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

We expect to diversify our investments and expect that our real estate investments will be located throughout the United States. However, our investments may nonetheless result in significant concentration in one or more target markets. Our largest concentrations of investments are in California and Georgia. Adverse conditions (including business layoffs or downsizing, industry slowdowns, changing demographics and other factors) in the the areas where our investments are located and/or concentrated, including any cities or towns within such target States, and local real estate conditions (such as oversupply of, or reduced demand for, office, industrial, retail or multifamilymulti-family properties) may have an adverse effect on the value of our investments. A material decline in the demand or the ability of tenants to pay rent, or the general market for sales of multi-family properties in such geographic areas may result in a material decline in our cash available for distribution to our stockholders.

Before making an investment, our Advisers will assess the strengths and weaknesses of a target investment property. The Advisers will also consider other factors and characteristics that are material material to the performance of the investment. Such other factors may include the pricing trends for similar properties in the area where the target investment property is located. In making such assessments and otherwise conducting customary due diligence, our Advisers reliesrely on resources available to them and, in some cases, an investigation by third parties. There can be no assurance that our Advisers’ due diligence process will uncover all relevant facts or that any investment will be successful.

Currently, our investments are concentrated in nine commercial real estate properties and fourfive multi-family residential apartment properties, located primarily in the Oakland-San Francisco Bay area in California. If, due to factors such as lack of adequate capital, or the unavailability of suitable investment opportunities, we acquire relatively few properties or acquire properties or investments that are significant (in terms of capital capital invested) to our overall asset size, we may be unable to reduce the degree of concentration of our portfolio, which could increase the risk of loss to stockholders if a default or other problem arises.

We are dependent on our Advisers and their affiliates to manage our operations and acquire and manage our portfolio of real estate assets. Under the direction of our Board of Directors, and subject to our investment guidelines, our Advisers makes all decisions with respect to the management of our company. Our Advisers depend upon the fees and other compensation they receive from us, and upon their ability to attract and retain skilled skilled personnel, in carrying out these functions. Any adverse changes in the financial or operational condition of our Advisers and their affiliates, or in our relationship with our Advisers, could hinder itstheir ability to successfully manage our our operations and our portfolio of investments, which would adversely affect us and our stockholders.

To qualify as a REIT, we generally will be required to distribute at least 90% of our annual taxable income (determined without regard to the dividends paid deduction and excluding any net capital gain) to our stockholders in each taxable year, limiting our ability to retain internally generated cash. Accordingly, our ability to acquire properties or to make capital improvements to or remodel properties will depend on our ability to obtain obtain debt or equity financing from third parties or the sellers of properties. If mortgage debt is unavailable at reasonable rates, we may not be able to finance the purchase of properties. If we place mortgage debt on properties, we run the risk of being unable to refinance the properties when the debt becomes due or of being unable to refinance on favorable terms. If interest rates are higher when we refinance the properties, our income could be reduced. The interest rate may increase on some of our fixed-rate debt after the initial fixed rate period. If any of these events occurs,occur, our cash flow would be reduced. This, in turn, would reduce cash available for distribution to stockholders and may hinder our ability to raise additional capital.

If the IRS were to successfully challenge the status of the Operating PartnershipPartnership, MAC, MAC OP or any other partnership in which we invest as a partnership or disregarded entity for U.S. federal income tax purposes, purposes, such partnerships could be subject to an entity level tax and could, depending on the circumstances, jeopardize our ability to qualify as a REIT.

We may be unable to generate sufficient revenue from operations, operating cash flow or portfolio income to pay our operating expenses, and our operating expenses could rise, diminishing our ability and to pay distributions to our stockholders.

