What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-06 compared with 2026-05-22 · 305 added, 291 removed, 283 unchanged (68% of the section changed)

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OVERVIEW (dollars in thousands, except per share and per square foot data)

We are a REIT organized under Maryland law.

As of September 30, 2025, our wholly owned properties were comprised of 124 properties and we had a noncontrolling ownership interest of 51% in an unconsolidated joint venture that owned two properties containing approximately 346,000 rentable square feet.

As of September 30, 2025, our properties are located in 29 states and the District of Columbia and contain approximately 17,214,000 rentable square feet.

As of September 30, 2025, our properties were leased to 218 different tenants with a weighted average remaining lease term (based on annualized rental income) of approximately 6.7 years.

government is our largest tenant, representing approximately 17.0% of our annualized rental income as of September 30, 2025.

The term annualized rental income as used herein is defined as the annualized contractual base rents from our tenants pursuant to our lease agreements as of September 30, 2025, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization.

Leases representing approximately $15,278 or 3.9%, of our annualized rental income are scheduled to expire on or before September 30, 2026 and we may be unable to renew leases or find replacement tenants.

We are a real estate investment trust, or REIT, organized under Maryland law.

As of June 30, 2026, our wholly owned properties were comprised of 122 properties and we had a noncontrolling ownership interest of 51% in an unconsolidated joint venture that owned two properties containing approximately 346,000 rentable square feet.

As of June 30, 2026, our properties are located in 29 states and the District of Columbia and contain approximately 17,113,000 rentable square feet.

As of June 30, 2026, our properties were leased to 211 different tenants with a weighted average remaining lease term (based on annualized rental income) of approximately 6.2 years.

government is our largest tenant, representing approximately 18.0% of our annualized rental income as of June 30, 2026.

The term annualized rental income as used herein is defined as the annualized contractual base rents from our tenants pursuant to our lease agreements as of June 30, 2026, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization.

Leases representing approximately $59,671, or 14.4%, of our annualized rental income, are scheduled to expire on or before December 31, 2027 and we may be unable to renew leases or find replacement tenants.

Certain shifts in office space utilization, including increased remote work arrangements and tenants consolidating their real estate footprint, as well as ongoing market and economic conditions, including government spending and budget priorities, continue to impact the office sector and our portfolio.

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Accordingly, we do not yet know what the full extent of the impacts will be on our or our tenants’ businesses and operations nor the long-term outlook for leasing at our properties.

Chapter 11 Bankruptcy Proceedings

On the Petition Date, the Debtors voluntarily commenced the Chapter 11 Cases.

In connection with the filing of the Chapter 11 Cases, we entered into the RSA with certain holders of the September 2029 Notes to implement a court-supervised financial restructuring pursuant to the transactions contemplated in the RSA.

We continue to operate our businesses as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.

As debtors-in-possession, we are authorized to pay all debts and honor all obligations arising in the ordinary course of our business after the Petition Date.

However, generally, we may not pay third-party claims or creditors on account of obligations arising before the Petition Date or engage in transactions outside the ordinary course of business without prior approval of the Bankruptcy Court.

While the commencement of these proceedings constituted an event of default under certain of our debt agreements, enforcement of any remedies in respect of which is automatically stayed during the pendency of the Chapter 11 Cases.

There are a number of risks and uncertainties associated with our bankruptcy proceedings, including, among others, that the Plan may not become effective.

The Plan has not yet become effective as of the date of filing of this Quarterly Report on Form 10-Q.

Effectiveness of the Plan is subject to a number of conditions precedent.

There can be no assurance that all conditions to the effectiveness of the Plan will be satisfied or waived, or that the Plan will become effective on the timeline currently contemplated, or at all.

Voluntary Reorganization Under and Emergence from Chapter 11 Bankruptcy

On the Petition Date, the Debtors commenced the Chapter 11 Cases in the Bankruptcy Court.

In connection with the filing of the Chapter 11 Cases, we entered into the RSA with certain holders of the Old September 2029 Notes, to implement a court-supervised financial restructuring pursuant to the transactions contemplated in the RSA.

During the pendency of the Chapter 11 Cases, we continued to operate our businesses as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.

While the commencement of the Chapter 11 Cases constituted an event of default under certain of our debt agreements, enforcement of any remedies in respect of such events of default was automatically stayed during the pendency of the Chapter 11 Cases.

On April 21, 2026, we filed the Plan with the Bankruptcy Court and on April 22, 2026, the Bankruptcy Court confirmed the Plan.

On the Effective Date, the conditions precedent to the effectiveness of the Plan were satisfied and the Debtors emerged from the Chapter 11 Cases.

For more information regarding the Chapter 11 Cases, the RSA and the Plan, including the material terms thereof, see Note 1 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Going Concern

Substantial doubt about our ability to continue as a going concern exists due to (1) insufficient liquidity to satisfy our obligations as they come due, (2) limited alternatives available to us to obtain debt or equity financing, (3) inability to refinance our maturing debt, and (4) the resulting Chapter 11 Cases.

Our ability to continue as a going concern is contingent upon, among other things, our ability to, subject to the approval by the Bankruptcy Court, implement a plan of reorganization, emerge from

the Chapter 11 proceedings and generate sufficient liquidity following the reorganization to meet our obligations, restructured debt obligations and operating needs.

The transactions contemplated by the Plan are subject to approval by the Bankruptcy Court, among other conditions.

Accordingly, no assurance can be given that the transactions described therein will be consummated.

As a result, we have concluded that management’s plans at this stage do not alleviate substantial doubt about our ability to continue as a going concern.

For more information about the risks relating to these dynamics and conditions and their impacts on us and our business, see Part I, Item IA, “Risk Factors”, of this Quarterly Report on Form 10-Q and in our 2024 Annual Report.

Nasdaq Delisting

On September 25, 2025, Nasdaq notified us that our common shares were subject to delisting.

We did not appeal Nasdaq’s determination, and our common shares were delisted from Nasdaq effective October 6, 2025.

Prior to and during the Chapter 11 Cases, substantial doubt about our ability to continue as a going concern existed.

As a result of the restructuring transactions completed in connection with the emergence from the Chapter 11 Cases on the Effective Date, we reduced our aggregate outstanding debt obligations by approximately $714,000, while also increasing the weighted average term to maturity of our indebtedness.

Following emergence, the reduction in indebtedness and extension of debt maturities improved our financial flexibility, alleviated near-term refinancing pressures and restored our ability to pursue capital market alternatives that were not available prior to emergence.

We currently have $425,000 outstanding under our credit agreement that matures in January 2027 and are required to make $50,000 of principal payments under the 2029 Secured Exit Notes during the next twelve months.

We currently expect to satisfy these obligations through our existing cash balances, operating cash flows, asset sales and potential capital market transactions.

As part of these plans, we are currently actively working with a bank on options to refinance our revolving credit facility and term loan prior to its maturity and we have identified 32 properties for sale, two of which were sold in July 2026 for an aggregate gross sales price of $58,500, nine of which are under agreement to sell for an aggregate gross sales price of $49,675, and the remaining 21 of which are being actively marketed.

After considering the actions through the restructuring and management’s plans, including anticipated asset sales and refinancing activities, management believes it is probable that we will be able to satisfy our obligations as they become due during the next 12 months.

Accordingly, management concluded that the conditions that previously existed to cause substantial doubt about our ability to continue as a going concern have been alleviated.

For more information about the risks relating to these dynamics and conditions and their impacts on us and our business, see Part I, Item IA, “Risk Factors”, of our 2025 Annual Report.

Nasdaq Listing

Our previous common shares were delisted from The Nasdaq Stock Market LLC, or Nasdaq, on October 6, 2025.

We re-applied for and were approved to be relisted on Nasdaq on June 18, 2026.

Our Reorganized Common Equity trades under the symbol “OPI”.

Property Operations

Unless otherwise noted, the data presented in this section includes properties classified as held for sale as of September 30, 2025 and excludes two properties owned by an unconsolidated joint venture in which we owned a 51% interest and the hotel component of a mixed-use property in Washington, D.C.

For more information regarding our properties classified as held for sale, our unconsolidated joint venture and our mixed-use property in Washington, D.C., see Notes 4 and 11 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Occupancy data for our properties as of September 30, 2025 and 2024 was as follows (square feet in thousands):

Unless otherwise noted, the data presented in this section excludes two properties owned by an unconsolidated joint venture in which we owned a 51% interest and the hotel component of a mixed-use property in Washington, D.C.

For more information regarding our unconsolidated joint venture and our mixed-use property in Washington, D.C., see Notes 4 and 11 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Occupancy data for our properties as of June 30, 2026 and 2025 was as follows (square feet in thousands):

All Properties (1)

Comparable Properties (2)

September 30,

2026 2025 2026 2025

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77.9 % 81.2 % 88.7 % 89.0 %

(1) Based on properties we owned on September 30, 2025 and 2024, respectively.

(1) Based on properties we owned on June 30, 2026 and 2025, respectively.

