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30 W. 4th Street
Cincinnati
OH
45202
513
834-5110
Common Stock, $0.0001 par value per share
BEEP
NASDAQ
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Note <em style="font: inherit;">1</em> </b>—<b> Organization and Business Operations</b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">Mobile Infrastructure Corporation (“MIC,” “we,” “us,” “our,” and the “Company”) is a Maryland corporation, publicly traded on The Nasdaq Stock Market LLC (“Nasdaq”) under the ticker “BEEP.” We focus on acquiring, owning and optimizing parking facilities and related infrastructure, including parking lots, parking garages and other parking structures throughout the United States. We target both parking garage and surface lot properties primarily in the top <em style="font: inherit;">50</em> U.S. Metropolitan Statistical Areas (“MSAs”), with proximity to key demand drivers, such as commerce, events and venues, government and institutions, hospitality and multifamily central business districts. As of <em style="font: inherit;"> March 31, 2026, </em>we own 35 parking facilities in <em style="font: inherit;">18</em> separate markets throughout the United States, with a total of approximately 13,200 parking spaces and approximately 4.6 million square feet. We also own approximately 0.1 million square feet of commercial space adjacent to our parking facilities.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The Company is a member of Mobile Infra Operating Company, LLC, a Delaware limited liability company, (the “Operating Company”) and owns substantially all of its assets and conducts substantially all of its operations through the Operating Company. The Operating Company is managed by a board of directors, <em style="font: inherit;">one</em> appointed by the Company and <em style="font: inherit;">one</em> appointed by the other members of the Operating Company. Currently, the <em style="font: inherit;">two</em> directors of the Operating Company are Manuel Chavez, III, the Executive Chairman of the Company's Board of Directors (the “Board”), and Stephanie Hogue, our President, Chief Executive Officer and a member of the Board. The Company owns approximately 90.2% of the Common Units of the Operating Company. The remaining Common Units are held by certain of our executive officers and directors (directly or indirectly) and outside investors.</p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
35
13200
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0.902
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Note <em style="font: inherit;">2</em> </b>— <b>Summary of Significant Accounting Policies</b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b></b></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Basis of Accounting</b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Our consolidated financial statements are prepared on the accrual basis of accounting and in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), and in conjunction with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the consolidated financial statements do <em style="font: inherit;">not</em> include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary to give a fair presentation of operating results for the periods presented have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. Operating results for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026</em>, are <em style="font: inherit;">not</em> necessarily indicative of the results that <em style="font: inherit;"> may </em>be expected for the year ending <em style="font: inherit;"> December 31, 2026. </em>There were <em style="font: inherit;">no</em> significant changes to our significant accounting policies during the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026</em>. For a full summary of our accounting policies, refer to our Annual Report on Form <em style="font: inherit;">10</em>-K for the fiscal year ended <em style="font: inherit;"> December 31, 2025 </em>filed with the SEC on <em style="font: inherit;"> March 5, 2026.</em></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;"></p><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;"><b></b></p><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;"><b>Going Concern</b></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;">The accompanying consolidated financial statements are prepared in accordance with GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The going concern basis assumes that we will be able to meet our obligations and continue our operation <em style="font: inherit;">one</em> year from the date of the filing of this quarterly report on Form <em style="font: inherit;">10</em>-Q (this “Quarterly Report”), which is dependent upon our ability to effectively implement a plan related to the Line of Credit that matures within <em style="font: inherit;">one</em> year after the date of the filing of the Quarterly Report.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">We have incurred net losses since our inception and anticipate net losses for the near future. We currently have $22.2 million related to the Line of Credit (as defined herein) due within <em style="font: inherit;">twelve</em> months of the date of the filing of this Quarterly Report. Additionally, as of the date of this filing, the Line of Credit has $5.5 million of accrued interest that is due upon maturity. We do <em style="font: inherit;">not</em> currently have sufficient cash on hand, liquidity or projected cash flows to repay the outstanding amount and related interest due upon maturity. These conditions and events raise substantial doubt about the Company’s ability to continue as a going concern.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">Management has approved a plan to extend the Line of Credit and to sell real estate assets to satisfy the debt maturity, allowing the Company to sell the properties on an orderly basis. Management has determined that it is probable the plan will be successfully implemented. Accordingly, we have concluded that this plan alleviates substantial doubt about the Company’s ability to continue as a going concern.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></p><p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"><b></b></p><p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"><b>Use of Estimates</b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding stock issuance, equity compensation, asset impairment, and purchase price allocations to record investments in real estate, as applicable.</p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b></b></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Concentration</b></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Our operators <em style="font: inherit;"> may </em>act as agents collecting revenues on our behalf or <em style="font: inherit;"> may </em>act as lessee if under a lease agreement. We have concentrations in revenue, excluding commercial revenue, where certain operators act as either a lease tenant or an operator agent with Metropolis Technologies, Inc. (“Metropolis”) of 59.6% and 55.9%, LAZ Parking (“LAZ”) of 14.0% and 13.8%, and Interstate Parking of 10.4% and 9.8% for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026 </em>and <em style="font: inherit;">2025</em>, respectively.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">In addition, we had concentrations in Cincinnati (20.8% and 20.0%), Detroit (11.5% and 11.0%), and Chicago (10.2% and 9.8%) based on gross book value of real estate, including intangible assets and construction in progress, as of <em style="font: inherit;"> March 31, 2026 </em>and <em style="font: inherit;"> December 31, 2025, </em>respectively.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">We had concentrations of our outstanding accounts receivable balance with Metropolis (38.4% and 40.2%) as of <em style="font: inherit;"> March 31, 2026</em> and <em style="font: inherit;"> December 31, 2025, </em>respectively. The majority of these receivable balances represent cash paid by parkers that was collected on our behalf by these operators.</p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"></p><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"><b></b></p><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"><b>Income Taxes</b></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Valuation allowances are established when management determines that it is more likely than <em style="font: inherit;">not</em> that all or some portion of the deferred tax asset will <em style="font: inherit;">not</em> be realized. A full valuation allowance has been recorded for deferred tax assets due to our history of taxable losses.</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"></p><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b></b></p><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Lessor Accounting</b></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">All our leases are classified as operating leases. The majority of variable lease payments for operating leases are recorded as Percentage Rental Income within the Consolidated Statements of Operations. Certain of our lease agreements provide for tenant reimbursements of property taxes and other operating expenses that are variable depending upon the applicable expenses incurred. These reimbursements are accrued as Base Rental Income in our Consolidated Statements of Operations and were <em style="font: inherit;">not</em> significant during the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026 </em>and <em style="font: inherit;">2025</em>. <em style="font: inherit;">No</em> significant changes to our leases have occurred during the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026</em>.</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"></p><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"><b></b></p><p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"><b>Recently Issued Accounting Standards</b></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements:</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom; width: 172px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Standard</b></p> </td><td style="vertical-align: bottom; width: 578px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Description</b></p> </td><td style="vertical-align: bottom; width: 139px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Planned Date of Adoption</b></p> </td><td style="vertical-align: bottom; width: 226px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Effect on Financial Statements or Other Significant Matters</b></p> </td></tr>
<tr style="background-color: rgb(255, 255, 255);"><td style="vertical-align: top; width: 172px;">ASU <em style="font: inherit;">2024</em>-<em style="font: inherit;">03—Income</em> Statement: Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic <em style="font: inherit;">220</em>-<em style="font: inherit;">40</em>)</td><td style="vertical-align: top; width: 578px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">This amendment requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements for public business entities. </p> </td><td style="vertical-align: top; width: 139px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;"> December 31, 2027</em></p> </td><td style="vertical-align: top; width: 226px;">We are currently evaluating the impact the adoption of this standard will have on our disclosures.</td></tr>
<tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: top; width: 172px;">ASU <em style="font: inherit;">2025</em>-<em style="font: inherit;">12—Codification</em> Improvements</td><td style="vertical-align: top; width: 578px;">This amendment includes various codification improvements and updates, including clarifications on calculating earnings per share when a loss from continuing operations exists.</td><td style="vertical-align: top; width: 139px; text-align: center;"><em style="font: inherit;"> December 31, 2026</em></td><td style="vertical-align: top; width: 226px;">We are currently evaluating the impact the adoption of this standard will have on our disclosures.</td></tr>
