North Haven Net REIT

03/05/2026 | Press release | Distributed by Public on 03/05/2026 16:10

Annual Report for Fiscal Year Ending December 31, 2025 (Form 10-K)

Management's Discussion and Analysis of Financial Condition and Results of Operations

References herein to "North Haven Net REIT," the "Company," "we," "us," or "our" refer to North Haven Net REIT and its subsidiaries, unless the context specifically requires otherwise.

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K. In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those in this discussion as a result of various factors, including but not limited to those discussed in "Item 1A. Risk Factors"in this Annual Report on Form 10-K. Dollars are in thousands, except for per share amounts.

Overview

We are a Maryland statutory trust formed on February 6, 2023. Our investment strategy is focused primarily on originating, acquiring, financing and managing a portfolio of high-quality commercial real estate assets that are primarily long-term leased under net lease structures to tenants for whom the properties are mission critical, meaning essential to the continuance of their business operations. We also prioritize investing in real estate sectors such as industrial (e-commerce), manufacturing (on-shoring and near-shoring) and healthcare (aging demographics). To a lesser extent, we invest in commercial real estate debt-related assets, which may include first mortgage loans, subordinated mortgage loans, mezzanine loans, preferred equity, real estate-related corporate credit, and commercial mortgage-backed securities ("CMBS"), as well as other real estate-related securities (such as common and preferred stock of publicly traded real estate investment trusts ("REITs") and other real estate companies) and loans (collectively referred to as, "CRE debt investments").

We are an externally advised, perpetual-life REIT formed to pursue the following investment objectives:

•
Provide attractive current income in the form of predictable, stable cash distributions;
•
Realize appreciation in net asset value ("NAV") from differentiated sourcing, investment selection, structuring and proactive asset management; and
•
Provide an investment alternative for shareholders seeking to allocate a portion of their long-term investment portfolios to commercial real estate with potentially lower volatility than publicly-traded real estate companies and private credit with the potential for additional upside through real estate tax advantages and appreciation potential.

We may not achieve our investment objectives. See "Item 1A. Risk Factors" in this Annual Report.

We are structured as a non-listed, perpetual-life REIT, and therefore our securities are not listed on a national securities exchange and, as of the date of this Form 10-K, there is no plan to list our securities on a national securities exchange. We are organized as a holding company and plan to conduct our business primarily through our various subsidiaries. Commencing with our taxable year ended December 31, 2024, we elected to be taxed as a REIT under the Code for U.S. federal income tax purposes and generally will not be subject to U.S. federal income tax on our taxable income to the extent we annually distribute all of our REIT taxable net income to shareholders and maintain our qualification as a REIT.

Our board of trustees will at all times have ultimate oversight and policy-making authority over us, including responsibility for governance, financial controls, compliance and disclosure. Pursuant to an advisory agreement (the "Advisory Agreement"), by and among us, NH Net REIT Operating Partnership, LP, a Delaware limited partnership (the "Operating Partnership"), and MSREF Real Estate Advisor, Inc. (the "Adviser"), a Delaware corporation and wholly-owned subsidiary of Morgan Stanley (NYSE: MS) ("Morgan Stanley"), however, we have delegated to the Adviser the authority to source, evaluate and monitor our investment opportunities and make decisions related to the acquisition, management, financing and disposition of our assets, in accordance with our investment objectives, guidelines, policies and limitations, subject to oversight by our board of trustees.

On January 11, 2024, we commenced the Offering in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), by virtue of Section 4(a)(2) and Rule 506 of Regulation D thereunder, to investors that are (i) accredited investors (as defined in Regulation D under the Securities Act) and (ii) in the case of common shares sold outside the United States, to persons that are not "U.S. persons" (as defined in Regulation S under the Securities Act). We sell our common shares in the Offering on a monthly basis. We completed the initial closing of the Offering and our principal operations commenced on April 1, 2024.

