Form 8-K

8-K — Strawberry Fields REIT, Inc.

Accession: 0001493152-26-016636

Filed: 2026-04-15

Period: 2026-04-14

CIK: 0001782430

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Entry into a Material Definitive Agreement

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — form8-k.htm (Primary)

EX-1.1 (ex1-1.htm)

EX-99.1 (ex99-1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: form8-k.htm · Sequence: 1

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0001782430

2026-04-14

iso4217:USD

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

WASHINGTON,

D.C. 20549

FORM

8-K

CURRENT

REPORT

PURSUANT

TO SECTION 13 OR 15(d)

THE SECURITIES EXCHANGE ACT OF 1934

Date

of Report (Date of earliest event reported) April 14, 2026

Strawberry

Fields REIT, Inc.

(Exact

name of registrant as specified in its charter)

Maryland

001-41628

84-2336054

(State

or other jurisdiction

incorporation)

(Commission

file

number)

(IRS

employer

identification

no.)

6101

Nimtz Parkway

South

Bend, Indiana

46628

(Address

of principal executive offices)

(Zip

Code)

(574)

807-0800

(Registrant’s

telephone number, including area code)

Not

Applicable

(Former

name or former address, if changed since last report)

Check

the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions (see General Instruction A.2. below):

☐

Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities

Registered pursuant to Section 12(b) of the Act:

Title

of each class registered

Trading

Symbol(s)

Name

of exchange on which registered

Common

Stock, $0.0001 par value

STRW

NYSE

American

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1933 (§240.12b-2 of this chapter)

Emerging

growth company ☒

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item

1.01 Entry into a Material Definitive Agreement.

April 14, 2026, Strawberry Fields REIT, Inc. (the “Company”) and its operating partnership, Strawberry Fields Realty LP,

entered into Amendment No. 2 to At Market Issuance Sales Agreement (the “Amendment”) with B. Riley Securities, Inc., A.G.P./Alliance

Global Partners and Cantor Fitzgerald & Co. The Amendment amends that certain At Market Issuance Sales Agreement dated July 11, 2024,

and amended on June 4, 2025 (as amended, the “Agreement”) by adding Cantor Fitzgerald & Co. to, and removing Wedbush

Securities Inc. from, the group of Agents (as defined in the Agreement).

Contemporaneously

with entering into the Amendment, the Company filed with the Securities and Exchange Commission (the “SEC”), pursuant to

Rule 424(b)(5), a Prospectus Supplement No. 2 (the “Supplement”) to the Company’s prospectus and base prospectus both

dated July 25, 2024, as supplemented on June 4, 2025.

The

offering of the shares pursuant to the Agreement and the Amendment is made pursuant to the Company’s registration statement on

Form S-3 (File No. 333-280766), filed by the Company with the SEC on July 25, 2024, the prospectus and base prospectus both dated July

25, 2024, and the Supplements filed by the Company with the SEC pursuant to Rule 424(b) on June 4, 2025 and April 14, 2026.

The

foregoing summary of the Amendment is qualified by reference to its full text, a copy of which is filed as Exhibit 1.1 to this Form 8-K

and is incorporated herein by reference.

Item

8.01 Other Events.

The

risk factors set forth in Exhibit 99.1 to this Current Report on Form 8-K are being filed by the Company for the purpose of updating

its risk factors.

The

risk factors set forth in Exhibit 99.1 are incorporated into this Item 8.01 by reference. The disclosure contained in this Form 8-K modifies

and supersedes any corresponding discussions included in any registration statement or report previously filed with the SEC pursuant

to the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated

thereunder to the extent they are inconsistent with such information.

Item

9.01 Financial Statements and Exhibits

(d)

Exhibits

Exhibit

Number

Exhibit

Name

1.1

Amendment

No. 2 to At Market Issuance Sales Agreement with B. Riley Securities, Inc., A.G.P./Alliance Global Partners and Cantor Fitzgerald

& Co. dated April 14, 2026 (with redactions)

99.1

Risk Factors

104

Cover

Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant

to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by

the undersigned hereunto duly authorized.

STRAWBERRY

FIELDS REIT, INC. FILEDSINC.

Date:

April

14, 2026

By:

/s/

Moishe Gubin

Moishe

Gubin

Chief

Executive Officer and Chairman

EX-1.1

Filename: ex1-1.htm · Sequence: 2

Exhibit

1.1

[Individual

names and contact information have been redacted, because it is not material to an understanding of this agreement and is typically treated

as confidential by the parties thereto.]

AMENDMENT

NO. 2 TO AT MARKET ISSUANCE SALES AGREEMENT

April

14, 2026

Riley Securities, Inc.

1655

Fort Meyer Drive, 12th Floor

Arlington,

VA 22209

A.G.P./Alliance

Global Partners

590

Madison Avenue

New

York, NY 10022

Cantor

Fitzgerald & Co.

110

East 59th Street, 7th Floor

New

York, NY 10022

Ladies

and Gentlemen:

Strawberry

Fields REIT, Inc., a Maryland corporation (the “Company”), together with Strawberry Fields Realty LP, a Delaware limited

partnership (the “Operating Partnership”) and B. Riley Securities, Inc. and A.G.P./Alliance Global Partners (each

an “Original Agent,” and collectively, the “Original Agents”), are parties to that certain At Market

Issuance Sales Agreement dated July 11, 2024, as amended on June 4, 2025 (as amended, the “Original Agreement”). The

Original Agents, together with Cantor Fitzgerald & Co., are herein referred to as the “Agents”. All capitalized

terms not defined herein shall have the meanings ascribed to them in the Original Agreement. The Company, the Operating Partnership and

Agents desire to amend the Original Agreement as set forth in this Amendment No. 2 thereto (this “Amendment”) as follows:

The definitions of “Agent” and “Agents” in the first paragraph of the Original Agreement are hereby amended to

include Cantor Fitzgerald & Co.

Section 14 of the Original Agreement is hereby deleted in its entirety and replaced as follows:

“B.

Riley Securities, Inc.

1655

Fort Meyer Drive, 12th Floor

Arlington,

VA 22209

Attention:

General Counsel

Telephone:

(212) 457-9947

Email:

[redacted]

AND

A.G.P./Alliance

Global Partners

590

Madison Avenue

New

York, NY 10022

Attention:

Tom Higgins

Email:

[redacted]

AND

Cantor

Fitzgerald & Co.

110

East 59th Street, 7th Floor

New

York, NY 10022

Attention:

Capital Markets

Email:

[redacted]

and:

Cantor

Fitzgerald & Co.

110

East 59th Street

New

York, New York 10022

Attention:

General Counsel

Email:

[redacted]

with

a copy (which shall not constitute notice) to:

Duane

Morris LLP

Vanderbilt

335

Madison Avenue, 23rd Floor

New

York, NY 10017

Attention:

Dean M. Colucci

Telephone:

[redacted]

Email:

[redacted]

and

if to the Company, shall be delivered to:

Strawberry

Fields REIT, Inc.

5683

North Lincoln Ave.

Chicago

IL 60659

Attention:

Jeffrey Bajtner

Email:

[redacted]

with

a copy (which shall not constitute notice) to:

Igler

and Pearlman, P.A.

3122

Mahan Drive

Suite

801-180

Tallahassee,

Florida 32308

Attention:

Richard Pearlman

Email:

[redacted]

Schedules 1 and 2 of the Original Agreement and the Form of Representation Date Certificate Pursuant to Section 7(l) of the Original

Agreement shall be replaced in their entirety with the versions attached hereto.

Notwithstanding anything to the contrary in Section 9 of the Original Agreement, the Company agrees to pay the fees and disbursements

of Agents’ counsel in connection with the execution of this Amendment in an amount not to exceed $15,000.

From and after the date hereof, Cantor Fitzgerald & Co. shall be considered to be an Agent under the Original Agreement, as amended

hereby, and agrees to be bound by the terms of the Original Agreement, as amended hereby.

Sections 18 and 19 of the Original Agreement are hereby incorporated into this Amendment. Except as specifically set forth herein, all

other provisions of the Original Agreement shall remain in full force and effect.

This Amendment together with the Original Agreement (including all exhibits attached hereto) constitutes the entire agreement and supersedes

all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject

matter hereof. Neither this Amendment nor any term hereof may be amended except pursuant to a written instrument executed by the Company,

the Operating Partnership and the Agents. In the event that any one or more of the provisions contained herein, or the application thereof

in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall

be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms

and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but

only to the extent that giving effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with

the intent of the parties as reflected in this Amendment. All references in the Original Agreement to the “Agreement” shall

mean the Original Agreement as amended by this Amendment; provided, however, that all references to “date of this Agreement”

in the Original Agreement shall continue to refer to the date of the Original Agreement.

This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall

constitute one and the same instrument. Delivery of an executed amendment by one party to the other may be made by facsimile transmission

or electronic transmission (e.g., PDF).

[Remainder

of Page Intentionally Blank]

the foregoing correctly sets forth the understanding between the Company, the Operating Partnership and the Agents, please so indicate

in the space provided below for that purpose, whereupon this Amendment shall constitute a binding amendment to the Original Agreement

between the Company, the Operating Partnership and the Agents.

Very truly yours,

B. RILEY SECURITIES, INC.

By:

/s/

Eric Dobi

Name:

Eric

Dobi

Title:

Senior

Managing Director

A.G.P./ALLIANCE GLOBAL PARTNERS

By:

/s/

Thomas J. Higgins

Name:

Thomas

J. Higgins

Title:

Managing

Director

CANTOR FITZGERALD & CO.

By:

/s/

Sameer Vasudev

Name:

Sameer

Vasudev

Title:

Managing

Director

[Signature

Page to Amendment No. 2 to At Market Issuance Sales Agreement]

ACCEPTED as of the date

first-above written:

STRAWBERRY FIELDS REIT, INC.

By:

/s/

Moishe Gubin

Name:

Moishe

Gubin

Title:

Chairman

and CEO

STRAWBERRY FIELDS REALTY LP

By:

Strawberry

Fields REIT, Inc.

Its:

General

Partner

By:

/s/

Moishe Gubin

Name:

Moishe

Gubin

Title:

Chairman

and CEO

[Signature

Page to Amendment No. 2 to At Market Issuance Sales Agreement]

SCHEDULE

FORM

OF PLACEMENT NOTICE

From:

Strawberry

Fields REIT, Inc.

To:

[B.

Riley Securities, Inc.] [A.G.P./Alliance Global Partners] [Cantor Fitzgerald & Co.]

Attention:

[●]

Subject:

Market Issuance—Placement Notice

Date:

[●]

Gentlemen:

Pursuant

to the terms and subject to the conditions contained in the At Market Issuance Sales Agreement, dated July 11, 2024 as amended by Amendment

No. 1 on June 4, 2025 and Amendment No. 2 on April 14, 2026 (together, the “Agreement”), by and among Strawberry Fields

REIT, Inc., a Maryland corporation (the “Company”), Strawberry Fields Realty LP, a Delaware limited partnership (the

“Operating Partnership”), and B. Riley Securities, Inc., A.G.P./Alliance Global Partners and Cantor Fitzgerald &

Co., the Company hereby requests that [identify Designated Agent] sell up to ____ shares of the Company’s Common Stock,

par value $0.0001 per share, during the time period beginning on [month, day, time] and ending on [month, day, time].

SCHEDULE

Notice

Parties

Company

Moishe

Gubin

[Redacted]

Riley Securities

Keith

Pompliano

[Redacted]

Scott

Ammaturo

[Redacted]

With a copy to [Redacted].

AGP

Alex Yelensky ([Redacted])

With copies to: [Redacted].com

Cantor

Fitzgerald & Co.

Sameer Vasudev ([Redacted])

With copies to: [Redacted]

EXHIBIT

7(l)

Form

of Representation Date Certificate

___________,

20___

This

Representation Date Certificate (this “Certificate”) is executed and delivered in connection with Section 7(l) of

the At Market Issuance Sales Agreement, dated July 11, 2024 as amended by Amendment No. 1 on June 4, 2025 and Amendment No. 2 on April

14, 2026 (together, the “Agreement”), among Strawberry Fields REIT, Inc., a Maryland corporation (the “Company”),

Strawberry Fields Realty LP, a Delaware limited partnership (the “Operating Partnership”), and B. Riley Securities,

Inc. (“B. Riley Securities”), A.G.P./Alliance Global Partners (“AGP”) and Cantor Fitzgerald &

Co.(“Cantor”; each of B. Riley Securities, AGP and Cantor individually an “Agent” and together,

the “Agents”). All capitalized terms used but not defined herein shall have the meanings given to such terms in the

Agreement.

The

undersigned, a duly appointed and authorized officer of the Company, having made reasonably inquiries to establish the accuracy of the

statements below and having been authorized by the Company to execute this certificate on behalf of the Company, hereby certifies as

follows:

As of the date of this Certificate, (i) the Registration Statement does not contain any untrue statement of a material fact or omit to

state a material fact required to be stated therein or necessary in order to make the statements therein not misleading (ii) neither

the Registration Statement nor the Prospectus contains any untrue statement of a material fact or omits to state a material fact required

to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made,

not misleading, and (iii) no event has occurred as a result of which it is necessary to amend or supplement the Prospectus in order to

make this paragraph 1 to be true.

Each of the representations and warranties of the Company contained in the Agreement were, when originally made, and are, as of the date

of this Certificate, except for those representations and warranties that speak solely as of a specific date, true and correct in all

material respects.

Except as waived by the Agents in writing, each of the covenants required to be performed by the Company in the Agreement on or prior

to the date of the Agreement, this Representation Date, and each such other date prior to the date hereof as set forth in the Agreement,

has been duly, timely and fully performed in all material respects and each condition required to be complied with by the Company on

or prior to the date of the Agreement, this Representation Date, and each such other date prior to the date hereof as set forth in the

Agreement has been duly, timely and fully complied with in all material respects.

Subsequent to the date of the most recent financial statements in the Prospectus, and except as described in the Prospectus, including

in the Incorporated Documents, there has been no Material Adverse Effect.

No order suspending the effectiveness of the Registration Statement or the qualification or registration of the Placement Shares under

the securities or blue sky laws of any jurisdiction are in effect and no proceeding for such purpose is pending before, or threatened,

to the Company’s knowledge or in writing by, any securities or other governmental authority (including, without limitation, the

Commission).

The

undersigned has executed this Representation Date Certificate as of the date first written above.

STRAWBERRY

FIELDS REIT, INC.

