Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2025

Schedule III - Real Estate and Accumulated Depreciation

Schedule III - Real Estate and Accumulated Depreciation

Schedule III - Real Estate and Accumulated Depreciation (c)

(Dollars in thousands)


										Costs						Gross amount at which carried at
				Initial cost						capitalized						December 31, 2025
		Number of					Buildings and			subsequent to						Buildings and						Accumulated						Year of
Location		properties		Land			improvements			acquisition			Land			improvements			Total ^(a)			depreciation ^(b)			Encumbrance			acquisition
Akron, OH		1		$	331		$	2,853		$	—		$	331		$	2,853		$	3,184		$	(285)		$	(d)		2021
Anniston, AL		1			12			2,393			—			12			2,393			2,405			(244)			1,386		2021
Atlanta, GA		3			892			12,972			—			892			12,972			13,864			(3,088)			7,026		2019, 2021
Auburn-Opelika, AL		1			253			1,163			—			253			1,163			1,416			(119)			808		2021
Baton Rouge, LA		1			1,491			2,001			—			1,491			2,001			3,492			(375)			2,312		2018
Birmingham, AL		7			2,232			14,167			—			2,232			14,167			16,399			(1,446)			9,343		2021, 2022
Boston, MA		1			1,534			22,490			—			1,534			22,490			24,024			(3,280)			14,713		2020
Buffalo, NY		1			599			2,877			—			599			2,877			3,476			(420)			2,127		2020
Carlsbad, CA		1			5,240			36,900			—			5,240			36,900			42,140			(142)			(d)		2025
Cedar Rapids, IA		1			667			2,129			—			667			2,129			2,796			(399)			2,043		2018
Charleston, SC		1			465			2,864			—			465			2,864			3,329			(239)			1,670		2022
Charlotte, NC		3			2,074			18,366			—			2,074			18,366			20,440			(1,886)			12,136		2021, 2022
Chattanooga, TN		2			458			6,543			—			458			6,543			7,001			(816)			4,046		2019, 2022
Chicago, IL		8			16,339			125,130			—			16,339			125,130			141,469			(19,089)			59,089		2018, 2019, 2020, 2021
Chico, CA		1			663			1,213			—			663			1,213			1,876			(147)			1,380		2021
Columbus, GA		2			547			4,435			—			547			4,435			4,982			(470)			3,289		2021
Crestview, FL		1			182			1,766			—			182			1,766			1,948			(180)			1,114		2021
Dallas, TX		1			1,334			31,254			—			1,334			31,254			32,588			(5,665)			21,410		2018
Dayton, OH		1			596			12,656			—			596			12,656			13,252			(3,214)			9,763		2020
Decatur, AL		2			622			2,988			—			622			2,988			3,610			(305)			2,058		2021
Denver, CO		1			752			2,859			—			752			2,859			3,611			(453)			2,290		2019
Des Moines, IA		5			1,143			5,889			—			1,143			5,889			7,032			(1,819)			3,809		2018, 2019
Detroit, MI		6			3,035			25,347			—			3,035			25,347			28,382			(5,206)			19,671		2018, 2020
Dothan, AL		1			251			2,253			—			251			2,253			2,504			(230)			1,438		2021
Dubuque, IA		1			33			766			—			33			766			799			(134)			494		2018


