28. SUBSEQUENT EVENTS

Class A Common Stock ATM Offering Activity

During the period between January 1, 2026 through April 12, 2026, the Company sold an aggregate of 91.6 million shares of Class A common stock pursuant to an ATM offering for gross proceeds of $18.1 million.

Series D Preferred ATM Offering Activity

During the period between January 1, 2026 through April 12, 2026, the Company issued an aggregate of 2,909 shares of Series D Preferred Stock pursuant to its Series D ATM offering for gross proceeds of $65,000.

Second Amendment to AGREE Construction Loans 

In January 2026, the Company’s AGREE subsidiary amended the terms of its construction loans related to the AGREE properties. The amendment extended the maturity dates of the loans to January 1, 2027, subject to a potential one-year extension to January 1, 2028 upon satisfaction of certain conditions. The agreement also modifies the interest rate to Term SOFR plus 5.75%, with required monthly interest payments based on Term SOFR plus 4.75%, with the difference accruing and payable at maturity or earlier repayment. On April 1, 2026, the borrowers were required to make a principal payment of $3.0 million followed by monthly principal payments of $1.0 million through maturity. As of the date of this filing, the borrowers have not made the required principal payments. While such non-payment constitutes an event of default under the loan agreements, the lenders have not provided a notice of default. The modification also requires the borrowers to fund interest reserves totaling approximately $2.0 million and provides temporary waivers of certain financial covenants through the scheduled maturity date. In connection with the modification, the borrowers paid an extension fee of approximately $0.3 million.

Circle 8 Financing

In March 2026, Circle 8 entered into a secured promissory note in the principal amount of $1.5 million for the purchase of a crane. The secured promissory note accrues interest at 5.9% per annum and will mature in March 2031.

Term Notes

In January and February 2026, the Company issued two short-term term notes to an institutional investor for aggregate gross proceeds of $10.0 million. The notes were originally scheduled to mature in March and April 2026, respectively, and require periodic principal repayments prior to maturity. The Company amended the note that matured in March 2026 to extend its maturity date to April 7, 2026. In connection with the extension, the Company agreed to pay an extension fee of approximately $0.1 million, which was added to the outstanding principal balance. The note has been repaid in full.

Receipt of Litigation-Related Proceeds

In March 2026 and on April 1, 2026, the Company received aggregate cash proceeds of approximately $26.6 million in connection with the resolution of litigation involving a former subsidiary. The Company is currently evaluating the appropriate accounting and treatment of these proceeds, including the extent to which amounts may be retained, distributed, or otherwise allocated.