By:

Name:

Title:

EX-99.1

Filename: ex99-1.htm · Sequence: 3

Exhibit

99.1

RISK

FACTORS

Risks

Related to Business and Operations

Certain

of our facilities are leased to tenants that are affiliates of Moishe Gubin, who serves as Chairman of the Board and our Chief Executive

Officer, and Michael Blisko, who serves as one of our directors. The failure of these tenants to perform their obligations under their

leases or renew their leases upon expiration could have a material adverse effect on our business, financial condition and results of

operations.

Certain

of our facilities are leased to tenants that are affiliates of Moishe Gubin, who serves as Chairman of the Board and our Chief Executive

Officer and Michael Blisko, who serves as one of our directors. We expect that leases to related party tenants will continue to be a

significant source of our revenues for the foreseeable future. Due to such concentration, any failure by these entities to perform their

obligations under their leases or a failure to renew their leases upon expiration, could cause interruptions in the receipt of lease

revenue or result in vacancies, or both, which would reduce our revenue until the affected properties are leased, and could decrease

the ultimate value of the affected property upon sale and have a material adverse effect on our business, financial condition and results

of operations.

The

leases with related parties have not been negotiated on an arm’s-length basis, and the terms of those agreements may be less or

more favorable to us than they might otherwise have been in arm’s-length transactions.

While

we endeavor to have our leases with related parties reflect customary, arm’s-length commercial terms and conditions, these agreements

were not the result of arm’s-length negotiations, and consequently there can be no assurance that the terms of these agreements

were as favorable to us as if they had been negotiated with unaffiliated third parties. In addition, we may choose not to enforce, or

to enforce less vigorously, our rights under these leases because of our desire to maintain our ongoing relationship with these affiliates.

As of December 31, 2025, Moishe Gubin, our Chairman and Chief Executive Officer, and Michael Blisko, one of our directors, are the controlling

members of 66 of our tenants and related operators. Messrs. Gubin and Blisko are subject to potential conflicts of interest due to their

ownership of these tenants and their duties as directors of the Company. As a result of these conflicts, transactions between the Company

and these related party tenants would require approval of the audit committee of our board of directors, comprised of independent directors,

under our conflicts of interest policies.

have entered into master lease agreements with respect to some of our facilities, including certain master lease agreements with tenants

that are affiliates of Moishe Gubin, who serves as Chairman of the Board and our Chief Executive Officer, and Michael Blisko, who serves

as one of our directors. The failure of these tenant/operators to meet their obligations to us could materially and adversely affect

our business, financial condition and results of operations and our ability to make distributions to our stockholders.

of December 31, 2025, we have 15 master leases representing approximately 86.8% of the annualized base rent under all of our leases.

Each master lease agreement provides that the tenants under the master lease are jointly and severally liable for the obligations

of all of the other tenants under such master lease. The tenants under each master lease agreement are affiliates of each other. Because

our tenants under each master lease agreement are affiliates of each other, the failure of one tenant, or operator under a master lease,

may cause the decline in the performance of all of the tenants or operators under the master lease, leading to a lease payment default

by multiple tenants.

addition, the affiliation of the tenants under each master lease increases the potential financial impact to us of an adverse event that

affects one of these tenant/operators, such as legal proceedings that seek to suspend or exclude an operator or its principals or employees

from Medicaid, Medicare or similar government programs, or otherwise make the tenant/operator ineligible for reimbursement. This type

of event could affect all of the tenants under a particular master lease, which could lead to defaults by all of the tenants under that

master lease.

Lease

payment defaults under any lease including the master lease agreements or declines in the operating performance of groups of tenants

could materially and adversely affect our business, financial condition and results of operations and our ability to make distributions

to our stockholders.

a substantial number of our tenants default, we could lose a significant portion of our revenue. In the event of such a default, we may

experience delays in enforcing our rights as lessor and may incur substantial costs in protecting our investment and re-leasing these

properties. Further, we cannot assure you that we will be able to re-lease these properties for the rent previously received, or at all,

or that lease terminations will not cause us to sell the properties at a loss. The result of any of the foregoing risks could materially

and adversely affect our business, financial condition and results of operations and our ability to make distributions to our stockholders.

face potential adverse consequences of any bad acts that may be committed by our tenants, operators, borrowers, managers, and other obligors.

are exposed to the risk that our tenants, operators, borrowers, managers, or other obligors could commit bad acts in relation to their

businesses. Although our lease agreements will provide us with the right to exercise certain remedies in the event of default or upon

the occurrence of certain events, such events could impact those counterparties’ ability to run their businesses in a manner in

which they can fulfil their obligations to us.

Our

growth strategy will depend upon future acquisitions of healthcare properties, and we may be unsuccessful in identifying and consummating

attractive acquisitions or taking advantage of other investment opportunities, which would impede our growth.

Our

ability to expand through acquisitions is integral to our business strategy and requires that we identify and consummate suitable acquisition

or investment opportunities that meet our investment criteria and are compatible with our growth strategy. We may not be successful in

identifying and consummating acquisitions or investments in healthcare properties that meet our investment criteria, which would impede

our growth. In addition, general fluctuations in the market prices of securities and interest rates may affect our investment opportunities

and the value of our investments. Our ability to acquire healthcare properties on favorable terms, or at all, may be adversely affected

by the following significant factors:

●

competition

from other real estate investors, including public and private REITs, private equity investors and institutional investment funds,

many of whom may have greater financial and operational resources and lower costs of capital than we have and may be able to accept

more risk than we can prudently manage;

●

competition

from other potential acquirers, which could significantly increase the purchase prices for properties we seek to acquire;

●

may incur significant costs and divert management attention in connection with evaluating and negotiating potential acquisitions,

including ones that we are subsequently unable to complete;

Our

failure to identify and consummate attractive acquisitions or take advantage of other investment opportunities without substantial expense,

delay or other operational or financial problems, would impede our growth and negatively affect our results of operations and cash available

for distribution to our stockholders.

Our

real estate investments are, and are expected to continue to be, concentrated in skilled nursing facilities, which could adversely affect

our operations relative to a more diversified portfolio of assets.

primarily invest in properties operated as skilled nursing facilities. As of December 31, 2025, approximately 97.7% of our total annualized

base rent is derived from skilled nursing facilities. We are subject to risks inherent in concentrating investments in real estate, and

the risks resulting from a lack of diversification may become even greater as a result of our business strategy to concentrate our investments

in these types of healthcare properties. Any adverse effects that result from these risks could be more pronounced than if we diversified

our investments outside of these types of healthcare properties. Given our focus on skilled nursing facilities, our tenant base is limited

to operators of this type of facility and dependent upon the healthcare industry generally, and in particular, that the Federal and State

governments, through their administration of the Medicare and Medicaid programs, have significant control over the amount and conditions

of payment for services rendered and increasingly on conditions for operation, which impact our tenants’ revenues. Any changes

in reimbursement or conditions of payment or operation which adversely impact our tenants’ revenues, as well as, any industry downturn

or negative regulatory or governmental development could adversely affect the ability of our tenants to make lease payments and our ability

to maintain current rental and occupancy rates. Accordingly, a downturn in the healthcare industry generally, or in the healthcare-related

facility specifically, could adversely affect our business, financial condition and results of operations and our ability to make distributions

to our stockholders.

Inflation

could adversely impact our operators and our results of operations.

Inflation,

both real or anticipated, as well as any resulting governmental policies, could adversely affect the economy and the costs of labor,

goods and services to our operators or borrowers. Our long-term leases and loans typically contain provisions such as rent and interest

escalators that are designed to mitigate the adverse impact of inflation on our results of operations. However, these provisions may

have limited effectiveness at mitigating the risk of high levels of inflation due to contractual limits on escalation that exist in substantially

all of our escalation provisions. Our leases are triple-net and typically require the operator to pay all property operating expenses,

and therefore, increases in property-level expenses at our leased properties generally do not directly affect us. However, increased

operating costs resulting from inflation have had, and may continue to have, an adverse impact on our operators and borrowers if increases

in their operating expenses exceed increases in their reimbursements, which has affected, and may continue to adversely affect, our operators’

or borrowers’ ability to pay rent or other obligations owed to us.

Increased

labor costs and historically low unemployment may adversely affect our business, results of operations, cash flows and financial condition.

The

market for qualified personnel is highly competitive and our tenants, borrowers and Senior Housing – Managed communities have experienced

and may continue to experience difficulties in attracting and retaining such personnel. An inability to attract and retain trained personnel

has negatively impacted, and may continue to negatively impact, our occupancy rates, operating income and the ability of our tenants

and borrowers to meet their obligations to us. A shortage of caregivers or other trained personnel, minimum staffing requirements or

general inflationary pressures on wages may continue to force tenants, borrowers and Senior Housing – Managed communities to enhance

pay and benefits packages to compete effectively for skilled personnel, or to use more expensive contract personnel, and they may be

unable to offset these added costs by increasing the rates charged to residents and patients. Any further increase in labor costs or

any failure by our tenants, borrowers and Senior Housing – Managed communities to attract and retain qualified personnel could

adversely affect our cash flow and have a materially adverse effect on our results of operations.

increase in market interest rates could increase our interest costs on borrowings on our outstanding indebtedness and future debt and

could adversely affect our stock price.

Increases

in interest rates could increase our interest costs for borrowings on our outstanding debt and any new debt we may incur. This increased

cost could make the financing of any new investments more costly. Rising interest rates could limit our ability to refinance existing

debt when it matures or cause us to pay higher interest rates upon refinancing. In addition, an increase in interest rates could negatively

impact the access to and cost of financing available to third parties interested in purchasing assets we may make available for sale,

thereby decreasing the amount they are willing to pay for those assets, and consequently limit our ability to reposition our portfolio

promptly in response to changes in economic or other conditions.

depend on key personnel whose continued service is not guaranteed and each of whom would be difficult to replace.

depend on the efforts and expertise of Mr. Moishe Gubin, our Chief Executive Officer and Chairman of our board of directors, Mr. Greg

Flamion, our Chief Financial Officer, and Mr. Jeffrey Bajtner, our Chief Investment Officer, to execute our business strategy. If we

were to lose the services of one or more of our executive officers and were unable to find suitable replacements, our business, financial

condition and results of operations and our ability to make distributions to our stockholders could be materially and adversely affected.

have a small number of employees, each of whom is important to our success.

Each

of our employees plays a significant role in our success. The loss of any of our employees could have a material adverse impact on our

operations. Additionally, because each employee plays such a critical role in a company of this size, any instances of human error or

exercises of poor business judgment could negatively impact our company.

have substantial indebtedness, which could adversely affect our financial condition, results of operations and cash flows.

of December 31, 2025, we had total indebtedness of approximately $752.1 million, consisting of $254.1 million in HUD guaranteed debt,

$334.8 million in Series A Bonds, Series B Bonds, Series C Bonds and Series D Bonds outstanding and $163.2 million in commercial mortgage

loans from third party lenders that were not guaranteed by HUD. We expect to incur additional debt to finance future acquisitions.

currently anticipate that we will have sufficient liquidity to meet our working capital obligations, including our debt service obligations.

Nevertheless,

payments of principal and interest on borrowings may leave us with insufficient cash to operate our properties or to pay the dividends

currently contemplated or necessary to qualify and maintain our qualification as a REIT.

Our

substantial level of debt and the limitations imposed on us by our debt agreements could have significant adverse consequences, including

the following:

●

our

cash flows may be insufficient to meet our required principal and interest payments;

●

may be unable to borrow additional funds as needed or on favorable terms, which could, among other things, adversely affect our ability

to meet operational needs;

●

may be unable to refinance our indebtedness at maturity or the refinancing terms may be less favorable than the terms of our original

indebtedness;

●

may be forced to dispose of one or more of our properties, possibly on unfavorable terms or in violation of certain covenants to

which we may be subject;

●

may default on our obligations, in which case the lenders or mortgagees may have the right to foreclose on any properties that secure

the loans and/or directly collect rents and other income from our properties;

●

increased

inflation may have a pronounced negative impact on the variable portion of the interest expense we pay in connection with our outstanding

indebtedness, as these costs could increase at a rate higher than our rents; and

●

may violate restrictive covenants in our loan documents, which would entitle the lenders to accelerate our debt obligations or reduce

our ability to pay, or prohibit us from paying, distributions to our stockholders.

any one of these events were to occur, our financial condition, results of operations and cash flows could be materially adversely affected.

Furthermore, foreclosures could create taxable income without accompanying cash proceeds, which could hinder our ability to meet the

REIT distribution requirements imposed by the Code.

Certain

of our debt agreements include restrictive covenants which could limit our ability to make distributions.

The

indentures for our Series C Bonds and Series D Bonds contain restrictions on the payment of dividends by the BVI Company.

Under

these indentures, the BVI Company may not make any distribution unless certain conditions set forth in the indentures are fulfilled.

These conditions include limitations on annual dividends to a percentage of current income after tax, subject to certain adjustments,

and restrictions on dividends based on BVI Company’s equity and the ratio of BVI Company’s equity to its balance sheet.

Additionally,

our subsidiaries that have received HUD guaranteed mortgage loans are parties to customary healthcare regulatory agreements with HUD.

These agreements restrict the ability of these subsidiaries to make distributions in the event that the subsidiary does not have surplus

funds to make a distribution. Surplus funds are calculated semi-annually and are funds in excess of the amount then required to make

the payments under the loan and other obligations related to the mortgaged property.

The

restrictions under the indentures for the Series C Bonds, Series D Bonds and the loan agreements for our other loans could affect the

ability of the BVI Company and its subsidiaries to make distributions to the Operating Partnership. This in turn could affect our ability

to make distributions to our stockholders, including cash dividends required to meet the annual distribution requirements applicable

to the Company as a REIT. In such event, we would seek to obtain additional loans or sell additional OP units in order to fund required

distributions or make elective stock dividends.

Mortgage

debt obligations expose us to the possibility of foreclosure, which could result in the loss of our investment in a property or group

of properties subject to mortgage debt.

Substantially

all of our properties have been financed with mortgage debt. Mortgage and other secured debt obligations increase our risk of property

losses because defaults on indebtedness secured by properties may result in foreclosure actions initiated by lenders and ultimately our

loss of the property securing any loans for which we are in default. Any foreclosure on a mortgaged property or group of properties could

adversely affect the overall value of our portfolio of properties. For tax purposes, a foreclosure on any of our properties that is subject

to a nonrecourse mortgage loan would be treated as a sale of the property for a purchase price equal to the outstanding balance of the

debt secured by the mortgage. If the outstanding balance of the debt secured by the mortgage exceeds our tax basis in the property, we

would recognize taxable income on foreclosure, but would not receive any cash proceeds, which could hinder our ability to meet the REIT

distribution requirements imposed by the Code. Foreclosures could also trigger our tax indemnification obligations under the terms of

our tax protection agreements with respect to the sales of certain properties.

