Wheeler Real Estate Investment Trust : Third Quarter 2025 Supplement

About this update from Wheeler Real Estate Investment Trust, Inc.

Hampton, VA SUPPLEMENTAL WHLR REAL ESTATE INVESTMENT TRUST €oliseum MQ €Iover Plaza Clover, SC WH " LR Table of Contents Page Glossary of Terms 4 Company Overview 6 Financial and Portfolio Overview 7 Financial and Operating Results 8 Financial Summary Consolidated Balance Sheets 14 Consolidated Statements of Operations 15 Reconciliation of Non-GAAP Measures 16 Debt Summary 19 Portfolio Summary Property Summary 21 Top Ten Tenants by Annualized Base Rent and Lease Expiration Schedules 24 Leasing Summary 26 Cautionary Note on Forward-Looking Statements This document contains forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor. When used in this presentation, the words "continue," "may," "approximately," "potentially," or similar expressions, are intended to identify forward-looking statements. These forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks include, but are not limited to:the use of and demand for retail space; general and economic business conditions, including the rate and other terms on which we are able to lease our properties; the loss or bankruptcy of the Company's tenants; the geographic concentration of our properties in the Mid-Atlantic, Southeast and Northeast; consumer spending and confidence trends, including those affecting the ability of individuals to spend in retail shopping centers; availability, terms and deployment of capital; substantial dilution of our common stock, par value $0.01 ("Common Stock") and steep decline in its market value resulting from the exercise by the holders of our Series D Cumulative Convertible Preferred Stock (the "Series D Preferred Stock") of their redemption rights and downward adjustment of the Conversion Price (as defined below) on our outstanding 7.00% Subordinated Convertible Notes due 2031 (the "Convertible Notes"), each of which has already occurred and is anticipated to continue; given the volatility in the trading of our Common Stock, whether we have registered and, as necessary, can continue to register sufficient shares of our Common Stock to settle redemptions of all Series D Preferred Stock tendered to us by the holders thereof; the degree and nature of our competition; our ability to hire, develop and/or retain talent; changes in applicable laws and governmental regulations, including federal tax law and other regulatory provisions as a result of the One Big Beautiful Bill Act (the "OBBBA") signed into law on July 4, 2025; changes to accounting rules, tax rates and similar matters, including tariff-related measures; the ability and willingness of the Company's tenants and other third parties to satisfy their obligations under their respective contractual arrangements with the Company; the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration; the Company's ability to re-lease its properties on the same or better terms in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; litigation risks generally; the Company's ability to maintain compliance with the financial and other covenants in its debt agreements and under the terms of its Series D Preferred Stock; financing risks, such as the Company's inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability and increases in the Company's borrowing costs as a result of changes in interest rates and other factors; the impact of the Company's leverage on operating performance; our ability to successfully execute strategic or necessary asset acquisitions and divestitures; our ability to repurchase noncontrolling interests and the price and timing of such repurchases; risks related to the market for retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, adverse impact of e-commerce, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence; risks endemic to real estate and the real estate industry generally; the adverse effect of any future pandemic, endemic or outbreak of infectious diseases, and mitigation efforts, including government-imposed lockdowns, to control their spread; risks to our information systems - or those of our tenants or vendors - from service interruption, misappropriation of data, breaches of security or information technology, or other cyber-related attacks; the Company's ability to maintain compliance with the listing standards of the Nasdaq Capital Market ("Nasdaq"); the effects on the trading market of our Common Stock of the one-for-two reverse stock split effected on November 18, 2024 ( the "November 2024 Reverse Stock Split") and the three reverse stock splits effected in 2024 prior to the November 2024 Reverse Stock Split (together with the November 2024 Reverse Stock Split, the "2024 