</tbody></table>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Basis of Accounting</b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Our consolidated financial statements are prepared on the accrual basis of accounting and in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), and in conjunction with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the consolidated financial statements do <em style="font: inherit;">not</em> include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary to give a fair presentation of operating results for the periods presented have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. Operating results for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026</em>, are <em style="font: inherit;">not</em> necessarily indicative of the results that <em style="font: inherit;"> may </em>be expected for the year ending <em style="font: inherit;"> December 31, 2026. </em>There were <em style="font: inherit;">no</em> significant changes to our significant accounting policies during the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026</em>. For a full summary of our accounting policies, refer to our Annual Report on Form <em style="font: inherit;">10</em>-K for the fiscal year ended <em style="font: inherit;"> December 31, 2025 </em>filed with the SEC on <em style="font: inherit;"> March 5, 2026.</em></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;"></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;"><b>Going Concern</b></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;">The accompanying consolidated financial statements are prepared in accordance with GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The going concern basis assumes that we will be able to meet our obligations and continue our operation <em style="font: inherit;">one</em> year from the date of the filing of this quarterly report on Form <em style="font: inherit;">10</em>-Q (this “Quarterly Report”), which is dependent upon our ability to effectively implement a plan related to the Line of Credit that matures within <em style="font: inherit;">one</em> year after the date of the filing of the Quarterly Report.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">We have incurred net losses since our inception and anticipate net losses for the near future. We currently have $22.2 million related to the Line of Credit (as defined herein) due within <em style="font: inherit;">twelve</em> months of the date of the filing of this Quarterly Report. Additionally, as of the date of this filing, the Line of Credit has $5.5 million of accrued interest that is due upon maturity. We do <em style="font: inherit;">not</em> currently have sufficient cash on hand, liquidity or projected cash flows to repay the outstanding amount and related interest due upon maturity. These conditions and events raise substantial doubt about the Company’s ability to continue as a going concern.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">Management has approved a plan to extend the Line of Credit and to sell real estate assets to satisfy the debt maturity, allowing the Company to sell the properties on an orderly basis. Management has determined that it is probable the plan will be successfully implemented. Accordingly, we have concluded that this plan alleviates substantial doubt about the Company’s ability to continue as a going concern.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></p>
22200000
5500000
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"><b>Use of Estimates</b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding stock issuance, equity compensation, asset impairment, and purchase price allocations to record investments in real estate, as applicable.</p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Concentration</b></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Our operators <em style="font: inherit;"> may </em>act as agents collecting revenues on our behalf or <em style="font: inherit;"> may </em>act as lessee if under a lease agreement. We have concentrations in revenue, excluding commercial revenue, where certain operators act as either a lease tenant or an operator agent with Metropolis Technologies, Inc. (“Metropolis”) of 59.6% and 55.9%, LAZ Parking (“LAZ”) of 14.0% and 13.8%, and Interstate Parking of 10.4% and 9.8% for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026 </em>and <em style="font: inherit;">2025</em>, respectively.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">In addition, we had concentrations in Cincinnati (20.8% and 20.0%), Detroit (11.5% and 11.0%), and Chicago (10.2% and 9.8%) based on gross book value of real estate, including intangible assets and construction in progress, as of <em style="font: inherit;"> March 31, 2026 </em>and <em style="font: inherit;"> December 31, 2025, </em>respectively.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">We had concentrations of our outstanding accounts receivable balance with Metropolis (38.4% and 40.2%) as of <em style="font: inherit;"> March 31, 2026</em> and <em style="font: inherit;"> December 31, 2025, </em>respectively. The majority of these receivable balances represent cash paid by parkers that was collected on our behalf by these operators.</p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"></p>
0.596
0.559
0.14
0.138
0.104
0.098
0.208
0.20
0.115
0.11
0.102
0.098
0.384
0.402
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"><b>Income Taxes</b></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Valuation allowances are established when management determines that it is more likely than <em style="font: inherit;">not</em> that all or some portion of the deferred tax asset will <em style="font: inherit;">not</em> be realized. A full valuation allowance has been recorded for deferred tax assets due to our history of taxable losses.</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Lessor Accounting</b></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">All our leases are classified as operating leases. The majority of variable lease payments for operating leases are recorded as Percentage Rental Income within the Consolidated Statements of Operations. Certain of our lease agreements provide for tenant reimbursements of property taxes and other operating expenses that are variable depending upon the applicable expenses incurred. These reimbursements are accrued as Base Rental Income in our Consolidated Statements of Operations and were <em style="font: inherit;">not</em> significant during the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026 </em>and <em style="font: inherit;">2025</em>. <em style="font: inherit;">No</em> significant changes to our leases have occurred during the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026</em>.</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"><b>Recently Issued Accounting Standards</b></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements:</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom; width: 172px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Standard</b></p> </td><td style="vertical-align: bottom; width: 578px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Description</b></p> </td><td style="vertical-align: bottom; width: 139px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Planned Date of Adoption</b></p> </td><td style="vertical-align: bottom; width: 226px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Effect on Financial Statements or Other Significant Matters</b></p> </td></tr>
<tr style="background-color: rgb(255, 255, 255);"><td style="vertical-align: top; width: 172px;">ASU <em style="font: inherit;">2024</em>-<em style="font: inherit;">03—Income</em> Statement: Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic <em style="font: inherit;">220</em>-<em style="font: inherit;">40</em>)</td><td style="vertical-align: top; width: 578px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">This amendment requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements for public business entities. </p> </td><td style="vertical-align: top; width: 139px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;"> December 31, 2027</em></p> </td><td style="vertical-align: top; width: 226px;">We are currently evaluating the impact the adoption of this standard will have on our disclosures.</td></tr>
<tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: top; width: 172px;">ASU <em style="font: inherit;">2025</em>-<em style="font: inherit;">12—Codification</em> Improvements</td><td style="vertical-align: top; width: 578px;">This amendment includes various codification improvements and updates, including clarifications on calculating earnings per share when a loss from continuing operations exists.</td><td style="vertical-align: top; width: 139px; text-align: center;"><em style="font: inherit;"> December 31, 2026</em></td><td style="vertical-align: top; width: 226px;">We are currently evaluating the impact the adoption of this standard will have on our disclosures.</td></tr>
</tbody></table>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Note <em style="font: inherit;">3</em> </b>—<b> Managed Property Revenues</b></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"><i>Disaggregation of revenue</i></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">We disaggregate revenue from contracts with customers by Transient Parkers, customers who arrive at our parking facilities and have the right to park in any open spot <em style="font: inherit;">not</em> otherwise marked as reserved, and Contract Parkers, customers who pay, generally in advance, to have the right to access the facility for a set period. We have concluded that such disaggregation of revenue best depicts the overall nature and timing of our revenue and cash flows affected by the economic factors of the respective contractual arrangement.</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Disaggregated revenue for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026 </em>and <em style="font: inherit;">2025</em> are as follows (dollars in thousands):</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;"><em style="font: inherit;">For the Three Months Ended March 31,</em></em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;">2026</em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;">2025</em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Transient Parkers</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">4,035</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">4,087</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Contract Parkers</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,586</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,415</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ancillary Revenue (1)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">43</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total Managed Property Revenue</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">6,621</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">6,545</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr>
</tbody></table>
<p style="margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><tbody><tr style="vertical-align: top; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="width: 36pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(<em style="font: inherit;">1</em>)</p> </td><td style="width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Ancillary revenue includes contracted revenue for other uses outside of parking, such as billboard revenue, and is recognized over time.</p> </td></tr>
</tbody></table>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><i>Contract balances</i></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">The timing of revenue recognition, billings and cash collections results in accounts receivable and contract liabilities. Accounts receivable represent amounts where we have an unconditional right to the consideration and therefore only the passage of time is required for us to receive consideration due from the customer. Receivables <em style="font: inherit;"> may </em>be from parking customers who have a contractual obligation to pay for their usage or from the operators of the facilities who have collected parking fees on our behalf. As of <em style="font: inherit;"> March 31, 2026 </em>and <em style="font: inherit;">2025,</em> we had $2.9 million and $3.1 million of outstanding accounts receivable, respectively, related to our managed property revenue.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">It is our standard procedure to bill Contract Parkers in the month prior to when they will be using the facility in accordance with agreed-upon contractual terms. Billing typically occurs prior to revenue recognition, resulting in contract liabilities. The majority of any contract liability will be recognized within a month of the liability being recognized. Changes in deferred revenue primarily include prepayments for future parking months and recognition of previously deferred revenue. <em style="font: inherit;">No</em> material amounts in deferred revenue represent prepayments for a period longer than a single month. As of <em style="font: inherit;"> March 31, 2026 </em>and <em style="font: inherit;">2025,</em> we had approximately $0.1 million of deferred managed property revenue included in Accounts Payable and Accrued Expenses on the Consolidated Balance Sheets.</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;"><em style="font: inherit;">For the Three Months Ended March 31,</em></em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;">2026</em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;">2025</em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Transient Parkers</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">4,035</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">4,087</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Contract Parkers</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,586</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,415</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ancillary Revenue (1)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">43</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total Managed Property Revenue</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">6,621</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">6,545</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr>
</tbody></table>
4035000
4087000
2586000
2415000
0
43000
6621000
6545000
2900000
3100000
100000
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b style="font-size: 10pt;">Note <em style="font: inherit;">4</em> </b>— <b style="font-size: 10pt;">Dispositions of Investments in Real Estate</b></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">2026</em></b></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">In <em style="font: inherit;"> March 2026, </em>we sold a parking garage located in Honolulu, Hawaii for approximately $16.5 million, resulting in a loss on sale of real estate of approximately $1.1 million.</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">2025</em></b></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">In <em style="font: inherit;"> November 2025, </em>we sold a parking lot located in Indianapolis, Indiana for approximately $2.0 million, resulting in a gain on sale of real estate of approximately $0.5 million.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">In <em style="font: inherit;"> December 2025, </em>we sold a parking garage located in Lubbock, Texas for approximately $11.0 million, resulting in a loss on sale of real estate of approximately $0.5 million, and <em style="font: inherit;">two</em> parking lots in Denver, Colorado for approximately $2.5 million, resulting in a $0.1 million loss on sale of real estate.</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
16500000
1100000
2000000
500000
11000000
500000
2500000
100000
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-align: justify; text-indent: -9pt;"><b>Note <em style="font: inherit;">5</em> </b>—<b> Intangible Assets</b></p>
<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt;"> </p>
<div style="font-size:10pt">
<div style="font-family:"Times New Roman"">
<div style="font-variant: normal; text-align: justify;">
A schedule of our intangible assets and related accumulated amortization as of
<em style="font: inherit;"> March 31, 2026</em> and
<em style="font: inherit;"> December 31, 2025</em> is as follows (dollars in thousands):
</div>
<div style="font-variant: normal; text-align: justify;">
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;"><em style="font: inherit;">As of March 31, 2026</em></em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;"><em style="font: inherit;">As of December 31, 2025</em></em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">Gross carrying amount</em></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">Accumulated amortization</em></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">Gross carrying amount</em></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">Accumulated amortization</em></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 52%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">In-place lease value</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,390</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,306</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,390</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,274</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Indefinite lived contract</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,160</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,160</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Acquired technology</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">167</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">77</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">167</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">69</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Total intangible assets</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5,717</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,383</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5,717</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,343</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr>
</tbody></table>
</div>
</div>
</div>
<p style="font-size: 10pt; font-family: "Times New Roman", Times, serif; margin: 0pt;"> </p>
<p style="font-size: 10pt; font-family: "Times New Roman", Times, serif; margin: 0pt;">Amortization of the in-place lease value and acquired technology are included in Depreciation and Amortization in our Consolidated Statements of Operations. Amortization expense associated with intangible assets totaled approximately <span style="-sec-ix-hidden:c145616286">$40,000</span> and $0.2 million for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026 </em>and <em style="font: inherit;">2025,</em> respectively.</p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
<p style="font-size: 10pt; font-family: "Times New Roman", Times, serif; margin: 0pt;">Estimated future amortization of intangible assets as of <em style="font: inherit;"> March 31, 2026</em> is as follows (dollars in thousands):</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;">In-place lease value</em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;">Acquired technology</em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2026 (Remainder)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">70</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">25</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2027</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">14</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">33</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2028</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">32</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); padding: 0px; border-top: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); padding: 0px; border-top: 1px solid rgb(0, 0, 0);">84</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); padding: 0px; border-top: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); padding: 0px; border-top: 1px solid rgb(0, 0, 0);">90</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr>
</tbody></table>
<p style="text-align: justify; font-size: 10pt; font-family: "Times New Roman", Times, serif; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;"><em style="font: inherit;">As of March 31, 2026</em></em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;"><em style="font: inherit;">As of December 31, 2025</em></em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">Gross carrying amount</em></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">Accumulated amortization</em></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">Gross carrying amount</em></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">Accumulated amortization</em></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 52%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">In-place lease value</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,390</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,306</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,390</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,274</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Indefinite lived contract</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,160</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,160</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Acquired technology</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">167</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">77</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">167</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">69</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Total intangible assets</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5,717</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,383</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5,717</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,343</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr>
</tbody></table>
2390000
2306000
2390000
2274000
3160000
3160000
167000
77000
167000
69000
5717000
2383000
5717000
2343000
200000
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;">In-place lease value</em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;">Acquired technology</em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2026 (Remainder)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">70</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">25</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2027</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">14</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">33</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2028</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">32</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); padding: 0px; border-top: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); padding: 0px; border-top: 1px solid rgb(0, 0, 0);">84</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); padding: 0px; border-top: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); padding: 0px; border-top: 1px solid rgb(0, 0, 0);">90</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr>
