Note 15 – Subsequent Events

In July 2025, the Company redeemed $27,654 in U.S. Treasury securities and purchased $97,652 in new U.S. Treasury securities.

In July 2025, the Company closed on a new $78,000, five-year non-recourse loan secured by Cross Creek Mall. The new loan bears a fixed interest rate of 6.856%.

In July 2025, the loan secured by Southpark Mall entered default and the property was placed into receivership. The Company anticipates returning the property to the lender.

In July 2025, the Company sold The Promenade for $83,100. Proceeds from the transaction were used to fund the WPG acquisition.

In July 2025, the Company closed on the WPG acquisition. The malls include Ashland Town Center in Ashland, KY, Mesa Mall in Grand Junction, CO, Paddock Mall in Ocala, FL, and Southgate Mall in Missoula, MT. Concurrently with the WPG acquisition, the Company completed a modification and extension of the existing $332,956 non-recourse open-air centers and outparcels loan, which was scheduled to initially mature in June 2027. The loan was modified to include the WPG acquisition properties, increasing the principal balance by $110,000 to $442,956 and extending the initial maturity through October 2030, with one, two-year extension option for a final maturity in October 2032. For the initial five-year term,

the interest-only loan will bear a fixed interest rate of 7.70% on a principal balance of approximately $368,000 and a floating interest rate of SOFR plus 410 basis points on the remaining balance of approximately $75,000. The full principal balance will convert to the floating rate after the initial term. Supported by the incremental cash flow growth from the WPG acquisition, our board of directors authorized a 12.5% increase in the regular common dividend to an annualized rate of $1.80 per share for the quarter ending September 30, 2025.