OceanFirst Financial Corp. Completes Previously Announced Sale of $1.3 Billion of New York City Multifamily Loans

OceanFirst Financial Corp. (NASDAQ: “OCFC”) (“OceanFirst”), the holding company for OceanFirst Bank N.A. (the “Bank”), today announced that the Bank has completed the previously announced sale of $1.3 billion of multifamily loans. The portfolio is largely in the New York City metropolitan area, and the majority is subject to NYC rent regulations.

“The transaction has enabled us to rebalance our Commercial Real Estate and Multifamily exposure while reducing our exposure to rent regulation risk,” said Christopher Maher, Chief Executive Officer of OceanFirst. “Given the dynamics of rent regulated properties in the current marketplace, we believe it makes strategic sense to meaningfully reduce that exposure.”

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The sold portfolio consisted of approximately 1,400 multifamily loans with an aggregate balance of $1.3 billion. The purchase price was consistent with initial valuation estimates disclosed at the time the acquisition was announced. Loan collateral with rent-regulated exposure accounted for $736 million of the sold portfolio. The sold portfolio was originated by Flushing Bank and was acquired by the Bank through its merger on June 1, 2026. Following the sale, the company’s exposure to loans with greater than 50% rent-regulated units represents less than 2.5% of total assets.

Further details of the balance sheet repositioning and impact on the combined company will be reported in the Company’s second quarter earnings release and second quarter earnings conference call.
BofA Securities served as exclusive financial advisor and selling agent to OceanFirst and Morgan, Lewis & Bockius LLP served as its legal counsel.

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