The following table summarizes the future minimum lease payments to the Company as the lessor under the operating lease obligations at December 31, 2025 (in thousands). These amounts do not reflect future rental revenues from renewal or replacement of existing leases. Reimbursements of operating expenses and variable rent increases are excluded from the table below.


Year:	Operating Leases
2026	$	5,810
2027		5,047
2028		2,832
2029		2,087
2030		1,417
Thereafter		1,995
Total	$	19,188

There are no tenants that make up greater than 10% of net rental income during the year ended December 31, 2025.

The following table lists the tenants where the rental revenue from the tenants represented 10% or more of total rental income in the Company’s Consolidated Statements of Operations and Comprehensive Income (in thousands) for the year ended December 31, 2024:


	For the Year Ended December 31, 2024
Tenant	Rental Income
Neiman Marcus Group, LLC	$	2,180

The Company has a ground lease situated in Durham County, North Carolina, with a subsidiary of OSL, an entity that may be deemed an affiliate of the Adviser through common beneficial ownership. The lease has a remaining term of 3 years and a discount rate of 4.6% and contains five one-year extension options. As of December 31, 2025, the carrying amount of the right-of-use asset is $0.5 million, and the lease liability is $(0.5) million.

The future minimum lease payments under the operating lease as of December 31, 2025 are as follows:


Years Ending December 31,	Minimum Lease Payment
2026	$	208
2027		212
2028		217
Total undiscounted lease payments		637
Less: Present Value discount		(91	)
Total lease liability	$	546

For the years ended December 31, 2025 and 2024, the Company recognized lease expense of $0.2 million and $0.2 million, respectively, recorded on a straight-line basis over the lease term.