Document



Exhibit 99.1

Monthly/Quarterly Reporting Package
September 2021


			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 10/12/2021 Record Date: 10/08/2021 Determination Date: 09/30/2021

Table of Contents


SECTION I- Monthly Reporting Schedules			4
Monthly Certificate Distribution Detail			5
Monthly Cash Source and Uses			6
Monthly Cash Distributions			7
Property Sales This Month			8
Retail Portfolio as of Determination Date			9
Distribution Center Portfolio as of Determination Date			11
Landlord and Tenant Option Properties as of Determination Date			12
Substitution Properties This Month			13
Monthly Leasing Activity: Distribution Centers			14
Monthly Leasing Activity: Retail Properties			15
Summary Select Financial Information			16
SECTION II - Provided Quarterly			17
Master Lease Guarantor Operating Performance			18
Master Lease Retail Tenant Operating Performance for Retail Portfolio as of Determination Date			19
Master Lease Subtenants as of Fiscal Quarter Ended []			21
SECTION III			22
Management’s Comments			23
SECTION IV – Provided Quarterly – Penney Intermediate Holdings LLC Financial Statements			24
Consolidated Statement of Operations			25
Consolidated Balance Sheet			26
Consolidated Statement of Member’s Equity			27
Consolidated Statement of Cash Flows			28
Notes to the Consolidated Financial Statements			29
Narrative Report			34
Statement of Consolidated Adjusted EBITDA			35
SECTION V – Definitions and Disclaimers			36
Definitions			37
Disclaimer			38

Trustee

Manager

GLAS Trust Company, LLC

Hilco JCP, LLC

3 Second Street, Suite 206

5 Revere Drive, Suite 410

Jersey City, NJ 07311

Northbrook, IL

Contact: Yana Kislenko

Contact: Larry Finger

Phone: 201-839-2183

Phone: 703-244-4588

Email: yana.kislenko@glas.agency

Email: lfinger@ctltrust.net


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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 10/12/2021 Record Date: 10/08/2021 Determination Date: 09/30/2021

Forward-Looking Statements & Non-GAAP Presentation

This distribution statement contains “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. These forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments and other matters that are not historical facts. The forward-looking statements are based on our beliefs as well as on a number of assumptions concerning future events. Readers of these materials are cautioned not to put undue reliance on these forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements.

Certain of the financial measures presented in this distribution statement are non-GAAP financial measures, other metrics and other information. We believe that non-GAAP financial measures, other metrics and other information provide useful information to investors regarding our financial condition, result of operations and other matters. The non-GAAP financial measures, other metrics and information as presented in this distribution statement may be adjusted in management’s reasonable judgment as appropriate, taking into account a variety of circumstances, facts and conditions. These adjustments may be material and may or may not be specifically identified in footnotes or otherwise. Our measures, metrics and other information (and the methodologies used to derive them) may not be comparable to those used by other companies.

Please refer to Section III of this distribution statement, titled “Disclaimer”, for additional information.


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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 10/12/2021 Record Date: 10/08/2021 Determination Date: 09/30/2021

SECTION I

Monthly Reporting Schedules


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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 10/12/2021 Record Date: 10/08/2021 Determination Date: 09/30/2021

Monthly Certificate Distribution Detail


CUSIP	Aggregate Certificates Outstanding	Aggregate Net Sales Proceeds Distribution	Aggregate Net Operations Distribution	Aggregate Total Distribution
217519107	75,000,000	$118,150,023.75	$6,484,666.36	$124,634,690.11


Per Certificate
CUSIP	Aggregate Certificates Outstanding	Aggregate Net Sales Proceeds Distribution	Aggregate Net Operations Distribution	Aggregate Total Distribution
217519107	75,000,000	$1.575334	$0.086462	$1.661796


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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 10/12/2021 Record Date: 10/08/2021 Determination Date: 09/30/2021

Monthly Cash Sources and Uses


Sources of Cash from Operations			Uses of Cash from Operations
Distribution Center Master Lease Rent	$	2,948,333.36	Accounting and Financial Reporting	$	151,967.33
Retail Master Lease Rent	4,877,383.74		Investor Relations	12,393.63
Total Rent	$	7,825,717.10	Legal	380,542.75
			Insurance	—
			Management Fees -Operations and Other Professional Fees	738,506.99
Sales & Use Tax Recovery	$	31,509.86	BOV’s and Other	6,226.25
Total Other Sources of Cash	$	31,509.86	Total Operating Expenses	$	1,289,636.95

