CFTR-PA 10-K & 10-Q changes, risk factors and insider trading

The Company’s business and operations are dependent on the commercial real estate industry generally, which in turn is dependent upon broad economic conditions in the United States and abroad. A worsening of economic conditions would likely have a negative impact on the commercial real estate industry generally and on the Company’s business and operations specifically. Additionally, disruptions in the global economy, whether as a result of ongoing economic conditions in China and the Euro-zone, including relating to Brexit, epidemics of infectious diseasedisease, (includingchanges coronavirus),in international tariff and trade policies, regional conflict (including the ongoing outbreakconflicts ofin hostilitiesthe betweenMiddle RussiaEast and Ukraine and between Hamas and Israel) or otherwise, may also have a negative impact on the commercial real estate market domestically. Adverse conditions in the commercial real estate industry could harm the Company’s business and financial condition by, among other factors, reducing the value of the Company’s existing assets, limiting the Company’s access to debt and equity capital, harming the Company’s ability to originate new commercial real estate debt and otherwise negatively impacting the Company’s operations.

Market disruptions in a single country could cause a worsening of conditions on a regional and even global level, and economic problems in a single country are increasingly affecting other markets and economies. A continuation of this trend could result in problems in one country adversely affecting regional and even global economic conditions and markets. For example, concerns about the fiscal stability and growth prospects of certain European countries in the last economic downturn had a negative impact on most economies of the Eurozone and global markets and the current ongoing conflictconflicts betweenin Russiathe Middle East and Ukraine and between Hamas and Israel could have a negative impact on those countries and others in those regions. The occurrence of similar crises in the future could cause increased volatility in the economies and financial markets of countries throughout a region, or even globally.

Additionally, political leaders in certain European nations have recently been elected on protectionist platforms, fueling doubts about the future of global free trade. The U.S. government has imposed tariffs on certain foreign goods, including steel and aluminum and has indicated a willingness to impose tariffs on imports of other products. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods and have indicated a willingness to impose additional tariffs on U.S. products. GlobalShifts in U.S. trade disruption,policy, significantincluding introductionsnew ofor increased tariffs and uncertainty surrounding existing international trade barriersagreements, have contributed to heightened volatility in global markets and bilateraleconomic tradeconditions. frictions,Such togetheruncertainty withcan anyinfluence futurebusiness downturnsactivity inand thesupply globalchains, economywhich resulting therefrom, couldmay adversely affect itsgeneral performance.market performance and our operations.

A property may incur vacancies either by the continued default of tenants under their leases or the expiration of tenant leases. If vacancies continue for a long period of time, the Company may suffer reduced revenues resulting in less cash to be distributed to stockholders. In addition, because properties’ market values depend principally upon the value of the properties’ leases, the resale value of properties with prolonged vacancies could suffer, which could further reduce the Company’s stockholders’ return. The lease on SF Property expired on December 31, 2021 and the tenant did not renew the lease, and as of March 31, 2025, the SF Property is vacant.

The Company’s business and the businesses of the Company’s tenants could be materially and adversely affected by the risks, or the public perception of the risks, related to a pandemic or other health crisis, such as the outbreak of coronavirus (COVID-19).coronavirus.

The Company’s business may be adversely affected by market, economic and real estate conditions in the U.S. and global economies and/or the local economies in the markets in which the Company’s properties are located. Unfavorable market, economic and real estate conditions may be due to, among other things, rising or sustained high interest rates and high inflation, labor market challenges, supply chain disruptions, volatility in the public equity and debt markets, pandemics, geopolitical instability (such as the ongoing conflicts in Israelthe Middle East and Ukraine), and other conditions beyond the Company’s control. Because economic conditions in the United States may affect the demand for real estate, real estate values, occupancy levels and property income, current and future economic conditions in the United States, including slower growth or a recession and capital market volatility or disruptions, could have a material adverse impact on the Company’s earnings and financial condition. Economic conditions may be affected by numerous factors, including, but not limited to, the pace of economic growth and/or recessionary concerns, inflation, increases in the levels of unemployment, energy prices, uncertainty about government fiscal and tax policy, geopolitical events, the regulatory environment, the availability of credit and interest rates. Current conditions, or similar conditions existing in the future, may have a material adverse effect on the Company’s results of operations, financial condition and ability to pay distributions to the Company’s shareholders.

