Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations.

CAUTIONARY LANGUAGE

The following discussion and analysis should be read in conjunction with our unaudited "Consolidated Financial Statements" and the "Notes to Consolidated Financial Statements (Unaudited)" appearing elsewhere in this report. We make statements in this section that may be forward-looking statements within the meaning of the federal securities laws. For a complete discussion of forward-looking statements, see the section in this report entitled "Statement on Forward-Looking Information." References to the "Company," "we," "us," or "our company" refer to Global Self Storage, Inc., a Maryland corporation, including, as the context requires, its direct and indirect subsidiaries.

CRITICAL ACCOUNTING POLICIES

Our discussion and analysis of our financial condition and results of operations are based on our unaudited consolidated financial statements contained elsewhere in this report, which have been prepared in accordance with GAAP. Our Notes to Consolidated Financial Statements (Unaudited) contained elsewhere in this report describe the significant accounting policies essential to our unaudited consolidated financial statements. Preparation of our financial statements requires estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions that we have used are appropriate and correct based on information available at the time they were made. These estimates, judgments, and assumptions can affect our reported assets and liabilities as of the date of the financial statements, as well as the reported revenues and expenses during the period presented. If there are material differences between these estimates, judgments, and assumptions and actual facts, our financial statements may be affected.

In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require our judgment in its application. There are areas in which our judgment in selecting among available alternatives would not produce a materially different result, but there are some areas in which our judgment in selecting among available alternatives would produce a materially different result. Please refer to the notes to the unaudited consolidated financial statements that contain additional information regarding our critical accounting policies and other disclosures.

Management's Discussion and Analysis Overview

The Company is a self-administered and self-managed REIT that owns, operates, manages, acquires, and redevelops self storage properties ("stores" or "properties") in the United States. Our stores are designed to offer affordable, easily accessible, and secure storage space for residential and commercial customers. As of September 30, 2026, the Company owned and operated, or managed, through its wholly owned subsidiaries, thirteen stores located in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma. The Company was formerly registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a non-diversified, closed-end management investment company. The Securities and Exchange Commission's ("SEC") order approving the Company's application to deregister from the 1940 Act was granted on January 19, 2016. On January 19, 2016, the Company changed its name to Global Self Storage, Inc. from Self Storage Group, Inc., changed its SEC registration from an investment company to an operating company reporting under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and listed its common stock on Nasdaq under the symbol "SELF".

The Company was incorporated on December 12, 1996 under the laws of the state of Maryland. The Company has elected to be treated as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"). To the extent the Company continues to qualify as a REIT, it will not generally be subject to U.S. federal income tax, with certain limited exceptions, on its taxable income that is distributed to its stockholders.

Our store operations generated most of our net income for all periods presented herein. Accordingly, a significant portion of management's time is devoted to seeking to maximize cash flows from our existing stores, as well as seeking investments in additional stores. The Company expects to continue to earn a majority of its gross income from its store operations as our current store operations continue to develop and as we make additional store acquisitions. Over time, the Company expects to divest its remaining portfolio of investment securities and use the proceeds to acquire and operate additional stores. The Company expects its income from investment securities to continue to decrease as it continues to divest its holdings of investment securities.

Financial Condition and Results of Operations

Our financing strategy is to minimize the cost of our capital in order to maximize the returns generated for our stockholders. For future acquisitions, the Company may employ various financing and capital raising alternatives including, but not limited to, debt and/or equity offerings, credit facilities, mortgage financing, and joint ventures with third parties.

On June 24, 2016, certain wholly owned subsidiaries of the Company ("Term Loan Secured Subsidiaries") entered into a loan agreement and certain other related agreements (collectively, the "Term Loan Agreement") between the Term Loan Secured Subsidiaries and Insurance Strategy Funding IV, LLC (the "Term Loan Lender"). Under the Term Loan Agreement, the Term Loan Secured Subsidiaries borrowed from the Term Loan Lender in the principal amount of $20 million pursuant to a promissory note (the "Term Loan Promissory Note"). The Term Loan Promissory Note bears an interest rate equal to 4.192% per annum and is due to mature on July 1, 2036. Pursuant to a security agreement (the "Term Loan Security Agreement"), the obligations under the Term Loan Agreement are secured by certain real estate assets owned by the Term Loan Secured Subsidiaries. J.P. Morgan Investment Management, Inc. acted as Special Purpose Vehicle Agent of the Term Loan Lender. The Company entered into a non-recourse guaranty (the "Term Loan Guaranty," and together with the Term Loan Agreement, the Term Loan Promissory Note and the Term Loan Security Agreement, the "Term Loan Documents") to guarantee the payment to the Term Loan Lender of certain obligations of the Term Loan Secured Subsidiaries under the Term Loan Agreement. We have used some of the proceeds from the Term Loan Agreement to acquire four self storage properties in 2016.

On December 20, 2018, certain of our wholly owned subsidiaries ("Credit Facility Secured Subsidiaries") entered into a revolving credit loan agreement (collectively, the "Credit Facility Loan Agreement") between the Credit Facility Secured Subsidiaries and TCF National Bank ("Credit Facility Lender"). Under the Credit Facility Loan Agreement, the Credit Facility Secured Subsidiaries may borrow from the Credit Facility Lender in the principal amount of up to $10 million pursuant to a promissory note (the "Credit Facility Promissory Note"). The Credit Facility Promissory Note bears an interest rate equal to 3.00% over the One Month U.S. Dollar London Inter-Bank Offered Rate and was due to mature on December 20, 2021. The obligations under the Credit Facility Loan Agreement are secured by certain real estate assets owned by the Credit Facility Secured Subsidiaries. We entered into a guaranty of payment on December 20, 2018 (the "Credit Facility Guaranty," and together with the Credit Facility Loan Agreement, the Credit Facility Promissory Note and related instruments, the "Credit Facility Loan Documents") to guarantee the payment to the Credit Facility Lender of certain obligations of the Credit Facility Secured Subsidiaries under the Credit Facility Loan Agreement. As described in more detail below, the Credit Facility Loan Agreement has been replaced in its entirety by the Amended Credit Facility Loan Agreement on July 6, 2021, which was further amended on July 6, 2024.

