Q1 net loss narrows to $6.3M; S&P Maalot downgrades bonds; working capital shortfall $265M

Pacific Oak Strategic Opportunity REIT, Inc.

Net loss of $6.3M in Q1 2025 vs $77.9M loss in Q1 2024; revenue down 7% to $32.8M.
S&P Maalot downgraded Series B/D bonds to ilA and Series C to ilAA- in March 2025; interest rates rose.
Working capital shortfall of $265.3M; $104.4M Series B bond principal due January 2026.
Office portfolio 66% occupied; residential homes 93% occupied; total assets $1.45B.
All bond covenants met as of March 31, 2025 but Series D interest rate increased 0.5% for prior covenant miss.

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