The Company cannot assure the Company’s stockholders that leases will be renewed or that properties will be re-leased at rental rates equal to or above existing rental rates or that substantial rent abatements, tenant improvements, early termination rights or tenant-favorable renewal options will not be offered to attract new tenants or retain existing tenants. If the rental rates at properties decrease, existing tenants do not renew their leases or do not re-lease a significant portion of available space and space for which leases will expire, the Company’s financial condition, results of operations, cash flow, cash flow available to pay debt service and the Company’s ability to make distributions to the Company’s stockholders and to satisfy the Company’s principal and interest obligations would be adversely affected. Moreover, the resale value of properties could be diminished because the market value of properties depends upon the value of the leases associated with the properties. As of March 31,23, 2025,2026, the Company hasdid onenot have any vacant space fromin theits expiration of the SF Property lease on December 31, 2021.portfolio.

As of December 31, 2024,2025, 25.5%26.7% of the Company’s investments were concentrated in Ohio, 22%20.8% in Maryland, 15.8%15.1% in Texas, 13.5%12.6% in California, 6.2%6.9% in Wisconsin, 5.4% in South Carolina, 6% in Wisconsin, 5.2%5.0% in Arizona, and 5.8%7.5% in other.others. In addition, the Company’s portfolio of real estate assets had the following industry concentration: 37%29.9% multifamily, 28.5%26.1% single tenant office, 23.6%24.3% single tenant industrial, 1.6%16.8% single tenant necessity retail, 1.4% single tenant life sciencessciences, and 9.3%1.5% singledata tenant necessity retail.center.

The Company is not limited in the size of any single investment the Company may make and certain of the Company’s investments may represent a significant percentage of the Company’s assets. The Company may be unable to raise significant capital and invest in a diverse portfolio of assets which would increase the Company’s asset concentration risk. Any such investment may carry the risk associated with a significant asset concentration. Should any investment representing a material percentage of the Company’s assets, experience a loss on all or a portion of the investment, the Company could experience a material adverse effect, which would result in the value of the Company’s stockholders’ investment in the Company being diminished. As of December 31, 2024,2025, the Company has madeforty thirtythree fourproperties, investments, eighteighteen of which, individually represent more than 10% of the NAV.

In the event the Company has a concentration of tenants the in a particular industry, the Company’s operating results and ability to make distributions may be adversely affected by adverse developments in those industries and the Company will be subject to a greater risk to the extent that the Company’s tenants are not diversified by industry. As of December 31, 2024,2025, Eisai Corporation of North America is the only tenant occupying more than ten percent of the total square footage of the real property the Company owns interest in. Eisai Corporation of North America is the United States based, wholly owned subsidiary of AA- rated (R&I) Eisai Co. Ltd., a Japanese pharmaceutical company, publicly traded on the Tokyo Stock Exchange.

The Company’s primary interest rate exposures will relate to the yield on the Company’s investments and the financing cost of the Company’s debt, as well as the Company’s interest rate swaps that the Company utilizes for hedging purposes. In 2022 and 2023, market interest rates rose markedly and rapidly primarily as a result of the Federal Reserve's actions to curb rapidly rising inflation, which has led to a significant slowdown in real estate transactions and less capital available in the marketplace to finance real estate projects. Notwithstanding the current period of relatively high interest rates, the U.S. Federal Reserve began decreasing rates in 2024 and has indicatedcontinued that it may further decreasedecreasing interest rates in 2025. Changes in interest rates will affect the Company’s net interest income, which is the difference between the interest income the Company earns on the Company’s interest-earning investments and the interest expense the Company incurs in financing these investments. Interest rate fluctuations resulting in the Company’s interest expense exceeding interest income would result in operating losses for the Company. Changes in the level of interest rates also may affect the Company’s ability to invest in investments, the value of the Company’s investments and the Company’s ability to realize gains from the disposition of investments. Changes in interest rates may also affect borrower default rates.

