# Mobile Infrastructure Corp (BEEP)

Informational only - not investment advice.

CIK: 0001847874
SIC: 6500 Real Estate
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Real Estate](/major-group/65/) > [SIC 6500 Real Estate](/industry/6500/)
Latest 10-K filed: 2026-03-05
SEC page: https://www.sec.gov/edgar/browse/?CIK=1847874
Filing source: https://www.sec.gov/Archives/edgar/data/1847874/000143774926007063/beep20251231_10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-05 · accession 0001437749-26-007063 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001847874.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 35,075,000 USD | 2025 | verified |
| Net income | -21,440,000 USD | 2025 | verified |
| Assets | 382,464,000 USD | 2025 | verified |
| Net margin | -61.13% | 2025 | computed |
| Revenue YoY | -5.22% | 2025 | computed |
| ROE | -15.18% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | BEEP | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -61.1% | 8.9% | 11 | 20 |
| Revenue growth | -5.2% | 8.9% | 17 | 19 |
| ROE | -15.2% | 5.5% | 16 | 20 |
| ROA | -5.6% | 1.4% | 16 | 20 |
| Liabilities / equity | 1.58 | 1.39 | 58 | 20 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6500 Real Estate, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 35075000 | USD | 2025 | 2026-03-05 |
| Net income | -21440000 | USD | 2025 | 2026-03-05 |
| Assets | 382464000 | USD | 2025 | 2026-03-05 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001847874.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 29,101,000 | 30,272,000 | 37,008,000 | 35,075,000 |
| Net income | -1,100,581 | -8,119,000 | -25,123,000 | -5,765,000 | -21,440,000 |
| Operating cash flow | -1,980,201 | 1,509,000 | -2,125,000 | -784,000 | 848,000 |
| Share buybacks |  |  | 0.00 | 1,326,000 | 3,972,000 |
| Assets | 276,872,407 | 436,113,000 | 423,237,000 | 415,062,000 | 382,464,000 |
| Liabilities | 9,924,801 | 249,105,000 | 220,282,000 | 225,791,000 | 223,419,000 |
| Stockholders' equity | -8,052,394 | 87,327,000 | 131,214,000 | 169,983,000 | 141,271,000 |
| Cash and cash equivalents | 11,805,000 | 5,758,000 | 11,134,000 | 10,655,000 | 8,349,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | -27.90% | -82.99% | -15.58% | -61.13% |
| Return on equity |  | -9.30% | -19.15% | -3.39% | -15.18% |
| Return on assets | -0.40% | -1.86% | -5.94% | -1.39% | -5.61% |
| Liabilities / equity |  | 2.85 | 1.68 | 1.33 | 1.58 |

## As-reported value updates

8 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/BEEP/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001847874.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q3 | 2023-09-30 | 8,063,000 | -17,835,000 |  | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 7,892,000 | -4,023,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 8,827,000 | -2,098,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 9,266,000 | -1,357,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 9,758,000 | -1,311,000 |  | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 9,157,000 | -999,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 8,235,000 | -3,890,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 8,992,000 | -4,250,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 9,086,000 | -5,803,000 |  | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 8,762,000 | -7,497,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 7,932,000 | -7,055,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 8,893,000 | -2,953,000 |  | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from BEEP's latest 10-K: [/company/BEEP/business/](/company/BEEP/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from BEEP's latest 10-K: [/company/BEEP/risk-factors/](/company/BEEP/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1847874/000143774926027024/beep20260630_10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-11
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a financial review and analysis of our financial condition and results of operations for the three and six months ended June 30, 2026 and 2025. This discussion and analysis should be read in conjunction with the accompanying consolidated financial statements and the notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the fiscal year ended December 31, 2025. Unless otherwise indicated, references in this Quarterly Report on Form 10-Q (this “Quarterly Report”) to “MIC,” “we,” “us,” “our,” and the “Company” refer to Mobile Infrastructure Corporation and its consolidated subsidiaries.

Forward-Looking Statements

Certain statements included in this Quarterly Report that are not historical facts (including any statements concerning investment objectives, other plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are typically identified by the use of terms such as “may,” “should,” “expect,” “could,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “continue,” “predict,” “potential” or the negative of such terms and other comparable terminology.

