Copper Property CTL Pass Through Trust (CPPTL) SEC Filings

Copper Property CTL Pass Through Trust (CPPTL) reported that it has posted Q2‑2026 financial statements for its master lease tenant, Penney Intermediate Holdings LLC (JCPenney’s operating company), and detailed store performance for the master lease portfolio.

For the quarter ended August 1, 2026, Penney Intermediate generated $1.36 billion in total revenues and $54 million in net income, down from $1.48 billion and $110 million a year earlier, with comparable store sales for master lease properties declining 4.7%. Year‑to‑date, revenues were $2.68 billion and net loss $11 million. The master lease portfolio comprises 117 properties totaling 15.47 million square feet, with trailing‑12‑month tenant four‑wall EBITDAR to rent coverage of 1.1x and EBITDAR margin of 12.8%. Penney Intermediate reported $800 million of available liquidity, no borrowings under its $1.75 billion revolver, no long‑term debt outstanding and tangible net worth of $1.96 billion, and remained in liquid assets covenant compliance.

Copper Property CTL Pass Through Trust (CPPTL) reports that Certificateholders holding a majority of interests have approved Amendment No. 7 to the Trust Agreement by written consent. The amendment primarily extends the stated termination date of the Trust from August 28, 2026 to October 27, 2026, and revises the termination mechanics.

Under the amended Section 10.02, the Trust must be discharged or terminated no later than ninety days after final tax returns and SEC reports are filed and after all Trust assets are sold and distributions made, but in no event later than October 27, 2026 unless the Trustee (in consultation with the Manager) and the Majority Certificateholders determine that a fixed period extension is necessary. As of the August 27, 2026 record date, 75,000,000 Trust Certificates were outstanding, with several institutional investors each holding more than 5%, led by H/2 Capital Partners at 39.02%. No appraisal or dissenters’ rights are provided, and no further Certificateholder vote is required.

Copper Property CTL Pass Through Trust (CPPTL) reported a Revised 2026 Annual Budget with aggregate budgeted total expenses of $19.5 million, driven primarily by legal costs related to litigation. The Trust also announced a cash distribution of $0.081790 per trust certificate, an aggregate of $6.1 million, payable on September 10, 2026 to certificateholders of record on September 9, 2026.

The Trust filed a monthly reporting package for the period ended August 31, 2026. Copper Property CTL Pass Through Trust was formed to own, lease, and sell 160 retail properties and 6 warehouse distribution centers acquired from J.C. Penney under its Chapter 11 plan, with an objective to dispose of these properties as promptly as practicable as a liquidating trust.

Copper Property CTL Pass Through Trust (CPPTL) reported its August 2026 monthly results and updated its 2026 budget. For the period, the Trust generated $8.29 million of cash from operations, with net cash provided by operations of $6.64 million after operating uses. With no property sales in August, sales-related cash activity was a net use of $0.50 million, resulting in net cash available for distribution of $6.13 million, equal to a cash distribution of $0.081790 per trust certificate, payable September 10, 2026 to holders of record on September 9, 2026. The retail portfolio comprised 117 properties with 15.47 million square feet and current lease year rent of $98.53 million. The Trust disclosed a Revised 2026 Annual Budget with aggregate budgeted total expenses of $19.5 million, stating that this revision is primarily due to legal costs related to litigation. Trailing 12‑month total distributions were $87.49 million, and inception‑to‑date distributions totaled $1.55 billion.

Copper Property CTL Pass Through Trust (CPPTL) reports that Certificateholders holding a majority of the Trust Certificates as of August 27, 2026 have approved, by written consent, Amendment No. 7 to the Trust Agreement. No meeting will be held and no further Certificateholder action is required; this notice is for information only.

The amendment provides a 60‑day extension of the Trust’s termination date, moving it from August 28, 2026 to October 27, 2026, and restates Section 10.02 so that the Trust must terminate no later than ninety days after its final tax returns and reports are filed, but in no event later than October 27, 2026 unless the Trustee (in consultation with the Manager) and the Majority Certificateholders determine a fixed‑period extension is necessary. As of the Record Date, 75 million Trust Certificates were outstanding, with several institutional investors each holding more than 5%.

Copper Property CTL Pass Through Trust generated lease income of $48.9 million for the six months ended June 30 2026, slightly below $49.2 million a year earlier, from 117 JCPenney-occupied retail properties totaling 15.5 million square feet. Net income to Certificateholders fell to $26.2 million ($0.35 per certificate) from $38.3 million ($0.51), mainly because of higher legal and related general and administrative costs and the absence of 2025 disposition gains.

NOI declined to $37.6 million from $43.9 million and FFO decreased to $34.8 million from $40.9 million. The Trust has no debt, held $35.0 million of cash, and received $36.6 million of operating cash flow. It paid $38.8 million of distributions ($0.52 per certificate) in the first half of 2026, plus $0.08 and $0.09 per certificate in July and August. Future minimum lease payments under the master lease total $1.35 billion, with a weighted average remaining term of 14.5 years. Certificateholders approved extending the Trust’s termination date to August 28 2026. Results remain highly concentrated in a single tenant, Penney Intermediate Holdings LLC.

Copper Property CTL Pass Through Trust reported its July 2026 operating results and declared a cash distribution. On August 6, 2026, the Trust made its monthly report for the period ended July 31, 2026 available on its investor website and announced a cash distribution of $0.086363 per trust certificate, payable on August 10, 2026 to certificateholders of record as of August 7, 2026. The press release describes an aggregate total distribution of $6.5 million, supported by net cash available for distribution of $6,477,192.79 across 75,000,000 certificates.

For July 2026, net cash provided by operations was $6,835,836.57, while sales and capital activity produced a net outflow of $358,643.78, primarily from sales-related expenses with no new sales proceeds. Over the trailing 12 months, total distributions were $87,273,875.09, and inception-to-date distributions reached $1,545,259,529.28. The retail portfolio consisted of 117 properties totaling 15,472,339 square feet with current lease-year rent of $98,530,647.00. There were no property sales, substitutions, or new retail leasing activity during the July 2026 period.

Copper Property CTL Pass Through Trust major holder Silver Point Capital L.P., as investment manager for certain funds, reported a sale of 200,000 Trust Certificates on July 28, 2026 at $10.55 per certificate. After this transaction, Silver Point-related funds held 9,464,039 certificates. Silver Point Capital Management, LLC and its members Edward A. Mule and Robert J. O'Shea may be deemed beneficial owners through their interests in the funds, but Messrs. Mule and O'Shea disclaim beneficial ownership beyond their pecuniary interests.