DEA

Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “potential”, “project”, “result”, “seek”, “should”, “target”, “will”, and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise. Accordingly, investors should use caution in relying on forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: •the factors included under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 and the factors included under the heading “Risk Factors” in our other public filings; •risks associated with our dependence on the U.S. Government and its agencies for substantially all of our revenues, including credit risk and risk that the U.S. Government reduces its spending on real estate or that it changes its preference away from leased properties, including as a result of or in connection with any shutdown of the U.S. Government; •risks associated with ownership and development of real estate; •the risk of decreased rental rates or increased vacancy rates; •the loss of key personnel; •general volatility of the capital and credit markets and the market price of our common stock; •the risk we may lose one or more major tenants; •difficulties in completing and successfully integrating acquisitions; •failure of acquisitions or development projects to occur at anticipated levels or yield anticipated results; •risks associated with actual or threatened terrorist attacks; •risks associated with our joint venture activities; •intense competition in the real estate market that may limit our ability to attract or retain tenants or re-lease space; •insufficient amounts of insurance or exposure to events that are either uninsured or underinsured; •uncertainties and risks related to adverse weather conditions, natural disasters and climate change; •exposure to liability relating to environmental and health and safety matters; •limited ability to dispose of assets because of the relative illiquidity of real estate investments and the nature of our assets; •exposure to litigation or other claims; •risks associated with breaches of our data security; •risks associated with our indebtedness, including failure to refinance current or future indebtedness on favorable terms, or at all, failure to meet the restrictive covenants and requirements in our existing and new debt agreements, fluctuations in interest rates and increased costs to refinance or issue new debt; 25 •risks associated with derivatives or hedging activity; •risks associated with mortgage debt or unsecured financing or the unavailability thereof, which could make it difficult to finance or refinance properties and could subject us to foreclosure; and •adverse impacts from any future pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies and our financial condition and results of operations. For a further discussion of these and other factors that could affect us and the statements contained herein, see the section entitled “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as may be supplemented or amended from time to time. Overview References to “we,” “our,” “us” and “the Company” refer to Easterly Government Properties, Inc., a Maryland corporation, together with our consolidated subsidiaries, including Easterly Government Properties LP, a Delaware limited partnership, which we refer to herein as the “Operating Partnership.” We present certain financial information and metrics “at Easterly Share,” which is calculated on an entity-by-entity basis. “At Easterly Share” information, which we also refer to as being “at share,” “pro rata,” “our pro rata share” or “our share” is not, and is not intended to be, a presentation in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We are an internally managed real estate investment trust (“REIT”), focused primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential functions. We generate over 85% of our revenue by leasing our properties to such agencies, either directly or through the U.S. General Services Administration (“GSA”). Our objective is to generate attractive risk-adjusted returns for our stockholders over the long term through dividends and capital appreciation. We focus primarily on acquiring, developing and managing U.S. Government-leased properties that are essential to supporting the mission of the tenant agency and strive to be a partner of choice for the U.S. Government, working closely with the tenant agency to meet its needs and objectives. We continue to pursue opportunities to add properties to our portfolio, including acquiring properties leased to state and local governments with strong creditworthiness and other opportunities that directly or indirectly support the mission of select government agencies. As of June 30, 2026, we wholly owned 96 operating properties and ten operating properties through an unconsolidated joint venture (the “JV”) in the United States, encompassing approximately 10.7 million leased square feet (10.2 million pro rata), including 93 operating properties that were leased primarily to U.S. Government tenant agencies, eight operating properties leased to tenant agencies of a U.S. state or local government and five operating properties that were entirely leased to private tenants. As of June 30, 2026, our operating properties were 98% leased. For purposes of calculating percentage leased, we exclude from the denominator total square feet that was unleased and to which we attributed no value at the time of acquisition. In addition, we wholly owned three properties under development that we expect will encompass approximately 0.2 million leased square feet upon completion. The Operating Partnership holds substantially all of our assets and conducts substantially all of our business. We are the sole general partner of the Operating Partnership and owned approximately 96.7% of the aggregate limited partnership interests in the Operating Partnership, which we refer to herein as common units, as of June 30, 2026. We have elected to be taxed as a REIT and believe that we have operated and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015. 26 2026 Activity Acquisitions On January 16, 2026, we acquired a 297,713 leased square foot campus consisting of three real estate operating properties in Glen Allen, Virginia. The assets are leased primarily to the Commonwealth of Virginia and have lease expirations ranging from 2027 to 2036. 