Debt service payments will reduce the net income available for distributions to the Company’s stockholders. Moreover, the Company may not be able to meet the Company’s debt service obligations and, to the extent that the Company cannot, the Company risks the loss of some or all of the Company’s assets to foreclosure or sale to satisfy the Company’s debt obligations. The Company’s charter or(as amended, the "Charter") and the Company's bylaws do not restrict the form of indebtedness the Company may incur.

The Company’s charterCharter does not limit the Company from utilizing financing until the Company’s borrowings exceed 300% of the Company’s net assets, which is generally expected to approximate 75% of the aggregate cost of the Company’s real estate investments and other assets, the Company cash, before deducting loan loss reserves, other non-cash reserves and depreciation. Further, the Company can incur financings in excess of this limitation with the approval of a majority of the Company’s independent directors. High leverage levels could cause the Company to incur higher interest charges and higher debt service payments and the agreements governing the Company’s borrowings may also include restrictive covenants. These factors could limit the amount of cash the Company has available to distribute to the Company’s stockholders or invest in the Company’s business and could result in a decline in the value of the Company’s stockholders’ investment.

Economic events affecting the U.S. economy, such as the general negative performance of the real estate sector or market volatility could cause the Company’s stockholders to seek to sell their shares to the Company pursuant to the Company’s share repurchase planprogram at a time when such events are adversely affecting the performance of the Company’s assets. Even if the Company decides to satisfy all resulting repurchase requests, the Company’s cash flow could be materially adversely affected. In addition, if the Company determines to sell assets to satisfy repurchase requests, the Company may not be able to realize the return on such assets that the Company may have been able to achieve had the Company sold at a more favorable time, and the Company’s results of operations and financial condition, including, without limitation, breadth of the Company’s portfolio by property type and location, could be materially adversely affected.

The existence of the 12.5% performance participation interest in the Company’s operating partnership to which the special unit holder is entitled, is based on the Company’s total distributions plus the change in NAV per share, may create an incentive for the Advisor to make riskier or more speculative investments on the Company’s behalf than it would otherwise make in the absence of such performance-based compensation. In addition, the change in NAV per share will be based on the value of the Company’s investments on the applicable measurement dates and not on realized gains or losses. As a result, the special unit holder may receive distributions based on unrealized gains in certain assets at the time of such distributions and such gains ultimately may not be realized when those assets are eventually disposed of.

The Company relies on the Advisor and the real estate professionals the Advisor has assembled, including Messrs. Lutnick,Ferri, Milner and Pion,Salinas, for the day-to-day operation of the Company’s business. Messrs. Lutnick,Ferri, Milner and PionSalinas are also executive officers or managers of certain other Cantor Companies and affiliates. As a result of their interests in other Cantor Companies and affiliates, their obligations to other investors and the fact that they engage in and they will continue to engage in other business activities on behalf of themselves and others, Messrs. Lutnick,Ferri, Milner and PionSalinas will face conflicts of interest in allocating their time among the Company, the Advisor and its affiliates, other Cantor Companies as well as other business activities in which they are involved. During times of intense activity in other programs and ventures, these individuals may devote less time and fewer resources to the Company’s business than are desirable. As a result, the returns on the Company’s investments, and the value of investment in the Company, may decline.