The

indenture for the Series A, Series C Bonds and Series D Bonds provides for a balloon payment of the entire remaining principal in 2026.

The indenture for the Series B Bonds provides for a balloon payment of the entire remaining principal in 2029. The loan agreement for

our $105 million term loan provides for a balloon payment in 2027. The loan agreement for our $66 million term loan provides for a balloon

payment in 2028. The loan agreement for our $59 million term loan provides for a balloon payment in 2029. We may also obtain additional

financing that contains balloon payment obligations. Refinancing these indentures and loans with balloon payment obligations may be difficult

and have a direct effect on us, including our cash flows, financial condition and ability to make distributions.

The

indenture for the Series A Bond provides for the principal to be repaid in three payments over three years. Payments for each of the

first three years cover 6% of the principal total under the Series A Bond and a balloon payment of the entire remaining principal is

due in 2026. The indenture for the Series C Bond provides for the principal to be repaid in five annual payments. Payments for each of

the first four years cover 6% of the principal total under the Series C Bond and a balloon payment of the entire remaining principal

is due in 2026. The indenture for the Series D Bond provides for the principal to be repaid in three annual payments. Payments for each

of the first two years cover 6% of the principal total under the Series D Bond and a balloon payment of the entire remaining principal

is due in 2026. The indenture for the Series B Bond provides for the principal to be repaid in four annual payments. Payments for each

of the first three years cover 4% of the principal total under the Series B Bond and a balloon payment of the entire remaining principal

is due in 2029.

The

loan agreement for our $105 million term loan provides for monthly payments of principal and interest and a final balloon payment of

the unpaid principal balance together with accrued interest in 2027. The loan agreement for our $66 million term loan provides for monthly

payments of principal and interest and a final balloon payment of the unpaid principal balance together with accrued interest in 2028.

The loan agreement for our $59 million term loan provides for monthly payments of principal and interest and a final balloon payment

of the unpaid principal balance together with accrued interest in 2029. It is also possible that our future debt arrangements may require

us to make a similar lump-sum or balloon payment at maturity.

the extent we have these types of obligations, our ability to make a balloon payment at maturity will depend on our working capital at

the time of repayment, our ability to obtain additional financing or our ability to sell any property securing such indebtedness. At

the time the balloon payment is due, we may or may not be able to refinance the existing financing on terms as favorable as the original

loan or sell any related property at a price sufficient to make the balloon payment. In addition, balloon payments and other payments

of principal and interest on our indebtedness may leave us with insufficient cash to pay the distributions that we are required to pay

to qualify and maintain our qualification as a REIT. In such event, we would seek to obtain additional loans or sell additional OP units

in order to fund required distributions or make elective stock dividends.

Our

commercial bank term loans contain covenants and other terms that impose material operating and financial restrictions. The loan agreements

also contains provisions that allow the lender to accelerate the amounts due under the loan agreement if Moishe Gubin, our Chairman and

Chief Executive Officer, ceases to be actively involved in the executive management of the Operating Partnership or ceases to be a director

of the Company or if any person or group (other than Mr. Gubin) acquires more than 30% of the common stock of the Company. A breach of

these covenants and restrictions could result in the acceleration of the amounts due under the loan agreement, which would have a material

adverse effect on the Company’s financial conditions and results of operations.

The

Operating Partnership and 48 of its subsidiaries have $163.2 million in loans from commercial banks. The loan is secured by a lien on

all of the assets of the Operating Partnership and the 48 subsidiaries that are borrowers. The collateral primarily consists of 48 properties

owned by these subsidiaries. The loan is also secured by guarantees of the Company and the BVI Company. The borrowers must pay down a

portion of the loan in the event that the outstanding balance of the loan exceeds 65% of the fair market value of the properties pledged

to the lenders as collateral in order to bring that percentage down to 65% or lower.

The

loan agreements contain a number of restrictive covenants that impose material operating and financial restrictions and may limit our

ability to undertake transactions that we may believe are in our long-term best interest. These restrictions limit the ability of the

Operating Partnership and the borrower subsidiaries to, among other things:

●

incur

additional indebtedness, other than indebtedness incurred by the Operating Partnership that would not result in a violation of the

financial covenants described below;

●

pay

dividends or make other distributions or repurchase or redeem capital stock, other than dividends or distributions that would not

result in an event of default, including a violation of the financial covenants described below and distributions made by the Operating

Partnership and subsidiary borrowers that are used by the Company to make distributions that are necessary to maintain our REIT status;

●

make

loans and investments, other than loans and investments by the Operating Partnership that would not result in a violation of the

financial covenants described below;

●

sell

assets, other than the sale of assets by the Operating Partnership;

●

incur

liens on any of the collateral for the loan or on the other assets of the borrower subsidiaries other than certain enumerated, permitted

liens;

●

enter

into transactions with affiliates except in the ordinary course of business on arm’s length terms; and

●

enter

into any transaction, including any merger or consolidation, that could result in a change of control.

The

loan agreements define a change of control as the occurrence of any of the following events:

●

the

BVI Company fails to own all of the equity interests in the borrower subsidiaries;

●

the

Operating Partnership fails to own all of the equity interests in the BVI Company;

●

the

failure of the Company to be the general partner of the Operating Partnership;

●

the

failure of Moishe Gubin to be a voting member of the board of directors of each of the Company and the BVI Company; and

●

the

failure of Moishe Gubin to be actively involved in the executive management of the Operating Partnership; or

●

any

person (other than Moishe Gubin) shall have acquired beneficial ownership, directly or indirectly, of more than 30% of the common

stock of the Company.

addition, the loan agreement contains financial covenants that require us to maintain specified financial ratios and maintain a minimum

amount of equity in our subsidiaries.

The

financial covenants consist of (i) a covenant that the ratio of the Company’s indebtedness to its EBITDA cannot exceed 8.0 to 1.0,

(ii) a covenant that the ratio of the Company’s net operating income to its debt service before dividend distribution is at least

1.25 to 1.00 for each fiscal quarter as measured pursuant to the terms of the loan agreement, (iii) a covenant that the ratio of the

Company’s net operating income to its debt service after dividend distribution is at least 1.05 to 1.00 for each fiscal quarter

as measured pursuant to the terms of the loan agreement, and (iv) a covenant that the Company’s equity in its subsidiaries equal

at least $20.0 million.

Our

ability to meet these financial ratios and tests can be affected by events beyond our control, and we may be unable to meet them.

a result of these restrictions, we may be:

●

limited

in how we conduct our business;

●

unable

to raise additional debt or equity financing to operate during general economic or business downturns; or

●

unable

to take advantage of new business opportunities.

These

restrictions may affect our ability to grow in accordance with our strategy. In addition, our financial results and our substantial indebtedness

could adversely affect the availability and terms of additional financing.

breach of the covenants or restrictions under the loan agreement could result in an event of default under the loan agreement. Such a

default would allow the lender to accelerate the loan and may result in the acceleration of any debt to which a cross-acceleration or

cross-default provision applies.

The

restrictions related to a change of control include a requirement that Mr. Gubin remain actively involved in the management of our business

and serving as a director. Although we expect that Mr. Gubin will continue to be actively involved in the Company’s business because

he owns a significant portion of our common stock and the OP units in the Operating Partnership, it is possible that he could become

unavailable for reasons outside of his control such as illness or injury. Such an event could result in the breach of the loan agreement.

The

restrictions related to a change of control also include a requirement that no person or group (other than Mr. Gubin) acquire more than

30% of our common stock. We believe that the risk of a violation of this restriction is limited because the Company’s organizational

documents prohibit any person or such person’s affiliates from acquiring more than 9.9% of our common stock.

the event of any breach of the covenants or restrictions under the loan agreement, we would seek to obtain a waiver from the lender.

If the lender refused to grant a waiver, we would seek to refinance the loan with a new lender or seek to sell properties in order to

obtain funds to repay the loan. If we were unable to refinance the loan or repay the loan utilizing the proceeds from the sale of our

properties, the lenders could foreclose their mortgage lien against the properties pledged as collateral for the loan. Such an event

would have a material adverse effect on our financial condition and our operating results because it would eliminate a substantial portion

of our income generating assets and potentially result in the acceleration of any other debt that is subject to default if the loan agreement

is accelerated.

have experienced and expect to continue to experience significant growth and may not be able to adapt our management and operational

systems to respond to the integration of the healthcare properties we expect to acquire without unanticipated disruption or expense,

which could have a material adverse effect on our business, financial condition, results of operations and ability to make distributions

to our stockholders.

have experienced and expect to continue to experience significant growth through the potential acquisition of healthcare properties that

we identify. We may not be able to adapt our management, administrative, accounting and operational systems or hire and retain sufficient

operational staff to manage such potential acquisitions without operating disruptions or unanticipated costs. Our failure to successfully

manage our growth could have a material adverse effect on our business, financial condition and results of operations and our ability

to make distributions to our stockholders.

may be unsuccessful in our efforts to develop relationships with unaffiliated operators.

Part

of our business strategy is to develop relationships with unaffiliated operators. We believe these efforts will assist us in expanding

our portfolio and reducing our dependency on operators that are related parties. We do not have any commitments from any unaffiliated

operators to lease facilities and there can be no assurance that we will be able to establish such relationships or enter into leases

with such third parties.

Properties

in Illinois, Indiana, Kentucky, Missouri and Tennessee account for approximately 84.0% of the annualized base rent from our portfolio

as of December 31, 2025.

of December 31, 2025, approximately 84.0% of our annualized base rent was derived from properties located in the states of Indiana (25.2%),

Kentucky (18.3%), Illinois (15.7%), Missouri (12.2%) and Tennessee (12.5%).. As a result of this geographic concentration, we are particularly

exposed to downturns in the economies of, as well as other changes in the real estate and healthcare industries in, these geographic

areas or in increased regulation or new conditions on operations or payment. Any material change in the current payment programs or regulatory,

economic, environmental or competitive conditions in these geographic areas could have a disproportionate effect on our overall business

results. In the event of negative economic or other changes in these geographic areas, our business, financial condition and results

of operations and our ability to make distributions to our stockholders may be adversely affected.

face potential adverse consequences of bankruptcy or insolvency by our tenants, operators, borrowers, managers and other obligors.

are exposed to the risk that our tenants, operators, borrowers, managers or other obligors could become bankrupt or insolvent. Although

our lease agreements will provide us with the right to exercise certain remedies in the event of default on the obligations owing to

us or upon the occurrence of certain insolvency events, the bankruptcy and insolvency laws afford certain rights to a party that has

filed for bankruptcy or reorganization. For example, a debtor-lessee may reject its lease with us in a bankruptcy proceeding. In such

a case, our claim against the debtor-lessee for unpaid and future rents would be limited by the statutory cap of the U.S. Bankruptcy

Code. This statutory cap could be substantially less than the remaining rent actually owed under the lease, and any claim we have for

unpaid rent might not be paid in full. In addition, a debtor-lessee may assert in a bankruptcy proceeding that its lease should be re-characterized

as a financing agreement. If such a claim is successful, our rights and remedies as a lender, compared to a lessor, are generally more

limited. In the event of an obligor bankruptcy, we may also be required to fund certain expenses and obligations (e.g., real estate taxes,

debt costs and maintenance expenses) to preserve the value of our properties, avoid the imposition of liens on our properties or transition

our properties to a new tenant, operator or manager. As a result, our business, financial condition and results of operations and our

ability to make distributions to our stockholders could be adversely affected if an obligor becomes bankrupt or insolvent.

Long-term

leases may result in below market lease rates over time, which could adversely affect our business, financial condition and results of

operations and our ability to make distributions to our stockholders.

have entered into long-term leases with tenants/operators at most of our properties. Our long-term leases provide for rent to increase

over time. However, if we do not accurately judge the potential for increases in market rental rates, we may set the terms of such long-term

leases at levels such that even after contractual rental increases, the rent under our long-term leases could be less than then-current

market rental rates. Further, we may have no ability to terminate those leases or to adjust the rent to then-prevailing market rates.

As a result, our business, financial condition and results of operations and our ability to make distributions to our stockholders could

be materially and adversely affected.

may incur additional costs in acquiring or re-leasing properties, which could materially adversely affect our business, financial condition

and results of operations and our ability to make distributions to our stockholders.

may invest in properties designed or built primarily for a particular tenant/operator of a specific type of use known as a single-user

facility. If the tenant/operator fails to renew its lease or defaults on its lease obligations, we may not be able to readily market

a single-user facility to a new tenant/operator without making substantial capital improvements or incurring other significant costs.

We also may incur significant litigation costs in enforcing our rights against the defaulting tenant/operator. These consequences could

materially adversely affect our business, financial condition and results of operations and our ability to make distributions to our

stockholders.

may have difficulty finding suitable replacement tenants in the event of a tenant default or non-renewal of our leases.

cannot predict whether our tenants will renew existing leases beyond their current terms. If any of our leases are not renewed upon expiration,

we would attempt to lease those properties to another tenant. In case of non-renewal, we generally expect to have advance notice before

expiration of the lease term to arrange for repositioning of the properties and our tenants are required to continue to perform all of

their obligations (including the payment of all rental amounts) for the non-renewed assets until such expiration. However, following

expiration of a lease term or if we exercise our right to replace a tenant in default, rental payments on the related properties could

decline or cease altogether while we reposition the properties with a suitable replacement tenant. We also might not be successful in

identifying suitable replacement tenants or entering into leases with new tenants on a timely basis or on terms as favorable to us as

our current leases, or at all, and we may be required to fund certain expenses and obligations (e.g., real estate taxes, debt costs and

maintenance expenses) to preserve the value of, and avoid the imposition of liens on, our properties while they are being repositioned.

Our ability to reposition our properties with a suitable tenant could be significantly delayed or limited by state licensing, receivership,

certificate of need or other laws, relating to debtor-creditor rights and obligations and the ownership and operation of health care

facilities, as well as by the Medicare and Medicaid change-of-ownership rules. We could also incur substantial additional expenses in

connection with any licensing, receivership or change-of-ownership proceedings, which can be complex and time consuming and can sometimes

require that new tenants comply with new or additional requirements for a facility’s physical plant or operations which might not

have been imposed on prior tenants because of grandfathering provisions in law or regulation. In addition, our ability to locate suitable

replacement tenants could be impaired by the specialized healthcare uses or contractual restrictions on use of the properties which are

designed for specific health care purposes, and we may be required to spend substantial amounts to adapt the properties to other uses

or obtain governmental approvals to do so. Any such delays, limitations and expenses could adversely impact our ability to collect rent,

obtain possession of leased properties or otherwise exercise remedies for tenant default and could have a material adverse effect on

us. In addition, if we are unable to re-let the properties to healthcare operators with the expertise necessary to operate the type of

properties in which we intend to invest, we may be forced to sell the properties at a loss due to the repositioning expenses likely to

be incurred by potential purchasers.

