FrontView REIT, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 25, 2026
FVR$19.07-0.4%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Schedule III
SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AS OF
DECEMBER 31, 2025
| Initial Costs to Company (1) · Cost CapitalizedSubsequent to Acquisition · Gross Amount at Which Carried atClose of Period · Life on which | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Industry | City | State | Land | Buildings andImprovements | Land | Buildings andImprovements | Impairment | Land | Buildings andImprovements | Total (2) | AccumulatedDepreciation | Construction/Renovation Year | DateAcquired | Depreciationis Computed |
| Quick Service Restaurants | Mechanicsville | VA | $698 | $1,331 | $— | $450 | $— | $698 | $1,781 | $2,479 | $(359) | 1996 | 6/27/2018 | 2-54 years |
| Casual Dining | Midwest City | OK | 1,159 | 2,467 | — | 336 | — | 1,159 | 2,803 | 3,962 | (892) | 2002 | 3/31/2016 | 2-54 years |
| Convenience Stores and Gas Stations | Trenton | NJ | 744 | 561 | — | — | — | 744 | 561 | 1,305 | (129) | 1985 | 6/27/2018 | 2-54 years |
| Cellular Stores | Martinsville | IN | 143 | 219 | — | — | — | 143 | 219 | 362 | (54) | 2016 | 5/19/2016 | 2-54 years |
| Financial Institutions | Hickory Hills | IL | 128 | — | — | — | — | 128 | — | 128 | — | 2004 | 6/28/2018 | 2-54 years |
| Cellular Stores | Terre Haute | IN | 347 | 459 | — | — | — | 347 | 459 | 806 | (141) | 2015 | 5/31/2016 | 2-54 years |
| Quick Service Restaurants | Lawrence | KS | 658 | 733 | — | — | — | 658 | 733 | 1,391 | (166) | 1997 | 6/29/2018 | 2-54 years |
| Casual Dining (4) | Gulf Shores | AL | 2,239 | — | — | — | — | 2,239 | — | 2,239 | — | 2007 | 6/15/2016 | 2-54 years |
| Home Improvement Stores | St. Ann | MO | 648 | 813 | — | — | — | 648 | 813 | 1,461 | (192) | 2016 | 6/29/2018 | 2-54 years |
| Casual Dining | Naperville | IL | 1,020 | 2,071 | — | — | — | 1,020 | 2,071 | 3,091 | (646) | 1991 | 7/29/2016 | 2-54 years |
| Automotive Stores | Salt Lake | UT | 195 | 400 | — | — | — | 195 | 400 | 595 | (195) | 2004 | 8/17/2016 | 2-54 years |
| Quick Service Restaurants | Raleigh | NC | 378 | 908 | — | — | — | 378 | 908 | 1,286 | (291) | 1971 | 8/23/2016 | 2-54 years |
| Quick Service Restaurants | Elkhart | IN | 1,086 | 1,955 | — | — | — | 1,086 | 1,955 | 3,041 | (457) | 2018 | 10/19/2018 | 2-54 years |
| Quick Service Restaurants | Westworth | TX | 1,028 | 1,082 | — | — | — | 1,028 | 1,082 | 2,110 | (315) | 2016 | 11/4/2016 | 2-54 years |
| Quick Service Restaurants | Fredericksburg | VA | 438 | 732 | — | — | — | 438 | 732 | 1,170 | (198) | 2012 | 11/6/2018 | 2-54 years |
| Casual Dining | Oklahoma City | OK | 1,171 | 1,304 | — | — | — | 1,171 | 1,304 | 2,475 | (515) | 2015 | 11/28/2016 | 2-54 years |
| Quick Service Restaurants | Crystal Lake | IL | 941 | 805 | — | — | — | 941 | 805 | 1,746 | (204) | 1980 | 11/13/2018 | 2-54 years |
| Casual Dining | Tinley Park | IL | 1,002 | 2,443 | — | — | — | 1,002 | 2,443 | 3,445 | (787) | 2004 | 12/5/2016 | 2-54 years |
| Casual Dining | Clarksville | IN | 721 | 1,694 | — | 168 | — | 721 | 1,862 | 2,583 | (390) | 1978 | 12/11/2018 | 2-54 years |
| Casual Dining | Henderson | NV | 1,020 | 1,574 | — | — | — | 1,020 | 1,574 | 2,594 | (455) | 2000 | 12/30/2016 | 2-54 years |
| Casual Dining | Dayton | OH | 828 | 1,471 | — | — | — | 828 | 1,471 | 2,299 | (377) | 2003 | 12/11/2018 | 2-54 years |
| Casual Dining | Rosemont | IL | 2,360 | 2,561 | — | — | — | 2,360 | 2,561 | 4,921 | (733) | 2001 | 2/10/2017 | 2-54 years |
| Casual Dining | Florence | KY | 768 | 1,327 | — | — | — | 768 | 1,327 | 2,095 | (368) | 2004 | 12/11/2018 | 2-54 years |
| Other - Service | Shakopee | MN | 590 | 613 | — | — | — | 590 | 613 | 1,203 | (183) | 2016 | 2/6/2017 | 2-54 years |
| Other - Service | Conyers | GA | 1,222 | 1,538 | — | — | — | 1,222 | 1,538 | 2,760 | (515) | 2000 | 4/25/2017 | 2-54 years |
| Automotive Stores | Snellville | GA | 596 | 906 | — | — | — | 596 | 906 | 1,502 | (236) | 1997 | 12/12/2018 | 2-54 years |
| Casual Dining | Knoxville | TN | 2,766 | — | — | — | — | 2,766 | — | 2,766 | — | 2012 | 5/18/2017 | 2-54 years |
| Casual Dining | Mishawaka | IN | 895 | 1,550 | — | — | — | 895 | 1,550 | 2,445 | (386) | 2002 | 12/20/2018 | 2-54 years |
| Casual Dining | Olathe | KS | 2,059 | — | — | — | — | 2,059 | — | 2,059 | — | 2017 | 6/27/2017 | 2-54 years |
| Financial Institutions | Chicago | IL | 1,226 | 2,117 | — | — | — | 1,226 | 2,117 | 3,343 | (484) | 1979 | 6/29/2017 | 2-54 years |
| Casual Dining | Baton Rouge | LA | 1,033 | 1,802 | — | — | — | 1,033 | 1,802 | 2,835 | (635) | 2009 | 7/7/2017 | 2-54 years |
| Car Washes | Scottsdale | AZ | 2,636 | — | — | — | — | 2,636 | — | 2,636 | — | 1970 | 7/26/2017 | 2-54 years |
| Casual Dining | Cincinnati | OH | 674 | 1,034 | — | — | — | 674 | 1,034 | 1,708 | (456) | 2015 | 8/14/2017 | 2-54 years |
| Quick Service Restaurants | Overland Park | KS | 1,094 | — | — | — | — | 1,094 | — | 1,094 | — | 2007 | 8/31/2017 | 2-54 years |
| Casual Dining | Irving | TX | 1,107 | 1,670 | — | — | — | 1,107 | 1,670 | 2,777 | (402) | 2002 | 12/28/2018 | 2-54 years |
| Quick Service Restaurants | San Antonio | TX | 1,563 | 1,683 | — | — | — | 1,563 | 1,683 | 3,246 | (656) | 2015 | 1/31/2017 | 2-54 years |
| Casual Dining | Columbus | OH | 1,575 | 1,120 | — | — | — | 1,575 | 1,120 | 2,695 | (348) | 2000 | 2/6/2019 | 2-54 years |
