Updated Net Asset Valuation as of Nov. 5, 2025 and Regular Distributions (Form 8-K)

Re: Updated Net Asset Valuation as of Nov. 5, 2025 and Regular Distributions

Feb. 17, 2026

Dear Fellow Shareholder,

I am writing to inform you of an updated estimated net asset value (NAV) per share¹ for the Company's common stock as of Nov. 4, 2025. As you will recall, on Nov. 4, 2025, the Company signed a definitive transaction agreement with Sonida Senior Living, Inc. (Sonida or NYSE: SNDA), pursuant to which the Company will be acquired by Sonida (the Transaction). This proposed Transaction will provide the opportunity for full and real-time liquidity for the Company's shareholders upon closing, assuming the Company receives approval from a majority of shareholders entitled to vote and the other closing conditions in the agreement are met. Under the terms of the transaction agreement, Sonida will acquire all the Company's common stock for an aggregate estimated transaction consideration of $6.90 per common share, subject to certain adjustments.

Considering the pending Transaction, the Company has prepared an updated estimated NAV per share as of Nov. 4, 2025, to assist members of the Financial Industry Regulatory Authority (FINRA) in meeting customer account statement reporting obligations under FINRA Rule 2231.

The valuation committee of the Company's board of directors' , consisting solely of the Company's independent directors, and the board of directors (board) reviewed the terms and conditions of the transaction agreement and the KeyBanc Capital Markets written fairness opinion dated Nov. 4, 2025, delivered to the board and the special committee of the board. The board's valuation committee determined that the per share value for the Company's common stock was reasonable as of Nov. 4, 2025, and recommended the board approve $6.90 per share as the estimated NAV as of Nov. 4, 2025. The board unanimously approved $6.90 as the Company's adjusted estimated NAV per share of its common stock as of Nov. 4, 2025.¹

Finally, the board has declared a prorated regular quarterly distribution of $0.02133 per share for the first quarter through March 16, 2026.² This is based on the Company's current expectation that the pending Transaction will close in March 2026, though the closing date can change (or not happen at all). The distribution is expected to be paid on or about Feb. 18, 2026, to shareholders of record as of Feb. 13, 2026.

Thank you for being a valued shareholder. We look forward to your vote participation as we continue to diligently shepherd this important transaction to its conclusion. In the meantime, if you have questions regarding any of this information, please contact CNL Client Services, 866-650-0650, option 3, or your financial professional.

Stephen H. Mauldin

Chief Executive Officer, President & Vice Chairman

cc: Financial Professionals