On December 18, 2019, we completed a rights offering whereby we sold and issued an aggregate of 1,601,291 shares of our common stock ("common stock") at the subscription price of $4.18 per whole share of common stock, pursuant to the exercise of subscriptions and oversubscriptions from our stockholders. We raised aggregate gross proceeds of approximately $6.7 million in the rights offering.

On May 19, 2020, an affiliate of the Company (the "Borrower") entered into a Paycheck Protection Program Term Note ("PPP Note") with Customers Bank on behalf of itself, the Company, and certain other affiliates under the Paycheck Protection Program of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") administered by the U.S. Small Business Administration (the "SBA"). The Borrower received total proceeds of $486,602 from the PPP Note. On April 5, 2022, the Borrower was granted forgiveness of the entire PPP Note and any accrued interest. Upon forgiveness, the Company received $307,210 in cash from the Borrower, which was the amount attributable to the Company under the SBA's loan determination formula, and recorded a gain for such amount in its consolidated statements of operations and comprehensive income.

On June 25, 2021, we completed an underwritten public offering whereby we sold and issued an aggregate of 1,121,496 shares of our common stock at the price of $5.35 per share. Subsequently, the over-allotment option was exercised, increasing the total number of shares sold and issued to 1,289,720. We raised aggregate gross proceeds of approximately $6.9 million in the public offering after giving effect to the exercise of the over-allotment option.

On July 6, 2021, certain wholly owned subsidiaries ("Amended Credit Facility Secured Subsidiaries") of the Company entered into a first amendment to the Credit Facility Loan Agreement (collectively, the "Amended Credit Facility Loan Agreement") between the Amended Credit Facility Secured Subsidiaries and The Huntington National Bank, successor by merger to TCF National Bank ("Amended Credit Facility Lender"). Under the Amended Credit Facility Loan Agreement, the Amended Credit Facility Secured Subsidiaries were able to borrow from the Amended Credit Facility Lender in the principal amount of up to $15 million, reduced to $14.75 million and $14.5 million in years 2 and 3, respectively, pursuant to a promissory note (the "Amended Credit Facility Promissory Note"). The Amended Credit Facility Promissory Note bore an interest rate equal to 3% plus the greater of the One Month U.S. Dollar London Inter-Bank Offered Rate or 0.25% and was due to mature on July 6, 2024. The publication of LIBOR ceased after June 30, 2023. The Amended Credit Facility Loan Agreement provided for a replacement index based on the One Month Secured Overnight Financing Rate ("SOFR"). The interest rate on the Amended Credit Facility Promissory Note subsequent to June 30, 2023, was equal to 3% plus the greater of SOFR plus 0.11448% or 0.25%. The obligations under the Amended Credit Facility Loan Agreement were secured by certain real estate assets owned by the Amended Credit Facility Secured Subsidiaries. The Company entered into an amended and restated guaranty of payment on July 6, 2021 ("Amended Credit Facility Guaranty," and together with the Amended Credit Facility Loan Agreement, the Amended Credit Facility Promissory Note and related instruments, the "Amended Credit Facility Loan Documents") to guarantee the payment to the Amended Credit Facility Lender of certain obligations of the Amended Credit Facility Secured Subsidiaries under the Amended Credit Facility Loan Agreement. The Company and the Amended Credit Facility Secured Subsidiaries paid customary fees and expenses in connection with their entry into the Amended Credit Facility Loan Documents. As described in more detail below, the Amended Credit Facility Loan Agreement has been replaced in its entirety by the Second Amended Credit Facility Loan Agreement on July 6, 2024.

On January 14, 2022, the Company entered into an At the Market Offering Sales Agreement (the "Prior Sales Agreement") with B. Riley Securities, Inc. (the "Prior Sales Agent") pursuant to which the Company could sell, from time to time, shares of common stock, par value $0.01 per share, having an aggregate offering price of up to $15,000,000, through the Prior Sales Agent. During the twelve months ended December 31, 2022, under the Prior Sales Agreement, the Company sold and issued an aggregate of 373,833 shares of common stock and raised aggregate gross proceeds of approximately $2,272,628, less sales commissions of approximately $45,491 and other offering costs resulting in net proceeds of $2,008,436. Effective April 4, 2025, the Company delivered written notice to the Prior Sales Agent terminating the Prior Sales Agreement and entered into a new at the market offering sales agreement with another sales agent.

On July 6, 2024, certain wholly owned subsidiaries ("Second Amended Credit Facility Secured Subsidiaries") of the Company entered into a second amendment to the Credit Facility Loan Agreement (collectively, the "Second Amended Credit Facility Loan Agreement") between the Second Amended Credit Facility Secured Subsidiaries and The Huntington National Bank, successor by merger to TCF National Bank ("Second Amended Credit Facility Lender"). Under the Second Amended Credit Facility Loan Agreement, the Second Amended Credit Facility Secured Subsidiaries may borrow from the Second Amended Credit Facility Lender in the principal amount of up to $15 million, reduced to $14.75 million and $14.5 million on the first and second anniversary, respectively, pursuant to a promissory note (the "Second Amended Credit Facility Promissory Note"). The Second Amended Credit Facility Promissory Note bears an interest rate equal to 3% plus the greater of the SOFR or 0.25% and is due to mature on July 6, 2027, with an option to extend the maturity to July 6, 2028. As of September 30, 2026, the effective interest rate was approximately 6.9%. An annual unused facility fee is charged based on the daily average of the unadvanced amount of the Second Amended Credit Facility Loan Agreement during the trailing twelve month period ending each June 30. The fee will be calculated at 0.25% per annum if the daily average of the unadvanced amount of the Second Amended Credit Facility Loan Agreement during such trailing twelve month period was greater than fifty percent, and will be calculated at 0.15% if the daily average of the unadvanced amount of the Second Amended Credit Facility Loan Agreement during such trailing twelve month period was less than or equal to fifty percent. The obligations under the Second Amended Credit Facility Loan Agreement are secured by certain real estate assets owned by the Second Amended Credit Facility Secured Subsidiaries. The Company entered into a second amended and restated guaranty of payment as of July 6, 2024 ("Second Amended Credit Facility Guaranty," and together with the Second Amended Credit Facility Loan Agreement, the Second Amended Credit Facility Promissory Note and related instruments, the "Second Amended Credit Facility Loan Documents") to guarantee the payment to the Second Amended Credit Facility Lender of certain obligations of the Second Amended Credit Facility Secured Subsidiaries under the Second Amended Credit Facility Loan Agreement. The Company and the Second Amended Credit Facility Secured Subsidiaries paid customary fees and expenses in connection with their entry into the Second Amended Credit Facility Loan Documents. The Company also maintains a bank account at the Second Amended Credit Facility Lender. As of September 30, 2026, we have no withdrawn proceeds under the Second Amended Credit Facility Loan Agreement. We currently intend to strategically withdraw proceeds available under the Second Amended Credit Facility Loan Agreement to fund: (i) the acquisition of additional self storage properties, (ii) expansions at existing self storage properties in our portfolio, and/or (iii) joint ventures with third parties for the acquisition and expansion of self storage properties.

