Key Highlights from the 2025 Annual Report

• FrontView REIT, Inc. (CIK: 0001988494) filed its annual 10-K for the year ended December 31, 2025.
• Company Headquarters: 3131 McKinney Avenue, Suite L10, Dallas, TX 75204.
• Business Focus: Real Estate Investment Trust (REIT) specializing in diversified property holdings across the United States.
• Single Reportable Segment: The company operates as a single segment, focusing on net lease properties across multiple sectors including retail, medical, automotive, fitness, financial institutions, and more.

Key Operational Details and Portfolio Composition

• Property Portfolio:
  • Extensive and diversified portfolio across the U.S., including properties in retail (discount and quick service restaurants), medical and dental providers, automotive dealerships and services, financial institutions, convenience/gas stations, fitness centers, pharmacies, home improvement stores, and car washes.
  • Key property locations include Dallas TX, Columbus OH, Clarksville IN, Hastings NE, Waukegan IL, Plainfield NJ, Bourbonnais IL, Conyers GA, Naperville IL, Atlanta GA, Baton Rouge LA, and many more.
• Major Credit Facilities:
  • Active credit relationships with JPMorgan Chase Bank, including a revolving credit facility and a term loan.
  • Maturity of key credit risk derivative instruments is set for March 31, 2028. The company also utilizes interest rate swaps as part of its risk management strategy.
• Equity Structure:
  • Multiple equity components including common stock, Series A preferred stock, operating partnership units, additional paid-in capital, retained earnings, and non-controlling interests.
  • Restricted Stock Units (RSUs) are part of the equity compensation for management.
  • Ongoing and upcoming dividend payments, including those tied to Series A preferred stock and regular quarterly dividends.
• Key Events and Transactions:
  • Subsidiary sales of stock, including an IPO member classification and the issuance of operating partnership units.
  • Significant related-party transactions with North American Realty Services LLLP and the NADG NNN Property Fund LP.
• Intangible Assets:
  • Finite-lived intangible assets include above-market and below-market leases, in-place leases, origination costs, and leasing fees.

Potentially Price-Sensitive Developments

• Portfolio Growth and Diversification:
  • The company continues to aggressively expand and diversify its property portfolio, which may enhance rental income stability and reduce sector-specific risks. New acquisitions and property types (home improvement, necessity retail, medical, and automotive) may be viewed positively by investors, signaling growth and risk mitigation.
• Financial Structure and Leverage:
  • The use of revolving credit facilities and term loans, especially with a major bank like JPMorgan Chase, along with the use of derivative instruments for interest rate risk management, points to a sophisticated capital structure and prudent risk management. However, any significant increase in leverage, changes in interest rate environments, or refinancing events could impact earnings and share price volatility.
• Dividend Policy:
  • Regular and preferred dividends appear stable, but any changes in payout ratios or capital allocation policy could materially impact the share price, especially for yield-focused investors.
• Related-Party and Fund Transactions:
  • Ongoing related-party transactions and collaborations with affiliated funds (NADG NNN Property Fund LP) could introduce both opportunities and governance risks. Investors should monitor for potential conflicts of interest or changes in the terms of these arrangements, as they may affect asset valuations or future returns.
• Equity Compensation and Dilution:
  • Ongoing issuance of restricted stock units and operating partnership units could result in dilution for common shareholders if not matched by commensurate growth in earnings and asset base.
• Derivatives and Interest Rate Hedges:
  • Significant reliance on interest rate swaps and other derivatives means the company is exposed to potential mark-to-market volatility. The maturity schedule and notional amounts of these instruments should be closely watched in the context of the broader interest rate environment.
• New Listings and IPOs:
  • The mention of subsidiary sale of stock and IPO-related disclosures may be an indication of potential future listings, spin-offs, or other capital market activities, which are typically price sensitive and could unlock shareholder value or lead to volatility.

Summary for Investors

FrontView REIT, Inc. enters 2026 with a well-diversified and expanding portfolio, a robust credit structure, and active management of both equity and debt capital. The company’s ability to secure and manage significant credit facilities, maintain regular dividends, and pursue new property acquisitions across sectors positions it as a dynamic player in the REIT space.

However, investors should remain vigilant to potential risks arising from leverage, interest rate movements, related-party transactions, and possible equity dilution. Any surprise in these areas, or changes in dividend policy, could have a direct impact on share value.

Shareholders are encouraged to closely monitor:

• Announcements regarding new property acquisitions or sales.
• Credit facility amendments, maturity schedules, and hedging strategies.
• Dividend declarations and changes to payout policy.
• Related-party transaction disclosures and governance matters.