Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion should be read in conjunction with the unaudited consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. In addition to historical data, this discussion contains forward-looking statements as that term is defined under the Private Securities Litigation Reform Act of 1995 ("PSLRA"), Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Those statements include statements regarding Cantor Fitzgerald Income Trust, Inc.'s (the "Company") business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. The Company's actual results may differ materially from those in this discussion as a result of various factors, including but not limited to those discussed under "Risk Factors" in the Company's Registration Statement on Form S-11 (File No. 333-273828) (the "Registration Statement"), under Item 1A. Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and elsewhere in this Quarterly Report on Form 10-Q. The Company does not undertake to revise or update any forward-looking statements.

Forward-Looking Statements

This Form 10-Q contains "forward-looking statements," as that term is defined under the PSLRA, Section 27A of the Securities Act, and Section 21E of the Exchange Act. Forward-looking statements include statements about the Company's business, including, in particular, statements about the Company's plans, strategies and objectives. You can generally identify forward-looking statements by the Company's use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue" or other similar words. These statements include the Company's plans and objectives for future operations, including plans and objectives relating to future growth and availability of funds, and are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond the Company's control. Although the Company believes the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and the Company's actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by the Company or any other person that the Company's objectives and plans, which the Company considers to be reasonable, will be achieved.

You should carefully review Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, and elsewhere in this Quarterly Report on Form 10-Q for a discussion of the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition. Except as otherwise required by federal securities laws, we do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Overview

The Company is a Maryland corporation that has elected and qualified to be taxed as a REIT for U.S. federal income tax purposes beginning with the taxable year ending December 31, 2017. The Company is externally managed by the Advisor, a Delaware limited liability company and wholly owned subsidiary of the Company's sponsor, CFI. The Company is a commercial real estate company formed to invest in and manage a diversified portfolio of income-producing commercial properties and multifamily properties, as well as other real estate-related assets.

The Company was incorporated in the State of Maryland on February 2, 2016 under the name Rodin Global Access Property Trust, Inc. On September 12, 2016, the Company changed its name to Rodin Global Property Trust, Inc. and on July 30, 2020, the Company changed its name to Cantor Fitzgerald Income Trust, Inc.

The Company plans to own substantially all of its assets and conduct its operations through the Operating Partnership. The Company is the sole general partner and a limited partner of the Operating Partnership and CFI's wholly owned subsidiary, Cantor Fitzgerald Income Trust OP Holdings, LLC, (the "Special Unit Holder"), is the sole special unit holder of the Operating Partnership.

The Company is conducting a continuous public offering of shares of common stock pursuant to Rule 415 of the Securities Act. On March 23, 2017, the Company launched the Initial Offering of up to $1.25 billion in shares of common stock, consisting of up to $1.0 billion in shares in its Primary Offering and up to $250 million in shares pursuant to its DRP. On May 18, 2017, the Company satisfied the Minimum Offering Requirement for the Initial Offering as a result of CFI's purchase of $2.0 million in Class IX shares. The Company terminated the Primary Offering effective July 31, 2020, but is continuing to offer up to $50.0 million of common stock pursuant to the DRP. On August 10, 2020, the Company launched the Follow-On Offering of up to $1.25 billion in shares of common stock, consisting of up to $1.0 billion in the primary offering and $250 million in shares pursuant to the DRP. On February 7, 2024, the Follow-On Offering terminated, and the Company launched the Third Offering of up to $1.25 billion in shares of common stock, consisting of up to $1.0 billion in the primary offering and $250 million in shares pursuant to the DRP. The Company intends to continue selling shares in the Third Offering on a monthly basis.

In addition to the Company's continuous public offering of shares of common stock, on April 8, 2026, the Company closed on an underwritten public offering of 800,000 shares of Series A Preferred Stock (the "Preferred Stock Offering").

As of November 10, 2026, the Company had sold 5,481,245 Class AX shares, 229,319 Class TX shares, 1,395,581 Class IX shares, 1,924,130 Class T shares, 770,693 Class D shares, 8,290 Class S shares, and 10,626,665 Class I shares of common stock in the Common Stock Offerings (including the DRP), for aggregate net proceeds of $273,804,134, and 800,000 shares of Series A Preferred Stock in the Preferred Stock Offering, for aggregate net proceeds of $18,923,750 (the Common Stock Offerings and the Preferred Stock Offering, collectively, the "Offerings").

Prior to the commencement of the Follow-On Offering, the Company determined its NAV as of the end of each quarter. NAV, as defined, is calculated consistent with the procedures set forth in the Company's prospectus and excludes any organization and offering expenses paid by the Advisor on the Company's behalf (other than selling commissions, dealer manager fees and distribution fees) ("O&O Costs"), with such costs to be reflected in the Company's NAV to the extent the Company reimburses the Advisor for these costs. Upon commencement of the Follow-On Offering, the Company started determining its NAV on a monthly basis, beginning with the determination of NAV as of July 31, 2020. As of September 30, 2026, the Company's NAV was $21.02 per Class AX share, Class IX share, Class I share, and Class I OP Unit, $21.00 per Class TX share, Class T share, and Class S share, and $21.01 per Class D share, and Class T OP Unit. For further discussion of the Company's NAV calculation, please see "-Net Asset Value".

