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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-43220

Cantor Fitzgerald Income Trust, Inc.

(Exact name of Registrant as specified in its Charter)


Maryland		81-1310268
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

110 E. 59th Street, New York, NY		10022
(Address of principal executive offices)		(Zip Code)

(Registrant’s telephone number, including area code) (212) 938-5000

(Former name, former address, and former fiscal year, if changed since last report) Not applicable

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
9.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share	CFTR-PRA	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of May 8, 2026, the registrant had 2,952,148 Class AX shares, 1,004,978 Class IX shares, 4,943 Class TX shares, 5,425,661 Class I shares, 1,245,719 Class T shares, 437,991 Class D shares and 5,457 Class S shares of $0.01 par value common stock outstanding.

CANTOR FITZGERALD INCOME TRUST, INC.

TABLE OF CONTENTS


		Page

PART I - FINANCIAL INFORMATION		3

Item 1. Financial Statements (Unaudited)		3

Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025		3

Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and March 31, 2025		4

Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2026 and March 31, 2025		5

Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2026 and March 31, 2025		6

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and March 31, 2025		7

Notes to Consolidated Financial Statements		8

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.		41

Item 3. Quantitative and Qualitative Disclosures About Market Risk.		60

Item 4. Controls and Procedures.		62

PART II - OTHER INFORMATION		63

Item 1. Legal Proceedings.		63

Item 1A. Risk Factors.		63

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		64

Item 3. Defaults Upon Senior Securities.		65

Item 4. Mine Safety Disclosures.		65

Item 5. Other Information.		65

Item 6. Exhibits.		66

Signatures		69

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

CANTOR FITZGERALD INCOME TRUST, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)


	March 31, 2026			December 31, 2025
Assets
Investment in real estate, net of accumulated depreciation of $114,625,367 and $113,331,033, respectively	$	908,837,350		$	964,598,188
Cash and cash equivalents		23,479,312			25,386,715
Restricted cash		6,176,753			6,306,855
Investments in real estate-related assets		5,181,920			5,228,709
Investment in real estate, held for sale		50,765,260			5,609,212
Investment in infrastructure fund, at fair value		9,531,627			8,651,872
Intangible assets, net of accumulated amortization of $50,818,153 and $53,669,340 respectively		64,434,776			67,960,996
Operating lease right-of-use asset		16,092,173			16,115,737
Derivative assets, at fair value		5,920,323			5,720,505
Prepaid expenses and other assets		13,668,884			13,177,180
Deferred rent receivable		18,718,199			18,084,678
Total assets	$	1,122,806,577		$	1,136,840,647
Liabilities and Equity
Liabilities
Loans payable, net of deferred financing costs of $4,887,051 and $5,156,704, respectively	$	597,755,954		$	595,583,567
Intangible liabilities, net of accumulated amortization of $8,333,516 and 9,862,831, respectively		14,372,996			15,323,482
Operating lease liability		16,092,173			16,115,737
Distributions payable		1,475,097			1,154,031
Restricted reserves		10,202,406			13,231,811
Due to related parties		12,032,106			16,816,455
Deferred revenue		1,810,080			2,040,969
Accrued interest payable		1,931,409			1,912,056
Accounts payable and accrued expenses		2,822,162			4,326,158
Total liabilities	$	658,494,383		$	666,504,266
Commitments and contingencies (Note 13)
Stockholders' equity
Controlling interest
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, and 0 issued and outstanding as of each March 31, 2026 and December 31, 2025		—			—
Class AX common stock, $0.01 par value per share, 10,000,000 shares authorized, and 3,016,828 and 3,092,474 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively		30,168			30,925
Class TX common stock, $0.01 par value per share, 5,000,000 shares authorized, and 4,937 and 4,927 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively		49			49
Class IX common stock, $0.01 par value per share, 5,000,000 shares authorized, and 1,005,256 and 1,022,507 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively		10,053			10,225
Class T common stock, $0.01 par value per share, 100,000,000 shares authorized, and 1,260,445 and 1,267,374 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively		12,604			12,674
Class S common stock, $0.01 par value per share, 20,000,000 shares authorized, and 5,449 issued and 5,437 outstanding as of each March 31, 2026 and December 31, 2025, respectively		54			54
Class D common stock, $0.01 par value per share, 60,000,000 shares authorized, and 444,591 issued and 472,659 outstanding as of each March 31, 2026 and December 31, 2025, respectively		4,446			4,727
Class I common stock, $0.01 par value per share, 200,000,000 shares authorized, and 5,535,061 and 5,250,219 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively		55,351			52,502
Additional paid-in capital		300,826,430			311,469,572
Retained earnings/accumulated deficit and cumulative distributions		(147,320,661	)		(142,009,065	)
Accumulated other comprehensive income/(loss)		1,129,591			474,811
Total controlling interest		154,748,085			170,046,474
Non-controlling interests attributable to consolidated subsidiaries		185,742,020			245,843,330
Non-controlling interests attributable to CFIT OP		123,822,089			54,446,577
Total stockholders' equity		464,312,194			470,336,381
Total liabilities and stockholders' equity	$	1,122,806,577		$	1,136,840,647

See accompanying notes to consolidated financial statements

CANTOR FITZGERALD INCOME TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	For the Three Months
	Ended March 31,
	2026			2025
Revenues:
Rental revenues	$	20,141,195		$	19,800,120
Other property operating revenues		6,426,891			3,881,243
Total revenues		26,568,086			23,681,363
Operating expenses:
General and administrative expenses		990,882			73,992
Depreciation and amortization		8,739,290			8,930,713
Management fees		1,133,762			1,513,521
Property operating expenses		10,894,349			7,104,186
Total operating expenses		21,758,283			17,622,412
Other income (expense):
Income from investments in real estate-related assets		17,733			24,424
Interest income		168,516			280,733
Unrealized gain from investment in infrastructure fund, at fair value		359,433			—
Loss on extinguishment of debt		—			(333,574	)
Loss on disposition of real estate		(228,332	)		—
Other income		—			130,000
Other expense		(1,878,941	)		—
Interest expense		(7,123,437	)		(6,845,731	)
Total other income (expense)		(8,685,028	)		(6,744,148	)
Net income (loss)	$	(3,875,225	)	$	(685,197	)
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries		(374,118	)		(153,083	)
Net income (loss) attributable to non-controlling interests in CFIT OP		(985,082	)		(83,578	)
Net income (loss) attributable to common stockholders	$	(2,516,025	)	$	(448,536	)
Weighted average shares outstanding		11,512,501			12,584,151
Net income (loss) per common share - basic and diluted	$	(0.22	)	$	(0.04	)

See accompanying notes to consolidated financial statements

CANTOR FITZGERALD INCOME TRUST, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)



	For the Three Months
	Ended March 31,
	2026			2025
Net income (loss)	$	(3,875,225	)	$	(685,197	)
Other comprehensive income (loss)
Unrealized gain (loss) on derivative instruments		199,817			(1,425,661	)
Comprehensive income (loss)		(3,675,408	)		(2,110,858	)
Amounts attributable to non-controlling interests in consolidated subsidiaries
Net income (loss)		(374,118	)		(153,083	)
Unrealized gain (loss) on derivative instruments		(853,026	)		(1,283,093	)
Comprehensive income (loss) attributable to noncontrolling interests in consolidated subsidiaries		(1,227,144	)		(1,436,176	)
Amounts attributable to non-controlling interests in CFIT OP
Net income (loss)		(985,082	)		(83,578	)
Unrealized gain (loss) on derivative instruments		398,063			12,562
Comprehensive income (loss) attributable to noncontrolling interests in CFIT OP		(587,019	)		(71,016	)
Comprehensive income (loss) attributable to common stockholders	$	(1,861,245	)	$	(603,666	)

See accompanying notes to consolidated financial statements

CANTOR FITZGERALD INCOME TRUST, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)


	Controlling Interest
																																												Retained Earnings/						Non-controlling			Non-controlling
	Common Stock																																								Additional			Accumulated Deficit and			Accumulated Other			interest attributable to			interest attributable to			Total
	Class AX						Class TX				Class IX						Class I						Class T						Class D						Class S						Paid-In			Cumulative			Comprehensive			consolidated			CFIT OP			Stockholders'
	Shares			Amount			Shares		Amount		Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Capital			Distributions			Income/(loss)			subsidiaries			unitholders			Equity
Balance as of January 1, 2025		3,534,113		$	35,341			6,067	$	61		1,129,756		$	11,297			5,935,802		$	59,358			1,437,326		$	14,373			562,589		$	5,626			7,099		$	71		$	341,284,670		$	(115,660,304	)	$	748,843		$	240,759,920		$	42,534,643		$	509,793,899
Common stock issued (transferred)		—			—			—		—		—			—			89,640			897			23,298			234			498			4			—			—			2,343,288			—			—			—			—			2,344,423
Common stock repurchased		(213,921	)		(2,139	)		—		—		(11,261	)		(112	)		(164,475	)		(1,645	)		(49,894	)		(499	)		(10,725	)		(107	)		(1,759	)		(17	)		(9,264,454	)		—			—			—			—			(9,268,973	)
Distribution reinvestment		22,803			228			50		1		7,528			75			28,849			288			7,248			72			2,578			26			39			—			1,413,240			—			—			—			—			1,413,930
Offering costs, commissions and fees		—			—			—		—		—			—			—			—			—			—			—			—			—			—			(90,762	)		—			—			—			—			(90,762	)
Net income (loss)		—			—			—		—		—			—			—			—			—			—			—			—			—			—			—			(448,536	)		—			(153,083	)		(83,578	)		(685,197	)
Distributions declared on common stock		—			—			—		—		—			—			—			—			—			—			—			—			—			—			—			(4,754,048	)		—			—			—			(4,754,048	)
Designated derivatives, fair value adjustments		—			—			—		—		—			—			—			—			—			—			—			—			—			—			—			—			(155,129	)		(1,283,094	)		12,562			(1,425,661	)
Acquired or syndicated ownership interests		—			—			—		—		—			—			—			—			—			—			—			—			—			—			291,505			—			—			—			—			291,505
Non-controlling interests		—			—			—		—		—			—			—			—			—			—			—			—			—			—			—			—			—			(3,040,672	)		16,124,011			13,083,339
Balance as of March 31, 2025		3,342,995			33,430			6,117		62		1,126,023			11,260			5,889,816			58,898			1,417,978			14,180			554,940			5,549			5,379			54			335,977,487			(120,862,888	)		593,714			236,283,071			58,587,638			510,702,455


	Controlling Interest
																																										Retained Earnings/					Non-controlling			Non-controlling
	Common Stock																																						Additional			Accumulated Deficit and			Accumulated Other		interest attributable to			interest attributable to			Total
	Class AX						Class TX				Class IX						Class I						Class T						Class D						Class S				Paid-In			Cumulative			Comprehensive		consolidated			CFIT OP			Stockholders'
	Shares			Amount			Shares		Amount		Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares		Amount		Capital			Distributions			Income/(loss)		subsidiaries			unitholders			Equity
Balance as of January 1, 2026		3,092,474			30,925			4,927		49		1,022,507			10,225			5,250,219			52,502			1,267,374			12,674			472,659			4,727			5,437		54		311,469,572			(142,009,065	)		474,811		245,843,330			54,446,577			470,336,381
Common stock issued (transferred)		—			—			—		—		—			—			605,807			6,059			59,331			592			2,317			23			—		—		13,088,278			—			—		—			—			13,094,952
Common stock repurchased		(88,790	)		(888	)		—		—		(23,220	)		(232	)		(340,912	)		(3,409	)		(69,643	)		(696	)		(31,768	)		(318	)		—		—		(11,165,705	)		—			—		—			—			(11,171,248	)
Distribution reinvestment		13,144			131			10		—		5,969			60			19,947			199			3,383			34			1,383			14			12		—		872,705			—			—		—			—			873,143
Offering costs, commissions and fees		—			—			—		—		—			—			—			—			—			—			—			—			—		—		(74,641	)		—			—		—			—			(74,641	)
Net income (loss)		—			—			—		—		—			—			—			—			—			—			—			—			—		—		—			(2,516,025	)		—		(374,118	)		(985,082	)		(3,875,225	)
Distributions declared on common stock		—			—			—		—		—			—			—			—			—			—			—			—			—		—		—			(2,795,571	)		—		—			—			(2,795,571	)
Designated derivatives, fair value adjustments		—			—			—		—		—			—			—			—			—			—			—			—			—		—		—			—			654,780		(853,026	)		398,063			199,817
Acquired ownership interests		—			—			—		—		—			—			—			—			—			—			—			—			—		—		(13,363,779	)		—			—		—			—			(13,363,779	)
Non-controlling interests		—			—			—		—		—			—			—			—			—			—			—			—			—		—		—			—			—		(58,874,166	)		69,962,531			11,088,365
Balance as of March 31, 2026		3,016,828			30,168			4,937		49		1,005,256			10,053			5,535,061			55,351			1,260,445			12,604			444,591			4,446			5,449		54	$	300,826,430		$	(147,320,661	)	$	1,129,591	$	185,742,020		$	123,822,089		$	464,312,194

See accompanying notes to consolidated financial statements

CANTOR FITZGERALD INCOME TRUST, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



	For the Three Months
	Ended March 31,
	2026			2025
Cash flows from operating activities:
Net income (loss)	$	(3,875,225	)	$	(685,197	)
Adjustments to reconcile net income (loss) to net cash (used in)/provided by operating activities:
Depreciation and amortization		9,008,943			9,218,501
(Gain) from investments in real estate-related assets		(17,733	)		(24,424	)
Amortization of above-market lease intangibles		54,897			54,860
Amortization of below-market lease intangibles		(455,063	)		(489,003	)
Loss on extinguishment of debt		—			333,574
Loss on disposition of real estate		228,332			—
Unrealized (gain) from investment in infrastructure fund		(359,433	)		—
Changes in assets and liabilities:
Proceeds from investments in real estate-related assets		64,522			103,236
(Increase) in deferred rent receivable		(633,521	)		(410,388	)
(Increase) in prepaid expenses and other assets		(491,704	)		(1,905,077	)
(Decrease)/increase in due to related parties		(4,784,349	)		4,451,484
(Decrease) in deferred revenue		(230,889	)		(188,511	)
(Decrease) in restricted reserves		(3,029,405	)		(4,046,645	)
(Decrease)/increase in accounts payable and accrued expenses		(1,503,996	)		2,084,509
Increase in accrued interest payable		19,353			155,512
Net cash (used in)/provided by operating activities		(6,005,271	)		8,652,431
Cash flows from investing activities:
Acquisition of real estate		(1,734,463	)		(260,000	)
Capital improvements to real estate		(767,812	)		(629,135	)
Purchase of interest in infrastructure fund		(520,322	)		(5,451,758	)
Proceeds from disposition of real estate		3,912,434			—
Net cash provided by/(used in) by investing activities		889,837			(6,340,893	)
Cash flows from financing activities:
Borrowings under credit facility		4,500,000			27,500,000
Paydowns under credit facility		(2,597,266	)		—
Repayment of mortgage loan		—			(26,969,268	)
Proceeds from issuance of common stock, net		13,020,311			2,253,661
Distributions		(1,900,279	)		(3,358,685	)
Payments for redemptions of common stock		(11,171,248	)		(9,268,973	)
Distributions to and redemptions of non-controlling interests		(7,505,999	)		(4,228,272	)
Syndicated ownership interest		8,732,410			291,505
Payment of deferred financing costs		—			(336,916	)
Net cash provided by/(used in) financing activities		3,077,929			(14,116,948	)
Net (decrease) in cash and cash equivalents and restricted cash		(2,037,505	)		(11,805,410	)
Cash and cash equivalents and restricted cash, at beginning of period		31,693,570			44,665,423
Cash and cash equivalents and restricted cash, at end of period	$	29,656,065		$	32,860,013
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents	$	23,479,312		$	23,261,777
Restricted cash		6,176,753			9,598,236
Total cash and cash equivalents and restricted cash	$	29,656,065		$	32,860,013
Supplemental disclosure of cash flow information:
Cash paid for interest	$	6,841,943		$	6,396,265
Non-cash investing and financing activities:
Distribution reinvestment	$	873,143		$	1,413,930
Distributions payable	$	1,475,097		$	1,627,160
Acquisition of real estate	$	—		$	(50,000,000	)
Assumption of loans payable in conjunction with acquisition of real estate	$	—		$	32,581,902
Acquired non-controlling interests in consolidated subsidiaries	$	(74,970,355	)	$	—
Issuance of OP units for acquired real estate interests	$	74,970,355		$	17,418,098

See accompanying notes to consolidated financial statements

CANTOR FITZGERALD INCOME TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1 – Organization and Business Purpose

Cantor Fitzgerald Income Trust, Inc., formerly known as Rodin Global Property Trust, Inc. (the “Company”) was formed on February 2, 2016 as a Maryland corporation that has elected and qualified to be taxed as a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes beginning with the taxable year ending December 31, 2017. The Company’s unaudited consolidated financial statements include Cantor Fitzgerald Income Trust Operating Partnership, L.P., (the “Operating Partnership”) and its operating subsidiaries. Substantially all of the Company’s business is conducted through the Operating Partnership, a Delaware limited partnership formed on February 11, 2016. The Company is the sole general and a limited partner of the Operating Partnership. Unless the context otherwise requires, the “Company” refers to the Company and the Operating Partnership. The Company currently operates its business in one reportable segment, which focuses on investing in and managing income-producing commercial properties and multifamily properties, as well as other real estate-related assets.

On February 2, 2016, the Company was capitalized with a $200,001 investment by the Company’s sponsor, Cantor Fitzgerald Investors, LLC (“CFI”) through the purchase of 8,180 Class A shares. In addition, a wholly owned subsidiary of CFI, Cantor Fitzgerald Income Trust OP Holdings, LLC, (the “Special Unit Holder”), has invested $1,000 in the Operating Partnership and has been issued a special class of limited partnership units (“Special Units”), which is recorded as a non-controlling interest on the consolidated balance sheet as of March 31, 2026.

The Company is conducting a continuous public offering of shares of common stock pursuant to Rule 415 of the Securities Act of 1933, as amended (the "Securities Act"). On March 23, 2017, the Company launched its initial public offering (the “Initial Offering”) of up to $1.25 billion in shares of common stock, consisting of up to $1.0 billion in shares in the Company’s primary offering (“Primary Offering”) and up to $250 million in shares pursuant to its distribution reinvestment plan (the “DRP”). On May 18, 2017, the Company satisfied the minimum offering requirement as a result of CFI’s purchase of $2.0 million in Class I shares (the “Minimum Offering Requirement”). 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 pursuant to a Registration Statement on Form S-3. On August 10, 2020, the Company launched its second public offering (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 its third public offering (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. (Refer to Note 9 – Stockholders’ Equity).

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. See Note 17 – Subsequent Events for further information.

Upon commencement of the Follow-On Offering, on August 10, 2020, the Company began operating as a non-exchange traded perpetual-life REIT instead of operating as a REIT of finite duration. In connection with the determination to operate as a perpetual-life REIT, the Company’s board of directors has determined to update the Company’s investment strategy. Currently, the Company intends to invest in a diversified portfolio of income-producing commercial and multifamily real-estate and debt secured by commercial real estate located primarily in the United States. The Company will seek to invest: (a) at least 80% of its assets in properties and real estate-related debt; and (b) up to 20% of its assets in real estate-related securities.

As of March 31, 2026, the Company owned the following investments:

•

A retail property located in Grand Rapids, Michigan (the “GR Property”).

•

An office property located in Fort Mill, South Carolina (the “FM Property”).

•

An office property located in Columbus, Ohio (the “CO Property”).

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A flex industrial property located in Lewisville, TX (the “Lewisville Property”).

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A controlling interest of 16.70% in a Delaware Statutory Trust, CF Net Lease Portfolio IV DST (the "Net Lease DST"), which owns seven properties (individually, a "Net Lease DST Property" and collectively the "Net Lease DST Properties").

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An industrial property located in Phoenix, Arizona (the “Buchanan Property”).

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Interests (15%) in a Delaware Statutory Trust, CF Station Multifamily DST (the “Station DST”), which owns a multifamily residential property located in Irving, Texas (the “Station Property”).

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A controlling interest of 5% in a Delaware Statutory Trust, CF Keller Springs Multifamily DST (the "Keller DST"), located in Carrolton, Texas (the “Keller Property”).

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A controlling interest of 100% in a Delaware Statutory Trust, CF Summerfield Multifamily DST (the “Summerfield DST”), which owns a multifamily residential property located in Landover, MD (the “Summerfield Property”).

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An industrial property located in Cleveland, OH (the “Madison Ave Property”).

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A controlling interest of 27.45% in a Delaware Statutory Trust, (the “Valencia DST”), which owns a life sciences laboratory and research office property located in Valencia, California (the “Valencia Property”).

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An office property located in Cupertino, CA (the “De Anza Property”).

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A controlling interest of 14.90% in a Delaware Statutory Trust, CF Kacey Multifamily DST (the “Kacey DST”), which owns a multifamily residential property located in Kingwood, Texas (the “Kacey Property”).

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A controlling interest of 21.20% in a Delaware Statutory Trust, CF Industry Multifamily DST (the “Industry DST”), which owns a multifamily residential property located in Columbus, OH (the “Industry Property”).

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An industrial dry/cold storage facility located in Columbus, OH (the “Fisher Road Property”).

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A controlling interest in a Delaware Statutory Trust, CF Landings Multifamily DST (the "Longmire DST"), located in Conroe, TX (the “Longmire Property”).

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A controlling interest of 37.17% in a Delaware Statutory Trust, (the “ON3 DST”), which owns an office located in Nutley, NJ (the “ON3 Property”).

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A controlling interest of 66.94% in a Delaware Statutory Trust, CF West End Multifamily DST (the "West End DST"), which owns a multifamily residential property located in Lenexa, KS (the "West End Property").

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A controlling interest of 22.58% in a Delaware Statutory Trust, CF Palms Multifamily DST (the "Palms DST"), which owns a multifamily residential property located in Houston, TX (the "Palms Property").

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An acre of land located in Greenfield, IN (the "Mount Comfort Land").

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A controlling interest of 100% in a Delaware Statutory Trust, CF Pearland Multifamily DST (the "Pearland DST"), which owns a multifamily residential property located in Pearland, TX (the "Pearland Property").

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A controlling interest of 100% in a Delaware Statutory Trust, CF WAG Portfolio DST (the "WAG Portfolio DST"), which owns eight properties (individually, a "WAG Portfolio Property" and collectively the "WAG Portfolio Properties").

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A controlling interest of 100% in CF WAG MH (the "WAG MH"), which owns nine properties (individually, a "WAG MH Property" and collectively the "WAG MH Properties").

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An investment commitment of $10,000,000 in Digital Bridge AI Infrastructure A, LP, a $500 million investment vehicle with commitments to four data center businesses across the U.S., Canada, and EMEA (the "Data Center"). As of March 31, 2026, $8,699,629 has been called for and funded to the investment in the Data Center.

The Company is externally managed by Cantor Fitzgerald Income Advisors, LLC, (the “Advisor”), a Delaware limited liability company and wholly owned subsidiary of CFI. CFI is a wholly owned subsidiary of CFIM Holdings, LLC, which is a wholly owned subsidiary of Cantor Fitzgerald, L.P. (“CFLP”).

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

The unaudited consolidated financial statements are presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with U.S. GAAP.

Reclassification

As of March 31, 2026, the Company revised the presentation of noncontrolling interests to separately present noncontrolling interests attributable to consolidated subsidiaries and OP unitholders. Prior-period amounts have been reclassified to conform to the current-period presentation. These reclassifications had no impact on the Company's consolidated financial results.

Use of Estimates

The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the balance sheet. Management believes that the estimates utilized in preparing the unaudited consolidated financial statements are reasonable. As such, actual results could differ from those estimates.

Principles of Consolidation

The unaudited consolidated financial statements include the accounts of the Company, the Operating Partnership and any single member limited liability companies or other entities which are consolidated in accordance with U.S. GAAP. The Company consolidates variable interest entities (“VIEs”) where it is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company. All intercompany balances are eliminated in consolidation.

Variable Interest Entities

The Company determines if an entity is a VIE in accordance with guidance in Accounting Standards Codification (“ASC”) Topic 810, Consolidation. 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 March 31, 2026 and December 31, 2025, the Company concluded that it had investments in VIEs. Refer to Note 11 — Variable Interest Entities for additional information.

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 will generally be consolidated. The Company will 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 ongoing 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 framework, and vice versa.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less.

Restricted Cash

Restricted cash consists primarily of amounts held by lenders in escrow accounts for real estate taxes, and other lender reserves for certain properties. This also includes amounts required under the liquidity covenants of the credit facility agreement.

Current Expected Credit Losses (“CECL”)

In accordance with the guidance in ASC Topic 326, Financial Instruments–Credit Losses ("ASC 326"), 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’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. As of March 31, 2026 and December 31, 2025, credit losses were de minimis.

Deferred Rent Receivable

Deferred rent receivable represents rent earned in excess of rent received as a result of straight-lining rents over the terms of the leases in accordance with ASC Topic 842, Leases. This balance also includes lease incentive fees which are recognized evenly over the lease term under ASC 842.

As of March 31, 2026, Deferred rent receivable was $18,718,199, of which $5,460,558 relates to lease incentive fees. As of December 31, 2025, Deferred rent receivable was $18,084,678, of which $5,638,364 relates to lease incentive fees.

Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist primarily of prepaid operating expenses, other assets, and reimbursements due from tenants.

Investment in Real Estate, net

Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the costs of acquisition, including certain acquisition-related expenses, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance costs are expensed as incurred. The Company accounts for its acquisitions of assets or businesses in accordance with ASC Topic 805, Business Combinations.

Upon the acquisition of real estate properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above-market leases, below-market leases, and in-place leases, based in each case on their respective fair values. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information.

The Company considers the period of future benefit of each respective asset to determine its appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows:


Description		Depreciable Life
Buildings		39 years
Site improvements		Remaining useful life
Intangible lease assets and liabilities		Over lease term

The determination of the fair values of the real estate assets and liabilities acquired requires the use of assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations.

The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability based on estimated future cash flows, which incorporate significant assumptions related to projected rental rates, including expectations about market rents, tenant renewals, re‑leasing activity, property capitalization rates, and occupancy levels. If the carrying amount exceeds the undiscounted cash flows, the Company estimates the asset’s fair value using discounted cash flow analysis and market‑based

valuation techniques. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. As of March 31, 2026, the Company reclassified the Fisher Road Property to Investment in Real Estate, Held for Sale. No impairment losses were identified as of March 31, 2026. As of December 31, 2025, the Company recognized an impairment loss on the SF Property (as defined below).

Investments in Real Estate, Held for Sale

The Company classifies a real estate investment as held for sale when management has committed to a plan to sell the asset, the sale is considered probable and expected to be completed within one year, and this probability is supported by factors such as an executed purchase agreement, non-refundable buyer deposit, and limited remaining contingencies. Upon classification, the asset is measured at the lower of its carrying value or fair value less estimated costs to sell, and depreciation ceases. If the fair value less costs to sell is lower than the carrying amount, an impairment loss is recognized in the period it is identified.

As of March 31, 2026, the Company classified the Fisher Road Property as held for sale following the execution of a purchase and sale agreement. The carrying value of the Fisher Road Property is $50,765,260. As of December 31, 2025, the Company classified the SF Property as held for sale following the execution of a purchase and sale agreement. The carrying value of the SF Property was $5,609,212, which was net of impairment loss of $4,825,736. Refer to Note 3 – Investment in Real Estate for additional information.

Investments in Real Estate-Related Assets

Unconsolidated Equity Method Investments

The Company performs consolidation analyses in accordance with ASC Topic 810, Consolidation, as described in the “Variable Interest Entities” section of this Note 2. The Company has determined, as a result of its analysis, that it is not the primary beneficiary of its investment in the Station DST, and therefore has not consolidated the entity. The Company is able to exercise significant influence over this investee. The Company has accounted for its investment in the Station DST, which is controlled and managed by CFI, under the equity method of accounting, and included within Investments in real estate-related assets on the Company’s consolidated balance sheet. Under the equity method, the investment is adjusted each period for capital contributions and distributions and the Company's share of the entity’s net income (loss). Capital contributions, distributions and net income (loss) of such entity are recorded in accordance with the terms of the governing documents. An allocation of net income (loss) may differ from the stated ownership percentage interest in such entity as a result of preferred returns and allocation formulas, if any, as described in such governing documents. Investments in real estate-related assets are reviewed for impairment based on projected cash flows from the underlying investment. If an impairment is identified, the carrying value of the investment will be reduced to the anticipated recoverable amount. As of March 31, 2026 and December 31, 2025, no impairment has been identified.

Investment in Infrastructure Fund, at Fair Value

During the three months ended March 31, 2026 and March 31, 2025, the Company made an investment in an infrastructure fund which the Company carries at fair value using the net asset value (“NAV”) as a practical expedient. Any unrealized gains and losses are reflected in the consolidated statements of operations.

Deferred Financing Costs

Costs incurred in connection with obtaining financing are capitalized and amortized over the term of the related loan on a straight-line basis, which approximates the effective interest method. The carrying value of the deferred financing costs as of March 31, 2026 and December 31, 2025 was $4,887,051 and $5,156,704, respectively, which is net of accumulated amortization of $4,852,309 and $4,582,656, respectively, and recorded as an offset to the related debt. For the three months ended March 31, 2026 and March 31, 2025, amortization of deferred financing costs was $269,653 and $287,789, respectively, and is included in Interest expense on the accompanying consolidated statements of operations.

Revenue Recognition

Rental revenue is recognized on a straight-line basis over the life of the respective leases.

Other Property Operating Revenues

Other property operating revenues include tenant reimbursement income and revenues received from tenants to cover utilities and other amenities. The tenant reimbursement income is derived from certain property operating expenses, including real estate taxes and insurance, among others, which are paid by the Company and are reimbursed by the tenants of the Company’s properties pursuant to the terms of the respective leases. These reimbursements and other revenues received from tenants are reflected as

Other property operating revenues in the accompanying consolidated statements of operations, which, for the three months ended March 31, 2026 and March 31, 2025 was $6,426,891 and $3,881,243, respectively.

Property Operating Expenses

Certain property operating expenses, including real estate taxes and insurance, among others, are paid by the Company and may be reimbursed by the tenants of the Company’s properties pursuant to the terms of the respective leases. These expenses incurred are reflected as Property operating expenses in the accompanying consolidated statements of operations, which for the three months ended March 31, 2026 and March 31, 2025 was $10,894,349 and $7,104,186, respectively.

Derivative Instruments

The Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in foreign operations. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.

The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designed and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment (or for derivatives that do not qualify as hedges), any changes in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the consolidated statements of operations. If a derivative is designated and qualifies for cash flow hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) in the consolidated statements of comprehensive income (loss) to the extent that it is effective. Any ineffective portion of a change in derivative fair value is immediately recorded in earnings.

Deferred Revenue

Deferred revenue represents unearned rent received in advance from tenants at certain of the Company’s properties, which as of March 31, 2026 and December 31, 2025 were $1,810,080 and $2,040,969, respectively.

Distributions Payable

Distributions payable is comprised of amounts of distributions declared by the Company but not yet paid and accrued distributions relating to the Performance Participation Allocation (as defined below in Note 9 – Stockholder’s Equity).

As of March 31, 2026 and December 31, 2025 the aggregate total amount of distribution payable reported by the Company were $1,475,097 and $1,154,031, respectively.

Restricted Reserves

Restricted reserves are comprised of amounts received from tenants at certain of the Company’s properties for recoverable property operating expenses to be paid by the Company on behalf of the tenants, pursuant to the terms of the respective lease arrangements, which as of March 31, 2026 and December 31, 2025 were $10,202,406 and $13,231,811, respectively.

Due to Related Parties

Due to related parties is comprised of amounts contractually owed by the Company for various services provided to the Company from related parties, which as of March 31, 2026 and December 31, 2025 were $12,032,106 and $16,816,455, respectively (See Note 10 – Related Party Transactions).

Organization and Offering Costs

The Advisor has agreed to pay, on behalf of the Company, all organizational and offering costs (including legal, accounting, and other costs attributable to the Company’s organization and offering, but excluding upfront selling commissions, dealer manager fees and distribution fees) (“O&O Costs”) through the first anniversary of the date on which the Company satisfied the Minimum Offering Requirement, which was May 18, 2018 (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 (as defined below). Following the Escrow Break Anniversary, the Company began reimbursing the Advisor for payment of O&O Costs on a monthly basis, provided, however, that the Company was not 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 1% of the aggregate gross offering proceeds of any public or private offering of the Company or the Operating Partnership, excluding any securities sold pursuant to a distribution reinvestment plan or employee benefit plan (the “1% Cap”), as of such payment date. Any amounts not reimbursed in any period are included in determining any reimbursement liability for a subsequent period.

As of March 31, 2026 and December 31, 2025, the Advisor has advised that it will waive all unreimbursed O&O Costs incurred through the end of fiscal year 2025 that otherwise may have been eligible for reimbursement. As of March 31, 2026 and December 31, 2025, the Company satisfied its obligation to reimburse the Advisor for O&O Costs. As of March 31, 2026, organizational costs of $90,675 were expensed and offering costs of $4,352,189 were charged to stockholders’ equity. As of December 31, 2025, organizational costs of $90,675, were expensed and offering costs of $4,327,191, were charged to stockholders’ equity. As of both March 31, 2026 and December 31, 2025, the Company has made reimbursement payments of $4,068,777 to the Advisor, and $349,087 was payable to the Advisor for O&O Costs and included within Due to related parties on the consolidated balance sheet.

Income Taxes

The Company has elected and qualified to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. Generally, the Company will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income, share ownership, minimum distribution and other requirements are met. To qualify as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. The Company may also be subject to certain state and local taxes. If the Company fails to meet these requirements, it will be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders.

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.

Earnings Per Share

Basic net income (loss) per share of common stock is determined by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is determined by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period, including common stock equivalents. As of March 31, 2026 and December 31, 2025, there were no material common stock equivalents that would have a dilutive effect on net income (loss) per share for common stockholders. All classes of common stock are allocated net income (loss) at the same rate per share.

For the three months ended March 31, 2026 and March 31, 2025, basic and diluted net loss per share was $0.22 and $0.04, respectively.

Recently Adopted Accounting Pronouncement

In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance was issued in response to requests from investors for companies to disclose more information about their financial performance at the segment level. The ASU does not change how a public entity identifies its operating segments, aggregates them or applies the quantitative thresholds to determine its reportable segments. The standard requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis, and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that were previously required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures currently required under ASC 280. The Company adopted the standard on the required effective date for the Company’s financial statements issued for the annual reporting periods beginning on January 1, 2024 and applies the guidance for the interim periods beginning on January 1, 2025. Refer to Note 16 – Segment Information. The adoption of this guidance did not have an impact on the Company’s unaudited consolidated financial statements.

In March 2024, the FASB issued ASU No. 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements. The Conceptual Framework establishes concepts that the Board considers in developing standards. The ASU was issued to remove references to the Conceptual Framework in the Codification. The FASB noted that references to the Concepts Statements in the Codification could have implied that the Concepts Statements are authoritative. Also, some of the references removed were to Concepts Statements that are superseded. The Company adopted the standard on the required effective date beginning on January 1, 2025, using a prospective transition method for all new transactions recognized on or after the effective date. The adoption of this guidance did not have a material impact on the Company’s unaudited consolidated financial statements.

New Accounting Pronouncements

In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements—Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The standard is expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC’s regulations. The effective date for the guidance will be the date on which the SEC’s removal of the related disclosure from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027 the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. Management is currently evaluating the impact of the new standard on the Company’s unaudited consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard improves financial reporting and responds to investor input that additional expense detail is fundamental to understanding the performance of an entity, assessing its prospects for future cash flows, and comparing its performance over time and with that of other companies. The new guidance requires public business entities to disclose in the notes to financial statements specified information about certain costs and expenses at each interim and annual reporting period, including the amounts of employee compensation, depreciation, and intangible asset amortization for each income statement line item that contains those expenses. Specified expenses, gains or losses that are already disclosed under existing U.S. GAAP will be required by the ASU to be included in the disaggregated income statement expense line item disclosures, and any remaining amounts will need to be described qualitatively. Separate disclosures of total selling expenses and an entity’s definition of those expenses will also be required. The new guidance will become effective for the Company’s financial statements issued for annual reporting periods beginning on January 1, 2027 and interim reporting periods beginning on January 1, 2028, will require either prospective or retrospective presentation, and early adoption is permitted. Management is currently evaluating the impact of the new standard on the Company’s unaudited consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The ASU addresses stakeholders’ concerns about the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract, and the diversity in accounting for share-based noncash consideration from a customer that is consideration for the transfer of goods or services. The amendments add a derivative scope exception for certain contracts with underlyings that are based on the operations or activities of one of the parties to the contract. The standard also clarifies the applicability of ASC 606 and its interaction with other ASC topics (including ASC 815 on derivatives and hedging and ASC 321 on equity securities), in the accounting for share-based noncash consideration (such as warrants or shares) received from a customer for the transfer of goods or services. The ASU is expected to provide investors with more comparable information and reduce accounting complexity and related reporting costs for preparers and auditors. The new guidance will become effective for the Company beginning on January 1, 2027, can be adopted using either a prospective or modified retrospective method, and early adoption is permitted. Management is currently evaluating the impact of the new standard on the Company’s unaudited consolidated financial statements.

In November 2025, the FASB issued ASU No. 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans. The ASU addresses stakeholders’ concerns about the lack of comparability between purchased credit deteriorated (“PCD”) and non-PCD loans. The amendments require entities to apply the gross-up approach in ASC 326 to all “purchased seasoned loans.” Purchased seasoned loans are loans (excluding purchased financial assets with credit deterioration, credit card receivables, debt securities and trade receivables) that are acquired in a business combination or obtained through a transfer that is not a business combination or initially recognized through the consolidation of a variable interest entity, if certain seasoning criteria are met. A loan is considered seasoned if it is obtained more than 90 days after its origination date and the transferee was not involved in the origination. The new guidance will become effective for the Company beginning on January 1, 2027, can be adopted using a prospective method, and early adoption is permitted. Management is currently evaluating the impact of the new standard on the Company’s unaudited consolidated financial statements.

In November 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The standard amends certain aspects of its hedge accounting guidance to better reflect an entity’s risk management activities in the financial statements. The guidance expands the hedged risks permitted to be aggregated in a group of individual forecasted transactions and increases the variable price components eligible to be designated as the hedged risk in the forecasted purchase or sale of nonfinancial assets. The ASU also eliminates the requirement to apply the net written option test when certain compound derivatives are used in interest rate hedges. The standard simplifies the application of hedge accounting for entities hedging forecasted interest payments on choose-your-rate debt instruments. The new guidance will become effective for the Company beginning on January 1, 2027, can be adopted using a prospective method, and early adoption is permitted. Management is currently evaluating the impact of the new standard on the Company’s unaudited consolidated financial statements.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The guidance clarifies the current interim disclosure requirements and their applicability. The ASU is intended to address feedback from stakeholders that the current guidance is difficult to navigate. The amendments do not change the fundamental nature or expand or reduce the disclosure requirements of interim reporting. The ASU creates a comprehensive list of interim disclosures required under U.S. GAAP and incorporates a disclosure principle that requires disclosures at interim periods when an event or change that has a material effect on an entity has occurred since the previous year end. The new guidance will become effective for the Company beginning on January 1, 2028, can be adopted using either a prospective or retrospective method, and early adoption is permitted. Management is currently evaluating the impact of the new standard on the Company’s unaudited consolidated financial statements.

In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements. The guidance clarifies, corrects errors in or makes other improvements to a variety of topics in the Codification that are intended to make it easier to understand and apply. The amendments apply to all reporting entities in the scope of the affected accounting guidance. The new guidance will become effective for the Company beginning on January 1, 2027, can be adopted using either a prospective or retrospective method, and early adoption is permitted. Management is currently evaluating the impact of the new standard on the Company’s unaudited consolidated financial statements.

SEC Rule on Climate-Related Disclosures

In March 2024 the SEC adopted the final rules, The Enhancement and Standardization of Climate-Related Disclosures for Investors, that would require registrants to provide climate-related disclosures in a note to the audited financial statements. The disclosures would include certain effects of severe weather events and other natural conditions, including the aggregate amounts and where in the financial statements they are presented. If carbon offsets or renewable energy credits or certificates ("RECs") are deemed a material component of the registrant’s plans to achieve its disclosed climate-related targets, registrants would be

required to disclose information about the offsets and RECs. Registrants would also be required to disclose whether and how (1) exposures to risks and uncertainties associated with, or known impacts from, severe weather events and other natural conditions and (2) any disclosed climate-related targets or transition plans materially impacted the estimates and assumptions used in preparing the financial statements. Finally, registrants would be required to disclose additional contextual information about the above disclosures, including how each financial statement effect was derived and the accounting policy decisions made to calculate the effects, for the most recently completed fiscal year and, if previously disclosed or required to be disclosed, for the historical fiscal year for which audited consolidated financial statements are included in the filing. In April 2024, the SEC released an order staying the final rules pending judicial review of all of the petitions challenging the rules and in March 2025, the SEC voted to end its defense of the rules. Absent these developments, the rules would have been effective for the Company on May 28, 2024 and phased in starting in 2027. Management is continuing to monitor the developments pertaining to the rules and any resulting potential impacts on the Company’s unaudited consolidated financial statements.

Note 3 – Investment in Real Estate

Investment in real estate, net consisted of the following as of March 31, 2026 and December 31, 2025:


	March 31, 2026			December 31, 2025
Building and building improvements	$	898,332,751		$	948,471,379
Land		125,129,966			129,457,842
Total		1,023,462,717			1,077,929,221
Accumulated depreciation		(114,625,367	)		(113,331,033	)
Investment in real estate, net	$	908,837,350		$	964,598,188

As of March 31, 2026, the Company classified the Fisher Road Property as held for sale following the execution of a purchase and sale agreement. The carrying value of the Fisher Road Property is $50,765,260. As of December 31, 2025, the Company classified the Battery Street property (the "SF Property") as held for sale following the execution of a purchase and sale agreement. The carrying value of the SF Property was $5,609,212, which was net of impairment loss of $4,825,736. On January 23, 2026, the Company sold its investment in the SF Property which resulted in a realized loss of $228,332. See Note 17 – Subsequent Events for information regarding the disposition of Fisher Road Property.

As of March 31, 2026, the Company owned interests in 42 real properties and a plot of land as described below:


Portfolio	Ownership Percentage			Location	Number of Properties	Square Feet/ Acre		Remaining Lease Term(1)	Acquisition Date	Purchase Price(2)
Walgreens Grand Rapids ("GR Property")	100		%	Grand Rapids, MI	1		14,552	11.3 years	July 2017	$	7,936,508
CF Net Lease Portfolio IV DST ("Net Lease DST Properties")		16.70	%	Various	7		103,537	10.7 years	September 2017	$	35,706,642
Daimler Trucks North America Office Building ("FM Property")	100		%	Fort Mill, SC	1		150,164	2.8 years	February 2018	$	40,000,000
Alliance Data Systems Office Building ("CO Property")		100	%	Columbus, OH	1		241,493	6.5 years	July 2018	$	46,950,000
Hoya Optical Labs of America ("Lewisville Property")	100		%	Lewisville, TX	1		89,473	2.3 years	November 2018	$	14,120,000
Martin Brower Industrial Buildings ("Buchanan Property")		100	%	Phoenix, AZ	1		93,302	6.0 years	November 2019	$	17,300,000
Multifamily Residential Property ("Keller Property")	5		%	Carrolton, TX	1		255,627	multiple(3)	February 2021	$	56,500,000
Multifamily Residential Property ("Summerfield Property")		100	%	Landover, MD	1		452,876	multiple(3)	March 2021	$	115,500,000
Amazon Last Mile Cleveland ("Madison Ave Property")	100		%	Cleveland, OH	1		168,750	5.0 years	May 2021	$	30,800,000
Valencia California ("Valencia Property")		27.45	%	Santa Clarita, CA	1		180,415	9.8 years	July 2021	$	92,000,000


De Anza Plaza Office Buildings ("De Anza Property")	100		%	Cupertino, CA	1	83,959	5.3 years	July 2021	$	63,750,000
Multifamily Residential Property ("Kacey Property")		14.90	%	Kingwood, TX	1	296,991	multiple(3)	November 2021	$	67,000,000
Multifamily Residential Property ("Industry Property")		21.20	%	Columbus, OH	1	187,678	multiple(3)	December 2021	$	81,000,000
Mars Petcare Dry/Cold Storage Facility ("Fisher Road Property")		100	%	Columbus, OH	1	465,256	6.2 years	March 2022	$	58,000,000
Multifamily Residential Property ("Longmire Property")		—	%	Conroe, TX	1	231,720	multiple(3)	April 2022	$	43,400,000
Office Tower ("ON3 Property")		37.17	%	Nutley, NJ	1	332,818	12.8 years	April 2022	$	131,667,000
Multifamily Residential Property ("West End Property")		66.94	%	Lenexa, KS	1	299,813	multiple(3)	August 2022	$	69,375,000
Multifamily Residential Property ("Palms Property")		22.58	%	Houston, TX	1	222,672	multiple(3)	August 2022	$	48,000,000
Land ("Mount Comfort Land")	100		%	Greenfield, IN

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Smaller reporting company

Emerging growth company

Cantor Fitzgerald Income Trust, Inc. 10-Q