Strawberry Fields updates risk factors emphasizing related-party tenant concentration and balloon debt maturities

Strawberry Fields REIT, Inc.

As of Sep 30, 2025, 66 facilities leased to affiliates of CEO Moishe Gubin and director Michael Blisko; 46.5% of annualized base rent concentrated.
15 master leases account for 88.7% of annualized base rent; four master leases are with Gubin/Blisko affiliates.
Series A, C, D Bonds balloon payments due 2026; Series B Bonds due 2029; term loans balloon in 2027-2029.
Company has only 9 full-time employees; loss of key personnel (Gubin, CFO Flamion, CIO Bajtner) could materially affect operations.
About 91.5% of annualized base rent from skilled nursing facilities, exposing the company to healthcare reimbursement risk.

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