As I reflect on 2023, one word resonates powerfully: Juntos.

The Spanish word for “together” was the guiding force behind our actions last year, shaping how we identified investment opportunities, cultivated clients, forged partnerships and fostered a vibrant, supportive community of organizations working on the front lines of Latino advancement across America.

Our commitment to working juntos was particularly evident in our deepened collaboration with the affiliates of our founding organization, UnidosUS. We focused intensely on providing these vital entities with responsible and attainable financing tailored to their unique needs. I’m proud to report that in 2023 a significant 50% of the $150 million we directly invested into communities went to UnidosUS affiliates. In the world of high-growth finance, that represents a 2x increase from our historical average, meaning we effectively doubled down on affiliate lending. Furthermore, we amplified our impact by leveraging an additional $440 million through other investments.

But this report isn’t just about numbers – it’s about the transformative power of collaboration. It’s about taking the journey with our partners. While I’m incredibly proud of the deals we financed, what inspires me is the impact they have.

Take our partnership with Mexican American Unity Council, the renowned organization dedicated to promoting economic, social, and educational opportunities for Latinos in San Antonio, TX. Owners of two affordable housing communities, MAUC was on the brink of losing 248 apartments to the speculative market. Our loan — which no other financial institution was willing to offer — helped them secure these homes for generations to come. (Read more about them on page 8).

Across the country in San Rafael, CA, Canal Alliance, a longstanding social services organization faced a different challenge. For years, they had rented their headquarter office space. We provided them with affordable capital and helped them buy their own building. Not only does this save them money that can be redeployed to cover other essential needs, but it also lets Canal Alliance build long-term financial stability so they can continue to serve the community with even greater impact. (Read more about them on page 10).

The RFD approach extends far beyond financial transactions. We listen and learn, stay and support, and we grow alongside our clients and partners — juntos.

Nowhere is that truer than in our new Comunidad Sana Initiative, designed to support community health centers serving Latinos across the country. The initiative includes the creation of a $100 million investment fund, for which we are actively fundraising. It also includes the establishment of a learning cohort through which we work alongside health center leaders to develop products and solutions that make sense for them and, more important, foster a spirit of collaboration and unity. I am especially excited that UnidosUS affiliates are already participating and receiving support to innovate and grow.

While achieving impact is our primary focus, maintaining financial stability is equally important. I am pleased to say that in 2023, S&P reaffirmed our strong AA- credit rating. Additionally, our assets under management grew by nearly 18% to $584 million in 2023.

We also spent time in 2023 defining our path forward. This strategy formation process was, inherently, a collective effort — juntos in every sense. We engaged with a wide array of stakeholders — existing clients and former ones, UnidosUS affiliates and non-affiliates, philanthropic partners and financial institutions, board members, staff, and beyond. We asked questions, probed ideas, leaned in, and listened intently.

The insights we gathered reside at the heart of the strategic framework we’ve developed, which is being rolled out in 2024.

As we look to the future, you can trust that the spirit of juntos will continue to be at the core of everything we do. We’re excited about what lies ahead and grateful for the continued support you have offered us. Thank you for being a part of our journey.

- Annie Donovan, RDF President and CEO