All

of these risks may be greater in smaller markets, where there may be fewer potential replacement tenants, making it more difficult to

replace tenants, especially for specialized space, and could have a material adverse effect on us.

Our

computer systems may be subject to potential cyberattacks.

Increased

activity and sophistication of bad actors has resulted in material risk of cyberattacks. In the event that our computer systems or database

were subject to such an attack, our ability to operate our business could be significantly impaired until we were able to address the

attack by rebuilding the parts of our computer systems and database affected by such an attack. Our computer database primarily consists

of financial information relating to our rental properties, including information concerning rental payments from tenants and the payment

of property and operating expenses by us and our tenants. We do not have any patient information. To address the risk of a possible cyberattack,

the Company has engaged a third-party consultant to implement additional security protections for our systems, including restrictions

on the ability of persons utilizing URLs located outside of the United States to log on to our systems. We also maintain backups of our

data on third party servers. Although these steps provide additional protection from cyberattacks, they are not full proof, and it is

possible that we may experience a cyberattack that materially disrupts our business.

and our directors and officers may become subject to litigation and disputes, which could have an adverse effect on our financial condition,

results of operations, cash flow and per share trading price of our common stock.

and our directors and officers may become subject to litigation, including claims relating to our operations, properties, offerings,

and otherwise in the ordinary course of business

For

example, the sellers of certain properties acquired by the Predecessor Company in Arkansas and Kentucky have commenced legal proceedings

against two of our directors, Moishe Gubin, Michael Blisko, the Predecessor Company and certain of its subsidiaries, as well as the operators

of the facilities located at the acquired properties, asserting claims for fraud, breach of contract and rescission based on defendants’

alleged failure to perform certain post-closing obligations. We have potential direct exposure for these claims because the subsidiaries

of the Predecessor Company that were named as defendants are now subsidiaries of the Operating Partnership. Additionally, the Operating

Partnership is potentially liable for the claims made against Moishe Gubin, Michael Blisko and the Predecessor Company pursuant to the

provisions of the contribution agreement, under which the Operating Partnership assumed all of the liabilities of the Predecessor Company

and agreed to indemnify the Predecessor Company and its affiliates for such liabilities. Some of these claims may result in significant

defense costs and potentially significant judgments against us, some of which are not, or cannot be, insured against. In addition, we

are regularly named as a defendant in claims made against our tenants/operators due to patient injuries. We generally intend to vigorously

defend ourselves; however, we cannot be certain of the ultimate outcomes of any claims that may arise in the future. Resolution of these

types of matters against us may result in our having to pay significant fines, judgments, or settlements, which, if uninsured, or if

the fines, judgments, and settlements exceed insured levels, could adversely impact our earnings and cash flows, thereby having an adverse

effect on our financial condition, results of operations, cash flow and per share trading price of our common stock.

Our

use of OP units as consideration to acquire properties could result in stockholder dilution or limit our ability to sell such properties,

which could have a material adverse effect on our business, results of operations and cash flows.

the future, we may acquire properties or portfolios of properties through tax deferred contribution transactions in exchange for OP units

in our Operating Partnership, which may result in stockholder dilution. This acquisition structure may have the effect of, among other

things, reducing the amount of tax depreciation we could deduct over the tax life of the acquired properties, and may require that we

agree to protect the contributors’ ability to defer recognition of taxable gain through restrictions on our ability to dispose

of the acquired properties and/or the allocation of partnership debt to the contributors to maintain their tax bases. These restrictions

could limit our ability to sell properties at a time, or on terms, that would be favorable absent such restrictions, which could have

a material adverse effect on our business, results of operations and cash flows.

have limited operating history as a REIT and may not be able to operate our business successfully as a REIT.

elected to be taxed as a REIT for the 2022 calendar year. As a result, we have a limited operating history as a REIT. We cannot assure

you that the past experience of our senior management team will be sufficient to successfully operate the Company as a REIT. We will

be required to develop and implement control systems and procedures in order to qualify and maintain our qualification as a REIT, and

this transition could place a significant strain on our management systems, infrastructure and other resources.

are an “emerging growth company,” and we cannot be certain if the reduced reporting requirements applicable to emerging growth

companies will make common stock less attractive to investors.

are an “emerging growth company” as defined in the JOBS Act. We will remain an “emerging growth company” until

the earliest to occur of (i) the last day of the fiscal year during which our total annual revenue equals or exceeds $1.07 billion (subject

to adjustment for inflation), (ii) the last day of the fiscal year following the fifth anniversary of the first sale of shares pursuant

to a registration statement filed under the Securities Act, (iii) the date on which we have, during the previous three-year period, issued

more than $1 billion in non-convertible debt or (iv) the date on which we are deemed to be a “large accelerated filer” under

the Exchange Act. We may take advantage of exemptions from various reporting requirements that are applicable to other public companies

that are not emerging growth companies, including, but not limited to, reduced disclosure obligations regarding executive compensation

in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on executive

compensation and stockholder approval of any golden parachute payments not previously approved. We cannot predict if investors will find

our common stock less attractive because we may rely on these exemptions and benefits under the JOBS Act. If some investors find our

common stock less attractive as a result, there may be a less active trading market for our common stock and the market price of our

common stock may be more volatile and decline significantly.

have elected to avail ourselves of the extended transition period for adopting new or revised accounting standards available to emerging

growth companies under the JOBS Act and will, therefore, not be subject to the same new or revised accounting standards as other public

companies that are not emerging growth companies, which could make our common stock less attractive to investors.

The

JOBS Act provides that an emerging growth company can take advantage of exemption from various reporting requirements applicable to other

public companies and an extended transition period for complying with new or revised accounting standards. This allows an emerging growth

company to delay the adoption of these accounting standards until they would otherwise apply to private companies. We intend to avail

ourselves of these exemptions and the extended transition periods for adopting new or revised accounting standards and therefore, we

will not be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.

As a result, our consolidated financial statements may not be comparable to companies that comply with public company effective dates.

We intend to avail ourselves of these options although, subject to certain restrictions, we may elect to stop availing ourselves of these

exemptions in the future even while we remain an “emerging growth company.” We cannot predict whether investors will find

our stock less attractive as a result of this election. If some investors find shares of our common stock less attractive as a result

of this election, there may be a less active trading market for our common stock and our stock price may be more volatile.

will be subject to the requirements of the Sarbanes-Oxley Act.

long as we remain an emerging growth company, as that term is defined in the JOBS Act, we will be permitted to gradually comply with

certain of the on-going reporting and disclosure obligations of public companies pursuant to the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley

Act”).

However,

our management will be required to deliver a report that assesses the effectiveness of our internal controls over financial reporting,

pursuant to Section 302 of the Sarbanes-Oxley Act. Section 404 of the Sarbanes-Oxley Act may require our auditors to deliver an attestation

report on the effectiveness of our internal controls over financial reporting in conjunction with their opinion on our audited financial

statements as of December 31 subsequent to the year in which this prospectus becomes effective if we are no longer an “emerging

growth company”. Substantial work on our part may be required to implement appropriate processes, document the system of internal

control over key processes, assess their design, remediate any deficiencies identified and test their operation. This process may be

both costly and challenging. We cannot give any assurances that material weaknesses will not be identified in the future in connection

with our compliance with the provisions of Section 302 and 404 of the Sarbanes-Oxley Act. The existence of any material weakness described

above would preclude a conclusion by management and our independent auditors that we maintained effective internal control over financial

reporting. Our management may be required to devote significant time and expense to remediate any material weaknesses that may be discovered

and may not be able to remediate any material weakness in a timely manner. The existence of any material weakness in our internal control

over financial reporting could also result in errors in our consolidated financial statements that could require us to restate our consolidated

financial statements, cause us to fail to meet our reporting obligations and cause investors to lose confidence in our reported financial

information, all of which could lead to a decline in the per share trading price of our common stock.

face possible risks and costs associated with severe weather conditions, natural disasters or the physical effects of climate change.

Some

of our properties are located in areas particularly susceptible to revenue loss, cost increase or damage caused by severe weather conditions

or natural disasters such as hurricanes, earthquakes, tornadoes, fires and floods, as well as the effects of climate change. To the extent

that climate change impacts changes in weather patterns, our markets could experience more frequent and severe natural disasters. Operationally,

such events could cause a major power outage, leading to a disruption of our operators’ operations or require them to incur additional

costs associated with evacuation plans. Over time, any of these conditions could result in increased operator costs, delays in construction,

resulting in increased construction costs, or in the inability of our operators to operate our facilities at all. Such events could also

have a material adverse impact on our tenants’ operations and ability to meet their obligations to us. In the event of a loss in

excess of insured limits, we could lose our capital invested in the affected property, as well as anticipated future revenue from that

property. Any such loss could materially and adversely affect our business and our financial condition and results of operations.

Climate

change may also have indirect effects on our business by increasing the cost of (or making unavailable) property insurance on terms we

find acceptable. To the extent that significant changes in the climate occur in areas where our properties are located, we may experience

more frequent extreme weather events which may result in physical damage to or a decrease in demand for properties located in these areas

or affected by these conditions. In addition, changes in federal and state legislation and regulation on climate change could result

in increased capital expenditures to improve the energy efficiency of our existing properties and could also require us to spend more

on our new development properties without a corresponding increase in revenue. Should the impact of climate change be material in nature,

including destruction of our properties, or occur for lengthy periods of time, our financial condition or results of operations may be

adversely affected.

we become subject to a regulatory investigation, it could cause us to incur substantial costs or require us to change our business practices

in a manner materially adverse to our business.

From

time to time, we may receive inquiries from regulators regarding our compliance with laws and other matters. Responding to or defending

against such regulatory inquiries or investigations would cause us to incur substantial expenses and divert our management’s attention.

Violation

of existing or future regulatory orders or consent decrees could subject us to substantial monetary fines and other penalties that could

negatively affect our financial condition and results of operations. In addition, it is possible that future orders issued by, or enforcement

actions initiated by, regulatory authorities could cause us to incur substantial costs or require us to change our business practices

in a manner materially adverse to our business.

Risks

Related to Healthcare Industry

Adverse

trends in healthcare provider operations may negatively affect the operations at our properties, which in turn, could materially adversely

affect our business, financial condition and results of operations and our ability to make distributions to our stockholders.

believe the healthcare industry is currently experiencing the following trends:

●

changes

in the demand for and methods of delivering healthcare services;

●

changes

in third-party reimbursement policies, including a shift to Medicaid managed care, and changes in Medicare reimbursement for skilled

nursing facility services;

●

significant

unused capacity in certain areas, which has created substantial competition for patients among healthcare providers in those areas;

●

increased

expense for uninsured patients;

●

increased

expense arising from an older and sicker patient mix;

●

increased

competition among healthcare providers;

●

shortage

of qualified health care workers due to competition from other health industry employers and enhancement of credentials required

to perform specified services;

●

substantial

increases in costs associated with employing health care workers due to competition and health care industry specific wage mandates,

general inflationary pressures on wages and other statutory and regulatory requirements associated with the employment of worker

in the health industry and specifically for skilled nursing facilities;

●

increased

liability insurance expense and reductions in the availability of certain coverages resulting in gaps;

●

increasing

shift of the plaintiffs’ bar from medical malpractice to skilled nursing facility industry liability;

●

continued

pressure by private and governmental payors to reduce payments to providers of services along with the consolidation of payors, which

has resulted in a decreased ability to negotiate levels and conditions of payment;

●

increased

scrutiny of billing, referral and other practices by federal and state authorities and private insurers; and

●

increasing

focus by relators and the qui tam bar on the skilled nursing facility industry.

These

factors may materially adversely affect the economic performance of some or all of our tenants/operators, which in turn could materially

adversely affect our business, financial condition and results of operations and our ability to make distributions to our stockholders.

Both

we and the tenants and operators of our properties may be adversely affected by healthcare regulation and enforcement.

The

regulatory environment of the long-term healthcare industry has generally intensified over time both in the amount, complexity and type

of regulations and in the efforts to enforce those regulations. The extensive federal, state and local laws and regulations affecting

the healthcare industry include those relating to, among other things, licensure, conduct of operations, ownership of facilities, addition

of facilities and equipment, allowable costs, services, prices for services, qualified beneficiaries, quality of care, patient rights,

fraudulent or abusive behavior, and financial and other arrangements that may be entered into by healthcare providers. Moreover, changes

in enforcement policies by federal and state governments have resulted in an increase in the number of inspections, citations of regulatory

deficiencies and other regulatory sanctions, including terminations from the Medicare and Medicaid programs, bars on Medicare and Medicaid

payments for new admissions, and certain services as well as more aggressive imposition of exclusions from participation in, and receipt

of reimbursement from, the Medicare and Medicaid programs, civil monetary penalties and even criminal penalties. We are unable to predict

the scope of future federal, state and local regulations and legislation, including the Medicare and Medicaid statutes and regulations,

or the intensity of enforcement efforts with respect to such regulations and legislation, and any changes in the regulatory framework

could have a material adverse effect on our tenants, operators, guarantors and managers, which, in turn, could have a material adverse

effect on our business, financial condition and results of operations and our ability to make distributions to our stockholders.

Further,

if our tenants and operators fail to comply with the extensive laws, regulations and other requirements applicable to their businesses

and the operation of our properties (some of which are discussed below), they could become ineligible to receive reimbursement from governmental

and private third-party payor programs, face bans on admissions of new patients or residents, suffer civil or criminal penalties or be

required to make significant changes to their operations. We also may become subject directly to healthcare laws and regulations because

of the broad nature of some of these restrictions. Our tenants, operators, borrowers, guarantors, managers and we also could be forced

to expend considerable resources responding to an investigation or other enforcement action under applicable laws or regulations or in

implementing new or additional measures to reduce the possibility of enforcement action. In such event, the results of operations and

financial condition of our tenants, operators, borrowers, guarantors and managers and the results of operations of our properties operated

or managed by those entities could be adversely affected, which, in turn, could have a material adverse effect on our business, financial

condition and results of operations and our ability to make distributions to our stockholders.