Reverse Stock Splits"), the one-for-four reverse stock split effected on January 27, 2025 (the "January 2025 Reverse Stock Split"), the one-for-five reverse stock split effected on March 26, 2025 (the "March 2025 Reverse Stock Split"), the one-for-seven reverse stock split effected on May 26, 2025 (the "May 2025 Reverse Stock Split"), and the one-for-five reverse stock split effected on September 22, 2025 (the "September 2025 Reverse Stock Split"; and together with the January 2025 Reverse Stock Split, March 2025 Reverse Stock Split and May 2025 Reverse Stock Split , the "2025 Reverse Stock Splits"; the 2025 Reverse Stock Splits and the 2024 Reverse Stock Splits are being referred to collectively as the "Reverse Stock Splits") and any reverse stock splits the Company may effect in the future; damage to the Company's properties from catastrophic weather and other natural events, and the physical effects of climate change; the risk that an uninsured loss on the Company's properties or a loss that exceeds the limits of the Company's insurance policies could subject the Company to lost capital or revenue on those properties; the risk that continued increases in the cost of necessary insurance could negatively impact the Company's profitability; the Company's ability and willingness to maintain its qualification as a real estate investment trust ("REIT") in light of economic, market, legal, tax and other considerations; the ability of our operating partnership, Wheeler REIT, L.P. (the "Operating Partnership"), and each of our other partnerships and limited liability companies to be classified as partnerships or disregarded entities for federal income tax purposes; the impact of e-commerce on our tenants' business; the impact of the current federal government shutdown; and the inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws. The forward-looking statements contained in this document are based on our current expectations and beliefs concerning future developments and their potential effects on the Company. For a description of the risks and uncertainties that could impact the Company's future results, performance or transactions, see the reports filed by the Company with the SEC, including its quarterly reports on Form 10-Q and annual reports on Form 10-K. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. All of the above factors are difficult to predict, contain uncertainties that may materially affect the Company's actual results and may be beyond the Company's control. New factors emerge from time to time, and it is not possible for the Company's management to predict all such factors or to assess the effects of each factor on the Company's business. Accordingly, there can be no assurance that the Company's current expectations will be realized. ‌Glossary of Terms Term Definition Adjusted FFO ("AFFO") We believe the computation of funds from operations ("FFO") in accordance with the National Association of Real Estate Investment Trusts' ("Nareit") definition includes certain items that are not indicative of the results provided by our operating portfolio and affect the comparability of our period-over-period performance. These items include, but are not limited to, legal settlements, non-cash share-based compensation expense, non-cash amortization on loans and acquisition costs. Therefore, in addition to FFO, management uses Adjusted FFO ("AFFO"), a non-GAAP measure, for REITs, which we define to exclude such items. Management believes that these adjustments are appropriate in determining AFFO as they are not indicative of the operating performance of our assets. In addition, we believe that AFFO is a useful supplemental measure for the investing community to use in comparing us to other REITs as many REITs provide some form of adjusted or modified FFO. However, there can be no assurance that AFFO presented by us is comparable to the adjusted or modified FFO of other REITs. Anchor Lease occupying 20,000 square feet or more. Annualized Base Rent ("ABR") Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") Funds from Operations ("FFO") Gross Leasable Area ("GLA") Monthly base rent on occupied space as of the end of the current reporting period multiplied by twelve months, excluding the impact of tenant concessions and rent abatements. A widely-recognized non-GAAP financial measure that the Company believes, when considered with financial statements prepared in accordance with GAAP, is useful to investors and lenders in understanding financial performance and providing a relevant basis for comparison against other companies, including other REITs. While EBITDA should not be considered as a substitute for net income attributable to the Company's common stockholders, net