Mobile Infrastructure Corp

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

*** December 31, 2025***

**Note1 **—Organization and Business Operations

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 top50 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* December 31, 2025*, we own 36 parking facilities in19 separate markets throughout the United States, with a total of approximately 13,500 parking spaces and approximately 4.7 million square feet. We also own approximately 0.2 million square feet of commercial space adjacent to our parking facilities.

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,one appointed by the Company andone appointed by the other members of the Operating Company. Currently, thetwo 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 90.3% 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.

**Note2 **—Summary of Significant Accounting Policies

Basis of Accounting

Our consolidated financial statements are prepared on the accrual basis of accounting and in accordance with principles generally accepted in the United States of America (“GAAP”) for financial information as contained in the Financial Accounting Standards Board (“FASB”) ASC, and in conjunction with rules and regulations of the Securities and Exchange Commission (“SEC”). 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. There wasno impact to our financial position as a result of any reclassification.

Going Concern

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.

The going concern basis assumes that we will be able to meet our obligations and continue our operationone year from the date of the filing of this annual report on Form10-K (this “Annual Report”), which is dependent upon our ability to effectively implement a plan related to the Line of Credit that matures withinone year after the date of the filing of the Annual Report.

We have incurred net losses since our inception and anticipate net losses for the near future. We currently have $25.9 million related to the Line of Credit (as defined herein) due withintwelve months of the date of the filing of this Annual Report. Additionally, as of the date of this filing, the Line of Credit has $5.6 million of accrued interest that is due upon maturity. We donot 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.

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.

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Consolidation

The consolidated financial statements include the accounts of the Company, the Operating Company, each of their wholly owned subsidiaries, and all other entities in which we have a controlling financial interest. For entities that meet the definition of a variable interest entity (“VIE”), we consolidate those entities when we are the primary beneficiary of the entity. We are determined to be the primary beneficiary when we possess both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We continually evaluate whether we qualify as the primary beneficiary and reconsider our determination of whether an entity is a VIE upon reconsideration events. All intercompany activity is eliminated in consolidation.

Noncontrolling interests on our Consolidated Balance Sheets represent the portion of equity that we donot own in the entities we consolidate. Net loss attributable to non-controlling interest in our Consolidated Statements of Operations represents our partners’ share of net loss that is generally allocated on a pro-rata basis based on ownership percentage.

Use of Estimates

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.

Concentration

Our operators* mayact as agents collecting revenues on our behalf or mayact as lessee if under a lease agreement. The revenue from locations where Metropolis Technologies, Inc. (“Metropolis”) acts as either a lease tenant or an operator agent represented 63.1% and 55.7% of our revenue, excluding commercial revenue, for the years ended December 31, 2025and2024,* respectively. Revenue from locations where LAZ Parking (“LAZ”) acts as an operator agent represented 16.8% and 15.3% of our revenue, excluding commercial revenue, for the years ended* December 31, 2025and2024,* respectively.

In addition, we had concentrations in Cincinnati (20.0% and 18.8%), Detroit (11.0% and 10.4%), and Chicago (9.8% and 9.2%) based on gross book value of real estate, including intangible assets and construction in progress, as of* December 31, 2025and2024,* respectively.

We had concentrations of our outstanding accounts receivable balance with Metropolis of 40.2% and 31.9% as of* December 31, 2025and2024,* respectively. The majority of these receivable balances represent cash paid by parkers that was collected on our behalf by these operators.

Acquisitions

All assets acquired and liabilities assumed in an acquisition of real estate accounted for as a business combination are measured at their acquisition date fair values. For acquisitions of real estate accounted for as an asset acquisition, the fair value of consideration transferred by us (including transaction costs) is allocated to all assets acquired and liabilities assumed on a relative fair value basis.

In making estimates of fair values for purposes of allocating purchase price, we will utilize several sources, including independentthird-party valuations that* may*be obtained in connection with the acquisition or financing of the respective property and other market data. We will also consider information obtained about each property as a result of our pre-acquisition due diligence, as well as subsequent marketing and leasing activities, in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed.

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We allocate the purchase price of acquired properties to tangible and identifiable intangible assets acquired based on their relative fair values. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. We utilize various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Amounts allocated to land, land improvements, buildings and fixtures are based on valuations performed by independentthird parties or on our analysis of comparable properties in our portfolio. Identifiable intangible assets include amounts allocated to acquire leases for above- and below-market lease rates, the value of in-place leases, and the value of customer relationships, as applicable. The aggregate value of intangible assets related to in-place leases is primarily the difference between the property valued with existing in-place leases adjusted to market rental rates and the property valued as if vacant. In our analysis of the in-place lease intangibles, we consider multiple factors, including an estimate of carrying costs during the expected lease-up period for each property, current market conditions and costs to execute similar leases. In estimating carrying costs, we will include real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up period. Estimates of costs to execute similar leases including leasing commissions, legal and other related expenses are also utilized.