| Financial Institutions | Midlothian | VA | 2,041 | — | — | — | — | 2,041 | — | 2,041 | — | 2009 | 2/8/2019 | 2-54 years |
| Financial Institutions | Midlothian | VA | 2,654 | — | — | — | — | 2,654 | — | 2,654 | — | 2009 | 2/8/2019 | 2-54 years |
| Casual Dining | Chesterfield | VA | 2,017 | — | — | — | — | 2,017 | — | 2,017 | — | 2009 | 2/15/2019 | 2-54 years |
| Quick Service Restaurants | Country Club Hills | IL | 793 | 1,325 | — | — | — | 793 | 1,325 | 2,118 | (313) | 2007 | 3/29/2019 | 2-54 years |
| Initial Costs to Company (1) · Cost CapitalizedSubsequent to Acquisition · Gross Amount at Which Carried atClose of Period · Life on which | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Industry | City | State | Land | Buildings andImprovements | Land | Buildings andImprovements | Impairment | Land | Buildings andImprovements | Total (2) | AccumulatedDepreciation | Construction/Renovation Year | DateAcquired | Depreciationis Computed |
| Medical and Dental Providers | Bloomington | MN | $625 | $1,242 | $— | $— | $— | $625 | $1,242 | $1,867 | $(250) | 2018 | 4/18/2019 | 2-54 years |
| Cellular Stores | Snellville | GA | 1,118 | 1,085 | — | — | — | 1,118 | 1,085 | 2,203 | (243) | 2012 | 4/30/2019 | 2-54 years |
| Quick Service Restaurants | Chester | VA | 475 | 656 | — | — | — | 475 | 656 | 1,131 | (159) | 2006 | 6/19/2019 | 2-54 years |
| Quick Service Restaurants | Mechanicsville | VA | 450 | 498 | — | — | — | 450 | 498 | 948 | (121) | 2009 | 6/19/2019 | 2-54 years |
| Automotive Stores | Melrose Park | IL | 764 | 946 | — | 60 | — | 764 | 1,006 | 1,770 | (247) | 2014 | 7/17/2019 | 2-54 years |
| Casual Dining | Surprise | AZ | 1,100 | 1,011 | — | — | — | 1,100 | 1,011 | 2,111 | (233) | 2000 | 7/18/2019 | 2-54 years |
| Other - Necessity (4) | Rochester | NY | 8,230 | — | — | 292 | — | 8,230 | 292 | 8,522 | (44) | 2002 | 9/26/2019 | 2-54 years |
| Quick Service Restaurants | Springfield | MO | 632 | 621 | — | — | — | 632 | 621 | 1,253 | (188) | 1998 | 9/27/2019 | 2-54 years |
| Pharmacies | Durham | NC | 3,440 | — | — | — | — | 3,440 | — | 3,440 | — | 2000 | 10/11/2019 | 2-54 years |
| Financial Institutions | Glendale Heights | IL | 2,851 | — | — | — | — | 2,851 | — | 2,851 | — | 2002 | 10/17/2019 | 2-54 years |
| Cellular Stores | Park Ridge | IL | 1,579 | 1,854 | — | — | — | 1,579 | 1,854 | 3,433 | (342) | 1965 | 10/29/2019 | 2-54 years |
| Quick Service Restaurants | Bolingbrook | IL | 1,322 | — | — | — | — | 1,322 | — | 1,322 | — | 2006 | 10/29/2019 | 2-54 years |
| Casual Dining | Winston Salem | NC | 549 | 1,389 | — | — | — | 549 | 1,389 | 1,938 | (361) | 1996 | 12/5/2019 | 2-54 years |
| Convenience Stores and Gas Stations | Mesa | AZ | 1,095 | — | — | — | — | 1,095 | — | 1,095 | — | 1995 | 12/9/2019 | 2-54 years |
| Medical and Dental Providers | Sun City | AZ | 920 | 937 | — | — | — | 920 | 937 | 1,857 | (182) | 1982 | 12/9/2019 | 2-54 years |
| Discount Retail | Loganville | GA | 491 | 826 | — | — | — | 491 | 826 | 1,317 | (196) | 1996 | 12/9/2019 | 2-54 years |
| Quick Service Restaurants | Chicago Ridge | IL | 600 | 2,768 | — | — | — | 600 | 2,768 | 3,368 | (599) | 2015 | 12/9/2019 | 2-54 years |
| Financial Institutions | Louisville | KY | 1,378 | 1,001 | — | — | — | 1,378 | 1,001 | 2,379 | (206) | 2002 | 12/9/2019 | 2-54 years |
| Other - Service | Charlotte | NC | 380 | 524 | — | — | — | 380 | 524 | 904 | (143) | 2015 | 12/9/2019 | 2-54 years |
| Automotive Stores | Charlotte | NC | 670 | 753 | — | — | — | 670 | 753 | 1,423 | (179) | 2015 | 12/9/2019 | 2-54 years |
| Automotive Stores | Millville | NJ | 633 | 1,159 | — | — | — | 633 | 1,159 | 1,792 | (237) | 2007 | 12/9/2019 | 2-54 years |
| Discount Retail | Newark | NJ | 600 | 2,327 | — | — | — | 600 | 2,327 | 2,927 | (416) | 2015 | 12/9/2019 | 2-54 years |
| Convenience Stores and Gas Stations | Farmingville | NY | 2,603 | — | — | — | — | 2,603 | — | 2,603 | — | 2013 | 12/9/2019 | 2-54 years |
| Medical and Dental Providers | Glen Cove | NY | 1,150 | 469 | — | 140 | — | 1,150 | 609 | 1,759 | (141) | 1962 | 12/9/2019 | 2-54 years |
| Pharmacies | Douglassville | PA | 2,144 | 3,121 | — | — | — | 2,144 | 3,121 | 5,265 | (596) | 2006 | 12/9/2019 | 2-54 years |
| Convenience Stores and Gas Stations | Philadelphia | PA | 2,287 | — | — | — | — | 2,287 | — | 2,287 | — | 1996 | 12/9/2019 | 2-54 years |
| Casual Dining | Willow Grove | PA | 525 | 3,603 | — | — | — | 525 | 3,603 | 4,128 | (830) | 2012 | 12/9/2019 | 2-54 years |
| Convenience Stores and Gas Stations | Warwick | RI | 1,332 | — | — | — | — | 1,332 | — | 1,332 | — | 2011 | 12/9/2019 | 2-54 years |
| Medical and Dental Providers | Galveston | TX | 960 | 1,569 | — | — | — | 960 | 1,569 | 2,529 | (301) | 2014 | 12/9/2019 | 2-54 years |
| Convenience Stores and Gas Stations | Fredericksburg | VA | 1,931 | — | — | — | — | 1,931 | — | 1,931 | — | 2010 | 12/9/2019 | 2-54 years |
| Pharmacies | Richmond | VA | 1,352 | 1,596 | — | — | — | 1,352 | 1,596 | 2,948 | (343) | 1998 | 12/9/2019 | 2-54 years |
| Cellular Stores | Willow Grove | PA | 2,090 | 2,439 | — | — | — | 2,090 | 2,439 | 4,529 | (379) | 2017 | 12/9/2019 | 2-54 years |
| Discount Retail | Capitol Heights | MD | 370 | 1,340 | — | 14 | — | 370 | 1,354 | 1,724 | (233) | 2014 | 12/9/2019 | 2-54 years |
| Car Washes | Atlanta | GA | 1,974 | 1,581 | — | — | — | 1,974 | 1,581 | 3,555 | (257) | 2010 | 4/9/2020 | 2-54 years |
| Car Washes | Kennesaw | GA | 909 | 915 | — | — | — | 909 | 915 | 1,824 | (178) | 2008 | 4/9/2020 | 2-54 years |
