🧾 What This Document Is

This is a Monthly/Quarterly Reporting Package for the Copper Property CTL Pass Through Trust (CPPTL), filed as an exhibit to an 8-K report. Think of it as the trust's regular check-in with investors, showing its financial performance and cash movements for a specific period. It’s not an earnings report for a typical company, but rather a detailed accounting for a special type of asset-holding entity.

🏢 What The Company Does

👉 In simple terms, this trust is a temporary holding company created to sell off a big bundle of old J.C. Penney properties. It was formed as part of J.C. Penney's bankruptcy reorganization. Its only jobs are to collect rent from the properties it owns and then sell them off as quickly as possible. It doesn’t run stores or manage businesses itself.

💰 Financial Highlights (March 2026)

The report details the cash that flowed in and out during March. Here’s the key snapshot:

• Total Rent Collected: $8,210,887.28
• Major Operating Expenses: $2,071,324.78 (includes legal fees, insurance, management fees, etc.)
• Net Cash from Operations: $6,206,953.14 (This is the rent collected minus the operating costs).
• Net Cash Used from Sales Activity: ($125,799.00) (Costs related to the sales process, like third-party fees).
• 🔥 The Bottom Line – Net Cash Available for Distribution: $6,081,154.14. This is the final pot of money ready to be paid out to trust holders.

📦 Cash Flow Story

This section is the heart of the report. It’s a straightforward inflow/outflow statement.

• Money Coming In: Almost entirely from rent ($8.2M), with a tiny amount from sales tax recovery ($8,299.89).
• Money Going Out: Primarily for operating the properties ($2.08M), like paying the manager and lawyers. A smaller amount ($125,799) was spent on sales-related costs, even though no properties were sold in this period.
• What it means: The trust is currently a cash-generating machine from its rental portfolio. Its profitability depends on keeping these operating costs low while it works to sell the assets.

📅 Key Dates & Contacts

These dates are crucial for anyone holding or trading the trust's securities.

• Determination Date: 3/31/2026 (The date the financials are measured up to).
• Record Date: 4/9/2026 (You must own the trust on this date to get the payout).
• Distribution Date: 4/10/2026 (The day the cash, $6,081,154.14, is actually paid out).

For questions, you can contact:

• Larry Finger, Principal Financial Officer: [email protected] | 310-526-1707
• Jessica Cummins, Sr. Vice President, Finance: [email protected] | 847-313-4755

⚖️ Big Picture: Strengths & Risks

• 👍 Strength: The trust has a clear, simple objective (sell properties) and generates consistent, significant monthly rental income from its portfolio. The process is transparent, with regular detailed reports.
• ⚠️ Risk: The trust's ultimate value depends entirely on selling 166 properties (160 retail, 6 warehouses). The real estate market, the condition of these former J.C. Penney locations, and the time it takes to sell will determine the final payout to holders. It's a winding-down entity with a finite lifespan.

🧠 The Analogy

Imagine you and a group of friends inherited a large, old storage unit filled with valuable items (the properties). You hire a manager (Hilco) to rent out space in the unit for monthly income (the rent) while you all work together to sell the items one by one. This filing is the manager's monthly receipt book, showing how much rent was collected, what it cost to keep the unit running, and how much cash is in the jar ready to be split among you, the owners, this month.

🧩 Final Takeaway

The Copper Property CTL Trust is performing its role as a liquidating vehicle: it's efficiently collecting rent from its J.C. Penney property portfolio, covering its operational costs, and distributing the substantial remaining cash ($6.08 million) to its holders. The main story to watch isn't the monthly rental income, but the progress and pricing of the eventual property sales.