Some years validate the fundamentals, and 2024 was one of those years. Against a backdrop of rising interest rates, tighter capital markets, and increased investor caution, PPR delivered delivered strong annual performance. That success wasn’t driven by speculation or short-term gains, but by staying grounded in what we’ve always prioritized: patient capital, selective growth, and a clear focus on income generation and asset protection.
From liquidity expansion to record-level distributions, every milestone achieved last year reflected the strength of our long-term strategy and the discipline to stick with it. As we move through 2025, those same principles continue to shape how we invest, operate, and serve our investors.
A Look at the Numbers
In 2024, PPR’s total assets grew from $368.9MM to $426.9MM. This was a 16% increase that reflects our ability to deploy capital strategically and generate consistent performance. Members’ equity rose $61MM, highlighting both growing investor confidence and steady returns across our key verticals: non-performing loans (NPLs), multifamily, and build-to-rent (BTR).
One of the biggest shifts was in our liquidity position. Cash on hand increased from $8.9MM to $82.9MM. That capital flexibility positions us to move decisively when new opportunities arise, whether that means acquiring discounted loans, investing in BTR developments, or scaling existing partnerships.
Net Income and Strategic Gains
Our net income more than doubled, jumping from $14.9MM in 2023 to $33.2MM in 2024. This growth was largely driven by unrealized gains—particularly from our multifamily and mortgage loan joint ventures—which rose from $22.0MM to $45.2MM. These results validate our long-term strategy of investing in high-quality, undervalued assets with strong upside potential.
Distributions followed suit, rising from $31.0MM in 2023 to $45.9MM in 2024. We credit this to a combination of performance, conservative underwriting, and a long-standing focus on investor-first capital management.
Carrying the Momentum Into 2025
Our results from 2024 set the stage for continued progress in 2025 and beyond. With a growing cash position, strong JV relationships, and a proven investment framework, we’re well-positioned to scale across both our core verticals and emerging opportunities in BTR housing.
As stewards of our investors’ capital, at PPR we measure performance not just in returns but in resilience, consistency, and enduring impact. These are the priorities that guide our decisions every day.