(2) Based on properties we owned continuously since January 1, 2025;

excludes two properties classified as held for sale, five properties affected by significant redevelopment activities and two properties owned by an unconsolidated joint venture in which we owned a 51% interest.

excludes 32 properties classified as held for sale and two properties owned by an unconsolidated joint venture in which we owned a 51% interest.

(3) Subject to changes when space is remeasured or reconfigured for tenants.

(4) Percent leased includes (i) space being fitted out for tenant occupancy pursuant to our lease agreements, if any, and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants, if any, as of the measurement date.

The average effective rental rate per square foot for our properties for the three and nine months ended September 30, 2025 and 2024 were as follows:

Three Months Ended September 30, Nine Months Ended September 30,

The average effective rental rate per square foot for our properties for the three and six months ended June 30, 2026 and 2025 were as follows:

Successor Predecessor

Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 Three Months Ended June 30, 2025

Average effective rental rate per square foot (1) :

All properties (2)

$ 34.39 $ 34.89 $ 31.98

Comparable properties (3)

$ 35.53 $ 30.19 $ 28.82

Successor Predecessor

Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 Six Months Ended June 30, 2025

Average effective rental rate per square foot (1) :

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(1) Average effective rental rate per square foot represents annualized total rental income during the period specified divided by the average rentable square feet leased during the period specified.

(2) Based on properties we owned on September 30, 2025 and 2024, respectively.

(3) Based on properties we owned continuously since July 1, 2024 and January 1, 2024, respectively;

During the three and nine months ended September 30, 2025, changes in rentable square feet leased and available for lease at our properties were as follows (square feet in thousands):

Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025

(2) Based on properties we owned on June 30, 2026 and 2025, respectively.

(3) Based on properties we owned continuously since April 1, 2025;

excludes 32 properties classified as held for sale and two properties owned by an unconsolidated joint venture in which we owned a 51% interest as of June 30, 2026.

During the three and six months ended June 30, 2026, changes in rentable square feet leased and available for lease at our properties were as follows (square feet in thousands):

Three Months Ended June 30, 2026 Six Months Ended June 30, 2026

Leased Available for Lease Total Leased Available for Lease Total

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Changes resulting from:

Disposition of properties — (56) (56) (100) (205) (305)

Lease expirations (216) 216 — (443) 443 —

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22 (22) — 57 (57) —

Lease conversion to managed hotel — — — (240) — (240)

Remeasurements (47) 47 — (51) 47 (4)

End of period 13,335 3,778 17,113 13,335 3,778 17,113

(1) Based on leases entered during the three and nine months ended September 30, 2025.

During the three and nine months ended September 30, 2025, we entered into new and renewal leases as summarized in the following table (square feet in thousands):

Three Months Ended September 30, 2025

(1) Based on leases entered during the three and six months ended June 30, 2026.

During the three and six months ended June 30, 2026, we entered into new and renewal leases as summarized in the following table (square feet in thousands):

Three Months Ended June 30, 2026

New Leases Renewals Total

Rentable square feet leased 22 154 176

Weighted average rental rate change (by rentable square feet) (26.7 %) (11.6 %) (16.7 %)

Tenant leasing costs and concession commitments (1)

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$ 3.55 $ 2.10 $ 2.20

Nine Months Ended September 30, 2025

Six Months Ended June 30, 2026

New Leases Renewals Total

Rentable square feet leased 57 331 388

Weighted average rental rate change (by rentable square feet) (2.4 %) 4.9 % 2.4 %

Tenant leasing costs and concession commitments (1)

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(1) Includes commitments made for leasing expenditures and concessions, such as tenant improvements, leasing commissions, tenant reimbursements and free rent.

During the three and nine months ended September 30, 2025, changes in effective rental rates per square foot achieved for new leases and lease renewals at our properties that commenced during the three and nine months ended September 30, 2025, when compared to prior effective rental rates per square foot in effect for the same space (and excluding space acquired vacant), were as follows (square feet in thousands):

Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025

Old Effective Rent Per Square Foot (1)

New Effective Rent Per Square Foot (1)

Rentable Square Feet Old Effective Rent Per Square Foot (1)

During the Successor period ended June 30, 2026, effective rental rates per square foot achieved for new leases and lease renewals at our properties that commenced during the Successor period ended June 30, 2026, were as follows (square feet in thousands):

Period from June 18 through June 30, 2026 (1)

New Effective Rent Per Square Foot (2)

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Total leasing activity $ 46.86 75

(1) Information includes effective rental rates for the Successor period only, as effective rental rates established during the Predecessor period are not comparable as a result of fresh start accounting.

(2) Effective rental rates include contractual base rents from our tenants pursuant to our lease agreements, plus straight line rent adjustments and estimated expense reimbursements to be paid to us, and exclude lease value amortization.

During the three and nine months ended September 30, 2025 and 2024, amounts capitalized at our properties for lease related costs, building improvements and development, redevelopment and other activities were as follows:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

During the three and six months ended June 30, 2026 and 2025, amounts capitalized at our properties for lease related costs, building improvements and development, redevelopment and other activities were as follows:

Successor Predecessor

Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 Three Months Ended June 30, 2025

Lease related costs (1)

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Development, redevelopment and other activities (3)

Total capital expenditures $ 5,875 $ 4,631 $ 13,722

Successor Predecessor

Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 Six Months Ended June 30, 2025

Lease related costs (1)

$ 5,745 $ 11,215 $ 19,557

Building improvements (2)

126 4,339 7,338

Recurring capital expenditures 5,871 15,554 26,895

Development, redevelopment and other activities (3)

Total capital expenditures $ 5,875 $ 15,548 $ 27,543

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(3) Development, redevelopment and other activities generally include capital expenditure projects that reposition a property or result in new sources of revenue.

Includes capitalized interest and other operating costs of $1,172 for the nine months ended September 30, 2024.

We did not capitalize any interest or other operating costs during the three months ended September 30, 2024 or the three and nine months ended September 30, 2025.

As of September 30, 2025, we had estimated unspent leasing related obligations of $67,223, of which we expect to spend $41,780 over the next 12 months.

As of September 30, 2025, we had leases at our properties totaling approximately 654,000 rentable square feet that were scheduled to expire on or before September 30, 2026.

As of May 18, 2026, we expect tenants with leases totaling approximately 253,000 rentable square feet that are scheduled to expire on or before September 30, 2026 , excluding space that has been re-leased and space for which we are in advanced negotiations to re-lease, not to renew or to downsize their leased space upon expiration, and we cannot be sure as to whether other tenants will renew their leases upon expiration.

As of June 30, 2026, we had estimated unspent leasing related obligations of $48,106, of which we expect to spend $31,517 over the next 12 months.

As of June 30, 2026, we had leases at our properties totaling approximately 2,030,000 rentable square feet that were scheduled to expire on or before December 31, 2027.

As of August 4, 2026, we expect tenants with leases totaling approximately 660,000 rentable square feet that are scheduled to expire on or before December 31, 2027, 458,000 of which are related to properties we have identified for sale, excluding space that has been re-leased and space for which we are in advanced negotiations to re-lease, not to renew or to downsize their leased space upon expiration, and we cannot be sure as to whether other tenants will renew their leases upon expiration.

We continue to proactively engage with our existing tenants and are focused on overall tenant retention.

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Additionally, we may incur significant costs and make significant concessions to renew leases with current tenants or attract new tenants to our properties.

As of September 30, 2025, our lease expirations by year were as follows (square feet in thousands):

As of June 30, 2026, our lease expirations by year were as follows (square feet in thousands):

Number of Leases Expiring Leased

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Some of our leases allow the tenants to vacate the leased premises before the stated expirations of their leases with little or no liability.

As of September 30, 2025, tenants occupying approximately 1.6% of our rentable square feet and responsible for approximately 2.1% of our annualized rental income as of September 30, 2025 had exercisable rights to terminate their leases before the stated terms of their leases expire.

Also, in 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2034, 2035, 2036, 2037 and 2040 early termination rights become exercisable by other tenants who occupied an additional approximately 1.6%, 1.8%, 5.2%, 3.2%, 2.4%, 0.7%, 4.2%, 0.3%, 1.0%, 0.2%, 0.2% and 0.4% of our rentable square feet, respectively, and contributed an additional approximately 2.7%, 2.6%, 6.2%, 3.0%, 2.9%, 0.8%, 5.7%, 0.9%, 1.4%, 0.4%, 0.3% and 0.5% of our annualized rental income, respectively, as of September 30, 2025.

In addition, as of September 30, 2025, pursuant to leases with six of our tenants, these tenants had rights to terminate their leases if their respective legislature or other funding authority does not appropriate rent amounts in their respective annual budgets.

These six tenants occupied approximately 4.4% of our rentable square feet and contributed approximately 4.9% of our annualized rental income as of September 30, 2025.

(2) Leased square feet is pursuant to leases existing as of September 30, 2025, and includes (i) space being fitted out for tenant occupancy pursuant to our lease agreements, if any, and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants, if any.

As of June 30, 2026, tenants occupying approximately 2.4% of our rentable square feet and responsible for approximately 2.8% of our annualized rental income as of June 30, 2026 had exercisable rights to terminate their leases before the stated terms of their leases expire.

