Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales Of Equity Securities And Use Of Proceeds
Our share redemption program permits our stockholders to sell their shares of common stock back to us, subject to certain conditions and limitations. We will limit the number of shares redeemed pursuant to our share redemption program as follows: (1) we will not redeem in excess of 5% of the weighted average number of shares outstanding during the trailing 12 months prior to the end of the fiscal quarter for which the redemptions are being paid; and (2) funding for the redemption of shares will be limited, among other things, to the net proceeds we receive from the sale of shares under our DRIP, net of shares redeemed to date. In an effort to accommodate redemption requests throughout the calendar year, we will generally limit quarterly redemptions to approximately 1.25% of the weighted average number of shares outstanding during the trailing 12-month period ending on the last day of the fiscal quarter for which the redemptions are being paid, and to the net proceeds we receive from the sale of shares in the respective quarter under the DRIP Offering. Any of the foregoing limits might prevent us from accommodating all redemption requests made in any fiscal quarter or in any 12-month period. The most recent estimated per share NAV is $5.14, which was determined by the Board on March 19, 2026 using a valuation date of December 31, 2025.
In general, we redeem shares on a quarterly basis. Shares are redeemed with a trade date no later than the end of the month following the end of each fiscal quarter. Any redemption capacity that is not used as a result of the withdrawal or rejection of redemption requests may be used to satisfy the redemption requests of other stockholders received for that fiscal quarter, and such redemption payments may be made at a later time than when that quarter’s redemption payments are made. During the three months ended June 30, 2026, no shares were redeemed. Subsequent to June 30, 2026, the Company redeemed approximately1.5 million shares for $7.9 million (at an average redemption price of $5.14 per share).
Period (1)
Total Number of Shares Redeemed
Average Price Paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
April 1, 2026 - April 30, 2026
—
$
—
—
(2)
May 1, 2026 - May 31, 2026
—
$
—
—
(2)
June 1, 2026 - June 30, 2026
—
$
—
—
(2)
Total
—
—
____________________________________
Table does not include redemptions prior to the Transactions, which consisted of of 1.5 million shares for $7.6 million (at an average redemption price of $5.14 per share) during the three months ended June 30, 2026.
(1) Redemptions are included in the month of payment, which is made one business day following the trade date.
(2) A description of the maximum number of shares that may be purchased under our share redemption program is included in the narrative preceding this table.
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Unregistered Sales of Equity Securities
The CMFH Class A LP Units issued to CMGH, CMFH Class B LP Units issued to the Company, and Special Voting Preferred Shares issued to CMGH in connection with the Transactions and as described under Note 1 — Organization and Business to our condensed combined and consolidated financial statements in this Quarterly Report on Form 10-Q, were each issued pursuant to exemptions from registration under the Securities Act by reason of Section 4(a)(2) thereof.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.