Currently, the Company intends to invest in a diversified portfolio of income-producing commercial real-estate, multifamily properties and debt secured by commercial real estate located primarily in the United States. The Company will seek to invest: (a) at least 80% of the Company's assets in properties and real estate-related debt; and (b) up to 20% of the Company's assets in real estate-related securities. The number and type of properties or real estate-related securities that the Company acquires will depend upon real estate market conditions, the amount of proceeds the Company raises in its Offerings and other circumstances existing at the time the Company is acquiring such assets.

As of September 30, 2026, the Company had made the following investments:

The Company has no employees and has retained the Advisor to manage its affairs on a day-to-day basis. The Advisor's responsibilities include, but are not limited to, providing real estate-related services, including services related to originating investments, negotiating financing, and providing property-level asset management services, property management services, leasing and construction oversight services and disposition services, as needed. The Advisor is a wholly owned subsidiary of CFI and therefore, the Advisor and CFI are related parties. The Advisor and its affiliates receive, as applicable, compensation, fees and expense reimbursements for services related to the investment and management of the Company's assets. Such affiliated entities receive fees, expense reimbursements, and distributions (related to ownership of the Company's common stock) as well as other compensation during the offering, acquisition, operational and liquidation stages.

The Company is not aware of any material trends or uncertainties, favorable or unfavorable, other than national economic conditions affecting real estate generally, that may be reasonably anticipated to have a material impact on either capital resources or the revenues or income to be derived from acquiring properties or real estate-related securities, other than those referred to in this Quarterly Report on Form 10-Q.

Operating Highlights

Third Quarter of 2026 Activity

Portfolio Information

As of September 30, 2026, the Company owned interests in 42 real properties and a plot of land as described below:

As of September 30, 2026 and December 31, 2025, lease expirations related to the Company's net lease portfolio of real estate assets, (excluding multifamily and Data Center investments), based on each asset's fair value used in determining the Company's NAV, were as follows:

As of September 30, 2026 and December 31, 2025, the industry concentration of the Company's portfolio of real estate assets, based on each asset's fair value used in determining the Company's NAV, was as follows:

As of September 30, 2026 and December 31, 2025, the geographic concentration of the Company's portfolio of real estate assets, based on each asset's fair value used in determining the Company's NAV, was as follows:

As of September 30, 2026 and December 31, 2025, the investment type concentration of the Company's portfolio of real estate assets, based on each asset's fair value used in determining the Company's NAV, was as follows:

As of September 30, 2026 and December 31, 2025, the maturity concentration of debt secured by the Company's portfolio of real estate assets (including the Company's credit facility, which makes up the majority of debt maturing in 2028, and has two one-year extension options), based on principal balances and adjusted for ownership percentage, was as follows:

As of September 30, 2026 and December 31, 2025, the weighted average lease term remaining of the Company's portfolio of real estate assets (excluding multifamily and data center investments), based on each asset's fair value used in determining the Company's NAV, was 7.4 years and 7.2 years, respectively.

As of September 30, 2026 and December 31, 2025, the weighted average occupancy of the Company's portfolio of real estate assets, based on each asset's fair value used in determining the Company's NAV, was 95.3% and 95.0%, respectively. For the Company's industrial, retail and office investments, occupancy includes all leased square footage as of the date indicated. For the Company's multifamily investments, occupancy is defined as the percentage of units occupied on the date indicated.

Related Party Transactions

The Company has entered into agreements with the Advisor, the Dealer Manager and CFI and its affiliates, whereby the Company pays certain fees and reimbursements to these entities during the various phases of the Company's organization and operation. During the organization and offering stage, these include payments to the Dealer Manager for selling commissions, the dealer manager fee, distribution fees, and payments to the Advisor for reimbursement of O&O Costs. During the acquisition and operational stages, these include payments for certain services related to the management and performance of the Company's investments and operations provided to the Company by the Advisor and its affiliates pursuant to various agreements the Company has entered into with these entities. In addition, CFI has provided Sponsor Support in connection with the Initial Offering, which is subject to reimbursement under certain circumstances. See Note 10 - Related Party Transactions in the Notes to the unaudited consolidated financial statements contained elsewhere in this Quarterly Report on Form 10-Q for additional information concerning the Company's related party transactions and agreements.

Results of Operations

Rental Revenues

For the three months ended September 30, 2026 and September 30, 2025, the Company earned rental revenues of $20,542,802 and $19,882,921, respectively. For the nine months ended September 30, 2026 and September 30, 2025, the Company earned rental revenues of $60,381,041 and $59,517,396, respectively.

The Company's rental revenues consist primarily of rental income from triple net leased commercial properties and multifamily properties. The increase in rental revenues of $659,881 and $863,645 for the three and nine months ended September 30, 2026, as compared to the three and nine months ended September 30, 2025, was primarily attributable to the acquisition of the Archer Property, a rental income-producing property.

Other property operating revenues

For the three months ended September 30, 2026 and September 30, 2025, the Company earned other property operating revenues of $3,872,128 and $4,529,990, respectively. For the nine months ended September 30, 2026 and September 30, 2025, the Company earned other property operating revenues of $15,521,604 and $13,546,942, respectively.