27 Operating Properties As of June 30, 2026, our operating properties were 98% leased with a weighted average annualized lease income per leased square foot of $36.72 ($36.44 pro rata) and a weighted average age of approximately 17.1 years based on the date the property was built or renovated-to-suit, where applicable. We calculate annualized lease income as annualized contractual base rent for the last month in a specified period, plus the annualized straight line rent adjustments for the last month in such period and the annualized net expense reimbursements earned by us for the last month in such period. The table set forth below shows information relating to the properties we owned, or in which we had an ownership interest, at June 30, 2026, and it includes properties held by the JV: Property Name Location Property Type (1) Tenant Lease Expiration Year (2) Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Wholly Owned U.S. Government Leased Properties VA - Loma Linda Loma Linda, CA OC 2036 327,614 $ 16,892,383 4.2 % $ 51.56 USCIS - Kansas City (3) Lee's Summit, MO O 2027 - 2042 417,945 10,340,464 2.5 % 24.74 JSC - Suffolk Suffolk, VA SF 2028 403,737 8,632,697 2.2 % 21.38 Various GSA - Chicago Des Plaines, IL O 2026 188,768 7,925,559 2.0 % 41.99 FDA - Atlanta Atlanta, GA L 2045 162,000 7,064,454 1.8 % 43.61 IRS - Fresno Fresno, CA O 2033 180,481 6,992,321 1.8 % 38.74 FBI - Salt Lake Salt Lake City, UT SF 2032 169,542 6,841,021 1.7 % 40.35 Various GSA - Buffalo (4) Buffalo, NY O 2026-2039 251,236 6,603,538 1.7 % 26.28 Various GSA - Portland (5) Portland, OR O 2027-2039 177,341 5,932,795 1.5 % 33.45 VA - San Jose San Jose, CA OC 2038 90,085 5,812,834 1.5 % 64.53 EPA - Lenexa Lenexa, KS O 2027 169,585 5,798,381 1.5 % 34.19 FBI - Tampa Tampa, FL SF 2040 138,000 5,385,768 1.4 % 39.03 PTO - Arlington Arlington, VA SF 2035 190,546 5,333,993 1.4 % 27.99 FDA - Alameda Alameda, CA L 2039 69,624 5,025,605 1.3 % 72.18 USCIS - Lincoln Lincoln, NE O 2026 137,671 4,886,231 1.2 % 35.49 FBI - San Antonio San Antonio, TX SF 2045 148,584 4,865,675 1.2 % 32.75 FBI / DEA - El Paso El Paso, TX SF 2028 203,683 4,784,123 1.2 % 23.49 FEMA - Tracy Tracy, CA W 2038 210,373 4,668,336 1.2 % 22.19 TREAS - Parkersburg Parkersburg, WV O 2041 182,500 4,435,584 1.1 % 24.30 FBI - Mobile Mobile, AL SF 2029 76,112 4,350,464 1.1 % 57.16 FDA - Lenexa Lenexa, KS L 2040 59,690 4,286,244 1.1 % 71.81 ICE - Dallas (6) Irving, TX SF 2032 / 2040 135,200 4,272,415 1.1 % 31.60 FBI - Pittsburgh Pittsburgh, PA SF 2027 100,054 4,265,951 1.1 % 42.64 FBI - Knoxville Knoxville, TN SF 2028 99,130 4,208,887 1.1 % 42.46 VA - South Bend Mishawaka, IN OC 2032 86,363 4,109,078 1.0 % 47.58 FBI - Omaha Omaha, NE SF 2044 112,196 3,981,453 1.0 % 35.49 VA - Mobile Mobile, AL OC 2033 79,212 3,874,491 1.0 % 48.91 FBI - New Orleans New Orleans, LA SF 2029 137,679 3,861,871 1.0 % 28.05 FBI - Birmingham Birmingham, AL SF 2042 96,278 3,621,989 0.9 % 37.62 DOT - Lakewood Lakewood, CO O 2039 116,046 3,610,074 0.9 % 31.11 EPA - Kansas City Kansas City, KS L 2043 55,833 3,604,599 0.9 % 64.56 FBI - Albany Albany, NY SF 2036 69,476 3,597,252 0.9 % 51.78 USFS II - Albuquerque Albuquerque, NM O 2031 98,720 3,526,118 0.9 % 35.72 VA - Chico Chico, CA OC 2034 51,647 3,376,899 0.9 % 65.38 28 Property Name Location Property Type (1) Tenant Lease Expiration Year (2) Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Wholly Owned U.S. Government Leased Properties (Cont.) FBI - Richmond Richmond, VA SF 2041 96,607 $ 3,369,152 0.9 % $ 34.87 ICE - Charleston North Charleston, SC SF 2027 65,124 3,262,630 0.8 % 50.10 FBI - Little Rock Little Rock, AR SF 2041 102,377 3,262,031 0.8 % 31.86 DEA - Sterling Sterling, VA L 2038 57,692 3,238,759 0.8 % 56.14 JUD - Del Rio Del Rio, TX C 2041 89,880 3,216,180 0.8 % 35.78 USCIS - Tustin Tustin, CA O 2034 66,818 3,176,673 0.8 % 47.54 DEA - Vista Vista, CA L 2035 52,293 3,175,630 0.8 % 60.73 VA - Indianapolis Brownsburg, IN OC 2041 80,000 3,051,338 0.8 % 38.14 VA - Orange Orange, CT OC 2034 56,330 2,978,003 0.8 % 52.87 SSA - Charleston Charleston, WV O 2029 110,000 2,930,337 0.7 % 26.64 ICE - Albuquerque Albuquerque, NM SF 2027 71,100 2,886,242 0.7 % 40.59 JUD - El Centro El Centro, CA C 2034 43,345 2,843,403 0.7 % 65.60 DEA - Dallas Lab Dallas, TX L 2038 49,723 2,840,424 0.7 % 57.12 DEA - Pleasanton Pleasanton, CA L 2035 42,480 2,803,986 0.7 % 66.01 DEA - Upper Marlboro Upper Marlboro, MD L 2037 50,978 2,786,816 0.7 % 54.67 DHS - Burlington Williston, VT SF 2031 74,549 2,776,462 0.7 % 37.24 DEA - Dallas Dallas, TX SF 2041 71,827 2,742,744 0.7 % 38.19 NARA - Broomfield Broomfield, CO W 2032 161,730 2,684,946 0.7 % 16.60 JUD - Jackson Jackson, TN C 2043 75,043 2,654,729 0.7 % 35.38 TREAS - Birmingham Birmingham, AL O 2029 83,676 2,646,636 0.7 % 31.63 DHS - Atlanta (7) Atlanta, GA SF 2031 - 2038 91,185 2,609,190 0.7 % 28.61 USAO - Louisville Louisville, KY SF 2031 60,000 2,566,248 0.7 % 42.77 JUD - Charleston Charleston, SC C 2040 52,339 2,491,927 0.6 % 47.61 IRS - Ogden Ogden, UT W 2029 100,000 2,394,006 0.6 % 23.94 CBP - Savannah Savannah, GA L 2033 35,000 2,326,337 0.6 % 66.47 Various GSA - Cleveland (8) Brooklyn Heights, OH O 2028 - 2040 61,384 2,250,021 0.6 % 36.65 NWS - Kansas City Kansas City, MO SF 2033 94,378 2,180,190 0.6 % 23.10 DEA - Santa Ana Santa Ana, CA SF 2029 39,905 2,053,919 0.5 % 51.47 GSA - Clarksburg Clarksburg, WV O 2039 70,495 1,958,511 0.5 % 27.78 JUD - Aberdeen Aberdeen, MS C 2040 45,194 1,948,572 0.5 % 43.12 DEA - North Highlands Sacramento, CA SF 2033 37,975 1,907,525 0.5 % 50.23 DEA - Riverside Riverside, CA SF 2032 34,354 1,889,092 0.5 % 54.99 NPS - Omaha Omaha, NE SF 2029 62,772 1,884,271 0.5 % 30.02 ICE - Orlando Orlando, FL SF 2040 49,420 1,796,130 0.5 % 36.34 VA - Golden Golden, CO W 2036 56,753 1,784,573 0.5 % 31.44 JUD - Newport News Newport News, VA C 2033 35,005 1,693,655 0.4 % 48.38 USCG - Martinsburg Martinsburg, WV SF 2027 59,547 1,646,454 0.4 % 27.65 VA - Charleston North Charleston, SC W 2040 97,718 1,519,642 0.4 % 15.55 USAO - Springfield Springfield, IL SF 2038 43,600 1,408,680 0.4 % 32.31 JUD - Council Bluffs Council Bluffs, IA C 2041 28,900 1,369,479 0.3 % 47.39 DEA - Birmingham Birmingham, AL SF 2038 35,616 1,270,359 0.3 % 35.67 DEA - Albany Albany, NY SF 2042 31,976 1,193,758 0.3 % 37.33 HSI - Orlando Orlando, FL SF 2036 27,840 1,123,185 0.3 % 40.34 SSA - Dallas Dallas, TX SF 2035 27,200 1,073,581 0.3 % 39.47 