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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.
Whitebox Advisors LLC and Whitebox General Partner LLC report a 5.5% ownership stake in Copper Property CTL Pass Through Trust. They are deemed to beneficially own 4,109,846 Trust Certificates, with shared voting and dispositive power over all of these securities and no sole power.
As of April 15, 2026, they were previously deemed to beneficially own 3,799,922 Trust Certificates, or approximately 5.1% of the class. Percentages are based on 75,000,000 Trust Certificates outstanding as of March 31, 2026 and June 25, 2026. The economic benefits from these holdings are for clients of Whitebox, who have rights to dividends and sale proceeds.
Copper Property CTL Pass Through Trust furnished Q1-2026 financial statements and store performance data for its master-lease tenant guarantor, Penney Intermediate Holdings LLC. The retailer generated total revenues of $1,313 million and a net loss of $65 million for the three months ended May 2, 2026, compared with a $69 million net loss a year earlier.
Merchandise inventory was $1.6 billion, slightly below the prior year, and capital expenditures increased to $22 million, focused on customer-facing initiatives. The company ended the quarter with no long-term debt outstanding versus $468 million a year earlier, and net interest expense fell to $2 million from $15 million. Operating cash flow was a use of $419 million, driven mainly by working-capital swings, while management highlighted progress on cost controls, synergy realization and digital and merchandising initiatives.
Copper Property CTL Pass Through Trust notified holders that Majority Certificateholders approved an amendment on or about June 25, 2026 to extend the Trust termination date by 60 days, moving the termination from June 29, 2026 to August 28, 2026. The amendment was approved by holders representing a majority of interests and will become effective 20 calendar days after mailing of this Information Statement, which was first mailed on or about July 9, 2026 (the Trust currently expects an effective date on or about July 29, 2026).
The Information Statement states that as of the Record Date of June 25, 2026 there were 75,000,000 Trust Certificates issued and outstanding. No appraisal rights are provided for dissenting holders. The amendment and its full text are included as Annex A; expenses related to the mailing will be borne by the Trust.
Copper Property CTL Pass Through Trust released its June 2026 monthly reporting package and announced a new cash distribution. The Trust will pay an aggregate total distribution of $6.3 million, or $0.083641 per trust certificate, on July 10, 2026 to holders of record on July 9, 2026.
For June, net cash provided by operations was $6.88 million, offset by $0.61 million of sales and capital activity uses, resulting in $6.27 million of net cash available for distribution. Over the trailing 12 months, total distributions reached $87.85 million, and since inception they totaled $1.54 billion, highlighting the Trust’s ongoing liquidation and cash return strategy.
Copper Property CTL Pass Through Trust filed an 8-K to share the Fiscal Year 2025 Narrative Report of Penney Intermediate Holdings LLC, available on its investor website and attached as Exhibit 99.1. The report describes a year of softer retail traffic and margin pressure but ongoing focus on value-oriented merchandising and customer engagement, including the “Really Big Deals” events and the “Yes, JCPenney!” brand platform.
Several categories such as Activewear, Fine Jewelry, Home, Intimates and Beauty performed well, supported by initiatives like launching Nike in 175 stores and expanding JCPenney Beauty and Salon. Gross margin percentage declined by about 150 basis points due to higher tariffs, mix shifts and promotions, but selling, general and administrative expenses fell by $226 million and estimated Adjusted EBITDA was about $168 million versus $172 million in Fiscal 2024.
The narrative highlights balance sheet repair: net interest expense fell by $27 million, a capital contribution was used to fully extinguish the ABL FILO Facility and Term Loan, and the company ended the year with no long-term debt. Operating cash flow rose to $180 million, inventory was $1.5 billion (down about 4.1%), and capital expenditures of $166 million supported customer experience, omnichannel capabilities, technology and infrastructure.
Copper Property CTL Pass Through Trust reports that Majority Certificateholders approved Amendment No. 6 on or about June 25, 2026 to extend the Trust's termination date from June 29, 2026 to August 28, 2026. The Amendment will become effective 20 calendar days after this Information Statement is first mailed or delivered to Certificateholders of record as of June 25, 2026. The Information Statement notes there are 75,000,000 Trust Certificates issued and outstanding as of the Record Date. The filing lists principal holders and their holdings, including H/2 Capital Partners at 29,266,536 certificates (39.02%), Silver Point Capital, L.P. at 9,664,039 (12.89%), Sixth Street affiliates at 7,353,908 (9.81%), Sculptor Capital LP at 4,579,917 (6.11%), and Owl Creek at 4,432,185 (5.91%). The Amendment text (Annex A) revises termination mechanics and permits a final termination no later than August 28, 2026 unless a further fixed-period extension is approved by the Trustee (with Manager consultation) and the Majority Certificateholders. No appraisal rights are provided for dissenting Certificateholders.
Copper Property CTL Pass Through Trust sent a Schedule 14C Information Statement informing certificateholders that Majority Certificateholders approved Amendment No. 5 on or about April 22, 2026. The Amendment extends the Trust termination date by 60 days, moving the termination from April 30, 2026 to June 29, 2026. The Amendment will become effective 20 calendar days after this Information Statement is first mailed to certificateholders of record as of the Record Date, April 22, 2026. The Information Statement states there are 75,000,000 Trust Certificates issued and outstanding as of the Record Date and lists principal holders and their holdings.