Q2 2026 Partner Letter

Dear Partners,

This is a placeholder Q2 letter and will be replaced by the real one shortly. The shape of the quarter, however, is straightforward: three active developments, foundations complete on Pavonia, permits advancing on 477 Monmouth, and design work continuing on Third Avenue.

Portfolio Snapshot

Here is where each project stands today:

1. Pavonia — Foundations complete; structural steel begins in June
2. 477 Monmouth — Permits advancing; construction start targeted Q3
3. Third Avenue — Design development; community review in progress

The Portal

The investor experience portal you are reading is itself one of the deliverables of this quarter — the first version of a venue where you can follow each project's progress in something closer to real time than a quarterly letter allows. We will keep writing letters; we hope this complements them.

For questions, reach out via our contact page.

More soon.

Sincerely, Shape Equity Partners