Financial Data and Key Metrics Changes - The company reported a total revenue of $16.9 million for Q4 2025, with lease income of $12.7 million and interest income from commercial loan investments of $4 million [11] - For the full year 2025, total revenue was $60.5 million, with FFO and AFFO attributable to common stockholders at $1.88 and $1.89 per diluted share, respectively, representing approximately 8.6% growth over the prior year [11][12] - AFFO per common share grew by 22.7% in Q4 2025 and 8.6% for the full year [4][11] Business Line Data and Key Metrics Changes - The company acquired 8 properties for approximately $40 million in Q4 2025, contributing to a total of 13 properties acquired for $100.6 million in 2025 [4][5] - The weighted average initial cash cap rate for Q4 acquisitions was 6.9%, while the full year cap rate was 7.4% [5] - The commercial loan portfolio saw significant growth, with $177 million in loan originations for the full year at a weighted average initial coupon of 12% [7][8] Market Data and Key Metrics Changes - At year-end, the property portfolio consisted of 127 properties totaling 4.3 million sq ft across 32 states, with a WALT of 8.4 years and 99.5% occupancy [6] - 51% of the annual base rent (ABR) is now generated from investment-grade rated tenants, with Lowe's, Dick's Sporting Goods, and Walmart representing 29% of the ABR [6] Company Strategy and Development Direction - The company continues to execute a strategic barbell approach to acquisitions, focusing on both investment-grade rated tenants and higher-yielding property investments [5] - The company plans to maintain its commercial loan portfolio at approximately 20% of total undepreciated asset value, complementing property portfolio investments [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's outlook for 2026, citing strong investment activity and recent capital raises as positioning factors [10] - The board has increased the quarterly common dividend per share by 5.3% to $0.30, indicating confidence in earnings growth and cash flow [10][20] Other Important Information - The company ended the year with net debt to pro forma Adjusted EBITDA of 6.7 times, down from 7.4 times at the beginning of the year [16] - The company has a liquidity position of $65.8 million, with potential total liquidity of $97.3 million at year-end [16] Q&A Session Summary Question: Loan portfolio upper boundary - Management indicated that the 20% threshold for the loan portfolio is reasonable and complementary to the core business, with potential for an additional $25 million to $30 million in loans [22][25] Question: Reducing exposure to certain tenants - Management confirmed ongoing efforts to sell additional Walgreens properties, indicating a strategic approach to tenant diversification [26][28] Question: Dividend increase rationale - The increase in the dividend was driven by earnings growth and taxable income growth, with a focus on maintaining a balance between payouts and cash retention [40][43] Question: Investment opportunities and capital deployment - Management expressed a cautious approach to capital deployment, emphasizing the importance of curating a strong portfolio without being forced into less desirable investments [67][68]