										Costs						Gross amount at which carried at
				Initial cost						capitalized						December 31, 2025
		Number of					Buildings and			subsequent to						Buildings and						Accumulated						Year of
Location		properties		Land			improvements			acquisition			Land			improvements			Total ^(a)			depreciation ^(b)			Encumbrance			acquisition
El Paso, TX		1		$	2,566		$	14,797		$	—		$	2,566		$	14,797		$	17,363		$	(2,774)		$	10,778		2018
Elkhart, IN		1			3,064			21,544			—			3,064			21,544			24,608			(2,244)			14,318		2021
Erie, PA		1			1,566			10,661			—			1,566			10,661			12,227			(1,999)			7,624		2018
Florence, SC		2			511			3,089			—			511			3,089			3,600			(295)			1,926		2021, 2022
Fort Wayne, IN		2			6,934			27,959			—			6,934			27,959			34,893			(5,242)			19,303		2018
Gadsden, AL		2			628			3,383			—			628			3,383			4,011			(345)			2,286		2021
Gainesville, FL		8			4,444			70,766			—			4,444			70,766			75,210			(6,634)			—		2022
Grand Rapids, MI		1			35			1,223			—			35			1,223			1,258			(214)			750		2018
Green Bay, WI		1			181			3,226			—			181			3,226			3,407			(350)			2,350		2021
Greensboro, NC		1			227			1,997			—			227			1,997			2,224			(166)			1,105		2022
Helena, AR		1			48			1,481			—			48			1,481			1,529			(123)			700		2022
Houston, TX		2			6,476			12,299			—			6,476			12,299			18,775			(2,262)			12,675		2018
Huntsville, AL		2			801			3,174			—			801			3,174			3,975			(324)			2,258		2021
Indianapolis, IN		1			510			47,089			—			510			47,089			47,599			(6,951)			39,726		2021
Jonesboro, AR		3			593			7,036			—			593			7,036			7,629			(899)			4,171		2019, 2022
Knoxville, TN		4			1,967			30,719			—			1,967			30,719			32,686			(4,572)			21,304		2019, 2021
Leesburg, VA		1			6,460			32,732			—			6,460			32,732			39,192			(282)			(d)		2025
Lehigh Valley, PA		1			1,593			16,448			—			1,593			16,448			18,041			(2,159)			11,635		2020
Lexington, KY		1			489			9,493			—			489			9,493			9,982			(791)			5,011		2022
London, ON		1			2,064			12,163			—			2,064			12,163			14,227			(1,977)			9,303		2020
Long Island, NY		1			15,340			57,226			—			15,340			57,226			72,566			(9,442)			59,000		2021
Los Angeles, CA		1			6,342			6,876			—			6,342			6,876			13,218			(816)			8,535		2021
Manchester, NH		1			740			7,644			—			740			7,644			8,384			(1,115)			5,152		2020
Memphis, TN		3			1,477			35,830			—			1,477			35,830			37,307			(4,805)			23,191		2018, 2021, 2022
Midland, MI		1			121			1,145			—			121			1,145			1,266			(200)			750		2018
Milwaukee, WI		2			637			10,032			—			637			10,032			10,669			(1,598)			6,494		2018, 2020
Minneapolis, MN		3			4,239			14,263			—			4,239			14,263			18,502			(1,915)			13,593		2018, 2021
Mobile, AL		5			1,447			15,084			(9)			1,438			15,084			16,522			(1,475)			8,786		2018, 2021, 2022
Montgomery, AL		1			112			2,682			—			112			2,682			2,794			(274)			1,588		2021