As of March 25,12, 2025,2026, the Company had 3,459,039issued 3,048,010 Class AX shares, 6,1174,933 Class TX shares, 1,131,3241,007,510 Class IX shares, 1,432,1801,268,751 Class T shares, 565,022449,889 Class D shares, 5,3795,445 Class S shares, and 5,932,4965,577,263 Class I shares of common stock in theits Offerings,primary offering, as well as 534,195609,139 Class AX shares, 127,784127,979 Class TX shares, 149,345174,636 Class IX shares, 70,79093,502 Class T shares, 34,49443,115 Class D shares, 373439 Class S shares, and 342,248442,173 Class I shares in the DRP for aggregate net proceeds of $321,543,635$297,622,470 in the Offerings.

Prior to the commencement of the Follow-On Offering, the Company’s investment strategy was focused primarily on the acquisition of single-tenant net leased commercial properties located in the United States, United Kingdom and other European countries, as well as origination and investment in loans related to net leased commercial properties. Upon commencement of the Follow-On Offering,Currently, the Company intends to invest in a diversified portfolio of income-producing commercial real-estate, multifamily properties and debt secured by commercial real estate located primarily in the United States. The Company will seek to invest: (a) at least 80% of the Company’s assets in properties and real estate-related debt; and (b) up to 20% of the Company’s assets in real estate-related securities. The number and type of properties or real estate-related securities that the Company acquires will depend upon real estate market conditions, the amount of proceeds the Company raises in its offerings and other circumstances existing at the time the Company is acquiring such assets.

the GR Property the FM Property the CO Property the Lewisville Property controlling interest in the Net Lease DST majority interest in a joint venture that owns the SF Property the Buchanan Property interest in the Station DST majority interest in the Keller DST controlling interest in the Summerfield DST the Madison Ave Property controlling interest in the Valencia DST the De Anza Property controlling interest in the Kacey DST controlling interest in the Industry DST the Fisher Road Property controlling interest in the Longmire PropertyDST controlling interest in the ON3 DST controlling interest in the West End DST controlling interest in the Palms DST the Mount Comfort Land controlling interest in the Pearland DST controlling interest in the WAG Portfolio DST controlling interest in the WAG MH an investment in a Data Center The Company has no employees and has retained the Advisor to manage its affairs on a day-to-day basis. The Advisor’s responsibilities include, but are not limited to, providing real estate-related services, including services related to originating investments, negotiating financing, and providing property-level asset management services, property management services, leasing and construction oversight services and disposition services, as needed. The Advisor is a wholly owned subsidiary of CFI and therefore, the Advisor and CFI are related parties. The Advisor and its affiliates receive, as applicable, compensation, fees and expense reimbursements for services related to the investment and management of the Company’s assets. Such affiliated entities receive fees, expense reimbursements, and distributions (related to ownership of the Company’s common stock) as well as other compensation during the offering, acquisition, operational and liquidation stages.

On SeptemberJanuary 1, 2024,2025, the Operating Partnership issued 761,971865,711 Class I OP unitsUnits in exchange for a controlling interest of 100% in the WAG PortfolioMH Property.

On July 22,18, 2024,2025, the Company, through the Operating Partnership, acquired the remaining interest in the KellerLongmire Property for $1,430,000.$453,664. Additionally, on JulyAugust 24,20, 20242025 the KellerLongmire Property was transferred into the KellerLongmire DST as a part of a larger restructuring. To refinance the existing loan, the KellerLongmire DST enteredoffering into a new loan agreement with Insurance Strategy Funding Corp. LLC for $33,500,000 with the proceeds used to pay off the original loan on the Keller Property.plan.

OnIn DecemberJune, 2,July 2024,and August 2025, the Operating Partnership issued 810,454 Class I OP units,Units 562,333to Classthird Tparty OP units, and $2.1 million in cashinvestors in exchange for 75% of the outstanding equity interestsinterest in the SummerfieldNet Lease DST.

The lease with William Sonoma expired on December 31, 2021. As of MarchDecember 31, 2025, the SF Property is vacant.