Also, in 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2034, 2035, 2036 and 2037, early termination rights become exercisable by other tenants who occupied an additional approximately 0.5%, 1.5%, 5.3%, 3.2%, 2.4%, 0.7%, 4.3%, 0.3%, 1.1%, 0.2% and 0.2%, of our rentable square feet, respectively, and contributed an additional approximately 0.8%, 2.2%, 6.5%, 3.3%, 3.0%, 0.8%, 5.8%, 0.9%, 1.7%, 0.4% and 0.3% of our annualized rental income, respectively, as of June 30, 2026.

In addition, as of June 30, 2026, pursuant to leases with six of our tenants, these tenants had rights to terminate their leases if their respective legislature or other funding authority does not appropriate rent amounts in their respective annual budgets.

These six tenants occupied approximately 4.5% of our rentable square feet and contributed approximately 5.2% of our annualized rental income as of June 30, 2026.

(2) Leased square feet is pursuant to leases existing as of June 30, 2026, and includes (i) space being fitted out for tenant occupancy pursuant to our lease agreements, if any, and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants, if any.

Square feet measurements are subject to changes when space is remeasured or reconfigured for new tenants.

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If we are unable to extend or renew our leases, or we renew leases for reduced space, it may be time consuming and expensive to relet our properties.

As of September 30, 2025, we derived 22.8% of our annualized rental income from our properties located in the metropolitan Washington, D.C.

As of June 30, 2026, we derived 24.1% of our annualized rental income from our properties located in the metropolitan Washington, D.C.

market area, which includes Washington, D.C., Northern Virginia and suburban Maryland.

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and/or (c) tenants with investment grade rated parent entities that do not guarantee the tenant’s lease obligations.

As of September 30, 2025, tenants contributing 52.1% of annualized rental income were investment grade rated (or their payment obligations were guaranteed by an investment grade rated parent) and tenants contributing an additional 8.0% of annualized rental income were subsidiaries of an investment grade rated parent (although these parent entities were not liable for the payment of rents).

As of September 30, 2025, tenants representing 1% or more of our total annualized rental income were as follows (square feet in thousands):

As of June 30, 2026, tenants contributing 61.0% of annualized rental income were investment grade rated (or their payment obligations were guaranteed by an investment grade rated parent) and tenants contributing an additional 1.2% of annualized rental income were subsidiaries of an investment grade rated parent (although these parent entities were not liable for the payment of rents).

As of June 30, 2026, tenants representing 1% or more of our total annualized rental income were as follows (square feet in thousands):

Tenant Credit Rating Sq.

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8 State of Georgia Investment Grade 308 2.3 % 9,253 2.2 %

9 Sonoma Biotherapeutics, Inc.

Not Rated 84 0.6 % 7,497 1.9 %

9 Compass Group plc Investment Grade 267 2.0 % 6,927 1.7 %

10 Automatic Data Processing, Inc.

Investment Grade 289 2.2 % 6,722 1.6 %

11 Compass Group plc Investment Grade 267 2.0 % 6,186 1.6 %

11 Genesys Cloud Services Holdings I, LLC Non Investment Grade 275 2.1 % 6,618 1.6 %

12 Primerica, Inc.

Investment Grade 344 2.6 % 6,161 1.5 %

13 Church & Dwight Co., Inc.

Investment Grade 250 1.9 % 6,098 1.5 %

13 Genesys Cloud Services Holdings I, LLC Non Investment Grade 275 2.0 % 5,950 1.5 %

14 Leidos Holdings Inc.

Investment Grade 159 1.2 % 6,075 1.5 %

15 Primerica, Inc.

Investment Grade 425 3.2 % 5,981 1.4 %

16 Science Applications International Corp Non Investment Grade 159 1.2 % 5,436 1.3 %

17 CommScope Holding Company Inc.

Investment Grade 96 0.7 % 5,006 1.2 %

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Not Rated 170 1.3 % 4,920 1.2 %

19 CommScope Holding Company Inc.

Non Investment Grade 96 0.7 % 4,513 1.2 %

19 Hartford Financial Services Group Inc Investment Grade 143 1.1 % 4,583 1.1 %

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21 BAE Systems plc Investment Grade 139 1.0 % 4,283 1.0 %

22 Open Text Corporation Non Investment Grade 142 1.1 % 4,132 1.0 %

Tenants not representing 1% or more of total annualized income 5,204 38.9 % 154,411 37.6 %

Total 13,335 100.0 % $ 412,727 100.0 %

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RESULTS OF OPERATIONS (amounts in thousands, except per share amounts)

Three Months Ended September 30, 2025, Compared to Three Months Ended September 30, 2024

Comparable Properties (1) Results

Three Months Ended September 30,

Non-Comparable

Properties Results

Three Months Ended September 30,

Consolidated Results

Three Months Ended September 30,

2025 2024 $ Change % Change 2025 2024 2025 2024 $ Change % Change

Three Months Ended June 30, 2026, Compared to Three Months Ended June 30, 2025

Successor Predecessor

Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 Three Months Ended June 30, 2025

Rental income $ 18,359 $ 98,473 $ 114,499

4 unchanged sentences

Total operating expenses 7,145 41,703 49,031

Net operating income (loss) (2)

Net operating income (1)

$ 11,214 $ 56,770 $ 65,468

2 unchanged sentences

Loss on impairment of real estate — — 2,426

Transaction related costs 22,904 738 22,166 n/m

Transaction related costs — — 3,940

General and administrative 1,263 4,213 4,816

1 unchanged sentence

Gain on sale of real estate — — 159

Interest and other income 802 196 606 n/m

Interest and other income 949 368 788

Fair value adjustment of warrants 1,491 — —

Interest expense (6,544) (42,341) (52,507)

Net (loss) gain on early extinguishment of debt (354) 264 (618) n/m

Loss before income tax benefit (expense) and equity in net losses of investees (66,485) (58,018) (8,467) 14.6 %

Income tax benefit (expense) 261 (230) 491 n/m

Equity in net losses of investees (115) (166) 51 (30.7 %)

Net (loss) income $ (66,339) $ (58,414) $ (7,925) 13.6 %

Weighted average common shares outstanding (basic and diluted) 73,480 51,197 22,283 43.5 %

Per common share amounts (basic and diluted):

Net gain on early extinguishment of debt — — 148

Reorganization items, net (894) (745,342) —

Loss before income tax expense and equity in net earnings (losses) of investees (3,141) (789,194) (40,964)

Income tax expense (38) (207) (94)

Equity in net earnings (losses) of investees 92 382 (128)

Net loss $ (3,087) $ (789,019) $ (41,186)

n/m - not meaningful

(1) Comparable properties consists of 117 properties we owned on September 30, 2025 and which we owned continuously since July 1, 2024 and excludes two properties classified as held for sale, five properties affected by significant redevelopment activities and two properties owned by an unconsolidated joint venture in which we own a 51% interest.

(2) Our definition of net operating income, or NOI, and our reconciliation of Net (loss) income to NOI are included below under the heading “Non-GAAP Financial Measures.”

References to changes in the income and expense categories below relate to the comparison of consolidated results for the three months ended September 30, 2025, compared to the three months ended September 30, 2024.

Weighted average common shares outstanding 21,954 72,916 71,282

Per common share data (basic and diluted):

Net loss $ (0.14) $ (10.82) $ (0.58)

(1) Our definition of net operating income, or NOI, and our reconciliation of Net loss to NOI are included below under the heading “Non-GAAP Financial Measures.”

As a result of our emergence from the Chapter 11 Cases and adoption of fresh start accounting on the Effective Date, the Successor and Predecessor periods are not comparable.

The discussion below focuses on the primary factors affecting operating results in the respective periods.

References to comparable properties refer to 90 properties we owned on June 30, 2026 and which we owned continuously since January 1, 2025 and excludes 32 properties classified as held for sale, or the “non-comparable” properties, and two properties owned by an unconsolidated joint venture in which we own a 51% interest.

Rental income.

Rental income for non-comparable properties decreased $8,890 related to our property disposition activities, partially offset by an increase in rental income at properties affected by significant redevelopment activities of $3,028 primarily related to the conversion of a lease at a mixed-use property to a hotel management agreement and our recognition of the operating revenues of the hotel.

Rental income for comparable properties decreased $5,631 as a result of increased vacancies and lower rents from lease renewals at certain of our properties in the 2025 period.

Rental income includes non-cash straight line rent adjustments totaling $4,750 in the 2025 period and $8,854 in the 2024 period, and amortization of acquired real estate leases and assumed real estate lease obligations totaling $140 in the 2025 period and $(59) in the 2024 period.

Rental income increased for comparable properties due to higher expense reimbursements and increased rental rates at certain of our properties, partially offset by lower rental income at certain non-comparable properties due to increased vacancy.

Rental income during the 2026 Predecessor period included a termination fee of $8,810 received related to the early termination of a lease at a property that is being marketed for sale, largely offset by the write off of the straight line rent receivable for this lease.