operating income, cash flow from operating activities, or other income or cash flow data prepared in accordance with GAAP, the Company believes that EBITDA may provide additional information with respect to the Company's performance or ability to meet its future debt service requirements, capital expenditures and working capital requirements. The Company computes EBITDA by excluding interest expense, net loss attributable to noncontrolling interests, depreciation and amortization, and impairment of long-lived assets and notes receivable from income from continuing operations. The Company also presents Adjusted EBITDA, which excludes items affecting the comparability of the periods presented, including but not limited to, costs associated with acquisitions and capital related activities. We use FFO, a non-GAAP measure, as an alternative measure of our operating performance, specifically as it relates to results of operations and liquidity. We compute FFO in accordance with standards established by the Board of Governors of Nareit in its March 1995 White Paper (as amended in November 1999, April 2002 and December 2018). As defined by Nareit, FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate-related depreciation and amortization (excluding amortization of loan origination costs), plus impairment of real estate related long-lived assets and after adjustments for unconsolidated partnerships and joint ventures. Most industry analysts and equity REITs, including us, consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions and excluding depreciation, FFO is a helpful tool that can assist in the comparison of the operating performance of a company's real estate between periods, or as compared to different companies. Management uses FFO as a supplemental measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income alone as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time, while historically real estate values have risen or fallen with market conditions. Accordingly, we believe FFO provides a valuable alternative measurement tool to GAAP when presenting our operating results. The total amount of leasable space in an investment property. Ground Lease A lease in which the tenant owns the building but not the land it is built on. Term Definition Leased Rate / % Leased The space committed to lessee under a signed lease agreement as of September 30, 2025, expressed as a percentage of Gross Leasable Area. Local Tenant Tenant with presence in one state with 10 or less locations. National / Regional Tenant Occupancy Rate / % Occupied Rent Spread: Tenant with presence in multiple states or a single state presence with more than 10 locations. The space delivered to a tenant under a signed lease agreement as a percentage of gross leasable area through September 30, 2025. New Rent Spread Weighted average change over the gross value of a new lease, annualized per square foot, compared to the annualized base rent per square foot of the prior tenant. Renewal Rent Spread Weighted average change over the gross value of a renewed lease, annualized per square foot, compared to the annualized base rent per square foot of the prior rate. Same-Property Properties owned during all periods presented herein. Same-Property Net Operating Income ("Same-Property NOI") Same-Property net operating income ("Same-Property NOI") is a widely-used non-GAAP financial measure for REITs. The Company believes that Same-Property NOI is a useful measure of the Company's property operating performance. The Company defines Same-Property NOI as property revenues (rental and other revenues) less property and related expenses (property operation and maintenance and real estate taxes). Because Same-Property NOI excludes above (below) market lease amortization, straight-line rents, general and administrative expenses, depreciation and amortization, gain or loss on sale or capital expenditures and leasing costs and impairment charges, it provides a performance measure, that when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing perspective not immediately apparent from operating income. The Company uses Same-Property NOI to evaluate its operating performance since Same-Property NOI allows the Company to evaluate the impact of factors, such as occupancy levels, lease structure, lease rates and tenant base, have on the Company's results, margins and returns. Properties are included in Same-Property NOI if they are owned and operated for the entirety of both periods being compared. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from Same-Property NOI. The most directly comparable GAAP financial measure is consolidated operating income. Same-Property NOI should not be considered as an alternative to consolidated operating income prepared in accordance with GAAP or as a measure of liquidity. Further, Same-Property NOI is a measure for which there is no standard industry definition and, as such, it is not consistently defined or reported on among the Company's peers, and thus may not provide an adequate basis for comparison among REITs. SOFR Secured Overnight Financing Rate Undeveloped Property Vacant land without GLA. ‌Company Overview Headquartered in Virginia Beach, Virginia, Wheeler Real Estate Investment Trust, Inc. (Nasdaq: WHLR) is a fully-integrated, self-managed commercial real estate investment company focused on owning, leasing and operating income-producing retail properties with a primary focus on grocery-anchored centers. WHLR's portfolio contains well-located, potentially dominant retail properties in secondary and tertiary markets that generate attractive, risk-adjusted returns. WHLR's common stock, Series B convertible preferred stock ("Series B Preferred Stock" and, together with the Series D Preferred Stock, the "Preferred Stock"), Series D Preferred Stock, and Convertible Notes trade publicly on Nasdaq under the symbols "WHLR", "WHLRP", "WHLRD", and "WHLRL", respectively. Cedar Realty Trust, Inc. ("CDR" or "Cedar") is a subsidiary of WHLR. CDR's 7-1/4% Series B cumulative redeemable preferred stock ("Cedar Series B Preferred Stock") and 6-1/2% Series C cumulative redeemable preferred stock ("Cedar Series C Preferred Stock") trade publicly on the New York Stock Exchange ("NYSE") under the symbols "CDRpB" and "CDRpC", respectively and represent a noncontrolling interest to WHLR. Accordingly, the use of the word "Company" refers to WHLR and its consolidated subsidiaries, which includes Cedar, except where the context otherwise requires. Corporate Headquarters Wheeler Real Estate Investment Trust, Inc. 2529 Virginia Beach Boulevard Virginia Beach, VA 23452 Phone: (757) 627-9088 Toll Free: (866) 203-4864 Website: https://www.whlr.us Executive Management M. Andrew Franklin - CEO and President Crystal Plum - CFO Board of Directors Board of Directors Stefani D. Carter (Chair) Kerry G. Campbell (Chair) E.J. Borrack E.J. Borrack Robert Brady M. Andrew Franklin Kerry G. Campbell Crystal Plum Gregory P. Hannon Paula Poskon Rebecca Musser Gary Skoien Megan Parisi Joseph D. Stilwell Stock Transfer Agent and Registrar Computershare Trust Company, N.A. 150 Royall Street, Suite 101 Canton, MA 02021 https://www.computershare.com Investor Relations Representative [email protected] Office: (757) 627-9088 ‌Financial and Portfolio Overview All share and share-related information for all periods presented reflect the Reverse Stock Splits unless otherwise noted. For the three months ended September 30, 2025 (consolidated amounts unless otherwise noted) Financial Results Net income attributable to Wheeler REIT common stockholders (in 000s) $ 8,914 Basic earnings per share $ 18.37 Diluted loss per share $ (0.83) FFO available to common stockholders and Operating Partnership (OP) unitholders (in 000s) $ 18,062 FFO per common share $ 37.23 AFFO (in 000s) $ 2,040 AFFO per common share $ 4.20 Assets and Leverage Real Estate, net of $121.1 million accumulated depreciation (in 000s) $ 497,053 Cash and Cash Equivalents (in 000s) $ 27,093 Total Assets (in 000s) $ 625,174 Total Debt (in 000s) $ 502,676 Debt to Total Assets 80.4 % Debt to Gross Asset Value 66.5 % Shares Outstanding at Third Quarter stock Stock Price at Ticker September 30, 2025 price range September 30, 2025 WHLR 946,967 $6.15-$32.00 $ 6.26 WHLRP 2,887,818 $3.50-$4.25 $ 4.23 WHLRD 1,576,557 $33.25-$38.18 $ 36.73 CDRpB 857,237 $15.65-$18.99 $ 17.77 CDRpC 2,287,466 $14.80-$16.74 $ 16.12 Common Stock market capitalization (in 000s) $ 5,928 Portfolio Summary GLA in sq. ft. 5,182,474 2,253,544 Occupancy Rate 93.8 % 87.0 % Leased Rate 94.1 % 88.4 % Annualized Base Rent (in 000s) $ 50,918 $ 21,186 Total number of leases signed or renewed 37 13 Total sq. ft. leases signed or renewed 173,000 75,413 ‌Financial and Operating Results Today, WHLR reported its financial and operating results for the three and nine months ended September 30, 2025. For the three months ended September 30, 2025 and 2024, WHLR's net income (loss) attributable to WHLR's common stockholders resulted in basic earnings (loss) per share of $18.37 and $(129,727.27), respectively. For the nine months ended September 30, 2025 and 2024, WHLR's net loss attributable to WHLR's Common stockholders resulted in basic loss per share of $(14.77) and $(306,282.49), respectively. "WHLR's third-quarter results reflect the Company's disciplined portfolio management, active capital markets transactions, and a focus on leasing and operational efficiency. Same-Property NOI growth of 4.2% reflects