OtherData Center – 5.8%1.5%

As of December 31, 2024,2025, the investment typegeographic concentration of the Company’s portfolio of real estate assets, based on each asset’s fair value used in determining the Company's NAV, was as follows:

As of December 31, 2024,2025, the maturity concentration of debt secured by the Company's portfolio of real estate assets (including the Company's credit facility, which makes up allthe majority of debt maturing in 2024 – 2025,2028, and has atwo one-year extension optionoptions), based on principal balances and adjusted for ownership percentage, was as follows:

As of December 31, 2024,2025, the weighted average lease term remaining of the Company’s portfolio of real estate assets (excluding multifamily and data center investments), based on each asset’s fair value used in determining the Company's NAV, was 6.87.2 years.

The Company’s rental revenues consist primarily of rental income from triple net leased commercial properties and multifamily properties. The increase in rental revenues of $2,280,602$6,280,446 for the year ended December 31, 2024,2025, as compared to the year ended December 31, 2023,2024, was primarily due to the acquisition of rental income-producing property, the WAG PortfolioMH Property, and an increase in rent from existing rental income-producing properties.

For the yearsyear ended December 31, 20242025, andthe Company did not earn preferred return income. For the year ended December 31, 2023,2024, the Company earned preferred return income of $811,069 and $980,258, respectively.$811,069.

The Company’s preferred return income consistsconsisted of preferred return accrued on the Company’s investment in thepreferred Pennsylvania SPE.equity. The decrease in preferred return income of $169,189$811,069 for the year ended December 31, 2024,2025, as compared to the year ended December 31, 2023,2024, was due to the disposition of the PennsylvaniaCompany's SPE.preferred equity investment.

For the yearsyear ended December 31, 20242025, andthe Company did not earn income from mezzanine loan investment. For the year ended December 31, 2023,2024, the Company earned income from mezzanine loan investment of $865,154 and $1,045,665, respectively.$865,154.

The Company’s income from mezzanine loan investment consistsconsisted of interest income accrued on the Company’s investmentmezzanine inloan the Illinois SPE.investment. The decrease in income from mezzanine loan investment of $180,511$865,154 for the year ended December 31, 2024,2025, as compared to the year ended December 31, 2023,2024, was due to the disposition of the IllinoisCompany's SPE.mezzanine loan investment.

Other property operating revenues consists of amounts received by the Company from the tenants of its properties for utilities and other amenities and for reimbursable expenses paid by the Company on behalf of the tenants in accordance with the provisions of the respective property leases. The increasedecrease in other property operating revenues of $2,976,253$2,286,549 for the year ended December 31, 2024,2025, as compared to the year ended December 31, 2023,2024, was primarily due to the increaseperiod's decrease in revenues from the income producing properties.

The general and administrative expenses consist primarily of operating expense reimbursements to the Advisor, accounting fees and other professional fees. Pursuant to the terms of the Amended Advisory Agreement, the Company is obligated to reimburse the Advisor for certain operating expenses. Beginning October 1, 2018, the Company was subject to the limitation that it generally may not reimburse the Advisor for any amounts by which the total operating expenses at the end of the four preceding fiscal quarters exceeds the greater of (i) 2% of average invested assets (as defined in the Amended Advisory Agreement) and (ii) 25% of net income other than any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of investments for that period (the “2%/25% Guidelines”).