Rental income includes non-cash straight line rent adjustments totaling $1,337 for the Successor

and $(2,999) for the Predecessor in the 2026 period and $6,636 in the Predecessor 2025 period, and amortization of acquired real estate leases and assumed real estate lease obligations totaling $141 for the Successor and $118 for the Predecessor in the 2026 period and $159 in the 2025 period.

Real estate taxes.

Real estate taxes decreased $2,017 related to our property disposition activities, $842 for comparable properties primarily due to successful tax appeals at certain of our properties in the 2025 period and $420 for properties affected by significant redevelopment activities.

Real estate taxes reflect higher assessed values at certain of our properties in the 2026 Successor and Predecessor periods.

Utility expenses.

Utility expenses decreased $903 related to our property disposition activities and $84 for properties affected by significant redevelopment activities, partially offset by an increase in comparable properties of $836 primarily due to higher electricity costs.

Utility expenses reflect higher electricity usage and rates for comparable properties, partially offset by a decrease for non-comparable properties due to lower electricity usage resulting from increased vacancy in the 2026 Successor and Predecessor periods.

Other operating expenses.

Other operating expenses for non-comparable properties increased $5,906 primarily related to the conversion of a lease at a mixed-use property to a hotel management agreement and our recognition of operating expenses of the hotel, partially offset by a decrease of $2,532 related to our property disposition activities.

Other operating expenses for comparable properties increased $746 due to higher repairs and maintenance costs, partially offset by lower insurance costs and property management fee expenses in the 2025 period.

Other operating expenses decreased for comparable properties due to lower repairs and maintenance costs and on-site personnel salary and benefits expense in the 2026 Successor and Predecessor periods.

Other operating expenses for non-comparable properties increased due to higher repairs and maintenance costs in the 2026 Predecessor period.

Depreciation and amortization.

Depreciation and amortization for non-comparable properties decreased $1,973 related to our property disposition activities, partially offset by an increase of $664 due to the substantial completion of redevelopment activities at certain properties in the 2024 period.

Depreciation and amortization for comparable properties declined $1,904 due to certain leasing related assets becoming fully depreciated since July 1, 2024, partially offset by depreciation and amortization of improvements made to certain of our properties since July 1, 2024.

Depreciation and amortization in the 2026 Predecessor period reflects accelerated amortization of lease related assets resulting from the early termination of a lease at a property that is being marketed for sale.

Depreciation and amortization during the Successor period reflects the reset in basis of our real estate and lease intangible assets as a result of fresh start accounting.

Loss on impairment of real estate.

We recorded a $41,847 loss on impairment of real estate in the 2024 period to reduce the carrying value of 10 properties to their estimated fair values less costs to sell.

We recorded a $2,426 loss on impairment of real estate in the 2025 period to reduce the carrying value of one property to its estimated fair values less costs to sell.

Transaction related costs.

Transaction related costs in the 2025 period consist of advisory fees related to restructuring efforts prior to our bankruptcy proceedings.

Transaction related costs in the 2025 period consist of costs related to our evaluation of potential financing transactions.

General and administrative.

The increase in general and administrative expenses is primarily the result of higher legal and other professional costs in the 2025 period, partially offset by a decrease in share-based compensation in the 2025 period compared to the 2024 period.

General and administrative expenses in the 2026 Predecessor period reflect higher share-based compensation due to the recognition of vesting expense of our unvested share awards upon cancellation of those awards on the Effective Date.

Gain on sale of real estate.

We recorded a $6 net gain on sale of real estate related to disposition activities in the 2025 period.

We recorded a $8,456 gain on sale of real estate resulting from the sale of one property in the 2024 period.

We recorded a $159 gain on sale of real estate related to disposition activities in the 2025 period.

Interest and other income.

The increase in interest and other income is primarily due to higher cash balances invested, partially offset by the effect of lower interest rates earned on cash balances invested in the 2025 period compared to the 2024 period.

The increase in interest and other income in the Successor period is primarily due to the receipt of escrow funds related to a prior year asset sale.

Fair value adjustment of warrants.

Fair value adjustment of warrants represents the change in fair value in the New Warrants as of June 30, 2026 compared to the fair value as of the Effective Date.

Interest expense.

The increase in interest expense is due to higher weighted average interest rates in the 2025 period as a result of our financing activities in 2024.

Net (loss) gain on early extinguishment of debt .

We recorded a net loss on early extinguishment of debt of $354 in the 2025 period related to the write off of unamortized discounts and issuance costs related to the partial redemption of our senior secured notes due 2027.

We recorded a gain on early extinguishment of debt of $263 in the 2024 period resulting from our exchange of $865,219 of existing unsecured notes for $567,429 of our 9.000% senior secured notes due 2029 in June 2024.

For more information regarding the Senior Note Exchange, see Note 7 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Income tax benefit (expense).

Income tax benefit (expense) is primarily the result of operating income earned in jurisdictions where we are subject to state income taxes and can fluctuate based on the timing of our income, including as a result of gains or losses on the sale of real estate or the repayment of debt.

Equity in net losses of investees.

Equity in net losses of investees represents our proportionate share of losses from our investment in our unconsolidated joint venture.

Net (loss) income.

Net (loss) income and net (loss) income per basic and diluted common share changed in the 2025 period compared to the 2024 period primarily as a result of the changes noted above.

Net loss per basic and diluted common share in the 2025 period also reflects the effect of the issuance of common shares related to our financing activities in 2025 and 2024.

Nine Months Ended September 30, 2025, Compared to Nine Months Ended September 30, 2024

Comparable Properties (1) Results

Nine Months Ended September 30,

Non-Comparable

Properties Results

Nine Months Ended September 30,

Consolidated Results

Nine Months Ended September 30,

2025 2024 $ Change % Change 2025 2024 2025 2024 $ Change % Change

The decrease in interest expense in the 2026 Predecessor period is primarily due to our adoption of ASC 852 as a result of the Chapter 11 Cases, pursuant to which we ceased recognition of interest expense on our senior unsecured notes and wrote-off unamortized discounts and issuance costs related to LSTC as of the Petition Date resulting in lower amortization expense in the 2026 Predecessor period, partially offset by interest expense incurred at default rates as a result of the Chapter 11 Cases under certain of our debt instruments.

Interest expense in the Successor period reflects interest expense related to our indebtedness following the Effective Date.

For more information regarding our adoption of ASC 852 and the Chapter 11 Cases, see Notes 1 and 2 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Net gain on early extinguishment of debt .

We recorded a net gain on early extinguishment of debt of $148 in the 2025 period related to the reduction of debt principal related to a senior note exchange in the 2025 period, partially offset by the write off of unamortized discounts and issuance costs related to the partial redemption of our prior senior secured notes due 2027.

Reorganization Items, net.

Reorganization items, net in the 2026 Predecessor period represent amounts incurred after the Petition Date as a direct result of the Chapter 11 Cases and are comprised of our loss on fresh start accounting adjustments, gains on settlement of LSTC and bankruptcy-related professional fees.

Reorganization items, net in the Successor period include costs related to professionals retained through the closure of matters related to the Chapter 11 Cases.

For more information regarding reorganization items, net and the Chapter 11 Cases, see Notes 1 and 2 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Income tax expense.

Income tax expense is primarily the result of operating income earned in jurisdictions where we are subject to state income taxes and can fluctuate based on the timing of our income, including as a result of gains or losses on the sale of real estate or the repayment of debt.

Equity in net earnings (losses) of investees.

Equity in net earnings (losses) of investees represents our proportionate share of earnings (losses) from our investment in our unconsolidated joint venture.

Net loss in the 2026 and 2025 periods reflects the items noted above.

Weighted average common shares outstanding and per common share data.

Weighted average common shares outstanding and per common share data reflect the cancellation of our previously outstanding common shares and the issuance of common shares of Reorganized Common Equity upon emergence from the Chapter 11 Cases on the Effective Date.

