CFTR-PA

MKT CAP $209KP/E 283.3DIV YIELD —FCF YIELD 7819.29%REV TTM $100.7M +5.7%NET INCOME $468KNET DEBT $549.6M52W 24.02 – 26.86SEC XBRL · TTM TO Invalid Date

How CFTR-PA rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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As of December 31, 2025, the Company was not involved in any material legal proceedings.
Unless and until the Company’s shares of common stock are listed on a national securities exchange, the Company does not expect that a public market for the shares of common stock will develop.
The Company is conducting a continuous public offering of shares of common stock pursuant to Rule 415 of the Securities Act.
On March 23, 2017, the Company launched the Initial Offering of up to $ 1.25 billion in shares of common stock, consisting of up to $ 1.0 billion in shares in its Primary Offering and up to $ 250 million in shares pursuant to its DRP.
On August 10, 2020, the Company launched the Follow-On Offering of up to $ 1.25 billion in shares of common stock, consisting of up to $ 1.0 billion in the primary offering and $ 250 million in shares pursuant to the DRP.
On February 7, 2024, the Follow-On Offering terminated, and the Company launched the Third Offering of up to $ 1.25 billion in shares of common stock, consisting of up to $ 1.0 billion in the primary offering and $ 250 million in shares pursuant to the DRP.
The Company intends to continue selling shares in the Third Offering on a monthly basis Prior to the commencement of the Follow-On Offering, the Company determined its NAV as of the end of each quarter.
The Company is offering shares related to the Third Offering at the “transaction price,” plus applicable upfront selling commissions and dealer manager fees.
As of December 31, 2025, the Company’s NAV was $20.10 per Class AX share, Class IX share, Class I share, and Class D share, $20.09 per Class TX share, Class T share and Class S share, $20.10 per Class I OP unit, and $20.09 per Class T OP unit.
Subsequent to December 31, 2025, the Company has determined NAVs per share as of January 31, 2026 and February 28, 2026.
As of January 31, 2026, the Company reported NAV of $20.19 per Class AX share, Class IX share, Class I share, Class D share and Class I OP unit, $20.18 per Class TX share, Class T share, Class S share and Class T OP unit.
As of February 28, 2026, the Company reported NAV of $20.19 per Class AX share, Class IX share, Class I share, Class D share, Class I OP unit, and Class T OP unit, $20.18 per Class TX share, Class S share, and Class T share.
These NAVs per share were determined in accordance with the Company’s valuation policy and procedures set forth in the Company’s prospectus for the then current offering.
As of December 31, 2025, the Company’s total number of authorized common shares was 400,000,000, consisting of 10,000,000 of Class AX authorized common shares, 5,000,000 of Class TX authorized common shares, 5,000,000 of Class IX authorized common shares, 100,000,000 of Class T authorized common shares, 20,000,000 of Class S authorized common shares, 60,000,000 of Class D authorized common shares, and 200,000,000 of Class I authorized common shares.