All

healthcare providers who accept Medicare and Medicaid reimbursement are subject to the federal Anti-Kickback Statute, which establishes

civil, criminal and administrative penalties with respect to any person who knowingly and willfully offers, pays, solicits, or receives

any remuneration to induce or in return for (1) referring an individual to a person for the furnishing or arranging for the furnishing

of any item or service payable in whole or in part under a Federal healthcare program; or (2) purchasing, leasing, ordering or arranging

for, or recommending the purchasing, leasing or ordering of any good, facility service, or item payable under a Federal healthcare program,

such as Medicare and Medicaid. Remuneration is defined broadly to include the transfer of anything of value, in case or in kind, directly

or indirectly, overtly or covertly. Certain healthcare facilities are also subject to the Federal Ethics in Patient Referral Act of 1989,

commonly referred to as the Stark Law. The Stark Law prohibits the submission of claims to Medicare for payment if the claim results

from a physician referral (including an order or prescription) for certain designated services and the physician has a financial relationship

with the health service provider that does not qualify under one of the exceptions for a financial relationship under the Stark Law.

Similar prohibitions on kickbacks, physician self-referrals and submission of claims apply to state Medicaid programs and may also apply

to private payors under state laws, which in some cases are even broader and contain stricter prohibitions or requirements than Federal

prohibitions. Violations of these laws subject persons and entities to termination from participation in Medicare, Medicaid and other

federally funded healthcare programs or result in criminal prosecution, the imposition of civil monetary penalties, the imposition of

treble damages and fines and/or other penalties as well as potential civil liability under the Federal False Claims Act. In addition,

criminal liability under the Federal Travel Act is increasingly used to prosecute healthcare providers for certain business relationships.

Healthcare facilities and providers may also experience an increase in audits and medical record reviews from public and private payors

and a host of government agencies and contractors, including the HHS Office of the Inspector General, the Department of Justice, Zone

Program Integrity Contractors, and Recovery Audit Contractors.

Other

laws that impact how the operators conduct their operations include: federal and state laws designed to protect the confidentiality and

security of patient health information; state and local licensure laws; laws protecting consumers against deceptive practices; laws generally

affecting the operators’ management of property and equipment and how the operators generally conduct their operations, such as

fire, health and safety, and environmental laws; federal and state laws affecting assisted living facilities mandating quality of services

and care, and quality of food service; resident rights (including abuse and neglect laws); and health standards set by the federal Occupational

Safety and Health Administration. For example, HIPAA imposes extensive requirements on the way in which certain healthcare entities use,

disclose, and safeguard protected health information (as that term is defined under HIPAA), including requirements to protect the integrity,

availability, and confidentiality of electronic medical records. Many of these obligations were expanded under the HITECH Act. In order

to comply with HIPAA and the HITECH Act, covered entities often must undertake significant operational and technical implementation efforts.

Operators also may face significant financial exposure if they fail to maintain the privacy and security of medical records, personal

health information about individuals, or protected health information. HIPAA violations are also potentially subject to criminal penalties.

may also be adversely affected by possible changes to CON laws which serve as a barrier to entry in eight of the nine states in which

we own properties. If these laws are repealed in states in which we own properties, we and the tenants and operators of our properties

could be subject to increased competition.

Our

tenants/operators may be subject to significant legal actions that could subject them to increased operating costs and substantial uninsured

liabilities, which may affect their ability to pay their rent payments to us and, thus, could materially adversely affect our business,

financial condition and results of operations and our ability to make distributions to our stockholders.

is typical in the healthcare industry, our tenants/operators may often become subject to claims that their services have resulted in

patient injury or other adverse effects. Many of these tenants/operators may have experienced an increasing trend in the frequency and

severity of professional liability and general liability insurance claims and litigation asserted against them. The insurance coverage

maintained by tenants/operators may not cover all claims made against them nor continue to be available at a reasonable cost, if at all.

In some states, insurance coverage for the risk of punitive damages arising from professional liability and general liability claims

and/or litigation may not, in certain cases, be available to these tenants/operators due to state law prohibitions or limitations of

availability. As a result, these types of tenants/operators of our healthcare properties operating in these states may be liable for

punitive damage awards that are either not covered or are in excess of their insurance policy limits. We also believe that there has

been, and will continue to be, an increase in governmental investigations of certain healthcare providers, particularly in the area of

Medicare/Medicaid overbilling and compliance with the conditions of payment and participation and false claims, as well as an increase

in debar actions resulting from these investigations. Insurance is generally not available to cover such losses, including the costs

of investigation and any penalties in the absence of specialized underwriting. None of our related party tenants, and to our knowledge,

none of our other tenants, have such insurance. Additionally, neither the Company nor its subsidiaries have such insurance. The costs

of a comprehensive investigation along with any adverse determination in a legal proceeding or governmental investigation, whether currently

asserted or arising in the future or a condition imposed as a result of an investigation such as a monitoring by an independent review

organization (“IRO”) under a Corporate Integrity Agreement, could have a material adverse effect on a tenant/operator’s

financial condition. Neither our related party tenants nor, to our knowledge, our other tenants, are subject to any pending or threatened

legal proceedings or investigations by any governmental authorities, and none of them has entered into any Corporate Integrity Agreements.

If a tenant/operator were unable to obtain or maintain insurance coverage, if judgments were obtained in excess of the insurance coverage,

if a tenant/operator were required to pay uninsured or uninsurable punitive damages, or if a tenant/operator were subject to an uninsured

or uninsurable payor audit or government enforcement action, the tenant/operator could be exposed to substantial additional liabilities,

which could affect the tenant/operator’s ability to pay rent to us, which in turn could have a material adverse effect on our business,

financial condition and results of operations and our ability to make distributions to our stockholders.

Risks

Related to Real Estate Industry

Our

business is subject to risks associated with real estate assets and the real estate industry, which could materially adversely affect

our financial condition, results of operations, cash flow, cash available for distribution and our ability to service our debt obligations.

Our

ability to pay dividends to our stockholders depends on our ability to generate revenues in excess of expenses, scheduled principal payments

on debt and capital expenditure requirements. Events and conditions generally applicable to owners and operators of real property that

are beyond our control may decrease cash available for distribution and the value of our properties. These events include many of the

risks set forth above under “—Risks Related to Our Business and Operations,” as well as the following:

●

adverse

changes in financial conditions of buyers, sellers and tenants of properties;

●

vacancies

or our inability to rent space on favorable terms, including possible market pressures to offer tenants rent abatements, tenant improvements,

early termination rights or below-market renewal options, and the need to periodically repair, renovate and re-let space;

●

increased

operating costs, including insurance premiums, utilities, real estate taxes and state and local taxes;

●

civil

unrest, acts of war, terrorist attacks and natural disasters, including hurricanes, which may result in uninsured or underinsured

losses;

●

decreases

in the underlying value of our real estate; and

●

changing

market demographics.

addition, periods of economic downturn or recession, rising interest rates or declining demand for real estate, or the public perception

that any of these events may occur, could result in a general decline in rents or an increased incidence of defaults under existing leases,

which could materially adversely affect our financial condition, results of operations, cash flow, cash available for distribution and

ability to service our debt obligations.

an owner of real estate, we could incur significant costs and liabilities related to environmental matters.

Under

various federal, state and local laws and regulations relating to the environment, as a current or former owner of real property, we

may be liable for costs and damages resulting from the presence or release of hazardous or toxic substances, waste or petroleum products

at, on, in, under or migrating from such property, including costs to investigate, clean up such contamination and liability for any

alleged harm to human health, property or natural resources. Such laws often impose strict liability without regard to fault, including

whether the owner or operator knew of, or was responsible for, the presence of such contamination, and the liability may be joint and

several. These liabilities could be substantial and the cost of any required investigation, remediation, removal, fines or other costs

could exceed the value of the property and/or our aggregate assets. In addition, the presence of contamination or the failure to remediate

contamination at our properties may expose us to third-party liability for costs of remediation and/or personal or property damage or

materially adversely affect our ability to sell, lease or develop our properties or to borrow using the properties as collateral. In

addition, environmental laws may create liens on contaminated sites in favor of the government for damages and costs it incurs to address

such contamination. Moreover, if contamination is discovered on our properties, environmental laws may impose restrictions on the manner

in which property may be used or businesses may be operated, and these restrictions may require substantial expenditures.

Some

of our properties may have been or may be impacted by contamination arising from current or prior uses of the property, or adjacent properties,

for commercial or industrial purposes. Such contamination may arise from spills of petroleum or hazardous substances or releases from

tanks used to store such materials. In most cases, the Company or the Predecessor Company obtained Phase I Environmental Site Assessments

for acquired properties. The Phase I Environmental Site Assessments are of limited scope and may not have conducted comprehensive asbestos,

lead-based paint, lead in drinking water, mold or radon assessments. Although these assessments provide some assurance regarding environmental

issues at the properties, they are not a guarantee that the properties do not have an environmental issue. As a result, we may not be

aware of all potential or existing environmental contamination liabilities at the properties in our portfolio. There also exists the

risk that material environmental conditions, liabilities or compliance concerns may arise in the future. If any of our properties are

subject to environmental issues, we could potentially incur material liability for these issues. The realization of any or all of these

environmental issues may also have an adverse effect on our business, financial condition and results of operations.

the owner of the buildings on our properties, we could face liability for the presence of hazardous materials, such as asbestos or lead,

or other adverse conditions, such as poor indoor air quality, in our buildings. Environmental laws govern the presence, maintenance,

and removal of hazardous materials in buildings, and if we do not comply with such laws, we could face fines for such noncompliance and

could be required to abate, remove or otherwise address the hazardous material to achieve compliance with applicable environmental laws

and regulations. Also, we could be liable to third parties, such as occupants or employees of the buildings, for damages related to exposure

to hazardous materials or adverse conditions in our buildings, and we could incur material expenses with respect to abatement or remediation

of hazardous materials or other adverse conditions in our buildings. If we incur material environmental liabilities in the future, we

may find it difficult to sell or lease any affected properties.

Our

properties may contain or develop harmful mold or suffer from other air quality issues, which could lead to liability for adverse health

effects and costs of remediation.

When

excessive moisture accumulates in buildings or on building materials, mold growth may occur, particularly if the moisture problem remains

undiscovered or is not addressed over a period of time. Some molds may produce airborne toxins or irritants. Indoor air quality issues

can also stem from inadequate ventilation, chemical contamination from indoor or outdoor sources, and other biological contaminants such

as pollen, viruses and bacteria. Indoor exposure to airborne toxins or irritants above certain levels can be alleged to cause a variety

of adverse health effects and symptoms, including allergic or other reactions. As a result, the presence of significant mold or other

airborne contaminants at any of our properties could require us to undertake a costly remediation program to contain or remove the mold

or other airborne contaminants from the affected property or increase indoor ventilation. In addition, the presence of significant mold

or other airborne contaminants could expose us to liability from our sole tenant, employees of our sole tenant or others if property

damage or personal injury is alleged to have occurred.

Our

properties may be subject to impairment charges.

a quarterly basis, we will assess whether there are any indicators that the value of our properties may be impaired. A property’s

value is considered to be impaired only if the estimated aggregate future cash flows (undiscounted and without interest charges) to be

generated by the property are less than the carrying value of the property. In our estimate of cash flows, we will consider factors such

as expected future operating income, trends and prospects, the effects of demand, competition and other factors. If we are evaluating

the potential sale of an asset or development alternatives, the undiscounted future cash flows analysis will consider the most likely

course of action at the balance sheet date based on current plans, intended holding periods and available market information. We will

be required to make subjective assessments as to whether there are impairments in the value of our properties. These assessments may

be influenced by factors beyond our control, such as early vacating by a tenant or damage to properties due to earthquakes, tornadoes,

hurricanes and other natural disasters, fire, civil unrest, terrorist acts or acts of war. These assessments may have a direct impact

on our earnings because recording an impairment charge results in an immediate negative adjustment to earnings. There can be no assurance

that we will not take impairment charges in the future related to the impairment of our properties. Any such impairment could have a

material adverse effect on our business, financial condition and results of operations in the period in which the charge is taken.

may incur significant costs complying with various federal, state and local laws, regulations and covenants, as well as the terms and

conditions of any recorded instruments, that are applicable to our properties.

Properties

are subject to various covenants and federal, state and local laws and regulatory requirements, including permitting and licensing requirements.

Local regulations, including municipal or local ordinances, zoning restrictions and restrictive covenants imposed by community developers

upon each property may restrict our use of our properties and may require us to obtain approval from local officials or restrict our

use of our properties and may require us to obtain approval from third parties (such as, but not limited to, adjacent land owners, applicable

governmental authorities, and local officials of community standards organizations) at any time with respect to our properties, including

prior to developing or acquiring a property or when undertaking renovations of any of our existing properties. Among other things, these

restrictions may relate to construction, permitted uses, fire and safety, seismic or hazardous material abatement requirements. There

can be no assurance that existing laws and regulatory policies will not adversely affect us or the timing or cost of any future development,

acquisitions or renovations, or that additional regulations will not be adopted that increase such delays or result in additional costs.

Existing improvements within a property may be in violation of recorded instruments or may otherwise have been constructed in a manner

inconsistent with the requirements of such instruments and/or applicable features of the underlying land. Our growth strategy may be

affected by our ability to obtain permits, licenses, and zoning, and any other relief that may be applicable in connection with any such

applicable covenants and federal, state and local laws and regulatory requirements, including permitting and licensing requirements.

addition, federal and state laws and regulations, including laws such as the ADA and the Fair Housing Amendment Act of 1988, or FHAA,

impose further restrictions on our properties and operations. Under the ADA and the FHAA, all public accommodations must meet federal

requirements related to access and use by disabled persons. Although we believe that all our properties are in compliance with the requirements

of the ADA and the FHAA, if one or more of the properties in our portfolio were not in compliance with the ADA, the FHAA or any other

regulatory requirements, we could incur additional costs to bring such properties into compliance, be subject to governmental fines or

the award of damages to private litigants or be unable to refinance such properties. In addition, we do not know whether existing requirements

will change or whether future requirements will require us to make significant unanticipated expenditures that will adversely impact

our financial condition, results of operations and cash flow.

Risks

Related to Our Organizational Structure

Moishe

Gubin, our Chairman and Chief Executive Officer, and Michael Blisko, one of our directors, are the beneficial owners of approximately

8.9% of our outstanding shares and approximately 84.4% of the OP units in the Operating Partnership. They have the ability to influence

decisions by the Company and the Operating Partnership, including the approval of matters involving conflicts of interest and significant

corporate transactions.

Moishe

Gubin, our Chairman and our Chief Executive Officer, and Michael Blisko, one of our directors, control the tenants and operators of 66

of our facilities.

a result of their ownership of our common stock and the OP units, and their board positions, Moishe Gubin and Michael Blisko and their

affiliates have the ability to influence the outcome of matters presented to our directors or stockholders, including the election of

our board of directors, matters related to the leases of our properties to their affiliates and approval of significant corporate transactions,

including business combinations, consolidations and mergers.

a landlord, the Company does not control the operations of its tenants, including related party tenants, and is not able to cause its

tenants to take any specific actions to address trends in occupancy at the facilities operated by its tenants, other than to monitor

occupancy and income of its tenants, discuss trends in occupancy with tenants and possible responses, and, in the event of a default,

to exercise its rights as a landlord. However, Mr. Gubin and Mr. Blisko, as the controlling members of 66 of our tenants and related

operators, have the ability to obtain information regarding these tenants and related operators and cause the tenants and operators to

take actions, including with respect to occupancy. Mr. Gubin and Mr. Blisko are subject to potential conflicts of interest due to their

ownership of these tenants and their duties as directors of the Company.