The value of lease intangibles is amortized to Depreciation and Amortization in our Consolidated Statements of Operations over the remaining term of the respective lease. If a tenant terminates its lease with us, the unamortized portion of any lease intangible is recognized over the shortened lease term.

Impairment of Long-Lived Assets

On a quarterly basis, we employ a multi-step approach to assess our real estate assets for possible impairment and record any impairment charges identified. Thefirst step is the identification of potential triggering events, such as declines in net operating income (“NOI”) and performance compared to internal forecasts. If the results of thisfirst step indicate a triggering event for a property, we proceed to thesecond step, utilizing an undiscounted cash flow model to identify potential impairment. If the undiscounted cash flows are less than the net book value of the property as of the balance sheet date, we estimate the fair value of the asset. If the determined fair value is lower than the net book value of the property, we record an impairment charge. In performing thethird step, 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 net sales proceeds to estimate the fair value of any properties that are actively being marketed for sale. See Note14 for additional discussion regarding impairment of long-lived assets.

At least annually, we review indefinite-lived intangible assets for indicators of impairment. Wefirst evaluate qualitative factors to determine if it is more likely thannot that the carrying value of an indefinite-lived intangible asset exceeds its estimated fair value. Such qualitative factors include the impact of macroeconomic conditions, changes in the industry or market, cost factors, and financial performance. If we then conclude that impairment exists, we will recognize a charge to earnings representing the difference between the carrying amount and the estimated fair value of the indefinite-lived intangible asset.

Cash, Cash Equivalents and Restricted Cash

We consider all highly liquid investments purchased with an original maturity ofthree months or less to be cash equivalents. Cash equivalents* mayinclude cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and mayconsist of investments in money market accounts and money market funds. Balances of cash and cash equivalents held at financial institutions may,*at times, be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limit. We mitigate credit risk by placing cash and cash equivalents with major financial institutions.

Restricted cash primarily consists of escrowed tenant improvement funds, real estate taxes, capital improvement funds, insurance premiums and other amounts required to be escrowed pursuant to loan agreements.

Revenue Recognition

As of* December 31, 2025,28 of our 36 parking facilities are under contracts with the operator to provide services for a set fee. Under these contracts, the operators will run the day-to-day activities at the facilities under our direction. We recognize revenue and expenses on a gross basis as we have determined we are the principal in these arrangements. These management contracts are accounted for in accordance with ASC Topic606,* Revenue from Contracts with Customers, and the revenues associated with these contracts are recorded as Managed Property Revenue in the Consolidated Statement of Operations.

Taxes assessed by a governmental authority that are collected from a customer are excluded from revenue. See Note3 for additional discussion regarding managed property revenues.

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Leases

A portion of our revenue is rental income derived from leases of our real estate assets. We account for our leases in accordance with ASC Topic842, Leases (“ASC842”). The majority of our leases are structured such that tenants pay base rent and percentage rent in an amount equal to a designated percentage of the amount by which gross revenues at the property during any lease year exceed a negotiated base amount; tenants are also financially responsible for all, or substantially all, property-level operating and maintenance expenses, subject to certain exceptions. We negotiate base rent, percentage rent and the base amount used in the calculation of percentage rent with the applicable tenant based on economic factors applicable to the particular parking facility and geographic market.

A lease is determined to be an operating, sales-type, or direct financing lease using the criteria established in ASC842. Leases will be considered either sales-type or direct financing leases if any of the following criteria are met:

Ifnone of the criteria listed above are met, the lease is classified as an operating lease. Currently, all of our leases are classified as operating leases.

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 in the period in which the applicable expenses are incurred. Certain assumptions and judgments are made in estimating the reimbursements at the end of each reporting period. We donot expect the actual results to materially differ from the estimated reimbursements.

