Copper Property CTL Pass Through Trust ($CPPTL)

Good afternoon, ladies and gentlemen, and welcome to the Copper Property CTL Pass Through Trust Conference Call. [Operator Instructions] Please note that today's conference is being recorded with an online replay available 1 hour after the conclusion of this call. Additional information can be found on the Investors section of the company's website at ctltrust.net. [Operator Instructions] I'll now turn the conference over to the Trust's Investor Relations representative, Jessica Cummins. Please go ahead.

Thank you, operator. Good afternoon, everyone. Welcome to the Copper Property CTL Pass Through Trust Conference Call. Over the past week, the Trust filed with the SEC an 8-K containing its April 2026 monthly reporting package and its quarterly report on Form 10-Q for the period ended March 31, 2026, both of which are available online at ctltrust.net. On the call today, Neil Aaronson, the Trust's Principal Executive Officer; and Larry Finger, its Principal Financial Officer, will discuss these filings. In addition, a representative from GLAS, our trustee, will be available to answer questions. Please note that during this conference call, some of the comments will be forward-looking statements. All statements other than statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking terminology such as anticipate, believe, continue, could, estimate, expect, intend, may, might, our vision, plan, potential, preliminary, predict, should, will or would or the negative thereof or other variations thereof or comparable terminology and include, but are not limited to, the Trust's expectations or beliefs concerning future events and stock price performance. The Trust has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Trust believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. These factors, including those discussed in the Trust's registration statement on Form 10 filed with the Securities and Exchange Commission, may cause its actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. For a further list and description of such risks and uncertainties, please refer to the Trust's filings with the SEC that are available at www.sec.gov and on our website. As such, it is important to note that management's comments include time-sensitive information that may only be accurate as of today's date, Wednesday, May 13, 2026. [Operator Instructions] I will now turn the call over to our Principal Executive Officer, Neil Aaronson.

Thank you, Jessica. There have been no sales since our last call as sales will be difficult as long as the Onyx litigation is outstanding. As you know, on December 26, Onyx filed a complaint seeking specific performance or $200 million in damages related to the terminated purchase and sale agreement. We believe that their claims are without merit, and as pledge, they do not have a right to specific performance or the damages they seek. Accordingly, we filed a motion to dismiss strongly refuting all of their claims and their right to specific performance or damages. On May 4, the court held a hearing on our motion to dismiss, and we are hopeful for an expeditious resolution of this matter. During this period, we are evaluating strategic alternatives, including financing alternatives, lease alternatives and sale and other options for the portfolio and/or sub-portfolios or individual properties. With that, I'll turn the call over to Larry Finger.

Thanks, Neil. Including the distribution we made earlier this week, to date, we distributed $1.5 billion. That represents sales distributions of $1.1 billion and rental income distributions of $452 million. Subject to the impact of sales, monthly distributions from operations are expected to be between $6 million and $6.5 million or between $0.08 and $0.09 per certificate, supplemented, of course, by sales proceeds as sales occur. With that, we'll open the call to questions.

[Operator Instructions] Our first question comes from the line of Michael Winschuh with Vonwin Asset Management.

I see that the Trust's expiration date has been extended to June 30. How will that be dealt with going forward as it seems like you need much more time than that?

We anticipate that prior to that date, the Trust will be further extended for an appropriate time as the majority certificate holders determine. But we don't anticipate the expiration ever, in fact, coming into play.

[Operator Instructions] Thank you, ladies and gentlemen. That concludes our question-and-answer session. I'll turn the floor back to Mr. Aaronson for any final comments.

Thank you, operator, and thank you all for joining our Q1 quarterly call, and we look forward to updating you on our next quarter results in a few months. Thank you.

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.