Other property operating revenues consists of amounts received by the Company from the tenants of its properties for utilities and other amenities and for reimbursable expenses paid by the Company on behalf of the tenants in accordance with the provisions of the respective property leases. The decrease in other property operating revenues of $657,862 for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, was primarily due to the period's decrease in revenues from the income producing properties. The increase in other property operating revenues of $1,974,662

for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, was primarily due to the period's increase in revenues from the income producing properties.

General and Administrative Expenses

For the three months ended September 30, 2026 and September 30, 2025, the Company incurred general and administrative expenses of $582,095 and $328,274, respectively. For the nine months ended September 30, 2026 and September 30, 2025, the Company incurred general and administrative expenses of $2,943,613 and $476,805, respectively.

The general and administrative expenses consist primarily of operating expense reimbursements to the Advisor, accounting fees and other professional fees. Pursuant to the terms of the Advisory Agreement, the Company is obligated to reimburse the Advisor for certain operating expenses. Beginning October 1, 2018, the Company was subject to the limitation that it generally may not reimburse the Advisor for any amounts by which the total operating expenses at the end of the four preceding fiscal quarters exceeds the greater of (i) 2% of average invested assets (as defined in the Advisory Agreement) and (ii) 25% of net income other than any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of investments for that period (the "2%/25% Guidelines").

The increase in general and administrative expenses of $253,821 and $2,466,808 for the three and nine months ended September 30, 2026, as compared to the three and nine months ended September 30, 2025, was primarily due to an increase in various corporate level expenses. Effective December 31, 2025, the Advisor has waived all unreimbursed operating expenses incurred through the end of fiscal year 2025 that otherwise may have been eligible for reimbursement.

Depreciation and Amortization

For the three months ended September 30, 2026 and September 30, 2025, the Company incurred depreciation and amortization of $9,308,154 and $8,960,890, respectively. For the nine months ended September 30, 2026 and September 30, 2025, the Company incurred depreciation and amortization of $26,484,197 and $26,841,552, respectively.

The increase in depreciation and amortization expenses of $347,264 for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, was primarily due to the acquisition of the Archer Property. The decrease in depreciation and amortization expenses of $357,355 for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, was primarily due to the disposition of the SF Property and the Fisher Road Property.

Management Fees

For the three months ended September 30, 2026 and September 30, 2025, the Company incurred management fees of $2,097,689 and $1,511,959, respectively. For the nine months ended September 30, 2026 and September 30, 2025, the Company incurred management fees of $4,516,537 and $4,571,793, respectively.

Pursuant to the terms of the Advisory Agreement, the Company is required to pay the Advisor a monthly asset management fee, and may pay a monthly property management fee to the Advisor or an affiliate of the Advisor, if the Advisor or such affiliate serves as a property manager with respect to a particular property. Additionally, the Company may be required to reimburse certain expenses incurred by the Advisor in providing such asset management services, subject to limitations set forth in the Advisory Agreement.

Prior to January 1, 2026, the asset management fee equaled one-twelfth of 1.20% of the Company's most recently disclosed NAV per annum. Effective January 1, 2026, the fee was reduced to one-twelfth of 0.75% of the Company's most recently disclosed NAV per annum, payable by the Company based on its NAV and by the Operating Partnership based on the NAV attributable to OP Units held by unitholders other than the Company (excluding special limited partnership interests).

The increase in management fees of $585,730 for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, was primarily due to the increase in the Company's NAV for such period. The decrease in management fees of $55,256 for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, was primarily due to the decrease in asset management fee rate.

Property Operating Expenses

For the three months ended September 30, 2026 and September 30, 2025, the Company incurred property operating expenses of $8,905,511 and $9,186,674, respectively. For the nine months ended September 30, 2026 and September 30, 2025, the Company incurred property operating expenses of $29,836,490 and $26,321,052, respectively.

The property operating expenses consist of reimbursable expenses paid by the Company on behalf of its tenants in accordance with the provisions of the respective property leases and operating expenses incurred in maintaining and operating the multifamily properties. The decrease in property operating expenses of $281,163 for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, was primarily due to the decrease in existing property operating expenses during such period. The increase in property operating expenses of $3,515,438 for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, was primarily due to an increase in real estate taxes and existing property operating expenses during such period.

Income from Investments in Real Estate-Related Assets

Income from investments in real estate assets is earned on the Company's investment in the Station DST and Westchester DST. For the three months ended September 30, 2026 and September 30, 2025, the Company earned income from investments in real estate-related assets of $206,553 and $32,430, respectively. For the nine months ended September 30, 2026 and September 30, 2025, the Company earned income from investments in real estate-related assets of $304,463 and $41,669, respectively.

The increase in income from investments in real estate-related assets of $174,123 and $262,794 during the three and nine months ended September 30, 2026, as compared to the three and nine months ended September 30, 2025, was due to the Company's share of income earned at Station DST and Westchester DST.

Interest Income

For the three months ended September 30, 2026 and September 30, 2025, the Company earned interest income of $159,914 and $224,509, respectively. For the nine months ended September 30, 2026 and September 30, 2025, the Company earned interest income of $505,998 and $722,987, respectively.