The following table presents the Company's monthly NAV per share and unit for each applicable share/unit class from January 31, 2023 through December 31, 2025: (1)(2) Class AX, IX and I Common Shares Class TX Common Shares Class T Common Shares Class D Common Shares Class S Common Shares I OP Units T OP Units January 31, 2023 $ 26.36 $ 26.34 $ 26.34 $ 26.35 $ 26.34 $ — $ — February 28, 2023 26.45 26.43 26.43 26.44 26.43 — — March 31, 2023 25.75 25.72 25.73 25.75 25.73 — — April 30, 2023 25.50 25.47 25.48 25.49 25.48 — — May 31, 2023 25.30 25.27 25.28 25.29 25.28 — — June 30, 2023 25.23 25.20 25.21 25.22 25.21 — — July 31, 2023 24.61 24.56 24.60 24.61 24.60 — — August 31, 2023 24.55 24.50 24.53 24.54 24.53 — — September 30, 2023 24.40 24.35 24.38 24.39 24.38 — — October 31, 2023 24.26 24.20 24.24 24.26 24.24 — — November 30, 2023 22.32 22.27 22.31 22.32 22.31 — — December 31, 2023 22.08 22.02 22.07 22.08 22.07 — — January 31, 2024 22.07 22.05 22.06 22.07 22.06 — — February 29, 2024 22.12 22.10 22.10 22.11 22.10 — — March 31, 2024 21.99 21.97 21.98 21.99 21.98 — — April 30, 2024 21.92 21.90 21.90 21.92 21.90 — — May 31, 2024 21.85 21.83 21.83 21.85 21.83 — — June 30, 2024 21.46 21.43 21.44 21.45 21.44 — — July 31, 2024 20.40 20.37 20.39 20.40 20.39 — — August 31, 2024 20.21 20.19 20.19 20.20 20.19 — — September 30, 2024 20.15 20.13 20.13 20.14 20.13 — — October 31, 2024 20.24 20.22 20.23 20.24 20.23 — — November 30, 2024 20.12 20.10 20.10 20.11 20.10 — — December 31, 2024 20.70 20.69 20.69 20.70 20.69 — — January 31, 2025 20.60 20.59 20.59 20.60 20.59 — — February 28, 2025 20.32 20.30 20.31 20.32 20.30 — — March 31, 2025 20.21 20.19 20.19 20.20 20.19 20.21 20.16 April 30, 2025 20.02 20.00 20.00 20.01 20.00 20.02 19.96 May 31, 2025 20.02 20.00 20.00 20.01 20.00 20.02 20.01 June 30, 2025 20.00 19.99 19.99 20.00 19.99 20.00 20.00 July 31, 2025 19.90 19.88 19.89 19.90 19.89 19.90 19.89 August 31, 2025 19.76 19.75 19.75 19.76 19.75 19.76 19.76 September 30, 2025 19.73 19.72 19.72 19.73 19.72 19.73 19.73 October 31, 2025 19.77 19.76 19.76 19.77 19.76 19.77 19.76 November 30, 2025 19.43 19.42 19.42 19.43 19.42 19.43 19.42 December 31, 2025 20.10 20.09 20.09 20.10 20.09 20.10 20.09 (1) See Item 7.
(2) See Note 10 – Related Party Transactions for additional information regarding selling commissions, dealer manager fees, and distribution fees.
Stockholders As of March 12, 2026, there were 1,594 holders of record of our Class AX shares, 4 holders of record of our Class TX shares, 234 holders of record of our Class IX shares, 1,092 holders of record of our Class I shares, 534 holders of record of our Class T shares, 6 holders of record of our Class S shares and 152 holders of record of our Class D shares.
Distributions The Company’s board of directors has authorized, and the Company has declared, distributions through August 31, 2020 in an amount equal to $0.004253787, and for the period September 1, 2020 through November 30, 2025 in an amount equal to $0.004234973 per day (or approximately $1.55 on an annual basis) per each share of common stock and OP unit, less, for holders of certain classes of shares, the distribution fees that are payable with respect to such classes of shares as further described in the applicable prospectus.
Beginning December 2025, the Company transitioned from a fixed per-share distribution to an annualized distribution rate of 5.00 % of NAV per share class.
For the years ended December 31, 2025 and December 31, 2024, the Company has declared distributions of $17,936,451 and $21,082,652, respectively, of which $909,919 and $1,645,729, respectively, was unpaid as of the respective reporting dates and has been recorded as Distributions payable on the accompanying consolidated balance sheets.
All of the unpaid distributions as of December 31, 2025 and December 31, 2024, were paid during January 2026 and January 2025, respectively.
For the years ended December 31, 2025, and December 31, 2024, distributions reinvested pursuant to the Company’s DRP were $4,957,277 and $5,575,253, respectively.
The following table provides information regarding distributions declared by the Company for the years ended December 31, 2025 and December 31, 2024.
Year Ended December 31, 2025 Year Ended December 31, 2024 Distributions Paid in cash $ 12,069,255 $ 13,861,670 Payable 909,919 1,645,729 Reinvested in shares 4,957,277 5,575,253 Total distributions $ 17,936,451 $ 21,082,652 Distribution Reinvestment Plan The Company is offering up to $250 million in shares pursuant to the Company’s DRP at the then current NAV per share amount.
