• Master Leases 95% of the time
• Investments average 77% of replacement cost
• Investment yields above NAV auction yields

Portfolio metrics
as of 12/31/25

• High contract lease escalations
• AAA/AA secured borrowing capability
• Multiple investment-grade borrowing options; Baa2 by Moody’s, BBB by S&P and BBB by Fitch Ratings
• Conservative leverage and flexible balance sheet

Portfolio metrics
as of 12/31/25

• Virtually all customers provide financial statements
• 99% property-level financial statements
• Every investment independently appraised

Portfolio metrics
as of 12/31/25

• Unparalleled direct investment origination platform approximately 75% of our customer relationships directly solicited
• 3,576 profit-center properties leased to 673 customers, across 49 states and 143 industries
• A top exposure of approximately 3.2% of rent and interest income, with top ten customers at approximately 17.2%
• Focused on unit-level profitability, with weighted-average 4-wall rent coverage of 4.7x

Portfolio metrics
as of 12/31/25

• Credit and closing silos
• Management and Board Investment Committees

Portfolio metrics
as of 12/31/25