Lease receivables are reviewed each reporting period to determine whether ornot it is probable that we will realize substantially all lease payments from our tenants. If we determine it isnot probable that we will collect substantially all of the remaining lease payments from a tenant, revenue for that tenant is recorded on a cash basis. Future rental income for that tenant will then be recognized on a cash basis, including any amounts relating to tenant reimbursement of expenses and receivables related to straight-line rent. We will resume recording lease income on an accrual basis for cash-basis tenants once we believe the collection of rent for the remaining lease term is probable, which will generally be after a period of regular payments. Under ASC842, the aforementioned adjustments as well as any reserve for disputed charges are recorded as a reduction of Base Rental Income on the Consolidated Statements of Operations. Additionally, we* mayrecord a general reserve based on a review of operating lease receivables at a company level to ensure they are properly valued based on analysis of historical bad debt, outstanding balances, and the current economic climate. Receivables on our Consolidated Balance Sheets exclude amounts removed related to tenants considered to be non-creditworthy, which were approximately $0.1 million as of December 31, 2025and2024.*

Allowance for Credit Losses

Accounts receivable is primarily comprised of amounts owed to us for services provided under our managed property contracts. Amounts are recorded at the invoiced amount net of expected credit losses, if necessary. We apply judgment in assessing the ultimate realization of our receivables and we estimate expected credit losses based on various factors, such as the aging of our receivables, historical experience, and the financial condition of our obligors. Expected credit losses werenot material as of* December 31,2025 and approximately $0.1 million as of December 31,*2024.

Investments in Real Estate

Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. Depreciation is recognized on a straight-line method over the estimated useful lives of each asset type. We periodically assess the reasonableness of useful lives which generally have the following lives, by asset class: up to 39 years for buildings,15 years for land improvements, five years for fixtures and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests, generallyone to 20 years.

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Stock-Based Compensation

Stock-based compensation for equity awards is based on the grant date fair value of the equity awards and is recognized as General and Administrative in our Consolidated Statements of Operations over the requisite service or performance period. Forfeitures are recognized as incurred. Certain equity awards are subject to vesting based upon the satisfaction of various service, market, or performance conditions. Fair value for our performance-based awards is calculated using the Monte Carlo method, which is intended to estimate the fair value of the awards using dividend yields, expected volatilities that are primarily based on available implied data and peer group companies’ historical data, and post-vesting restriction periods.

Income Taxes

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 thannot that all or some portion of the deferred tax asset willnot be realized. A full valuation allowance has been recorded for deferred tax assets due to our history of taxable losses.

We use atwo-step approach to recognize and measure uncertain tax positions. Thefirst step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely thannot that the position will be sustained on audit, including resolutions of related appeals or litigation processes, if any. Thesecond step is to measure the tax benefit as the largest amount that is more likely thannot of being realized upon ultimate settlement. We believe that our income tax filing positions and deductions would be sustained upon examination; thus, we havenot recorded any uncertain tax positions as of* December 31, 2025and2024*.

Recently Issued Accounting Standards

The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements:

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Note3 —Managed Property Revenues

Contracts with customers

At our parking facilities, we have a performance obligation to provide access to our property and space for the parker's vehicle. As compensation for that service, we are entitled to fees that will vary based on the level of usage. Substantially all of our managed property revenues come from the followingtwo types of arrangements: Transient Parkers and Contract Parkers. We generally donot have costs associated with obtaining parking contracts as we arenot obligated to pay commissions or incur additional costs to fulfill our responsibility. Revenue transactions occur over time but are generally completed within a single day for Transient Parkers and by the end of the month for Contract Parkers. Therefore, we donot have any remaining performance obligations at the end of the period. We apply the practical expedient that permits exclusion of information about the remaining performance obligations that have original expected durations ofone year or less.

Transient Parkers

Transient Parkers include customers who arrive at our parking facilities and have the right to park in any open spotnot otherwise marked as reserved. The contract is entered into and approved by the customer entering the lot and parking based on customary business practices. The term of the contract and duration of parking is determined by the customer, who can leave at any time upon paying. The transaction price is determined using the hourly or fixed rate set at the facility, and the full transaction price is allocated to the single performance obligation. Revenue is recognized the day the parking facility is accessed.

Contract Parkers

Contract parkers include customers who pay, generally in advance, to have the right to access the facility for a set period. The access will generally be for a calendar month and* maybe restricted to certain days or times based on the terms of the contract. The transaction price is determined using the parking fee agreed upon and paid prior to use, withno* variability or concession based on usage level, and the full transaction price is allocated to the single performance obligation. Revenue is recognized over the period to which the fee relates.

Disaggregation of revenue

We disaggregate revenue from contracts with customers by Transient Parkers and Contract Parkers. 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.