On July 8, 2024, in connection with the Second Amended Credit Facility Loan Agreement, the Company entered into a swap transaction for an interest rate derivative with Huntington (the "Cap Rate Agreement") effective July 10, 2024. The notional amount and strike rate are $7,500,000 and 5.25%, respectively. The cost of the initial premium was $57,000 and will be carried as an asset on the balance sheet at fair value. The Cap Rate Agreement terminates on July 6, 2027.

On April 4, 2025, the Company entered into an At the Market Offering Sales Agreement (the "Sales Agreement") with A.G.P./Alliance Global Partners (the "Agent") pursuant to which the Company could sell through the Agent, from time to time, shares of the Company's common stock, par value $0.01 per share, having an aggregate offering price of up to $15,000,000. There were no shares of common stock sold during the three and nine months ended September 30, 2026 under the Sales Agreement.

We continue to actively review a number of store and store portfolio acquisition opportunities and have been working to further develop and expand our current stores. We did not complete any acquisitions in the three and nine months ended September 30, 2026. In addition, we may pursue third-party management opportunities of properties owned by certain affiliates or joint venture partners for a fee, and utilize such relationships with third-party owners as a source for future acquisitions and investment opportunities. As of September 30, 2026, under our third-party management platform, Global MaxManagement^SM, we managed one third-party owned property, which was previously rebranded as "Global Self Storage," had 137,318 leasable square feet and was comprised of 619 climate-controlled and non-climate-controlled units located in Edmond, Oklahoma.

We expect we will have sufficient cash from current sources to meet our liquidity needs for the next twelve months because our capital resources currently exceed our projected expenses for the next twelve months. However, we may opt to supplement our equity capital and increase potential returns to our stockholders through the use of prudent levels of borrowings. We may use debt when the available terms and conditions are favorable to long-term investing and well-aligned with our strategic business plan.

As of September 30, 2026, the Company had capital resources totaling approximately $24.3 million, comprised of $7.5 million of cash, cash equivalents, and restricted cash and $2.3 million of marketable securities as of September 30, 2026, and $14.5 million available for withdrawal under the Second Amended Credit Facility Loan Agreement. Capital resources derived from retained cash flow have been and are currently expected to continue to be negligible. Retained operating cash flow represents our expected cash flow provided by operating activities, less stockholder distributions and capital expenditures to maintain stores. These capital resources allow us to continue to execute our strategic business plan, which includes funding acquisitions, either directly or through joint ventures; expansion projects at our existing properties; and broadening our revenue base and pipeline of potential acquisitions through developing Global MaxManagement^SM, our third-party management platform. Our board of directors regularly reviews our strategic business plan, including topics and metrices like capital formation, debt versus equity ratios, dividend policy, use of capital and debt, funds from operations ("FFO") and adjusted funds from operations ("AFFO") performance, and optimal cash levels. See the section titled "Non-GAAP Financial Measures" for the definition and use of FFO and AFFO.

We expect that the results of our operations will be affected by a number of factors. Many of the factors that will affect our operating results are beyond our control. The Company and its properties could be materially and adversely affected by the risks, or the public perception of the risks, related to, among other things, public health crises, natural disasters and geopolitical events, including the ongoing conflict between Iran and the United States, and Russia and Ukraine and the severe economic sanctions and export controls imposed by the U.S. and other governments against Russia and Russian interests, and Iran and Iranian interests, and the ongoing conflict between Israel and Hamas, financial and credit market volatility and disruptions, inflationary pressures, rising interest rates, supply chain issues, tariff and international trade disruptions, labor shortages and recessionary concerns.

Results of Operations for the Three Months Ended September 30, 2026 Compared with the Three Months Ended September 30, 2025

Revenues

Total revenues increased from $3,225,671 during the three months ended September 30, 2025 to $3,244,515 during the three months ended September 30, 2026, an increase of 0.6%, or $18,844. Rental income increased from $3,099,499 during the three months ended September 30, 2025 to $3,117,927 during the three months ended September 30, 2026, an increase of 0.6%, or $18,428. The increase was primarily attributable to increases to existing tenant rates under our proprietary revenue rate management program.

Other property related income consists of tenant insurance fees, sales of storage supplies, and other ancillary revenues. Other property related income increased from $107,911 during the three months ended September 30, 2025 to $108,013 during the three months ended September 30, 2026, an increase of 0.1%, or $102.

Income from our third-party management platform consists of management fees and customer insurance fees. Management fees and other income increased from $18,261 during the three months ended September 30, 2025 to $18,575 during the three months ended September 30, 2026.

Operating Expenses

Total operating expenses decreased from $2,497,241 during the three months ended September 30, 2025 to $2,467,301 during the three months ended September 30, 2026, a decrease of 1.2%, or $29,940, which was attributable primarily to a decrease in general and administrative expenses, partially offset by an increase in store operating expenses. Store operating expenses increased from $1,239,432 during the three months ended September 30, 2025 to $1,270,485 during the three months ended September 30, 2026, an increase of 2.5%, or $31,053. We experienced an increase in store operating expenses for the three months ended September 30, 2026, versus the same period in 2025, due primarily to increased expenses for employment costs and real estate property taxes, partially offset by a decrease in marketing expenses.

General and administrative expenses decreased from $826,220 during the three months ended September 30, 2025 to $780,492 during the three months ended September 30, 2026, a decrease of 5.5%, or $45,728. The decrease in general and administrative expenses during this period is primarily attributable to a decrease in professional fees.

Depreciation and amortization increased from $409,303 during the three months ended September 30, 2025 to $416,324 during the three months ended September 30, 2026.

Operating Income

As a result of the operating effects noted above, operating income increased from $728,430 during the three months ended September 30, 2025 to $777,214 during the three months ended September 30, 2026, an increase of 6.7%, or $48,784.