			Taxes to be Recovered from Tenant	$	82,923.65
			Formation, Closing & Related Costs	—
			Total Other Uses of Cash	$	82,923.65
Total Sources of Cash from Operations	$	7,857,226.96	Total Uses of Cash from Operations	$	1,372,560.60


Sources of Cash from Sales / Capital Activity			Uses of Cash from Sales / Capital Activity
Distribution Center Gross Sales Proceeds	$	—	Management Fees -Sales	$	741,125.00
Retail Master Lease Gross Sales Proceeds	124,250,000.00		Third Party Expenses: Distribution Center Sales	—
Total Gross Sales Proceeds	$	124,250,000.00	Third Party Expenses: Retail Sales	5,262,589.75
			Prepaid Sales Expenses	96,261.50
Other Financing / Capital Activity	$	—	Other	—
Other	—		Total Expenses of Sales	$	6,099,976.25
Total Other	$	—	Cash Provided (Used) Sales / Capital Activity	$	—
Total Sources of Cash from Sales / Capital Activity	$	124,250,000.00	Total Uses of Cash from Sales / Capital Activity	$	6,099,976.25


Net Cash Available for Distribution
Total Sources of Cash from Operations	$	7,857,226.96
Total Uses of Cash from Operations	(1,372,560.60)
Net Cash Provided by Operations	$	6,484,666.36

Total Sources of Cash from Sales / Capital Activity	$	124,250,000.00
Total Uses of Cash from Sales / Capital Activity	(6,099,976.25)
Net Cash Provided by Sales / Capital Activity	$	118,150,023.75

Net Cash Available for Distribution	$	124,634,690.11

* Management Fees: Operations: Primarily Hilco's Asset Mgmt Fees

** Accounting, Financial Reporting & Tax: Includes all third party professional fees

*** Trustee & Other: BOV and Investment Banker Fees, if applicable


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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 10/12/2021 Record Date: 10/08/2021 Determination Date: 09/30/2021

Monthly Cash Distributions


Distribution Date	Net Rental Income Distribution	Sales and Capital Activity Distribution	Total Distributions
12-Oct-21	$6,484,666.36	$118,150,023.75	$124,634,690.11
10-Sept-21	6,642,375.46	—	6,642,375.46
10-Aug-21	6,837,204.31	31,544,164.52	38,381,368.83
12-July-21	6,822,411.96	—	6,822,411.96
10-June-21	6,449,331.63	—	6,449,331.63
10-May-21	6,915,430.00	—	6,915,430.00
12-Apr-21	6,900,130.88	—	6,900,130.88
10-Mar-21	1,565,979.82	—	1,565,979.82





Trailing 12 mos.	$48,617,530.42	$149,694,188.27	$198,311,718.69

Inception to Date	$48,617,530.42	$149,694,188.27	$198,311,718.69


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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 10/12/2021 Record Date: 10/08/2021 Determination Date: 09/30/2021

Property Sales This Month


Sale Date	Property ID	Property Name	Square Feet	Rent for Lease Year at Closing Date 1	Gross GAAP Basis 2	Gross Sales Price	Net Sales Price3	Net Sales Price Per Square Foot	Implied Cap. Rate/ Rent Yield at Closing 4	Selling Cost	Selling Costs as Percentage of Gross Sales Price5	Selling Broker
Retail Property Sales This Month
14-Sep-21	1959	The Shops at Tanforan	223,232	$446,464	$61,100,000	$105,250,000	$105,250,000	$471.48	0.42%	$5,443,236	5.17%	Newmark
30-Sep-21	246	SouthBay Pavilion at Carson	200,697	1,204,182	15,200,000	19,000,000	19,000,000	94.67	6.34%	735,430	3.87%	Newmark

Total Retail Properties this Month			423,929	$1,650,646	$76,300,000	$124,250,000	$124,250,000	$293.09	1.33%	$6,178,666	4.97%

Distribution Center Property Sales This Month

Total Distribution Center Properties this Month			—	—	—	—	—	—	—	—	—
Total Property Sales this Month			423,929	$1,650,646	$76,300,000	$124,250,000	$124,250,000	$293.09	1.33%	$6,178,666	4.97%
Property Sales this Month Average			211,965	$825,323	$38,150,000	$62,125,000	$62,125,000	$293.09	1.33%	$3,089,333	4.97%

