Paramount Group is a REIT that owns and operates Class A office buildings in the central business districts of New York City and San Francisco. The portfolio consists of roughly 13 million square feet across 14 wholly or partially owned properties. In New York, Paramount's eight properties are concentrated in Midtown's Sixth Avenue corridor, with tenants primarily in financial services and law. In San Francisco, Paramount owns six properties, with tenants more concentrated in technology. Paramount leases space directly to tenants under long-term leases typically spanning 8 to 15+ years. The key earnings drivers are occupancy, rental rates, and the pace of backfilling vacant space left by large tenant move-outs. Paramount also runs a smaller investment management business, earning asset management and property management fees from funds serving institutional investors. The San Francisco portfolio has faced significant headwinds post-pandemic, with elevated market-wide availability and major lease expirations, including Google vacating One Market Plaza. Two San Francisco assets have been written down to zero and may be handed back to lenders. On external growth, Paramount plans to acquire assets in a capital-light structure, co-investing alongside third-party capital and earning fees rather than deploying significant balance sheet equity.