Interest income is composed of interest earned on interest bearing cash deposit accounts with banking institutions.

The decrease in interest income of $64,595 and $216,989 during the three and nine months ended September 30, 2026, as compared to the three and nine months ended September 30, 2025, was primarily due to a decrease in the cash held by the Company in interest bearing deposit accounts.

Unrealized gain from investment in infrastructure fund, at fair value

For the three months ended September 30, 2026 and September 30, 2025, the Company had an unrealized gain of $931,227 and $433,755, respectively, from investment in infrastructure fund. For the nine months ended September 30, 2026 and September 30, 2025, the Company had an unrealized gain of $1,711,030 and $380,292, respectively, from investment in infrastructure fund.

The increase in unrealized gain from investment in infrastructure fund of $497,472 and $1,330,738 during the three and nine months ended September 30, 2026, as compared to the three and nine months ended September 30, 2025, was due to appreciation in the value of the Company's investment in the Data Center.

Loss on Extinguishment of Debt

For both the three and nine months ended September 30, 2026, the Company incurred a loss on extinguishment of debt of $2,983,027. For the three months ended September 30, 2025, the Company did not incur any loss on extinguishment of debt. For the nine months ended September 30, 2025, the Company incurred a loss on extinguishment of debt of $333,574.

The Company's loss on extinguishment of debt consists of unamortized debt issuance costs, prepayment fees and miscellaneous fees paid to the original lender. The increase in loss on extinguishment of debt of $2,983,027 and $2,649,453 during the three and nine months ended September 30, 2026, as compared to the three and nine months ended September 30, 2025, was due to Archer Property loan being refinanced during the periods presented.

Net gain on disposition of real estate

For the three months ended September 30, 2026, the Company did not have any loss or gain on disposition of real estate. For the nine months ended September 30, 2026, the Company incurred a gain on disposition of real estate of $13,306,908. For the three and nine months ended September 30, 2025, the Company did not have any loss or gain on disposition of real estate.

The Company's increase in gain on disposition of real estate of $13,306,908 during the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, was due to the disposition of the SF Property and the Fisher Road Property.

Other Income

For both the three and nine months ended September 30, 2026, the Company earned other income of $179,415. For the three and nine months ended September 30, 2025, the Company earned other income of $200,616 and $330,616, respectively.

The Company's decrease in other income of $21,201 and $151,201 during the three and nine months ended September 30, 2026, as compared to the three and nine months ended September 30, 2025, was primarily due to a decrease in refunds across other properties in the period presented.

Interest Expense

For the three months ended September 30, 2026 and September 30, 2025, the Company incurred interest expense of $6,861,829 and $7,463,751, respectively. For the nine months ended September 30, 2026 and September 30, 2025, the Company incurred interest expense of $20,348,342 and $21,575,378, respectively.

Interest expense is composed of interest paid and accrued on the Company's outstanding loans payable, and also includes amortization of deferred financing costs and gains from the interest rate cap.

The decrease in interest expense of $601,922 and $1,227,036 during the three and nine months ended September 30, 2026, as compared to the three and nine months ended September 30, 2025, was primarily attributable to lower outstanding borrowings under the Citizens Facility resulting from paydowns on the line of credit, as well as a decrease in the SOFR rate, partially offset by gains from the interest rate cap.

Funds from Operations and Modified Funds from Operations

The Company defines modified funds from operations ("MFFO") in accordance with the definition established by the Institute for Portfolio Alternatives, or IPA. The Company's computation of MFFO may not be comparable to other REITs that do not calculate MFFO using the current IPA definition. MFFO is calculated using funds from operations ("FFO"). The Company computes FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT, as net income or loss (computed in accordance with accounting principles generally accepted in the United States, or U.S. GAAP), excluding gains or losses from sales of depreciable properties, the cumulative effect of changes in accounting principles, real estate-related depreciation and amortization, impairment charges on depreciable property owned directly or indirectly and after adjustments for unconsolidated/uncombined partnerships and joint ventures. FFO, as defined by NAREIT, is a computation made by analysts and investors to measure a real estate company's cash flow generated by operations. The Company's computation of FFO may not be comparable to other REITs that do not calculate FFO in accordance with the current NAREIT definition. MFFO excludes from FFO the following items, as applicable:

FFO and MFFO should not be considered as an alternative to net income (determined in accordance with U.S. GAAP) as an indication of performance. In addition, FFO and MFFO do not represent cash generated from operating activities determined in accordance with U.S. GAAP and are not a measure of liquidity. FFO and MFFO should be considered in conjunction with reported net income and cash flows from operations computed in accordance with U.S. GAAP, as presented in the financial statements.

The following table presents a reconciliation of FFO to net income (loss):

The following table presents a reconciliation of FFO to MFFO:

Net Asset Value

On October 15, 2026, the Company's board of directors approved an estimated NAV as of September 30, 2026 of $21.02 per Class AX share, Class IX share, Class I share, and Class I OP Unit, $21.00 per Class TX share, Class T share, and Class S share, and $21.01 per Class D share, and Class T OP Unit. The calculation of the Company's estimated NAV was performed by Robert A. Stanger & Co., Inc. ("Stanger"), its independent valuation firm, in accordance with the procedures described in the "Net Asset Value Calculation and Valuation Procedures" section of the Company's prospectus and under the oversight of the Company's board of directors. Although the independent valuation firm performs the calculation of the Company's estimated NAV, the Company's board of directors is solely responsible for the determination of the Company's estimated NAV.