Retail Properties			583,952	$2,226,393	$31,200,000	$32,250,000	$32,250,000	$55.23	6.90%	$759,348	2.35%
Distribution Centers
Previous Distribution Period Total:			583,952	2,226,393	31,200,000	32,250,000	32,250,000	55.23	6.90%	759,348	2.35%
Previous Distribution Periods Average:			194,651	$742,131	$10,400,000	$10,750,000	$10,750,000	$55.23	6.90%	$253,116	2.35%

Retail Properties			1,007,881	$3,877,039	$107,500,000	$156,500,000	$156,500,000	$348.32	2.48%	$6,938,014	4.43%
Distribution Centers
Cumulative Distribution to Date Total:			1,007,881	3,877,039	107,500,000	156,500,000	156,500,000	155.28	2.48%	6,938,014	4.43%
Cumulative Distribution to Date Average:			201,576	$775,408	$21,500,000	$31,300,000	$31,300,000	$155.28	2.48%	$1,387,603	4.43%

1 Annualized Monthly Rent (e.g. Monthly Rent due for in Sale Period X 12). Rental Abatement shall be disregarded.

2 GAAP Basis before depreciation and amortization. The Trust determined that fresh start accounting fair value (not cost) of the investment properties based upon the fair value of the individual assets and liabilities assumed as of the Effective Date (1/31/21).The total fair Value of the properties acquired was $1.935 Billion.

3 Net of credits provided to Buyer other than pro-rations. Selling costs are not netted in Net Sales Price

4 Gross Sales Price divided by the Annual Rent as defined above

5 Selling Costs as percentage of Gross Sales Price. Selling costs may not tie into the Total Expenses of Sale as reported on the Monthly Sources and Uses Report.


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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 10/12/2021 Record Date: 10/08/2021 Determination Date: 09/30/2021

Retail Portfolio as of Determination Date


By Current Lease Year Rent Per Square Foot Tier:				By Property Ownership Type:
Tier	Properties	Square Feet	Current Lease Year Rent 1	Ownership Type	Properties	Square Feet	Current Lease Year Rent 1
Tier 1 -$9.00	33	4,091,827	$36,826,443.00	Owned	133	17,586,813	$99,569,963.00
Tier 2 -$6.00	82	10,771,143	64,626,858.00	Ground Lease	22	3,117,253	17,780,380.00
Tier 3 -$3.50	19	2,809,897	9,834,644.00
Tier 4 -$2.00	21	3,031,199	6,062,398.00
Total:	155	20,704,066	$117,350,343.00	Total:	155	20,704,066	$117,350,343.00


By Current Lease Year Rent Per Property:				By Property Type:
Tier	Properties	Square Feet	Current Lease Year Rent 1	Property Type	Properties	Square Feet	Current Lease Year Rent 1
>=$950,000	37	6,373,989	$45,738,618.00	Shopping Center	37	3,737,762	$23,657,840.00
>=$700,000 & <$950,000	42	5,452,794	35,897,317.00	Freestanding	4	372,420	2,533,116.00
>=$500,000 & <$700,000	40	4,452,546	23,515,430.00	Mall	114	16,593,884	91,159,387.00
<=$500,000	36	4,424,737	12,198,978.00
Total:	155	20,704,066	$117,350,343.00	Total:	155	20,704,066	$117,350,343.00

1Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.


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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 10/12/2021 Record Date: 10/08/2021 Determination Date: 09/30/2021

Retail Portfolio as of Determination Date (Cont’d)


By Geography:
State	Properties	Square Feet	Current Lease Year Rent 1
AR	2	186,745	$1,120,470.00	MO	2	229,828	1,378,968.00
AZ	5	651,164	3,848,169.00	MS	1	99,396	894,564.00
CA	25	3,740,792	21,710,731.00	NC	1	104,198	208,396.00
CO	3	361,775	1,376,834.00	NH	2	230,842	1,122,962.00
CT	3	464,682	929,364.00	NJ	5	882,946	3,510,571.00
DE	1	159,878	959,268.00	NM	2	265,910	2,014,848.00
FL	9	1,292,316	9,874,971.00	NV	3	437,937	3,941,433.00
GA	2	204,634	1,143,372.00	NY	4	673,802	2,830,244.00
IA	1	85,278	298,473.00	OH	5	645,447	3,504,477.00
ID	1	151,985	1,367,865.00	OK	3	332,223	1,494,714.00
IL	5	845,224	4,414,248.00	OR	1	157,928	947,568.00
IN	1	99,317	893,853.00	PA	4	555,087	2,984,042.00
KS	2	316,856	1,471,852.00	PR	2	185,946	1,115,676.00
KY	2	251,289	1,821,111.00	TN	3	347,331	1,241,828.00
LA	2	229,181	1,749,054.00	TX	29	3,105,945	20,314,284.00
MA	1	141,692	495,922.00	UT	1	99,411	347,939.00
MD	4	559,312	2,424,176.00	VA	5	736,563	3,330,898.00
MI	6	863,012	3,699,718.00	WA	4	666,272	4,515,948.00
MN	2	255,941	1,535,646.00	WI	1	85,981	515,886.00
				Total:	155	20,704,066	$117,350,343.00

1Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.