For more information regarding our Reorganized Common Equity and the Chapter 11 Cases, see Notes 1 and 2 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Six Months Ended June 30, 2026, Compared to Six Months Ended June 30, 2025

Successor Predecessor

Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 Six Months Ended June 30, 2025

Rental income $ 18,359 $ 207,341 $ 228,114

9 unchanged sentences

Loss on impairment of real estate — — 2,426

Transaction related costs 27,720 971 26,749 n/m

Transaction related costs — — 4,816

General and administrative 1,263 8,512 9,874

Total other expenses 9,357 107,031 104,687

(Loss) gain on sale of real estate (4,572) 6,008 (10,580) (176.1 %)

Loss on sale of real estate — — (4,578)

Interest and other income 949 799 1,950

Fair value adjustment of warrants 1,491 — —

Interest expense (6,544) (84,548) (105,885)

Net (loss) gain on early extinguishment of debt (449) 225,637 (226,086) (100.2 %)

(Loss) income before income tax benefit (expense) and equity in net losses of investees (152,927) 13,328 (166,255) n/m

Income tax benefit (expense) 30 (179) 209 (116.8 %)

Equity in net losses of investees (495) (576) 81 (14.1 %)

Net (loss) income $ (153,392) $ 12,573 $ (165,965) n/m

Weighted average common shares outstanding (basic and diluted) 71,355 49,444 21,911 44.3 %

Per common share amounts (basic and diluted):

Net (loss) income $ (2.15) $ 0.25 $ (2.40) n/m

Net loss on early extinguishment of debt — — (95)

Reorganization items, net (894) (804,874) —

Loss before income tax expense and equity in net earnings (losses) of investees (3,141) (882,471) (86,442)

Income tax expense (38) (61) (231)

Equity in net earnings (losses) of investees 92 492 (380)

Net loss $ (3,087) $ (882,040) $ (87,053)

Weighted average common shares outstanding 21,954 73,267 70,275

Per common share data (basic and diluted):

Net loss $ (0.14) $ (12.04) $ (1.24)

n/m - not meaningful

(1) Comparable properties consists of 117 properties we owned on September 30, 2025 and which we owned continuously since January 1, 2024 and excludes two properties classified as held for sale, five properties affected by significant redevelopment activities and two properties owned by an unconsolidated joint venture in which we own a 51% interest.

(1) Our definition of NOI and our reconciliation of net income (loss) to NOI are included below under the heading “Non-GAAP Financial Measures.”

References to changes in the income and expense categories below relate to the comparison of consolidated results for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

As a result of our emergence from the Chapter 11 Cases and adoption of fresh start accounting on the Effective Date, the Successor and Predecessor periods are not comparable.

The discussion below focuses on the primary factors affecting operating results in the respective periods.

Rental income.

Rental income for non-comparable properties decreased $50,842 related to our property disposition activities, partially offset by an increase in rental income at properties affected by significant redevelopment activities of $15,104 related to the conversion of a lease at a mixed-use property to a hotel management agreement and our recognition of the operating revenues of the hotel.

Rental income for comparable properties decreased $10,762 as a result of increased vacancies and lower rents from lease renewals at certain of our properties in the 2025 period.

Rental income includes non-cash straight line rent adjustments totaling $18,242 in the 2025 period and $23,796 in the 2024 period, and amortization of acquired real estate leases and assumed real estate lease obligations totaling $422 in the 2025 period and $30 in the 2024 period.

Rental income for comparable properties increased primarily due to higher expense reimbursements.

Rental income for non-comparable properties declined due to increased vacancies at certain properties and the write off of a straight line rent receivable in the 2026 Predecessor period related to the early termination of a lease at a property that is being marketed for sale, partially offset by a termination fee of $8,810 received for this lease.

Rental income includes non-cash straight line rent adjustments totaling $1,337 for the Successor and $(1,063) for the Predecessor in the 2026 period and $13,492 in the

Predecessor 2025 period, and amortization of acquired real estate leases and assumed real estate lease obligations totaling $141 for the Successor and $258 for the Predecessor in the 2026 period and $282 in the Predecessor 2025 period.

Real estate taxes.

Real estate taxes decreased $6,627 related to our property disposition activities, $1,298 for properties affected by significant redevelopment activities and $221 for comparable properties primarily due to successful tax appeals at

certain of our properties in the 2025 period, partially offset by real estate taxes that were previously paid directly by one of our tenants that are now being paid by us pursuant to a lease renewal with that tenant.

Real estate taxes at non-comparable properties reflect higher assessed values at certain properties in the 2026 Successor and Predecessor periods.

Utility expenses.

Utility expenses decreased $2,504 related to our property disposition activities and $175 for properties affected by significant redevelopment activities, partially offset by an increase in comparable properties of $1,865 primarily due to higher electricity costs.

Utility expenses reflect higher electricity usage and rates in the 2026 Successor and Predecessor periods.

Other operating expenses.

Other operating expenses for non-comparable properties increased $18,944 related to the conversion of a lease at a mixed-use property to a hotel management agreement and our recognition of operating expenses of the hotel, partially offset by a decrease of $9,650 related to our property disposition activities.

Other operating expenses for comparable properties increased $2,790 due to higher snow removal and repairs and maintenance costs, partially offset by lower insurance costs and property management fee expenses in the 2025 period.

Other operating expenses reflect lower on-site personnel salary and benefits expense and lower repairs and maintenance costs in the 2026 Successor and Predecessor periods.

Depreciation and amortization.

Depreciation and amortization for non-comparable properties decreased $12,957 related to our property disposition activities, partially offset by an increase of $3,286 due to the substantial completion of redevelopment activities at certain properties in the 2024 period.

Depreciation and amortization for comparable properties declined $6,703 due to certain leasing related assets becoming fully depreciated since January 1, 2024, partially offset by depreciation and amortization of improvements made to certain of our properties since January 1, 2024.

Depreciation and amortization in the Successor period reflects the reset in basis of our real estate and lease intangible assets as a result of fresh start accounting.

Loss on impairment of real estate.

We recorded a $2,426 loss on impairment of real estate in the 2025 period to reduce the carrying value of one property to its estimated fair values less costs to sell.

We recorded a $173,579 loss on impairment of real estate in the 2024 period to reduce the carrying value of 16 properties to their estimated fair values less costs to sell.

We recorded a $2,426 loss on impairment of real estate in the 2025 period to reduce the carrying value of one property to its estimated fair value less costs to sell.

Transaction related costs.

Transaction related costs in the 2025 period consist of advisory fees related to restructuring efforts prior to our bankruptcy proceedings.

Transaction related costs in the 2025 period consist of costs related to our evaluation of potential financing transactions.

General and administrative.

The decrease in general and administrative expenses is primarily the result of a decrease in base business management fees resulting from a decrease in average total market capitalization and a decrease in share-based compensation in the 2025 period compared to the 2024 period.

(Loss) gain on sale of real estate.

We recorded a $4,572 net loss on sale of real estate resulting from the sale of four properties in the 2025 period.

We recorded a $6,008 net gain on sale of real estate resulting from the sale of seven properties in the 2024 period.

General and administrative expenses in the 2026 Predecessor period reflect lower normal course legal fees incurred during the pendency of the Chapter 11 Cases, partially offset by higher share-based compensation recorded in the 2026 Predecessor period compared to the 2025 period due to the recognition of vesting expense of our unvested share awards upon cancellation of those awards on the Effective Date.

Loss on sale of real estate.

We recorded a $4,578 net loss on sale of real estate resulting from the sale of three properties in the 2025 period.

Interest and other income.

The decrease in interest and other income in the 2026 Predecessor period is primarily due to higher cash balances invested and higher rates in the 2025 period.

The increase in the Successor period reflects the receipt of escrow funds related to a prior year asset sale.

Fair value adjustment of warrants.

Fair value adjustment of warrants represents the change in fair value in the New Warrants as of June 30, 2026 compared to the fair value as of the Effective Date.

Interest expense.

The increase in interest expense is due to higher weighted average interest rates in the 2025 period as a result of our financing activities in 2024.

Net (loss) gain on early extinguishment of debt.

We recorded a net loss on early extinguishment of debt of $449 in the 2025 period related to the write off of unamortized discounts and issuance costs related to the partial redemption of our senior secured notes due 2027, partially offset by the reduction of debt principal related to our Senior Note Exchange.

We recorded a net gain on early extinguishment of debt of $225,637 in the 2024 period resulting from our exchange of $865,219 of existing unsecured notes for $567,429 of our 9.000% senior secured notes due 2029 in June 2024.

For more information regarding the Senior Note Exchange, see Note 7 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Income tax benefit (expense).

Income tax (expense) benefit is primarily the result of operating income earned in jurisdictions where we are subject to state income taxes and can fluctuate based on the timing of our income, including as a result of gains or losses on the sale of real estate or repayment of debt.

Equity in net losses of investees.

Equity in net losses of investees represents our proportionate share of losses from our investments in two unconsolidated joint ventures.

Net (loss) income.

Net (loss) income and net (loss) income per basic and diluted common share changed in the 2025 period compared to the 2024 period primarily as a result of the changes noted above.

Net (loss) income per basic and diluted common share in the 2025 period also reflects the effect of the issuance of common shares related to our financing activities in 2025 and 2024.

Interest expense in the Successor period reflects interest expense related to our indebtedness following the Effective Date.

Net loss on early extinguishment of debt.

We recorded a net loss on early extinguishment of debt of $95 in the 2025 period related to a senior note exchange and the write off of unamortized discounts and issuance costs related to the partial redemption of our prior senior secured notes due 2027.

Reorganization Items, net.

Reorganization items, net in the Successor period include costs related to professionals retained through the closure of matters related to the Chapter 11 Cases.

Income tax expense.

Equity in net earnings (losses) of investees.

Equity in net earnings (losses) of investees represents our proportionate share of losses from our investment in an unconsolidated joint venture which owns two properties.

Net loss in the 2026 and 2025 periods reflects the items noted above.

Weighted average common shares outstanding and per common share data.

Non-GAAP Financial Measures

We present certain “non-GAAP financial measures” within the meaning of the applicable SEC rules, including the calculations below of NOI, funds from operations, or FFO, and normalized funds from operations, or Normalized FFO.