Estimated NAV

The determination of NAV involves a number of assumptions and judgments, including estimates of the Advisor's interest in disposition proceeds (if any). These assumptions and judgments may prove to be inaccurate. There can be no assurance that a stockholder would realize the most recently determined NAV per share if the Company were to liquidate or engage in another type of liquidity event today. In particular, the Company's September 30, 2026 NAV is based on appraisals of the fair market value of certain of the Company's real estate property investments which precede September 30, 2026 and, while the Company believes no material change has occurred in the value of these real estate property investments between the appraised value dates and September 30, 2026, Stanger has assumed no material change in property value has occurred since the appraisal date for those appraised properties with an appraised value date that preceded September 30, 2026. Furthermore, the Company's September 30, 2026 NAV does not consider fees or expenses that may be incurred in providing a liquidity event, including reimbursement of amounts to the Advisor for O&O Costs and any operating expenses that have not been invoiced by the Advisor in accordance with the terms of the Advisory Agreement. The Company believes the methodology of determining the Company's NAV conforms to the Institute for Portfolio Alternative's Practice Guideline for Valuations of Publicly Registered Non-Listed REITs (April 2013) and is prepared in accordance with the procedure described in the "Net Asset Value Calculation and Valuation Procedures" section of the Company's prospectus. In addition, the Company's board of directors periodically reviews the Company's NAV policies and procedures.

The NAV for each class of shares is based on the value of the Company's assets and the deduction of any liabilities, and any distribution fees applicable to such class of shares.

The following table provides a breakdown of the major components of the Company's NAV pursuant to the Company's valuation guidelines:

(1) Excluding the full distribution fee liability of $39,660. Distribution fee only relates to Class TX, Class T, Class D and Class S shares of common stock and Class T OP Units.

(2) The distribution fee that is payable as of September 30, 2026 related to Class TX, Class T, Class D, Class S shares of common stock, and Class T OP Units (is shown in the table below).

(3) Includes (i) Class AX, Class TX, Class IX, Class T, Class D, Class I, Class S shares of common stock; (ii) Class I OP and Class T OP Units issued in connection with the exercise of fair market value options for various DST properties.

Due to rounding, numbers presented throughout this section may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

The following table provides a breakdown of the Company's total NAV and NAV per share/OP unit by class as of September 30, 2026.

The following table reconciles stockholders' equity per the Company's unaudited consolidated balance sheet to the Company's NAV:

Note: (1) Accrued distribution fee only relates to Class TX, Class T, Class D and Class S shares of common stock and Class T OP Units.

The following details the adjustments to reconcile U.S. GAAP stockholders' equity to the Company's NAV:

Unrealized depreciation of real estate

The Company's investments in real estate are presented at historical cost, including acquisition costs, in the Company's U.S. GAAP consolidated financial statements. As such, any increases or decreases in the fair market value of the Company's investments in real estate are not included in the Company's U.S. GAAP results. For purposes of determining the Company's NAV, the Company's investments in real estate are presented at fair value.

Unrealized appreciation of real estate-related assets

The Company's investments in real estate-related assets are presented at historical cost, including acquisition costs, in the Company's U.S. GAAP consolidated financial statements. As such, any increases or decreases in the fair market value of the Company's investments in real estate-related assets are not included in the Company's U.S. GAAP results. For purposes of determining the Company's NAV, the Company's investments in real estate-related assets are presented at fair value.

Organization and offering costs

Certain costs associated with the issuance of the Company's Series A Preferred Stock were incurred on behalf of the Company. Under U.S. GAAP, costs directly attributable to the issuance of the Company's Series A Preferred Stock are recorded as a reduction of the related offering proceeds within stockholders' equity. For NAV purposes, such costs are recognized as a reduction in NAV on a straight-line basis.

Acquisition costs

The Company capitalizes acquisition costs incurred with the acquisition of its investments in real estate in accordance with U.S. GAAP. Such acquisition costs are not included in the value of real estate investments for purposes of determining NAV.

Deferred financing costs, net

Costs incurred in connection with obtaining financing are capitalized and amortized over the term of the related loan in accordance with U.S. GAAP. Such deferred financing costs are not included in the value of debt for purposes of determining NAV.

Accrued distribution fee

Accrued distribution fee represents the accrual for the full cost of the distribution fee for Class TX, Class T, Class D and Class S shares, and Class T OP Units. Under U.S. GAAP, the Company accrues the full cost of the distribution fee as an offering cost at the time it sells the Class TX, Class T, Class D and Class S shares, and Class T OP Units. For purposes of NAV, the Company recognizes the distribution fees as a reduction of NAV on a monthly basis as such fees are due.

Accumulated depreciation and amortization

The Company depreciates its investments in real estate and amortizes certain other assets and liabilities in accordance with U.S. GAAP. Such depreciation and amortization are not considered for purposes of determining NAV.