The more shares the Company sells in the Company’s Offerings, the greater the Company’s challenge will be to invest all of the proceeds. The large size of the Company's Offerings increases the risk of delays in investing the Company’s net proceeds promptly and on attractive terms. Pending investment, the net proceeds of the Offerings may be invested in permitted temporary investments, which include short-term United States government securities, bank certificates of deposit and other short-term liquid investments. The rate of return on these investments, which affects the amount of cash available to make distributions to stockholders, has fluctuated in recent years and most likely will be less than the return obtainable from the type of investments in the real estate industry the Company seeks to acquire or originate. Therefore, delays the Company encounters in the selection, due diligence and acquisition or origination of investments would likely limit the Company’s ability to pay distributions to the Company’s stockholders and lower their overall returns. In addition, cash and cash equivalents may potentially subject the Company to concentration of risk and at times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. As of MarchJune 31,30, 2026, the Company had approximately $23.4$24.6 million of unrestricted cash and cash equivalents.cash.

If the Company pays distributions from sources other than the Company’s cash flow from operations, the Company will have less cash available for investments, the Company may have to reduce the Company’s distribution rate, the Company’s net asset value may be negatively impacted and the Company’s stockholders overall return may be reduced. As of MarchJune 31,30, 2026, the Company has declared cumulative distributions of $116,027,945,$118,791,109, of which 16%13% of the Company’s cash distributions were paid using sources other than the cash flow from operations, including borrowings and proceeds from the Offerings. For the three months ended MarchJune 31,30, 2026, 100% of the Company’s cash distributions were paid using proceedscash flow from the Offerings.operations.

The Company’s Advisory Agreement provides that any operating expenses which have not been invoiced by the Advisor will not become the Company’s obligations. Without these provisions in the Company’s Advisory Agreement, such operating expenses, if invoiced, would likely be recorded as liabilities of the Company, which, in turn, would likely have a negative effect on the Company’s NAV per share. The incurrence of previously unbilled operating expenses likely will have a negative effect on the Company’s NAV per share. AsEffective of MarchDecember 31, 2026,2025, the Advisor has waived all unreimbursed operating expenses incurred through the end of fiscal year 2025 that otherwise may have been eligible for reimbursement. During the six months ended June 30, 2026, $192,501 of operating expenses incurred by the Advisor were invoiced to the Company but not yet reimbursed.

As of MayAugust 8,10, 2026, the Company had sold 2,943,9685,469,692 Class AX shares, 4,943229,309 Class TX shares, 1,004,9781,389,879 Class IX shares, 1,245,7191,912,155 Class T shares, 437,991769,747 Class D shares, 5,4578,276 Class S shares, and 5,425,66110,521,889 Class I shares of common stock in the Primary Offering and the primary portion of the Follow-on Offering, as well as 21,520633,662 Class AX shares, 16127,998 Class TX shares, 9,844186,137 Class IX shares, 5,55999,762 Class T shares, 2,21345,458 Class D shares, 21465 Class S shares, and 34,442484,302 Class I shares in the DRP for aggregate net proceeds of $291,457,453$281,954,905 in the Initial Offering, the Follow-On Offering, and the Third Offering (collectively, the “Common Stock Offerings”) and 800,000 shares of Series A Preferred Stock for aggregate net proceeds of $18,923,750 in the Preferred Stock Offering (collectively with the Common Stock Offerings, the “Offerings”).

Prior to the commencement of the Follow-On Offering, the Company determined its NAV as of the end of each quarter. NAV, as defined, is calculated consistent with the procedures set forth in the Company’s prospectus and excludes any organization and offering expenses paid by the Advisor on the Company’s behalf (other than selling commissions, dealer manager fees and distribution fees) (“O&O Costs”), with such costs to be reflected in the Company’s NAV to the extent the Company reimburses the Advisor for these costs. Upon commencement of the Follow-On Offering, the Company started determining its NAV on a monthly basis, beginning with the determination of NAV as of July 31, 2020. As of MarchJune 31,30, 2026, the Company’s NAV was $20.22$20.37 per Class AX share, Class IX share, Class I share, andClass D share, Class I OP units, $20.21 per Class D share,Unit, and Class T OP units,Unit, $20.20and $20.36 per Class TX share, Class T share, and Class S share. For further discussion of the Company’s NAV calculation, please see “—Net Asset Value”.