Our operating results depend, in large part, on generating revenues from leases to residential or commercial tenants, which in turn requires tenants to generate sufficient income to pay their rents in a timely manner. TheAny marketlocal, andregional, economicnational challengesor createdinternational byoutbreak theof COVID-19a pandemic,contagious anddisease measuresor implementedother topublic preventhealth itsemergency spread,— including any resurgence of COVID-19, or new strains of influenza, coronaviruses or other pathogens — could adversely affected affect our operations and, as a result, our ability to make distributions to our stockholders or to realize appreciation in the value of our investments. AnySuch future local, regional, national or international outbreak of a contagious disease, including COVID-19 and its variants, MERS, SARS, H1N1 influenza virus, avian flu or any other similar illness,events could result in further increases in unemployment, decrease the willingness of customers to patronize our tenants’ retail facilities, discourage residents from renting in our multi-family communities, cause shortages of employees to staff our tenants’ operations, interrupt supplies from third parties upon which our tenants rely, cause us or our tenants to temporarily close one or more of our properties, result in governmental regulation adversely impacting our or our tenants’ businesses and otherwise have a material adverse effect on our business, financial condition and results of operations, especially where a tenant may be unwilling or unable to pay rent in full on a timely basis. In some cases, the companies in which we have invested may have to restructure tenants’ rent obligations, and they may not be able to do so on terms as favorable to us as those currently in place. Numerous state, local, federal, and industry-initiated efforts may also affect property owners’ ability to collect rent or enforce remedies for the failure to pay rent. This may lead to reduction or cancellation of distributions, which will in turn effectaffect our ability to pay our expenses and to pay distributions to our shareholders.

During the period beginning June 2021 and ending December 2021, in an offering pursuant to our registration statement on Form N-2, we made sales of securities under our dividend reinvestment program pursuant to a deficient registration statement (which registrantregistration statement became deficient by virtue of our inadvertently failing to amend the registration statement to include the then-current audit report of our auditors). Consequently, the offer and sale of securities pursuant to the Form N-2 may have failed to comply fully with Section 5 of the Securities Act which may trigger a right of rescission under the Securities Act for investors that purchased shares of our common stock during this period under our dividend reinvestment program.

As of June 30, 2025,2026, we owned interests in various real estate limited partnerships and REITsREITs. thatIn areaddition, listedwe in the “Investments, at fair value” in the table below. We also owned variousheld investments in entities that own real estate whichwhere gavewe ushave enoughsufficient control such that for the investments areto notbe securitiesconsidered non-securities for 1940purposes of the Investment Company Act purposes,of 1940, but not enough control to consolidaterequire theconsolidation of their financial statements of such entities with ourours. own;These theseinvestments are listed belowreported as “Equity method investments, at fair valuevalue.”. The following table summarizes the composition of our investments at fair value as of June 30, 20252026 and 20242025:

In addition to our investment securities, we currently own and manage nine commercial real estate properties: Satellite Place Office Building located in Duluth, GA, 1300 Main Office Building, First First & Main Office Building and Main Street West Office Building located in Napa, CA, Woodland Corporate Center located in Woodland, CA, 220 Campus Lane Office Building, Green Valley Medical Center and Green Valley Executive Center located in Fairfield, CA and One Harbor Center located in Suisun, CA and fourfive residential apartments: Aurora at Green Valley located in Fairfield, CA, Commodore Apartments and The Park View Apartments, located in Oakland, CA, Hollywood Apartments located in Los Angeles, CA, and the Shoreline Apartments located in Concord, CA.

Aurora at Green Valley is owned through our subsidiary MRC Aurora. 1300 Main Office Building, First & Main Office Building, Main Street West Office Building, Woodland Corporate Center, Hollywood Apartments, Shoreline Apartments and Green Valley Medical Center are owned through our subsidiary, the Operating Partnership; the Commodore Apartments areis owned through our subsidiary, Madison; The Park View Apartments is owned through our subsidiary, PVT and Satellite Place Office Building is are owned through our subsidiary, MacKenzie Satellite Place Corp.Satellite. In August 2024, the Company listed Hollywood Apartments for sale. However, as of February 1,October 2025, we discontinuedlisted marketingWoodland Corporate Center Two for sale, and in September 2026, we entered into a purchase and sale agreement with a third party to sell the propertyproperty. forThe sale andis optedsubject to retaincustomary ownership andclosing continue operations. Therefore, as of June 30, 2025, it no longer qualified as held for sale.conditions.

