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Leases

6 Months Ended

Jun. 30, 2025

The following table lists the tenants where the rental revenue from the tenants represented 10% or more of total rental income in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands) for the six months ended June 30, 2025:


	For the Six Months Ended June 30, 2025
Tenant	Rental Income
Neiman Marcus Group, LLC	$	1,201

The following table lists the tenants where the rental revenue from the tenants represented 10% or more of total rental income in the Company’s Consolidated Statements of Operations and Comprehensive Income (in thousands) for the six months ended June 30, 2024:


	For the Six Months Ended June 30, 2024
Tenant	Rental Income
Neiman Marcus Group, LLC	$	979
Saputo Dairy Foods	$	924

Ground Lease

The Company has a ground lease situated in Durham County, North Carolina, with a subsidiary of OSL, an entity that may be deemed an affiliate of the Adviser through common beneficial ownership. The lease has a remaining term of 4 years and a discount rate of 4.6% and contains five one-year extension options. As of June 30, 2025, the carrying amount of the right-of-use asset is $0.6 million, and the lease liability is $(0.7) million.

For the six months ended June 30, 2025, the Company recognized lease expense of $0.1 million recorded on a straight-line basis over the lease term.