The forward-looking statements included herein are based upon our current expectations, plans, estimates, assumptions and beliefs, which involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, the actual results and performance could differ materially from those set forth in the forward-looking statements. Factors which could have a material adverse effect on operations and future prospects include, but are not limited to:

[[GREPCENT_TABLE]]
[["","\u25cf","increased fuel prices may adversely affect our operating environment;"],["","\u25cf","we have a limited operating history and a history of losses, and we may not be able to achieve or sustain profitability in the future;"],["","\u25cf","we depend on our management team and the loss of key personnel could have a material adverse effect on our ability to conduct and manage our business;"],["","\u25cf","a material failure, inadequacy, interruption, or security failure of our technology networks and related systems could harm our business;"],["","\u25cf","our chief executive officer and certain members of our board of directors face or may face conflicts of interest related to their positions and interests in our affiliates, which could hinder our ability to implement our business strategy and generate returns to investors;"],["","\u25cf","our revenues have been and will continue to be significantly influenced by demand for parking facilities generally, and a decrease in such demand would likely have a greater adverse effect on our revenues than if we owned a more diversified real estate portfolio;"],["","\u25cf","we may be unable to grow our business by acquisitions of additional parking facilities;"],["","\u25cf","our parking facilities face intense competition, which may adversely affect rental and fee income;"],["","\u25cf","we require scale to improve cash flow and earnings for investors;"],["","\u25cf","changing consumer preferences and legislation affecting our industry or related industries may lead to a decline in parking demand, which could have a material adverse impact on our business, financial condition, and results of operations;"],["","\u25cf","uninsured losses or premiums for insurance coverage relating to real property may adversely affect our investor returns;"],["","\u25cf","we may not be able to access financing sources on attractive terms, or at all, which could adversely affect our ability to execute our business plan;"],["","\u25cf","we utilize significant debt, and we may incur additional debt;"],["","\u25cf","our debt agreements contain restrictive covenants, and failure to comply with these covenants could result in events of default and acceleration of our indebtedness;"]]
[[/GREPCENT_TABLE]]

- 17 -

Table of Contents

[[GREPCENT_TABLE]]
[["","\u25cf","adverse judgments, settlements, or investigations resulting from legal proceedings in which we may be involved could reduce our profits, limit our ability to operate our business, or distract our officers from attending to our business;"],["","\u25cf","holders of our outstanding preferred stock have dividend, liquidation, and other rights that are senior to the rights of the holders of our common stock; and"],["","\u25cf","other risks and uncertainties discussed in Part I, Item 1A, \u201cRisk Factors\u201d and in Part II, Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025."]]
[[/GREPCENT_TABLE]]

New risk factors emerge from time to time and it is not possible to predict all such risk factors, nor can we assess the impact of all such risk factors on our business, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

In addition, statements of belief and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a basis for such statements, such information may be limited or incomplete, and statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, involve risks and are subject to change based on various factors, including those discussed in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report.

Overview

Mobile Infrastructure Corporation (“MIC,” “we,” “us,” “our,” and the “Company”) is a Maryland corporation, publicly traded on The Nasdaq Stock Market LLC (“Nasdaq”) under the ticker “BEEP.” We focus on acquiring, owning and optimizing parking facilities and related infrastructure, including parking lots, parking garages and other parking structures throughout the United States. We target both parking garage and surface lot properties primarily in the top 50 U.S. Metropolitan Statistical Areas (“MSAs”), with proximity to key demand drivers, such as commerce, events and venues, government and institutions, hospitality and multifamily central business districts. As of June 30, 2026, we own 35 parking facilities in 18 separate markets throughout the United States, with a total of approximately 13,200 parking spaces and approximately 4.6 million square feet. We also own approximately 0.1 million square feet of commercial space adjacent to our parking facilities.

The Company is a member of Mobile Infra Operating Company, LLC, a Delaware limited liability company, (the “Operating Company”) and owns substantially all of its assets and conducts substantially all of its operations through the Operating Company. The Operating Company is managed by a board of directors, one appointed by the Company and one appointed by the other members of the Operating Company. Currently, the two directors of the Operating Company are Manuel Chavez, III, the Executive Chairman of the Company's Board of Directors (the “Board”), and Stephanie Hogue, our President, Chief Executive Officer and a member of the Board. The Company owns approximately 90.2% of the Common Units of the Operating Company. The remaining Common Units are held by certain of our executive officers and directors (directly or indirectly) and outside investors.

Trends and Other Factors Affecting our Business

Various trends and other factors affect or have affected our operating results, including but not limited to the general market conditions, the strength of the broader U.S. economy and the trajectory of activity of consumers with regard to their use of the parking facilities, fuel prices, inflation trends and interest rates.