Main Street West Office Building contains 38,135 square feet, of which approximately 32,70032,600 square feet is office space and the remainder is designated as retail space. As of June 30, 2025,2026, the the property is 53%97% occupied by 89 tenants. AUL Corporation elected to terminate its lease as of February 3, 2025. During the year ended June 30, 2025, we recorded an impairment loss of $9,500,167 on Main Street West Office Building due to the early lease termination of AUL Corporation, and the foreclosure proceedings due to maturity default of the debt secured by the property. On March 25, 2025, the Company entered into the Forbearance Agreement with the Prior Lender and as part of the Forbearance Agreement, the Company paid down $5 million on the loan and took control of the property from the receiver in April 2025. The loan from the Prior Lender was paid off in June 6, 2025, with the proceeds from a new loan from EverTrust Bank. The following table shows the largest tenants and square footage occupied:

Woodland Corporate Center contains 37,034 square feet, of which 7,797 square feet are laboratories and the rest is office space. All of the laboratory space is occupied by Agtech Innovation. As of June 30, 2025,2026, the property is 91%100% occupied by 1314 tenants. The following table shows the largest tenants and square footage occupied:

Our 220 Campus Lane Office Building was purchased in September 2023. The office buildingproperty was vacant at the time of ouracquisition. purchase.Following Currently,the acquisition, we are in the process of renovatingrenovated the building and commenced leasing marketing it for lease.activities. As of June 30, 2025,2026, 7the building was approximately 26% leased, with four tenants areoccupying leasingan spaceaggregate totalingof 12,58311,246 square feet or 29.1% of the building.feet. The annualized base rent forfrom these tenants istotals $416,546.approximately $363,648.

We acquired the Campus Lane Land in September 2023 with the long-term objective of developing it into a multi-family residential community. We are preparing to launch thisThis project, known as Blue Ridge, which willis expected to consist of 84 luxury multi-family units in Solano County, one of the fastest-growing counties in California. The entitlement process for the vacant land is currently underway.on-going. Our goal is to commence construction in springfall 20262027; however, this is subject to the city’s approval of our development application submitted in April 2024 and to securing the necessary financial resources. The WeCompany areis currently evaluating potential development and financing alternatives structures for the project, including discussions with a third-party developer pursuant to fundwhich the Company may contribute the land and the third party may arrange construction financing and development ofcapital thisfor the project.

We currently do not have plans for any other major renovation or development of any properties except for our 220 Campus Lane Office Building, the Aurora at Green Valley and Blue Ridge, as discussed above. Each property is being held for income generation and potential value appreciation through increased occupancy and/or rental rates. We maintain property and liability insurance policies on all properties, which we believe are adequate and in line with industry standards.

The broader economy has been experiencing increased levels of inflation, higher interest rates and tightening monetary and fiscal policies. TheWhile the Federal Reserve increasedbegan reducing the federal funds rate multiple times in 2022 and 2023 then paused hikes in the earlier part of 2024 before implementing rate cuts in the fourth quarter.quarter of 2024 and continued reducing the rate during 2025, interest rates remain elevated compared to recent historical levels, which continues to impact real estate valuations and financing costs. We currently have fixed and variable interest rates for our loans. The rise in overall interest rates caused an increase in our variable-rate borrowing costs resulting in an increase in interest expense. The cumulative effect of the prior rate increases may adversely impact real estate asset values. In addition, a prolonged period of high and persistent inflation has increased our operating costs and could cause an increaseresult in ourfurther expenses.increases. The current market and economic conditions could have a material impact on our business, cash flow and results of operations. It could also impact our ability to find suitable acquisitions, sell properties, and raise equity and debt capital.

Results of Operations:

Operating and maintenance expenses mainly consist of real estate taxes, utilities, repair and maintenance, cleaning, landscape, security, property management fees, insurance, and various other administrative expenses incurred in the operation of our commercial and residential real estate assets. During the year ended June 30, 2025,2026, we incurred operating and maintenance expenses of $7.39 million, of which $4.65$4.90 million were incurred in the operation of our nine commercial properties, compared $2.73to $4.65 million were incurred in the operation of our four residential properties and $0.01 million were incurred in the operation of the Operating Partnership. Duringduring the year ended June 30, 2024, we incurred operating and maintenance expenses of $6.52 million, of which $3.78 million were incurred in the operation of our eight commercial properties, $2.73 million were incurred in the operation of our four residential properties and $0.01 million were incurred in the operation of the Operating Partnership.2025. The increase in the operating expenses was mainly due to thehigher acquisitionutilities ofcosts oneand newreal officeestate building (Green Valley Medical Center) in August 2024.taxes.

