What changed in this filing

/stocks — the workspaceLOADING

Item 1B. Unresolved Staff Comments

2026-03-13 compared with 2025-03-14 · 36 added, 34 removed, 358 unchanged (16% of the section changed)

2 unchanged sentences

The Partnership’s information technology, communication networks, system applications, accounting and financial reporting platforms and related systems, and those that are offered to residents and tenants, are integral to the operation of the business.

The Partnership utilizes these systems, among others, for financial analysis, management, and

reporting, for facilitation of operations, including for the initiation, generation, and completion of resident leasing, for internal communications, and for various other aspects of the business.

The Partnership utilizes these systems, among others, for financial analysis, management, and reporting, for facilitation of operations, including for the initiation, generation, and completion of resident leasing, for internal communications, and for various other aspects of the business.

The Partnership’s cybersecurity strategy is focused on detection, protection, incident response, security risk management and mitigation, and resiliency of the cybersecurity infrastructure.

5 unchanged sentences

Cybersecurity is a critical component of our risk management process.

We recognize that no single technology, process, or business control can effectively prevent or mitigate all risks, thus we use a variety of tools including multi-factor authentication and antivirus and firewall protection, to help identify, protect, detect, respond to, and recover from cyber threats.

We recognize that no single technology, process, or business control can effectively prevent or mitigate all risks, thus we use a variety of tools including multi-factor authentication, AI-powered antivirus security platform and firewall protection to help identify, protect, detect, respond to, and recover from cyber threats.

These individual technologies work together as part of our strategy to minimize risk.

This strategy is tested through audits and independent program assessments, as well as through additional exercises with our Managed Service Provider, designed to assess effectiveness.

The Managed Service Provider actively manages our firewalls, multi-factor authentication, antivirus, and Azure environment.

Our Managed Service Provider also reviews our cybersecurity program on a quarterly basis and provides recommendations toward best industry practice.

This strategy is tested through audits and independent program assessments, as well as through additional exercises with our Managed Service Provider, and Managed Detection and Response Provider, designed to assess effectiveness.

The Managed Service Provider, along with the Hamilton Company’s IT department, actively manages our firewalls, multi-factor authentication, antivirus, and Azure environment.

The Partnership’s Managed Service Provider, along with our Managed Detection and Response Provider, also review our cybersecurity program on a quarterly basis and provide recommendations toward best industry practice.

Our cybersecurity program is continually evolving to align with NIST standards, and we regularly monitor our progression toward these standards.

1 unchanged sentence

Our cybersecurity program is led by the Hamilton Company’s Chief Financial Officer , who, along with the Hamilton Company’s Director of Information Technology who has been with Hamilton for 40 years, provide regular updates each quarter to the Audit Committee regarding this program, including information about the cybersecurity threat landscape, investments in infrastructure and opportunities to protect and enhance the Company’s systems and security of products and operations.

The also Board receives periodic briefings from management regarding cybersecurity activities and initiatives

The Partnership’s cybersecurity program is designed to safeguard the confidentiality, integrity and availability of data and systems within the Company’s environment to effectively support our business objectives and customer needs.

The Board also receives periodic briefings from management regarding cybersecurity activities and initiatives

The Partnership’s cybersecurity program is designed to safeguard the confidentiality, integrity and availability

of data and systems within the Company’s environment to effectively support our business objectives and customer needs.

Our commitment to cybersecurity focuses on enhancing our prevention, monitoring, and detection response capabilities to identify and respond to evolving threats.

1 unchanged sentence

We regularly test, educate, and share best practices with employees of the Hamilton Company to raise awareness of cyber threats through a comprehensive security awareness training program.

Our Managed Service Provider is responsible for testing our ability to restore our critical infrastructure on a quarterly basis.

Additionally, our incident response and disaster recovery plans are reviewed and updated annually.

Our Managed Service Provider, along with the Hamilton Company’s IT department, are responsible for testing the Partnership’s ability to restore critical infrastructure on a monthly and quarterly basis.

Backup procedures include a daily scan and quarantine of any virus or malware activity found on the Partnership’s network.

Additionally, incident response and disaster recovery plans are reviewed and updated annually.

During 2025, we have not encountered cybersecurity challenges that have materially impaired our operations, business strategy or financial condition.

2 unchanged sentences

Certain Relationships and Related Transactions and Director Independence” for information concerning affiliated transactions.

Apartment Complexes

The table below lists the location of the 3,411 Apartment Units, the number and type of units in each complex, the range of rents and vacancies as of February 1, 2026, the principal amount outstanding under any mortgages as of December 31, 2025, the fixed interest rates applicable to such mortgages, and the maturity dates of such mortgages.

72 unchanged sentences

December 31, 2025

Hill Estates NERA LLC

55 Brighton Street and more

3 three bedroom

325 two bedroom

65 one bedroom

4–34 Lincoln Street

2 unchanged sentences

5 one bedroom

Mill Street Development (2)

Mill Street Heights

57 Mill Street

10 three bedroom

40 two bedroom

22 one bedroom

Mill Street Gardens, LLC

65 unchanged sentences

30 one bedroom

(1) On May 30,2025, the Partnership borrowed $40,000,000, at an interest rate of 5.99%, under the Master Credit Facility, which was allocated among specific properties within the credit facility.

The mortgage balance is stated before unamortized deferred financing costs.

(2) Mill Street Development, LLC, was held for development.

In December of 2023, the Partnership received 40B approval to construct a 72 unit apartment complex.

Management started the construction project in 2024.

In order to comply with the permanent financing requirements for a 40B project, Mill Street Development signed a term sheet for a loan of up to $15 million, to be funded upon completion of the development project.