</tbody></table>
70000
25000
14000
33000
0
32000
84000
90000
<p style="text-align: justify; font-size: 10pt; font-family: "Times New Roman", Times, serif; margin: 0pt;"><b>Note <em style="font: inherit;">6</em> </b>—<b> Debt</b></p>
<p style="text-align: justify; font-size: 10pt; font-family: "Times New Roman", Times, serif; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As of <em style="font: inherit;"> March 31, 2026</em> and <em style="font: inherit;"> December 31, 2025, </em>the principal balances on notes payable are as follows (dollars in thousands):</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Interest</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 13%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Loan</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Balance as</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Balance as</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr class="finHeading" style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 42%; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Loan</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Rate</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Maturity</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>of 3/31/26</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>of 12/31/25</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">St Louis Cardinal Lot DST, LLC</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">5.25%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><span style="-sec-ix-hidden:c145616387">6/6/2027</span></p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">6,000</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">6,000</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Mabley Place Garage, LLC (1)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">7.29%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><span style="-sec-ix-hidden:c145616391">12/4/2027</span></p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">11,721</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">11,791</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2029 KeyBank Loan Pool (2)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">7.94%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><span style="-sec-ix-hidden:c145616395">3/1/2029</span></p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5,752</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5,767</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Series 2025-1 Class A-2 Notes (3)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">4.15%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><span style="-sec-ix-hidden:c145616399">10/28/2030</span></p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">99,000</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">99,600</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2034 CMBS Loan (4)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">7.76%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><span style="-sec-ix-hidden:c145616403">12/6/2034</span></p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">66,929</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">75,149</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Mabley LOC</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><em style="font: inherit;">(5)</em></td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><span style="-sec-ix-hidden:c145616407">11/10/2031</span></p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">27</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Less unamortized loan issuance costs</p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(5,048</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(5,424</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Less discount on notes payable</p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(10,300</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(11,112</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">174,081</em></td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">181,771</em></td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr>
</tbody></table>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><tbody><tr><td style="width: 77px; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; vertical-align: top;">(<em style="font: inherit;">1</em>)</td><td style="width: 1891px; font-family: "Times New Roman", Times, serif; font-size: 10pt;">As mentioned below, we entered into an interest rate swap agreement effective <em style="font: inherit;"> March 2025 </em>on the Mabley Place Garage, LLC loan. The interest rate is SOFR plus a spread of <em style="font: inherit;">3.25%</em> with a fixed overall rate of <em style="font: inherit;">7.29%.</em></td></tr>
<tr style="vertical-align: top; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="width: 77px; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; vertical-align: top;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(<em style="font: inherit;">2</em>)</p> </td><td style="width: 1891px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><em style="font: inherit;">2029</em> KeyBank Loan Pool is secured by MVP Memphis Poplar, LLC and MVP St. Louis, LLC.</p> </td></tr>
<tr><td style="width: 77px; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; vertical-align: top;">(<em style="font: inherit;">3</em>)</td><td style="width: 1891px; font-family: "Times New Roman", Times, serif; font-size: 10pt;">In <em style="font: inherit;"> October 2025, </em>we entered into an asset-backed securitization of <em style="font: inherit;">19</em> properties in our portfolio priced at <em style="font: inherit;">88.30%</em> of the principal amount of <em style="font: inherit;">$100</em> million (the “Series <em style="font: inherit;">2025</em>-<em style="font: inherit;">1</em> Class A-<em style="font: inherit;">2</em> Notes”).</td></tr>
<tr><td style="width: 77px; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; vertical-align: top;">(<em style="font: inherit;">4</em>)</td><td style="width: 1891px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><em style="font: inherit;">2034</em> CMBS Loan is secured by the following properties: <em style="font: inherit;">1W7</em> Carpark, LLC, <em style="font: inherit;">222</em> W <em style="font: inherit;">7th</em> Holdco, LLC, <em style="font: inherit;">222</em> Sheridan Bricktown Garage, LLC, <em style="font: inherit;">322</em> Streeter Holdco, LLC, Denver <em style="font: inherit;">1725</em> Champa Street Garage, LLC, and MVP Indianapolis City Park Garage, LLC.</td></tr>
<tr><td style="width: 77px; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; vertical-align: top;">(<em style="font: inherit;">5</em>)</td><td style="width: 1891px; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The interest rate on the Mabley LOC, as defined below, is SOFR plus a spread of <em style="font: inherit;">2.75%,</em> subject to a <em style="font: inherit;">4.0%</em> floor. </td></tr>
</tbody></table>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">In <em style="font: inherit;"> February 2026, </em>we entered into a $1.5 million line of credit with WesBanco Bank, Inc. maturing in <em style="font: inherit;"> November 2031 </em>to fund capital improvements at Mabley Place Garage (the “Mabley LOC”). The Mabley LOC is secured by the Mabley Place Garage and is cross-collateralized and cross-defaulted with our existing WesBanco loan.</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">In <em style="font: inherit;"> March 2026, </em>we made a partial principal paydown of $8.1 million on the <em style="font: inherit;">2034</em> CMBS Loan using proceeds from the sale of a parking asset. In connection with the sale, we incurred a charge of $2.0 million associated with the prepayment of the <em style="font: inherit;">2034</em> CMBS Loan, which is recognized as Loss on Extinguishment of Debt on the Consolidated Statement of Operations.</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -1pt;"> </p>
<p style="margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: justify;">As of <em style="font: inherit;"> March 31, 2026</em>, future principal payments on notes payable are as follows (dollars in thousands):</p>
<p style="margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 85%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2026 (remainder)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,830</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2027</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">21,139</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2028</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,715</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2029</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">9,457</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2030</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">91,122</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Thereafter</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">61,166</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Total</b></p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">189,429</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr>
</tbody></table>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><i>Line of Credit</i></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">In <em style="font: inherit;"> September 2024, </em>we entered into a $40.4 million revolving credit facility agreement with Harvest Small Cap Partners, L.P. and Harvest Small Cap Partners Master, Ltd. (collectively, the “Lenders”) maturing in <em style="font: inherit;"> September 2025 (</em>the “Line of Credit”). On <em style="font: inherit;"> March 24, 2026, </em>we entered into a <em style="font: inherit;">third</em> amendment to the Line of Credit, which extended the maturity date to <em style="font: inherit;"> June 30, 2026. </em>Borrowings under the Line of Credit will accrue interest at a rate of 15.0% per annum, with interest payable in arrears at maturity or upon repayment of any principal amount borrowed under the Line of Credit. After certain amounts paid with the initial proceeds, the Line of Credit <em style="font: inherit;"> may </em>only be used for redemption payments on the Series A Preferred Stock and Series <em style="font: inherit;">1</em> Preferred Stock and funding of the share repurchase program, discussed below. The Line of Credit includes provisions for defaults on recourse indebtedness in an aggregate amount equal to or exceeding $25 million and non-recourse indebtedness in an aggregate amount equal to or exceeding $50 million. Mr. Osher, Co-Chairman of the Board, is the managing member of <em style="font: inherit;">No</em> Street Capital LLC, which serves as the investment manager of the Lenders.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">As of <em style="font: inherit;"> March 31, 2026, </em>approximately $25.9 million was outstanding under the Line of Credit. Additionally, there was approximately $5.9 million of accrued interest on the Line of Credit as of <em style="font: inherit;"> March 31, 2026 </em>that is recorded in Accounts Payable and Accrued Expenses on our Consolidated Balance Sheets. In <em style="font: inherit;"> April 2026, </em>we paid $3.7 million of principal and $0.8 million of interest using proceeds from the sale of our Hawaii property.