29 Property Name Location Property Type (1) Tenant Lease Expiration Year (2) Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Wholly Owned U.S. Government Leased Properties (Cont.) JUD - South Bend South Bend, IN C 2027 30,119 $ 838,740 0.2 % $ 27.85 ICE - Louisville Louisville, KY SF 2036 17,420 782,609 0.2 % 44.93 DEA - San Diego San Diego, CA W 2032 16,100 560,959 0.1 % 34.84 DEA - Bakersfield Bakersfield, CA SF 2038 9,800 502,549 0.1 % 51.28 SSA - San Diego San Diego, CA SF 2032 10,059 458,847 0.1 % 45.62 Subtotal 8,056,577 $ 293,579,677 74.5 % $ 36.44 Wholly Owned State and Local Government Property DC - Capitol Plaza (9) Washington, DC O 2026 - 2038 284,688 $ 18,174,631 4.6 % $ 63.84 Wake County III - Cary (10) Cary, NC O 2027 / 2034 113,722 3,501,324 0.9 % 30.79 CA - Anaheim Anaheim, CA O 2033 / 2034 95,273 3,364,379 0.9 % 35.31 SVA - Glen Allen I Glen Allen, VA O 2034 127,500 3,107,163 0.8 % 24.37 Wake County II - Cary Cary, NC O 2034 98,340 2,948,356 0.7 % 29.98 NM - Albuquerque Albuquerque, NM O 2036 81,423 2,343,773 0.6 % 28.79 Wake County I - Cary Cary, NC O 2034 75,401 2,227,705 0.6 % 29.54 SVA - Glen Allen II Glen Allen, VA O 2036 46,147 1,092,427 0.3 % 23.67 Subtotal 922,494 $ 36,759,758 9.4 % $ 39.85 Wholly Owned Privately Leased Property York Space Systems - Greenwood Village Greenwood Village, CO SF 2031 138,125 $ 4,719,587 1.2 % $ 34.17 SVA - Glen Allen III (11) Glen Allen, VA O 2027 - 2031 124,066 2,886,196 0.7 % 23.26 Northrop Grumman - Dayton Beavercreek, OH SF 2029 99,246 2,588,312 0.7 % 26.08 Northrop Grumman - Aurora Aurora, CO SF 2032 104,136 2,368,386 0.6 % 22.74 501 East Hunter Street - Lummus Corporation Lubbock, TX W 2028 70,078 410,164 0.1 % 5.85 Subtotal 535,651 $ 12,972,645 3.3 % $ 24.22 Wholly Owned Properties Total / Weighted Average 9,514,722 $ 343,312,080 87.2 % $ 36.08 30 Property Name Location Property Type (1) Tenant Lease Expiration Year (2) Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Unconsolidated Real Estate Venture U.S. Government Leased Properties VA - Phoenix (12) Phoenix, AZ OC 2042 257,294 $ 10,919,720 2.8 % $ 42.44 VA - San Antonio (12) San Antonio, TX OC 2041 226,148 9,217,375 2.3 % 40.76 VA - Jacksonville (12) Jacksonville, FL OC 2043 193,100 7,634,166 1.9 % 39.53 VA - Chattanooga (12) Chattanooga, TN OC 2035 94,566 4,310,316 1.1 % 45.58 VA - Lubbock (12) (13) Lubbock, TX OC 2040 120,916 4,270,224 1.1 % 35.32 VA - Marietta (12) Marietta, GA OC 2041 76,882 3,848,808 1.0 % 50.06 VA - Birmingham (12) Irondale, AL OC 2041 77,128 3,212,592 0.8 % 41.65 VA - Corpus Christi (12) Corpus Christi, TX OC 2042 69,276 2,994,312 0.8 % 43.22 VA - Columbus (12) Columbus, GA OC 2042 67,793 2,953,771 0.7 % 43.57 VA - Lenexa (12) Lenexa, KS OC 2041 31,062 1,344,162 0.3 % 43.27 Subtotal 1,214,165 $ 50,705,446 12.8 % $ 41.76 Total / Weighted Average 10,728,887 $ 394,017,526 100.0 % $ 36.72 Total / Weighted Average at Easterly's Share 10,158,228 $ 370,185,967 $ 36.44 (1)OC=Outpatient Clinic; SF=Specialized Facility; O=Office; C=Courthouse; L=Laboratory; W=Warehouse. (2)The year of lease expiration does not include renewal options. (3)Private tenants occupy 101,627 leased square feet. (4)A state government tenant occupies 14,274 leased square feet. (5)Private tenants occupy 14,386 leased square feet. (6)Private tenants occupy 54,677 leased square feet. (7)A private tenant occupies 17,373 leased square feet. (8)A private tenant occupies 11,402 leased square feet. (9)Private tenants occupy 20,299 leased square feet. (10)A private tenant occupies 37,858 leased square feet. (11)Three private tenants occupy 124,066 leased square feet. (12)We own 53.0% of the property through an unconsolidated joint venture. (13)Asset is subject to a ground lease where the unconsolidated joint venture is the lessee. 31 Certain of our leases are currently in the “soft-term” period of the lease, meaning that the U.S. Government tenant agency has the right to terminate the lease prior to its stated lease end date. We believe that, from the U.S. Government’s perspective, leases with such provisions are helpful for budgetary purposes. While some of our leases are contractually subject to early termination, we do not believe that our tenant agencies are likely to terminate these leases early given the build-to-suit features at the properties subject to the leases, the weighted average age of these properties based on the date the property was built or renovated-to-suit, where applicable (approximately 21.1 years as of June 30, 2026), the mission-critical focus of the properties subject to the leases and the current level of operations at such properties. The following table sets forth a schedule of lease expirations for leases in place (including for wholly owned properties and properties held by the JV) as of June 30, 2026: Year of Lease Expiration (1) Number of Leases Expiring Leased Square Footage Expiring Percentage of Portfolio Leased Square Footage Expiring Annualized Lease Income Expiring Percentage of Total Annualized Lease Income Expiring Annualized Lease Income per Leased Square Foot Expiring 2026 4 344,916 3.2 % $ 13,759,566 3.5 % $ 39.89 2027 12 572,603 5.3 % 20,870,925 5.3 % 36.45 2028 12 905,036 8.4 % 22,229,969 5.6 % 24.56 2029 10 757,363 7.1 % 24,856,952 6.3 % 32.82 2030 6 95,888 0.9 % 2,657,995 0.7 % 27.72 2031 8 533,104 5.0 % 18,102,846 4.6 % 33.96 2032 11 712,188 6.6 % 22,269,734 5.7 % 31.27 2033 11 570,028 5.3 % 22,447,666 5.7 % 39.38 2034 11 635,293 5.9 % 24,443,778 6.2 % 38.48 2035 7 440,450 4.1 % 17,538,461 4.5 % 39.82 Thereafter 56 5,162,018 48.2 % 204,839,634 51.9 % 39.68 Total / Weighted Average 148 10,728,887 100.0 % $ 394,017,526 100.0 % $ 36.72 (1)The year of lease expiration is pursuant to current contract terms. Some U.S. Government tenants have the right to vacate their space during a specified period, or “soft term,” before the stated terms of their leases expire. As of June 30, 2026, eight U.S. Government tenants occupying approximately 4.0% of our leased square feet and contributing approximately 4.3% of our annualized lease income are currently operating under lease provisions that allow them to exercise their right to terminate their lease before the stated term of their respective lease expires. 