In addition, Mill Street Development deposited $75,000 into escrow to comply with the 40B project requirement of a cost certification of total development costs upon completion of the project .

Current free rent concessions would result in an average reduction in unit rents of approximately $7.78 per month per unit.

26 unchanged sentences

For mortgage balance, interest rate and maturity date information see “Apartment Complexes” above.

HILL ESTATES NERA, LLC.

The Hill Estates Apartment complex in Belmont, Massachusetts was acquired by the Partnership in June 2025 through Hill Estates NERA, LLC, and includes 7,997 square feet of rentable commercial space.

As of February 1, 2026, the commercial space had vacant square footage of 4,856 square feet and the average rent per square foot was $33.37.

In 1995, the Partnership acquired the Linhart property in Newton, Massachusetts (“Linhart”).

16 unchanged sentences

The property consists of 17,718 square feet of rentable commercial space.

As of February 1, 2025, the space was fully occupied and the average rent per square foot was $38.95.

As of February 1, 2026, the space had vacant square footage of 4,068 square feet, and the average rent per square foot was $43.96.

653 WORCESTER Road LLC.

77 unchanged sentences

The costs associated with the refinancing were approximately $161,000.

On August 23, 2023, Hamilton on Main Apartments, LLC (the “Borrower”), a 50% owned joint venture of the Partnership, received notice from KeyBank, as servicer for the lender of a $16,900,000 loan, indicating that the Borrower failed to comply with certain terms of the loan documents pertaining to the transfer of interests in the Borrower that occurred on the occasion of Harold Brown’s death, and that such transfer constitutes an event of default under the loan documents.

While the Borrower has disputed that any events of default actually exist, it worked diligently with KeyBank to obtain KeyBank’s consent to the transfer.

On March 8, 2024, the Borrower received notice from KeyBank that it was providing ex-post facto consent to the transfer of interest subject to certain conditions being met by the Borrower.

The Partnership’s share of costs associated with the transfer of interests in the Borrower was approximately $107,000.

On April 18, 2024 the Borrower and KeyBank executed amended loan documents reflecting the transfer of interest in the Borrower.

5 unchanged sentences

The Partnership will continue to account for this investment using the equity method of accounting, although the Partnership has no legal obligation to fund its share of any future operating deficiencies, if needed.

At December 31, 2024, the balance of the mortgage before unamortized deferred finance is $23,589,000.

The investment is referred to as Hamilton on Main LLC.

At December 31, 2025, the balance of the mortgage before unamortized deferred finance is $23,589,000.The investment is referred to as Hamilton on Main LLC.

HAMILTON MINUTEMAN, LLC.

9 unchanged sentences

This investment is referred to as Hamilton Minuteman, LLC.

At December 31, 2024, the balance on this mortgage before unamortized deferred financing costs is approximately $6,000,000.

At December 31, 2025, the balance on this mortgage before unamortized deferred financing costs is $6,000,000.

In 2018, the carrying value of the investment fell below zero.

15 unchanged sentences

The purchase price was $14,300,000, with a $10,750,000 mortgage.

The Partnership planned to operate the building and initiate development of the parking lot.

In June 2007, the Partnership separated the parcels, formed an additional limited liability company for the residential apartments and obtained a mortgage on the property.

The Joint Venture planned to operate the building and initiate development of the parking lot.

In June 2007, the Joint Venture separated the parcels, formed an additional limited liability company for the residential apartments and obtained a mortgage on the property.

The new limited liability company formed for the residential apartments and commercial space is referred to as Hamilton Essex 81, LLC.

In August 2008, the Partnership restructured the mortgages on both parcels at Essex 81 and transferred the residential apartments to Hamilton Essex 81, LLC.

On September 28, 2015, Hamilton Essex Development, LLC paid off the outstanding mortgage balance of $1,952,286.

The Partnership made a capital contribution of $978,193 to Hamilton Essex Development LLC for its share of the funds required for the transaction.

Additionally, the Partnership made a capital contribution of $100,000 to Hamilton Essex 81, LLC.

In August 2008, the Joint Venture restructured the mortgages on both parcels at Essex 81.

On September 30, 2015, Hamilton Essex 81, LLC obtained a new 10 year mortgage in the amount of $10,000,000, interest only at 2.18% plus the one month Libor rate.

The proceeds of the note were used to pay off the existing mortgage of $8,040,719 and the Partnership received a distribution of $978,193 for its share of the excess proceeds.

On September 30, 2025, the property was refinanced with a 10 year mortgage in the amount of $12,214,000 at a fixed rate of 5.61% interest only.

The Joint Venture paid off the prior mortgage of approximately $10,000,000 with the proceeds of the new mortgage and held the remaining $2,210,000 at the property as cash reserves.

In December 2025, $1,000,000 of those reserves were distributed to their partners with the Partnership receiving $500,000.

The costs associated with the refinancing were approximately $170,000.

As a result of the distribution, the carrying value of the investment fell below zero.

1 unchanged sentence

Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed.

At December 31, 2024, the balance on this mortgage before unamortized deferred financing costs is approximately $10,000,000.

At December 31, 2025, the balance on this mortgage before unamortized deferred financing costs is $12,214,000.

The investment in the parking lot is referred to as Hamilton Essex Development, LLC;

16 unchanged sentences

The Partnership will continue to account for the investment using the equity method of accounting, although the Partnership has no legal obligation to fund its share of any future operating deficiencies as needed.

At December 31, 2024, the balance on this mortgage before unamortized deferred financing costs is approximately $125,000,000.

This investment, Hamilton Park Towers, LLC, is referred to as Dexter Park.

At December 31, 2025, the balance on this mortgage before unamortized deferred financing costs is $125,000,000.

LEGAL PROCEEDING S

5 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 1B. Unresolved Staff Comments