Portfolio Overview - The company has 129 properties with an enterprise value of $570 million, equating to $145 per square foot[3] - The total portfolio square footage is 3.9 million with a 96% retail net lease portfolio[3] - The implied cap rate is 8.8% with 51% of annualized base rent (ABR) coming from investment-grade rated tenants[3] - The annualized dividend yield is 7.7% and the equity market capitalization is $226 million[3] - The weighted average lease term is 8.9 years[3] Financial Highlights - Year-to-date, the company repurchased 546,390 common shares for a net cost of $8.8 million[10] - The company's dividend has increased by 42.5% since the beginning of 2020[10] - The company's net debt to total enterprise value is 60.3%[57] - The company's net debt to pro forma adjusted EBITDA is 8.1x[57] Tenant and Sector Diversification - Top tenants by ABR include Dick's Sporting Goods (10%), Lowe's (10%), and Dollar General (8%)[13] - Top sectors by ABR are Sporting Goods (17%), Home Improvement (13%), and Dollar Stores (12%)[20] - Top states by ABR are Florida (13%), New Jersey (9%), and New York (7%)[21] Debt and Loan Portfolio - Total debt is $353 million with a weighted-average interest rate of 4.51%[56] - The company has commercial loans and investments with a current face amount of $78.746 million and a weighted average coupon rate of 9.86% as of June 30, 2025[65] - Pro forma for subsequent activity, the total loans are $51.240 million with a weighted average coupon rate of 9.79%[65]

Portfolio Overview - The company has 134 net lease properties[3], representing a total portfolio of 4.1 million square feet[3, 16] - The portfolio's enterprise value is $610 million, equating to $150 per square foot[3] - The portfolio has a 96% retail net lease occupancy rate[3] - 50% of the Annualized Base Rent (ABR) comes from investment-grade rated tenants[3, 16] - The weighted average lease term is 9.0 years[3, 16], up from 7.0 years at the beginning of 2024[14] Financial Performance - The company's equity market capitalization is $262 million[3] - The annualized dividend yield is 6.8%[3, 51] - The company repurchased 273,825 common shares for a net cost of $4.5 million[14] - The company originated/upsized 4 loans totaling $39.5 million with a weighted average initial cash yield of 9.5%[13] Tenant and Market Diversification - The top tenant accounts for 10% of ABR[36] - The top sector, sporting goods, accounts for 16% of ABR[23] - Florida represents the largest state exposure at 14% of ABR[24]