As of December 31, 2025, we have received gross proceeds of $1,033,993 from the sale of our common shares and contributed the net proceeds to the Operating Partnership in exchange for a corresponding number of Operating Partnership units. The Operating Partnership has primarily used the net proceeds to make investments. We continue to sell our common shares on a monthly basis in the Offering.

We are not aware of any material trends or uncertainties, favorable or unfavorable, other than national economic conditions affecting real estate generally, that may be reasonably anticipated to have a material impact on either capital resources or the revenues or income to be derived from acquiring properties or real estate-related securities, other than those referred to in this Annual Report on Form 10-K.

2025 Highlights

Operating Results

•
Declared monthly net distributions totaling $54,540 for the year ended December 31, 2025. The details of our total returns are shown in the following table:

Class S

Class F-S

Class I

Class F-I

Class E

Annualized Distribution Rate(1)

5.91

%

6.56

%

6.76

%

7.41

%

9.00

%

Inception-to-Date Total Return, without upfront selling commissions(2)(3)

7.13

%

6.93

%

8.03

%

7.84

%

7.83

%

(1)
The annualized distribution rate is calculated by annualizing the net distribution amounts per share as of December 31, 2025 and dividing by the NAV per share as of November 30, 2025. Refer to "Item 8. Financial Statements and Supplementary Data-Notes to the Consolidated Financial Statements-Note 12. Equity" for more information.
(2)
Total return is calculated as the change in NAV per share from the date the first share of each respective class was sold through December 31, 2025, plus any distributions per share declared in the period and assumes reinvestment of distributions pursuant to the Company's distribution reinvestment plan. The inception date for Class F-S shares, Class F-I shares and Class E shares is April 1, 2024 and the inception date for Class S shares and Class I shares is August 1, 2024. We believe total return is a useful measure of our overall performance.
(3)
Class S shares and Class F-S shares exclude upfront selling commissions. Inclusive of the maximum upfront selling commissions, the inception-to-date total return for Class S shares and Class F-S shares are 4.6% and 4.9%, respectively.

Investments

•
Acquired 19 industrial properties, three retail properties and one healthcare property for aggregate gross purchase prices of $1,335,077, $100,200 and $56,329, respectively, including capitalized costs. We believe the acquisitions are consistent with our strategy of acquiring income-producing, mission critical, single-tenant, net leased commercial properties.
•
Acquired a preferred equity interest in a joint venture created to develop a state-of-the-art research and development facility. This project is a build-to-suit and has an in-place lease with a single tenant.

Capital and Financing Activity

•
Raised gross proceeds of $345,017 for the year ended December 31, 2025, through the sale of our common shares in the Offering.
•
Secured first mortgage financings with an aggregate principal balance of $1,005,205 comprised of $940,405 in direct originations and $64,800 in assumed loans with a weighted-average fixed rate of 5.82% and a weighted-average maturity date of May 8, 2031.
•
Obtained an unsecured revolving credit facility with a maximum borrowing capacity of $150,000 (which may be increased up to $500,000 if certain conditions are met) with an interest rate ranging from SOFR plus 1.40% to 2.25% and a maturity date of October 1, 2027.

Investment Portfolio

Investments in Real Estate

As of December 31, 2025, our real estate investments had an aggregate fair value of approximately $2.1 billion. The following table provides information regarding our real estate investments as of December 31, 2025:

#

Property Type

Property Sub-Type

Tenant

Market

Square Feet (in thousands)

Occupancy Rate(1)

Acquisition Date

Ownership Percentage

1

Industrial

Distribution - Warehouse

General Mills

Atlanta, GA

1,513

100

%

July 2025

100

%

2

Industrial

IOS

CRH Americas

Inland Empire, CA

1,146

100

%

September 2025

100

%

3

Industrial

Distribution - Warehouse

Tesla

St. Louis, MO

1,010

100

%

December 2024

100

%

4

Industrial

Distribution - Warehouse

Amazon

Chicago, IL

1,001

100

%

November 2025

100

%

5

Industrial

Distribution - Warehouse

Assa Abloy

Kansas City, KS

927

100

%

October 2024

100

%

6

Industrial

Distribution - Warehouse

Amazon

Los Angeles, CA

824

100

%

November 2025

100

%

7

Industrial

Distribution - Warehouse

Nissan

Los Angeles, CA

620

100

%

April 2025

100

%

8

Industrial

Cold Storage

C&S Wholesale Grocers

Boston, MA

524

100

%

June 2024

100

%

9

Industrial

Distribution - Warehouse

Nissan

New York City / New Jersey

508

100

%

April 2025

100

%

10

Industrial

Distribution - Warehouse

FedEx

Washington, D.C.