During the year ended June 30, 2025,2026, we recorded depreciation and amortization of $11.43 million, of which $9.24$6.09 million was attributable to the depreciation and amortization of real estate and intangible assets of our nine commercial properties and $2.19 million was attributable to our four residential properties. During the year ended June 30, 2024, we recorded depreciation and amortization of $7.15 million, of which $4.98 million was attributable to the depreciation and amortization of real estate and intangible assets of our eight nine commercial propertiesproperties, and $2.17 million was attributablecompared to our four residential properties. The increase in total depreciation and amortization of $4.28$9.24 million during the year ended June 30, 2025,2025. The decrease in total depreciation and amortization of $3.15 million was mainly due to the acquisitionimpairment of oneassets newrelated officeto buildingour (GreenMain ValleyStreet MedicalWest Center)Office inBuilding and August 2024 andthe write-off of tenant improvements, leasehold improvements, lease commissions, and in-place lease related to our Satellite Place Office Building due to an early lease termination of its anchor tenant in December 2024. The decrease was also due to the classification of the Woodland Corporate Center Two building as held for sale in October 2025, upon which depreciation and amortization ceased.

Historically, we were an externally managed non-diversified closed-end management investment company that elected to be treated as a BDC under the Investment Company Act of 1940 (the “1940 Act”), but we withdrew our election to be treated as a BDC on December 31, 2020. Our objective remains to generate both current income and capital appreciation through real estate-related investments. We have elected to be treated as a REIT under the Code and, as a REIT, we are not subject to federal income taxes on amounts that we distribute to the stockholders, provided that, on an annual basis, we generally distribute at least 90% of our REIT taxable income (determined without regard to the dividends paid deduction and excluding any net capital gain) to the stockholders and meet certain other conditions. To the extent that we satisfy the annual distribution requirement but distribute less than 100% of our REIT taxable income, we will be subject to U.S. federal corporate income tax on our undistributed REIT taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we pay to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws. Our wholly owned subsidiary, MacKenzie NY Real Estate 2 Corp. (“MacKenzie NY 2”),2, is subject to corporate federal and state income tax on its taxable income at regular statutory rates.

As of DecemberMarch 31, 2025,2026, we owned interests in various real estate limited partnerships and REITs. In addition, we held investments in entities that own real estate where we have sufficient control for the investments to be considered non-securities for purposes of the Investment Company Act of 1940, but not enough control to require consolidation of their financial statements with ours. These investments are reported as “Equity method investments, at fair value.” The following table summarizes the composition of our investments at fair value as of DecemberMarch 31, 2025,2026, and June 30, 2025:

Aurora at Green Valley is owned through our subsidiary MRC Aurora, LLC.Aurora. 1300 Main Office Building, First & Main Office Building, Main Street West Office Building, Woodland Corporate Center, Center, Hollywood Apartments, Shoreline Apartments and Green Valley Medical Center are owned through our subsidiary, the Operating Partnership; Commodore Apartments are owned through our subsidiary, Madison; The Park View Apartments is owned through our subsidiary, PVT and Satellite Place Office Building is owned through our subsidiary, MacKenzie Satellite Place Corp.Satellite. In October 2025, we listed Woodland Corporate Center Two for sale.

We believe the market values office properties differently than the market values multi-family properties. More specifically, the market discounts office properties because of recent, recent, widespread vacancies in office buildings. We believe the market views those vacancies as pervasive even though most of our office properties have high occupancy levels, as disclosed below. The market does not similarly discount multi-family multi-family properties. Therefore, effective January 1, 2026, we have contributed our multi-family residential portfolio into a newly formed entity, MacKenzie Apartment Communities (“MAC”),MAC, so that investors can evaluate the two portfolios separately. On January 8, 2026, the Board of Directors of MAC approved an estimated net asset value of the common stock of MAC equal to $18.10 per share on a fully diluted basis as of the contribution date. To estimate MAC'sMAC’s per share value, the MAC board utilized the net asset value or “NAV” method which is based on the fair value of real estate, and all other assets, less the fair value of total liabilities. MAC is a wholly owned consolidated subsidiary of the Parent Company, and MAC’s assets, liabilities, revenues, and expenses are included in the Company’s consolidated financial statements. Shares of the Parent Company’s common stock and preferred stock represent indirect interests in MAC through the Parent Company’s ownership of MAC. The estimated NAV of $18.10 per MAC share was determined by MAC’s Board of Directors for purposes of allowing investors to evaluate the two portfolios separately and does not represent the NAV per share of MacKenzie Realty Capital, Inc. common or preferred stock.