Other income (expense)

Interest expense on debt decreased from $209,142 during the three months ended September 30, 2025 to $200,286 during the three months ended September 30, 2026. This decrease was attributable to a lower principal balance outstanding.

Dividend, interest, and other income was $75,675 during the three months ended September 30, 2025 and $68,995 during the three months ended September 30, 2026.

The change in unrealized gains and losses on marketable equity securities was an unrealized loss of $98,704 during the three months ended September 30, 2025 and an unrealized loss of $229,231 during the three months ended September 30, 2026.

Net income

For the three months ended September 30, 2025, net income was $496,259, or $0.04 per fully diluted share, and for the three months ended September 30, 2026, net income was $416,692, or $0.04 per fully diluted share.

Results of Operations for the Nine Months Ended September 30, 2026 Compared with the Nine Months Ended September 30, 2025

Revenues

Total revenues increased from $9,546,353 during the nine months ended September 30, 2025 to $9,632,710 during the nine months ended September 30, 2026, an increase of 0.9%, or $86,357. Rental income increased from $9,162,139 during the nine months ended September 30, 2025 to $9,256,571 during the nine months ended September 30, 2026, an increase of 1.0%, or $94,432. The increase was primarily attributable to increases in existing tenant rates under our proprietary revenue rate management program.

Other property related income consists of tenant insurance fees, sales of storage supplies, and other ancillary revenues. Other property related income decreased from $328,789 during the nine months ended September 30, 2025 to $320,407 during the nine months ended September 30, 2026, a decrease of 2.5%, or $8,382. The decrease was primarily attributable to lower merchandise sales as a result of our complimentary high security lock with new rentals marketing promotion.

Income from our third-party management platform consists of management fees and customer insurance fees. Management fees and other income increased from $55,425 during the nine months ended September 30, 2025 to $55,732 during the nine months ended September 30, 2026.

Operating Expenses

Total operating expenses increased from $7,265,330 during the nine months ended September 30, 2025 to $7,589,932 during the nine months ended September 30, 2026, an increase of 4.5%, or $324,602, which was attributable to an increase in store-level operating expenses and an increase in general and administrative expenses. Store operating expenses increased from $3,627,372 during the nine months ended September 30, 2025 to $3,875,538 during the nine months ended September 30, 2026, an increase of 6.8%, or $248,166. We experienced an increase in store operating expenses for the nine months ended September 30, 2026, versus the same period in 2025, due primarily to increased expenses for employment costs and real estate property taxes, partially offset by decreases in marketing expenses, property insurance, and information technology.

General and administrative expenses increased from $2,391,807 during the nine months ended September 30, 2025 to $2,470,390 during the nine months ended September 30, 2026, an increase of 3.3%, or $78,583. The increase in general and administrative expenses during this period is primarily attributable to an increase in employment costs.

Depreciation and amortization increased from $1,223,865 during the nine months ended September 30, 2025 to $1,244,004 during the nine months ended September 30, 2026.

Operating Income

As a result of the operating effects noted above, operating income decreased from $2,281,023 during the nine months ended September 30, 2025 to $2,042,778 during the nine months ended September 30, 2026, a decrease of 10.4%, or $238,245.

Other income (expense)

Interest expense on debt decreased from $647,303 during the nine months ended September 30, 2025 to $607,201 during the nine months ended September 30, 2026. This decrease was attributable to a lower principal balance outstanding and an increase in the mark-to-market gain on the interest rate cap.

Dividend, interest, and other income was $217,404 during the nine months ended September 30, 2025 and $213,716 during the nine months ended September 30, 2026.

The change in unrealized gains and losses on marketable equity securities was an unrealized loss of $135,497 during the nine months ended September 30, 2025 and an unrealized gain of $74,033 during the nine months ended September 30, 2026.

Net income

For the nine months ended September 30, 2025, net income was $ 1,715,627, or $0.15 per fully diluted share, and for the nine months ended September 30, 2026, net income was $1,723,326, or $0.15 per fully diluted share.

Distributions and Closing Market Prices

Distributions for each of the nine months ended September 30, 2026 and 2025 were $0.2175 per share. The Company's closing market price as of September 30, 2026 and September 30, 2025 was $4.91 and $5.03, respectively. Past market price performance and distribution levels do not guarantee similar results in the future.

Non-GAAP Financial Measures

Funds from operations ("FFO") and FFO per share are non-GAAP measures defined by the National Association of Real Estate Investment Trusts ("NAREIT") and are considered helpful measures of REIT performance by REITs and many REIT analysts. NAREIT defines FFO as a REIT's net income, excluding gains or losses from sales of property, and adding back real estate depreciation and amortization. The Company also excludes changes in unrealized gains or losses on marketable equity securities. FFO and FFO per share are not a substitute for net income or earnings per share. FFO is not a substitute for GAAP net cash flow in evaluating our liquidity or ability to pay dividends, because it excludes financing activities presented on our statements of cash flows. In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful. However, the Company believes that to further understand the performance of its stores, FFO should be considered along with the net income and cash flows reported in accordance with GAAP and as presented in the Company's financial statements.

Adjusted FFO ("AFFO") and AFFO per share are non-GAAP measures that represent FFO and FFO per share excluding the effects of stock-based compensation, business development, capital raising, and acquisition related costs and non-recurring items, which we believe are not indicative of the Company's operating results. AFFO and AFFO per share are not a substitute for net income or earnings per share. AFFO is not a substitute for GAAP net cash flow in evaluating our liquidity or ability to pay dividends, because it excludes financing activities presented on our statements of cash flows. We present AFFO because we believe it is a helpful measure in understanding our results of operations insofar as we believe that the items noted above that are included in FFO, but excluded from AFFO, are not indicative of our ongoing operating results. We also believe that the analyst community considers our AFFO (or similar measures using different terminology) when evaluating us. Because other REITs or real estate companies may not compute AFFO in the same manner as we do, and may use different terminology, our computation of AFFO may not be comparable to AFFO reported by other REITs or real estate companies. However, the Company believes that to further understand the performance of its stores, AFFO should be considered along with the net income and cash flows reported in accordance with GAAP and as presented in the Company's financial statements.

