Spreads between the 10-year U.S. Treasury and seniors the short-term. For multifamily investments, the spread has averaged 261 basis points over the long-term, with Q4 2025 back to 2008, continuing to highlight the significant yield premium on investments that seniors housing commands. sitting at just a 113 basis point spread. The spread as of Q4 2025 decreased to 210 basis points, with