As of December 31, 2025, cumulative distributions reinvested pursuant to the Company’s DRP were $34,367,416.
Sales of Unregistered Securities During the years ended December 31, 2025, 2024 and 2023 the Company did not complete any sales of unregistered securities.
Share Repurchase Program Stockholders eligible to have their shares repurchased by the Company pursuant to the Company's Fourth Amended and Restated Share Repurchase Program (“share repurchase program”).
The share repurchase program included numerous restrictions that limit stockholders’ ability to have their shares repurchased.
If repurchase requests, in the business judgment of the Company’s board of directors, place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on stockholders whose shares are not repurchased, then the Company’s board of directors may terminate, suspend or amend the share repurchase program at any time without stockholder approval, if it deems such action to be in the best interest of the stockholders; provided that the board of directors cannot terminate the share repurchase program absent a liquidity event which results in the Company’s stockholders receiving cash or securities listed on a national securities exchange or where otherwise required by law (including in the event that the Company’s shares of common stock ever become listed on a national securities exchange or in the event a secondary market for shares of the Company’s common stock develops).
Further, the share repurchase program will be terminated in the event that the Company’s shares of common stock ever become listed on a national securities exchange or in the event a secondary market for the Company’s common stock develops.
Repurchases of shares under the share repurchase program are made on a monthly basis.
Subject to the limitations of and restrictions provided for in the share repurchase program, and subject to funds being available, shares repurchased under the share repurchase program are repurchased at the transaction price in effect on the date of repurchase, which, generally will be a price equal to the NAV per share applicable to the class of shares being repurchased and most recently disclosed by the Company in a public filing with the SEC.
Under the share repurchase program, the Company may repurchase during any calendar month shares of its common stock whose aggregate value (based on the repurchase price per share in effect when the repurchase is effected) is 2 % of the aggregate NAV as of the last calendar day of the previous month and during any calendar quarter whose aggregate value (based on the repurchase price per share in effect when the repurchase is effected) is up to 5 % of the Company’s aggregate NAV as of the last calendar day of the prior calendar quarter.
In the fourth quarter of 2025, the Company received repurchase requests that exceeded the 2% monthly limit and 5% quarterly limit under the share repurchase program.
Therefore, as a result of the aforementioned monthly and quarterly limits, the Company repurchased less than the full amount of shares requested during the fourth quarter of 2025.
The table below summarizes the redemption activity for the quarter ended December 31, 2025: For the Month Ended Total Number of Shares Redeemed Average Price Paid per Share Total Number of Shares Redeemed as Part of Publicly Announced Plans or Programs Maximum Number of Shares That May Yet Be Redeemed Under the Plans or Programs (1)(2) October 31, 2025 259,984 19.73 259,984 — November 30, 2025 125,962 19.77 125,962 — December 31, 2025 198,517 19.43 198,517 — Total 584,463 $ 19.69 584,463 — Note: (1) The Company limits the number of shares that may be redeemed under the program as described above.
(2) For the quarter ended December 31, 2025, the Company received repurchase requests that exceeded both its monthly 2% of NAV and quarterly 5% of NAV limits.
In accordance with the Company's share repurchase program, the Company honored 100% of requested repurchases in October 2025 and November 2025, and fulfilled 50.7% of requested repurchases in December 2025.
During the years ended December 31, 2025 and December 31, 2024, the Company repurchased 2,018,713 and 2,802,519 shares, respectively, in the amount of $40,370,566 and $59,611,544, respectively.
On December 15, 2025, CFI transferred its initial investment to an affiliate of the Company, CF Real Estate Holdings, LLC ("CF RE Holdings").

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Gone since FY2024

As of December 31, 2024, the Company was not involved in any material legal proceedings.
Unless and until the Company’s shares are listed on a national securities exchange, the Company does not expect that a public market for the shares will develop.