Disaggregated revenue for the years ended* December 31,*2025 and2024 are as follows (dollars in thousands):

Contract balances

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* maybe 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. We began recognizing management property revenue in the beginning of2024.* As of* December 31,*2025 and2024, we had $3.1 million and $3.0 million of outstanding accounts receivable, respectively related to our managed property revenue.

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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 at end of the following month. Changes in deferred revenue primarily include prepayments for future parking months and recognition of previously deferred revenue.No material amounts in deferred revenue represent prepayments for a period longer than a single month. As of* December 31,*2025 and2024, we had approximately $0.1 million and $0.2 million of deferred managed property revenue, respectively, included in Accounts Payable and Accrued Expenses on the Consolidated Balance Sheets.

**Note4 **—Dispositions of Investments in Real Estate

2025

In* November 2025**,* 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.

In* December 2025,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, andtwo* parking lots in Denver, Colorado for approximately $2.5 million, resulting in a $0.1 million loss on sale of real estate.

2024

In* February 2024,we disposed of our Cincinnati Race Street location for $3.15 million, resulting in a loss on sale of real estate of approximately $0.1 million. As part of the agreement, we entered into a financing arrangement with the buyer with the property as collateral. Under the terms of the financing arrangement, the buyer will pay interest of 8.0% on a $3.1 million note for a term of24* months, at which time the principal amount of the loan will be due. The note is recorded as Note Receivable on the Consolidated Balance Sheets and the interest income is recorded as Other Income on the Consolidated Statements of Operations. The Note Receivable was paid off in full in* February 2025.*

In* July 2024,we soldone* parking lot in Clarksburg, West Virginia for approximately $0.5 million, resulting in an immaterial loss on sale of real estate. We received proceeds of approximately $0.4 million, after transaction costs, which were used to pay down a portion of the outstanding balance on the Revolving Credit Facility, as defined below.

In* November 2024,*we sold a parking lot located in Indianapolis, Indiana for approximately $4.6 million, resulting in a gain on sale of real estate of approximately $2.7 million. We received proceeds of approximately $4.5 million, after transaction costs, which were used to pay down a portion of the outstanding balance on the Revolving Credit Facility.

Note5 — Intangible Assets

Intangible assets and related accumulated amortization consisted of the following for the years ended* December 31, 2025and2024* (dollars in thousands):

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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 $3.1 million and $0.8 million for the years ended* December 31, 2025and2024,* respectively. In thesecond quarter of2025, we finalized a plan to phase out the use of our acquired technology, Inigma software, by the end of the year. This triggered a change in the useful life of the asset to the remainder of2025. As a result of this change, amortization expense increased by $2.4 million for the year ended* December 31, 2025,resulting in a $0.05 loss per share attributable to the Company's common stockholders. As of December 31, 2025,*the acquired technology was fully amortized and disposed of.

Estimated future amortization of intangible assets as of* December 31, 2025* is as follows (dollars in thousands):

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**Note6 **—Debt

As of* December 31, 2025and2024*, the principal balances on notes payable are as follows (dollars in thousands):

In* February 2024,we refinanced the note payable for MVP St. Louis2013* and MVP Memphis Poplar with afive year, $5.9 million note payable with an interest rate of 7.94%. In* December 2024,*we refinanced the note payable for Mabley Place Garage, LLC with athree-year, $12.0 million note payable with an interest rate of SOFR plus a spread of 3.25%.

In* December 2024,we entered into a10*-year, $75.5 million CMBS financing with Argentic Real Estate Finance2 LLC (the*“2034* CMBS Loan”). The2034 CMBS Loan bears a fixed annual interest rate of 7.76% and is secured by a pool ofseven properties. The2034 CMBS Loan agreement contains customary covenants and reserve requirements. The Operating Company serves as a non-recourse guarantor and is required to maintain a net worth in excess of $40.0 million. The fees associated with entering into the2034 CMBS Loan of approximately $1.5 million are being amortized over the term of the loan to Interest Expense on the Consolidated Statement of Operations.

In* August 2025,*we paid off the MVP Houston Saks Garage LLC loan with a payment of $2.7 million upon maturity.

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In* October 2025,we refinanced $84.2 million of long-term debt through an asset-backed securitization of 19 properties in our portfolio. In this transaction, we issued 4.15% Series2025*-1 Class A-2 Notes (the*“2025*-1 Notes”) priced at 88.30% of the principal amount of $100 million. The2025-1 Notes have an anticipated repayment date in* October 2030and a final maturity date in October 2055.The2025*-1 Notes were issued under a base indenture and supplemented by the Series2025-1 indenture supplement, each of which contain customary covenants and events of default. If the2025-1 Notes arenot paid in full at their anticipated repayment date, additional interest will begin to accrue. We* mayredeem the2025*-1 Notes at any time prior to their anticipated repayment date subject to payment of a make-whole premium. The2025-1 Notes are issued and guaranteed by wholly-owned subsidiaries of the Operating Company. The fees associated with entering into the2025-1 Notes of approximately $4.0 million and the discount on the loan of approximately $11.7 million are being amortized through the anticipated repayment date to Interest Expense on the Consolidated Statement of Operations.

As of* December 31, 2025*, future principal payments on notes payable are as follows (dollars in thousands):

Line of Credit

In* September 2024,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 September**2025* (the “Line of Credit”). On* September 5, 2025,we entered into afirst* amendment to the Line of Credit, which extended the maturity date to* December 31, 2025,and on December 23, 2025,we entered into asecond* amendment to the Line of Credit, which extended the maturity date to* March 31, 2026.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 mayonly be used for redemption payments on the Series A Preferred Stock and Series1* 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, Chair of the Board, is the managing member ofNo Street Capital LLC, which serves as the investment manager of the Lenders.

We issued 500,000 shares of common stock to the Lenders at the closing date, which was considered a debt issuance cost of approximately $1.8 million and recorded in Other Assets on our Consolidated Balance Sheets and amortized over theone-year term to Interest Expense on the Consolidated Statement of Operations.

As of* December 31 2025,approximately $25.9 million was outstanding under the Line of Credit. Additionally, there was approximately $4.9 million in accrued interest on the Line of Credit as of December 31, 2025*that is recorded in Accounts Payable and Accrued Expenses on our Consolidated Balance Sheets.

Interest Rate Swap

In* December 2024,we entered an interest rate swap agreement to coincide with the refinance of Mabley Place Garage, LLC, which will mature in December 2027,the value of which was immaterial as of December 31, 2024.The value of the interest rate swap was $0.2 million as of December 31, 2025and 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 March 2025.Our use of derivative instruments is limited to this interest rate cap 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 electednot* 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.

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**Note7 **–Equity

We havetwo 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 Series1 Preferred Stock,50,000 are designated as shares of Series A Preferred Stock and 60,000 are designated as shares of Series2 Preferred Stock.

Series A Convertible Redeemable Preferred Stock

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 Series1 Preferred Stock and in preference to any payment of any dividend on our common.

Series1 Convertible Redeemable Preferred Stock

The terms of the Series1 Preferred Stock provide that the holders of the Series1 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 5.5% 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.

Series1 Preferred Stock and Series A Preferred Stock Distributions

On* September 11, 2024,the Board declared payment of accrued and unpaid dividends for all past dividend periods on the Series1* Preferred Stock and Series A Preferred Stock. Additionally, we declared monthly dividend payments on the Series A Preferred Stock and Series1 Preferred Stock for each subsequent month through* December**2025.* 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.

Series1 Preferred Stock and Series A Preferred Stock Redemptions and Conversions

Upon receipt of written notice to convert shares of Series1 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*$1,000,* plus any accrued but unpaid dividends. Should we elect to convert the shares, each share of Series1 Preferred Stock and Series A Preferred Stock will convert into a number of shares of common stock determined by dividing the sum of (i)100% of the stated value of*$1,000,* plus (ii) any accrued but unpaid dividends up to, butnot including, the date of conversion, by the volume weighted average price per share of common stock for the20 trading days prior to the delivery date of the receipt of the notice.

During the year ended* December 31, 2025,approximately 4,800 shares of the Series1* Preferred Stock and approximately 700 shares of Series A Preferred Stock were redeemed for cash. In addition, at* December 31, 2025,there wereno* requested redemptions of Series1 Preferred Stock or the Series A Preferred Stock. During the year ended* December 31, 2025,no shares of Series1* Preferred Stock or Series A Preferred Stock were converted to shares of common stock.

During the year ended* December 31, 2024,approximately 8,000 shares of Series1* Preferred Stock and approximately 600 shares of Series A Preferred Stock converted to approximately 2.8 million and 193,000 shares of common stock, respectively. Approximately 10,600 shares of the Series1 Preferred Stock and approximately 300 shares of Series A Preferred Stock were redeemed for cash during the year ended* December 31, 2024.In addition, requested redemptions at December 31, 2024of approximately 500 shares with a stated value of approximately $0.5 million of Series1* 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.

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Series2 Convertible Preferred Stock

As of* December 31, 2025and2024,* no shares of the Series2 Preferred Stock were outstanding.

