NLOP is a REIT that owns a portfolio of office buildings leased to corporate tenants on a single-tenant, net-lease basis. As of year-end 2025, NLOP owned 24 properties totaling approximately 3.4M square feet, leased to 26 tenants, generating about $54M in annualized base rent. Under net leases, tenants pay rent plus substantially all costs to operate and maintain the properties — taxes, insurance, and maintenance — making cash flows more predictable than a traditional landlord. NLOP has no employees; W. P. Carey affiliates externally manage the company under advisory agreements. Critically, NLOP is not a traditional going-concern business. NLOP was spun off from W. P. Carey in November 2023 specifically to be wound down — its stated strategy is to sell properties over time and return proceeds to shareholders. The portfolio started with 59 properties at spin-off and had been reduced to 24 by year-end 2025. Sale proceeds have been used to repay debt, including two spin-off financing facilities totaling $455M, with only a single property-level mortgage of $21.9M remaining. The pace and pricing of remaining dispositions will determine total value returned to shareholders. Key portfolio risks include occupancy of roughly 79%, a weighted-average lease term of 3.9 years, and only about 20% of rent coming from investment-grade tenants — characteristics that present challenges in the current office real estate market.