Fair value adjustment of debt obligations

The Company's debt obligations are presented at historical cost in the Company's U.S. GAAP consolidated financial statements. As such, any increases in the fair value of the Company's debt obligations are not included in the Company's U.S. GAAP results. For purposes of determining the Company's NAV, the Company's debt obligations are presented at fair value.

Deferred rent receivable

Deferred rent receivable represents rent earned in excess of rent received as a result of straight-lining rents over the term of the lease on certain of the Company's properties. Such deferred rent receivable is not considered for purposes of determining NAV.

Derivative assets, at fair value

Derivative assets, at fair value represents a cash flow hedge which the Company uses to hedge interest rate risk related to the Valencia Loan. Such Derivative assets, at fair value are not considered for purposes of determining NAV.

Non-controlling interests in subsidiaries

Non-controlling interests in subsidiaries represents the equity ownership in a consolidated subsidiary which is not attributable to the Company. The interests are presented at fair value for purposes of determining the Company's NAV.

Series A cumulative redeemable preferred stock

The Company classifies its Series A Preferred Stock as a component of stockholders' equity in accordance with U.S. GAAP. The liquidation preference amount of the Series A Preferred Stock is reduced for purposes of determining NAV.

The valuations of the Company's real properties as of September 30, 2026 were provided by Stanger or third-party appraisal firms in accordance with the Company's procedures. Certain key assumptions that were used by Stanger or third-party appraisal firms in the discounted cash flow analysis are set forth in the following table based on weighted-averages by property type at ownership interest.

A change in the exit capitalization and discount rates used would impact the calculation of the value of the Company's real property. For example, assuming all other factors remain constant, the changes listed below would result in the following effects on the value of the Company's real properties.

Liquidity and Capital Resources

The Company is dependent upon the net proceeds from its Offerings to conduct its principal operations. The Company will obtain the capital required to purchase real estate and real estate-related investments and conduct its operations from the proceeds of the Offerings, any future offerings, from secured or unsecured financings from banks and other lenders and from any undistributed funds from its operations.

If the Company is unable to raise substantial funds in its Offerings, it will make fewer investments resulting in less diversification in terms of the type, number and size of investments it makes and the value of an investment in the Company will fluctuate with the performance of the limited assets it acquires. Further, the Company will have certain fixed operating expenses, including certain expenses as a public company and a REIT, regardless of whether it is able to raise substantial funds in the Offerings. The Company's inability to raise substantial funds would increase its fixed operating expenses as a percentage of gross income, reducing its net income and limiting its ability to make distributions. As of September 30, 2026, the Company has raised gross proceeds of $531,528,849 in the Offerings.

The Company uses debt financing as a source of capital. The Company's charter limits the Company from incurring debt if the Company's borrowings exceed 300% of the cost of the Company's net assets, which is estimated to approximate 75% of the cost of its tangible assets (before deducting depreciation or other non-cash reserves), though the Company may exceed this limit under certain circumstances. Once the Company has fully deployed the proceeds of the Offerings, the Company expects its debt financing and other liabilities will be approximately 60% of the cost of its tangible assets (before adjusting for depreciation or other non-cash reserves), although it may exceed this level during the offering stage.

As of September 30, 2026, the Company's debt to tangible assets ratio was 50.6%. See Note 8 - Loans Payable for a description of the Company's outstanding debt arrangements as of September 30, 2026.

In addition to making investments in accordance with its investment objectives, the Company uses its capital resources to make certain payments to the Advisor and Dealer Manager. In conjunction with the Common Stock Offerings, payments are made to the Dealer Manager for selling commissions, dealer manager fees, and distribution fee payments. The total O&O Costs, including selling commissions, dealer manager fees, distribution fees and reimbursement of other O&O Costs, will not exceed 15% of the gross proceeds of each Offering, including proceeds from sales of shares under the DRP. Additionally, the Company expects to make payments to the Advisor in connection with the management of its assets and costs incurred by the Advisor in providing services to the Company.

The Company anticipates that over time adequate cash will be generated from operations to fund its operating and administrative expenses, continuing debt service obligations and the payment of distributions. However, the Company's ability to finance its operations is subject to some uncertainties. The Company's ability to generate working capital is dependent on its ability to attract and retain tenants, investments that generate cash flow, and the economic and business environments of the various markets in which the Company's properties will be located. The Company's ability to sell its assets is partially dependent upon the state of real estate markets and the ability of purchasers to obtain financing at reasonable commercial rates.

Cash Flows

The following table provides a breakdown of the net change in the Company's cash and restricted cash:

Operating Activities

During the nine months ended September 30, 2026, net cash provided by operating activities was $14,661,270, compared to $21,509,717 net cash provided by operating activities for the nine months ended September 30, 2025. The change was primarily driven by routine operational activity, including a reduction in cash inflows during the period and a decrease in due to related parties (see "-Results of Operations").

Investing Activities

During the nine months ended September 30, 2026, net cash provided by investing activities was $59,694,941, compared to $10,474,177 net cash used in investing activities for the nine months ended September 30, 2025. The change was primarily due to an increase of $68,212,933 in proceeds from disposition of real estate, and a decrease of $4,484,708 from purchase of interest in infrastructure fund.