1300 Main Office Building contains 20,145 square feet, of which approximately 13,900 square feet is office space and the remainder is designated as retail space. As of DecemberMarch 31, 2025,2026, the the property is 85% occupied by 7 tenants. The following table shows the largest tenants and square footage occupied:

First & Main Office Building contains 27,398 square feet, of which approximately 19,000 square feet is office space and the remainder is designated as retail space. As of DecemberMarch 31, 2025, 2026, the property is 87% occupied by 8 tenants. The following table shows the largest tenants and square footage occupied:

Main Street West Office Building contains 38,135 square feet, of which approximately 32,700 square feet is office space and the remainder is designated as retail space. As of DecemberMarch 31, 2025, 2026, the property is 53%97% occupied by 89 tenants. AUL Corporation elected to terminate its lease as of February 3, 2025. During the year ended June 30, 2025, we recorded an impairment loss of $9,500,167 on Main Street West Office Building due to the early lease termination of AUL Corporation, and the foreclosure proceedings due to maturity default of the debt secured by the property. On March 25, 2025, the Company entered into the Forbearance Agreement with the Prior Lender and as part of the Forbearance Agreement, the Company paid down $5 million on the loan and took control of the property from the receiver in April 2025. The loan from the Prior Lender was paid off on June 6, 2025, with the proceeds from a new loan from EverTrust Bank. The following table shows the largest tenants and square footage occupied:

Satellite Place Office Building contains 134,785 square feet, all of which is office space. As of DecemberMarch 31, 2025,2026, the property is approximately 33% occupied by 5 tenants. The following table table shows the largest tenants and square footage occupied:

Woodland Corporate Center contains 37,034 square feet, of which 7,797 square feet are laboratories and the rest is office space. All of the laboratory space is occupied by Agtech Innovation. Innovation. Effective October 2025, the property has been marketed for sale. Accordingly, Woodland Corporate Center is classified as an asset held for sale as of DecemberMarch 31, 2025.2026. As of DecemberMarch 31, 2025,2026, the property is 91% occupied by 12 tenants. The following table shows the largest tenants and square footage occupied:

Green Valley Executive Center contains 46,100 square feet, of which approximately 41,600 square feet is office space and the remainder is designated as retail space. As of DecemberMarch 31, 2025, 2026, the property is 98% 96% occupied by 15 tenants. The following table shows the largest tenants and square footage occupied:

One Harbor Center contains 49,56949,573 square feet, all of which is office space. As of DecemberMarch 31, 2025,2026, the property is 74%81% occupied by 12 tenants. The following table shows the largest tenants and square footage occupied:

Green Valley Medical Center contains 31,590 square feet, of which approximately 20,100 square feet is office space, approximately 8,300 square feet is health care space, and the remainder is designated as retail space. As of DecemberMarch 31, 2025,2026, the property is 94%91% occupied by 1413 tenants. The following table shows the largest tenants and square footage occupied:

220 Campus Lane Office Building was purchased in September 2023. The property was vacant at the time of acquisition. Following the acquisition, we renovated the building and commenced leasing leasing activities. As of DecemberMarch 31, 2025,2026, the building was approximately 29%28% leased, with six tenants occupying an aggregate of 12,51012,126 square feet. The annualized base rent from these tenants totals approximately $408,948.$409,248.

Commodore Apartments is a mid-rise apartment building built in 1912 and has 48 units. As of DecemberMarch 31, 2025,2026, Commodore Apartments is approximately 95.8%89.6% occupied.

The Park View Apartments is also a mid-rise apartment building built in 1929 and has 39 units. As of DecemberMarch 31, 2025,2026, The Park View Apartments is approximately 94.9% occupied.

Hollywood Apartments, located in Los Angeles, CA, is a mid-rise apartment building built in 1917 and has 54 units. The property contains approximately 38,000 square feet of net rentable apartment area and 8,610 square feet of retail space. All of the retail space is currently occupied by restaurants and nightclubs. As of DecemberMarch 31, 2025,2026, the apartments units are 94.4% occupied.