| Financial Institutions | Streamwood | IL | 1,375 | — | — | — | — | 1,375 | — | 1,375 | — | 2019 | 4/13/2020 | 2-54 years |
| Medical and Dental Providers | Memphis | TN | 493 | 2,166 | — | — | — | 493 | 2,166 | 2,659 | (395) | 1994 | 6/15/2020 | 2-54 years |
| Quick Service Restaurants | Hanover Park | IL | 601 | 975 | — | — | — | 601 | 975 | 1,576 | (175) | 1992 | 7/10/2020 | 2-54 years |
| Automotive Stores | Joliet | IL | 1,010 | 1,062 | — | — | — | 1,010 | 1,062 | 2,072 | (193) | 2008 | 7/13/2020 | 2-54 years |
| Initial Costs to Company (1) · Cost CapitalizedSubsequent to Acquisition · Gross Amount at Which Carried atClose of Period · Life on which | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Industry | City | State | Land | Buildings andImprovements | Land | Buildings andImprovements | Impairment | Land | Buildings andImprovements | Total (2) | AccumulatedDepreciation | Construction/Renovation Year | DateAcquired | Depreciationis Computed |
| Quick Service Restaurants | Ashtabula | OH | $262 | $931 | $— | $— | $— | $262 | $931 | $1,193 | $(181) | 2019 | 8/5/2020 | 2-54 years |
| Home Improvement Stores | Sugar Hill | GA | 345 | 648 | — | — | — | 345 | 648 | 993 | (122) | 1997 | 8/24/2020 | 2-54 years |
| Financial Institutions | Cumming | GA | 1,080 | 1,984 | — | — | — | 1,080 | 1,984 | 3,064 | (305) | 2007 | 8/25/2020 | 2-54 years |
| Financial Institutions | Canton | MI | 1,699 | — | — | — | — | 1,699 | — | 1,699 | — | 2007 | 9/1/2020 | 2-54 years |
| Convenience Stores and Gas Stations | Plainfield | NJ | 1,449 | 1,112 | — | — | (1,458) | 568 | 535 | 1,103 | (166) | 2010 | 9/4/2020 | 2-54 years |
| Medical and Dental Providers | Midlothian | VA | 582 | 1,179 | — | — | — | 582 | 1,179 | 1,761 | (209) | 2017 | 9/9/2020 | 2-54 years |
| Medical and Dental Providers | Cloud | FL | 826 | 1,159 | — | — | — | 826 | 1,159 | 1,985 | (182) | 2019 | 9/23/2020 | 2-54 years |
| Medical and Dental Providers | Tallahassee | FL | 924 | 869 | — | — | — | 924 | 869 | 1,793 | (134) | 2019 | 9/23/2020 | 2-54 years |
| Quick Service Restaurants | Norman | OK | 1,275 | 1,150 | — | — | — | 1,275 | 1,150 | 2,425 | (182) | 2013 | 9/25/2020 | 2-54 years |
| Automotive Stores | Cordova | TN | 512 | 617 | — | 13 | — | 512 | 630 | 1,142 | (123) | 1993 | 9/28/2020 | 2-54 years |
| Medical and Dental Providers | Cleveland | OH | 693 | 1,955 | — | — | — | 693 | 1,955 | 2,648 | (329) | 1994 | 9/29/2020 | 2-54 years |
| Automotive Stores | Louisville | KY | 387 | 237 | — | — | — | 387 | 237 | 624 | (69) | 1997 | 9/30/2020 | 2-54 years |
| Quick Service Restaurants | Louisville | KY | 507 | 1,129 | — | 100 | — | 507 | 1,229 | 1,736 | (197) | 1999 | 9/30/2020 | 2-54 years |
| Casual Dining | Louisville | KY | 152 | 723 | — | — | — | 152 | 723 | 875 | (136) | 1988 | 9/30/2020 | 2-54 years |
| Cellular Stores | Dallas | TX | 2,198 | 1,392 | — | — | — | 2,198 | 1,392 | 3,590 | (219) | 1995 | 10/19/2020 | 2-54 years |
| Financial Institutions | Milford | CT | 2,375 | — | — | — | — | 2,375 | — | 2,375 | — | 2010 | 10/21/2020 | 2-54 years |
| Casual Dining | Scarborough | ME | 1,901 | — | — | — | — | 1,901 | — | 1,901 | — | 2008 | 10/27/2020 | 2-54 years |
| Home Improvement Stores | Scarborough | ME | 4,746 | — | — | — | — | 4,746 | — | 4,746 | — | 2006 | 10/27/2020 | 2-54 years |
| Automotive Stores | Brown Mills | NJ | 1,096 | — | — | — | — | 1,096 | — | 1,096 | — | 2009 | 11/2/2020 | 2-54 years |
| Automotive Stores | Holiday | FL | 1,102 | — | — | — | — | 1,102 | — | 1,102 | — | 2019 | 11/13/2020 | 2-54 years |
| Medical and Dental Providers | Pearland | TX | 835 | 887 | — | — | — | 835 | 887 | 1,722 | (154) | 2009 | 12/15/2020 | 2-54 years |
| Quick Service Restaurants | Toledo | OH | 1,939 | — | — | — | — | 1,939 | — | 1,939 | — | 1992 | 12/18/2020 | 2-54 years |
| Other - Service | Toledo | OH | 182 | 1,027 | — | — | — | 182 | 1,027 | 1,209 | (146) | 1995 | 12/18/2020 | 2-54 years |
| Medical and Dental Providers | Cincinnati | OH | 400 | 960 | — | — | — | 400 | 960 | 1,360 | (140) | 1949 | 1/25/2021 | 2-54 years |
| Quick Service Restaurants | Stephenville | TX | 676 | 680 | — | — | — | 676 | 680 | 1,356 | (107) | 2019 | 1/10/2021 | 2-54 years |
| Quick Service Restaurants | San Angelo | TX | 158 | 1,258 | — | — | — | 158 | 1,258 | 1,416 | (198) | 2019 | 2/4/2021 | 2-54 years |
| Other - Service | Greenville | SC | 1,318 | 1,529 | — | — | — | 1,318 | 1,529 | 2,847 | (215) | 2021 | 2/24/2021 | 2-54 years |
| Medical and Dental Providers | Norman | OK | 533 | 864 | — | — | — | 533 | 864 | 1,397 | (129) | 2020 | 3/22/2021 | 2-54 years |
| Cellular Stores | Acworth | GA | 756 | 1,219 | — | — | — | 756 | 1,219 | 1,975 | (186) | 2016 | 3/29/2021 | 2-54 years |
| Financial Institutions | Forest Park | OH | 1,988 | — | — | — | — | 1,988 | — | 1,988 | — | 2006 | 4/12/2021 | 2-54 years |
| Car Washes | Northport | AL | 1,080 | 928 | — | — | — | 1,080 | 928 | 2,008 | (137) | 2011 | 4/26/2021 | 2-54 years |
| Car Washes | Tuscaloosa | AL | 970 | 997 | — | — | — | 970 | 997 | 1,967 | (141) | 2008 | 4/26/2021 | 2-54 years |
| Cellular Stores | Dalton | GA | 587 | 973 | — | — | — | 587 | 973 | 1,560 | (148) | 1980 | 4/27/2021 | 2-54 years |
| Other - Service | Dayton | OH | 845 | 975 | — | — | — | 845 | 975 | 1,820 | (134) | 2020 | 4/30/2021 | 2-54 years |
| Other - Necessity | Owensboro | KY | 1,622 | — | — | — | — | 1,622 | — | 1,622 | — | 2020 | 5/20/2021 | 2-54 years |