the Company's long-term objective to look beyond just ABR growth and mitigate the impact of raising operating costs through improved tenant reimbursement structures. The Company's ability to execute strategic dispositions, manage leverage, and drive rent growth positions us to navigate ongoing market challenges and pursue value creation for shareholders of both WHLR and Cedar." - M. Andrew Franklin, Chief Executive Officer and President 2025 THIRD QUARTER HIGHLIGHTS (All comparisons are to the same prior year period unless otherwise noted) LEASING The Company's real estate portfolio: was 91.8% occupied, a 20 basis point decrease from 92.0%; was 92.4% leased, a 140 basis point decrease from 93.8%; and includes 31 properties that are 100% leased. WHLR quarter-to-date leasing activity Executed 32 lease renewals, totaling 160,167 square feet at a weighted average increase of $1.04 per square foot, representing an increase of 9.5% over in-place rental rates. Signed 5 new leases, totaling 12,833 square feet with a weighted average rental rate of $21.93 per square foot, representing a new rent spread of 13.8%. The WHLR portfolio, excluding Cedar, was: 93.8% occupied, a 100 basis point decrease from 94.8%; and 94.1% leased, a 170 basis point decrease from 95.8%. CDR quarter-to-date leasing activity Executed 9 lease renewals, totaling 40,316 square feet at a weighted average increase of $2.12 per square foot, representing an increase of 13.6% over in-place rental rates. Signed 4 new leases, totaling 35,097 square feet with a weighted average rental rate of $9.09 per square foot, representing a new rent spread of 14.8%. The Cedar portfolio was: 87.0% occupied, a 70 basis point increase from 86.3%; and 88.4% leased, a 130 basis point decrease from 89.7%. The Company's GLA, which is subject to leases that expire over the next three months and includes month-to-month leases, decreased to approximately 1.1%, compared to 1.6%. At September 30, 2025, 30.9% of this expiring GLA is subject to renewal options (a lease expiration schedule can be found on page 24 and provides additional details on the Company's leases). SAME-PROPERTY NET OPERATING INCOME Same-Property NOI increased by 3.3% or $0.5 million. Same-Property NOI was impacted by: $0.9 million increase in property revenue; partially offset by $0.4 million increase in property expense. OPERATIONS Total revenue of $23.8 million decreased by 3.9% or $1.0 million, primarily a result of: $1.9 million decrease in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to properties that were sold in 2024 and 2025; partially offset by $0.9 million increase in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to same center properties. Total operating expenses of $18.3 million increased by 1.9% or $0.3 million, primarily a result of: $1.3 million increase in impairment recorded for Carll's Corner, located in Bridgeton, New Jersey, in 2025 compared to impairment recorded for Oregon Avenue, located in Philadelphia, Pennsylvania, in 2024; $0.2 million increase in professional fees; $0.2 million increase in real estate taxes; $0.1 million increase in corporate administration; $0.1 million increase in repairs and maintenance; and $0.1 million increase in utilities; partially offset by $1.1 million decrease in operating expenses attributable to properties that were sold in 2024 and 2025; and $0.6 million decrease in depreciation and amortization. FINANCIAL FFO was $18.1 million, or $37.23 per share of the Company's Common Stock as compared to FFO of $(35.0) million, or $(127,280.00) per share. AFFO was $4.20 per share of the Company's Common Stock as compared to $3,501.82 per share. CAPITAL MARKETS The Company effected a one-for-five reverse stock split on September 22, 2025. The Company issued 578,800 shares of its Common Stock to unaffiliated holders in exchange for 140,600 shares of the Company's Series D Preferred Stock and 208,200 shares of the Company's Series B Preferred Stock. The fair market value of the Common Stock issued in exchange for Preferred Stock was less than the carrying value of the Preferred Stock retired in those transactions resulting in $3.0 million for the three months end September 30, 2025, recognized as a deemed contribution within accumulated deficit in the condensed consolidated balance sheet, with such deemed contributions included as a component of net income (loss) attributable to common shareholders. The Company recognized a non-operating gain of $15.0 million in net changes in fair value of derivative liabilities, primarily related to the conversion rate on the Convertible Notes relative to market trade prices of the Convertible Notes and Common Stock. CEDAR CAPITAL MARKETS Cedar repurchased and retired 620,069 shares of Cedar Series C Preferred Stock. The shares of Cedar Series C Preferred Stock were repurchased for an aggregate of $10.1 million at an average price of $16.30 per share, representing a premium to the carrying value of $6.55 per share to the carrying value. 2025 YEAR-TO-DATE HIGHLIGHTS (All comparisons are to the same prior year period unless otherwise noted) LEASING WHLR Year-To-Date Leasing Activity Executed 89 lease renewals totaling 457,848 square feet at a weighted average increase of $1.27 per square foot, representing an increase of 12.4% over in-place rental rates. Signed 23 new leases totaling 104,228 square feet with a weighted average rental rate of $13.97 per square foot, representing a new rent spread of 36.3%. CDR Year-To-Date Leasing Activity Executed 23 lease renewals totaling 192,140 square feet at a weighted average increase of $0.96 per square foot, representing an increase of 10.6% over in-place rental rates. Signed 9 new leases totaling 51,799 square feet with a weighted average rental rate of $13.22 per square foot, representing a new rent spread of 4.9%. SAME-PROPERTY NET OPERATING INCOME Same-Property NOI increased by 4.2% or $1.8 million. Same-Property NOI was impacted by: $2.6 million increase in property revenue; partially offset by $0.8 million increase in property expense. OPERATIONS Total revenue of $74.3 million decreased by 3.5% or $2.7 million, primarily a result of: $5.5 million decrease in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to properties that were sold in 2024 and 2025; partially offset by $2.7 million increase in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to same center properties; and $0.1 million increase in market lease amortization and straight line rent. Total operating expenses of $52.6 million decreased by 2.8% or $1.5 million, primarily a result of: $2.6 million decrease in operating expenses attributable to properties that were sold in 2024 and 2025; $1.6 million decrease in depreciation and amortization; and $0.3 million decrease in property administrative expenses; partially offset by $1.3 million increase in impairment recorded for Carll's Corner, located in Bridgeton, New Jersey, in 2025 compared to impairment recorded for South Philadelphia, located in Philadelphia, Pennsylvania, in 2024; $0.7 million increase in grounds and landscaping, primarily due to an increasae in snow removal; $0.3 million increase in salaries; $0.3 million increase in corporate administration; $0.2 million increase in utilities; and $0.2 million in real estate taxes. FINANCIAL FFO of $13.8 million, or $68.28 per share of the Company's Common Stock as compared to FFO of $(42.7) million, or $(241,096.05) per share. AFFO of $34.98 per share of the Company's Common Stock as compared to $21,355.93 per share. CAPITAL MARKETS September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Stock class Number of shares Liquidation value (1) Number of shares Liquidation value (1) Number of shares Liquidation value (1) Number of shares Liquidation value (1) Number of shares Liquidation value (1) WHLR 946,967 218,932 16,839 1,871 464 WHLRP 2,887,818 $72.2 3,096,018 $77.4 3,218,718 $80.5 3,357,142 $83.9 3,379,142 $84.5 WHLRD (2) 1,576,557 $66.0 1,776,179 $72.7 1,903,921 $77.3 2,236,046 $88.7 2,467,625 $96.9 CDRpB 857,237 $21.4 857,237 $21.4 1,449,609 $36.2 1,449,609 $36.2 1,449,609 $36.2 CDRpC 2,287,466 $57.2 2,907,535 $72.7 2,907,535 $72.7 4,208,694 $105.2 4,922,925 $123.1 Liquidation value in millions. Aggregate liquidation value shown. The Company effected a one-for-four, a one-for-five, and a one-for-seven reverse stock split on January 27, 2025, March 26, 2025 and May 26, 2025, respectively. The Company issued 643,258 shares of its Common Stock to unaffiliated holders in exchange for 401,474 shares of the Company's Series D Preferred Stock and 469,074 shares of the Company's Series B Preferred Stock. The fair market value of the Common Stock issued in exchange for Preferred Stock was less than the carrying value of the Preferred Stock retired in those transactions resulting in $8.5 million for the nine months ended September 30, 2025, recognized as a deemed contribution within accumulated deficit in the condensed consolidated balance sheet, with such deemed contributions included as a component of net income (loss) attributable to common shareholders. The Company issued an aggregate of 107,295 shares of its Common Stock, having an aggregate fair value of $2.4 million, to settle conversion requests of the holders of the Convertible Notes comprising an aggregate principal amount of $1.5 million, which resulted in an aggregate net loss on conversion of Convertible Notes of $0.9 million.

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