Mobile Infrastructure Corp

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

(UNAUDITED)

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* March 31, 2026,we own 35 parking facilities in18* separate markets throughout the United States, with a total of approximately 13,200 parking spaces and approximately 4.6 million square feet. We also own approximately 0.1 million square feet of commercial space adjacent to our parking facilities.

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 90.2% of the Common Units of the Operating Company. The remaining Common Units are held by certain of our executive officers and directors (directly or indirectly) and outside investors.

**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 generally accepted accounting principles in the United States (“GAAP”) for interim financial information as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), and in conjunction with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the consolidated financial statements donot include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary to give a fair presentation of operating results for the periods presented have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. Operating results for thethree months ended* March 31, 2026*, arenot necessarily indicative of the results that* maybe expected for the year ending December 31, 2026.There wereno* significant changes to our significant accounting policies during thethree months ended* March 31, 2026*. For a full summary of our accounting policies, refer to our Annual Report on Form10-K for the fiscal year ended* December 31, 2025filed with the SEC on March 5, 2026.*

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 quarterly report on Form10-Q (this “Quarterly 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 Quarterly Report.

We have incurred net losses since our inception and anticipate net losses for the near future. We currently have $22.2 million related to the Line of Credit (as defined herein) due withintwelve months of the date of the filing of this Quarterly Report. Additionally, as of the date of this filing, the Line of Credit has $5.5 million of accrued interest that is due upon maturity. We 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.

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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.

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. We have concentrations in revenue, excluding commercial revenue, where certain operators act as either a lease tenant or an operator agent with Metropolis Technologies, Inc. (“Metropolis”) of 59.6% and 55.9%, LAZ Parking (“LAZ”) of 14.0% and 13.8%, and Interstate Parking of 10.4% and 9.8% for thethree* months ended* March 31, 2026and2025*, respectively.

In addition, we had concentrations in Cincinnati (20.8% and 20.0%), Detroit (11.5% and 11.0%), and Chicago (10.2% and 9.8%) based on gross book value of real estate, including intangible assets and construction in progress, as of* March 31, 2026and December 31, 2025,*respectively.

We had concentrations of our outstanding accounts receivable balance with Metropolis (38.4% and 40.2%) as of* March 31, 2026* and* December 31, 2025,*respectively. The majority of these receivable balances represent cash paid by parkers that was collected on our behalf by these operators.

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.

Lessor Accounting

All our leases are classified as operating leases. The majority of variable lease payments for operating leases are recorded as Percentage Rental Income within the Consolidated Statements of Operations. Certain of our lease agreements provide for tenant reimbursements of property taxes and other operating expenses that are variable depending upon the applicable expenses incurred. These reimbursements are accrued as Base Rental Income in our Consolidated Statements of Operations and werenot significant during thethree months ended* March 31, 2026and2025*.No significant changes to our leases have occurred during thethree months ended* March 31, 2026*.

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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:

Note3 — Managed Property Revenues

Disaggregation of revenue

We disaggregate revenue from contracts with customers by Transient Parkers, customers who arrive at our parking facilities and have the right to park in any open spotnot otherwise marked as reserved, and Contract Parkers, customers who pay, generally in advance, to have the right to access the facility for a set period. We have concluded that such disaggregation of revenue best depicts the overall nature and timing of our revenue and cash flows affected by the economic factors of the respective contractual arrangement.

Disaggregated revenue for thethree months ended* March 31, 2026and2025* 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. As of March 31, 2026and2025,* we had $2.9 million and $3.1 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 within a month of the liability being recognized. Changes in deferred revenue primarily include prepayments for future parking months and recognition of previously deferred revenue.No material amounts in deferred revenue represent prepayments for a period longer than a single month. As of* March 31, 2026and2025,* we had approximately $0.1 million of deferred managed property revenue included in Accounts Payable and Accrued Expenses on the Consolidated Balance Sheets.

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

2026

In* March 2026,*we sold a parking garage located in Honolulu, Hawaii for approximately $16.5 million, resulting in a loss on sale of real estate of approximately $1.1 million.

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.

Note5 — Intangible Assets

A schedule of our intangible assets and related accumulated amortization as of* March 31, 2026* and* December 31, 2025* is as follows (dollars in thousands):

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$40,000 and $0.2 million for thethree months ended* March 31, 2026and2025,* respectively.

Estimated future amortization of intangible assets as of* March 31, 2026* is as follows (dollars in thousands):

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Note6 — Debt

As of* March 31, 2026* and* December 31, 2025,*the principal balances on notes payable are as follows (dollars in thousands):

In* February 2026,we entered into a $1.5 million line of credit with WesBanco Bank, Inc. maturing in November 2031*to fund capital improvements at Mabley Place Garage (the “Mabley LOC”). The Mabley LOC is secured by the Mabley Place Garage and is cross-collateralized and cross-defaulted with our existing WesBanco loan.

In* March 2026,we made a partial principal paydown of $8.1 million on the2034* CMBS Loan using proceeds from the sale of a parking asset. In connection with the sale, we incurred a charge of $2.0 million associated with the prepayment of the2034 CMBS Loan, which is recognized as Loss on Extinguishment of Debt on the Consolidated Statement of Operations.

As of* March 31, 2026*, 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 March 24, 2026,we entered into athird* amendment to the Line of Credit, which extended the maturity date to* June 30, 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, Co-Chairman of the Board, is the managing member ofNo Street Capital LLC, which serves as the investment manager of the Lenders.