Warrants

In accordance with the warrant agreement dated* August 25, 2021 (the “Warrant Agreement”), which was further amended on August 29, 2023,*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.

The Common Stock Warrants expire on* August 25, 2026*and are classified as equity and recorded at the issuance date fair value.

Convertible Noncontrolling Interests

As of* December 31, 2025and2024,* the Operating Company had approximately 44.1 million and 44.9 million Common Units outstanding, respectively, excluding any equity incentive units granted and the Earn-Out Shares, as defined below. Beginningsix months afterfirst acquiring Common Units, each member will have the right to redeem the Common Units for either cash or common stock on aone-for-one 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 years ended* December 31, 2025and2024,* approximately 0.3 and 9.4 million Common Units were converted to shares of common stock on aone-for-one basis, respectively.

The Common Unitsnot held by the Company outstanding as of* December 31, 2025*are classified as noncontrolling interests within permanent equity on our Consolidated Balance Sheets.

Share Repurchase Program

In* September 2024,the Board authorized a share repurchase program of up to $10 million of shares of our outstanding common stock. Repurchases maybe 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 maybe structured to occur in accordance with the requirements of Rule10b*-18 of the Securities Exchange Act of1934, as amended. We* mayalso enter into Rule10b5*-1 plans to facilitate repurchases of our shares under this authorization. During the years ended* December 31, 2025and2024,* we repurchased approximately 1.2 million and 0.4 million shares under the program, for a cost of approximately $4.0 million and $1.3 million, respectively. From* January 1, 2026through February 27, 2026,*approximately 466,000 additional shares were repurchased under the program for a cost of approximately $1.4 million.

Note8 - Stock-Based Compensation

Our2023 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 thefirst quarter of each year. Service-based awards will typically follow athree-year graded vesting schedule, and performance-based awards generally vest based upon total shareholder return ("TSR") relative to the Russell2000 Index. All awards* may*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.

F-19

In addition to the standard awards described above, the Compensation Committee of the Board of Directors also approved the issuance of the following awards in2025 and2024:

The following table sets forth a roll forward of all incentive equity awards for the years ended* December 31, 2025and2024*:

We recognized $3.1 million and $5.7 million of equity-based compensation expense for the years ended* December 31, 2025and2024*, 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 approximately $4.4 million will be recognized over a weighted average term of 2.0 years. Performance based awards are valued at target and* may*have the ability to earn additional or fewer shares based on level of achievement.

**Note9 **—Employee Benefit Plan

We sponsor a401(k) plan that provides benefits for qualified employees. Our match of the employee contributions is discretionary and is equal to 100% of thefirst 6% of eligible compensation contributed by each employee. All contributions are funded in cash and vest immediately.

Total expense recorded for the matching401(k) contribution in the years ended* December 31, 2025and2024*, was approximately $130,000 and$140,000, respectively.

**Note10 **–Earnings Per Share

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 thetwo-class method of allocating distributed and undistributed earnings when thetwo-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 years ended* December 31, 2025and2024* 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 is met, assuming that the end of the reporting period is the end of the contingency period. We had 4.3 and 3.6 million unvested service-and performance-based awards which are considered antidilutive to the dilutive loss per share calculation for the years ended* December 31, 2025and2024*.

F-20

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 years ended* December 31, 2025and2024* (dollars in thousands):

**Note11 **—Leases

Lessor

All of our leases are classified as operating leases. The following table summarizes the components of operating lease revenue recognized during the years ended* December 31, 2025and2024* included within the Consolidated Statements of Operations (dollars in thousands):

Future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of* December 31, 2025*, assumingno new or renegotiated leases or option extensions on lease agreements are executed, are as follows (excluding leases subsequently replaced by asset management contracts, dollars in thousands):

Lessee - Right of Use Asset and Lease Liability

We are the lessee in a ground lease for additional space atone location with a commencement date of* January 1, 2024.The lease has afourteen-year term, including extension options, with an annual payment of $40,457 per annum for thefirst* year and increased each year by the lesser of 3.5% and the Consumer Price Index. The lease is accounted for as an operating lease under ASC842. We recognized a Right of Use (“ROU”) Leased Asset and a ROU Lease Liability on the lease commencement date which is included in Land and Improvements and Accounts Payable and Accrued Expenses, respectively, on the Consolidated Balance Sheets. Through the discounting of the remaining lease payments at our incremental borrowing rate of 8.42%, the value of both the ROU asset and ROU liability recognized at commencement date was approximately $0.3 million. We recognized approximately $40,000 of operating lease expense during the years ended* December 31,* 2025 and2024. This expense is included in Property Operating Expense on the Consolidated Statements of Operations. Changes in the lease liability and lease asset amortization expense werenot material in the Statement of Cash Flows.