Shifts in Hybrid Work Policies

The shift toward hybrid and remote work models has been uneven among markets and industries, which has impacted the performance of our assets, as many of our properties are located in urban centers, near government buildings, entertainment centers, or hotels. Many companies continue to deploy a work-from-home or hybrid remote strategy for employees. We anticipate that a hybrid work structure for traditional central business district office workers will be the normalized state going-forward. This has impacted the performance of many of our assets that have office exposure and underscores the importance of a multi-key demand driver strategy in repositioning current and/or acquiring new assets.

- 18 -

Table of Contents

Managed Property Revenue Contracts

Currently, 28 of our 35 assets operate under management contracts. We believe asset management contracts provide the opportunity for net operating income growth through more transparent and controlled expense management and will reduce the revenue variability associated with the timing of payments for contract parking agreements. In addition, the move to management contracts properly aligns the incentives and rewards for revenue growth between the third-party operator and the Company. This change is also expected to result in better revenue linearity compared to revenue recognition in our lease agreements, in which lease payments are based on cash collections from operators. Overall, the conversion to management contracts also provides enhanced visibility on the performance of the portfolio within our financial results. Our intent is to convert the remaining assets to asset management contracts by the end of 2027.

RevPAS

Revenue Per Available Stall (“RevPAS”) is used to evaluate parking operations and performance. RevPAS is defined as average monthly Parking Revenue (Parking Revenue less related Sales Tax and Credit Card Fees) divided by the parking stalls in the locations that were owned and under management agreement for the periods presented. Parking Revenue does not include Billboard or Commercial Rent, or revenue from locations that are under Lease Agreements. The Company believes RevPAS is a meaningful indicator of our performance because it measures the period-over-period change in revenues for comparable locations.

RevPAS represents Parking Revenue at our assets under management contracts as of January 1, 2025. We believe RevPAS is a key performance measure that allows for review of fluctuations in revenue without the impact of portfolio transaction or changes in revenue structure. RevPAS for the three months ended June 30, 2026 and 2025 was $224.96 and $212.14, respectively.

Results of Operations for the Three Months Ended June 30, 2026 and 2025 (dollars in thousands):

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1847874/000143774926007063/beep20251231_10k.htm
Complete FY 2025 MD&A: /company/BEEP/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-05
Report date: 2025-12-31

ITEM 7.                MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations is based on and should be read in conjunction with the audited consolidated financial statements and the notes thereto contained elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. See “Forward-Looking Statements” preceding Part I and “Risk Factors” for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied by these forward-looking statements.

Overview

General

We are a Maryland corporation focused on acquiring, owning and optimizing parking facilities and related infrastructure, including parking lots, parking garages and other parking structures throughout the United States. We target both parking garage and surface lot properties primarily in top 50 MSAs with proximity to key demand drivers, such as commerce, events and venues, government and institutions, hospitality and multifamily central business districts.

As of December 31, 2025, we owned 36 parking facilities in 19 separate markets throughout the United States, with a total of approximately 13,500 parking spaces and approximately 4.7 million square feet. We also own approximately 0.2 million square feet of commercial space adjacent to our parking facilities.

Return to Work

The return to normalized movement following the COVID-19 pandemic is relatively uneven among markets and industries, which has impacted the performance of our assets, as many of our properties are located in urban centers, near government buildings, entertainment centers, or hotels. Many companies continue to deploy a work-from-home or hybrid remote strategy for employees. We anticipate that a hybrid work structure for traditional central business district office workers will be the normalized state going-forward. This has impacted the performance of many of our assets that have office exposure and underscores the importance of a multi-key demand driver strategy in repositioning current and/or acquiring new assets. 

33

Table of Contents

Managed Property Revenue Contracts

To date, 28 of our 36 assets have converted to management contracts. We believe asset management contracts provide the opportunity for NOI growth through more transparent and controlled expense management and will reduce the revenue variability associated with the timing of payments for contract parking agreements. In addition, the move to management contracts properly aligns the incentives and rewards for revenue growth between the third-party operator and the Company. This change is also expected to result in better revenue linearity compared to revenue recognition in our lease agreements, in which lease payments are based on cash collections from operators. Overall, the conversion to management contracts also provides enhanced visibility on the performance of the portfolio within our financial results. Our intent is to convert the remaining assets to asset management contracts by the end of 2027.