The

ability of Mr. Gubin and Mr. Blisko to influence decisions by the Board is limited by our conflicts of interest policy, which requires

transactions in which a director has a conflict of interest to be approved by the audit committee of the Board, which consists exclusively

of independent directors. The ability of Mr. Gubin, Mr. Blisko and their affiliates to influence decisions by the Company’s stockholders

is limited by the terms of our articles of incorporation, which prohibit any stockholder from holding more than 9.8% of the shares of

our common stock. Additionally, the ability of Mr. Gubin, Mr. Blisko and their affiliates to influence decisions by the Operating Partnership

is limited because the Operating Partnership is controlled by the Company as its sole general partner and the OP units issued to the

Predecessor Company have no voting rights.

Nevertheless,

Moishe Gubin, Mr. Blisko and their affiliates have significant influence over us and it is possible that they could exercise influence

in a manner that is not in the best interests of our other stockholders. Furthermore, as discussed above, certain conflicts of interest

may exist between the interests of Mr. Gubin, Mr. Blisko, and their affiliates and the interests of our stockholders. Their voting power

might also have the effect of delaying or preventing a change of control that our stockholders may view as beneficial.

Conflicts

of interest may exist or could arise in the future between the interests of our stockholders and the interests of holders of OP units

in the Operating Partnership, which may impede business decisions that could benefit our stockholders.

Conflicts

of interest may exist or could arise in the future as a result of the relationships between us and our affiliates, on the one hand, and

the Operating Partnership or any partner thereof, on the other. Our directors and officers have duties to the Company under Maryland

law in connection with their management of the Company. At the same time, we, as the general partner of the Operating Partnership, have

fiduciary duties and obligations to the Operating Partnership and its limited partners under Delaware law and the partnership agreement

of the Operating Partnership in connection with the management of the Operating Partnership. Our fiduciary duties and obligations as

the general partner of the Operating Partnership may come into conflict with the duties of our directors and officers to the Company.

Moishe Gubin, our Chairman and Chief Executive Officer, and Michael Blisko, one of our directors, beneficially own 84.4% of the OP units

in the Operating Partnership and may have conflicts of interest in making decisions that affect both our stockholders and the limited

partners of the Operating Partnership, particularly since their ownership interests in the Operating Partnership is significantly greater

than their 8.4% ownership interest in shares of the common stock of the Company.

The

partnership agreement provides that we will be under no obligation to consider the separate interests of the limited partners of our

Operating Partnership in deciding whether to cause the Operating Partnership to take or decline to take any actions. The partnership

agreement also provides that, in the event of a conflict between the interests of the Operating Partnership or any limited partner, on

the one hand, and the separate interests of the Company or our stockholders, on the other hand, that cannot be resolved in a manner not

adverse to either our stockholders or the limited partners, we, in our capacity as the general partner of the Operating Partnership,

shall resolve the conflict in favor of the Company and our stockholders. Additionally, any action or failure to act on our part or on

the part of our board of directors that does not violate the contract rights of the limited partners of the Operating Partnership but

does give priority to the separate interests of the Company or our stockholders shall not be deemed to violate our duty of loyalty to

the Operating Partnership and its limited partners that arises from our role as the general partner of the Operating Partnership.

Additionally,

the partnership agreement provides that we will not be liable to the Operating Partnership or any partner for monetary damages for losses

sustained, liabilities incurred as a result of errors in judgment or mistakes of fact or law or of any act or omission if any such party

acted in good faith. Our Operating Partnership must indemnify us, our directors and officers, officers of the Operating Partnership and

our designees from and against any and all claims that relate to the operations of the Operating Partnership, unless it is established

that: (i) the act or omission of the person was material to the matter giving rise to the proceeding and either was committed in bad

faith or was the result of active and deliberate dishonesty; (ii) the person actually received an improper personal benefit in money,

property or services; or (iii) in the case of any criminal proceeding, the person had reasonable cause to believe that the act or omission

was unlawful. Our Operating Partnership must also pay or reimburse the reasonable expenses of any such person upon its receipt of a written

affirmation of the person’s good faith belief that the standard of conduct necessary for indemnification has been met and a written

undertaking to repay any amounts paid or advanced if it is ultimately determined that the person did not meet the standard of conduct

for indemnification. The Operating Partnership will not indemnify or advance funds to any person with respect to any action initiated

by the person seeking indemnification without our approval (except for any proceeding brought to enforce such person’s right to

indemnification under the partnership agreement) or if the person is found to be liable to the Operating Partnership on any portion of

any claim in the action.

Our

charter contains certain provisions restricting the ownership and transfer of our stock that may delay, defer or prevent a change of

control transaction that might involve a premium price for our common stock or that our stockholders otherwise believe to be in their

best interests.

Our

charter contains certain ownership limits with respect to our stock. Our charter, among other restrictions, prohibits, subject to certain

exceptions, the beneficial or constructive ownership by any person of more than 9.8% in value of the aggregate outstanding shares of

our common stock or more than 9.8% in value of the outstanding shares of any class or series of our preferred stock. Our board of directors,

in its sole and absolute discretion, may exempt a person, prospectively or retroactively, from this ownership limit if certain conditions

are satisfied. This ownership limit as well as other restrictions on ownership and transfer of our stock in our charter may:

●

discourage

a tender offer, proxy contest, or other transactions or a change in management or of control that might result in a premium price

for our common stock or that our stockholders otherwise believe to be in their best interests; and

●

result

in the transfer of shares acquired in excess of the restrictions to a trust for the benefit of a charitable beneficiary and, as a

result, the forfeiture by the acquirer of certain of the benefits of owning the additional shares.

could increase the number of authorized shares of stock, classify and reclassify unissued stock and issue stock without stockholder approval.

Our

board of directors, without stockholder approval, has the power under our charter to amend our charter to increase or decrease the aggregate

number of shares of stock or the number of shares of stock of any class or series that we are authorized to issue. In addition, under

our charter, our board of directors, without stockholder approval, has the power to authorize us to issue authorized but unissued shares

of our common stock or preferred stock and to classify or reclassify any unissued shares of our common stock or preferred stock into

one or more classes or series of stock and set the preference, conversion or other rights, voting powers, restrictions, limitations as

to dividends and other distributions, qualifications or terms or conditions of redemption for such newly classified or reclassified shares.

As a result, we may issue series or classes of common stock or preferred stock with preferences, dividends, powers and rights, voting

or otherwise, that are senior to, or otherwise conflict with, the rights of holders of our common stock. Although our board of directors

has no such intention at the present time, it could establish a class or series of preferred stock that could, depending on the terms

of such series, delay, defer or prevent a transaction or a change of control that might involve a premium price for our common stock

or that our stockholders otherwise believe to be in their best interests.

Certain

provisions of Maryland General Corporation Law, or MGCL, could inhibit changes of control, which may discourage third parties from conducting

a tender offer or seeking other change of control transactions that could involve a premium price for our common stock or that our stockholders

otherwise believe to be in their best interests.

Certain

provisions of the MGCL may have the effect of inhibiting a third party from making a proposal to acquire us or of impeding a change of

control under circumstances that otherwise could provide the holders of shares of our common stock with the opportunity to realize a

premium over the then-prevailing market price of such shares, including:

●

“business

combination” provisions that, subject to limitations, prohibit certain business combinations between us and an “interested

stockholder” (defined generally as any person who beneficially owns 10% or more of the voting power of our shares or an affiliate

thereof or an affiliate or associate of ours who was the beneficial owner, directly or indirectly, of 10% or more of the voting power

of our then outstanding voting stock at any time within the two-year period immediately prior to the date in question) for five years

after the most recent date on which the stockholder becomes an interested stockholder, and thereafter imposes certain fair price

and/or supermajority stockholder voting requirements on these combinations; and

●

“control

share” provisions that provide that holders of “control shares” of the Company (defined as shares that, when aggregated

with other shares controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power

in electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership

or control of issued and outstanding “control shares”) have no voting rights with respect to their control shares, except

to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on

the matter, excluding all interested shares.

have opted out of the business combination provisions of the MGCL, which provides that any business combination between us and any other

person is exempt from the business combination provisions of the MGCL, provided that the business combination is first approved by our

board of directors (including a majority of directors who are not affiliates or associates of such persons). In addition, pursuant to

a provision in our bylaws, we have opted out of the control share provisions of the MGCL.

Certain

provisions of the MGCL permit our board of directors, without stockholder approval and regardless of what is currently provided in our

charter or bylaws, to implement certain corporate governance provisions, some of which (for example, a classified board) are not currently

applicable to us. If implemented, these provisions may have the effect of limiting or precluding a third party from making an unsolicited

acquisition proposal for us or of delaying, deferring or preventing a change in control of us under circumstances that otherwise could

provide the holders of shares of our common stock with the opportunity to realize a premium over the then current market price. Our charter

contains a provision whereby we have elected to be subject to Section 3-804(c) of the MGCL relating to the filling of vacancies on our

board of directors. Section 3-804(c) provides that any vacancy, whether resulting from an increase in the size of the board or the death,

resignation or removal of a director, may be filled only by the affirmative vote of a majority of the remaining directors in office,

even if the remaining directors do not constitute a quorum.

Our

bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain types of actions and proceedings

that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for

disputes with us or our directors, officers or employees.

Our

bylaws generally provide that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore

City, Maryland (or in certain circumstances, the United States District Court for the District of Maryland, Northern Division) shall

be the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders with respect to

the Company, our directors, our officers or our employees. This choice of forum provision may limit a stockholder’s ability to

bring a claim in a judicial forum that the stockholder believes is favorable for disputes with us or our directors, officers or employees,

which may discourage meritorious claims from being asserted against us and our directors, officers and employees. Alternatively, if a

court were to find this provision of our bylaws inapplicable to, or unenforceable in respect of, one or more of the specified types of

actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could adversely

affect our business, financial condition or results of operations. We adopted this provision because Maryland judges have more experience

in dealing with issues of Maryland corporate law than judges in any other state and we believe it makes it less likely that we will be

forced to incur the expense of defending duplicative actions in multiple forums and less likely that plaintiffs’ attorneys will

be able to employ such litigation to coerce us into otherwise unjustified settlements. These provisions of our bylaws will not apply

to claims that may be asserted under federal securities laws.

Certain

provisions in the partnership agreement of the Operating Partnership may delay or prevent unsolicited acquisitions of us.

Provisions

in the partnership agreement of the Operating Partnership may delay, or make more difficult, unsolicited acquisitions of us or changes

of our control. These provisions could discourage third parties from making proposals involving an unsolicited acquisition of us or change

of our control, although some of our stockholders might consider such proposals, if made, desirable. These provisions include, among

others:

●

redemption

rights;

●

requirement that we may not be removed as the general partner of the Operating Partnership without our consent;

●

transfer

restrictions on OP units;

●

our

ability, as general partner, in some cases, to amend the partnership agreement and to cause the Operating Partnership to issue units

with terms that could delay, defer or prevent a merger or other change of control of us or the Operating Partnership without the

consent of the limited partners; and

●

the

right of the limited partners to consent to direct or indirect transfers of the general partnership interest, including as a result

of a merger or a sale of all or substantially all of our assets, in the event that such transfer requires approval by our common

stockholders.

The

tax protection agreement with the Predecessor Company and its affiliates could limit our ability to sell or otherwise dispose of certain

properties.

connection with the formation transaction, we entered into a tax protection agreement with members of the Predecessor Company and certain

of their affiliates, including affiliates of Moishe Gubin, our Chairman and Chief Executive Officer and Michael Blisko, one of our directors,

that provides that if we dispose of any interest in the protected initial properties in a taxable transaction prior to the tenth anniversary

of the completion of the formation transaction, subject to certain exceptions, we will indemnify with the Predecessor Company, its members

and their beneficial owners (the “protected parties”) for their tax liabilities attributable to the built-in gain that exists

with respect to such property interests as of the time of the formation transaction, and the tax liabilities incurred as a result of

such tax protection payment. Pursuant to the tax protection agreement, it is anticipated that the total amount of protected built-in

gain on the properties and other assets contributed to the Company in connection with the formation transaction will be approximately

$489.5 million. Such indemnification obligations could result in aggregate payments, based on current tax laws, of up to $204.5 million.

The amount of tax is calculated without regard to any deductions, losses or credits that may be available.

light of our indemnification obligations under the tax protection agreement, it may be economically prohibitive for us to sell our properties

even if it may be otherwise in our stockholders’ best interests to do so. Moreover, as a result of these potential tax liabilities,

Moishe Gubin and Michael Blisko may have a conflict of interest with respect to our determination as to the disposition of these properties.

In addition, to the extent that any breach, dispute or ambiguity arises with respect to the tax protection agreement, we may choose not

to enforce, or to enforce less vigorously, our rights under these agreements due to our ongoing relationships with the members of our

executive management team and directors.

Our

board of directors may change our strategies, policies and procedures without stockholder approval and we may become more highly leveraged,

which may increase our risk of default under our debt obligations.

Our

investment, financing, leverage and distribution policies, and our policies with respect to all other activities, including growth, capitalization

and operations, will be determined exclusively by our board of directors, and may be amended or revised at any time by our board of directors

without notice to or a vote of our stockholders. This could result in us conducting operational matters, making investments or pursuing

different business or growth strategies than those contemplated in this prospectus. Further, our charter and bylaws do not limit the

amount or percentage of indebtedness, funded or otherwise, that we may incur. Our board of directors may alter or eliminate our current

policy on borrowing at any time without stockholder approval. If this policy changed, we could become more highly leveraged which could

result in an increase in our debt service. Higher leverage also increases the risk of default on our obligations. In addition, a change

in our investment policies, including the manner in which we allocate our resources across our portfolio or the types of assets in which

we seek to invest, may increase our exposure to interest rate risk, real estate market fluctuations and liquidity risk. Changes to our

policies with regards to the foregoing could materially adversely affect our financial condition, results of operations and cash flow.

Our

rights and the rights of our stockholders to take action against our directors and officers are limited.

Under

Maryland law, generally, a director will not be liable if he or she performs his or her duties in good faith, in a manner he or she reasonably

believes to be in our best interests and with the care that an ordinarily prudent person in a like position would use under similar circumstances.