F-21

As of* December 31, 2025*, future lease payments are as follows (dollars in thousands):

Note12 – Variable Interest Entities

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.

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.

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 and $6.0 million (substantially all mortgage debt) before consolidation as of* December**31,* 2025 and2024, respectively. 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 donot have recourse to the Company.

Note13 — Income Taxes

We are taxed as a C corporation and are subject to federal income tax on our taxable income at regular corporate rates. A full valuation allowance for deferred tax assets was historically provided each year as it was more likely thannot that we wouldnot realize the benefits of our deferred tax assets. As a taxable C Corporation, we have evaluated our deferred tax assets for the year ended* December 31, 2025*, which consist primarily of net operating losses and our investment in the Operating Partnership. Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over thethree-year period ended* December 31, 2025*. Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth. We have continued to generate a net loss and as such we have determined that we will continue to record a full valuation allowance against our deferred tax assets for the year ended* December 31, 2025*. A change in circumstances* maycause us to change our judgment about whether deferred tax assets should be recorded, and further whether any such assets would more likely thannot* be realized. We would generally report any change in the valuation allowance through our Consolidated Statements of Operations in the period in which such changes in circumstances occur.

F-22

The provision for income taxes for the years ended* December 31, 2025and2024* consisted of the following (dollars in thousands):

The following table presents a reconciliation of the statutory corporate U.S. federal income tax rate to our effective tax rate as of* December 31, 2025* and2024 (dollars in thousands):

The balances for deferred taxes for the years ended* December 31, 2025and2024* consisted of the following (dollars in thousands):

As of* December 31, 2025* and2024, we had federal and various state net operating loss (NOL) carryforwards of $97.8 million and $95.8 million, respectively. The federal net operating losses generated in2018 and after of $87.2 million will carryforward indefinitely and be available to offset up to80% of future taxable income each year. The federal net operating losses generated prior to2018 of $8.6 million will begin to expire in2036 unless previously utilized.

The One Big Beautiful Bill Act (“OBBBA”) was enacted on* July 4, 2025and doesnot* materially impact the Company’s effective tax rate or cash flows in the current fiscal year.

F-23

Note14 — Fair Value

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 are as follows:

Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – 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 not active, and model-derived valuations whose inputs are observable.

Level 3 – Model-derived valuations with unobservable inputs.

In certain cases, the inputs used to measure fair value* may*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.

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 Level2 inputs and approxim ates $187.8 million and $186.7 million as of* December 31, 2025and2024*, respectively. The carrying amount of the Line of Credit as of* December 31, 2025*approximates fair value due to its short time to maturity.

Recurring and Nonrecurring Fair Value Measurements

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 years ended* December 31, 2025and2024* were as follows (in thousands):

Earn-Out Shares

The terms of the Earn-Out Shares allow an additional 1,900,000 shares to vest if certain milestones are achieved:

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 Level3 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 (currently 25.0% to 40.0%) and in selection of comparable companies.

F-24

The gain is recorded as the Change in Fair Value of Earn-out Liability in the Consolidated Statements of Operations. The following table reflects the change in value during the years ended* December 31, 2025* and2024 (in thousands):

Interest rate swap

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 or receipts 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 arenot material. Because we determined that the significant inputs used to value our derivatives are observable, we believe our derivative valuation is classified in Level2 of the fair value hierarchy.

Impairment

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* mayuse internally developed valuation models or independentthird*-parties where available. In either case, the fair value of real estate* maybe 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 net 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 Level3* of the fair value hierarchy. During the years ended* December 31, 2025and2024,* we impaired approximately $3.8 million and $0.2 million of our real estate assets, respectively, as a result of property dispositions, including planned dispositions currently under contract.

**Note15 **—Commitments and Contingencies

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 as noted below, or routine litigation arising out of the ordinary course of business, we arenot presently subject to any material litigation nor, to our knowledge, is any material litigation threatened against us.

In* January 2023,the43rd* District Court of Parker County, Texas, entered summary judgment against MVP Fort Worth Taylor, LLC,one of our subsidiaries, in favor of the plaintiff, John Roy, who alleged that he was due a commission relating to a proposed sale of the Fort Worth Taylor parking facility which was never consummated. In* September 2024,a settlement was reached resulting in a gain on the settlement of approximately $0.3 million which is reflected in Other Income, Net in the Consolidated Statements of Operations for the year ended December 31,*2024.