We believe net operating income or "NOI" is a meaningful measure of operating performance because we utilize NOI in making decisions with respect to, among other things, capital allocations, determining current store values, evaluating store performance, and in comparing period-to-period and market-to-market store operating results. In addition, we believe the investment community utilizes NOI in determining operating performance and real estate values and does not consider depreciation expense because it is based upon historical cost. NOI is defined as net store earnings before general and administrative expenses, interest, taxes, depreciation, and amortization.

NOI is not a substitute for net income, net operating cash flow, or other related GAAP financial measures, in evaluating our operating results.

Self Storage Portfolio

The following discussion and analysis of our same-store self storage operations are presented on a comparative basis for the nine months ended September 30, 2026.

GLOBAL SELF STORAGE STORES

									​				​		September 30,				September 30,
									​				​		2026				2025
				Year Store			Number				Net Leasable				Square Foot				Square Foot
Property(1)		Address		Opened / Acquired			of Units				Square Feet				Occupancy %				Occupancy %
OWNED STORES									​				​				​				​
SSG BOLINGBROOK LLC		296 North Weber Road, Bolingbrook, IL 60440		1997 / 2013				811				114,000				94.3	%			91.4	%
SSG CLINTON LLC		6 Heritage Park Road, Clinton, CT 06413		1996 / 2016				180				29,283				82.0	%			89.3	%
SSG DOLTON LLC		14900 Woodlawn Avenue, Dolton, IL 60419		2007 / 2013				652				86,590				94.9	%			94.1	%
SSG FISHERS LLC		13942 East 96th Street, McCordsville, IN 46055		2007 / 2016				547				76,385				91.6	%			93.9	%
SSG LIMA LLC		1910 West Robb Avenue, Lima, OH 45805		1996 / 2016				755				94,931				94.1	%			91.4	%
SSG MERRILLVILLE LLC		6590 Broadway, Merrillville, IN 46410		2005 / 2013				570				81,270				93.6	%			91.5	%
SSG MILLBROOK LLC		3814 Route 44, Millbrook, NY 12545		2008 / 2016				258				24,462				95.8	%			93.9	%
SSG ROCHESTER LLC		2255 Buffalo Road, Rochester, NY 14624		2010 / 2012				646				68,161				96.7	%			97.0	%
SSG SADSBURY LLC		21 Aim Boulevard, Sadsburyville, PA 19369		2006 / 2012				696				78,875				93.2	%			95.2	%
SSG SUMMERVILLE I LLC		1713 Old Trolley Road, Summerville, SC 29485		1990 / 2013				572				76,210				88.1	%			93.9	%
SSG SUMMERVILLE II LLC		900 North Gum Street, Summerville, SC 29483		1997 / 2013				248				43,209				93.0	%			93.6	%
SSG WEST HENRIETTA LLC		70 Erie Station Road, West Henrietta, NY 14586		2016 / 2019				484				55,550				91.6	%			92.4	%
TOTAL/AVERAGE SAME-STORES								6,419				828,926				92.9	%			93.2	%
									​				​				​				​
MANAGED STORES									​				​				​				​
TPM EDMOND LLC		14000 N I 35 Service Rd, Edmond, OK 73013		2015 / 2019				619				137,318				94.9	%			96.1	%
TOTAL/AVERAGE MANAGED STORES								619				137,318				94.9	%			96.1	%
									​				​				​				​
TOTAL/AVERAGE ALL OWNED/MANAGED STORES								7,038				966,244				93.2	%			93.6	%

(1)

Each store is directly owned or managed by the Company's wholly owned subsidiary listed in the table.

Certain stores' leasable square feet in the chart above include outside auto/RV/boat storage space: approximately 12,800 square feet at SSG Sadsbury LLC; 6,300 square feet at SSG Fishers LLC; 16,000 square feet at SSG Bolingbrook LLC; 8,900 square feet at SSG Dolton LLC; 2,100 square feet at SSG Merrillville LLC; 3,600 square feet at SSG Summerville I LLC; 7,500 square feet at SSG Summerville II LLC and 7,600 square feet at SSG Clinton LLC. For SSG Lima LLC, included is approximately 1,300 square feet of non-storage commercial space. For SSG Millbrook LLC, included is approximately 1,300 square feet of wine storage and non-storage office space. For SSG Fishers LLC, included is approximately 300 square feet of storage locker space. Approximately 33% of our total available units are climate-controlled, 59% are traditional drive-up storage, and 8% are outdoor parking storage for boats, cars and recreational vehicles.

Same-Store Self Storage Operations

We consider our same-store portfolio to consist of only those stores owned and operated on a stabilized basis at the beginning and at the end of the applicable periods presented. We consider a store to be stabilized once it has achieved an occupancy rate that we believe, based on our assessment of market-specific data, is representative of similar self storage assets in the applicable market for a full year measured as of the most recent January 1 and has not been significantly damaged by natural disaster or undergone significant renovation or expansion. We believe that same-store results are useful to investors in evaluating our performance because they provide information relating to changes in store-level operating performance without taking into account the effects of acquisitions, dispositions, or new ground-up developments. As of September 30, 2026, we owned twelve same-store properties and zero non-same-store properties. The Company believes that by providing same-store results from a stabilized pool of stores, with accompanying operating metrics including, but not limited to, variances in occupancy, rental revenue, operating expenses, and NOI, stockholders and potential investors are able to evaluate operating performance without the effects of non-stabilized occupancy levels, rent levels, expense levels, acquisitions, or completed developments. Same-store results should not be used as a basis for future same-store performance or for the performance of the Company's stores as a whole.

Same-store occupancy as of September 30, 2026 decreased by 0.3% to 92.9% from 93.2% as of September 30, 2025.

Same-store revenues increased by 0.6% and 0.9% for the three and nine months ended September 30, 2026 versus the same periods in 2025. Same-store cost of operations increased by 2.5% and 6.8% for the three and nine months ended September 30, 2026 versus the same periods in 2025. Same-store NOI decreased by 0.6% and 2.8% for the three and nine months ended September 30, 2026 versus the same periods in 2025. The decrease in same-store NOI during the three and nine months ended September 30, 2026 was due primarily to an increase in store operating expenses.

We believe that our results were driven by, among other things, our internet and digital marketing initiatives which helped maintain our overall average same-store occupancy of approximately 92.9% as of September 30, 2026. Also, contributing to our results were our customer service efforts which we believe were essential in building local brand loyalty, resulting in strong referral and word-of-mouth market demand for our storage units and services. Another contributing factor to our results was our competitor move-in rate metrics analysis which employs internet data scraping and other methods to help keep our storage unit move-in rates "in the market," and our proprietary revenue rate management program which helped increase existing tenant rates while optimizing store occupancy.