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><i>Interest Rate Swap</i></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">In <em style="font: inherit;"> December 2024, </em>we entered an interest rate swap agreement to coincide with the refinance of Mabley Place Garage, LLC, which will mature in <em style="font: inherit;"> December 2027. </em>The value of the interest rate swap was $0.1 million and $0.2 million as of <em style="font: inherit;"> March 31, 2026 </em>and <em style="font: inherit;"> December 31, 2025, </em>respectively, and is recorded within Accounts Payable and Accrued Expenses on our Consolidated Balance Sheets. The arrangement was for a notional amount of $12.0 million and a fixed overall rate of 7.29% beginning in <em style="font: inherit;"> March 2025. </em>Our use of derivative instruments is limited to this interest rate swap to manage interest rate exposure. The principal objective of this arrangement is to minimize the risks and costs associated with our financial structure, which are in part determined by interest rates. We have elected <em style="font: inherit;">not</em> to use hedge accounting due to the short-term duration of the arrangement and, as such, will reflect changes in fair value of the arrangement within Other Income, Net on our Consolidated Statements of Operations.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Interest</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 13%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Loan</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Balance as</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Balance as</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr class="finHeading" style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 42%; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Loan</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Rate</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Maturity</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>of 3/31/26</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>of 12/31/25</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">St Louis Cardinal Lot DST, LLC</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">5.25%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><span style="-sec-ix-hidden:c145616387">6/6/2027</span></p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">6,000</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">6,000</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Mabley Place Garage, LLC (1)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">7.29%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><span style="-sec-ix-hidden:c145616391">12/4/2027</span></p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">11,721</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">11,791</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2029 KeyBank Loan Pool (2)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">7.94%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><span style="-sec-ix-hidden:c145616395">3/1/2029</span></p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5,752</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5,767</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Series 2025-1 Class A-2 Notes (3)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">4.15%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><span style="-sec-ix-hidden:c145616399">10/28/2030</span></p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">99,000</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">99,600</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2034 CMBS Loan (4)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">7.76%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><span style="-sec-ix-hidden:c145616403">12/6/2034</span></p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">66,929</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">75,149</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Mabley LOC</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><em style="font: inherit;">(5)</em></td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><span style="-sec-ix-hidden:c145616407">11/10/2031</span></p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">27</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Less unamortized loan issuance costs</p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(5,048</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(5,424</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Less discount on notes payable</p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(10,300</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(11,112</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">174,081</em></td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">181,771</em></td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr>
</tbody></table>
0.0525
6000000
6000000
0.0729
11721000
11791000
0.0794
5752000
5767000
0.0415
99000000
99600000
0.0776
66929000
75149000
27000
0
5048000
5424000
10300000
11112000
1500000
8100000
2000000
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 85%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2026 (remainder)</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,830</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2027</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">21,139</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2028</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,715</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2029</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">9,457</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2030</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">91,122</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Thereafter</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">61,166</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Total</b></p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">189,429</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr>
</tbody></table>
2830000
21139000
3715000
9457000
91122000
61166000
189429000
40400000
0.15
25000000
50000000
25900000
5900000
3700000
800000
100000
200000
12000000
0.0729
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b style="font-size: 10pt;">Note <em style="font: inherit;">7</em> </b>—<b style="font-size: 10pt;"> Equity</b></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">We have <em style="font: inherit;">two</em> classes of capital stock authorized for issuance under our Charter: 500,000,000 shares of common stock, par value $0.0001 per share, and 100,000,000 shares of preferred stock, par value $0.0001 per share, of which 97,000 are designated as shares of Series <em style="font: inherit;">1</em> Preferred Stock, 50,000 are designated as shares of Series A Preferred Stock and 60,000 are designated as shares of Series <em style="font: inherit;">2</em> Preferred Stock.</p>
<p style="margin: 0pt 0pt 0pt -9pt; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"><span style="text-decoration: underline; ">Series A Convertible Redeemable Preferred Stock</span></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The terms of the Series A Preferred Stock provide that the holders of the Series A Preferred Stock are entitled to receive, when and as authorized by the Board and declared by us out of legally available funds, cumulative cash dividends on each share at an annual rate of 5.75% of the stated value pari passu with the dividend preference of the Series <em style="font: inherit;">1</em> Preferred Stock and in preference to any payment of any dividend on our common stock.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><span style="text-decoration: underline; ">Series <em style="font: inherit;">1</em> Convertible Redeemable Preferred Stock</span></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">The terms of the Series <em style="font: inherit;">1</em> Preferred Stock provide that the holders of the Series <em style="font: inherit;">1</em> Preferred Stock are entitled to receive, when and as authorized by the Board and declared by us out of legally available funds, cumulative cash dividends on each share at an annual rate of 5.50% of the stated value pari passu with the dividend preference of the Series A Preferred Stock and in preference to any payment of any dividend on our common stock.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"><span style="text-decoration: underline; ">Series <em style="font: inherit;">1</em> Preferred Stock and Series A Preferred Stock Distributions</span></p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;">On <em style="font: inherit;"> September 11, 2024, </em>the Board declared payment of accrued and unpaid dividends for all past dividend periods on the Series <em style="font: inherit;">1</em> Preferred Stock and Series A Preferred Stock. Additionally, we declared monthly dividend payments on the Series A Preferred Stock and Series <em style="font: inherit;">1</em> Preferred Stock for each subsequent month through <em style="font: inherit;"> March 2026. </em>The payment of future dividends is subject to the Board’s discretion and will be determined by the Board based on the Company’s financial condition, applicable law and such other considerations as the Board deems relevant.</p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
<div style="font-size: 10pt;">
<span style="text-decoration: underline; ">Series <em style="font: inherit;">1</em> Preferred Stock and Series A Preferred Stock Redemptions and Conversions</span>
</div>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">Upon receipt of written notice to convert shares of Series <em style="font: inherit;">1</em> Preferred Stock and Series A Preferred Stock into common stock, we have the option to redeem the shares for cash with the redemption price equal to the stated value of <em style="font: inherit;">$1,000,</em> plus any accrued but unpaid dividends. Should we elect to convert the shares, each share of Series <em style="font: inherit;">1</em> Preferred Stock and Series A Preferred Stock will convert into a number of shares of common stock determined by dividing the sum of (i) <em style="font: inherit;">100%</em> of the stated value of <em style="font: inherit;">$1,000,</em> plus (ii) any accrued but unpaid dividends up to, but <em style="font: inherit;">not</em> including, the date of conversion, by the volume weighted average price per share of common stock for the <em style="font: inherit;">20</em> trading days prior to the delivery date of the receipt of the notice.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">During the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026</em>, 102 shares of the Series <em style="font: inherit;">1</em> Preferred Stock and 30 shares of Series A Preferred Stock were redeemed for cash. In addition, requested redemptions at <em style="font: inherit;"> March 31, 2026</em> of approximately 100 shares with a stated value of $0.1 million of Series <em style="font: inherit;">1</em> Preferred Stock and Series A Preferred Stock were reclassified to Accrued Preferred Distributions and Redemptions on the Consolidated Balance Sheets, as we intend to redeem the shares for cash. During the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026</em>, <span style="-sec-ix-hidden:c145616466"><span style="-sec-ix-hidden:c145616507">no</span></span> shares of Series <em style="font: inherit;">1</em> Preferred Stock or Series A Preferred Stock were converted to shares of common stock.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">During the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2025, </em>approximately 1,100 shares of the Series <em style="font: inherit;">1</em> Preferred Stock and approximately 60 shares of Series A Preferred Stock were redeemed for cash. In addition, requested redemptions at <em style="font: inherit;"> March 31, 2025 </em>of approximately 800 shares with a stated value of $0.8 million of Series <em style="font: inherit;">1</em> Preferred Stock and Series A Preferred Stock were reclassified to Accrued Preferred Distributions and Redemptions on the Consolidated Balance Sheet, as we intended to redeem the shares for cash. During the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2025, </em>no shares of Series <em style="font: inherit;">1</em> Preferred Stock of Series A Preferred Stock were converted to shares of common stock.