**Note16 **—Related Party Transactions and Arrangements

Previously,three of our assets were operated by PCA, Inc., dba Park Place Parking. Park Place Parking is a private parking operator that is wholly owned by relatives of the Executive Chairman of the Board. The Executive Chairman of the Board is neither an owner nor beneficiary of Park Place Parking. As of* December**31,* 2024, we recorded a balance of approximately $0.2 million from Park Place Parking which is included in Accounts Receivable, Net on the Consolidated Balance Sheets and was subsequently paid within terms of the management agreement. Park Place Parking didnot operate any of our assets as of* December 31, 2025.*

F-25

We have a lease agreement with ProKids, an Ohionot-for-profit, leasing21,000 square feet of vacant unfinished commercial space in a531,000 square foot building in Cincinnati, Ohio, for120 months to the organization. An immediate family member of the Executive Chairman of the Board is a member of the Board of Trustees of ProKids. ProKids will haveno rent due to us throughout the lease term, other than a rental fee on parking spaces used by the ProKids staff and visitors and payment toward common area utility costs. As of* December 31, 2025and2024,* ProKids owes an immaterial amount of rental income related to the lease agreement.

In connection with our recapitalization transaction in* August 2021,we owe approximately $0.5 million to certain member entities of Color Up relating to prorated revenues for the month of August 2021of thethree* properties contributed by Color Up. The accrual is reflected within Due to Related Parties on the Consolidated Balance Sheets for the years ended* December 31, 2025and2024.*

We have agreed to pay for certain tax return preparation services of Color Up and certain member entities of Color Up as well as certain legal services in connection with the Registration Rights Agreement. We incurred approximately $0.1 million related to these services for the years ended* December 31, 2025and2024.*

License Agreement

On* August 25, 2021,we entered into a Software License and Development Agreement with an affiliate of Bombe Asset Management, Ltd., an affiliate of the Executive Chairman of the Board and our Chief Executive Officer and President (the “Supplier”), pursuant to which we granted to the Supplier a limited, non-exclusive, non-transferable, worldwide right and license to access certain software and services for a fee of $5,000 per month. This agreement ended during thesecond* quarter of2025.

Tax Matters Agreement

On* August 25, 2021,the Company, the Operating Partnership and Color Up entered into the Tax Matters Agreement, or 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 (1) (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 thetenth* anniversary of the completion of the Transaction, as defined in the Tax Matters Agreement, (or earlier, if certain conditions are satisfied); and (2) 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 thetenth 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 least20% 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.

Line of Credit

In* September 2024,we entered into a $40.4 million Line of Credit. Mr. Osher, co-chair of the Company’s board of directors, is the managing member ofNo* Street Capital LLC, which serves as the investment manager of the Lenders. For further discussion of the Line of Credit, refer to Note6 above.

**Note17 **—Segment Information

Our principal business is the ownership and operation of parking facilities. We donot distinguish our principal business, or group our operations, by geography or size for purposes of measuring performance and managing the business on a consolidated basis. Accordingly, we have presented our results as a single reportable segment: parking. The accounting policies of the parking segment are the same as those described in Note2 – Significant Accounting Policies.

The parking segment derives revenue from managed property revenue and rental income at our parking facilities. We provide access to our property and space for the parker’s vehicle and are entitled to fees that vary based on the level of usage. All revenue and assets are domestically derived and located.

Our chief operating decision maker (“CODM”) is our chief executive officer. Our CODM assesses performance for the parking segment and decides how to allocate resources based on net income that is also reported on the Consolidated Statement of Operations as Net Loss. Disaggregated segment expenses are consistent with those presented on the Consolidated Statement of Operations. The measure of segment assets is reported on the Consolidated Balance Sheets as Total Assets.

F-26

The CODM uses net income to evaluate return on assets. Net income is predominantly used in the annual budget and forecasting process. The CODM considers budget to actual variances in assessing performance of the segment and allocating resources. We donot have intra-entity sales or transfers.

For information about the parking segment for the years ended* December 31, 2025and2024,* refer to the Consolidated Statement of Operations.

F-27

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

*** December 31, 2025***

(dollars in thousands)

F-28

The following table reconciles the historical cost of total real estate held for investment for the years ended* December 31, 2025and2024* (dollars in thousands):

The following table reconciles the accumulated depreciation for the years ended* December 31, 2025and2024* (dollars in thousands):