These results are summarized as follows:

SAME - STORE PROPERTIES
				​				​				​				​
Three Months Ended September 30,		2026				2025				Variance				% Change
Revenues		$	3,225,940			$	3,207,410			$	18,530				0.6	%
Cost of operations		$	1,270,485			$	1,239,432			$	31,053				2.5	%
Net operating income		$	1,955,455			$	1,967,978			$	(12,523	)			-0.6	%
Depreciation and amortization		$	369,973			$	363,027			$	6,946				1.9	%
Net leasable square footage at period end*			828,926				829,373				(447	)			-0.1	%
Net leased square footage at period end			770,153				772,660				(2,507	)			-0.3	%
Overall square foot occupancy at period end			92.9	%			93.2	%			-0.3	%			-0.3	%
Total annualized revenue per leased square foot		$	16.75			$	16.60			$	0.15				0.9	%
Total available leasable storage units*			6,419				6,423				(4	)			-0.1	%
Number of leased storage units			5,863				5,849				14				0.2	%

SAME - STORE PROPERTIES
				​				​				​				​
Nine Months Ended September 30,		2026				2025				Variance				% Change
Revenues		$	9,576,978			$	9,490,928			$	86,050				0.9	%
Cost of operations		$	3,875,538			$	3,627,372			$	248,166				6.8	%
Net operating income		$	5,701,440			$	5,863,556			$	(162,116	)			-2.8	%
Depreciation and amortization		$	1,105,053			$	1,085,040			$	20,013				1.8	%
Net leasable square footage at period end*			828,926				829,373				(447	)			-0.1	%
Net leased square footage at period end			770,153				772,660				(2,507	)			-0.3	%
Overall square foot occupancy at period end			92.9	%			93.2	%			-0.3	%			-0.3	%
Total annualized revenue per leased square foot		$	16.58			$	16.38			$	0.20				1.2	%
Total available leasable storage units*			6,419				6,423				(4	)			-0.1	%
Number of leased storage units			5,863				5,849				14				0.2	%

* From time to time, as guided by market conditions, net leasable square footage and total available leasable storage units at our properties may increase or decrease as a result of consolidation, division or reconfiguration of storage units. Similarly, leasable square footage may increase or decrease due to expansion or redevelopment of our properties.

The following table presents a reconciliation of same-store net operating income to net income as presented on our consolidated statements of operations for the periods indicated (unaudited):

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
Net income		$	416,692			$	496,259			$	1,723,326			$	1,715,627
Adjustments:				​				​				​				​
Management fees and other income			(18,575	)			(18,261	)			(55,732	)			(55,425	)
General and administrative			780,492				826,220				2,470,390				2,391,807
Depreciation and amortization			416,324				409,303				1,244,004				1,223,865
Business development			-				22,286				-				22,286
Dividend and interest			(68,995	)			(75,675	)			(213,716	)			(217,404	)
Unrealized loss (gain) on marketable equity securities			229,231				98,704				(74,033	)			135,497
Interest expense			200,286				209,142				607,201				647,303
Total same-store net operating income		$	1,955,455			$	1,967,978			$	5,701,440			$	5,863,556

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
Same-store revenues		$	3,225,940			$	3,207,410			$	9,576,978			$	9,490,928
Same-store cost of operations			1,270,485				1,239,432				3,875,538				3,627,372
Total same-store net operating income		$	1,955,455			$	1,967,978			$	5,701,440			$	5,863,556

Analysis of Same-Store Revenue

For the three and nine months ended September 30, 2026, same-store revenue increased 0.6%, or $18,530, and 0.9%, or $86,050, versus the same periods in 2025. Same-store average overall square foot occupancy for all of the Company's same-store properties decreased to 92.9% as of September 30, 2026, down from 93.2% as of September 30, 2025.

We believe that our focus on maintaining high occupancy helps us to maximize rental income at our properties. We seek to maintain an average square foot occupancy level at or above 90% by regularly adjusting the rental rates and promotions offered to attract new tenants as well as adjusting our online marketing efforts in seeking to generate sufficient move-in volume to replace tenants that vacate. Demand may fluctuate due to various local and regional factors, including the overall economy. Demand is generally higher in the summer months than in the winter months and, as a result, rental rates charged to new tenants are typically higher in the summer months than in the winter months.

As of September 30, 2026, we observed no material degradation in rent collections. However, we believe that our bad debt losses could increase from historical levels, due to (i) cumulative stress (such as inflation, recession fears, etc.) on our customers' financial capacity and (ii) reduced rent recoveries from auctioned units.

We may experience a change in the move-out patterns of our long-term customers due to economic uncertainty. This could lead to lower occupancies and rent "roll down" as long-term customers are replaced with new customers at lower rates.

We currently expect rental income growth, if any, to come from a combination of the following: (i) continued existing tenant rent increases, (ii) higher rental rates charged to new tenants, (iii) lower promotional discounts, and (iv) higher occupancies. Our future rental income growth will likely also be dependent upon many factors for each market that we operate in, including, among other things, demand for self storage space, the level of competitor supply of self storage space, and the average length of stay of our tenants. Increasing existing tenant rental rates, generally on an annual basis, is a key component of our revenue growth. We typically determine the level of rental increases based upon our expectations regarding the impact of existing tenant rate increases on incremental move-outs. We currently expect existing tenant rent increases for the remainder of 2026, if any, to be similar to those in the prior year.

It is difficult to predict trends in move-in, move-out, in place contractual rents, and occupancy levels. Current trends, when viewed over the short term, are volatile and not necessarily predictive of our revenues going forward because they may be subject to many short-term factors. Such factors include, among others, initial move-in rates, seasonal factors, unit size and geographical mix of the specific tenants moving in or moving out, the length of stay of the tenants moving in or moving out, changes in our pricing strategies, and the degree and timing of rate increases previously passed to existing tenants.

