How We’ve Stayed Steady

This year prompted me to spend more time thinking about how our teams approach their work. Not a single decision or event, but the way the year unfolded and how we stayed focused through it. It was a year that asked for patience and perspective, and in many ways, that felt familiar.

What stood out was the focus on execution. Decisions were made thoughtfully, and teams stayed engaged through uneven conditions. We continued to invest in our people and our processes rather than waiting for perfect clarity, and our independence gave us the space to be deliberate without the pressure to chase short-term outcomes.

Experience matters, and the colleagues leading our teams today have worked together for years. They’ve been through different cycles, learned alongside one another, and developed a shared way of working. When conditions shift, that experience shows up quickly in how decisions are made and how priorities are set.

That continuity is evident in our real estate platform. Nearly a year ago, Preston Sargent, longtime leader of Bailard’s real estate business, announced his intention to retire, allowing ample time to plan the transition with care. Effective January 1, Tess Gruenstein and James Pinkerton now serve as co-heads of the platform and as co-CEOs of the Bailard Real Estate Fund. Their partnership reflects years of working together, with complementary skills and a consistent approach to decision making. Alex Spotswood continues to drive acquisitions and portfolio management, and Preston remains involved as a strategic advisor, offering perspective shaped by decades of experience.

That same approach shows up across the firm. In 2025, Dave Harrison Smith, CFA, became Chief Investment Officer, drawing on his background and the collaborative way our investment teams operate. His promotion reinforced the direction already in place. In his first six months as CIO, Dave has helped bring even greater cohesion across the investment platform.

This all speaks to something simple. Decisions are being made by people who know the business, know the work, and know each other well. Trust is earned quietly, over time. Staying steady comes from the people in place and the way they work together.

# # #