The non-traded REIT posted a net loss while expanding its portfolio to 43 properties and reducing advisor fees effective 2026.

March 25, 2026

Cantor Fitzgerald Income Trust, Inc., a non-traded real estate investment trust focused on income-producing commercial and multifamily properties, released its annual report for the fiscal year ended December 31, 2025. The Maryland-based REIT reported a net loss attributable to common stockholders of approximately $8.4 million while managing a diversified portfolio of 43 properties and a plot of land across the United States, valued at roughly $1.1 billion in total assets.

Revenue Growth Offset by Rising Costs

The company, which is externally managed by Cantor Fitzgerald Income Advisors, LLC, reported total revenues of approximately $97.9 million for the year, an increase from roughly $95.5 million in the prior year. Rental revenues drove the bulk of that income at approximately $79.4 million, up from $73.1 million in 2024, primarily due to the acquisition of the WAG MH Properties and rent increases across the existing portfolio.

Despite the revenue growth, the company reported a wider net loss of approximately $13.5 million on a consolidated basis, compared to a loss of roughly $11.7 million in 2024. Key contributors to the loss included depreciation and amortization of approximately $35.8 million, interest expense of roughly $28.8 million, and a $4.8 million impairment charge on an office property in San Francisco that was subsequently sold after year-end.

NAV and Share Activity

The company’s net asset value stood at $20.10 per share for Class AX, IX, I, and D shares and $20.09 for Class TX, T, and S shares as of December 31, 2025. That represented a modest recovery from a low of $19.43 in November 2025, though it remained below the $20.70 reported at the end of 2024. NAV figures reported for January and February 2026 showed slight improvement, reaching $20.19 for most share classes.

As of March 12, 2026, the company had approximately 11.4 million shares of common stock outstanding, along with over 3 million operating partnership units issued to third-party investors. Total aggregate net proceeds from all offerings since inception amounted to roughly $297.6 million.

Diversified Portfolio Composition

The portfolio as of year-end comprised a diverse mix of property types: multifamily properties represented the largest segment at 29.9% of NAV, followed by single-tenant office at 26.1%, single-tenant industrial at 24.3%, single-tenant necessity retail at 16.8%, data center exposure at 1.5%, and single-tenant life sciences at 1.4%. Geographically, Ohio led at 26.7%, followed by Maryland at 20.8%, Texas at 15.1%, and California at 12.6%.

The weighted average occupancy of the portfolio was 95.0%, and the weighted average remaining lease term for net lease properties was 7.2 years. The company reported no vacant space in its net lease portfolio as of late March 2026, excluding the San Francisco office property that had been vacant since late 2021.

Key 2025 Transactions

Several significant transactions marked the year. In January 2025, the Operating Partnership acquired the WAG MH Properties — nine retail properties — by issuing approximately 866,000 Class I OP Units. The company also completed a refinancing of its credit facility in July 2025, increasing its capacity from $100 million to $150 million with the potential to expand to $250 million. The amended facility with Citizens Bank carries a maturity date of July 2028, with two one-year extension options.

On the capital raising side, the company continued its third public offering, raising gross proceeds of approximately $11 million from about 522,000 new shares during 2025. However, that was more than offset by repurchases of roughly 2 million shares totaling about $40.4 million. The company disclosed that in the fourth quarter of 2025, repurchase requests exceeded both its monthly 2% and quarterly 5% of NAV limits, resulting in only 50.7% of December requests being fulfilled.

Distributions and Funding Sources

As previously reported, the company declared February 2026 distributions at an annualized rate of 5% of NAV per share class. For the full year 2025, total distributions declared amounted to approximately $17.9 million, down from $21.1 million in 2024. The company stated that 100% of its 2025 cash distributions were funded from cash flow from operations, a positive indicator compared to historical periods where some distributions came from other sources. Since inception, cumulative distributions have totaled roughly $113.2 million, with approximately 14% historically paid from sources other than operating cash flow.

Beginning in December 2025, the company transitioned from a fixed per-share daily distribution to a variable rate tied to 5% of NAV per share class, a shift that could result in distribution amounts fluctuating with property valuations.

Major Structural Changes Effective 2026

Among the most consequential developments were structural changes to the advisory agreement and partnership terms that took effect on January 1, 2026. Asset management fees payable to the Advisor were reduced from 1.20% to 0.75% of NAV per annum. The performance participation allocation payable to the special unit holder was also cut from 12.5% to 5.0%. Additionally, the Advisor waived all unreimbursed operating expenses and organizational and offering costs incurred through the end of 2025 that might otherwise have been eligible for reimbursement. These changes are expected to meaningfully reduce the ongoing cost burden on the trust.

Debt Profile and Leadership Changes

The company’s debt profile showed total loans payable of approximately $600.7 million, with a debt-to-tangible-assets ratio of 56%. Approximately $444 million was in fixed-rate debt and $156 million in floating-rate instruments. The largest near-term maturity concentration falls in 2028, when roughly 39.8% of total debt comes due, primarily from the credit facility.

Leadership changes during 2025 included the departure of former Chairman and CEO Howard Lutnick, who stepped down in February 2025 following his confirmation as the 41st U.S. Secretary of Commerce. Brandon Lutnick, his son, was subsequently appointed Chairman of the Board, and William Ferri was named Chief Executive Officer. Danny Salinas assumed the roles of Chief Financial Officer and Treasurer in September 2025 after the departure of Paul Pion.

Post-Year-End Developments

Looking ahead, the company disclosed several post-year-end developments, including the issuance of approximately 3.7 million additional OP Units in February 2026, the completion of the Longmire DST offering, and the sale of the impaired San Francisco property. A purchase and sale agreement was also executed for the Fisher Road industrial property in Columbus, Ohio. The company noted that it faces ongoing risks from economic uncertainty, interest rate fluctuations, potential tenant defaults, and the illiquid nature of its shares, for which no public trading market exists.