On March 30, 2026, Sun Life Financial Inc. announced its agreement to acquire 100 percent of Bell Partners Inc., a leading U.S. multifamily real estate investment manager and vertically integrated property management business, for a purchase price of US$350 million, with at least 75 percent of the consideration payable in Sun Life common shares. Founded in 1976 and headquartered in Greensboro, North Carolina, Bell Partners has approximately US$10 billion of gross asset value under management as of March 1, 2026, manages approximately 70,000 apartment homes across 12 regions in the United States, and operates nine U.S. offices with close to 1,800 employees. Upon closing, Bell Partners will become the U.S. multifamily operating platform for Sun Life, operating under BGO, Sun Life's global real estate investment management advisor, while continuing to operate as a distinct, vertically integrated business under its current leadership and retaining its property-level branding, office locations, investment vehicles and client focus. The combined global real estate business of BGO and Bell Partners is expected to represent more than US$100 billion of assets under management. Sun Life announced the Bell Partners transaction concurrently with the completion of the acquisition of the remaining 44 percent equity interest in BGO and the remaining 49 percent interest in Crescent Capital Group, its global alternative credit investment manager. The Bell Partners transaction is expected to close in the second half of 2026, subject to receipt of regulatory and Toronto Stock Exchange approvals and satisfaction of customary closing conditions.