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>Warrants</b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">In accordance with the warrant agreement dated <em style="font: inherit;"> August 25, 2021 (</em>the “Warrant Agreement”), which was further amended on <em style="font: inherit;"> August 29, 2023, </em>Color Up, LLC (“Color Up”) had the right to purchase up to 2,553,192 shares of common stock, at an exercise price of $7.83 per share for an aggregate cash purchase price of up to $20.0 million (the “Common Stock Warrants”) and could exercise the Common Stock Warrants on a cashless basis at Color Up’s option. Subsequently, Color Up distributed the entirety of the Common Stock Warrants to HSCP Strategic III, LP, an entity controlled by Mr. Osher, and Bombe Asset Management, LLC, an entity owned and controlled by Mr. Chavez and Ms. Hogue.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The Common Stock Warrants expire on <em style="font: inherit;"> August 25, 2026 </em>and are classified as equity and recorded at the issuance date fair value.</p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Convertible Non-controlling Interests</b></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">As of <em style="font: inherit;"> March 31, 2026</em> and <em style="font: inherit;">2025,</em> the Operating Company had approximately 43.6 million and 45.1 million Common Units outstanding, respectively, excluding any equity incentive units granted and the Earn-Out Shares, as defined below. Beginning <em style="font: inherit;">six</em> months after <em style="font: inherit;">first</em> acquiring Common Units, each member will have the right to redeem the Common Units for either cash or common stock on a <em style="font: inherit;">one</em>-for-<em style="font: inherit;">one</em> basis, subject to both our discretion and the terms and conditions set forth in the limited liability company agreement of the Operating Company (the “Operating Agreement”). During the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026</em> and <em style="font: inherit;">2025,</em> <em style="font: inherit;">no</em> Common Units were converted to shares of common stock.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The Common Units <em style="font: inherit;">not</em> held by the Company outstanding as of <em style="font: inherit;"> March 31, 2026</em> are classified as noncontrolling interests within permanent equity on our Consolidated Balance Sheets.</p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Share Repurchase Program</b></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">In <em style="font: inherit;"> September 2024, </em>the Board authorized a share repurchase program of up to $10 million of shares of our outstanding common stock. Repurchases <em style="font: inherit;"> may </em>be made from time to time through open-market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. Open market repurchases <em style="font: inherit;"> may </em>be structured to occur in accordance with the requirements of Rule <em style="font: inherit;">10b</em>-<em style="font: inherit;">18</em> of the Securities Exchange Act of <em style="font: inherit;">1934,</em> as amended. We <em style="font: inherit;"> may </em>also enter into Rule <em style="font: inherit;">10b5</em>-<em style="font: inherit;">1</em> plans to facilitate repurchases of our shares under this authorization. During the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026 </em>and <em style="font: inherit;">2025,</em> we repurchased approximately 0.5 million and 0.1 million shares under the program, for a cost of approximately $1.4 million and $0.3 million, respectively.</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
500000000
0.0001
100000000
0.0001
97000
50000
60000
0.0575
0.055
102
30
100
100000
1100
60
800
800000
0
2553192
7.83
20000000
43600000
45100000
10000000
500000
100000
1400000
300000
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Note <em style="font: inherit;">8</em> — Stock-Based Compensation</b></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Our <em style="font: inherit;">2023</em> Incentive Award plan (the "Plan") provides for the grant of stock options, including restricted shares, dividend equivalent awards, share payment awards, restricted share units (“RSUs”), performance awards, performance share awards, other incentive awards, profits interest units (including Performance Units and LTIP Units) and SARs. The Board typically grants both service and performance-based awards during the <em style="font: inherit;">first</em> quarter of each year. Service-based awards will typically follow a <span style="-sec-ix-hidden:c145616526">three</span>-year graded vesting schedule, and performance-based awards generally vest based upon total shareholder return ("TSR") relative to the Russell <em style="font: inherit;">2000</em> Index. All awards <em style="font: inherit;"> may </em>vest in the form of common stock or LTIP Units. LTIP Units are a class of equity interest in the Operating Company that are intended to qualify as “profits interests” for federal income tax. The value of vested LTIP Units is realized by the holder through conversion of the LTIP Units into Common Units.</p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The following table sets forth a roll forward of all incentive equity awards for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026</em>:</p>
<p style="font-size: 10pt; font-family: "Times New Roman", Times, serif; margin: 0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">Number of Incentive Equity Awards</em></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">Weighted Avg Grant Date Fair Value Per Share</em></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Unvested - January 1, 2026</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">4,283,456</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">6.07</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Granted</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">437,643</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3.44</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Vested</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(379,058</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">4.65</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Forfeited</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(1,471</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">3.40</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Unvested - March 31, 2026</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">4,340,570</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5.93</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr>
</tbody></table>
<p style="text-align: justify; margin: 0pt; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </p>
<p style="margin: 0pt; font-size: 10pt; font-family: "Times New Roman", Times, serif;">We recognized $0.8 and $0.7 million of equity-based compensation expense for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026 </em>and <em style="font: inherit;">2025</em>, respectively, which is included in General and Administrative in the Consolidated Statements of Operations. Included in the expense were equity awards granted in lieu of salary amounts. The remaining unrecognized compensation cost of approximatel<span style="background-color:#ffffff;">y $5.1 million will be recognized over a weighted average term of 2.1 years. Performance based awards are valued at target and <em style="font: inherit;"> may </em>have the ability to earn additional or fewer shares based on level of achievement.</span></p>
<p style="text-align: justify; margin: 0pt; font-size: 10pt; font-family: "Times New Roman", Times, serif;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">Number of Incentive Equity Awards</em></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">Weighted Avg Grant Date Fair Value Per Share</em></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Unvested - January 1, 2026</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">4,283,456</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">6.07</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Granted</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">437,643</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3.44</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Vested</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(379,058</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">4.65</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Forfeited</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(1,471</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">3.40</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Unvested - March 31, 2026</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">4,340,570</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5.93</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr>
</tbody></table>
4283456
6.07
437643
3.44
379058
4.65
1471
3.4
4340570
5.93
800000
700000
5100000
P2Y1M6D
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Note <em style="font: inherit;">9</em> — Earnings Per Share</b></p>
<p style="text-align: justify; font-size: 10pt; font-family: "Times New Roman", Times, serif; margin: 0pt;"> </p>
<p style="font-size: 10pt; font-family: "Times New Roman", Times, serif; margin: 0pt;">Basic and diluted loss per weighted average common share (“EPS”) is calculated by dividing net income (loss) attributable to our common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. We include the effect of participating securities in basic and diluted earnings per share computations using the <em style="font: inherit;">two</em>-class method of allocating distributed and undistributed earnings when the <em style="font: inherit;">two</em>-class method is more dilutive than the treasury stock method. Outstanding warrants and stock-based compensation were antidilutive as a result of the net loss for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026 </em>and <em style="font: inherit;">2025</em> and therefore were excluded from the dilutive calculation. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. We had 4.3 million and 3.8 million unvested service- and performance-based awards which are considered antidilutive to the dilutive loss per share calculation for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026 </em>and <em style="font: inherit;">2025</em>, respectively.</p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
<div style="font-size:10pt">
<div style="font-family:Times New Roman">
<div style="font-variant: normal;">
The following table reconciles the numerator and denominator used in computing our basic and diluted per-share amounts for net loss attributable to common stockholders for the
<em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026 </em>and <em style="font: inherit;">2025</em> (dollars in thousands):
</div>
<div style="font-variant: normal;">
</div>
<div style="font-variant: normal;">