| Casual Dining | Mays Landing | NJ | 795 | 1,850 | — | — | — | 795 | 1,850 | 2,645 | (308) | 1994 | 5/21/2021 | 2-54 years |
| Automotive Stores | Essexville | MI | 79 | 920 | — | — | — | 79 | 920 | 999 | (119) | 2011 | 5/28/2021 | 2-54 years |
| Quick Service Restaurants | Mobile | AL | 593 | 1,058 | — | — | — | 593 | 1,058 | 1,651 | (140) | 2020 | 6/2/2021 | 2-54 years |
| Financial Institutions | Lansdale | PA | 908 | 1,811 | — | — | — | 908 | 1,811 | 2,719 | (225) | 2007 | 7/8/2021 | 2-54 years |
| Medical and Dental Providers | Addison | IL | 1,006 | 1,162 | — | — | — | 1,006 | 1,162 | 2,168 | (160) | 1977 | 7/16/2021 | 2-54 years |
| Initial Costs to Company (1) · Cost CapitalizedSubsequent to Acquisition · Gross Amount at Which Carried atClose of Period · Life on which | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Industry | City | State | Land | Buildings andImprovements | Land | Buildings andImprovements | Impairment | Land | Buildings andImprovements | Total (2) | AccumulatedDepreciation | Construction/Renovation Year | DateAcquired | Depreciationis Computed |
| Quick Service Restaurants | Palos Heights | IL | $720 | $1,108 | $— | $— | $— | $720 | $1,108 | $1,828 | $(155) | 2020 | 7/28/2021 | 2-54 years |
| Automotive Stores | Woodstock | GA | 940 | 924 | — | — | — | 940 | 924 | 1,864 | (128) | 2011 | 8/10/2021 | 2-54 years |
| Automotive Stores | Allison Park | PA | 697 | 1,074 | — | — | — | 697 | 1,074 | 1,771 | (140) | 2012 | 8/10/2021 | 2-54 years |
| Convenience Stores and Gas Stations | Augusta | SC | 818 | 1,549 | — | — | — | 818 | 1,549 | 2,367 | (199) | 2002 | 8/12/2021 | 2-54 years |
| Car Washes | Knoxville | TN | 1,798 | 1,455 | — | — | — | 1,798 | 1,455 | 3,253 | (195) | 2010 | 8/20/2021 | 2-54 years |
| Car Washes | Knoxville | TN | 1,040 | 1,839 | — | — | — | 1,040 | 1,839 | 2,879 | (234) | 2019 | 8/20/2021 | 2-54 years |
| Medical and Dental Providers | East Point | GA | 249 | 813 | — | — | — | 249 | 813 | 1,062 | (115) | 1997 | 8/23/2021 | 2-54 years |
| Automotive Stores | Norwalk | OH | 353 | 683 | — | 20 | — | 353 | 703 | 1,056 | (101) | 2001 | 9/2/2021 | 2-54 years |
| Cellular Stores | Greenville | NC | 801 | 1,005 | — | — | — | 801 | 1,005 | 1,806 | (138) | 2011 | 10/20/2021 | 2-54 years |
| Medical and Dental Providers | Allen Park | MI | 669 | 752 | — | — | — | 669 | 752 | 1,421 | (91) | 2020 | 10/27/2021 | 2-54 years |
| Casual Dining | McAllen | TX | 1,287 | 2,313 | — | — | — | 1,287 | 2,313 | 3,600 | (329) | 2011 | 11/4/2021 | 2-54 years |
| Automotive Stores | Fayetteville | NC | 1,249 | 297 | — | — | — | 1,249 | 297 | 1,546 | (39) | 2021 | 11/8/2021 | 2-54 years |
| Discount Retail | Auburn | ME | 681 | 2,044 | — | 226 | — | 681 | 2,270 | 2,951 | (317) | 1997 | 11/12/2021 | 2-54 years |
| Cellular Stores | Smyrna | GA | 1,072 | 1,374 | — | — | — | 1,072 | 1,374 | 2,446 | (202) | 2008 | 11/19/2021 | 2-54 years |
| Pharmacies | Ocala | FL | 977 | 2,176 | — | — | — | 977 | 2,176 | 3,153 | (296) | 2002 | 11/19/2021 | 2-54 years |
| Quick Service Restaurants | Mount Airy | NC | 494 | 947 | — | — | — | 494 | 947 | 1,441 | (155) | 1990 | 11/30/2021 | 2-54 years |
| Quick Service Restaurants | Hurst | TX | 930 | 1,558 | — | — | — | 930 | 1,558 | 2,488 | (205) | 2016 | 12/2/2021 | 2-54 years |
| Quick Service Restaurants | Okemos | MI | 678 | 1,986 | — | — | — | 678 | 1,986 | 2,664 | (232) | 2016 | 12/2/2021 | 2-54 years |
| Cellular Stores | Woodstock | GA | 1,948 | 2,372 | — | — | — | 1,948 | 2,372 | 4,320 | (321) | 1993 | 12/7/2021 | 2-54 years |
| Medical and Dental Providers | Ridgeland | MS | 591 | 2,602 | — | — | — | 591 | 2,602 | 3,193 | (312) | 2021 | 12/9/2021 | 2-54 years |
| Quick Service Restaurants | Dyersburg | TN | 291 | 2,463 | — | — | — | 291 | 2,463 | 2,754 | (293) | 1998 | 12/10/2021 | 2-54 years |
| Pharmacies | Salem | VA | 1,425 | 2,783 | — | — | — | 1,425 | 2,783 | 4,208 | (326) | 1956 | 12/17/2021 | 2-54 years |
| Automotive Stores | Lorain | OH | 419 | 648 | — | 21 | — | 419 | 669 | 1,088 | (92) | 2004 | 12/20/2021 | 2-54 years |
| Other - Service | Eagan | MN | 2,758 | 5,344 | — | — | — | 2,758 | 5,344 | 8,102 | (751) | 2006 | 12/22/2021 | 2-54 years |
| Automotive Stores | Independence | MO | 780 | 708 | — | — | — | 780 | 708 | 1,488 | (85) | 2021 | 12/22/2021 | 2-54 years |
| Quick Service Restaurants | Memphis | TN | 1,029 | 1,657 | — | — | — | 1,029 | 1,657 | 2,686 | (201) | 1999 | 12/23/2021 | 2-54 years |
| Cellular Stores | Greenville | MS | 107 | 1,035 | — | 5 | — | 107 | 1,040 | 1,147 | (153) | 2000 | 12/23/2021 | 2-54 years |
| Cellular Stores | McAllen | TX | 1,579 | 1,404 | — | — | — | 1,579 | 1,404 | 2,983 | (184) | 2014 | 12/27/2021 | 2-54 years |
| Automotive Stores | Abeline | TX | 525 | 874 | — | 29 | — | 525 | 903 | 1,428 | (117) | 2006 | 12/30/2021 | 2-54 years |
| Automotive Stores | Harlingen | TX | 441 | 968 | — | 32 | — | 441 | 1,000 | 1,441 | (140) | 2004 | 12/30/2021 | 2-54 years |
| Medical and Dental Providers | Champaign | IL | 1,440 | 2,603 | — | — | — | 1,440 | 2,603 | 4,043 | (311) | 2011 | 1/19/2022 | 2-54 years |
| Medical and Dental Providers | Liverpool | NY | 656 | 1,272 | — | — | — | 656 | 1,272 | 1,928 | (160) | 2021 | 1/28/2022 | 2-54 years |
| Convenience Stores and Gas Stations | Fairfield | CT | 733 | 861 | — | — | — | 733 | 861 | 1,594 | (116) | 2013 | 2/8/2022 | 2-54 years |