487

100

%

January 2025

100

%

11

Industrial

Manufacturing

Magna

Kansas City, MO

468

100

%

September 2024

95

%

12

Industrial

Cold Storage

C&S Wholesale Grocers

Boston, MA

446

100

%

June 2024

100

%

13

Industrial

Manufacturing

Inteva

Bluffton, IN

404

100

%

December 2024

100

%

14

Industrial

Manufacturing

SAIC

Bedford, IN

401

100

%

July 2024

100

%

15

Industrial

Manufacturing

Western Digital

Fremont, CA

290

100

%

December 2025

100

%

16

Industrial

Distribution - Warehouse

Amazon

Detroit, MI

258

100

%

August 2024

100

%

17

Industrial

Manufacturing

ACTEGA

Charlotte, NC

239

100

%

June 2024

100

%

18

Industrial

Cold Storage

Americold

Nashville, TN

235

100

%

December 2025

100

%

19

Industrial

Distribution - Warehouse

Nissan

Dallas, TX

231

100

%

April 2025

100

%

20

Industrial

Distribution - Warehouse

Huntington

Norfolk, VA

231

100

%

September 2025

100

%

21

Industrial

Cold Storage

Performance Food Group

Cleveland, OH

216

100

%

December 2024

100

%

22

Industrial

Distribution - Warehouse

FedEx

New York, NY

189

100

%

October 2025

100

%

23

Industrial

Distribution - Warehouse

Nissan

Chicago, IL

180

100

%

April 2025

100

%

24

Retail

Merchandise Store

Bass Pro

Triadelphia, WV

173

100

%

December 2025

100

%

25

Industrial

Manufacturing

Bazzini Nuts

Allentown, PA

161

100

%

January 2025

100

%

26

Industrial

Manufacturing

Oterra

Mount Pleasant, WI

156

100

%

March 2025

100

%

27

Industrial

Manufacturing

Oceaneering

Norfolk, VA

154

100

%

February 2024

100

%

28

Industrial

Manufacturing

UL Solutions

Fremont, CA

139

100

%

September 2025

100

%

29

Industrial

Manufacturing

ATI

Hartford, CT

111

100

%

November 2024

100

%

30

Retail

Fitness Center

Life Time

Phoenix, AZ

109

100

%

September 2024

100

%

31

Retail

Fitness Center

Life Time

Phoenix, AZ

108

100

%

December 2025

100

%

32

Retail

Fitness Center

Life Time

Dallas, TX

108

100

%

December 2025

100

%

33

Industrial

Cold Storage

Giant Eagle

Columbus, OH

105

100

%

September 2025

100

%

34

Industrial

Manufacturing

King County

Seattle, WA

92

100

%

November 2025

100

%

35

Healthcare

Medical Office

NYU Langone

New York, NY

55

100

%

December 2025

100

%

36

Industrial

Distribution - Warehouse

Daikin

Midland, TX

45

100

%

November 2025

100

%

37

Industrial

Distribution - Warehouse

Daikin

Canton, OH

41

100

%

November 2024

100

%

38

Industrial

Distribution - Warehouse

Daikin

Panama City, FL

40

100

%

November 2024

100

%

Investment in Real Estate Debt

The following table provides information regarding our investment in real estate debt as of December 31, 2025:

December 31, 2025

Loan Type

Principal Balance

Deferred Fees

Carrying Value(1)

Coupon(2)

Maturity Date

Property Type

Location

First mortgage

$

75,969

$

499

$

74,921

S + 4.15%

1/1/2028

Healthcare

Naples, FL

(1)
Net of a $549 CECL Allowance.
(2)
Represents the one-month Secured Overnight Financing Rate ("SOFR"), which was 3.88% as of December 31, 2025.