Same Location RevPAS

Revenue Per Available Stall (“RevPAS”) is used to evaluate parking operations and performance. RevPAS is defined as average monthly Parking Revenue (managed property revenue less related sales tax and credit card fees) divided by the parking stalls in the locations the Parking Revenue was earned. Parking Revenue does not include billboard or commercial rent, or revenue from locations that are under lease agreements. Parking Revenue is a meaningful component of revenue that is used to judge the performance of locations and the ability to manage each location. We believe RevPAS is a meaningful indicator of our performance because it measures the period-over-period change in revenues for comparable locations. Parking Revenue and RevPAS should not be viewed as alternative measures of our financial performance as they do not reflect all components of revenue, which may be material.

Same location RevPAS represents Parking Revenue at our assets under management agreements prior to the second quarter of 2024, and excludes an asset for which we do not have sufficient historical data to calculate RevPAS. We believe same location RevPAS is a key performance measure that allows for review of fluctuations in revenue on a comparable asset basis, without the impact of portfolio transactions or changes in revenue structure. Average monthly same location RevPAS for the years ended December 31, 2025 and 2024 was $199.36 and $209.24 per month, respectively.

Results of Operations for the Years Ended December 31, 2025 and 2024 (dollars in thousands)

[[GREPCENT_TABLE]]
[["","","For the Year Ended December 31,"],["","","2025","","","2024","","","$ Change","","","% Change"],["Revenues"],["Managed property revenue","","$","28,619","","","$","27,848","","","$","771","","","","2.8","%"],["Base rental income","","","5,394","","","","6,195","","","","(801",")","","","(12.9",")%"],["Percentage rental income","","","1,062","","","","2,965","","","","(1,903",")","","","(64.2",")%"],["Total revenues","","$","35,075","","","$","37,008","","","$","(1,933",")","","","(5.2",")%"]]
[[/GREPCENT_TABLE]]

Total Revenues

The decrease in total revenues for the year ended December 31, 2025 compared to the same period in 2024 is due partially to $0.6 million of nonrecurring revenue resulting from collections of remaining 2023 percent rent payments for lease agreements which were converted to management contracts at the beginning of 2024. Within total revenues, conversions to management agreements resulted in certain locations recognizing Managed Property Revenue in 2025 while recognizing Base Rental Income and Percentage Rental Income for portions for 2024.

34

Table of Contents

The decline in revenue was further driven by the Detroit market, where a significant area restructuring plan is causing a reduction in office occupancy and related traffic. Additionally, event reductions because of the Cincinnati convention center remodel and traffic disruptions near our Nashville location drove temporary transient revenue declines in those markets. Our sale of three assets in 2024 also resulted in a decrease of approximately $0.2 million in 2025. These impacts were partially offset by contract growth in our Cleveland market, increased transient traffic in Oklahoma City partially as a result of game and event attendance, and favorable return-to-office trends in one of our St. Louis locations.

[[GREPCENT_TABLE]]
[["","","For the Year Ended December 31,"],["","","2025","","","2024","","","$ Change","","","% Change (1)"],["Operating expenses"],["Property taxes","","$","6,988","","","$","7,256","","","$","(268",")","","","(3.7",")%"],["Property operating expense","","","7,367","","","","7,119","","","","248","","","","3.5","%"],["Depreciation and amortization","","","10,577","","","","8,403","","","","2,174","","","","25.9","%"],["General and administrative","","","7,969","","","","10,794","","","","(2,825",")","","","(26.2",")%"],["Professional fees","","","1,554","","","","1,759","","","","(205",")","","","(11.7",")%"],["Impairment","","","3,762","","","","157","","","","3,605","","","","NM"],["Total expenses","","$","38,217","","","$","35,488","","","$","2,729","","","","7.7","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","(1)","Line items that result in a percent change that exceed certain limitations are considered not meaningful (\u201cNM\u201d) and indicated as such."]]
[[/GREPCENT_TABLE]]

Property Taxes

The decrease in property taxes for the year ended December 31, 2025 compared to the same period in 2024 is due primarily to favorable results from property tax appeals as well as a reduction in expense from three assets sold during 2024.

Property Operating Expense

The increase in property operating expense for the year ended December 31, 2025 compared to the same period in 2024 is due primarily to additional expense related to properties that converted to management contracts after January 2024, as property operating expenses were incurred for only a partial period during 2024.

