What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2026-02-11 compared with 2025-02-12 · 47 added, 50 removed, 158 unchanged (38% of the section changed)

Our Real Estate Investment Portfolio

As of December 31, 2024, we had a portfolio of 2,104 properties, inclusive of 150 properties that secure our investments in mortgage loans receivable, that was diversified by tenant, concept, industry and geography and had annualized base rent of $460.6 million.

Our 413 tenants operate 592 different concepts in 16 industries across 49 states.

As of December 31, 2025, we had a portfolio of 2,300 properties, inclusive of one undeveloped land parcel and 150 properties that secure our investments in mortgage loans receivable, that was diversified by tenant, concept, industry and geography and had annualized base rent of $555.0 million.

Our tenants operate 659 different concepts across 48 states.

None of our tenants represented more than 3.4% of our portfolio at December 31, 2025 and our top ten largest tenants represented 16.5% of our annualized base rent as of that date.

As of December 31, 2025, 97.3% of our leases (based on annualized base rent) were triple-net, where the tenant is typically responsible for all improvements and is contractually obligated to pay all operating expenses, such as maintenance, insurance, utility and tax expense, related to the leased property.

Due to the triple-net structure of our leases, we do not expect to incur significant capital expenditures relating to our triple-net leased properties, and the potential impact of inflation on our operating expenses is reduced.

Diversification by Tenant

6 unchanged sentences

EquipmentShare 57 $ 18,934 3.4 %

Express Wash Operations, LLC Whistle Express Car Wash 33 10,900 2.0 %

CNP Holdings, LLC Chicken N Pickle 8 8,641 1.6 %

BW Ultimate Parent, LLC YesWay 13 7,472 1.6 %

Busy Bees US Holdings Limited Various 32 7,215 1.6 %

BW Ultimate Parent, LLC Allsup's/YesWay 13 8,337 1.5 %

Dave & Buster's Inc.

Dave & Buster's 5 8,078 1.5 %

Undefeated Tribe Operating Company, LLC Crunch Fitness 13 7,823 1.4 %

Busy Bees US Holdings Limited Various 32 7,344 1.3 %

Early Foundations LLC Primrose School 21 7,329 1.3 %

Denali Midco 2 LLC Super Star Car Wash 19 6,961 1.3 %

Pops Mart Holdings, LLC and Pops Mart Fuels, LLC Various 26 6,601 1.4 %

New Potato Creek Holdings, LLC Tidal Wave Auto Spa 16 6,546 1.4 %

Mdsfest, Inc.

Festival Foods 7 6,104 1.3 %

Alimentation Couche Tard Inc.

Circle K 40 6,000 1.3 %

GSP Flagstop LLC Flagstop Car Wash 20 6,787 1.2 %

Top 10 Subtotal 221 91,134 16.5 %

3 unchanged sentences

(1) Represents tenant, guarantor or parent company.

(2) Excludes seven vacant properties.

As of December 31, 2024, our five largest tenants, who contributed 10.7% of our annualized base rent, had a rent coverage ratio of 6.4x while our ten largest tenants, who contributed 17.6% of our annualized base rent, had a rent coverage ratio of 5.2x.

As of December 31, 2024, 96.6% of our leases (based on annualized base rent) were triple-net, where the tenant is typically responsible for all improvements and is contractually obligated to pay all operating expenses, such as maintenance, insurance, utility and tax expense, related to the leased property.

(2) Excludes one undeveloped land parcel and six vacant properties.

Diversification by Concept

Our tenants operate their businesses across 592 concepts (i.e., generally brands).

Our tenants operate their businesses across 659 concepts (i.e., brands).

The following table provides information about the top ten concepts in our portfolio as of December 31, 2025 (dollars in thousands):

6 unchanged sentences

Crunch Fitness Experience 14,977 2.7 % 26 962,740

Whistle Express Car Wash Service 10,900 2.0 % 33 135,867

Chicken N Pickle Experience 8,641 1.6 % 8 279,483

YesWay Service 7,472 1.6 % 13 75,429

Captain D's Service 6,762 1.5 % 87 225,956

Allsup's/YesWay Service 8,337 1.5 % 13 75,429

Primrose School Service 8,289 1.5 % 23 272,636

Super Star Car Wash Service 6,961 1.3 % 19 91,470

Pops Mart Service 6,601 1.4 % 26 130,893

Tidal Wave Auto Spa Service 6,546 1.4 % 16 58,154

Festival Foods Retail 6,104 1.3 % 7 520,475

Red Robin Gourmet Burgers & Brews Service 5,984 1.3 % 28 188,041

John Deere Service 6,813 1.2 % 31 654,285

Captain D's Service 6,792 1.2 % 86 223,411

Flagstop Car Wash Service 6,787 1.2 % 20 93,538

Top 10 Subtotal 97,431 17.6 % 316 3,893,756

2 unchanged sentences

______________________________________

(1) Excludes seven vacant properties.

(1) Excludes one undeveloped land parcel and six vacant properties.