| Home Improvement Stores | Anderson | SC | 570 | 919 | — | — | — | 570 | 919 | 1,489 | (115) | 2007 | 2/10/2022 | 2-54 years |
| Other - Service | Burnsville | MN | 1,846 | — | — | — | — | 1,846 | — | 1,846 | — | 2006 | 2/11/2022 | 2-54 years |
| Discount Retail | West Columbia | SC | 546 | 936 | — | — | — | 546 | 936 | 1,482 | (138) | 1996 | 3/2/2022 | 2-54 years |
| Cellular Stores | Toledo | OH | 697 | 944 | — | — | — | 697 | 944 | 1,641 | (152) | 1976 | 3/2/2022 | 2-54 years |
| Quick Service Restaurants | Naperville | IL | 751 | 1,009 | — | — | — | 751 | 1,009 | 1,760 | (116) | 2017 | 3/8/2022 | 2-54 years |
| Home Improvement Stores | Bloomington | IL | 1,226 | 2,034 | — | — | (447) | 1,043 | 1,770 | 2,813 | (275) | 1991 | 3/8/2022 | 2-54 years |
| Medical and Dental Providers | Conway | SC | 565 | 1,080 | — | 65 | — | 565 | 1,145 | 1,710 | (127) | 2016 | 3/9/2022 | 2-54 years |
| Initial Costs to Company (1) · Cost CapitalizedSubsequent to Acquisition · Gross Amount at Which Carried atClose of Period · Life on which | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Industry | City | State | Land | Buildings andImprovements | Land | Buildings andImprovements | Impairment | Land | Buildings andImprovements | Total (2) | AccumulatedDepreciation | Construction/Renovation Year | DateAcquired | Depreciationis Computed |
| Medical and Dental Providers | St. Cloud | FL | $1,270 | $2,270 | $— | $— | $— | $1,270 | $2,270 | $3,540 | $(244) | 2015 | 3/30/2022 | 2-54 years |
| Casual Dining | Hagerstown | MD | 1,553 | — | — | — | — | 1,553 | — | 1,553 | — | 2000 | 4/4/2022 | 2-54 years |
| Quick Service Restaurants | Hagerstown | MD | 1,383 | — | — | — | — | 1,383 | — | 1,383 | — | 2000 | 4/4/2022 | 2-54 years |
| Medical and Dental Providers | Amherst | NY | 717 | 1,187 | — | — | — | 717 | 1,187 | 1,904 | (140) | 2020 | 4/21/2022 | 2-54 years |
| Other - Service | Naperville | IL | 1,240 | 2,519 | — | — | — | 1,240 | 2,519 | 3,759 | (303) | 2005 | 5/2/2022 | 2-54 years |
| Financial Institutions | York | PA | 600 | 3,684 | — | — | — | 600 | 3,684 | 4,284 | (320) | 1920 | 8/29/2022 | 2-54 years |
| Automotive Dealers | Charlotte | NC | 1,360 | 1,978 | — | — | — | 1,360 | 1,978 | 3,338 | (224) | 2007 | 9/23/2022 | 2-54 years |
| Automotive Dealers | Charlotte | NC | 5,165 | 5,393 | — | — | — | 5,165 | 5,393 | 10,558 | (852) | 2015 | 9/23/2022 | 2-54 years |
| Quick Service Restaurants | Hilliard | OH | 2,541 | — | — | — | — | 2,541 | — | 2,541 | — | 1995 | 10/5/2022 | 2-54 years |
| Home Improvement Stores | Springfield | PA | 6,288 | — | — | — | — | 6,288 | — | 6,288 | — | 1956 | 11/22/2022 | 2-54 years |
| Cellular Stores | Port Richey | FL | 1,458 | 783 | — | — | — | 1,458 | 783 | 2,241 | (95) | 2011 | 2/21/2023 | 2-54 years |
| Medical and Dental Providers | Freeport | NY | 2,257 | 4,198 | — | — | — | 2,257 | 4,198 | 6,455 | (322) | 2023 | 3/31/2023 | 2-54 years |
| Medical and Dental Providers | Englewood | OH | 864 | 1,552 | — | — | — | 864 | 1,552 | 2,416 | (152) | 2023 | 4/13/2023 | 2-54 years |
| Discount Retail | Panama City | FL | 1,297 | 950 | — | — | — | 1,297 | 950 | 2,247 | (156) | 2004 | 4/17/2023 | 2-54 years |
| Medical and Dental Providers | Salem | OH | 324 | 1,851 | — | — | — | 324 | 1,851 | 2,175 | (137) | 2023 | 4/21/2023 | 2-54 years |
| Financial Institutions | Overland Park | KS | 905 | 2,496 | — | — | — | 905 | 2,496 | 3,401 | (253) | 1988 | 4/25/2023 | 2-54 years |
| Automotive Stores | Lynchburg | VA | 891 | 408 | — | 33 | — | 891 | 441 | 1,332 | (43) | 2022 | 5/2/2023 | 2-54 years |
| Medical and Dental Providers | Dayton | OH | 480 | 1,722 | — | — | — | 480 | 1,722 | 2,202 | (216) | 2020 | 5/11/2023 | 2-54 years |
| Medical and Dental Providers | Hoover | AL | 530 | 873 | — | 44 | — | 530 | 917 | 1,447 | (86) | 2022 | 5/11/2023 | 2-54 years |
| Discount Retail | Kissimmee | FL | 1,041 | 949 | — | — | — | 1,041 | 949 | 1,990 | (92) | 2013 | 5/15/2023 | 2-54 years |
| Casual Dining | Crystal Lake | IL | 1,868 | 1,184 | — | — | — | 1,868 | 1,184 | 3,052 | (199) | 1999 | 5/15/2023 | 2-54 years |
| Other - Necessity | Easley | SC | 248 | 2,722 | — | — | — | 248 | 2,722 | 2,970 | (289) | 2021 | 5/18/2023 | 2-54 years |
| Quick Service Restaurants | Kansas City | MO | 538 | 768 | — | — | — | 538 | 768 | 1,306 | (88) | 2019 | 5/25/2023 | 2-54 years |
| Other - Service | Venice | FL | 1,233 | 1,696 | — | — | — | 1,233 | 1,696 | 2,929 | (129) | 2005 | 6/14/2023 | 2-54 years |
| Automotive Dealers | Indianapolis | IN | 1,310 | 2,266 | — | — | — | 1,310 | 2,266 | 3,576 | (304) | 2008 | 6/22/2023 | 2-54 years |
| Car Washes | Hiram | GA | 1,977 | 1,268 | — | — | — | 1,977 | 1,268 | 3,245 | (110) | 2023 | 6/28/2023 | 2-54 years |
| Other - Necessity | Orem | UT | 1,266 | 1,552 | — | — | — | 1,266 | 1,552 | 2,818 | (191) | 2022 | 7/14/2023 | 2-54 years |
| Discount Retail | Burlington | NC | 722 | 1,352 | — | — | — | 722 | 1,352 | 2,074 | (128) | 2022 | 8/2/2023 | 2-54 years |
| Fitness Operators | Schaumburg | IL | 1,859 | 1,464 | — | — | — | 1,859 | 1,464 | 3,323 | (238) | 2022 | 8/2/2023 | 2-54 years |
| Medical and Dental Providers | Hoover | AL | 947 | 1,540 | — | — | — | 947 | 1,540 | 2,487 | (114) | 1970 | 8/4/2023 | 2-54 years |
| Medical and Dental Providers | Marshall | TX | 249 | 1,440 | — | — | — | 249 | 1,440 | 1,689 | (133) | 2008 | 8/14/2023 | 2-54 years |
| Casual Dining | Fort Wayne | IN | 729 | 1,668 | — | — | — | 729 | 1,668 | 2,397 | (164) | 1997 | 8/14/2023 | 2-54 years |
| Casual Dining | Reynoldsburg | OH | 678 | 1,348 | — | — | — | 678 | 1,348 | 2,026 | (141) | 1990 | 9/7/2023 | 2-54 years |
| Quick Service Restaurants | Clinton Township | MI | 577 | 1,136 | — | — | — | 577 | 1,136 | 1,713 | (109) | 2021 | 9/11/2023 | 2-54 years |
| Automotive Dealers | Pinellas Park | FL | 2,196 | 1,442 | — | — | — | 2,196 | 1,442 | 3,638 | (181) | 1971 | 9/15/2023 | 2-54 years |
| Quick Service Restaurants | North Richland Hills | TX | 664 | 9 | — | 801 | — | 664 | 810 | 1,474 | (24) | 2024 | 10/10/2023 | 2-54 years |
| Quick Service Restaurants | Tulsa | OK | 695 | 295 | — | — | — | 695 | 295 | 990 | (45) | 1988 | 10/20/2023 | 2-54 years |
| Quick Service Restaurants | Kansas City | MO | 1,167 | 1,952 | — | — | — | 1,167 | 1,952 | 3,119 | (119) | 2017 | 10/20/2023 | 2-54 years |
| Quick Service Restaurants | Murfreesboro | TN | 773 | 746 | — | — | — | 773 | 746 | 1,519 | (72) | 2007 | 10/20/2023 | 2-54 years |
| Initial Costs to Company (1) · Cost CapitalizedSubsequent to Acquisition · Gross Amount at Which Carried atClose of Period · Life on which | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Industry | City | State | Land | Buildings andImprovements | Land | Buildings andImprovements | Impairment | Land | Buildings andImprovements | Total (2) | AccumulatedDepreciation | Construction/Renovation Year | DateAcquired | Depreciationis Computed |
| Financial Institutions | Houston | TX | $3,340 | $1,931 | $— | $— | $— | $3,340 | $1,931 | $5,271 | $(103) | 1994 | 10/20/2023 | 2-54 years |
| Professional Services | Kansas City | MO | 1,615 | 991 | — | — | — | 1,615 | 991 | 2,606 | (68) | 1990 | 10/20/2023 | 2-54 years |
| Convenience Stores and Gas Stations | Murfreesboro | TN | 1,197 | 583 | — | — | — | 1,197 | 583 | 1,780 | (55) | 1992 | 10/20/2023 | 2-54 years |
| Other - Service | Blue Springs | MO | 1,127 | 2,389 | — | — | — | 1,127 | 2,389 | 3,516 | (136) | 2013 | 10/20/2023 | 2-54 years |
| Convenience Stores and Gas Stations | Covington | KY | 2,064 | 666 | — | — | — | 2,064 | 666 | 2,730 | (57) | 1992 | 10/20/2023 | 2-54 years |
| Automotive Stores | Toledo | OH | 616 | 900 | — | — | — | 616 | 900 | 1,516 | (145) | 2017 | 10/20/2023 | 2-54 years |
| Quick Service Restaurants | Del City | OK | 919 | 895 | — | 109 | — | 919 | 1,004 | 1,923 | (77) | 2011 | 10/20/2023 | 2-54 years |
| Car Washes | Glenpool | OK | 1,027 | 1,101 | — | — | — | 1,027 | 1,101 | 2,128 | (91) | 2004 | 10/20/2023 | 2-54 years |
| Casual Dining | Anderson | IN | 670 | 1,193 | — | — | — | 670 | 1,193 | 1,863 | (112) | 2005 | 10/20/2023 | 2-54 years |
| Casual Dining | Oklahoma City | OK | 1,376 | 2,219 | — | — | — | 1,376 | 2,219 | 3,595 | (172) | 2017 | 10/20/2023 | 2-54 years |
| Convenience Stores and Gas Stations | Trenton | NJ | 2,074 | 1,073 | — | — | — | 2,074 | 1,073 | 3,147 | (76) | 1991 | 10/20/2023 | 2-54 years |
| Automotive Stores | Richmond | VA | 805 | 398 | — | — | — | 805 | 398 | 1,203 | (28) | 2018 | 10/20/2023 | 2-54 years |
| Quick Service Restaurants | Lakeville | MN | 840 | 711 | — | — | — | 840 | 711 | 1,551 | (93) | 2003 | 10/20/2023 | 2-54 years |
| Quick Service Restaurants | Mankato | MN | 554 | 1,055 | — | — | — | 554 | 1,055 | 1,609 | (110) | 2002 | 10/20/2023 | 2-54 years |
| Quick Service Restaurants | Columbus | GA | 641 | 525 | — | — | — | 641 | 525 | 1,166 | (56) | 2006 | 10/20/2023 | 2-54 years |
| Other - Service | Troy | MI | 1,167 | 1,055 | — | — | — | 1,167 | 1,055 | 2,222 | (145) | 2013 | 10/20/2023 | 2-54 years |
| Casual Dining | Norton Shores | MI | 679 | 1,841 | — | — | — | 679 | 1,841 | 2,520 | (148) | 2017 | 10/20/2023 | 2-54 years |
| Quick Service Restaurants | Bolingbrook | IL | 929 | 1,932 | — | — | — | 929 | 1,932 | 2,861 | (146) | 2018 | 10/20/2023 | 2-54 years |
| Quick Service Restaurants | Concord | NC | 960 | 1,087 | — | — | — | 960 | 1,087 | 2,047 | (88) | 2016 | 10/20/2023 | 2-54 years |
| Quick Service Restaurants | Wichita | KS | 807 | 776 | — | — | — | 807 | 776 | 1,583 | (60) | 2008 | 10/20/2023 | 2-54 years |
| Cellular Stores | Hampton | VA | 2,852 | 2,403 | — | — | — | 2,852 | 2,403 | 5,255 | (122) | 2016 | 10/20/2023 | 2-54 years |
| Quick Service Restaurants | Louisville | KY | 995 | 500 | — | — | — | 995 | 500 | 1,495 | (82) | 1989 | 10/20/2023 | 2-54 years |
| Quick Service Restaurants | Clarksville | IN | 978 | 504 | — | — | — | 978 | 504 | 1,482 | (63) | 1989 | 10/20/2023 | 2-54 years |
| Quick Service Restaurants | Baton Rouge | LA | 514 | 391 | — | — | — | 514 | 391 | 905 | (40) | 1974 | 10/20/2023 | 2-54 years |
| Quick Service Restaurants | Fort Wayne | IN | 610 | 1,375 | — | — | — | 610 | 1,375 | 1,985 | (96) | 2006 | 10/20/2023 | 2-54 years |
| Quick Service Restaurants | Evergreen Park | IL | 1,306 | 1,964 | — | — | — | 1,306 | 1,964 | 3,270 | (129) | 2017 | 10/20/2023 | 2-54 years |
| Convenience Stores and Gas Stations | Allen | TX | 1,266 | 918 | — | — | — | 1,266 | 918 | 2,184 | (78) | 1998 | 10/20/2023 | 2-54 years |
| Quick Service Restaurants | Fort Worth | TX | 1,087 | 898 | — | — | — | 1,087 | 898 | 1,985 | (62) | 2017 | 10/20/2023 | 2-54 years |
| Medical and Dental Providers | Canton | GA | 847 | 1,225 | — | — | — | 847 | 1,225 | 2,072 | (88) | 2018 | 10/20/2023 | 2-54 years |
| Medical and Dental Providers | Venice | FL | 1,017 | 689 | — | — | — | 1,017 | 689 | 1,706 | (98) | 1990 | 10/20/2023 | 2-54 years |
