Note 3. Investments in Real Estate, Net

The Company owns and manages primarily single-tenant net-leased industrial real estate properties. As of December 31, 2025, the Company owned 170 properties across 33 U.S. states and 2 Canadian provinces. The portfolio was fully leased, with 35 tenants occupying the properties. Additionally, the portfolio is well-diversified across tenant industries, building sub-types, geographic regions, and lease terms.

Real estate investment is composed of the following:

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Acquisitions

On September 4, 2025, the Company acquired a biorepository portfolio for an aggregate purchase price of approximately $83.4 million, including closing costs. The acquisition expands the Company’s portfolio by four properties and 316,268 square feet. On October 17, 2025, the Company acquired a healthcare services and supplies asset for a purchase price of approximately $43.4 million, including closing costs. The acquisition expands the Company’s portfolio by one property and 128,745 square feet. Both acquisitions are classified as asset acquisitions under ASC 805-50. The purchase prices were allocated on a relative fair value basis as follows: approximately $17.9 million to land, $104.0 million to buildings, $10.4 million to intangible assets, and ($5.6) million to intangible liabilities. These acquisitions mark the first acquisitions since the completion of the Formation Transactions. The Company did not acquire any properties during the year ended December 31, 2024.

Dispositions

Dispositions during the periods set forth below are as follows:

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