On October 17, 2016, the Company filed a registration statement with the SEC on Form S-11 in connection with the Initial Offering of up to $1.25 billion in shares of common stock, consisting of up to $1.0 billion in shares in its Primary Offering and up to $250 million in shares pursuant to its DRP.
The registration statement was subsequently declared effective by the SEC on March 23, 2017.
On March 20, 2020, the Company filed a registration statement on Form S-11 with the SEC for the Follow-On Offering.
The Follow-On Offering was declared effective by the SEC in August 2020.
In the Follow-On Offering, the Company was offering up to $ 1 billion in shares of common stock in a primary offering on a best efforts basis and $ 250 million in shares of common stock to be issued pursuant to the DRP.
On August 9, 2023, the Company filed a registration statement on Form S-11 with the SEC for a proposed Third Offering, which was declared effective on February 7, 2024.
In the Third Offering, the Company is offering up to $ 1 billion in shares of common stock in a primary offering on a best efforts basis and $ 250 million in shares of common stock to be issued pursued to a distribution reinvestment plan.
As of December 31, 2024, the Company’s NAV was $20.70 per Class AX share, Class IX share, Class I share, and Class D share, $20.69 per Class TX share, Class T share and Class S share, $20.70 per Class I OP unit, and $20.69 per Class T OP unit.
The Company is offering shares related to the Follow-On Offering and the Third Offering at the “transaction price,” plus applicable upfront selling commissions and dealer manager fees.
Subsequent to December 31, 2024, the Company has determined NAVs per share as of January 31, 2025 and February 29, 2025.
As of January 31, 2025, the Company reported NAV of $20.60 per Class AX share, Class IX share, Class I share, Class D share and Class I OP unit, $20.59 per Class TX share, Class T share, Class S share and Class T OP unit.
As of February 28, 2025, the Company reported NAV of $20.32 per Class AX share, Class IX share, Class I share, Class D share, and Class I OP unit, $20.30 per Class TX share, and Class S share, and $20.31 per Class T share, and Class T OP unit.
These NAVs per share as of January 31, 2025 and February 28, 2025 were determined in accordance with the Company’s valuation policy and procedures set forth in the Company’s prospectus for the then current offering.
As of December 31, 2024, the Company’s total number of authorized common shares was 400,000,000, consisting of 10,000,000 of Class AX authorized common shares, 5,000,000 of Class TX authorized common shares, 5,000,000 of Class IX authorized common shares, 100,000,000 of Class T authorized common shares, 20,000,000 of Class S authorized common shares, 60,000,000 of Class D authorized common shares, and 200,000,000 of Class I authorized common shares.
Stockholders As of March 25, 2025, the Company had an aggregate of 12,531,557 shares of its common stock (consisting of 3,459,039 Class AX shares, 6,117 Class TX shares, 1,131,324 Class IX shares, 5,932,496 Class I shares, 1,432,180 Class T shares, 565,022 Class D shares, 5,379 Class S shares) in the Offerings held by 5,520 stockholders of record.
Distributions The Company’s board of directors has authorized, and the Company has declared, distributions through August 31, 2020 in an amount equal to $0.004253787, and for the period September 1, 2020 through April 1, 2025 in an amount equal to $0.004234973 per day (or approximately $1.55 on an annual basis) per each share of common stock, less, for holders of certain classes of shares, the distribution fees that are payable with respect to such classes of shares as further described in the applicable prospectus.
The distributions were payable by the 5th business day following each month end to stockholders of record at the close of business each day during the prior month.
For the years ended December 31, 2024 and December 31, 2023, the Company has declared distributions of $21,082,652 and $23,412,471, respectively, of which $1,645,729 and $1,922,448, respectively, was unpaid as of the respective reporting dates and has been recorded as Distributions payable on the accompanying consolidated balance sheets.
All of the unpaid distributions as of December 31, 2024 and December 31, 2023, were paid during January 2025 and January 2024, respectively.
For the years ended December 31, 2024, and December 31, 2023, distributions reinvested pursuant to the Company’s DRP were $5,575,253 and $6,197,874 respectively.