Financing Activities

During the nine months ended September 30, 2026, net cash used in financing activities was $72,915,275, compared to $19,778,391 net cash used in financing activities for the nine months ended September 30, 2025. The change was primarily driven by an increase of $9,558,436 from proceeds of common stock, an increase of $17,898,750 from proceeds of preferred stock, an increase of $91,945,069 of paydowns under the credit facility, an increase in payments for redemption of common stock of $4,630,352, an increase in syndicated ownership interest of $4,201,770, and an increase of $7,241,180 of distributions to and redemptions of non-controlling interests.

Distributions

Common Stock

The Company's board of directors has authorized, and the Company has declared, distributions for the period September 1, 2020 through November 30, 2025 in an amount equal to $0.004234973 per day (or approximately $1.55 on an annual basis) per each share of common stock and OP unit, less, for holders of certain classes of shares, the distribution fees that are payable with respect to such shares as further described in the applicable prospectus. Beginning December 2025, the Company transitioned from a fixed per-share distribution to an annualized distribution rate of 5.00% of NAV per share class. The distributions are payable by the 5th business day following each month end to stockholders of record at the close of business each day during the prior month.

The amount of distributions payable to the Company's stockholders is determined by the board of directors and is dependent on a number of factors, including funds available for distribution, the Company's financial condition, capital expenditure requirements, requirements of Maryland law and annual distribution requirements needed to qualify and maintain its status as a REIT. The Company's board of directors may reduce the amount of distributions paid or suspend distribution payments at any time, and therefore distribution payments are not assured.

The following table summarizes the Company's distributions declared during the three and nine months ended September 30, 2026 and September 30, 2025:

During the three and nine months ended September 30, 2026 the Company declared $2,681,773 and $8,228,831, respectively, of distributions to its stockholders (including those reinvested in shares pursuant to the DRP), compared to the Company's total aggregate MFFO of $1,845,865 and $4,908,202, respectively, for the three and nine months ended September 30, 2026, and the Company's total aggregate net loss of $4,846,266 and net income of $4,798,253, respectively, for such periods.

During the three and nine months ended September 30, 2025 the Company declared $4,617,760 and $14,068,594, respectively, of distributions to its stockholders (including those reinvested in shares pursuant to the DRP), compared to the Company's total aggregate MFFO of $2,515,900 and $7,054,236, respectively, for the three and nine months ended September 30, 2025, and the Company's total aggregate net loss of $2,147,327 and $5,580,252 for such periods, respectively.

Preferred Stock

Holders of the Company's Series A Preferred Stock are entitled to cumulative cash distributions at a rate of 9.50% per annum on the $25.00 per share liquidation preference. Distributions are payable quarterly in arrears on the last day of January, April, July, and October of each year. During the three and nine months ended September 30, 2026, preferred stock distributions totaled $470,518 and $907,778, respectively, including both declared distributions and accrued distributions. During both the three and nine months ended September 30, 2025, the Company did not have any preferred stock distributions.

Election as a REIT

The Company has elected and qualified to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. The Company intends to operate in such a manner to qualify for taxation as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify or remain qualified as a REIT. In order to qualify and continue to qualify for taxation as a REIT, the Company generally must distribute annually at least 90% of the Company's REIT taxable income. REITs are subject to a number of other organizational and operational requirements, including asset, income, share ownership, minimum distribution and other requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, as well as federal income and excise taxes on its undistributed income.

Critical Accounting Estimates

Below is a discussion of the accounting policies that management believes are critical to the Company's principal operations. The Company considers these policies critical because they involve significant judgments and assumptions, and they require estimates about matters that are inherently uncertain and they are important for understanding and evaluating the Company's reported financial results. The accounting policies have been established to conform with U.S. GAAP. The preparation of the financial statements in accordance with U.S. GAAP requires management to use judgments in the application of such policies. Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable under the circumstances, the results of which form the basis for making judgments. These judgments affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in the Company's financial statements. Additionally, other companies may utilize different estimates that may impact the comparability of the Company's results of operations to those of companies in similar businesses.

Reimbursement of Organization and Offering Costs

The Advisor has agreed to pay, on behalf of the Company, all O&O Costs through the first anniversary of the date on which the Company satisfied the Minimum Offering Requirement, which was May 18, 2018 ("Escrow Break Anniversary"). The Company was not required to reimburse the Advisor for payment of the O&O Costs prior to the Escrow Break Anniversary. After the Escrow Break Anniversary, the Advisor, in its sole discretion, may pay some or all of the additional O&O Costs incurred, but is not required to do so. To the extent the Advisor pays such additional O&O Costs, the Company is obligated to reimburse the Advisor subject to the 1% Cap. Following the Escrow Break Anniversary, the Company began reimbursing the Advisor for payment of the O&O Costs on a monthly basis, provided, however, that the Company will not be obligated to pay any amounts that as a result of such payment would cause the aggregate payments for O&O Costs (less selling commissions, dealer manager fees and distribution fees) paid to the Advisor to exceed the 1% Cap as of such payment date. Any amounts not reimbursed in any period are included in determining any reimbursement for a subsequent period.

Variable Interest Entities

A Variable Interest Entity ("VIE") is an entity that lacks one or more of the characteristics of a voting interest entity. For an entity in which the Company has acquired an interest, the entity will be considered a VIE if both of the following characteristics are not met: 1) the equity investors in the entity have the characteristics of a controlling financial interest, and 2) the equity investors' total investment at risk is sufficient to finance the entity's activities without additional subordinated financial support. The Company makes judgments regarding the sufficiency of the equity at risk based first on a qualitative analysis, then a quantitative analysis, if necessary. A qualitative analysis is generally based on a review of the design of the entity, including its control structure and decision-making abilities, and also its financial structure. In a quantitative analysis, the Company would incorporate various estimates, including estimated future cash flows, assumed hold periods and capitalization or discount rates.

If an entity is determined to be a VIE, the Company then determines whether to consolidate the entity as the primary beneficiary. The primary beneficiary has both (i) the power to direct the activities that most significantly impact the VIE's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the entity.

The Company evaluates all of its investments in real estate-related assets to determine if they are VIEs utilizing judgments and estimates that are inherently subjective. If different judgments or estimates were used for these evaluations, it could result in differing conclusions as to whether or not an entity is a VIE and whether or not to consolidate such entity. As of September 30, 2026, the Company concluded that it had investments in VIEs, and where the Company was deemed the primary beneficiary it consolidated such entities, as described in "Note 11 - Variable Interest Entities" in its accompanying unaudited consolidated financial statements included in Part I, Item 1. "Financial Statements."

Voting Interest Entities

A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity is generally consolidated. The Company does not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party. The Company performs on-going reassessments of whether entities previously evaluated under the voting interest

framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation guidance, and vice versa.

Current Expected Credit Losses ("CECL")

The Company presents its financial assets that are measured at amortized cost net of an allowance for credit losses, which represents the amount expected to be collected over their estimated life. Expected credit losses for newly recognized financial assets carried at amortized cost, as well as changes to expected lifetime credit losses during the period, are recognized in earnings. The CECL methodology, which became effective for the Company on January 1, 2023, represents a significant change from prior U.S. GAAP and replaced the prior multiple impairment methods, which generally required that a loss be incurred before it was recognized. Within the life cycle of a loan or other financial asset in scope, the methodology generally results in the earlier recognition of the provision for credit losses and the related allowance for credit losses than under prior U.S. GAAP. The CECL methodology's impact on expected credit losses, among other things, reflects the Company's view of the current state of the economy, forecasted macroeconomic conditions and the Company's portfolios.

Accounting for Investments

Operating Real Estate

Operating real estate is carried at historical cost less accumulated depreciation. The Company follows the purchase method for an acquisition of operating real estate, where the purchase price is allocated to tangible assets such as land, building, tenant and land improvements and other identified intangibles. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their useful life. Ordinary repairs and maintenance are expensed as incurred. Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets.

Revenue Recognition

Operating Real Estate

Rental and other income from operating real estate is derived from leasing of space to various types of tenants. The leases are for fixed terms of varying length and generally provide for annual rentals and expense reimbursements to be paid in monthly installments. Rental income from leases is recognized on a straight-line basis over the term of the respective leases.

Income Taxes

The Company has elected and qualified to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. As a REIT, the Company generally will not be subject to U.S. federal income tax with respect to the Company's income that is distributed annually to stockholders. The Company intends to operate in a manner that allows it to meet the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. The Company will monitor the business and transactions that may potentially impact the Company's REIT status. If the Company were to fail to meet these requirements, it could be subject to U.S. federal income tax on the Company's taxable income at regular corporate rates. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. The Company would also be disqualified for the four taxable years following the year during which qualification was lost unless the Company was entitled to relief under specific statutory provisions.

The Company provides for uncertain tax positions based upon management's assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. Management is required to determine whether a tax position is more likely than not to be sustained upon examination by tax authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Because assumptions are used in determining whether a tax benefit is more likely than not to be sustained upon examination by tax authorities, actual results may differ from the Company's estimates under different assumptions or conditions. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in "Provision for income taxes" in the consolidated statement of operations.

See Note 2 - Summary of Significant Accounting Policies in the accompanying unaudited consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for information on other accounting policies.

Recent Accounting Pronouncements

See Note 2 - Summary of Significant Accounting Policies in the accompanying unaudited consolidated financial statements included in Part I, Item 1.

Inflation

Some of the Company's leases with tenants may contain provisions designed to mitigate the adverse impact of inflation. These provisions generally increase rental rates during the term of the leases either at fixed rates or indexed escalations (based on the Consumer Price Index or other measures). The Company may be adversely impacted by inflation on the leases that do not contain indexed escalation provisions. However, the Company's net leases will generally require the tenant to pay its allocable share of operating expenses, which may include common area maintenance costs, real estate taxes and insurance. This may reduce the Company's exposure to increases in costs and operating expenses resulting from inflation.

Contractual Obligations

The following table presents the future principal payments due under the Company's FM Loan, CO Loan, DST Loan, Buchanan Loan, Keller New Loan, Summerfield Loan, Valencia Loan, Kacey Loan, Industry Loan, ON3 Loan, West End Loan, Palms Loan, Pearland Loan, WAG MH Loan, and Credit Facility Agreement as of September 30, 2026, which represent the Company's aggregate contractual obligations and commitments with payments due subsequent to September 30, 2026.