These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net (loss) income as indicators of our operating performance or as measures of our liquidity.

These measures should be considered in conjunction with net (loss) income as presented in our condensed consolidated statements of comprehensive income (loss).

We consider these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net (loss) income.

These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) as indicators of our operating performance or as measures of our liquidity.

These measures should be considered in conjunction with net income (loss) as presented in our condensed consolidated statements of comprehensive income (loss).

We consider these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss).

We believe these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, they may facilitate a comparison of our operating performance between periods and with other REITs and, in the case of NOI, reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations of our properties.

Net Operating Income

The calculation of NOI excludes certain components of net (loss) income in order to provide results that are more closely related to our property level results of operations.

The calculation of NOI excludes certain components of net income (loss) in order to provide results that are more closely related to our property level results of operations.

We calculate NOI as shown below.

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Other real estate companies and REITs may calculate NOI differently than we do.

The following table presents the reconciliation of net loss to NOI for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Net (loss) income $ (66,339) $ (58,414) $ (153,392) $ 12,573

Equity in net losses of investees 115 166 495 576

Income tax (benefit) expense (261) 230 (30) 179

(Loss) income before income tax (benefit) expense and equity in net losses of investees (66,485) (58,018) (152,927) 13,328

Net loss (gain) on early extinguishment of debt 354 (264) 449 (225,637)

The following tables present the reconciliation of net loss to NOI for the three and six months ended June 30, 2026 and 2025:

Successor Predecessor

Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 Three Months Ended June 30, 2025

Net loss $ (3,087) $ (789,019) $ (41,186)

Equity in net (earnings) losses of investees (92) (382) 128

Income tax expense 38 207 94

Loss before income tax expense and equity in net losses (3,141) (789,194) (40,964)

Reorganization items, net 894 745,342 —

Fair value adjustment of warrants (1,491) — —

Net gain on early extinguishment of debt — — (148)

Interest expense 6,544 42,341 52,507

Interest and other income (949) (368) (788)

(Gain) loss on sale of real estate (6) (8,456) 4,572 (6,008)

Gain on sale of real estate — — (159)

General and administrative 1,263 4,213 4,816

3 unchanged sentences

NOI $ 11,214 $ 56,770 $ 65,468

Successor Predecessor

Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 Six Months Ended June 30, 2025

Net loss $ (3,087) $ (882,040) $ (87,053)

Equity in net (earnings) losses of investees (92) (492) 380

Income tax expense 38 61 231

Loss before income tax expense and equity in net (earnings) losses of investees (3,141) (882,471) (86,442)

Reorganization items, net 894 804,874 —

Fair value adjustment of warrants (1,491) — —

Net loss on early extinguishment of debt — — 95

Interest expense 6,544 84,548 105,885

Interest and other income (949) (799) (1,950)

Loss on sale of real estate — — 4,578

General and administrative 1,263 8,512 9,874

Transaction related costs — — 4,816

Loss on impairment of real estate — — 2,426

Depreciation and amortization 8,094 98,519 87,571

NOI $ 11,214 $ 113,183 $ 126,853

Funds From Operations and Normalized Funds From Operations

We calculate FFO and Normalized FFO as shown below.

FFO is calculated on the basis defined by The National Association of Real Estate Investment Trusts, which is net (loss) income, calculated in accordance with GAAP, plus real estate depreciation and amortization of consolidated properties and our proportionate share of the real estate depreciation and amortization of unconsolidated joint venture properties, but excluding impairment charges on real estate assets and any gain or loss on sale of real estate, as well as certain other adjustments currently not applicable to us.

In calculating Normalized FFO, we adjust for the other items shown below and include business management incentive fees, if any, only in the fourth quarter versus the quarter when they are recognized as an expense in accordance with GAAP due to their quarterly volatility not necessarily being indicative of our core operating performance and the uncertainty as to whether any such business management incentive fees will be payable when all contingencies for determining such fees are known at the end of the calendar year.

FFO is calculated on the basis defined by The National Association of Real Estate Investment Trusts, which is net income (loss), calculated in accordance with GAAP, plus real estate depreciation and amortization of consolidated properties and our proportionate share of the real estate depreciation and amortization of unconsolidated joint venture properties, but excluding impairment charges on real estate assets and any gain or loss on sale of real estate, as well as certain other adjustments currently not applicable to us.

In calculating Normalized FFO, we adjust for the other items shown below.

FFO and Normalized FFO are among the factors considered by our Board of Trustees when determining the amount of distributions to our shareholders.

expectation of our future capital requirements and operating performance and our expected needs for and availability of cash to pay our obligations.

Other factors include, but are not limited to, requirements to maintain our qualification for taxation as a REIT, limitations in our credit agreement and public debt covenants, the availability to us of debt and equity capital, our expectation of our future capital requirements and operating performance and our expected needs for and availability of cash to pay our obligations.

Other real estate companies and REITs may calculate FFO and Normalized FFO differently than we do.

The following table presents the reconciliation of net (loss) income to FFO and Normalized FFO for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30, Nine Months Ended September 30,

The following tables present the reconciliation of net income (loss) to FFO and Normalized FFO for the three and six months ended June 30, 2026 and 2025:

Successor Predecessor

Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 Three Months Ended June 30, 2025

Net loss $ (3,087) $ (789,019) $ (41,186)

Depreciation and amortization:

Consolidated properties 8,094 54,436 43,838

Unconsolidated joint venture properties 84 459 708

Loss on impairment of real estate — — 2,426

Gain on sale of real estate — — (159)

FFO 5,091 (734,124) 5,627

Reorganization items, net

894 745,342 —

Net (loss) income $ (66,339) $ (58,414) $ (153,392) $ 12,573

Default interest expense — 3,900 —

Transaction related costs — — 3,940

Fair value adjustment of warrants (1,491) — —

Gain on early extinguishment of debt — — (148)

Normalized FFO $ 4,494 $ 15,118 $ 9,419

Weighted average common shares outstanding (basic and diluted) 21,954 72,916 71,282

Per common share amounts (basic and diluted):

Net loss $ (0.14) $ (10.82) $ (0.58)

FFO $ 0.23 $ (10.07) $ 0.08

Normalized FFO $ 0.20 $ 0.21 $ 0.13

Successor Predecessor

Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 Six Months Ended June 30, 2025

Net loss $ (3,087) $ (882,040) $ (87,053)

Depreciation and amortization

2 unchanged sentences

Loss on impairment of real estate — — 2,426

(Gain) loss on sale of real estate (6) (8,456) 4,572 (6,008)

Loss on sale of real estate — — 4,578

FFO 5,091 (782,480) 8,858

Reorganization items, net 894 804,874 —

Default interest expense — 7,192 —

Transaction related costs — — 4,816

22,904 738 27,720 971

Net loss (gain) on early extinguishment of debt 354 (264) 449 (225,637)

Lease termination fees for sold property — — — (10,524)

Fair value adjustment of warrants (1,491) — —

Loss on early extinguishment of debt — — 95

Normalized FFO $ 4,494 $ 29,586 $ 13,769

1 unchanged sentence

Per common share amounts (basic and diluted):

Net (loss) income $ (0.90) $ (1.14) $ (2.15) $ 0.25

Net loss $ (0.14) $ (12.04) $ (1.24)

FFO $ 0.23 $ (10.68) $ 0.13

2 unchanged sentences

Our Operating Liquidity and Resources (dollar amounts in thousands, except per share amounts)

Our historical principal sources of funds to meet operating and capital expenses, pay debt service obligations and make distributions to our shareholders are the operating cash flows we generate from our properties, net proceeds from property sales and borrowings under our revolving credit facility.

Our ability to issue additional indebtedness, dispose of assets or access capital markets is substantially limited as a result of the Chapter 11 Cases and, until the effectiveness of the Plan, will require Bankruptcy Court approval in most instances.

Accordingly, our liquidity primarily depends on cash generated from operating activities and borrowings under our DIP Facility.

The filing of the Chapter 11 Cases constituted an event of default under our credit agreement, senior notes indentures and their supplements and mortgage notes which accelerated amounts due under the applicable agreements.

Efforts to enforce financial obligations under the applicable agreements are stayed as a result of the filing of the Chapter 11 Cases and the creditors’ rights of enforcement are subject to the applicable provisions of the Bankruptcy Code.

Our credit agreement is being amended and restated pursuant to the Plan to resolve any defaults thereunder and address certain terms to facilitate the Debtors’ restructuring.

The amended and restated credit agreement will become effective on the effective date of the Plan.

As discussed in Note 1 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, on the Effective Date, the conditions precedent to the effectiveness of the Plan were satisfied and we emerged from the Chapter 11 Cases.

Among other things, the Plan provided for the elimination of approximately $714,000 of debt, we issued the 2029 Secured Exit Notes and the 2031 Secured Exit Notes, entered into the credit agreement amendment and re-instated certain other debt.

After emergence, our principal sources of funds to meet operating and capital expenses, pay debt service obligations and make distributions to our shareholders are the operating cash flows we generate from our properties and net proceeds from property sales.

