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Item 2. Properties

2026-03-31 compared with 2025-03-31 · 65 added, 60 removed, 21 unchanged (86% of the section changed)

5 unchanged sentences

Venu is also party

to certain agreements by which it (directly or through a subsidiary) expects to close upon and acquire real estate in Broken Arrow, Oklahoma

(related to the Sunset at Broken Arrow), McKinney, Texas (related to the Sunset at McKinney), and El Paso, Texas (related to the Sunset

to certain agreements by which it (directly or through a subsidiary) closed upon and acquired real estate in Broken Arrow, Oklahoma (related

to the Sunset at Broken Arrow), McKinney, Texas (related to the Sunset at McKinney), and El Paso, Texas (related to the Sunset at El

and Operations

Hospitality Collection LLC

4.98 acres in Colorado Springs, CO

where Roth’s Seafood & Chophouse, Brohan’s bar, and Notes Hospitality Collection are being constructed;

Sunset Hospitality Collection LLC to Roth Seafood & Chophouse LLC and Notes Hospitality Collection LLC

acres in Colorado Springs, CO

where Ford Amphitheater is located;

leased to The Sunset Amphitheater LLC pursuant to a ground lease

acres in Colorado Springs, CO

land open for development next to Ford Amphitheater

Site where Roth’s, Brohan’s, and NHC operate;

leased from SHC to each of Roth’s and NHC

9.41 acres in Colorado Springs, CO

as a parking lot in connection with the Ford Amphitheater

Income & Asset, LLC

Site where Ford Amphitheater is located;

Sunset pursuant to a ground lease

1.05 acres in Colorado Springs, CO

where BBST CO restaurant operates;

leased from Hospitality Income & Asset, LLC to Bourbon Brothers Smokehouse and Tavern CS,

Income & Asset, LLC

Vacant land open for development next to Ford Amphitheater

1.5 acres in Colorado Springs, CO

where BBP CO indoor music hall operates;

leased from Hospitality Income & Asset, LLC to Bourbon Brothers Presents, LLC

Site where BBST restaurant operates;

leased from HIA

3.2 acres in Colorado Springs, CO

where Venu-music bar operates;

leased from 13141 BP, LLC to 13141 Notes LLC

Site where BBP indoor music hall operates;

1.7 acres in Gainesville, GA

where BBP GA indoor music hall and BBST GA restaurant operate

at McKinney, LLC

Site where BBP GA indoor music hall and BBST GA restaurant

46 acres in McKinney, TX

where The Sunset Amphitheater in McKinney, LLC is to be constructed

Site where The Sunset Amphitheater in McKinney is being

13 acres in Broken Arrow, OK

Site where The Sunset Amphitheater in Broken Arrow

is being constructed

20 acres in El Paso, TX

Site where The Sunset Amphitheater in El Paso is to

be constructed

6.4 acres in Centennial, CO

Site where BBST restaurant and BBP concert and event

venue in Centennial are to be constructed

or its subsidiaries currently lease facilities as follows:

CO leases its property from HIA, a majority-owned subsidiary.

The lease is structured as a triple-net lease (an “ NNN lease ”)

with annual rents of $441,190.

Base rent increases by 10% every five years through rent escalators in the lease.

The initial term

of the lease is ten years with one, ten-year renewal option, which will give Venu the ability to extend the lease on identical terms

and control the property for up to 20 years.

CO leases its property from HIA, a majority-owned subsidiary.

The lease is structured as an NNN lease.

The initial term of the lease is ten years with

two, five-year renewal options which will give Venu the ability to extend the lease on identical terms and control the property for

up to 20 years.

Notes LLC in Colorado Springs leases its property from 13141 BP, LLC, a wholly owned subsidiary of Venu.

The lease is structured

as an NNN lease with annual rents of $218,750.

BBST CS LLC leases the

property where BBST CO operates from HIA, a majority-owned subsidiary of Venu.

The lease is structured as an NNN lease with annual

rents of $441,190.

Base rent increases by 10% every five years through rent escalators in the lease.