32 Information about our development properties as of June 30, 2026 is set forth in the table below: Property Name Location Tenant Property Type (1) Lease Term Estimated Leased Square Feet FL - Ft. Myers Fort Myers, FL Florida Department of Law Enforcement L 25-year 64,000 JUD - Flagstaff Flagstaff, AZ Judiciary of the U.S. Government C 20-year 50,777 JUD - Medford Medford, OR Judiciary of the U.S. Government C 20-year 40,035 Total 154,812 (1)C=Courthouse; L=Laboratory. Results of Operations Comparison of Results of Operations for the three months ended June 30, 2026 and 2025 The financial information presented below summarizes our results of operations for the three months ended June 30, 2026 and 2025 (amounts in thousands). For the three months ended June 30, 2026 2025 Change Revenues Rental income $ 89,659 $ 80,367 $ 9,292 Tenant reimbursements 345 1,895 (1,550 ) Asset management income 697 622 75 Other income 1,716 1,350 366 Total revenues 92,417 84,234 8,183 Expenses Property operating 20,007 19,210 797 Real estate taxes 9,072 8,486 586 Depreciation and amortization 32,158 28,534 3,624 Acquisition costs 553 362 191 Corporate general and administrative 8,953 6,807 2,146 Recovery of credit losses (313 ) (539 ) 226 Total expenses 70,430 62,860 7,570 Other income (expense) Income from unconsolidated real estate venture 1,594 1,840 (246 ) Interest expense, net (20,423 ) (18,960 ) (1,463 ) Net income $ 3,158 $ 4,254 $ (1,096 ) Revenues Total revenues increased $8.2 million to $92.4 million for the three months ended June 30, 2026 compared to $84.2 million for the three months ended June 30, 2025. The $9.3 million increase in Rental income is primarily attributable to the four operating properties acquired since June 30, 2025, one development property placed into service since June 30, 2025 and a full period of operations from the two operating properties acquired during the quarter ended June 30, 2025. The $1.6 million decrease in tenant reimbursements is primarily attributable to a decrease in reimbursable tenant project activity. The $0.1 million increase in Asset management income is primarily attributable to the fee earned by us for asset management of the JV. The $0.4 million increase in Other income is primarily attributable to an increase in interest income on our loans receivable. 33 Expenses Total expenses increased $7.6 million to $70.4 million for the three months ended June 30, 2026 compared to $62.9 million for the three months ended June 30, 2025. The $0.8 million increase in Property operating expenses is primarily attributable to the four operating properties acquired since June 30, 2025, one development property placed into service since June 30, 2025 and a full period of operations from the two operating properties acquired during the quarter ended June 30, 2025. The $0.6 million increase in Real estate taxes is primarily attributable to the four operating properties acquired since June 30, 2025, one development property placed into service since June 30, 2025 and a full period of operations from the two operating properties acquired during the quarter ended June 30, 2025. The $3.6 million increase in Depreciation and amortization is primarily attributable to the four operating properties acquired since June 30, 2025, one development property placed into service since June 30, 2025 and a full period of operations from the two operating properties acquired during the quarter ended June 30, 2025. The $2.1 million increase in Corporate general and administrative is primarily due to an increase in employee costs and non-cash compensation. The $0.2 million decrease in Recovery of credit losses is primarily due to a change in market conditions. Income from unconsolidated real estate venture The $0.2 million decrease in Income from unconsolidated real estate venture is primarily attributable to higher operating expenses during the quarter ended June 30, 2026. Interest expense, net The $1.5 million increase in Interest expense, net is primarily attributable to higher weighted average borrowings. 34 Comparison of Results of Operations for the six months ended June 30, 2026 and 2025 The financial information presented below summarizes our results of operations for the six months ended June 30, 2026 and 2025 (amounts in thousands). For the six months ended June 30, 2026 2025 Change Revenues Rental income $ 178,252 $ 155,913 $ 22,339 Tenant reimbursements 1,149 2,921 (1,772 ) Asset management income 1,343 1,244 99 Other income 3,218 2,831 387 Total revenues 183,962 162,909 21,053 Expenses Property operating 40,543 37,009 3,534 Real estate taxes 17,604 16,443 1,161 Depreciation and amortization 65,379 55,331 10,048 Acquisition costs 1,202 669 533 Corporate general and administrative 17,448 13,022 4,426 Recovery of credit losses (117 ) (777 ) 660 Total expenses 142,059 121,697 20,362 Other income (expense) Income from unconsolidated real estate venture 3,258 3,662 (404 ) Interest expense, net (40,589 ) (37,337 ) (3,252 ) Net income $ 4,572 $ 7,537 $ (2,965 ) Revenues Total revenues increased $21.1 million to $184.0 million for the six months ended June 30, 2026 compared to $162.9 million for the six months ended June 30, 2025. The $22.3 million increase in Rental income is primarily attributable to the four operating properties acquired since June 30, 2025, one development property placed into service since June 30, 2025 and a full period of operations from the two operating properties acquired during the six months ended June 30, 2025. The $1.8 million decrease in tenant reimbursements is primarily attributable to a decrease in reimbursable tenant project activity. The $0.1 million increase in Asset management income is primarily attributable to the fee earned by us for asset management of the JV. The $0.4 million increase in Other income is primarily attributable to an increase in interest income on our loans receivable. Expenses Total expenses increased $20.4 million to $142.1 million for the six months ended June 30, 2026 compared to $121.7 million for the six months ended June 30, 2025. The $3.5 million increase in Property operating expenses is primarily attributable to the four operating properties acquired since June 30, 2025, one development property placed into service since June 30, 2025 and a full period of operations from the two operating properties acquired during the six months ended June 30, 2025. The $1.2 million increase in Real estate taxes is primarily attributable to the four operating properties acquired since June 30, 2025, one development property placed into service since June 30, 2025 and a full period of operations from the two operating properties acquired during the six months ended June 30, 2025. 