the asset, and delivered certainty at a moment when delay would have materially impacted the sponsor.
LEADING VOICE IN THE INDUSTRY
Throughout the year, our team spent time at conferences and events across the country where private lending, real estate finance, and capital markets intersect. These environments create space for real conversations with long standing partners, new operators, and peers navigating the same market realities.
Our leadership is part of that dialogue. Briana Hildt and Dominic Blad participate on panels throughout the year, offering practical perspective shaped by day to day experience and learning alongside other leaders in the space. The value comes as much from listening as it does from sharing. We are grateful for the opportunity to engage in these settings and for the relationships that continue to grow from them. Each conversation sharpens our thinking and strengthens our ability to show up as a thoughtful, reliable partner to our borrowers and investors.
$610,000 RICHMOND, RHODE ISLAND FUNDED
DISCLAIMER: This update is for Cardinal Capital Group and any appendices or exhibits (the “Update”) have been prepared by Cardinal Capital Group (“CCG”) for information purposes only. This Presentation is confidential and for its intended audience only. Recipients of this Presentation may not reproduce, redistribute or pass on, in whole or in part, in writing or orally or in any other way or form, this Presentation or any of the information set out herein. This Update does not constitute an offer to sell or a solicitation of an offer to purchase limited partnership interests in any security. Any prospective investor is advised to carefully review all of the private placement memorandum, operating agreement and subscription documents (“Investor Documents”) and to consult their legal, financial and tax advisors prior to considering any investment in the Fund. The materials contained in this Update contain a summary and overview of the Fund as currently contemplated by CCG in order to obtain initial feedback from potential investors. CCG may change some terms of the Fund prior to finalization of the Investor Documents. This Update does not purport to be complete and is superseded in its entirety by the information contained in the Investor Documents. Past performance is not indicative of future returns or Fund results. Individual investment performance, examples provided and/or case studies are not indicative of overall returns of the Fund. In addition, there can be no guarantee of deal flow in the future. Some of the statements in this Presentation, including those using words such as “targets,” “believes,” “expects,” “intends,” “estimates,” “projects,” “predicts,” “anticipates,” “plans,” “pro forma,” and “seeks” and other comparable or similar terms are forward-looking statements. Forward looking statements are not statements of historical fact and reflect CCG’s views and assumptions as of the date of the Presentation regarding future events and performance. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are important factors that could cause Fund’s actual results to differ materially from those indicated in these statements. CCG believes that these factors include, but are not limited to, those described in the “Risk Factors” section of Fund’s confidential private placement memorandum.