Importantly, we continue to refine our proprietary revenue rate management program which includes regular internet data scraping of local competitors' prices. We do this in seeking to maintain our competitive market price advantage for our various sized storage units at our stores. This program helps us in seeking to optimize each store's occupancies and maximize our self storage revenue and NOI. We believe that, through our various marketing initiatives, we can continue to attract high-quality, long-term tenants who we expect will be storing with us for years. As of September 30, 2026, our average tenant duration of stay was approximately 3.7 years, which was up from approximately 3.5 years as of September 30, 2025.

Analysis of Same-Store Cost of Operations

For the three and nine months ended September 30, 2026, same-store cost of operations increased by 2.5%, or $31,053, and 6.8%, or $248,166, versus the same periods in 2025. This increase in same-store cost of operations was due primarily to increased expenses for employment costs and real estate property taxes, partially offset by a decrease in marketing expenses.

Employment. On-site store manager, regional manager, and district manager payroll expense increased 5.8%, or $22,025, and 13.6%, or $146,993 for the three and nine months ended September 30, 2026, versus the same periods in 2025. The increase was due primarily to timing of routine employee hiring and departures and increased medical insurance expenses. We currently expect growth of store-level employment costs related to employee headcount to return to lower historic levels, which will be partially offset by inflationary increases in compensation rates for existing employees and other increases in compensation costs as we potentially add new stores.

Real Estate Property Tax. Store property tax expense increased 13.2%, or $51,707, and 16.2%, or $182,792 for the three and nine months ended September 30, 2026, versus the same periods in 2025. The increase was due primarily to increased property assessment valuations for certain properties in our portfolio. We are taking steps to appeal these reassessments as they arise, but there is no guarantee that these increased assessments will be reduced.

Administrative. We classify administrative expenses as bank charges related to processing the stores' cash receipts, credit card fees, repairs and maintenance, utilities, landscaping, alarm monitoring and trash removal. Administrative expenses decreased 3.7%, or $9,790, and 1.0%, or $7,269 in the three and nine months ended September 30, 2026, versus the same periods in 2025. We currently expect inflationary increases in administrative costs during the remainder of 2026.

Repairs and Maintenance. Repairs and maintenance expense increased 8.6%, or $5,448, and 8.8%, or $15,195 for the three and nine months ended September 30, 2026, versus the same periods in 2025. These expenses increased during the three and nine months ended September 30, 2026, versus the same periods in 2025 primarily due to one-time repairs and maintenance and inflationary increases.

Utilities. Our utility expenses are currently comprised of electricity, oil, and gas costs, which vary by store and are dependent upon energy prices and usage levels. Changes in usage levels are driven primarily by weather and temperature. Our utilities expenses are also affected by the ongoing LED light replacement program at all of our stores, which has resulted in lower electricity usage. Utilities expense decreased 19.9%, or $19,181, and 8.9%, or $23,739 for the three and nine months ended September 30, 2026, versus the same periods in 2025, primarily due to the correction of a utility billing error at one of our stores in the third quarter of 2026. It is difficult to estimate future utility costs because weather, temperature, and energy prices are volatile and unpredictable. However, based upon current trends and expectations regarding commercial electricity rates, we currently expect inflationary increases in rates partially offset by lower usage resulting in higher utility costs for the remainder of 2026.

Landscaping. Landscaping expenses, which include snow removal costs, increased 2.5%, or $645, and 1.4%, or $1,311, for the three and nine months ended September 30, 2026, versus the same periods in 2025. Landscaping expense levels are dependent upon many factors such as weather conditions, which can impact landscaping needs including, among other things, snow removal, inflation in material and labor costs, and random events. We currently expect inflationary increases in landscaping expense for the remainder of 2026, excluding snow removal expense, which is primarily weather dependent and unpredictable.

Marketing. Marketing expense consists principally of internet advertising and the operating costs of our 24/7 kiosk and telephone call and reservation center. Marketing expense varies based upon demand, occupancy levels, and other factors. Internet advertising, in particular, can increase or decrease significantly over the short term in response to these factors. Marketing expense decreased 35.3%, or $32,982, and 11.3%, or $29,956, for the three and nine months ended September 30, 2026, versus the same periods in 2025. Based upon current trends in move-ins, move-outs, and occupancies, and the successful transition in the second quarter of 2026 from kiosks and a live agent call center to use of a QR code-based quick access page and an artificial intelligence-based virtual agent call center, we currently expect marketing expense to decrease for the remainder of 2026.

General. Other direct store costs include general and administrative expenses incurred at the stores. General expenses include items such as store insurance, business license costs, and the cost of operating each store's rental office including supplies and telephone and data communication lines. General expenses decreased 11.9%, or $12,473, and 15.1%, or $53,923, for the three and nine months ended September 30, 2026, versus the same periods in 2025. The decrease in general expenses during the three and nine months ended September 30, 2026, versus the same periods in 2025 was primarily due to one-off cloud-based software expenses during the six months ended June 30, 2025 and reduced store insurance expenses in 2026. We currently expect moderate increases in direct store costs during the remainder of 2026.

Lien Administration. Lien administration expenses increased 1.7%, or $124, and 18.1%, or $3,396, in the three and nine months ended September 30, 2026, versus the same periods in 2025.

Analysis of Global Self Storage FFO and AFFO

The following tables present reconciliation and computation of net income to funds from operations ("FFO") and adjusted funds from operations ("AFFO") and earnings per share to FFO and AFFO per share (unaudited):

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
Net income		$	416,692			$	496,259			$	1,723,326			$	1,715,627
Eliminate items excluded from FFO:				​				​				​				​
Unrealized loss (gain) on marketable equity securities			229,231				98,704				(74,033	)			135,497
Depreciation and amortization			416,324				409,303				1,244,004				1,223,865
FFO attributable to common stockholders			1,062,247				1,004,266				2,893,297				3,074,989
Adjustments:				​				​				​				​
Compensation expense related to stock-based awards			86,785				70,948				276,972				243,902
Business development			-				22,286				-				22,286
AFFO attributable to common stockholders		$	1,149,032			$	1,097,500			$	3,170,269			$	3,341,177
				​				​				​				​
Earnings per share attributable to common stockholders - basic		$	0.04			$	0.04			$	0.15			$	0.15
Earnings per share attributable to common stockholders - diluted		$	0.04			$	0.04			$	0.15			$	0.15
FFO per share - diluted		$	0.09			$	0.09			$	0.26			$	0.27
AFFO per share - diluted		$	0.10			$	0.10			$	0.28			$	0.30
				​				​				​				​
Weighted average shares outstanding - basic			11,249,177				11,174,369				11,231,836				11,158,957
Weighted average shares outstanding - diluted			11,304,316				11,232,624				11,286,648				11,218,892

FFO increased 5.8%, or $57,981, and decreased 5.9%, or $181,692, for the three and nine months ended September 30, 2026, versus the same periods in 2025. FFO per diluted share was the same at $0.09 per share, and decreased from $0.27 per share to $0.26 per share, for the three and nine months ended September 30, 2026, versus the same periods in 2025. AFFO increased 4.7%, or $51,532, and decreased 5.1%, or $170,908, for the three and nine months ended September 30, 2026, versus the same periods in 2025. AFFO per diluted share was the same at $0.10 per share, and decreased from $0.30 per share to $0.28 per share, for the three and nine months ended September 30, 2026, versus the same periods in 2025.