Depreciation and Amortization

The $2.2 million increase in depreciation and amortization for the year ended December 31, 2025 compared to the same period in 2024 is primarily due to accelerated amortization associated with the phase out of the Inigma software, which was completed during 2025.

General and Administrative Expense

The $2.8 million decrease in general and administrative expenses during the year ended December 31, 2025 compared to the same period in 2024 is primarily attributable to the vesting of certain one-time equity compensation awards in 2024 related to the Merger, as well as the non-cash impact of a change in timing of annual equity awards in 2025.

Professional Fees

The $0.2 million decrease in professional fees during the year ended December 31, 2025 compared to the same period in 2024 is primarily attributable to savings in tax preparation services and legal fees incurred in 2024 associated with additional filings.

35

Table of Contents

Impairment

During the years ended December 31, 2025 and 2024, we impaired approximately $3.8 million and $0.2 million of our real estate assets, respectively, as a result of planned dispositions of properties.

[[GREPCENT_TABLE]]
[["","","For the Year Ended December 31,"],["","","2025","","","2024","","","$ Change","","","% Change (1)"],["Other"],["Interest expense, net","","$","(19,039",")","","$","(13,830",")","","$","(5,209",")","","","37.7","%"],["Loss on extinguishment of debt","","","(2,600",")","","","\u2014","","","","(2,600",")","","","100.0","%"],["(Loss) gain on sale of real estate","","","(124",")","","","2,651","","","","(2,775",")","","","NM"],["Other income, net","","","256","","","","434","","","","(178",")","","","(41.0",")%"],["Change in fair value of Earn-Out liability","","","935","","","","844","","","","91","","","","10.8","%"],["Total other expense","","$","(20,572",")","","$","(9,901",")","","$","(10,671",")","","","107.8","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","(1)","Line items that result in a percent change that exceed certain limitations are considered not meaningful (\u201cNM\u201d) and indicated as such."]]
[[/GREPCENT_TABLE]]

Interest Expense

The increase in interest expense of approximately $5.2 million during the year ended December 31, 2025 compared to the same period in 2024 is primarily attributable to interest expense and loan fee amortization on the Line of Credit entered into in the third quarter of 2024 and higher interest expense resulting from the refinancing of the $75.0 million revolving credit facility with KeyBank National Association (“the Revolving Credit Facility”) with the 2034 CMBS Loan in December 2024.

Loss on Extinguishment of Debt

In connection with entering into the Asset-Backed Securitization, we incurred approximately $2.6 million in fees related to prepayment penalties and legal costs.

(Loss) Gain on Sale of Real Estate

In November 2025, we sold a parking lot located in Indianapolis, Indiana for approximately $2.0 million, resulting in a gain on sale of real estate of approximately $0.5 million, and two parking lots in Denver, Colorado for approximately $2.5 million, resulting in a $0.1 million loss on sale of real estate. In December 2025, we sold a parking garage located in Lubbock, Texas for approximately $11.0 million, resulting in a loss on sale of real estate of approximately $0.5 million. 

In February 2024, we disposed of our Cincinnati Race Street location for $3.15 million, resulting in a loss on sale

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/BEEP/mda/fy2025/
All MD&A years: /company/BEEP/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/BEEP/mda/fy2024/): filed 2025-03-11; accession 0001437749-25-007028 (https://www.sec.gov/Archives/edgar/data/1847874/000143774925007028/minf20241231_10k.htm)
- [FY 2023 MD&A](/company/BEEP/mda/fy2023/): filed 2024-03-22; accession 0001437749-24-008931 (https://www.sec.gov/Archives/edgar/data/1847874/000143774924008931/minf20231231_10k.htm)
- [FY 2022 MD&A](/company/BEEP/mda/fy2022/): filed 2023-04-07; accession 0001193125-23-094205 (https://www.sec.gov/Archives/edgar/data/1847874/000119312523094205/d435225d10k.htm)
- [FY 2021 MD&A](/company/BEEP/mda/fy2021/): filed 2022-03-30; accession 0001104659-22-040205 (https://www.sec.gov/Archives/edgar/data/1847874/000110465922040205/fwac-20211231x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6500 Real Estate) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Housing & construction](/thread/housing-construction/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/BEEP.md · JSON record: /company/BEEP.json · verified financials: /company/BEEP/financials.json / /company/BEEP/financials.csv · machine TOC for the whole site: /llms.txt