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;"><em style="font: inherit;">For the Three Months Ended</em></em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;">March 31, 2026</em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;">March 31, 2025</em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Numerator:</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net loss attributable to MIC</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(7,257</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(4,159</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net loss attributable to participating securities</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net loss attributable to MIC common stock</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(7,257</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(4,159</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Denominator:</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Basic and dilutive weighted average shares of common stock outstanding</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">39,391,374</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">40,523,710</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Basic and diluted loss per weighted average common share:</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Basic and dilutive</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.18</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr>
</tbody></table>
</div>
</div>
</div>
<p style="text-align: justify; font-size: 10pt; font-family: "Times New Roman", Times, serif; margin: 0pt;"> </p>
4300000
3800000
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;"><em style="font: inherit;">For the Three Months Ended</em></em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;">March 31, 2026</em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><em style="font: inherit;">March 31, 2025</em></b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Numerator:</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net loss attributable to MIC</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(7,257</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(4,159</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net loss attributable to participating securities</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net loss attributable to MIC common stock</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(7,257</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(4,159</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Denominator:</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Basic and dilutive weighted average shares of common stock outstanding</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">39,391,374</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">40,523,710</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Basic and diluted loss per weighted average common share:</b></p> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Basic and dilutive</p> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.18</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.10</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr>
</tbody></table>
-7257000
-4159000
0
0
-7257000
-4159000
39391374
40523710
-0.18
-0.1
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Note <em style="font: inherit;">10</em> — Variable Interest Entities</b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">We, through a wholly owned subsidiary of the Operating Company, own a 51.0% beneficial interest in MVP St. Louis Cardinal Lot, DST, a Delaware Statutory Trust (“MVP St. Louis”). MVP St. Louis is the owner of a 2.56-acre, 376-vehicle commercial parking lot, known as the Cardinal Lot.</p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">MVP St. Louis is considered VIE and we conclude that we are the primary beneficiary since the power to direct the activities that most significantly impact the economic performance of MVP St. Louis was held by MVP Parking DST, LLC (the “Manager”) and certain subsidiaries of the Manager, which is controlled by Mr. Chavez.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">As a result, we consolidate our investment in MVP St. Louis and MVP St. Louis Cardinal Lot Master Tenant, LLC, which had total assets of approximately $11.9 million (substantially all real estate investments) and liabilities of approximately $6.1 million (substantially all mortgage debt) before consolidation as of both <em style="font: inherit;"> March 31, 2026</em> and <em style="font: inherit;"> December 31, 2025. </em>Due to the structure of this VIE, the assets of MVP St. Louis can only be used to settle the liabilities of that entity and the VIE's creditors do <em style="font: inherit;">not</em> have recourse to the Company.</p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
0.51
2.56
376
11900000
6100000
<p style="margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b>Note <em style="font: inherit;">11</em> </b>—<b> Fair Value</b></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value is as follows:</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Level <em style="font: inherit;">1</em> – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Level <em style="font: inherit;">2</em> – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are <em style="font: inherit;">not</em> active, and model-derived valuations whose inputs are observable.</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Level <em style="font: inherit;">3</em> – Model-derived valuations with unobservable inputs.</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">In certain cases, the inputs used to measure fair value <em style="font: inherit;"> may </em>fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.</p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Our financial instruments include cash and cash equivalents, restricted cash, accounts receivable and accounts payable. Due to their short maturities or recent nature, the carrying amounts of these assets and liabilities approximate fair value. The estimated fair value of our notes payable were derived using Level <em style="font: inherit;">2</em> inputs and approximates $179.5 million and $187.8 million as of <em style="font: inherit;"> March 31, 2026</em> and <em style="font: inherit;"> December 31, 2025, </em>respectively. The carrying amount of the Line of Credit as of <em style="font: inherit;"> March 31, 2026</em> approximates fair value due to its short time to maturity.</p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><i><b>Recurring and Nonrecurring Fair Value Measurements</b></i></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">We have 1,900,000 shares of common stock that are subject to an earn-out structure (the "Earn-Out Shares"), as described below. The Earn-Out Shares and interest rate swap are measured and recognized at fair value on a recurring basis, while certain real estate assets and liabilities are measured and recognized at fair value as needed. Fair value measurements that occurred as of and during the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026</em> and the year ended <em style="font: inherit;"> December 31, 2025 </em>were as follows (in thousands):</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="10" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><em style="font: inherit;"><em style="font: inherit;"><em style="font: inherit;">March 31, 2026</em></em></em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="10" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><em style="font: inherit;"><em style="font: inherit;"><em style="font: inherit;">December 31, 2025</em></em></em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Level 1</em></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Level 2</em></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Level 3</em></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Level 1</em></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Level 2</em></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Level 3</em></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt; width: 28%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Recurring</b></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td> <p style="margin: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-indent: 9pt;">Earn-Out Shares</p> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%; text-align: right; padding-left: 0px; margin-left: 0px;">—</td><td style="width: 1%; margin-left: 0pt;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%; text-align: right; padding-left: 0px; margin-left: 0px;">—</td><td style="width: 1%; margin-left: 0pt;"> </td><td style="width: 1%;"> </td><td style="width: 1%; text-align: right;"> </td><td style="width: 9%; text-align: right; padding-left: 0px; margin-left: 0px;">—</td><td style="width: 1%; margin-left: 0pt;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%; text-align: right; padding-left: 0px; margin-left: 0px;">—</td><td style="width: 1%; margin-left: 0pt;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%; text-align: right; padding-left: 0px; margin-left: 0px;">—</td><td style="width: 1%; margin-left: 0pt;"> </td><td style="width: 1%;"> </td><td style="width: 1%; text-align: right;"> </td><td style="width: 9%; text-align: right; padding-left: 0px; margin-left: 0px;">—</td><td style="width: 1%; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 9pt;">Interest rate swap</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">85</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">167</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Nonrecurring</b></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 9pt;">Impaired real estate assets</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; text-align: right;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">30,000</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr>
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<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><i>Earn-Out Shares</i></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">The terms of the Earn-Out Shares allow an additional 1,900,000 shares to vest if certain milestones are achieved:</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="width:34pt;"> </td><td style="vertical-align:top;width:18pt;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</p> </td><td style="vertical-align:top;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">950,000 shares vest if the aggregate volume-weighted average price for any <em style="font: inherit;">5</em>-consecutive trading day period equals or exceeds $13.00 per share prior to <em style="font: inherit;"> December 31, 2026; </em>and</p> </td></tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="width:34pt;"> </td><td style="vertical-align:top;width:18pt;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</p> </td><td style="vertical-align:top;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">950,000 shares vest if the aggregate volume-weighted average price for any <em style="font: inherit;">5</em>-consecutive trading day period equals or exceeds $16.00 per share prior to <em style="font: inherit;"> December 31, 2028.</em></p> </td></tr>
</tbody></table>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">We estimate the fair value of each tranche of shares separately using a Monte Carlo simulation. These estimates require us to make various assumptions about the risk-free rate, expected volatility for each tranche of the Earn-Out Shares, and other items that are unobservable and are considered Level <em style="font: inherit;">3</em> inputs in the fair value hierarchy. Because we are a newly-listed company with limited share activity, we were required to exercise judgment in estimating expected volatility (25.0% to 40.0%) and in selection of comparable companies.</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">The gain is recorded as the Change in Fair Value of Earn-Out Liability in the Consolidated Statements of Operations. There was no change in the value of the Earn-Out Liability during the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026</em>.</p>