In addition, our charter limits the liability of our directors and officers to us and our stockholders for money damages, except for

liability resulting from:

●

actual

receipt of an improper benefit or profit in money, property or services; or

●

active

and deliberate dishonesty by the director or officer that was established by a final judgment as being material to the cause of action

adjudicated.

Our

charter requires us to indemnify, and advance expenses to, each director and officer, to the maximum extent permitted by Maryland law,

in the defense of any proceeding to which he or she is made, or threatened to be made, a party by reason of his or her service to us.

We entered into customary indemnification agreements with our directors and executive officers that will require us, among other things,

to indemnify our directors and executive officers against certain liabilities that may arise by reason of their status as directors or

officers to the maximum extent permitted by Maryland law and provide for the advancement of expenses in connection therewith. As a result,

we and our stockholders may have more limited rights against our directors and officers than might otherwise exist absent the current

provisions in our charter or that might exist with other companies.

are a holding company with no direct operations and, as such, we will rely on funds received from our limited ownership interest in the

Operating Partnership to pay liabilities, and the interests of our stockholders will be structurally subordinated to all liabilities

and obligations of the Operating Partnership and its subsidiaries.

are a holding company and will conduct substantially all of our operations through the Operating Partnership. We do not have, apart from

our limited ownership interest in the Operating Partnership, which represents only 24.0% of the outstanding OP units as of December 31,

2025, any independent operations. As a result, we rely on cash distributions from the Operating Partnership to pay any dividends we might

declare on shares of our common stock. We also rely on distributions from the Operating Partnership to meet any of our obligations, including

any tax liability on taxable income allocated to us from the Operating Partnership. In addition, because we are a holding company, your

claims as a stockholder will be structurally subordinated to all existing and future liabilities and obligations (whether or not for

borrowed money) of the Operating Partnership and its subsidiaries. Therefore, in the event of our bankruptcy, liquidation or reorganization,

our assets and those of the Operating Partnership and its subsidiaries will be available to satisfy the claims of our stockholders only

after all of our and the Operating Partnership’s and its subsidiaries’ liabilities and obligations have been paid in full.

Our

Operating Partnership may issue additional OP units to third parties without the consent of our stockholders, which would reduce our

limited ownership percentage in the Operating Partnership even further and could have a dilutive effect on the amount of distributions

made to us by the Operating Partnership and, therefore, the amount of distributions we can make to our stockholders.

Furthermore,

we may, in connection with our acquisition of properties or otherwise, issue additional OP units to third parties. Such issuances would

reduce our limited ownership percentage in the Operating Partnership and could affect the amount of distributions made to us by the Operating

Partnership and, therefore, the amount of distributions we can make to our stockholders. Because you will not directly own OP units,

you will not have any voting rights with respect to any such issuances or other partnership level activities of the Operating Partnership.

we are deemed to be an investment company under the Investment Company Act, our stockholders’ investment return may be reduced.

are not registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”),

based on exceptions we believe are available to us. If we were obligated to register as an investment company, we would have to comply

with a variety of substantive requirements under the Investment Company Act that impose, among other things, limitations on capital structure,

restrictions on specified investments, prohibitions on transactions with affiliates, and compliance with reporting, record keeping, voting,

proxy disclosure and other rules and regulations that would significantly increase our operating expenses.

Risks

Related to Status as a REIT

Our

ownership of and relationship with any future taxable REIT subsidiaries will be limited and a failure to comply with the limits would

jeopardize our REIT status and may result in the application of a 100% excise tax.

REIT may own up to 100% of the stock of one or more taxable REIT subsidiaries (“TRSs”). A TRS may earn income that would

not be qualifying income if earned directly by the parent REIT. Both the subsidiary and the REIT must jointly elect to treat the subsidiary

as a TRS. A corporation (other than a REIT) of which a TRS directly or indirectly owns securities possessing more than 35% of the total

voting power or total value of the outstanding securities of such corporation will automatically be treated as a TRS. Overall, no more

than 20% of the value of a REIT’s total assets (25% after December 31, 2025) may consist of stock or securities of one or more

TRSs. A domestic TRS will pay U.S. federal, state and local income tax at regular corporate rates on any income that it earns. In addition,

the TRS rules limit the deductibility of interest paid or accrued by a TRS to its parent REIT to assure that the TRS is subject to an

appropriate level of corporate taxation. The rules also impose a 100% excise tax on certain transactions between a TRS and its parent

REIT that are not conducted on an arm’s-length basis. Any domestic TRS that we own or form will pay U.S. federal, state and local

income tax on its taxable income, and its after-tax net income will be available for distribution to us but is not required to be distributed

to us unless necessary to maintain our REIT qualification.

do not currently own any subsidiaries that are expected to be TRSs, nor do we have any plans to establish any TRSs in the future. However,

in the event we were to form a TRS, it would need to comply with the foregoing requirements.

Our

ownership of and relationship with our tenants will be limited and a failure to comply with such limits would jeopardize our REIT status.

a REIT owns, actually or constructively, 10% or more (measured by voting power or fair market value) of the stock of a corporate lessee,

or 10% or more of the assets or net profits of any non-corporate lessee (each a “related party tenant”), other than a TRS,

any income that a REIT receives from the lessee will be non-qualifying income for purposes of a REIT’s 75% or 95% gross income

tests. The constructive ownership rules generally provide that, if 10% or more in value of our stock is owned, directly or indirectly,

by or for any person, the REIT is considered as owning the shares or other equity interests owned, directly or indirectly, by or for

such person. A REIT that fails either the 75% or 95% gross income tests, or both, in a taxable year, may lose its qualification as a

REIT and thereafter be treated as a regular subchapter C corporation that is subject to entity-level tax on its income, without any ability

to deduct dividend payments and would generally be precluded from re-electing taxation as a REIT for five years following the loss of

REIT qualification. Nonetheless, a REIT may continue to qualify as a REIT, if the failure was due to reasonable cause and not willful

neglect and the nature and amounts of the REIT’s items of gross income are properly disclosed to the Internal Revenue Service.

However, in such a case, the REIT would be required to pay a penalty tax equal to (1) the greater of (A) the amount by which we fail

to satisfy the 75% gross income test and (B) the amount by which we fail to satisfy the 95% gross income test, multiplied by (2) a fraction

intended to reflect our profitability.

Our

charter prohibits transfers of our stock that would cause us to own actually or constructively, 10% or more of the ownership interests

in any non-TRS lessee. Based on the foregoing, we should not own, actually or constructively, 10% or more of any lessee other than a

TRS. However, because the constructive ownership rules are broad and it is not possible to monitor continually direct and indirect transfers

of our stock, no absolute assurance can be given that such transfers or other events of which we have no knowledge will not cause us

to own constructively 10% or more of a lessee (or a subtenant, in which case only rent attributable to the subtenant is disqualified)

other than a TRS at some future date. At the present time, to our knowledge, no person beneficially or constructively owns more than

9.8% of our stock. Two of our directors, Moishe Gubin and Michael Blisko, beneficially own approximately 8.9% of our outstanding common

stock as well as 84.4% of the outstanding OP units in the Operating Partnership. They also own majority interests in more than 66 of

our tenants. We believe that these tenants would not currently be treated as related party tenants for purposes of the REIT qualification

requirements because we believe that Mr. Gubin and Mr. Blisko do not constructively own 10% of the Company’s stock. However, if

their constructive ownership of the Company were to exceed 10% in the future, or if interests in these tenants are otherwise treated

as constructively owned by us, the rental income from the tenants controlled by Mr. Gubin and Mr. Blisko would not be qualifying income

for REIT qualification purposes, which would cause us to fail to satisfy the REIT gross income tests and could cause us to fail to qualify

as a REIT or be subject to a substantial penalty tax. The Company intends to closely monitor their ownership of the Company to avoid

this issue.

may potentially have additional tax exposure from built-in gains from the disposal of assets that we held at the time that we became

a REIT.

elected to be taxed as a REIT for the tax year beginning on January 1, 2022. Notwithstanding our qualification and taxation as a REIT,

we may still be subject to corporate taxation in particular circumstances. If we recognize gain on the disposition of any REIT asset

that is held by us on the date that we become a REIT (i.e., January 1, 2022) during a specified period (generally five years) thereafter,

then we will generally pay tax at the highest regular corporate tax rate, currently 21%, on the lesser of (a) the excess, if any, of

the asset’s fair market value over our basis in the asset, each determined on January 1, 2022, or (b) our gain recognized in the

disposition. Accordingly, any taxable disposition during the specified period of a REIT asset we held on January 1, 2022 could be subject

to this built-in gains tax.

any of the Promissory Notes or other Obligations we hold do not meet the straight debt safe harbor under Code Section 856(m) and cause

the Company to not satisfy the 10% value test, then the Company will not satisfy the REIT asset tests and our REIT qualification could

be threatened.

qualify as a REIT, we must satisfy certain asset tests at the end of each quarter of each taxable year, including that we may not own

more than 10% of the value of any one issuer’s outstanding securities. Most promissory notes and debt obligations are treated as

securities for purposes of this test. Promissory notes and debt obligations are secured by real estate, issued by individuals, estates

or REITs or which meet the straight debt safe harbor in Code Section 856(m) are not counted for purposes of this test. We hold various

unsecured promissory notes and other obligations issued by entities that have arisen in the course of our business. The IRS has issued

very limited guidance to date regarding qualification under the straight debt safe harbor. As a result, it is possible that the IRS may

take the position that one or more of the promissory notes or obligations we own do not meet the straight debt safe harbor. If any of

these unsecured promissory notes or other obligations do not meet the straight debt safe harbor or another exemption and constitute more

than 10% of the value of any one issuer’s outstanding securities, then we will not meet the REIT asset tests if held at the end

of any calendar quarter.

the event that we violate the 10% value test described above at the end of any calendar quarter, we will not lose our REIT qualification

if (i) the failure is de minimis (up to the lesser of 1% of our assets or $10 million) and (ii) we dispose of assets or otherwise comply

with the asset tests within six months after the last day of the quarter in which we identified such failure. In the event of a more

than de minimis failure of the 10% value test, as long as the failure was due to reasonable cause and not to willful neglect, we will

not lose our REIT qualification if we (i) dispose of assets or otherwise comply with the asset tests within six months after the last

day of the quarter in which we identified such failure, (ii) file a schedule with the IRS describing the assets that caused such failure

in accordance with regulations promulgated by the Secretary of the U.S. Treasury and (iii) pay a tax equal to the greater of $50,000

or 21% of the net income from the nonqualifying assets during the period in which we failed to satisfy this asset test. We have relied

upon this provision to maintain our REIT qualification in connection with an asset test compliance violation that was identified and

rectified in 2025. It is not possible to state whether we would be entitled to the benefit of these relief provisions with regard any

promissory notes or obligations we hold or may hold or in any other circumstances. If these relief provisions are inapplicable to the

holding of a promissory note or obligation that violates the 10% value test, we will not qualify as a REIT.

Dividends

payable by REITs do not qualify for the reduced tax rates available for some dividends.

Dividends

payable by non-REIT corporations to their stockholders that are individuals, trusts and estates are generally taxed at reduced tax rates.

Dividends payable by REITs, however, generally are not eligible for the reduced rates. The more favorable rates applicable to regular

corporate dividends could cause investors who are individuals, trusts and estates to perceive investments in REITs to be relatively less

attractive than investments in the shares of non-REIT corporations that pay dividends, which could adversely affect the value of the

shares of REITs, including shares of our common stock. However, dividends received from a REIT by certain noncorporate taxpayers, including

individuals, may qualify for a deduction of up to 20% for REIT ordinary dividends under Section 199A of the Code.

Qualifying

as a REIT involves highly technical and complex provisions of the Code.

Qualifying

as a REIT involves the application of highly technical and complex provisions of the Code for which only limited judicial and administrative

authorities exist. Even a technical or inadvertent violation could jeopardize our REIT qualification. Our qualification as a REIT will

depend on our satisfaction of certain asset, income, organizational, distribution, stockholder ownership and other requirements on a

continuing basis. Compliance with these requirements must be carefully monitored on a continuing basis, and there can be no assurance

that our personnel responsible for doing so will be able to successfully monitor our compliance. In addition, our ability to satisfy

the requirements to qualify to be taxed as a REIT may depend, in part, on the actions of third parties over which we have either no control

or only limited influence.

The

prohibited transactions tax may limit our ability to dispose of our properties.

REIT’s net income from prohibited transactions is subject to a tax of 100%. In general, prohibited transactions are sales or other

dispositions of property, other than foreclosure property, held primarily for sale to customers in the ordinary course of business. We

may be subject to the prohibited transaction tax equal to 100% of net gain upon a disposition of real property. Although a safe harbor

to the characterization of the sale of real property by a REIT as a prohibited transaction is available, we cannot assure you that we

can comply with the safe harbor or that we will avoid owning property that may be characterized as held primarily for sale to customers

in the ordinary course of business. Consequently, we may choose not to engage in certain sales of our properties or may conduct such

sales through a TRS, which would be subject to federal and state income taxation.

our Operating Partnership failed to qualify as a partnership for federal income tax purposes, we would cease to qualify as a REIT and

suffer other adverse consequences.

believe that our Operating Partnership will be treated as a partnership for federal income tax purposes. As a partnership, our Operating

Partnership generally will not be subject to federal income tax on its income. Instead, each of its partners, including us, will be allocated,

and may be required to pay tax with respect to, its share of our Operating Partnership’s income. We cannot assure you, however,

that the IRS will not challenge the status of our Operating Partnership or any other subsidiary partnership in which we own an interest

as a partnership for federal income tax purposes, or that a court would not sustain such a challenge. For example, the IRS could attempt

to classify the Operating Partnership as a publicly traded partnership for U.S. income tax purposes if the IRS does not agree that the

Operating Partnership qualifies for the private placement exclusion.

Furthermore,

if the IRS were successful in treating our Operating Partnership or any such other subsidiary partnership as an entity taxable as a corporation

for federal income tax purposes, we may fail to meet the gross income tests and certain of the asset tests applicable to REITs and, accordingly,

we could cease to qualify as a REIT. Also, the failure of our Operating Partnership or any subsidiary partnerships to qualify as a partnership

could cause it to become subject to federal and state corporate income tax, which would significantly reduce the amount of cash available

for debt service and for distribution to its partners, including us.

Legislative,

administrative, regulatory or other actions affecting REITs, including positions taken by the IRS, could have an adverse impact on our

investors or us.

