Q1 2026 Copper Property CTL Pass Through Trust Earnings Call

May 13, 2026

Operator: Good afternoon, ladies and gentlemen, and welcome to the Copper Property CTL Pass Through Trust conference call. At this time, all lines have been placed in a listen-only mode. Please note that today's conference is being recorded with an online replay available one hour after the conclusion of this call. Additional information can be found on the investor section of the company's website at www.ctltrust.net. After our speakers' remarks, there will be a question and answer session. If you'd like to ask a question, please press star one on your telephone keypad. I'll now turn the conference over to the trust investor relations representative, Jessica Cummins. Please go ahead.

Speaker #3: Please note that today's conference is being recorded with an online replay available one hour after the conclusion of this call. Additional information can be found on the investor section of the company's website at ctltrust.net.

Speaker #3: After our speakers' remarks, there will be a question-and-answer session. If you'd like to ask a question, please press star one on your telephone the trust's investor relations representative, Jessica Cummins.

Speaker #3: Please go ahead.

Speaker #2: 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 8K containing its April 2026 monthly reporting package.

Jessica Cummins: 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 a Form 8-K containing its April 2026 monthly reporting package and its quarterly report on Form 10-Q for the period ended 31 March 2026, both of which are available online at www.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. 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.

Speaker #2: At 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 Aronson, the Trust's principal executive officer, and Larry Finger, its principal financial officer, will discuss these filings.

Speaker #2: In addition, a representative from GLASS, , our trustee, will be available to answer questions. Please note that during this conference call, some of the comments will be forward-looking statements.

Speaker #2: 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.

Jessica Cummins: 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 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.

Speaker #2: 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.

Speaker #2: Many of which are beyond its control. These factors including those discussed in the trust 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.

Jessica Cummins: These factors, including those discussed in the Trust 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 achievement expressed or implied by these forward-looking statements. For a further list and description of such risks and uncertainties, please refer to the trust 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, 13 May 2026. At this time, all participants are in listen-only mode. Following management's comments, the call will be open for your questions. We request that everyone asks only one question and one follow-up to allow as many of you as possible to ask questions.

Speaker #2: 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.

Speaker #2: 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.

Speaker #2: At this time, all participants are in listen-only mode. Following management's comments, the call will be open for your questions. We request that everyone ask only one question and one follow-up to allow as many of you as possible to ask questions.

Speaker #2: If time permits, we are happy for you to re-queue for additional questions. I will now turn the call over to our principal executive officer, Neil Aronson.

Jessica Cummins: If time permits, we are happy for you to re-queue for additional questions. I will now turn the call over to our Principal Executive Officer, Neil Aaronson.

Speaker #3: 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.

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 26 December, Onyx filed a complaint seeking specific performance for $200 million in damages related to the terminated purchase and sale agreement. We believe that their claims are without merit and as pled, 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 4 May, 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.

Speaker #3: As you know, on December 26, Onyx filed a complaint seeking specific performance or 200 million dollars in damages related to the terminated purchase and sale agreement.

Speaker #3: We believe that their claims are without merit and, as pledged, they do not have a right to specific performance or the damages they seek.

Speaker #3: 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.

Speaker #3: During this period, we are including financing alternatives, lease alternatives, and sale and other options for the portfolio and/or call over to Larry Finger.

Neil Aaronson: With that, I'll turn the call over to Larry Finger.

Speaker #4: Thanks, Neil. Including the distribution we made earlier this week, to date we've distributed $1.5 billion. That represents sales distributions of $1.1 billion, and we're ultimately doing distributions of $452 million.

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.

Speaker #4: Subject to the impact of sales, monthly distributions from operations are expected to be between $6 million and $6.5 million per certificate.

Speaker #4: Supplemented, of course, by sales proceeds as sales occur. With that, we'll open the call to questions.

Speaker #2: Thank you. If you'd like to ask a question, once again, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue.

Operator: Thank you. If you'd like to ask a question, once again, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. We ask that you each keep to one question and one follow-up. Thank you. Our first question comes from the line of Michael Winiarczyk with Vonwin Asset Management. Please proceed with your question.

Jessica Cummins: Thank you. If you'd like to ask a question, once again, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. We ask that you each keep to one question and one follow-up. Thank you. Our first question comes from the line of Michael Winiarczyk with Vonwin Asset Management, LLC. Please proceed with your question.

Speaker #2: You may press star two if you'd like to remove your question from the queue. Per participant choosing speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Speaker #2: We ask that you each keep to one question and one follow-up. Thank you. Our first question comes from the line of Michael Winshush with Vaughn Win Asset Management.

Speaker #2: Please proceed with your question.

Speaker #5: 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'd need much more time than that?

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

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

Speaker #3: Yeah.

Neil Aaronson: Yeah.

Larry Finger: We anticipate-

Speaker #4: We anticipate go ahead, Neil.

Neil Aaronson: You go, Larry.

Speaker #3: You go, Larry. No, you go. Go for it.

Larry Finger: Go ahead.

Neil Aaronson: No, you go ahead, Larry.

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

Speaker #4: We anticipate that prior to that date, the trust will be further extended for an appropriate time as the majority certificate holder is determined. But we don't anticipate that the expiration ever, in fact, coming into play.

Speaker #5: Okay. Thank you.

Michael Winschuh: Okay. Thank you.

Michael Winiarczyk: Okay. Thank you.

Speaker #2: Thank you. Once again, it's star one to join the question queue. We'll pause just a moment to allow for any other questions. Thank you, ladies and gentlemen.

Operator: Thank you. Once again, it's star one to join the question queue. We'll pause just a moment to allow for any other questions. 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.

Speaker #2: That concludes our question-and-answer session. I'll turn the floor back to Mr. Aronson for any final comments.

Speaker #3: 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.

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

Neil Aaronson: Thank you, operator. 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.

Speaker #3: Thank you.

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