Our future cash flows from operating activities will depend primarily upon:

4 unchanged sentences

The office industry has been adversely affected by shifts in office space utilization, including increased remote work arrangements and tenants consolidating their real estate footprint, as well as ongoing market and economic conditions, including government spending and budget priorities.

Demand for office space continues to face headwinds, including in

markets where we have a concentration of properties, such as Washington, D.C., and the duration and ultimate impact of current trends on our properties remains uncertain and subject to change.

Demand for office space continues to face headwinds, including in markets where we have a concentration of properties, such as Washington, D.C., and the duration and ultimate impact of current trends on our properties remains uncertain and subject to change.

These conditions continue to have a significant negative impact on our results of operations, financial position and cash flows.

We expect to sell properties, or sell an interest in properties through joint venture arrangements, from time to time in order to manage leverage levels or improve our liquidity.

During the nine months ended September 30, 2025 , we sold four properties for an aggregate sales price of $29,050 , excluding closing costs.

In December 2025, we sold two properties containing approximately 101,000 rentable square feet for a sales price of $11,038, excluding closing costs.

As of May 18, 2026, we have entered into an agreement to sell one property containing approximately 275,000 rentable square feet for a sales price of $18,125, excluding closing costs.

We expect to sell this property in 2027.

This pending sale is subject to conditions;

accordingly, we cannot be sure that we will complete this sale or that this sale will not be delayed or the pricing will not change.

We are also at various stages of marketing for sale 31 properties with a total of approximately 3,416,000 square feet.

As part of these efforts, we have identified 32 properties for sale, two of

which were sold in July 2026 for an aggregate gross sales price of $58,500, nine of which are under agreement to sell for an aggregate gross sales price of $49,675, and the remaining 21 of which are being actively marketed.

We expect to sell all but one of the properties under agreement in the third quarter of 2026, and that the balance of these asset sales will be completed by 2027.

Our pending sales are subject to conditions;

accordingly, we cannot be sure that we will complete these sales or that these sales will not be delayed or the pricing will not change.

We expect to use the net sales proceeds from property sales to repay debt.

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The following is a summary of our sources and uses of cash flows for the periods presented, as reflected in our condensed consolidated statements of cash flows:

Nine Months Ended September 30,

Successor Predecessor

Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 Six Months Ended June 30, 2025

Cash, cash equivalents and restricted cash at beginning of period $ 95,225 $ 80,661 $ 275,165

Net cash (used in) provided by:

Net cash provided by (used in):

Operating activities 9,564 (111,683) 3,811

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Cash, cash equivalents and restricted cash at end of period $ 104,789 $ 95,225 $ 91,954

The change from cash provided by operating activities in the 2024 period to cash used in operating activities in the 2025 period was primarily due to higher interest expense and decreased NOI related to property dispositions and reductions in occupied space at certain of our properties in the 2025 period.

The decrease in cash used in investing activities in the 2025 period compared to the 2024 period was primarily due to decreased capital expenditures, partially offset by lower proceeds from property sales in the 2025 period.

The increase in cash used in financing activities in the 2025 period was primarily due to an increase in net debt repayments in the 2025 period.

The change from cash provided by operating activities in the 2025 Predecessor period to cash used in operating activities in the 2026 Predecessor period was primarily due to professional fees paid in connection with the Chapter 11 Cases and decreased NOI related to reductions in occupied space at certain of our properties in the 2026 Predecessor period.

Cash provided by operating activities in the Successor period reflects operations of our properties subsequent to the Effective Date.

The change from cash provided by investing activities in the 2025 Predecessor period to cash used in investing activities in the 2026 Predecessor period was primarily due to lower proceeds from property sales.

The change from cash used in financing activities in the 2025 Predecessor period to cash provided by financing activities in the 2026 Predecessor period was primarily due to the repayment of our senior unsecured notes due 2025 in the 2025 Predecessor period and borrowings under our DIP Facility in the 2026 Predecessor period.

Our Investment and Financing Liquidity and Resources (dollar amounts in thousands, except per share amounts)

In order to meet cash needs to pay operating or capital expenses during the pendency of the Chapter 11 Cases, we have relied on borrowings under our secured $125,000 DIP Facility.

We have made the following borrowings under the DIP Facility:

(a) we borrowed $10,000 on November 6, 2025 pursuant to an interim order entered by the Bankruptcy Court;

(b) $75,000 was made available to us and drawn as follows:

(i) we borrowed $64,300 on February 5, 2026, and (ii) we borrowed $10,700 on March 13, 2026;

and (c) we borrowed $40,000, or the Tranche B Term Loan, on April 7, 2026.

Borrowings under the DIP Facility bear interest, payable in cash, at a rate of 12.00% per annum.

The DIP Facility had an original maturity date of May 4, 2026, with the option to extend under certain circumstances.

In May 2026, the maturity date was extended to May 31, 2026.

Borrowings under the DIP Facility may be repaid in reorganized common equity or cash, at the Debtors’ election.

On April 5, 2026, the Debtors filed a notice of their intent to equitize the DIP Facility with the Bankruptcy Court.

Fees and expenses under the DIP Facility include:

(a) an upfront fee equal to (i) cash at 2.25% of the lenders’ commitments or (ii) common equity of the reorganized OPI in an aggregate amount equal to 3.60% of the commitments, which fee was earned upon the initial funding of each loan under the DIP Facility and is payable in kind;

(b) an anchor capital commitment fee of 10.00% of the lenders’ commitments under the DIP Facility payable to certain backstop parties, which was earned upon the initial funding of the DIP Facility, and may be paid, at our election, in cash or common equity of the reorganized company;

and (c) an exit fee of 4.50% of the aggregate borrowings under the DIP Facility, which is due and payable upon the repayment of any loan under the DIP Facility, at our election, in cash or common equity of the reorganized company.

In the event of a voluntary prepayment, we are required to pay, for the ratable account of each lender, in cash a prepayment premium equal to 1.0% multiplied by the sum of the principal amount of the borrowings that are being repaid at such time.

A commitment fee is also due for the ratable account of each Tranche B Term Loan lender, in an aggregate amount equal to 0.75% per annum times the actual daily amount of the

aggregate undrawn Tranche B Term Loan commitments.

As of May 18, 2026, the outstanding principal balance under our DIP Facility was $127,813, including fees payable in kind.

Historically, in order to meet cash needs to pay operating or capital expenses and make distributions, we have maintained a revolving credit facility under our credit agreement.

Our obligations under our credit agreement are secured by a pledge by certain of our subsidiaries of all of their respective equity interests in certain of our direct and indirect property owning subsidiaries and first mortgage liens on 19 properties owned by the pledged subsidiaries with a gross book value of real estate assets of $1,034,776 as of September 30, 2025.

In order to meet cash needs to pay operating or capital expenses and make distributions, we maintain a revolving credit facility under our credit agreement.

The maturity date of our credit agreement is January 29, 2027.

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Availability of borrowings under our credit agreement is subject to ongoing minimum performance and market values of the 19 collateral properties, our satisfying certain financial covenants and other credit facility conditions.

Interest payable on borrowings under our credit agreement was at a rate of the secured overnight financing rate plus a margin of 350 basis points through the Petition Date.

Interest payable on borrowings under our credit agreement was at a rate of the SOFR plus a margin of 350 basis points through the Petition Date.

Effective on the Petition Date, interest payable on borrowings under our credit agreement changed to a rate of the U.S.

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Effective February 4, 2026, in accordance with an order entered by the Bankruptcy Court, the margin increased to 450 basis points pursuant to the default rate stipulated in our credit agreement.

We are also required to pay an unused facility fee on the amount of total lending commitments, which was 25 basis points per annum at September 30, 2025.

As of September 30, 2025, the annual interest rate payable on borrowings under our credit agreement was 7.7%.

As of September 30, 2025, and May 18, 2026, our $325,000 revolving credit facility was fully drawn and $100,000 was outstanding under our term loan.

Senior Notes Redemptions and Repayments

In January 2025, we redeemed, at par plus accrued interest, all $171,586 of our 4.50% senior unsecured notes due 2025 using the proceeds from the issuance of our senior secured notes due 2027 and cash on hand.

In February 2025, in connection with the sale of a collateral property, we redeemed, at par plus accrued interest, $5,469 of our senior secured notes due 2027.

In July 2025, in connection with the sale of a collateral property, we redeemed, at par plus accrued interest, $2,029 of our senior secured notes due 2027.

Our senior secured notes due 2027 require quarterly principal repayments of $6,500 and an additional $117,502 principal repayment in March 2026.

As of September 30, 2025, we have made $19,500 of scheduled quarterly principal repayments on these notes in 2025.

We ceased scheduled quarterly principal payments and did not make the additional March 2026 principal repayment following the commencement of the Chapter 11 Cases.

Senior Note Exchange

In March 2025, in connection with the Senior Note Exchange, we exchanged $14,439 of the 2030 Notes for an aggregate $20,990 of our outstanding unsecured senior notes.