| Medical and Dental Providers | Erie | CO | 836 | 1,266 | — | — | — | 836 | 1,266 | 2,102 | (91) | 2017 | 10/20/2023 | 2-54 years |
| Other - Service | Manchester | MO | 1,865 | 4,049 | — | — | — | 1,865 | 4,049 | 5,914 | (287) | 2020 | 10/20/2023 | 2-54 years |
| Other - Service | Waldorf | MD | 1,845 | 3,497 | — | — | — | 1,845 | 3,497 | 5,342 | (267) | 2002 | 10/20/2023 | 2-54 years |
| Other - Service | Phoenix | AZ | 1,700 | 1,649 | — | — | — | 1,700 | 1,649 | 3,349 | (105) | 1961 | 10/25/2024 | 2-54 years |
| Medical and Dental Providers | Calera | AL | 748 | 1,623 | — | — | — | 748 | 1,623 | 2,371 | (46) | 2000 | 11/12/2024 | 2-54 years |
| Medical and Dental Providers | Oneonta | AL | 886 | 1,265 | — | — | — | 886 | 1,265 | 2,151 | (37) | 2024 | 11/12/2024 | 2-54 years |
| Medical and Dental Providers | Mountain Home | AR | 722 | 1,462 | — | — | — | 722 | 1,462 | 2,184 | (42) | 2000 | 11/12/2024 | 2-54 years |
| Medical and Dental Providers | Angola | IN | 398 | 1,608 | — | — | — | 398 | 1,608 | 2,006 | (45) | 2006 | 11/12/2024 | 2-54 years |
| Initial Costs to Company (1) · Cost CapitalizedSubsequent to Acquisition · Gross Amount at Which Carried atClose of Period · Life on which | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Industry | City | State | Land | Buildings andImprovements | Land | Buildings andImprovements | Impairment | Land | Buildings andImprovements | Total (2) | AccumulatedDepreciation | Construction/Renovation Year | DateAcquired | Depreciationis Computed |
| Medical and Dental Providers | Salem | IN | $315 | $1,527 | $— | $— | $— | $315 | $1,527 | $1,842 | $(43) | 1993 | 11/12/2024 | 2-54 years |
| Medical and Dental Providers | Vincennes | IN | 342 | 1,757 | — | — | — | 342 | 1,757 | 2,099 | (49) | 1980 | 11/12/2024 | 2-54 years |
| Medical and Dental Providers | Manchester | TN | 314 | 3,107 | — | — | — | 314 | 3,107 | 3,421 | (87) | 1972 | 11/12/2024 | 2-54 years |
| Discount Retail | West Columbia | SC | 331 | 1,659 | — | — | — | 331 | 1,659 | 1,990 | (84) | 2006 | 11/15/2024 | 2-54 years |
| Fitness Operators | Glendale Heights | IL | 1,731 | 8,473 | — | — | — | 1,731 | 8,473 | 10,204 | (422) | 2000 | 11/22/2024 | 2-54 years |
| Fitness Operators | Crestwood | IL | 589 | 2,607 | — | — | — | 589 | 2,607 | 3,196 | (109) | 1993 | 11/22/2024 | 2-54 years |
| Fitness Operators | Matteson | IL | 827 | 2,589 | — | — | — | 827 | 2,589 | 3,416 | (182) | 1980 | 11/22/2024 | 2-54 years |
| Medical and Dental Providers | Orland Park | IL | 789 | 3,816 | — | — | — | 789 | 3,816 | 4,605 | (216) | 2000 | 11/25/2024 | 2-54 years |
| Medical and Dental Providers | Bristol | TN | 322 | 2,134 | — | — | — | 322 | 2,134 | 2,456 | (58) | 2011 | 11/26/2024 | 2-54 years |
| Automotive Stores | Milford | MA | 1,221 | 659 | — | — | — | 1,221 | 659 | 1,880 | (26) | 1980 | 12/3/2024 | 2-54 years |
| Financial Institutions | Reisterstown | MD | 1,447 | — | — | — | — | 1,447 | — | 1,447 | — | 2009 | 12/3/2024 | 2-54 years |
| Financial Institutions | Atlanta | GA | 5,244 | 2,060 | — | — | — | 5,244 | 2,060 | 7,304 | (60) | 2008 | 12/5/2024 | 2-54 years |
| Other - Service | Mesa | AZ | 1,760 | 2,348 | — | — | — | 1,760 | 2,348 | 4,108 | (114) | 2000 | 12/9/2024 | 2-54 years |
| Cellular Stores | Defiance | OH | 281 | 1,033 | — | — | — | 281 | 1,033 | 1,314 | (27) | 2023 | 12/13/2024 | 2-54 years |
| Cellular Stores | Ahoskie | NC | 416 | 735 | — | — | — | 416 | 735 | 1,151 | (26) | 1987 | 12/13/2024 | 2-54 years |
| Medical and Dental Providers | Lafayette | LA | 530 | 4,311 | — | — | — | 530 | 4,311 | 4,841 | (99) | 2016 | 12/13/2024 | 2-54 years |
| Medical and Dental Providers | Shreveport | LA | 1,047 | 3,173 | — | — | — | 1,047 | 3,173 | 4,220 | (103) | 2014 | 12/13/2024 | 2-54 years |
| Discount Retail | Warner Robins | GA | 298 | 1,013 | — | — | — | 298 | 1,013 | 1,311 | (75) | 1983 | 12/18/2024 | 2-54 years |
| Medical and Dental Providers | San Angelo | TX | 805 | 2,500 | — | — | — | 805 | 2,500 | 3,305 | (111) | 1994 | 12/18/2024 | 2-54 years |
| Discount Retail | Hastings | NE | 359 | 1,419 | — | — | — | 359 | 1,419 | 1,778 | (62) | 2024 | 12/20/2024 | 2-54 years |
| Cellular Stores | York | SC | 455 | 1,026 | — | — | — | 455 | 1,026 | 1,481 | (35) | 1995 | 12/23/2024 | 2-54 years |
| Convenience Stores and Gas Stations | Pelzer | SC | 1,172 | 875 | — | — | — | 1,172 | 875 | 2,047 | (42) | 1992 | 12/31/2024 | 2-54 years |
| Convenience Stores and Gas Stations | Boise | ID | 3,106 | 1,784 | — | — | — | 3,106 | 1,784 | 4,890 | (59) | 1972 | 12/31/2024 | 2-54 years |
| Discount Retail | Tifton | GA | 441 | 1,350 | — | — | — | 441 | 1,350 | 1,791 | (95) | 2005 | 12/31/2024 | 2-54 years |
| Casual Dining | McAllen | TX | 483 | 1,348 | — | — | — | 483 | 1,348 | 1,831 | (47) | 2024 | 1/6/2025 | 2-54 years |
| Automotive Stores | Charleston | WV | 841 | 693 | — | — | — | 841 | 693 | 1,534 | (19) | 2024 | 1/10/2025 | 2-54 years |
| Financial Institutions | Ocala | FL | 1,241 | 946 | — | — | — | 1,241 | 946 | 2,187 | (44) | 1990 | 1/14/2025 | 2-54 years |
| Other - Service | Topeka | KS | 1,026 | 3,831 | — | — | — | 1,026 | 3,831 | 4,857 | (124) | 2024 | 1/15/2025 | 2-54 years |
| Automotive Stores | Northlake | IL | 587 | 788 | — | — | — | 587 | 788 | 1,375 | (33) | 1968 | 1/23/2025 | 2-54 years |
| Automotive Stores | Oak Lawn | IL | 468 | 353 | — | — | — | 468 | 353 | 821 | (18) | 1961 | 1/23/2025 | 2-54 years |
| Financial Institutions | Edgewater | MD | 2,394 | — | — | — | — | 2,394 | — | 2,394 | — | 2004 | 1/29/2025 | 2-54 years |
