Copper Property CTL Pass Through Trust Business Summary

Copper Property CTL Pass Through Trust (CPPTL) operates as a specialized liquidating trust established in 2020 to monetize a portfolio of 160 retail properties and six warehouse distribution centers acquired from J.C. Penney during its Chapter 11 reorganization. The Trust generates revenue through two primary channels: consistent lease payments derived from long-term triple-net master leases with Penney Intermediate Holdings LLC, and capital distributions from the systematic disposition of real estate assets to third-party purchasers. As of February 2026, the Trust is executing a strategic review of its remaining portfolio following the late-2025 termination of a $947 million sale agreement with Onyx Partners. In the broader real estate management sector, CPPTL competes with entities such as FRP Holdings, Nam Tai Property, and Merchants' National Properties, distinguishing itself as a finite-life liquidation vehicle focused on maximizing certificateholder recovery rather than a perpetual-growth Real Estate Investment Trust (REIT). The Trust is externally managed by Hilco JCP, LLC, an affiliate of Hilco Real Estate LLC, and is led by Principal Executive Officer Neil Aaronson and Principal Financial Officer Larry Finger. Aaronson, who concurrently serves as CEO of Hilco Real Estate, possesses a background in high-stakes asset repositioning from his tenure at Hilco Global and Cendant Corporation, while Finger brings over four decades of financial leadership experience, including a former role as CFO of Federal Realty Investment Trust. Formed through the restructuring of the "Old Copper" J.C. Penney assets, the Trust does not maintain a traditional board of directors; instead, it is governed by a Trust Agreement with GLAS Trust Company LLC serving as Trustee. Its ownership is concentrated among institutional certificateholders who recently authorized enhanced governance protections and supermajority consent rights to oversee the Trust’s final asset divestiture and wind-down phase.