Diversification by Industry

11 unchanged sentences

Automotive Service Service 44,491 8.0 % 297 2,314,388 19.08

Casual Dining Service 34,695 7.5 % 145 1,006,976 31.93

Convenience Stores Service 37,024 6.7 % 178 774,644 48.43

Casual Dining Service 33,556 6.0 % 132 936,979 35.91

Equipment Rental and Sales Service 25,746 4.6 % 88 1,759,182 14.64

5 unchanged sentences

Health and Fitness Experience 23,877 4.3 % 46 1,738,193 13.49

Movie Theatres Experience 4,404 1.0 % 6 293,206 15.02

Movie Theaters Experience 4,429 0.8 % 6 293,206 15.11

Experience Subtotal 79,836 14.4 % 124 4,554,550 16.77

Grocery Retail 13,677 3.0 % 40 1,604,320 8.53

Home Furnishings Retail 1,530 0.3 % 3 176,809 8.65

Retail Subtotal 15,207 3.3 % 43 1,781,129 8.54

Other Industrial Industrial 26,718 4.8 % 62 3,673,369 7.12

1 unchanged sentence

Industrial Subtotal 31,526 5.7 % 86 4,971,038 6.23

Grocery Retail 14,715 2.7 % 41 1,635,542 9.00

Home Furnishings Retail 762 0.1 % 2 106,898 7.12

Retail Subtotal 15,477 2.8 % 43 1,742,440 8.88

Total/Weighted Average $ 554,989 100.0 % 2,293 25,781,105 $ 21.30

____________________________________________________

(1) Excludes seven vacant properties.

(1) Excludes one undeveloped land parcel and six vacant properties.

(2) Excludes properties with no annualized base rent and properties under construction.

5 unchanged sentences

Texas $ 70,519 12.7 % 249 3,240,002

Georgia 33,687 7.3 % 159 1,170,288

Florida 41,138 7.4 % 128 1,179,748

Georgia 36,305 6.5 % 168 1,285,477

Ohio 30,099 5.4 % 143 1,681,799

Wisconsin 25,423 4.6 % 97 1,452,393

Missouri 19,520 3.5 % 89 1,201,110

Oklahoma 19,013 3.4 % 74 992,576

North Carolina 18,177 3.3 % 86 790,650

Arizona 16,823 3.0 % 66 711,434

Oklahoma 15,603 3.4 % 70 961,748

Missouri 15,174 3.3 % 72 900,451

Illinois 16,507 3.0 % 64 789,679

Alabama 14,894 2.7 % 65 931,287

South Carolina 14,011 2.5 % 67 558,561

Indiana 12,092 2.6 % 64 652,790

Michigan 13,896 2.5 % 65 1,184,067

Minnesota 11,099 2.4 % 44 628,174

Indiana 13,130 2.4 % 69 620,979

Pennsylvania 12,675 2.3 % 66 681,534

New Jersey 12,622 2.3 % 32 475,202

Alabama 10,383 2.3 % 57 548,645

New York 9,528 2.1 % 61 390,778

Virginia 12,426 2.2 % 38 408,583

Arkansas 9,474 2.1 % 62 509,900

Tennessee 12,114 2.2 % 61 434,505

Pennsylvania 8,039 1.7 % 42 419,149

Minnesota 11,373 2.0 % 44 638,333

Mississippi 10,995 2.0 % 74 411,690

New Mexico 7,653 1.7 % 29 194,880

Louisiana 10,586 1.9 % 37 352,037

New York 10,534 1.9 % 65 508,928

Arkansas 9,818 1.8 % 66 507,946

Colorado 8,979 1.6 % 33 367,634

Connecticut 7,174 1.6 % 23 579,458

Kentucky 6,410 1.4 % 48 310,474

Massachusetts 6,255 1.4 % 32 439,465

California 8,369 1.5 % 21 196,715

Louisiana 5,651 1.2 % 29 172,990

New Mexico 8,154 1.5 % 28 187,680

Massachusetts 7,708 1.4 % 35 488,841

Kentucky 7,582 1.4 % 51 327,218

Iowa 7,540 1.4 % 35 414,813

Connecticut 7,166 1.3 % 22 555,537

Utah 6,919 1.2 % 7 528,350

Nevada 6,693 1.2 % 16 168,720

Kansas 4,914 0.9 % 18 201,900

Utah 4,426 1.0 % 5 321,256

New Hampshire 3,638 0.8 % 14 279,182

South Dakota 2,727 0.6 % 9 130,153

Maryland 4,461 0.8 % 13 257,335

New Hampshire 3,719 0.7 % 13 268,937

Oregon 3,233 0.6 % 9 138,785

South Dakota 2,765 0.5 % 9 130,152

North Dakota 2,573 0.5 % 7 97,442

Washington 2,404 0.4 % 11 90,459

1 unchanged sentence

Nebraska 2,248 0.4 % 11 138,797

Maine 1,147 0.2 % 4 71,000

Vermont 1,282 0.2 % 10 80,819

North Dakota 876 0.2 % 5 72,400

Maine 1,167 0.2 % 4 71,000

Idaho 777 0.1 % 3 43,588

3 unchanged sentences

Alaska 214 — % 2 6,630

Montana 179 0.1 % 1 3,400

Total $ 554,989 100.0 % 2,300 25,926,724

30 unchanged sentences

_______________________________________________________________

(1) Expiration year of contracts in place as of December 31, 2024, excluding any tenant option renewal periods that have not been exercised.

(2) Excludes seven vacant properties.

(1) Expiration year of leases in place as of December 31, 2025, excluding any tenant option renewal periods that have not been exercised.

(2) Excludes one undeveloped land parcel and six vacant properties.

(3) Weighted by annualized base rent.

30 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties