Strategic Realty Trust is a non-traded REIT that owns retail properties in California. The portfolio consists of six multi-tenant retail properties plus a land parcel, totaling roughly 27,000 square feet of commercial retail space, acquired for a combined purchase price of approximately $35.3M. The company has no employees and is externally managed by SRT Advisor, an affiliate of L3 Capital, a Chicago-based real estate investment firm. Strategic Realty Trust is no longer an operating business — stockholders approved a Plan of Liquidation in August 2023, and the company's sole purpose is now to sell its properties, repay its debts, and distribute remaining proceeds to stockholders. The liquidation faces serious risk: the company failed to meet financial covenants on its primary loan and is in maturity default as of January 9, 2024, having failed to repay approximately $18M outstanding. The lender has the right to commence foreclosure proceedings, and the company is negotiating a loan modification and extension with no guarantee of success. Outstanding debt of approximately $18M represents roughly 64% of the liquidation value of total assets, leaving a thin equity cushion. Any foreclosure could materially reduce or delay distributions to stockholders.