Analysis of Global Self Storage Store Expansions and Redevelopment Operations

In addition to actively reviewing a number of store and portfolio acquisition candidates, we have been working to further redevelop and expand our current stores. In 2020, we completed three expansion / conversion projects at our properties located in Millbrook, NY, McCordsville, IN, and West Henrietta, NY. In 2021, 2023, and 2026, we completed conversion projects at our property located in Lima, OH.

In 2019, the Company broke ground on the Millbrook, NY expansion, which added approximately 11,800 leasable square feet of all-climate-controlled units. Upon completion in February 2020, the Millbrook, NY store's area occupancy dropped from approximately 88.6% to approximately 45.5%. As of June 30, 2021, the Millbrook, NY store's total area occupancy was approximately 95.4%.

In the first quarter of 2020, the Company began reviewing plans to convert certain commercially-leased space to all-climate-controlled units at the McCordsville, IN property. In April 2020, the Company commenced such conversion, which resulted in a new total of 535 units and 76,360 leasable square feet at the McCordsville, IN property. Upon completion in June 2020, the McCordsville, IN store's total area occupancy dropped from what would have been approximately 97.4% to approximately 79.1%. As of June 30, 2021, the McCordsville, IN store's total area occupancy was approximately 94.7%.

Our West Henrietta, NY store expansion project, completed in August 2020, added approximately 7,300 leasable square feet of drive-up storage units. Upon completion of the expansion project, West Henrietta, NY's total area occupancy dropped from approximately 89.6% to approximately 77.9%. As of June 30, 2021, the West Henrietta, NY store's total area occupancy was approximately 89.1%.

In 2021, the Company began reviewing plans to convert certain commercially-leased spaces to approximately 3,000 leasable square feet of all-climate-controlled units at the Lima, OH property. In July 2021, the Company completed such conversion, resulting in a new total of 756 units and 96,883 leasable square feet at the Lima, OH property. Upon completion, total area occupancy was approximately 94.8%. This conversion did not constitute a significant renovation or expansion because it only added approximately 3,000 leasable square feet of self storage to the property. As such, our Lima, OH property remained a same-store property.

In 2022, the Company began reviewing plans to convert certain commercially-leased spaces to approximately 2,500 leasable square feet of all-climate-controlled units at the Lima, OH property. In January 2023, the Company completed such conversion, resulting in a new total of 767 units and 94,928 leasable square feet at the Lima, OH property. Upon completion, total area occupancy was approximately 91.1%. This conversion did not constitute a significant renovation or expansion because it only added approximately 2,500 leasable square feet of self storage to the property. As such, our Lima, OH property remained a same-store property.

In 2025, the Company began reviewing plans to convert certain student housing space to approximately 2,400 leasable square feet of all-climate-controlled units at the Lima, OH property. In January 2026, the Company completed such conversion, resulting in a new total of 763 units and 94,931 leasable square feet at the Lima, OH property. Upon completion, total area occupancy was approximately 90.6%. As of September 30, 2026, the Lima, OH store's total area occupancy was approximately 94.1%. This conversion did not constitute a significant renovation or expansion because it only added approximately 2,400 leasable square feet of self storage to the property. As such, our Lima, OH property remained a same-store property.

Analysis of Realized and Unrealized Gains (Losses)

Unrealized gains and losses on the Company's investment in marketable equity securities for the three and nine months ended September 30, 2026 were an unrealized loss of $229,231 and unrealized gain of $74,033, respectively. As we continue to acquire and/or develop additional stores, as part of the funding for such activities, we may liquidate our investment in marketable equity securities and potentially realize gains or losses. As of September 30, 2026, our cumulative unrealized gain on marketable equity securities was $1,570,112. There were no realized gains or losses for the nine months ended September 30, 2026.

Supplemental United States Federal Income Tax Considerations

The following discussion supplements and updates the disclosures under the heading "United States Federal Income Tax Considerations" in the prospectus dated December 6, 2024, contained in our Registration Statement on Form S-3 (File No. 333-283417) filed with the Securities and Exchange Commission (the "SEC") on November 22, 2024 (the "Existing Tax Disclosure"). Capitalized terms herein that are not otherwise defined shall have the same meaning as when used in the Existing Tax Disclosure.

On July 4, 2025, Public Law 119-21, informally known as the One Big Beautiful Bill Act (the "OBBBA"), was enacted. The OBBBA makes major changes to the Code, including some provisions of the Code that affect the taxation of REITs and their investors. In particular:

●

For taxable years beginning on or after January 1, 2026, the OBBBA relaxed the REIT asset test requirement with respect to taxable REIT subsidiaries, providing that not more than 25% (relaxed from 20%) of the gross value of a REIT's assets may be represented by securities of one or more taxable REIT subsidiaries.

●

The OBBBA permanently extended the pass-through qualified business income deduction, generally allowing eligible taxpayers to deduct up to 20% of qualified REIT dividends. This deduction was scheduled to expire for tax years beginning on or after January 1, 2026.

●

The OBBBA permanently extended the maximum U.S. federal income tax rate of 37%, which applies to ordinary income recognized by individuals and other non-corporate U.S. stockholders, for tax years beginning on or after January 1, 2026.

To the extent the information set forth in the Existing Tax Disclosure is inconsistent with this supplemental information, this supplemental information supersedes the information in the Existing Tax Disclosure. This supplemental information is provided on the same basis and subject to the same qualifications as are set forth in the first six paragraphs of the Existing Tax Disclosure as if those paragraphs were set forth in this Quarterly Report on Form 10-Q.