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Variance Memo
Q2 2026 · Laird Norton Company · illustrative
Draft prepared by Nora from this quarter's flags — review and edit before finalizing.
Summary
Consolidated net income for Q2 2026 is $5.42M, −2.1% versus the Argus reforecast. Two material items drive the variance and are detailed below; both were caught during the close and are reflected in the consolidated statements.
1. LNP — Cascade Industrial Portfolio LLC
NOI −6.1% vs Argus reforecast. Occupancy dip at three assets; leasing pipeline soft.
2. LNP — Pier 70 JV LP
Intercompany mgmt-fee break $10k. LNC books $250k; the JV books $240k. Elimination co-signed at $250k with a noted receivable.
All other lines are within the 3% materiality threshold. No restatements. Reforecast baseline: Argus, pulled Jun 30.