										Costs						Gross amount at which carried at
				Initial cost						capitalized						December 31, 2025
		Number of					Buildings and			subsequent to						Buildings and						Accumulated						Year of
Location		properties		Land			improvements			acquisition			Land			improvements			Total ^(a)			depreciation ^(b)			Encumbrance			acquisition
Nashville, TN		1		$	857		$	2,760		$	—		$	857		$	2,760		$	3,617		$	(230)		$	1,867		2022
Omaha, NE		1			650			731			—			650			731			1,381			(128)			869		2018
Oshkosh, WI		1			233			3,104			—			233			3,104			3,337			(582)			1,505		2018
Pensacola, FL		1			192			1,553			—			192			1,553			1,745			(159)			999		2021
Philadelphia, PA		3			4,932			85,490			147			4,932			85,637			90,569			(12,965)			59,872		2018, 2019, 2021
Phoenix, AZ		1			2,102			3,861			—			2,102			3,861			5,963			(507)			3,890		2020
Pine Bluff, AR		1			75			719			—			75			719			794			(60)			388		2022
Pittsburgh, PA		1			1,317			14,647			—			1,317			14,647			15,964			(2,872)			11,433		2020
Portland, OR		2			7,381			23,802			—			7,381			23,802			31,183			(3,985)			19,752		2018, 2021
Poughkeepsie, NY		1			647			1,510			—			647			1,510			2,157			(264)			1,363		2018
Providence, RI		1			828			10,765			—			828			10,765			11,593			(1,076)			(d)		2021
Provo, UT		1			2,628			22,461			—			2,628			22,461			25,089			(3,977)			16,034		2018
Rapid City, SD		2			320			1,368			—			320			1,368			1,688			(239)			1,005		2018
Redding, CA		1			386			1,821			—			386			1,821			2,207			(220)			1,628		2021
Richmond, VA		1			585			3,650			—			585			3,650			4,235			(304)			2,063		2022
Rochester, NY		2			2,315			27,417			—			2,315			27,417			29,732			(3,162)			18,848		2018, 2021
Rome, GA		1			1,170			3,094			—			1,170			3,094			4,264			(548)			2,725		2018
Sacramento, CA		4			2,708			17,745			—			2,708			17,745			20,453			(2,144)			11,534		2021
Saint Louis, MO		5			2,639			14,351			—			2,639			14,351			16,990			(2,322)			10,908		2018, 2019
San Diego, CA		2			10,967			21,186			—			10,967			21,186			32,153			(3,310)			21,446		2019
San Francisco, CA		3			2,972			6,248			—			2,972			6,248			9,220			(755)			6,893		2021
San Jose, CA		3			6,120			8,780			—			6,120			8,780			14,900			(1,032)			8,988		2021
Seattle, WA		1			6,773			21,094			—			6,773			21,094			27,867			(2,329)			19,657		2021
Shreveport, LA		1			211			7,028			—			211			7,028			7,239			(761)			4,750		2021
South Bend, IN		1			908			4,796			—			908			4,796			5,704			(859)			3,277		2018
Sterling, VA		3			6,240			34,519			—			6,240			34,519			40,759			(325)			(d)		2025
Stockton, CA		2			1,353			15,367			—			1,353			15,367			16,720			(1,857)			11,418		2021
Tampa, FL		4			6,030			42,776			—			6,030			42,776			48,806			(7,090)			31,003		2018, 2021
Toronto, ON		1			1,444			1,381			—			1,444			1,381			2,825			(242)			2,300		2018
Tulsa, OK		2			1,316			9,970			—			1,316			9,970			11,286			(1,108)			7,148		2021, 2022
Tuscaloosa, AL		2			247			12,828			—			247			12,828			13,075			(1,374)			7,470		2021
Visalia, CA		1			2,210			3,931			—			2,210			3,931			6,141			(1,519)			3,053		2019
Windsor, ON		1			552			759			—			552			759			1,311			(133)			971		2018
Winnipeg, MB		1			798			1,037			—			798			1,037			1,835			(181)			1,176		2018
Yakima, WA		1			562			9,984			—			562			9,984			10,546			(1,123)			6,810		2021
Yuba City, CA		1			264			2,672			—			264			2,672			2,936			(323)			1,987		2021
		170			194,289			1,271,540			138			194,280			1,271,687			1,465,967			(171,959)			782,757

(a)	At December 31, 2025, the aggregate cost of real estate for federal income tax purposes was $1,212.7 million (unaudited).

(b)	The life on which depreciation in the statement of operations was calculated was between 60 and 588 months.

(c)	All assets are industrial.

(d)	The loan associated with these assets are included as part of the ABS Program debt.

The changes in real estate and accumulated depreciation for the years ended December 31, 2025 and 2024, respectively, are as follows:


		December 31, 2025			December 31, 2024
Real Estate
Balance beginning of year		$	1,343,738		$	1,366,199
Additions during period:
Land and land improvements			17,940			—
Buildings and improvements			104,298			—
Sales during period:
Land and land improvements			(9)			(5,598)
Buildings and improvements			—			(16,863)
Balance at the end of the year		$	1,465,967		$	1,343,738

Accumulated depreciation
Balance beginning of year		$	(139,543)		$	(109,677)
Depreciation expense			(32,416)			(32,039)
Accumulated depreciation written off relating to real estate sales during the year			—			2,173
Balance at the end of the year			(171,959)			(139,543)

Net book value - end of year		$	1,294,008		$	1,204,195