Build-to-suit Developments

In June 2025, the Company acquired a preferred equity interest in a joint venture considered to be a variable interest entity ("VIE"), of which the Company is the primary beneficiary, and as such is consolidated within the Company's consolidated financial statements. The purpose of the joint venture is to construct a build-to-suit research and development facility subject to a net lease for a single tenant. Refer to "Item 8. Financial Statements and Supplementary Data-Notes to the Consolidated Financial Statements-Note 6. Real Estate Under Development" for additional information.

In July 2025, the Company purchased a 242,355 square foot parcel of land in St. John, Indiana for $5,144, inclusive of closing costs in connection with a built-to-suit arrangement for a single tenant. As of December 31, 2025, the Company funded $2,338 in costs related to the development. Refer to "Item 8. Financial Statements and Supplementary Data-Notes to the Consolidated Financial Statements-Note 6. Real Estate Under Development" for additional information.

Lease Expirations

The following table details the expiring leases on our real estate investments by annualized base rent and square footage as of December 31, 2025 (square feet in thousands):

Year

Number of Expiring Leases(1)

Annualized Base Rent(2)

Square Feet

% of Total Annualized Base Rent Expiring

% of Total Square Feet Expiring

2026

-

$

-

-

0

%

0

%

2027

1

386

91

0

%

0

%

2028

-

-

-

0

%

0

%

2029

-

-

-

0

%

0

%

2030

1

804

111

1

%

1

%

2031

-

-

-

0

%

0

%

Thereafter

37

138,088

13,743

99

%

99

%

Total

39

$

139,278

13,945

100

%

100

%

(1)
Remaining lease term assumes the exercise of the extension options that are for materially below market rents.
(2)
Annualized base rent is determined from the annualized base rent per leased square foot as of December 31, 2025 and excludes tenant recoveries, straight-line rent and above-market and below-market lease amortization.

Key Components of Our Results from Operations

The following table sets forth information regarding our consolidated results of operations for the years ended December 31, 2025 and 2024:

For the Year Ended December 31,

$

2025

2024

Change

Revenues

Rental revenue

$

85,213

$

14,666

$

70,547

Total revenues

$

85,213

$

14,666

$

70,547

Expenses

Rental property operating

$

7,307

$

1,195

$

6,112

Depreciation and amortization

41,536

7,657

33,879

General and administrative

4,668

4,316

352

Organization costs

-

1,920

(1,920

)

Total expenses

$

53,511

$

15,088

$

38,423

Other income (expenses)

Income from investment in real estate debt

$

6,730

$

-

$

6,730

Decrease (Increase) in current expected credit loss allowance

146

(695

)

841

Other income

10,960

15,008

(4,048

)

Interest expense

(29,834

)

(2,316

)

(27,518

)

Total other income (expenses)

$

(11,998

)

$

11,997

$

(23,995

)

Net income

$

19,704

$

11,575

$

8,129

Net income (loss) attributable to non-controlling interests

$

(2

)

$

30

$

(32

)

Net income attributable to common shareholders

$

19,706

$

11,545

$

8,161

Rental Revenue

During the year ended December 31, 2025, rental revenue from our tenants in connection with our investments in real estate increased by $70,547 compared to the year ended December 31, 2024. The increase is primarily attributable to the acquisition of 23 additional properties in 2025 with no property dispositions.

Rental Property Operating

During the year ended December 31, 2025, operating expenses in connection with our investments in real estate increased by $6,112 compared to the year ended December 31, 2024. Rental property operating expenses generally consist of property taxes, insurance and property maintenance, which are generally reimbursable by our tenants as a component of rental revenue. The increase is primarily attributable to the acquisition of 23 additional properties in 2025 with no property dispositions.