Shoreline Apartments is a mid-rise apartment building built in 1967 and renovated in 2015 which has 84 units. As of DecemberMarch 31, 2025,2026, Shoreline Apartments building is approximately 90.5% 89.3% occupied.

Aurora at Green Valley is a newly constructed multi-family residential community consisting of 72 units across three buildings, along with a clubhouse. The project was financed through $10 $10.0 million of preferred equity capital (including $7.23 million from outside investors) and a $17.15 million construction loan from Valley Strong Credit Union. The clubhouse opened in mid-June 2025 for pre-leasing activity. The first residential residential building was completed in July 2025, with leasing commencing in August 2025. The remaining two buildings were completed in August and September 2025, with leasing commencing shortly thereafter. As of DecemberMarch 31, 2025,2026, the property was approximately 47.20%75% occupied. As of the date of this report, the property is 72.22%88.9% leased.

The following table provides information regarding each of the residential properties as of March 31, 2026:

WeThis acquired the Campus Lane Land in September 2023 with the long-term objective of developing it into a multi-family residential community. We are preparing to launch this project, known as Blue Ridge, whichis willexpected to consist of 84 luxury multi-family units in Solano County, one of the fastest-growing counties in California. The entitlement process for the vacant land is currently underway.on-going. Our goal is to commence construction in springfall 20262027; however, this is subject to the city’s approval of our development application submitted in April 2024 and to securing the necessary financial resources. The Company recentlyis signedcurrently aevaluating jointpotential venturedevelopment agreementand financing structures for the project, including discussions with a third-party developer,developer underpursuant to which the Company wouldmay contribute the land and the third party wouldmay raisearrange theconstruction financing and development capital necessary to fund construction offor the project.

We currently do not have plans for any other major renovation or development of any properties except for our 220 Campus Lane Office Building and Blue Ridge, as discussed above. Each property is being held for income generation and potential value appreciation through increased occupancy and/or rental rates. We maintain property and liability insurance policies on all properties, which we believe are adequate and in line with industry standards.

During the sixnine months ended DecemberMarch 31, 2025,2026, total real estate assets, net decreased by $9.26$10.52 million. The decrease was primarily attributable to the reclassification of $11.64$11.65 million of net real estate assets related to Woodland Corporate Center Two to assets held for sale as of DecemberMarch 31, 2025,2026, and to $4.98$7.09 million of additional depreciation and amortization. These decreases were partially offset by $7.36$8.25 million of real estate additions, including $6.28$6.29 million related to the capitalization of additional construction costs at Aurora at Green Valley.

During the sixnine months ended DecemberMarch 31, 2025,2026, the Company borrowed an additional $9.94$10.33 million on the MRC Aurora construction loan from Valley Strong Credit Union, which was primarily due to fund building expenditures associated with the completion of Aurora at Green Valley.

Results of Operations:

Comparison of the Three Months Ended December 31, 2025 and 2024. The commercial and residential properties owned by us during the three months ended DecemberMarch 2026 and 2025 and 2024 are as follows:

Investment income wasis made up of dividends, distributions from operations, distributions from sales/capital transactions, interest, and other investment income. Total investment income for during the three months ended DecemberMarch 31, 20252026, and 2024,2025, were $0.06$0.07 million and $0.02$0.01 million, respectively. During the three months ended DecemberMarch 31, 20252026, and DecemberMarch 31, 2024,2025, we received minimal distributions from operations, sales, and liquidations. liquidations. During the three months ended DecemberMarch 31, 2025,2026, we received dividends, interest, and other investment income of $0.06$0.07 million as compared to $0.02$0.01 million received during the three months ended DecemberMarch 31, 2024.2025. The increase was mainly due to the increase in our investment portfolio since DecemberMarch 31, 2024.2025. The remaining increase was due to the interest income on the note receivable from the non-controlling interest holder of PT Hillview, True USA.

Unallocated corporate expenses include corporate overhead expenses that are not directly attributable to one of our business segments and include interest expense, asset management fees to related party, general and administrative,incentive professionalmanagement fees, administrative cost reimbursements to related party, directors’ fees,costs and transfer agent costreimbursements, reimbursementsand toother relatedcorporate party.operating expenses.

Our asset management and incentive management fees are based on the advisory agreements that were effective January 1, 2021.2021, and subsequently amended effective January 1, 2026.