The following table provides information regarding distributions declared by the Company for the years ended December 31, 2024 and December 31, 2023.
Year Ended December 31, 2024 Year Ended December 31, 2023 Distributions Paid in cash $ 13,861,670 $ 15,292,149 Payable 1,645,729 1,922,448 Reinvested in shares 5,575,253 6,197,874 Total distributions $ 21,082,652 $ 23,412,471 Distribution Reinvestment Plan The Company is offering up to $250 million in shares pursuant to the Company’s DRP at the then current NAV per share amount.
As of December 31, 2024, cumulative distributions reinvested pursuant to the Company’s DRP were $28,920,988.
Sales of Unregistered Securities During the years ended December 31, 2024, 2023 and 2022 the Company did not complete any sales of unregistered securities.
Amended and Restated Share Repurchase Program Stockholders eligible to have their shares repurchased by the Company pursuant to the Fourth Amended and Restated Share Repurchase Program (“Amended SRP”).
The Amended SRP included numerous restrictions that limit stockholders’ ability to have their shares repurchased.
If repurchase requests, in the business judgment of the Company’s board of directors, place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on stockholders whose shares are not repurchased, then the Company’s board of directors may terminate, suspend or amend the share repurchase program at any time without stockholder approval, if it deems such action to be in the best interest of the stockholders; provided that the board of directors cannot terminate the share repurchase program absent a liquidity event which results in the Company’s stockholders receiving cash or securities listed on a national securities exchange or where otherwise required by law (including in the event that the Company’s shares ever become listed on a national securities exchange or in the event a secondary market for shares of the Company’s common stock develops).
Further, the Amended SRP will be terminated in the event that the Company’s shares ever become listed on a national securities exchange or in the event a secondary market for the Company’s common stock develops.
Repurchases of shares under the Amended SRP are made on a monthly basis.
Subject to the limitations of and restrictions provided for in the Amended SRP, and subject to funds being available, shares repurchased under the Amended SRP are repurchased at the transaction price in effect on the date of repurchase, which, generally will be a price equal to the NAV per share applicable to the class of shares being repurchased and most recently disclosed by the Company in a public filing with the SEC.
Under the Amended SRP, the Company may repurchase during any calendar month shares of its common stock whose aggregate value (based on the repurchase price per share in effect when the repurchase is effected) is 2 % of the aggregate NAV as of the last calendar day of the previous month and during any calendar quarter whose aggregate value (based on the repurchase price per share in effect when the repurchase is effected) is up to 5 % of the Company’s aggregate NAV as of the last calendar day of the prior calendar quarter.
In the fourth quarter of 2024, the Company received repurchase requests that exceeded the 2% monthly limit and 5% quarterly limit under the Company's Amended SRP.
Therefore, as a result of the aforementioned monthly and quarterly limits, the Company repurchased less than the full amount of shares requested during the fourth quarter of 2024.
The table below summarizes the redemption activity for the quarter ended December 31, 2024: For the Month Ended Total Number of Shares Redeemed Average Price Paid per Share Total Number of Shares Redeemed as Part of Publicly Announced Plans or Programs Maximum Number of Shares That May Yet Be Redeemed Under the Plans or Programs (1)(2) October 31, 2024 277,629 $ 20.15 277,629 — November 30, 2024 273,957 $ 20.24 273,957 — December 31, 2024 103,306 $ 20.12 103,306 — Total 654,892 $ 20.18 654,892 — Note: (1) The Company limits the number of shares that may be redeemed under the program as described above.
(2) For the quarter ended December 31, 2024, the Company received repurchase requests that exceeded both its monthly 2% of NAV and quarterly 5% of NAV limits.
In accordance with the Company's Amended SRP, the Company fulfilled 72% of requested repurchases in October 2024, and 93% of requested repurchases in December 2024.
During the years ended December 31, 2024 and December 31, 2023, the Company repurchased 2,802,520 and 2,536,552 shares, respectively, in the amount of $59,611,544 and $63,283,512, respectively.
Neither the Advisor nor CFI currently has any options or warrants to acquire any of the Company’s shares.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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