As of MarchJune 31,30, 2026, the Company had made the following investments:

A retail property located in Grand Rapids, MichiganMI (the “GR Property”).

An office property located in Fort Mill, South CarolinaSC (the “FM Property”).

An office property located in Columbus, OhioOH (the “CO Property”).

An industrial property located in Phoenix, ArizonaAZ (the “Buchanan Property”).

Interests (15%) in a Delaware Statutory Trust, CF Station Multifamily DST (the “Station DST”), which owns a multifamily residential property located in Irving, TexasTX (the “Station Property”).

A controlling interest of 5% in a Delaware Statutory Trust, CF Keller Springs Multifamily DST (the "Keller DST"), located in Carrolton, TexasTX (the “Keller Property”).

A controlling interest of 27.45% in a Delaware Statutory Trust, (the “Valencia DST”), which owns a life sciences laboratory and research office property located in Valencia, CaliforniaCA (the “Valencia Property”).

A controlling interest of 14.90% in a Delaware Statutory Trust, CF Kacey Multifamily DST (the “Kacey DST”), which owns a multifamily residential property located in Kingwood, TexasTX (the “Kacey Property”).

An investment commitment of $10,000,000 in Digital Bridge AI Infrastructure A, LP, a $500 million investment vehicle with commitments to four data center businesses across the U.S., Canada, and EMEA (the "Data Center"). As of MarchJune 31,30, 2026, $8,699,629 has been called for and funded to the investment in the Data Center.

FirstSecond Quarter of 2026 Activity

Sold 711,303 shares of common stock inFor the Commonthree Stockmonths Offerings,ended includingJune shares30, converted2026, fromthe OPCompany units,sold for gross proceeds of approximately $14 million. Repurchased 554,33347,298 shares of common stock in the Common Stock Offerings for gross proceeds of approximately $11$1 million.

On JanuaryApril 23,16, 2026, the Company, through the Operating Partnership, disposed of the BatteryFisher Street property (the "SFRoad Property") for $5,581,462,gross sales price of $70 million, realizing a lossgain of $228,332.approximately $13.3 million.

On FebruaryJune 1, 2026, a total of $74,970,355$82,087,912 of OP equity was issued for 3,730,1534,036,275 OP unitsUnits in connection with:

the exercise of the fair market value option to acquire the remaining 95%100% of the PearlandArcher DST interests in exchange for 917,0182,270,421 OP unitsUnits and a cash payment of $1.7$2.5 million; and ii.

tender offers of OP unitsUnits in exchange for DST interests in ON3 DST, West End DST, Palms DST, Kacey DST, Valencia DST, Industry DST, and Net LeaseWestchester DST.

As of MarchJune 31,30, 2026, the Company owned interests in 42 real properties and a plot of land as described below:

As of MarchJune 30, 2026 and December 31, 2026,2025, lease expirations related to the Company’s net lease portfolio of real estate assets, (excluding multifamily and Data Center investments), based on each asset’s fair value used in determining the Company's NAV, were as follows:

As of MarchJune 30, 2026 and December 31, 2026,2025, the industry concentration of the Company’s portfolio of real estate assets, based on each asset’s fair value used in determining the Company's NAV, was as follows:

As of MarchJune 30, 2026 and December 31, 2026,2025, the geographic concentration of the Company’s portfolio of real estate assets, based on each asset’s fair value used in determining the Company's NAV, was as follows:

As of MarchJune 30, 2026 and December 31, 2026,2025, the investment type concentration of the Company’s portfolio of real estate assets, based on each asset’s fair value used in determining the Company's NAV, was as follows:

As of MarchJune 30, 2026 and December 31, 2026,2025, the maturity concentration of debt secured by the Company's portfolio of real estate assets (including the Company's credit facility, which makes up the majority of debt maturing in 2028, and has two one-year extension options), based on principal balances and adjusted for ownership percentage, was as follows: