Managem ent Letter February 17, 2026 Our Fellow Shareholders: As we begin 2026, the macro-economic environment remains mixed and defined by uneven growth, shifting interest-rate expectations, and continued uncertainty around federal spending. Yet even with this backdrop, the DC region appears to be finding its footing. The federal workforce has absorbed the bulk of last year's adjustments, and with Congress restoring funding in several key areas and putting guardrails around future cuts, the sense is that t ...

Core Insights - Four Corners Property Trust, Inc. (FCPT) is recognized among the Dividend Champions, Contenders, and Challengers List, highlighting its strong dividend yield performance [1] Acquisition Activities - On January 27, FCPT acquired a GreatWater 360 Auto Care location for $2.3 million through a sale-leaseback transaction, located in a high-traffic area in Minnesota under a long-term, triple-net lease [2] - A day prior, on January 26, the company announced another acquisition of a newly built McAlister's Deli property for $2.3 million, situated in a strong retail corridor in Michigan, also under a long-term net lease [3] - In 2025, FCPT was active in acquisitions, adding 105 properties to its portfolio for approximately $318 million, primarily focusing on single-tenant, net-leased assets [4] Portfolio Growth - The third quarter saw momentum with the closure of 28 properties for around $82 million, achieving attractive initial cash yields and long lease terms [5] - The company consistently deployed capital into service-oriented and necessity-based real estate, enhancing the portfolio's stability and long-term income profile [5] Company Overview - FCPT is a real estate investment trust (REIT) that owns, acquires, and leases properties mainly in the restaurant and retail sectors, with operations organized across real estate and restaurant segments [6]