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As of* March 31, 2026,approximately $25.9 million was outstanding under the Line of Credit. Additionally, there was approximately $5.9 million of accrued interest on the Line of Credit as of March 31, 2026that is recorded in Accounts Payable and Accrued Expenses on our Consolidated Balance Sheets. In April 2026,*we paid $3.7 million of principal and $0.8 million of interest using proceeds from the sale of our Hawaii property.

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 the interest rate swap was $0.1 million and $0.2 million as of March 31, 2026and December 31, 2025,respectively, and is recorded within Accounts Payable and Accrued Expenses on our Consolidated Balance Sheets. The arrangement was for a notional amount of $12.0 million and a fixed overall rate of 7.29% beginning in March 2025.Our use of derivative instruments is limited to this interest rate swap to manage interest rate exposure. The principal objective of this arrangement is to minimize the risks and costs associated with our financial structure, which are in part determined by interest rates. We have 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.

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 stock.

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 5.50% of the stated value pari passu with the dividend preference of the Series A Preferred Stock and in preference to any payment of any dividend on our common stock.

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* March 2026.*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.

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During thethree months ended* March 31, 2026*,102 shares of the Series1 Preferred Stock and 30 shares of Series A Preferred Stock were redeemed for cash. In addition, requested redemptions at* March 31, 2026* of approximately 100 shares with a stated value of $0.1 million of Series1 Preferred Stock and Series A Preferred Stock were reclassified to Accrued Preferred Distributions and Redemptions on the Consolidated Balance Sheets, as we intend to redeem the shares for cash. During thethree months ended* March 31, 2026*, no shares of Series1 Preferred Stock or Series A Preferred Stock were converted to shares of common stock.

During thethree months ended* March 31, 2025,approximately 1,100 shares of the Series1* Preferred Stock and approximately 60 shares of Series A Preferred Stock were redeemed for cash. In addition, requested redemptions at* March 31, 2025of approximately 800 shares with a stated value of $0.8 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. During thethree months ended* March 31, 2025,no shares of Series1* Preferred Stock of Series A Preferred Stock were converted to shares of common stock.

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 Non-controlling Interests

As of* March 31, 2026* and2025, the Operating Company had approximately 43.6 million and 45.1 million Common Units outstanding, respectively, excluding any equity incentive units granted and the Earn-Out Shares, as defined below. 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 thethree months ended* March 31, 2026* and2025, no Common Units were converted to shares of common stock.

The Common Unitsnot held by the Company outstanding as of* March 31, 2026* 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 thethree months ended* March 31, 2026and2025,* we repurchased approximately 0.5 million and 0.1 million shares under the program, for a cost of approximately $1.4 million and $0.3 million, respectively.

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.

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The following table sets forth a roll forward of all incentive equity awards for thethree months ended* March 31, 2026*:

We recognized $0.8 and $0.7 million of equity-based compensation expense for thethree months ended* March 31, 2026and2025*, 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 $5.1 million will be recognized over a weighted average term of 2.1 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 — 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 thethree months ended* March 31, 2026and2025* and therefore were excluded from the dilutive calculation. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. We had 4.3 million and 3.8 million unvested service- and performance-based awards which are considered antidilutive to the dilutive loss per share calculation for thethree months ended* March 31, 2026and2025*, respectively.

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 thethree months ended* March 31, 2026and2025* (dollars in thousands):

Note10 — 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.

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As a result, we consolidate our investment in MVP St. Louis and MVP St. Louis Cardinal Lot Master Tenant, LLC, which had total assets of approximately $11.9 million (substantially all real estate investments) and liabilities of approximately $6.1 million (substantially all mortgage debt) before consolidation as of both* March 31, 2026* and* December 31, 2025.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.

Note11 — 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 is as follows:

Level1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that arenot active, and model-derived valuations whose inputs are observable.

Level3 – 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 approximates $179.5 million and $187.8 million as of* March 31, 2026* and* December 31, 2025,respectively. The carrying amount of the Line of Credit as of March 31, 2026* 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 thethree months ended* March 31, 2026* and the year ended* December 31, 2025*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 (25.0% to 40.0%) and in selection of comparable companies.

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The gain is recorded as the Change in Fair Value of Earn-Out Liability in the Consolidated Statements of Operations. There wasno change in the value of the Earn-Out Liability during thethree months ended* March 31, 2026*.

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 receipts or payments are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. We evaluated the need for credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements, but believe these impacts 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 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. No impairments were recorded during thethree months ended* March 31, 2026and2025*.

Note12 — 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 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.

Note13 — Related Party Transactions and Arrangements

Color Up Matters

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 Sheet as of* March 31, 2026and December 31, 2025.*

We have agreed to pay for certain legal services for Color Up in connection with the Registration Rights Agreement. We incurred an immaterial amount related to these services for thethree months ended* March 31, 2026*. We incurred approximately $0.1 million during thethree months ended* March 31, 2025*for certain legal and tax services for Color Up and certain member entities of Color Up.

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On* August 25, 2021,the Company, the Operating Partnership and Color Up entered into the Tax Matters Agreement pursuant to which the Operating Partnership agreed to indemnify Color Up and certain affiliates and transferees of Color Up (together, the “Protected Partners”), against certain adverse tax consequences in connection with (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, the Co-Chairman of the Board, 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.

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