Depreciation and Amortization

During the year ended December 31, 2025, depreciation on our investments in real estate increased by $22,081 and amortization on our lease intangible assets and liabilities increased by $11,798 compared to the year ended December 31, 2024. The increase is primarily attributable to the acquisition of 23 additional properties in 2025 with no property dispositions.

General and Administrative Costs

During the year ended December 31, 2025, general and administrative expenses, which primarily consists of professional services, insurance and transfer agency fees, increased by $352 compared to the year ended December 31, 2024. The increase is attributable to an increase in professional fees due to a greater number of investments in 2025 compared to the prior year.

Organization Costs

During the year ended December 31, 2024, the Company recorded $1,920 in organization costs, which represent all of such costs incurred from our inception through principal operations commencement on April 1, 2024. The Company did not incur organization costs during year ended December 31, 2025.

Income from Investment in Real Estate Debt

During the year ended December 31, 2025, the Company recorded $6,730 in income from its investment in real estate debt comprised of $6,480 of interest income and $250 of origination fee amortization. In December 2024, the Company originated its investment in real estate debt and recorded $377 in income from this investment, which was classified as other income in the consolidated statements of operations.

Decrease (Increase) in Current Expected Credit Loss Allowance

The Company recorded a current expected credit loss allowance of $695 on its investment in real estate debt concurrent with closing the investment in December 2024. The Company reduced $146 of this allowance during the year ended December 31, 2025 due to the decrease in the investment's remaining term.

Other Income

During the year ended December 31, 2025, other income, which is primarily comprised of interest income generated on our cash and cash equivalents, decreased by $4,048 as compared to the year ended December 31, 2024 primarily due to a lower average cash balance during the year ended December 31, 2025.

Interest Expense

During the year ended December 31, 2025, interest expense increased by $27,518 compared to the year ended December 31, 2024 due to an increase of $437,752 in average principal balance on secured debt.

Refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024 for discussion of our consolidated results of operations for the year ended December 31, 2024 compared to the period from October 20, 2023 (Date of Initial Capitalization) through December 31, 2023, which specific discussion is incorporated herein by reference.

Critical Accounting Estimates

The preparation of the financial statements in accordance with GAAP involve significant judgments and assumptions and require estimates about matters that are inherently uncertain. These judgments will affect our reported amounts of assets and liabilities and our disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our consolidated financial statements. The following is a summary of our significant accounting policies that we believe are the most affected by our judgments, estimates, and assumptions. See "Item 8. Financial Statements and Supplementary Data-Notes to the Consolidated Financial Statements-Note 2. Summary of Significant Accounting Policies" to our consolidated financial statements in this for further descriptions of the below accounting policies.

Investments in Real Estate

We expect that most of our acquisitions will qualify as asset acquisitions rather than business combinations pursuant to the Accounting Standards Codification ("ASC") Topic 805, "Business Combinations." Upon the acquisition of a property, we assess the fair value of the acquired tangible and intangible assets and assumed liabilities (including land, buildings, above- and below-market leases, acquired in-place leases, and other identified intangible assets and assumed liabilities) and we allocate the purchase price to them, on a relative fair value basis. The most significant portion of the allocation is generally to building and land and requires the use of market-based estimates and assumptions. We assess and consider fair value based on estimated cash flow projections that utilize appropriate discount and/or capitalization rates, as well as other available market information. Estimates of future cash flows are based on several factors including the historical operating results, known and anticipated trends, and market and economic conditions.

The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. We also consider an allocation of purchase price of acquired intangible assets and liabilities.

Acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants' credit quality and expectations of lease renewals.

Acquired above- and below-market leases are recorded at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management's estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases.

Other intangible assets acquired include amounts for in-place lease values that are based on our evaluation of the specific characteristics of each tenant's lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, we include real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, we consider leasing commissions, legal and other related expenses.