The

rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process, and by the

IRS and the U.S. Department of the Treasury (the “Treasury”). Changes to the tax laws, such as the tax law informally known

as the One Big Beautiful Bill Act enacted on July 4, 2025, the Tax Cuts and Jobs Act enacted on December 22, 2017 (“TCJA”)

or the PATH Act enacted on December 18, 2015, or interpretations thereof by the IRS and the Treasury, with or without retroactive application,

could materially and adversely affect our investors or the Company. We cannot predict how changes in the tax laws might affect our investors

or us. New legislation, Treasury regulations, administrative interpretations or court decisions could significantly and negatively affect

our ability to qualify to be taxed as a REIT and/or the U.S. federal income tax consequences to our investors and the Company of such

qualification.

REIT

distribution requirements could adversely affect our liquidity and our ability to execute our business plan.

order for us to qualify to be taxed as a REIT, and assuming that certain other requirements are also satisfied, we generally must distribute

at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains,

to our stockholders each year, so that U.S. federal corporate income tax does not apply to earnings that we distribute. To the extent

that we satisfy this distribution requirement and qualify for taxation as a REIT, but distribute less than 100% of our REIT taxable income,

determined without regard to the dividends paid deduction and including any net capital gains, we will be subject to U.S. federal corporate

income tax on our undistributed net taxable income. In addition, we will be subject to a 4% non-deductible excise tax if the actual amount

that we distribute to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal income tax laws.

We intend to make distributions to our stockholders to comply with the REIT requirements.

Under

some circumstances, we may be able to rectify a failure to meet the distribution requirement for a year by paying dividends to stockholders

in a later year, which may be included in our deduction for dividends paid for the earlier year (“deficiency dividends”).

Thus, we may be able to avoid being taxed on amounts distributed as deficiency dividends. We will, however, be required to pay interest

based upon the amount of any deduction taken for deficiency dividends.

The

IRS has also issued Revenue Procedure 2017-45, authorizing elective stock dividends to be made by public REITs. Pursuant to this revenue

procedure, the IRS will treat the distribution of stock pursuant to an elective stock dividend as a distribution of property under Section

301 of the Code (i.e., as a dividend to the extent of our earnings and profits), as long as at least 20% of the total dividend is available

in cash and certain other requirements outlined in the revenue procedure are met. In the case of a taxable stock dividend, stockholders

may be required to include the dividend as income and would be required to satisfy the potential tax liability associated with the distribution

with cash from other sources.

From

time to time, we may generate taxable income greater than our cash flow as a result of differences in timing between the recognition

of taxable income and the actual receipt of cash or the effect of non-deductible capital expenditures, the creation of reserves or required

debt or amortization payments. If we do not have other funds available in these situations, we could be required to borrow funds on unfavorable

terms, sell assets at disadvantageous prices, distribute amounts that would otherwise be invested in future acquisitions, capital expenditures

or repayment of debt, or make taxable distributions of our capital stock or debt securities to make distributions sufficient to enable

us to pay out enough of our taxable income to satisfy the REIT distribution requirement and avoid corporate income tax and the 4% excise

tax in a particular year. These alternatives could increase our costs or reduce our equity. Further, amounts distributed will not be

available to fund investment activities. Thus, compliance with the REIT requirements may hinder our ability to grow, which could adversely

affect the value of our shares. Any restrictions on our ability to incur additional indebtedness or make certain distributions could

preclude us from meeting the 90% distribution requirement. Decreases in FFO due to unfinanced expenditures for acquisitions of properties

or increases in the number of shares outstanding without commensurate increases in FFO each would adversely affect our ability to maintain

distributions to our stockholders. Consequently, there can be no assurance that we will be able to make distributions at the anticipated

distribution rate or any other rate.

Complying

with REIT requirements may cause us to forego otherwise attractive acquisition opportunities or liquidate otherwise attractive investments.

qualify to be taxed as a REIT for U.S. federal income tax purposes, we must ensure that, at the end of each calendar quarter, at least

75% of the value of our assets consist of cash, cash items, government securities and “real estate assets” (as defined in

the Code), including certain mortgage loans and securities. The remainder of our investments (other than government securities, qualified

real estate assets and securities issued by a TRS) generally cannot include more than 10% of the outstanding voting securities of any

one issuer or more than 10% of the total value of the outstanding securities of any one issuer.

Additionally,

in general, no more than 5% of the value of our total assets (other than government securities, qualified real estate assets and securities

issued by a TRS) can consist of the securities of any one issuer, and no more than 20% of the value of our total assets can be represented

by securities of one or more TRSs. If we fail to comply with these requirements at the end of any calendar quarter, we must correct the

failure within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT

qualification and suffering adverse tax consequences. As a result, we may be required to liquidate or forego otherwise attractive investments.

These actions could have the effect of reducing our income and amounts available for distribution to our stockholders.

addition to the asset tests set forth above, to qualify to be taxed as a REIT, we must continually satisfy tests concerning, among other

things, the sources of our income, the amounts we distribute to our stockholders and the ownership of our shares. We may be unable to

pursue investments that would be otherwise advantageous to us in order to satisfy the source-of-income or asset-diversification requirements

for qualifying as a REIT. Thus, compliance with the REIT requirements may hinder our ability to make certain attractive investments.

Complying

with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

The

REIT provisions of the Code substantially limit our ability to hedge our assets and liabilities. Income from certain potential hedging

transactions that we may enter into to manage risk of interest rate changes with respect to borrowings made or to be made to acquire

or carry real estate assets or from transactions to manage risk of currency fluctuations with respect to any item of income or gain that

satisfy the REIT gross income tests (including gain from the termination of such a transaction) does not constitute “gross income”

for purposes of the 75% or 95% gross income tests that apply to REITs, provided that certain identification requirements are met. To

the extent that we enter into other types of hedging transactions or fail to properly identify such transaction as a hedge, the income

is likely to be treated as non-qualifying income for purposes of both of the gross income tests.

a result of these rules, we may be required to limit our use of advantageous hedging techniques or implement those hedges through a total

return swap. This could increase the cost of our hedging activities because the total return swap may be subject to tax on gains or expose

us to greater risks associated with changes in interest rates than we would otherwise want to bear. In addition, losses in the total

return swap will generally not provide any tax benefit, except that such losses could theoretically be carried back or forward against

past or future taxable income in the total return swap.

The

share ownership limit imposed by the Code for REITs and our charter may inhibit market activity in our shares and restrict our business

combination opportunities.

order for us to maintain our qualification as a REIT under the Code, not more than 50% in value of our outstanding shares may be owned,

directly or indirectly, by five or fewer individuals (as defined in the Code to include certain entities) at any time during the last

half of each taxable year after our first taxable year as a REIT. Our charter, with certain exceptions, will authorize our board of directors

to take the actions that are necessary and desirable to preserve our qualification as a REIT. Unless exempted by our board of directors,

no person may beneficially own more than 9.8% of our outstanding common stock or more than 9.8% of any outstanding class or series of

our preferred stock, as determined by value. The board of directors may exempt a person from the ownership limit if the board of directors

receives a ruling from the IRS or an opinion of tax counsel that such ownership will not jeopardize our status as a REIT or such other

documents the board deems appropriate. These ownership limits could delay or prevent a transaction or a change in our control that might

involve a premium price for our common stock or otherwise be in the best interest of our stockholders.

Even

if we qualify as a REIT for federal income tax purposes, we may be subject to other tax liabilities that reduce our cash flow and our

ability to make distributions to our stockholders.

Even

if we qualify as a REIT for federal income tax purposes, we may be subject to federal, state and local taxes in certain situations. For

example:

●

Since

we were not qualified as a REIT with respect to 2021, we paid U.S. federal corporate income tax on our net income in 2021.

●

Income

and gain from “foreclosure property” are subject to special rules. Generally, income and gain from foreclosure property

is subject to corporate income tax at the highest applicable rate.

●

we sell an asset that we hold primarily for sale to customers in the ordinary course of business, our gain would be subject to the

100% “prohibited transaction” tax.

●

we fail to meet the gross income requirements but the failure is not due to reasonable cause and not willful neglect, we will be

required to pay a 100% tax equal to the product of the amount by which the nonqualifying income caused us to fail the gross income

test and a fraction intended to reflect our profitability.

●

we fail to meet certain gross asset tests and cannot cure the violation with 30 days of quarter end, but the failure is not due to

reasonable cause and not willful neglect, we will be required to pay a tax of the greater of (i) $50,000 or (ii) the product of the

value of the excess assets that caused the violation and the highest applicable corporate tax rate.

●

we fail to meet any REIT requirement other than the income or asset requirements and the failure is due to reasonable cause and not

willful neglect, we will be required to pay a $50,000 penalty per violation.

the Infinity Healthcare consulting services provided to certain tenants are treated as provided by the REIT due to the ownership and

control of Infinity Healthcare by Mr. Gubin, the Company’s Chairman and Chief Executive Officer, and Mr. Blisko, a director of

the Company, then the rents paid by the tenants may not qualify as “rents from real property” and our REIT qualification

could be threatened.

may only provide services directly to our tenants, if the services are “usually or customarily rendered” in connection with

the rental of space for occupancy only and are not considered to be provided for the tenants’ convenience. In addition, we may

provide a minimal amount of “noncustomary” services to the tenants of a property, other than through an independent contractor

or a taxable REIT subsidiary, as long as our income from the services (valued at not less than 150% of the direct cost of performing

such services) does not exceed 1% of our income from the property. If we provide other services to our tenants which exceed this threshold,

then the rents from the tenants will not qualify as “rents from real property” and our REIT qualification could be threatened.

any of the consulting services provided by Infinity Healthcare to our tenants are “noncustomary services” and are treated

as provided by the REIT to the tenants due to the fact that the Company’s Chairman and Chief Executive Officer and director own

and control Infinity Healthcare and these individuals hold officer and/or director positions with the Company, the rents from these tenants

will not qualify as “rents from real property” and our REIT qualification could be threatened.

Risks

Related to Ownership of our Common Stock

Although

the shares of our common stock are currently listed on the NYSE American, there has been limited trading of our shares. Following the

offering, an active trading market may not develop or continue to be liquid and the market price of shares of our common stock may be

volatile.

date, there has been only limited trading of our shares on the NYSE American. Following the offering, there can no assurance that an

active market for shares of our common stock would develop or be sustained. In the absence of an active public trading market, shareholders

may not be able to sell their shares of our common stock. The lack of an active market for our shares may also impair our ability to

raise capital by selling shares, our ability to motivate our employees through equity incentive awards and our ability to acquire other

companies, products or technologies by using shares as consideration.

are required to satisfy NYSE American’s continued qualification standards. If we fail to do so, our shares would no longer be eligible

for trading on the NYSE American.

The

market price and trading volume of our common stock may be volatile following this offering.

Even

if an active trading market develops for our common stock, the trading price of the common stock may be volatile. In addition, the trading

volume in our common stock may fluctuate and cause significant price variations to occur. If the trading price of our common stock declines

significantly, you may be unable to resell your shares at or above the public offering price. Some of the factors that could negatively

affect our share price or result in fluctuations in the price or trading volume of our common stock include:

●

the

number of shares of our common stock publicly owned and available for trading;

●

overall

performance of the equity markets and/or publicly listed healthcare REITs;

●

actual

or anticipated fluctuations in our revenue or other operating metrics;

●

our

actual or anticipated operating performance and the operating performance of our competitors;

●

changes

in the financial projections we provide to the public or our failure to meet these projections;

●

failure

of securities analysts to initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow

our company, or our failure to meet the estimates or the expectations of investors;

●

any

major change in our Board, management, or key personnel;

●

the

economy as a whole and market conditions in our industry;

●

rumors

and market speculation involving us or other companies in our industry;

●

announcements

by us or our competitors of significant innovations, new products, services, features, integrations or capabilities, acquisitions,

strategic investments, partnerships, joint ventures, or capital commitments;

●

new

laws or regulations or new interpretations of existing laws or regulations applicable to our business, including those related to

data privacy and cyber-security in the U.S. or globally;

●

lawsuits

threatened or filed against us;

●

other

events or factors, including those resulting from war, incidents of terrorism, or responses to these events; and

●

sales

or expected sales of our common stock by us and our officers, directors and principal stockholders.

addition, stock markets have experienced price and volume fluctuations that have affected and continue to affect the market prices of

equity securities of many companies. Stock prices of many companies have fluctuated in a manner often unrelated to the operating performance

of those companies. If we were to become involved in securities litigation, it could subject us to substantial costs, divert resources

and the attention of management from our business and harm our business, results of operations and financial condition.

Sales

of substantial amounts of our common stock in the public market following the offering or the perception that sales might occur, could

cause the market price of our common stock to decline.

addition to the supply and demand and volatility factors discussed above, sales of a substantial number of shares of our common stock

into any public market for our shares, particularly sales by our directors, executive officers and principal stockholders, or the perception

that these sales might occur in large quantities, could cause the market price of our common stock to decline.

also may issue our capital stock or securities convertible into our capital stock from time to time in connection with a financing, acquisition,

investments, or otherwise, but we will not conduct any such issuance during any period in which this registration statement is effective.

Any such issuance could result in substantial dilution to our stockholders and cause the public price of our common stock to decline.

Increases

in market interest rates may have an adverse effect on the trading prices of our common stock as prospective purchasers of our common

stock may expect a higher dividend yield.

One

of the factors that will influence the trading prices of our common stock will be the dividend yield on the common stock (as a percentage

of the price of our common stock) relative to market interest rates. An increase in market interest rates, which are currently at low

levels relative to historical rates, may lead prospective purchasers of our common stock to expect a higher dividend yield (with a resulting

decline in the trading prices of our common stock) and higher interest rates would likely increase our borrowing costs and potentially

decrease funds available for distribution. Thus, higher market interest rates could cause the market price of our common stock to decrease.

Sales

of our common stock or other securities, or the perception that future sales may occur, may cause the market price of our common stock

to decline, even if our business is doing well.

Sales

of our common stock or other securities, or the perception that future sales may occur, may cause the market price of our common stock

to decline, even if our business is doing well. Sales of substantial amounts of our common stock or other securities in the public market,

or the perception that these sales could occur, could materially and adversely affect the price of our common stock and could impair

our ability to raise capital through the sale of additional shares.

Historically,

we have used our shares of common stock to fund our operating partnership and satisfy our outstanding debt obligations, and, in the future,

we expect to continue to issue our securities to raise additional capital, fund our operating partnership, or satisfy outstanding debt

obligations. The number of new shares of our common stock issued in connection with raising additional capital could constitute a material

portion of the then-outstanding shares of our common stock.

Additional

risk factors not presently known to the Company may also impair the Company’s business or results of operations. The Company may

disclose changes to the foregoing risk factors or disclose additional risk factors from time to time in future filings with the SEC.

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