FrontView REIT is an internally managed net lease REIT that acquires, owns, and manages small commercial outparcels — properties with direct frontage on high-traffic roads, typically at the front of major retail nodes. The portfolio comprised 303 properties across 37 states as of year-end 2025, with ~99% occupancy and ~$62.9M in annualized base rent. Tenants are primarily service- and necessity-oriented businesses: quick-service restaurants, medical and dental providers, automotive services, banks, fitness operators, car washes, and convenience stores. FrontView leases these properties under long-term net leases, meaning tenants cover most property-level operating costs, resulting in very high NOI margins. No single tenant exceeds 3.51% of ABR, and about 35% of tenants by ABR carry investment-grade credit ratings. FrontView grows by acquiring smaller properties (averaging ~$3.6–4M per asset) in the fragmented private-seller market, where institutional competition is limited, targeting cap rates meaningfully above its cost of capital. The company also actively recycles capital by selling lower-quality assets and redeploying proceeds into higher-quality properties. When properties go vacant, FrontView re-leases rather than sells, historically achieving rent recoveries above 110% of prior rents. About 97% of leases include contractual rent bumps, providing organic income growth. FrontView is conservatively levered and operates with just 22 full-time employees, which management argues enables faster per-share growth relative to larger net lease peers.