Impairment of Investments in Real Estate

Once real estate assets have been recorded, they are subsequently evaluated for impairment on a quarterly basis. A real estate asset is considered impaired when the sum of estimated future undiscounted cash flows to be generated by the real estate asset over the estimated remaining holding period is less than the carrying value of such real estate asset. An impairment charge is recorded equal to the excess of the carrying value of the real estate asset over the fair value. When determining the fair value of a real estate asset for the purpose of assessing impairment, we make certain assumptions including, but not limited to: consideration of projected operating cash flows, intended holding period of the real estate, comparable selling prices and projected cash flows from the eventual disposition of the real estate based upon our estimate of a capitalization rate and discount rate. While we exercise significant judgment in generating our assumptions, the asset's fair value is subject to uncertainty, as actual operating cash flows and disposition proceeds could differ from those assumed in our valuations. Additionally, the output is sensitive to the assumptions used in calculating any potential impairment.

Impairment of Investment in Unconsolidated Joint Ventures

We analyze our investment in unconsolidated joint ventures for impairment. This analysis consists of determining whether an expected loss in market value of an investment is other than temporary by evaluating the length of time and the extent to which the market value has been less than cost, the financial condition and near-term prospects of the investment, and our intent and ability to retain our investment for a period of time sufficient to allow for any anticipated recovery in market value. As the factors used in this analysis are difficult to predict and subject to future events that may alter our assumptions, we may be required to recognize future impairment losses on our investment in unconsolidated affiliates.

Current Expected Credit Loss

The current expected credit loss allowance ("CECL Allowance") is an allowance for losses required under ASC Topic 326, "Financial Instruments-Credit Losses," ("ASC 326"), which reflects our current estimate of potential credit losses related to our investment in real estate debt included in our consolidated balance sheets as a reduction of the carrying value of the investments. Changes to the CECL Allowance is recognized through net income on our consolidated statements of operations. While ASC 326 does not require any particular method for determining the CECL Allowance, it does specify the allowance should be based on relevant information about past events, including historical loss experience, current portfolio, market conditions and reasonable and supportable forecasts for the duration of each respective loan. ASC 326 requires that all financial instruments within its scope have some amount of loss allowance regardless of credit quality, subordinate capital or other mitigating factors.

As of December 31, 2025, we had one investment in real estate debt and we estimated our CECL Allowance using the Weighted-Average Remaining Maturity ("WARM Method"), which FASB Staff Q&A Topic 326, No. 1 lists as an acceptable methodology for such estimation. Under the WARM Method we determine an annual average charge-off rate through referencing historic loan loss data across a comparable data set and apply such charge-off rate, with consideration of forecasted economic conditions, to our investment in real estate debt over their expected remaining term.

Application of the WARM Method to estimate the CECL Allowance requires judgment, including (i) relevant historical loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, (iii) the current and expected economic conditions over the relevant time period and (iv) economic trends that may have isolated impact on a specific geographic location or property type. We complied relevant historical loan loss reference data from an affiliate of our Adviser and third-party sources. Within this data, we focused our historical loss reference calculations on the subset of data most relevant to our one investment in real estate debt as of December 31, 2025. The metrics we considered include asset type, geography and origination loan-to-value. We believe this historical loan loss reference data is the most relevant, available and comparable dataset to our portfolio.

Accrued interest related to our investment in real estate debt are excluded from the carrying value when determining the CECL Allowance as any accrued interest deemed to be uncollectible is written off in a timely manner.

In accordance with ASC 326, our CECL Allowance is adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the real estate securing our loans. These estimations include unemployment rates, interest rates, expectations of inflation and/or recession and other macroeconomic factors impacting the likelihood and magnitude of potential credit losses for our loans during their anticipated term. This forecasted information is compiled from various sources, including information and opinions available to our Adviser, to further inform these estimations. This process requires significant judgments about future events that, while based on the information available to us as of the balance sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolio could vary significantly from the estimates we made as of December 31, 2025.

Recent Accounting Pronouncements

See "Item 8. Financial Statements and Supplementary Data-Notes to the Consolidated Financial Statements-Note 2. Summary of Significant Accounting Policies" to our consolidated financial statements in this Annual Report on Form 10-K for a discussion concerning recent accounting pronouncements.

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