The 2030 Notes are fully and unconditionally guaranteed on a joint, several and unsecured basis by certain of our subsidiaries which also guarantee our senior secured notes due 2027.

The 2030 Notes require semi-annual payments of interest only and are prepayable, at par plus accrued interest, after March 12, 2029.

information regarding the Senior Note Exchange and the New 2030 Notes, see Note 6 to our Condensed Consolidated Financial Statements included in Part I, Item I of this Quarterly Report on Form 10-Q.

As of September 30, 2025, our debt maturities (other than our revolving credit facility), consisting of senior notes, a term loan and mortgage notes, were as follows:

In accordance with the Plan, upon emergence, we were required to pay interest under the default rate retroactive to the Petition Date.

Pursuant to the credit agreement amendment and beginning on the Effective Date, interest payable on borrowings under our credit agreement is at a rate of SOFR plus a margin of 550 basis points, which margin increases to 750 basis points effective January 1, 2027.

We are also required to pay an unused facility fee on the amount of total lending commitments, which was 25 basis points per annum at June 30, 2026.

As of June 30, 2026, the annual interest rate payable on borrowings under our credit agreement was 9.2%.

As of June 30, 2026, and August 4, 2026, our $325,000 revolving credit

facility was fully drawn and $100,000 was outstanding under our term loan.

We are currently evaluating possible debt refinancing alternatives to address our credit agreement maturity.

On August 1, 2026, we made a required $5,000 principal repayment on our 2029 Secured Exit Notes using cash on hand.

The notes also require mandatory principal payments as follows:

$15,000 on or before November 1, 2026, $30,000 on or before February 1, 2027 and $45,000 on or before each of February 1, 2028 and 2029.

We currently expect to pay these amounts with cash on hand and proceeds from asset sales.

As of June 30, 2026, our debt maturities (other than our revolving credit facility), consisting of senior notes, a term loan and mortgage notes, were as follows:

Year Debt Maturities

2026 $ 20,000

2031 and thereafter 473,254

Total $ 1,382,320

None of our unsecured debt obligations require sinking fund payments prior to their respective maturity dates.

None of our senior secured notes require sinking fund payments prior to their respective maturity dates.

Our mortgage notes currently require monthly payments of interest only;

however, certain of our mortgage notes will require payments of principal and interest after a specified date through maturity.

In addition to our debt obligations, as of September 30, 2025, we had estimated unspent leasing related obligations of $67,223, of which we expect to spend $41,780 over the next 12 months.

Share Issuances

In March 2025, we entered into a sales agreement with Clear Street LLC, or the Agent, pursuant to which we may issue and sell our common shares from time to time in transactions that are deemed to be an “at the market offering” as defined in Rule 415 under the Securities Act for up to an aggregate sales price of $100,000, or the ATM Program.

We are required to pay the Agent a cash commission of 3% of the gross sales prices of any common shares we sell under the ATM Program.

During the nine months ended September 30, 2025, we sold an aggregate of 4,171,689 of our common shares under the ATM Program valued at a weighted average share price of $0.27 for net proceeds of $1,106 after deducting Agent commissions and other offering costs.

We did not sell any common shares under the ATM Program subsequent to June 30, 2025.

As of May 18, 2026, our total available liquidity was comprised of $118,501, which included $56,253 of unrestricted cash and $62,248 of restricted cash.

Our ability to continue as a going concern is contingent upon, among other things, our ability to implement the Plan, emerge from the Chapter 11 proceedings and generate sufficient liquidity following the reorganization to meet our obligations, restructured debt obligations and operating needs.

During the nine months ended September 30, 2025, we paid quarterly distributions to our shareholders totaling $1,407 using cash on hand.

In July 2025, we suspended our regular quarterly distribution payable on our common shares to preserve our cash.

For more information regarding the distributions we paid and declared during 2025, see Note 8 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

We owned a 51% interest in an unconsolidated joint venture which owned two properties at September 30, 2025.

As of September 30, 2025, the properties owned by this joint venture were encumbered by $49,333 principal amount of mortgage indebtedness, none of which is recourse to us.

As of September 30, 2025, we did not control the activities that are most significant to this joint venture and, as a result, we accounted for our investment in this joint venture under the equity method of accounting.

In addition to our debt obligations, as of June 30, 2026, we had estimated unspent leasing related obligations of $48,106, of which we expect to spend $31,517 over the next 12 months using cash on hand.

We owned a 51% interest in an unconsolidated joint venture which owned two properties at June 30, 2026.

As of June 30, 2026, the properties owned by this joint venture were encumbered by $48,645 principal amount of mortgage indebtedness, none of which is recourse to us.

As of June 30, 2026, we did not control the activities that are most significant to this joint venture and, as a result, we accounted for our investment in this joint venture under the equity method of accounting.

The filing of the Chapter 11 Cases constituted an event of default under the mortgage note secured by the properties owned by this joint venture.

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For more information on the financial condition and results of operations of this joint venture, see Note 4 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Other than this joint venture, as of September 30, 2025, we had no off balance sheet arrangements that have had or that we expect would be reasonably likely to have a material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Other than this joint venture, as of June 30, 2026, we had no off balance sheet arrangements that have had or that we expect would be reasonably likely to have a material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Debt Covenants

Our principal debt obligations as of September 30, 2025 consisted of (i) $325,000 of borrowings outstanding under our revolving credit facility, (ii) $100,000 outstanding principal amount under our secured term loan, (iii) an outstanding principal balance of $1,819,069 of senior notes and (iv) mortgage notes with an outstanding principal balance of $177,320.

Also, the two properties owned by the joint venture in which we owned a 51% interest secured an additional mortgage note.

Our senior notes are governed by indentures and their supplements.

Our credit agreement, senior notes indentures and their supplements and the amended and restated debtor-in-possession term loan credit agreement governing our DIP Facility, or the DIP Credit Agreement, provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, such as, in the case of our credit agreement, a change of control of us, which includes RMR ceasing to act as our business and property manager.

Our credit agreement, senior notes indentures and their supplements and the DIP Credit Agreement also contain covenants, including covenants that restrict our ability to incur debts, require us to comply with certain financial covenants and, in the case of our credit agreement, restrict our ability to increase our distribution rate above the level of $0.01 per common share per quarter.

The filing of the Chapter 11 Cases constituted an event of default under our credit agreement and senior notes indentures which accelerated amounts due under the applicable agreements.

Our principal debt obligations as of June 30, 2026 consisted of (i) $325,000 of borrowings outstanding under our revolving credit facility, (ii) $100,000 outstanding principal amount under our secured term loan, (iii) an outstanding principal balance of $1,105,000 of senior notes and (iv) mortgage notes with an outstanding principal balance of $177,320.

Also, the two properties owned by the joint venture in which we own a 51% interest secure an additional mortgage note.

Our senior notes are governed by indentures.

Our credit agreement and senior notes indentures provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, such as, in the case of our credit agreement, a change of control of us, which includes RMR ceasing to act as our business and property manager.

Our credit agreement and senior notes indentures also contain covenants, including covenants that restrict our ability to incur debts, require us to comply with certain financial covenants and, in the case of our credit agreement, restrict our ability to increase our distribution rate above the level of $0.01 per common share per quarter.

Our mortgage notes are non-recourse, subject to certain limited exceptions, and do not contain any material financial covenants.

Related Person Transactions

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and others related to them.

For more information about these and other such relationships and related person transactions, see Notes 10 and 11 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, our 2024 Annual Report, our definitive Proxy Statement for our 2025 Annual Meeting of Shareholders and our other filings with the SEC.

Annual Report and our other filings with the SEC.

In addition, see the section captioned “Risk Factors” in Part I, Item 1A of our 2025 Annual Report for a description of risks that may arise as a result of these and other related person transactions and relationships.

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Significant estimates in the Condensed Consolidated Financial Statements include purchase price allocations, useful lives of fixed assets and assessment of impairment of real estate and the related intangibles.

Fresh Start Accounting

In connection with our emergence from bankruptcy and in accordance with ASC 852, we qualified for and applied fresh start accounting on the Effective Date.

Under fresh start accounting, we were required to determine our reorganization value and allocate that value to our individual assets and liabilities based on their estimated fair value in accordance with FASB ASC Topic 820, Fair Value Measurements and FASB ASC Topic 805, Business Combinations .

Significant judgments and estimates were used in determining reorganization value and the fair values assigned to our properties, investment in unconsolidated joint venture, long-term debt and warrants.

Key assumptions include projected operating cash flows, capitalization rates, discount rates, hold periods and financing assumptions.

Because these estimates were based on conditions and expectations as of the Effective Date, actual results may differ materially from those estimates.

A discussion of our critical accounting estimates is included in our 2025 Annual Report.

There have been no significant changes in our critical accounting estimates since the year ended December 31, 2024.

Except for the fresh start accounting valuation estimates described above, there have been no significant changes in our critical accounting estimates since the year ended December 31, 2025.

Quantitative and Qualitative Disclosures About Market Risk

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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-Q

Item 2. Management’s Discussion and Analysis