35 The $10.0 million increase in Depreciation and amortization is primarily attributable to the four operating properties acquired since June 30, 2025, one development property placed into service since June 30, 2025 and a full period of operations from the two operating properties acquired during the six months ended June 30, 2025. The $4.4 million increase in Corporate general and administrative is primarily due to an increase in employee costs and non-cash compensation. The $0.7 million decrease in Recovery of credit losses is primarily due to a downward adjustment to our credit loss allowance for a $15.0 million paydown of Real estate loan receivable in April 2025 and change in market conditions. Income from unconsolidated real estate venture The $0.4 million decrease in Income from unconsolidated real estate venture is primarily attributable to higher operating expenses during the six months ended June 30, 2026. Interest expense, net The $3.3 million increase in Interest expense, net is primarily attributable to higher weighted average borrowings. Liquidity and Capital Resources We anticipate that our cash flows from the sources listed below will provide adequate capital for the next 12 months for all anticipated uses, including all scheduled principal and interest payments on our outstanding indebtedness, current and anticipated tenant improvements, development activities at FL – Ft. Myers, JUD – Flagstaff and JUD – Medford, planned and possible acquisitions of properties, stockholder distributions to maintain our qualification as a REIT, potential repurchases of common stock under our share repurchase program and other capital obligations associated with conducting our business. At June 30, 2026, we had approximately $3.3 million available in cash and cash equivalents, $10.4 million of restricted cash and there was approximately $356.8 million available under our 2024 revolving credit facility. Our primary expected sources of capital are as follows: •existing cash balances; •operating cash flow; •distribution of cash flows from the JV; •available borrowings under our 2024 revolving credit facility; •issuance of long-term debt; •issuance of equity, including under our 2021 ATM Program (as described below); and •asset sales. Our short-term liquidity requirements consist primarily of funds to pay for the following: •development and redevelopment activities, including major redevelopment, renovation or expansion programs at FL – Ft. Myers, JUD – Flagstaff and JUD – Medford and other individual properties; •property acquisitions; •tenant improvements, allowances and leasing costs; •recurring maintenance and capital expenditures; •debt repayment requirements; •commitments to fund advancements through loans receivable; •corporate and administrative costs; •interest payments on our outstanding indebtedness; •interest swap payments; 36 •distribution payments; and •potential repurchases of common stock under our share repurchase program. Our long-term liquidity needs, in addition to recurring short-term liquidity needs as discussed above, consist primarily of funds necessary to pay for acquisitions, non-recurring capital expenditures, and scheduled debt maturities. Although we may be able to anticipate and plan for certain of our liquidity needs, unexpected increases in uses of cash that are beyond our control and which affect our financial condition and results of operations may arise, or our sources of liquidity may be fewer than, and the funds available from such sources may be less than, anticipated or required. As of the date of this filing, there were no known commitments or events that would have a material impact on our liquidity. Equity ATM Programs We entered into an equity distribution agreement on June 22, 2021 (the “2021 ATM Program”) with various financial institutions. Pursuant to the 2021 ATM Program, we may issue and sell shares of our common stock having an aggregate offering price of up to $300.0 million from time to time in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act. Under the 2021 ATM Program, we may enter into one or more forward transactions (each, a “forward sale transaction”) under separate master forward sale confirmations and related supplemental confirmations with each of the various financial institutions party to the 2021 ATM Program for the sale of shares of our common stock on a forward basis. The following table sets forth certain information with respect to issuances under the 2021 ATM Program during the six months ended June 30, 2026 (amounts in thousands, except share amounts): 2021 ATM Program For the quarter ended Number of Shares Issued (1) Net Proceeds March 31, 2026 94,170 $ 2,146 June 30, 2026 796,943 18,825 Total 891,113 $ 20,971 (1) Shares issued by us, which were all issued in settlement of forward sale transactions. As of June 30, 2026, we had settled all of our outstanding forward sale transactions under the 2021 ATM Program. We accounted for the forward sale transactions as equity. As of June 30, 2026, we had approximately $215.0 million of gross sales of our common stock available under the 2021 ATM Program. Share Repurchase Program On April 28, 2022, our Board of Directors authorized a share repurchase program whereby we may repurchase up to 1,815,597 shares of our common stock (adjusted for the 1-for-2.5 reverse stock split of the Company’s issued and outstanding Common Stock, effective April 28, 2025), or approximately 5% of our outstanding shares as of the original authorization date. We are not required to purchase shares under the share repurchase program but may choose to do so in the open market or through privately negotiated transactions at times and amounts based on our evaluation of market conditions and other factors. No repurchases of shares of our common stock were made under the share repurchase program during the six months ended June 30, 2026. 37 Debt Indebtedness Outstanding The following table sets forth certain information with respect to our outstanding indebtedness as of June 30, 2026 (amounts in thousands): Principal Outstanding Interest Current Loan June 30, 2026 Rate (1)(2) Maturity Revolving credit facility: 2024 revolving credit facility (3) $ 43,050 SOFR + 145 bps June 2028 (4) Total revolving credit facility 43,050 Term loan facilities: 2016 term loan facility 100,000 5.21% (5) January 2028 (6) 2018 term loan facility 200,000 5.09% (7) August 2028 (8) 2026 term loan facility 200,000 SOFR + 130 bps June 2031 Total term loan facilities 500,000 Less: Total unamortized deferred financing fees (4,153 ) Total term loan facilities, net 495,847 Notes payable: 2017 series A senior notes 95,000 4.05% May 2027 2017 series B senior notes 50,000 4.15% May 2029 2017 series C senior notes 30,000 4.30% May 2032 2019 series A senior notes 85,000 3.73% September 2029 2019 series B senior notes 100,000 3.83% September 2031 2019 series C senior notes 90,000 3.98% September 2034 2021 series A senior notes 50,000 2.62% October 2028 2021 series B senior notes 200,000 2.89% October 2030 2024 series A senior notes 150,000 6.56% May 2033 2024 series B senior notes 50,000 6.56% August 2033 2025 series A senior notes 25,000 6.13% March 2030 2025 series B senior notes 100,000 6.33% (9) March 2032 Total notes payable 1,025,000 Less: Total unamortized deferred financing fees (5,618 ) Total notes payable, net 1,019,382 Mortgage notes payable: USFS II – Albuquerque 6,368 4.46% July 2026 (10) ICE – Charleston 8,109 4.21% January 2027 VA – Loma Linda 127,500 3.59% July 2027 CBP – Savannah 7,331 3.40% July 2033 Total mortgage notes payable 149,308 Less: Total unamortized deferred financing fees (241 ) Less: Total unamortized premium/discount (161 ) Total mortgage notes payable, net 148,906 Total debt $ 1,707,185 (1)Effective interest rates are as follows: 2016 term loan facility 5.49%, 2018 term loan facility 5.53%, 2026 term loan facility 5.11%, 2017 series A senior notes 4.15%, 2017 series B senior notes 4.23%, 2017 series C senior notes 4.37%, 2019 series A senior notes 3.82%, 2019 series B senior notes 3.91%, 2019 series C senior notes 4.04%, 2021 series A senior notes 2.74%, 2021 series B senior notes 2.99%, 2024 series A senior notes 6.74%, 2024 series B senior notes 6.73%, 2025 series A senior notes 6.36%, 2025 series B senior notes 6.51%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%. (2)At June 30, 2026, the USD secured overnight financing rate (“SOFR”) with a five day lookback was 3.62%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining 38 debt or any unamortized fair market value premiums. The spread over the applicable rate for each of our $400.0 million senior unsecured revolving credit facility (the “2024 revolving credit facility”), our $200.0 million senior unsecured term loan facility (our “2026 term loan facility”), our $200.0 million senior unsecured term loan facility (as amended, our “2018 term loan facility”) and our $100.0 million senior unsecured term loan facility (as amended, our “2016 term loan facility”) is based on our consolidated leverage ratio, as set forth in the respective loan agreements. (3)Our $400.0 million senior unsecured revolving credit facility had available capacity of $356.8 million at June 30, 2026, in addition to an accordion feature that provides us with additional capacity of up to $300.0 million, subject to syndication of the increase and the satisfaction of customary terms and conditions. (4)Our 2024 revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee. (5)Our 2016 term loan facility is subject to three interest rate swaps with an effective date of December 23, 2024 and a notional value of $100.0 million, which effectively fixes the interest rate at 5.21% annually, based on our consolidated leverage ratio as defined in our 2016 term loan facility agreement. (6)Our 2016 term loan facility has two one-year as-of-right extension options subject to certain conditions and the payment of an extension fee. (7)Our 2018 term loan facility is subject to three interest rate swaps, of which one has an effective date of March 24, 2025 and two of the swaps have an effective date of June 30, 2025. The three swaps have an aggregate notional value of $200.0 million, which effectively fixes the interest rate at 5.09% annually, based on our consolidated leverage ratio as defined in our 2018 term loan facility agreement. (8)Our 2018 term loan facility has two one-year as-of-right extension options subject to certain conditions and the payment of an extension fee. (9)We entered into two $50.0 million treasury lock agreements to fix the Treasury rate of our 2025 series B senior notes. (10)On July 14, 2026, we used $6.4 million of available cash to extinguish the mortgage note obligation on USFS II – Albuquerque. 2026 Term Loan Facility On June 25, 2026, we entered into our $200.0 million senior unsecured 2026 term loan facility, which includes an accordion feature that provides us with additional capacity, subject to the satisfaction of customary terms and conditions, of up to $50.0 million for a total facility size of $250.0 million. Our 2026 term loan facility matures on June 25, 2031 and is prepayable without penalty. Borrowings under our 2026 term loan facility will, at our option, bear interest at floating rates equal to either (i) a fluctuating rate equal to the sum of (a) highest of (x) PNC Bank's base rate, (y) the federal funds effective rate plus 0.50% and (z) the one-month adjusted term SOFR rate plus 1.00%, plus, in each case, (b) a margin ranging from 0.20% to 0.70% based on the Company’s leverage ratio, (ii) the daily simple SOFR (the “DSS”), or (iii) the term SOFR (the “Term SOFR”), plus, in the case of borrowings bearing interest at DSS or Term SOFR, a margin ranging from 1.20% to 1.70% based on the Company’s leverage ratio. Our 2026 term loan facility also contains certain customary covenants, including but not limited to financial covenants that require us to maintain maximum ratios of consolidated total indebtedness, consolidated secured indebtedness and consolidated secured recourse indebtedness to total asset value and a minimum consolidated fixed charge ratio. 2016 Term Loan Facility On June 25, 2026, we entered into the eleventh amendment to our 2016 term loan facility to remove the credit spread adjustment applicable to SOFR-based borrowings, consistent with our 2026 term loan facility. Our 2024 revolving credit facility, term loan facilities, notes payable, and mortgage notes payable are subject to ongoing compliance with a number of financial and other covenants. As of June 30, 2026, we were in compliance with all applicable financial covenants. 