Zions Bancorporation to Acquire Basis Investment Group's Agency Multifamily Lending Platform

Zions Bancorporation, N.A. (NASDAQ: ZION) has entered into a definitive agreement to acquire the agency lending business of Basis Multifamily Finance I, LLC, a subsidiary of Basis Investment Group, the companies announced March 23, 2026. The acquisition will expand Zions' commercial real estate financing capabilities through direct access to government-sponsored enterprise lending programs serving multifamily property owners.

The transaction includes Basis' experienced agency lending team, access to Fannie Mae and Freddie Mac lending programs, and all associated mortgage servicing rights. Alongside the acquisition, Zions and Basis have entered into a strategic partnership intended to expand each company's real estate financing and capital formation efforts.

GSE Program Access

Through the acquisition, Zions will gain participation in several key government-backed lending programs, including the Fannie Mae DUS® (Delegated Underwriting and Servicing) program and the Freddie Mac Optigo® Conventional and Small Balance Loan programs. These programs provide permanent financing for stabilized multifamily properties.

Basis Multifamily Finance I, LLC operates as an approved DUS® lender for Fannie Mae and an Optigo® lender for Freddie Mac. Its parent company, Basis Investment Group, has closed more than $9 billion in debt and equity transactions across 47 or more states.

"The acquisition of Basis' agency lending business will strategically expand our capabilities to meet the needs of our commercial real estate customers. This is a natural, customer-driven evolution of our capital markets strategy, which continues to be a meaningful growth engine for the company. It also reinforces our commitment to supporting economic development, particularly in the high-growth Western markets we serve, where housing availability and affordability create strong demand for multifamily housing. We look forward to working with Tammy Jones and the entire Basis team," said Harris Simmons, Chairman and CEO of Zions Bancorporation.

Strategic Partnership

Under the accompanying strategic partnership, Basis retains its diversified investment management platform while Zions operates the agency lending business.

"This transaction is a great result for all stakeholders, enabling the agency platform to scale while driving financing and investment activity across Basis' diversified Funds platform through our ongoing partnership with Zions. Our shared commitment to workforce and affordable housing serves as a powerful foundation for long-term success. I'm excited for what comes next and to seeing the agency business reach its full potential under Zions' ownership," said Tammy K. Jones, CEO and Founder of Basis.

Zions reported approximately $3.4 billion in annual net revenue in 2025 across an approximately $89 billion asset base as of December 31, 2025.

Geographic Focus

Zions operates under local management teams and distinct brands across 11 western states — Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The bank cited housing availability and affordability as factors driving demand for multifamily financing in these regions.

Advisors and Closing Conditions

Beekman Advisors is serving as financial advisor to Basis Investment Group, with Davis Polk & Wardwell LLP serving as legal advisor. Zions Capital Markets is serving as financial advisor to Zions Bancorporation, with Allen Overy Shearman Sterling US LLP acting as legal counsel.

The transaction is subject to customary closing conditions and third-party approvals, including approval by Fannie Mae and Freddie Mac. No financial terms were disclosed.

Zions Bancorporation is included in the S&P MidCap 400 and NASDAQ Financial 100 indices. Additional investor information is available at www.zionsbancorporation.com.