| Discount Retail | Blair | NE | 397 | 1,842 | — | — | — | 397 | 1,842 | 2,239 | (70) | 2024 | 1/31/2025 | 2-54 years |
| Discount Retail | Vermillion | SD | 290 | 1,674 | — | — | — | 290 | 1,674 | 1,964 | (63) | 2024 | 1/31/2025 | 2-54 years |
| Medical and Dental Providers | Charleston | IL | 517 | 3,483 | — | — | — | 517 | 3,483 | 4,000 | (74) | 2024 | 2/11/2025 | 2-54 years |
| Medical and Dental Providers | Vincennes | IN | 1,304 | 2,445 | — | — | — | 1,304 | 2,445 | 3,749 | (74) | 1971 | 2/11/2025 | 2-54 years |
| Automotive Stores | Euclid | OH | 474 | 1,002 | — | — | — | 474 | 1,002 | 1,476 | (38) | 1987 | 2/12/2025 | 2-54 years |
| Discount Retail | Stigler | OK | 197 | 1,603 | — | — | — | 197 | 1,603 | 1,800 | (56) | 2024 | 2/12/2025 | 2-54 years |
| Initial Costs to Company (1) · Cost CapitalizedSubsequent to Acquisition · Gross Amount at Which Carried atClose of Period · Life on which | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Industry | City | State | Land | Buildings andImprovements | Land | Buildings andImprovements | Impairment | Land | Buildings andImprovements | Total (2) | AccumulatedDepreciation | Construction/Renovation Year | DateAcquired | Depreciationis Computed |
| Quick Service Restaurants | Muncie | IN | $379 | $928 | $— | $— | $— | $379 | $928 | $1,307 | $(26) | 2023 | 2/25/2025 | 2-54 years |
| Discount Retail | Whitewater | WI | 395 | 2,058 | — | — | — | 395 | 2,058 | 2,453 | (71) | 2024 | 2/27/2025 | 2-54 years |
| Fitness Operators | Crystal Lake | IL | 784 | 5,693 | — | — | — | 784 | 5,693 | 6,477 | (242) | 1992 | 3/19/2025 | 2-54 years |
| Other - Service | Southgate | MI | 574 | 3,586 | — | — | — | 574 | 3,586 | 4,160 | (79) | 2022 | 3/21/2025 | 2-54 years |
| Medical and Dental Providers | Myrtle Beach | SC | 732 | 2,651 | — | — | — | 732 | 2,651 | 3,383 | (77) | 2001 | 4/7/2025 | 2-54 years |
| Financial Institutions | St. Charles | IL | 679 | 838 | — | — | — | 679 | 838 | 1,517 | (29) | 1978 | 5/15/2025 | 2-54 years |
| Other - Necessity | Chattanooga | TN | 1,015 | 2,258 | — | — | — | 1,015 | 2,258 | 3,273 | (110) | 1967 | 5/28/2025 | 2-54 years |
| Discount Retail | Mission | TX | 297 | 1,188 | — | — | — | 297 | 1,188 | 1,485 | (33) | 2007 | 6/12/2025 | 2-54 years |
| Automotive Dealers | Marietta | GA | 1,399 | 4,409 | — | 120 | — | 1,399 | 4,529 | 5,928 | (315) | 1993 | 6/30/2025 | 2-54 years |
| Discount Retail | Bourbonnais | IL | 140 | 1,659 | — | — | — | 140 | 1,659 | 1,799 | (33) | 2024 | 7/3/2025 | 2-54 years |
| Fitness Operators | West Melbourne | FL | 3,316 | 6,549 | — | — | — | 3,316 | 6,549 | 9,865 | (100) | 2015 | 8/11/2025 | 2-54 years |
| Financial Institutions | Waukegan | IL | 599 | 2,249 | — | — | — | 599 | 2,249 | 2,848 | (18) | 2007 | 9/5/2025 | 2-54 years |
| Other - Service | Chester | VA | 2,071 | 4,394 | — | — | — | 2,071 | 4,394 | 6,465 | (21) | 2025 | 11/5/2025 | 2-54 years |
| Other - Service | Durham | NC | 6,086 | 9,997 | — | — | — | 6,086 | 9,997 | 16,083 | (84) | 2001 | 11/14/2025 | 2-54 years |
| Quick Service Restaurants | Jacksonville | FL | 1,062 | 847 | — | — | — | 1,062 | 847 | 1,909 | (5) | 2023 | 11/25/2025 | 2-54 years |
| Medical and Dental Providers | Dallas | TX | 1,489 | 2,374 | — | — | — | 1,489 | 2,374 | 3,863 | (6) | 2004 | 12/3/2025 | 2-54 years |
| Medical and Dental Providers | Dallas | TX | 1,048 | 3,751 | — | — | — | 1,048 | 3,751 | 4,799 | (12) | 2024 | 12/4/2025 | 2-54 years |
| Automotive Stores | Marshall | TX | 456 | 2,566 | — | — | — | 456 | 2,566 | 3,022 | — | 2019 | 12/12/2025 | 2-54 years |
| Cellular Stores | Chickasha | OK | 905 | 631 | — | — | — | 905 | 631 | 1,536 | — | 2018 | 12/19/2025 | 2-54 years |
| $330,542 | $415,156 | $— | $3,078 | $(1,905) | $329,478 | $417,393 | $746,871 | $(48,204) | ||||||
(1)
The initial cost to the Company represents the original purchase price of the property (see Note 3).
(2)
The aggregate cost of real estate owned as of December 31, 2025 for U.S. federal income tax purposes was approximately$790.0 million (unaudited).
(3)
This schedule excludes properties that are classified as assets held for sale as of December 31, 2025.
(4)
This real estate asset comprises of two properties.
See accompanying report of independent registered public accounting firm.
SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AS OF
DECEMBER 31, 2025 – (continued)
Change in total real estate and accumulated depreciation:
| For the year ended December 31, | 2025 | 2024 |
|---|---|---|
| Real estate | ||
| Balance at beginning of the year | $719,406 | $647,180 |
| Additions during the year: | ||
| Acquisitions | 112,277 | 88,158 |
| Building improvements | 1,114 | 682 |
| Deductions during the year: | ||
| Cost of real estate sold | (63,447) | (6,894) |
| Classified as assets held for sale | (13,237) | (5,712) |
| Impairment loss | (9,242) | (4,008) |
| Balance at end of the year | $746,871 | $719,406 |
| Accumulated depreciation | ||
| Balance at beginning of the year | $40,398 | $28,734 |
| Additions during the year: | ||
| Depreciation expense | 14,876 | 11,999 |
| Deductions during the year: | ||
| Cost of real estate sold | (6,114) | (238) |
| Classified as assets held for sale | (956) | (97) |
| Balance at end of the year | $48,204 | $40,398 |
See accompanying report of independent registered public accounting firm.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.