39 The chart below details our debt capital structure as of June 30, 2026 (dollar amounts in thousands): Debt Capital Structure June 30, 2026 Total principal outstanding $ 1,717,358 Weighted average maturity 4.0 years Weighted average interest rate 4.6 % % Variable debt 14.2 % % Fixed debt (1) 85.8 % % Secured debt 8.9 % (1)Our 2016 term loan facility and 2018 term loan facility are swapped to be fixed and as such are included as fixed rate debt in the table above. Material Cash Commitments We entered into a construction loan agreement on August 6, 2024 (the “Construction Loan”) to lend up to $52.1 million to a developer (the “Borrower”). The Construction Loan bears interest at a fixed rate of 9.00% per annum and matures on August 31, 2027. As of both June 30, 2026 and the date of this filing, the outstanding balance of the Construction Loan receivable was $35.6 million and have no remaining obligation to fund. For a more complete description of the Construction Loan, see Note 5 to the Consolidated Financial Statements. Other than as described above, during the six months ended June 30, 2026, there were no material changes to the cash commitment information presented in Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2025. Unconsolidated Real Estate Venture We consolidate entities in which we have a controlling interest or are the primary beneficiary in a variable interest entity. From time to time, we may have off-balance sheet unconsolidated real estate ventures and other unconsolidated arrangements with varying structures. As of June 30, 2026, our investment in the JV is $300.0 million. As of June 30, 2026, we had committed capital, net of return of over committed capital, to the JV totaling $332.9 million and had a remaining commitment of $8.5 million available. None of the properties owned by the JV are encumbered by mortgage indebtedness. For a more complete description of the JV, see Note 4 to the Consolidated Financial Statements. Dividend Policy In order to qualify as a REIT, we are required to distribute to our stockholders, on an annual basis, at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. We anticipate distributing all of our taxable income. We expect to make quarterly distributions to our stockholders in a manner intended to satisfy this requirement. Prior to making any distributions for U.S. federal tax purposes or otherwise, we must first satisfy our operating and debt service obligations. It is possible that it would be necessary to utilize cash reserves, liquidate assets at unfavorable prices or incur additional indebtedness in order to make required distributions. It is also possible that our Board of Directors could decide to make required distributions in part by using shares of our common stock. A summary of dividends declared by the Board of Directors per share of common stock and per common unit at the date of record is as follows: Quarter Declaration Date Record Date Payment Date Dividend (1) Q1 2026 April 22, 2026 May 7, 2026 May 21, 2026 $ 0.45 Q2 2026 July 29, 2026 August 10, 2026 August 20, 2026 $ 0.45 (1)Prior to the end of the performance period as set forth in the applicable LTIP unit award, holders of performance-based LTIP units are entitled to receive dividends per LTIP unit equal to 10% of the dividend paid per common unit. After the end of the performance period, the number of LTIP units, both vested and unvested, that LTIP award recipients have earned, if any, are entitled to receive dividends in an amount per LTIP unit equal to dividends, both regular and special, payable per common unit. Holders of LTIP units that are not subject to the attainment of performance goals are entitled to receive dividends per LTIP unit equal to 100% of the dividend paid per common unit beginning on the grant date. 40 Inflation Substantially all of our leases provide for operating expense escalations. We believe inflationary increases in expenses may be at least partially offset by the operating expenses that are passed through to our tenants and by contractual rent increases. We do not believe inflation has had a material impact on our historical financial position or results of operations. Cash Flows The following table sets forth a summary of cash flows for the six months ended June 30, 2026 and 2025 (amounts in thousands): For the six months ended June 30, 2026 2025 Net cash provided by (used in): Operating activities $ 71,916 $ 62,298 Investing activities (109,043 ) (191,927 ) Financing activities 17,149 115,876 Operating Activities We generated $71.9 million and $62.3 million of cash from operating activities during the six months ended June 30, 2026 and 2025, respectively. Net cash provided by operating activities for the six months ended June 30, 2026 includes $61.5 million in net cash from rental activities net of expenses, $8.0 million related to distributions from investment in unconsolidated real estate venture and $2.4 million related to the change in tenant accounts receivable, prepaid expenses and other assets, real estate loan interest receivable, deferred revenue associated with operating leases, principal payments on operating lease obligations, principal repayment of sales-type lease, and accounts payable, accrued expenses and other liabilities. Net cash provided by operating activities for the six months ended June 30, 2025 includes $59.0 million in net cash from rental activities net of expenses and $9.7 million related to distributions from investment in unconsolidated real estate venture, offset by $6.4 million related to the change in tenant accounts receivable, prepaid expenses and other assets, real estate loan interest receivable, deferred revenue associated with operating leases, principal payments on operating lease obligations, and accounts payable, accrued expenses and other liabilities. Investing Activities We used $109.0 million and $191.9 million in cash for investing activities during the six months ended June 30, 2026 and 2025, respectively. Net cash used in investing activities for the six months ended June 30, 2026 includes $44.5 million in additions to development properties, $43.5 million in real estate acquisitions and deposits, $14.7 million in additions to operating properties and $6.9 million in investments in real estate loans receivable, net offset by $0.6 million in repayment of note receivable. Net cash used in investing activities for the six months ended June 30, 2025 includes $144.8 million in real estate acquisitions and deposits, $36.0 million in additions to development properties, $15.7 million in additions to operating properties, offset by $4.6 million in repayment of (investment in) real estate loan receivable, net. Financing Activities We generated $17.1 million and $115.9 million in cash from financing activities during the six months ended June 30, 2026 and 2025, respectively. Net cash generated in financing activities for the six months ended June 30, 2026 includes $200.0 million in term loan draws on our 2026 term loan facility, $21.2 million in gross proceeds from issuance of shares of our common stock offset by $156.0 million in net paydowns under our 2024 revolving credit facility, $43.7 million in dividend payments, $2.4 million in mortgage notes payable repayment, $1.8 million in deferred financing costs and $0.2 million in the payment of offering costs. Net cash generated by financing activities for the six months ended June 30, 2025 includes $125.0 million in note payable issuances, $46.6 million in gross proceeds from issuance of shares of our common stock and $3.0 million in net draws under our 2024 revolving credit facility, offset by $51.6 million in dividend payments, $2.5 million in deferred financing costs, $2.3 million in mortgage notes payable repayment, $1.9 million in treasury lock settlement and $0.5 million in the payment of offering costs. Non-GAAP Financial Measures We use and present Funds From Operations (“FFO”) and Core FFO as supplemental measures of our performance. The summary below describes our use of FFO and Core FFO and provides information regarding why we believe these measures are meaningful supplemental measures of our performance and reconciles these measures from net income, presented in accordance with GAAP. 41 Funds From Operations and Core Funds From Operations FFO is a supplemental measure of our performance. We present FFO calculated in accordance with the current National Association of Real Estate Investment Trusts (“Nareit”) definition set forth in the Nareit FFO White Paper – Restatement 2018. FFO includes the REIT’s share of FFO generated by unconsolidated affiliates. In addition, we present Core FFO for certain other adjustments that we believe enhance the comparability of our FFO across periods and to the FFO reported by other publicly traded REITs. FFO is a supplemental performance measure that is commonly used in the real estate industry to assist investors and analysts in comparing results of REITs. FFO is defined by Nareit as net income (calculated in accordance with GAAP), excluding: •Depreciation and amortization related to real estate. •Gains and losses from the sale of certain real estate assets. •Gains and losses from change in control. •Impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. We present FFO because we consider it an important supplemental measure of our operating performance, and we believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting results. We adjust FFO to present Core FFO as an alternative measure of our operating performance, which, when applicable, excludes items which we believe are not representative of ongoing operating results, such as liability management related costs (including losses on extinguishment of debt and modification costs), catastrophic event charges, depreciation of non-real estate assets, recovery of credit losses and the unconsolidated real estate venture’s allocated share of these adjustments. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results. We believe Core FFO more accurately reflects the ongoing operational and financial performance of our core business. FFO and Core FFO are presented as supplemental financial measures and do not fully represent our operating performance. Other REITs may use different methodologies for calculating FFO and Core FFO or use other definitions of FFO and Core FFO and, accordingly, our presentation of these measures may not be comparable to other REITs. Neither FFO nor Core FFO is intended to be a measure of cash flow or liquidity. Please refer to our financial statements, prepared in accordance with GAAP, for purposes of evaluating our financial condition, results of operations and cash flows. The following table sets forth a reconciliation of our net income to FFO and Core FFO for the three and six months ended June 30, 2026 and 2025 (amounts in thousands): For the three months ended June 30, For the six months ended June 30, 2026 2025 2026 2025 Net income $ 3,158 $ 4,254 $ 4,572 $ 7,537 Depreciation of real estate assets 31,891 28,282 64,846 54,828 Unconsolidated real estate venture allocated share of above adjustments 2,282 2,280 4,563 4,559 FFO 37,331 34,816 73,981 66,924 Adjustments to FFO: Loss on extinguishment of debt and modification costs 51 — 51 900 Recovery of credit losses (313 ) (539 ) (117 ) (777 ) Natural disaster event expense, net of recovery — 47 15 70 Depreciation of non-real estate assets 266 252 533 503 Unconsolidated real estate venture allocated share of above adjustments 16 16 33 33 Core FFO 37,351 34,592 74,496 67,653 42 Critical Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to use judgment in the application of accounting policies, including making estimates and assumptions. We base these estimates, judgments, and assumptions on historical experience, current trends, and various other factors that we believe to be reasonable under the circumstances. If our judgment or interpretation of the facts and circumstances relating to various transactions had been different, or different assumptions were made, it is possible that different accounting policies would have been applied, resulting in different financial results or a different presentation of our financial statements. Our Annual Report on Form 10-K for the year ended December 31, 2025 contains a discussion of our significant accounting policies, which utilize relevant critical accounting estimates. During the six months ended June 30, 2026, there were no material changes to the discussion of our significant accounting policies included in our Annual Report on Form 10-K for the year ended December 31, 2025.