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<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><i>Interest rate swap</i></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Our interest rate swap is measured at fair value on a recurring basis. The valuation is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair value of the interest rate swap is determined using the market standard methodology of valuing the expected discounted future fixed cash receipts. The variable cash receipts or payments are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. We evaluated the need for credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements, but believe these impacts are <em style="font: inherit;">not</em> material. Because we determined that the significant inputs used to value our derivatives are observable, we believe our derivative valuation is classified in Level <em style="font: inherit;">2</em> of the fair value hierarchy.</p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><i>Impairment</i></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Our real estate assets are measured and recognized at fair value on a nonrecurring basis when we determine an impairment has occurred. To estimate fair value we <em style="font: inherit;"> may </em>use internally developed valuation models or independent <em style="font: inherit;">third</em>-parties where available. In either case, the fair value of real estate <em style="font: inherit;"> may </em>be based on a number of approaches including the income capitalization approach, sales comparable approach or discounted cash flow approach. We utilize market data such as sales price per stall on comparable recent real estate transactions to estimate the fair value of the real estate assets. We also utilize expected sales proceeds to estimate the fair value of any properties that are actively being marketed for sale. Because we use estimates and assumptions regarding an assets’ future performance and cash flows as well as market conditions and discount rates, we determined the impaired assets would fall under Level <em style="font: inherit;">3</em> of the fair value hierarchy. No impairments were recorded during the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026 </em>and <em style="font: inherit;">2025</em>.</p>
179500000
187800000
1900000
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="10" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><em style="font: inherit;"><em style="font: inherit;"><em style="font: inherit;">March 31, 2026</em></em></em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="10" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><em style="font: inherit;"><em style="font: inherit;"><em style="font: inherit;">December 31, 2025</em></em></em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Level 1</em></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Level 2</em></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Level 3</em></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Level 1</em></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Level 2</em></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Level 3</em></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt; width: 28%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Recurring</b></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td> <p style="margin: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-indent: 9pt;">Earn-Out Shares</p> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%; text-align: right; padding-left: 0px; margin-left: 0px;">—</td><td style="width: 1%; margin-left: 0pt;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%; text-align: right; padding-left: 0px; margin-left: 0px;">—</td><td style="width: 1%; margin-left: 0pt;"> </td><td style="width: 1%;"> </td><td style="width: 1%; text-align: right;"> </td><td style="width: 9%; text-align: right; padding-left: 0px; margin-left: 0px;">—</td><td style="width: 1%; margin-left: 0pt;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%; text-align: right; padding-left: 0px; margin-left: 0px;">—</td><td style="width: 1%; margin-left: 0pt;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%; text-align: right; padding-left: 0px; margin-left: 0px;">—</td><td style="width: 1%; margin-left: 0pt;"> </td><td style="width: 1%;"> </td><td style="width: 1%; text-align: right;"> </td><td style="width: 9%; text-align: right; padding-left: 0px; margin-left: 0px;">—</td><td style="width: 1%; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 9pt;">Interest rate swap</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">85</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">167</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Nonrecurring</b></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 9pt;">Impaired real estate assets</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; text-align: right;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">30,000</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr>
</tbody></table>
0
0
0
0
0
0
0
85000
0
0
167000
0
0
0
0
0
0
30000000
1900000
950000
13
950000
16
0.25
0.40
0
0
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>Note <em style="font: inherit;">12</em> </b>—<b> Commitments and Contingencies</b></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">The nature of our business exposes our properties, the Company, the Operating Company and our other subsidiaries to the risk of claims and litigation in the normal course of business. Other than routine litigation arising out of the ordinary course of business, we are <em style="font: inherit;">not</em> presently subject to any material litigation nor, to our knowledge, is any material litigation threatened against us.</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Note <em style="font: inherit;">13</em> — Related Party Transactions and Arrangements</b></p>
<p style="font-size: 10pt; font-family: "Times New Roman", Times, serif; margin: 0pt;"> </p>
<p style="font-size: 10pt; font-family: "Times New Roman", Times, serif; margin: 0pt;"><i><b>Color Up Matters</b></i></p>
<p style="font-size: 10pt; font-family: "Times New Roman", Times, serif; margin: 0pt;"> </p>
<p style="font-size: 10pt; font-family: "Times New Roman", Times, serif; margin: 0pt;">In connection with our recapitalization transaction in <em style="font: inherit;"> August 2021, </em>we owe approximately $0.5 million to certain member entities of Color Up relating to prorated revenues for the month of <em style="font: inherit;"> August 2021 </em>of the <em style="font: inherit;">three</em> properties contributed by Color Up. The accrual is reflected within Due to Related Parties on the Consolidated Balance Sheet as of <em style="font: inherit;"> March 31, 2026 </em>and <em style="font: inherit;"> December 31, 2025.</em></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">We have agreed to pay for certain legal services for Color Up in connection with the Registration Rights Agreement. We incurred an immaterial amount related to these services for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2026</em>. We incurred approximately $0.1 million during the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2025 </em>for certain legal and tax services for Color Up and certain member entities of Color Up.</p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">On <em style="font: inherit;"> August 25, 2021, </em>the Company, the Operating Partnership and Color Up entered into the Tax Matters Agreement pursuant to which the Operating Partnership agreed to indemnify Color Up and certain affiliates and transferees of Color Up (together, the “Protected Partners”), against certain adverse tax consequences in connection with (<em style="font: inherit;">1</em>) (i) a taxable disposition of certain specified properties and (ii) certain dispositions of the Protected Partners’ interest in the Operating Partnership, in each case, prior to the <em style="font: inherit;">tenth</em> anniversary of the completion of the Transaction, as defined in the Tax Matters Agreement, (or earlier, if certain conditions are satisfied); and (<em style="font: inherit;">2</em>) the Operating Partnership’s failure to provide the Protected Partners the opportunity to guarantee a specified amount of debt of the Operating Partnership during the period ending on the <em style="font: inherit;">tenth</em> anniversary of the completion of the Transaction (or earlier, if certain conditions are satisfied). In addition, and for so long as the Protected Partners own at least <em style="font: inherit;">20%</em> of the units in the Operating Partnership received in the Transaction, we agreed to use commercially reasonable efforts to provide the Protected Partners with similar guarantee opportunities.</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><i>Line of Credit</i></b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">In <em style="font: inherit;"> September 2024, </em>we entered into a $40.4 million Line of Credit. Mr. Osher, the Co-Chairman of the Board, is the managing member of <em style="font: inherit;">No</em> Street Capital LLC, which serves as the investment manager of the Lenders. For further discussion of the Line of Credit, refer to Note <em style="font: inherit;">6</em> above.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
500000
100000
40400000
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><a href="#" id="item_five"></a>Item <em style="font: inherit;">5.</em> Other Information</b></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Rule <em style="font: inherit;">10b5</em>-<em style="font: inherit;">1</em> Plan Adoptions and Modifications</b></p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">During the quarter ended <em style="font: inherit;"> March 31, 2026</em>, <span style="-sec-ix-hidden:c145616714">no</span> directors or officers (as defined in Rule <em style="font: inherit;">16a</em>-<em style="font: inherit;">1</em>(f) under the Exchange Act) informed us of the adoption or termination of a “Rule <span style="-sec-ix-hidden:c145616717">10b5</span>-<span style="-sec-ix-hidden:c145616718">1</span> trading arrangement” or “non-Rule <span style="-sec-ix-hidden:c145616719">10b5</span>-<em style="font: inherit;">1</em> trading arrangement,” as those terms are defined in Item <em style="font: inherit;">408</em> of Regulation S-K.</p>
2034 CMBS Loan is secured by the following properties: 1W7 Carpark, LLC, 222 W 7th Holdco, LLC, 222 Sheridan Bricktown Garage, LLC, 322 Streeter Holdco, LLC, Denver 1725 Champa Street Garage, LLC, and MVP Indianapolis City Park Garage, LLC.
Ancillary revenue includes contracted revenue for other uses outside of parking, such as billboard revenue, and is recognized over time.
2027 KeyBank Loan Pool is secured by the following properties: St. Paul Holiday Garage, LLC, MVP St. Louis Washington, Cleveland Lincoln Garage, LLC, MVP Denver Sherman, LLC, MVP Milwaukee Arena Lot, LLC and MVP Denver 1935 Sherman, LLC.
In October 2025, we entered into an asset-backed securitization of 19 properties in our portfolio priced at 88.30% of the principal amount of $100 million (the “Series 2025-1 Class A-2 Notes”).
2034 CMBS Loan is secured by the following properties: 1W7 Carpark, LLC, 222 W 7th Holdco, LLC, 222 Sheridan Bricktown Garage, LLC, 322 Streeter Holdco, LLC, Denver 1725 Champa Street Garage, LLC, MVP Hawaii Marks Garage, LLC and MVP Indianapolis City Park Garage, LLC.
2029 KeyBank Loan Pool is secured by MVP Memphis Poplar, LLC and MVP St. Louis, LLC.
As mentioned below, we entered into an interest rate swap agreement effective March 2025 on the Mabley Place Garage, LLC loan. The interest rate is SOFR plus a spread of 3.25% with a fixed overall rate of 7.29%.
The interest rate on the Mabley LOC, as defined below, is SOFR plus a spread of 2.75%, subject to a 4.0% floor.