The initial term of the lease is ten years with two, five-year renewal options which will give Venu the ability to extend the lease

on identical terms and control the property for up to 20 years.

and NHC will be leased from Sunset Hospitality Collection LLC, a majority-owned subsidiary of which Venu has full voting control.

The lease will be structured as an NNN lease with annual rents equal to $2.0 million.

Base rent will increase by 10% every five years

throughout the initial 20-year lease term.

The tenant will have four, five-year renewal options to extend the lease on identical

leases its principal executive office in Colorado Springs, Colorado from a third party pursuant to a lease that was assumed from

the prior tenant and expires on November 29, 2029.

The initial term of the lease

is ten years with one, ten-year renewal option, which will give Venu the ability to extend the lease on identical terms and control

the property for up to 20 years.

BBP LLC leases the property

where BBP CO operates from HIA.

The lease is structured as an NNN lease with annual rents of $90,000, subject to specified rent adjustments

every five years.

The initial term of the lease is ten years with two, five-year renewal options, which will give Venu the ability

to extend the lease on identical terms and control the property for up to 20 years.

Steak LLC and NHC LLC each lease the property where Roth’s, Brohan’s, and NHC operate from SHC, a majority-owned subsidiary

of which Venu has full voting control.

Each lease is structured as an NNN lease with aggregate annual rents under both leases equal

to $2.0 million.

Under each lease, base rent will increase by 10% every five years throughout the initial 20-year lease term.

tenant will have four, five-year renewal options to extend the lease on identical terms.

Venu leases its principal

executive office in Colorado Springs, Colorado from a third party pursuant to a lease that was assumed from the prior tenant and

expires on November 29, 2029.

Annual rent payments are $230,698, increasing by 1.3% annually.

GA and BBP GA each leases property from GA HIA, a controlled subsidiary.

The initial term of the lease is ten years with four, five-year

renewal options, which will give Venu the ability to extend the lease on identical terms and control the property for up to 30 years.

For the first five years of the initial term of the lease, BBST GA and BBP GA must pay GA HIA an annual base rent of $641,410 and

$191,590, respectively.

to a ground lease, The Sunset Amphitheater LLC leases the property on which the Ford Amphitheater is operated from Notes CS I MT,

LLC a wholly owned subsidiary of Venu (and the “master tenant” for that property).

The ground lease to which The Sunset

Amphitheater LLC is a party is for a 25 year term and provides for annual base rent of $3,222,000 (subject to escalation) which is

paid monthly.

BBST GA LLC and BBP GA

LLC each lease the property where BBST GA and BBP GA operate from GA HIA, a controlled subsidiary.

In each case, the initial term

of the lease is ten years with four, five-year renewal options, which will give Venu the ability to extend the lease under identical

terms and control the property for up to 30 years.

For the first five years of the initial term of the lease, BBST GA LLC and BBP

GA LLC must pay GA HIA an annual base rent of $641,410 and $191,590, respectively.

Pursuant to a ground lease,

The Sunset Amphitheater LLC leases the property on which Ford Amphitheater is operated from Notes CS I MT, LLC a wholly owned subsidiary

of Venu (and the “master tenant” for that property).

The ground lease is for a 25-year term and provides for annual base

rent of $3,222,000 (subject to escalation) which is paid monthly.

The ground lease is a triple net lease.

The Sunset Amphitheater LLC is also a party to an operations lease with respect

to this same property.

That operations lease and a corresponding operations sublease is generally described above under the subheading

“Venu’s Subsidiaries and Properties.”

The Sunset Amphitheater

LLC is also a party to an operations lease with respect to this same property.

That operations lease and a corresponding operations

sublease is generally described above under the subheading “Venu’s Subsidiaries and Properties.”

Pursuant to a ground lease,

Notes Live Real Estate, LLC leases the parking lot on which the Ford Amphitheater is operated from a third-party.

The ground lease

is structured as an NNN lease with an option to re-purchase the parking lot within the first three years at a fixed price and annual

base rent equal to $1,050,00.

Base rent will increase by 2.5% every year throughout the 20-year lease term.

Public-Private

2 unchanged sentences

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

What changed 10-K

Item 2. Properties