Copper Property CTL Pass Through Trust

Copper Property CTL Pass Through Trust primarily operates as a real estate holding and leasing entity. The Trust was established on January 30, 2021, following the reorganization of J. C. Penney Company, Inc. (Old Copper). On this date, the Trust, through its wholly-owned property holding companies (PropCos), initially owned 160 retail properties and six distribution centers. All of these properties were leased under two Master Leases to subsidiaries of Penney Intermediate Holdings LLC, an entity controlled by a joint venture between Simon Property Group, L.P. and Brookfield Asset Management Inc. The Trust's operations involve owning these properties, operating and leasing them to Penney Intermediate Holdings LLC as the sole tenant under the Master Leases, and selling properties to third-party purchasers, subject to market conditions and the Trust Agreement. During the year ended December 31, 2025, the Trust sold four Retail Properties for proceeds of $32,265, resulting in a gain on sales of investment properties of $4,273. The Trust paid distributions to Certificateholders totaling $128,339 during the year ended December 31, 2025. As of December 31, 2025, Copper Property CTL Pass Through Trust owned 117 Retail Properties located across 35 states and Puerto Rico in the United States, encompassing 15.5 million square feet of leasable space. The Trust Agreement, dated as of the Effective Date, created 75 million "Copper Property CTL Pass Through Certificates" which were issued on the Effective Date.