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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 10/12/2021 Record Date: 10/08/2021 Determination Date: 09/30/2021

Distribution Center Portfolio as of Determination Date


Property ID		9005	9130	9132	9316	9435	9486
Location		Statesville, NC	Columbus, OH	Lenexa, KS	Reno, NV	Haslet, TX	Forest Park, GA
Square Feet	New JCP	595,209	2,000,000	2,308,100	1,838,800	1,133,027	2,233,475
	Other Tenants	—	—	—	—	—	—
	Vacant	—	—	—	—	—	—
	Total	595,209	2,000,000	2,308,100	1,838,800	1,133,027	2,233,475
Current Lease Year Rent 1	New JCP	$1,785,627.00	$6,500,000.00	$6,294,058.75	$8,734,300.00	$4,248,851.25	$7,817,162.50
	Other Tenants	—	—	—	—	—	—
	Total	$1,785,627.00	$6,500,000.00	$6,294,058.75	$8,734,300.00	$4,248,851.25	$7,817,162.50
Current Lease Year Rent - PSF 2	New JCP	$3.00	$3.25	$2.73	$4.75	$3.75	$3.50
	Other Tenants	—	—	—	—	—	—
	Total	$3.00	$3.25	$2.73	$4.75	$3.75	$3.50

1Current Lease Year Rent = Monthly Rent X 12

2Current Lease Year Rent PSF = (Monthly Rent X 12) / Square Feet


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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 10/12/2021 Record Date: 10/08/2021 Determination Date: 09/30/2021

Landlord and Tenant Option Properties as of Determination Date

Property ID

Option Type

Property Name

Location

Square Feet

Current Lease

Year Rent 1

Option

Notice (Y/N)

Option Exercise / Closing Date

246

Landlord

SouthBay Pavilion at Carson

20700 Avalon Boulevard, Carson, CA

N/A

Property Sold 09-30-21

389

Landlord

Stoneridge S/C

1500 Stoneridge Mall Road, Pleasanton, CA

155,919

311,838.00

1229

Landlord

The Oaks

280 Hillcrest Drive W, Thousand Oaks, CA

144,959

289,918.00

1572

Landlord

Westfield Culver City

6000 S Hannum Avenue, Culver City, CA

203,832

1,222,992.00

1959

Landlord

The Shops at Tanforan

1122 El Camino Real, San Bruno, CA

N/A

Property Sold 09-14-21

1417

Landlord

Westfield Santa Anita

400 S Baldwin Avenue, Arcadia, CA

204,563

715,971.00

2649

Landlord

Westminster Mall

400 Westminster Mall, Westminster, CA

152,567

533,985.00

2256

Landlord

Danbury Fair

7 Backus Avenue, Danbury, CT

136,375

272,750.00

2102

Landlord

Westfield Annapolis

1695 Annapolis Mall, Annapolis, MD

126,732

760,392.00

1623

Landlord

Twelve Oaks Mall

27150 Novi Road, Novi, MI

155,807

545,325.00

2247

Landlord

Pheasant Lane Mall

310 Daniel Webster Highway, Suite 103, Nashua, NH

104,836

366,926.00

2297

Landlord

Newport Centre

10 Mall Drive W, Jersey City, NJ

185,330

648,655.00

2477

Landlord

Freehold Raceway Mall

3710 Highway 9, Freehold, NJ

149,608

299,216.00

2814

Landlord

Queens Center

92-59 59th Avenue. Elmhurst, NY

204,340

1,226,040.00

197

Landlord

Gateway Shopping Center I &

II360 Gateway Drive, Brooklyn, NY

123,942

247,884.00

2040

Landlord

Barton Creek Square

2901 S Capitol of Texas Highway, Austin, TX

144,129

864,774.00

2763

Landlord

The Woodlands Mall

1201 Lake Woodlands Drive, Suite 500, Woodlands, TX

146,000

511,000.00

2881

Landlord

Memorial City S/C

300 Memorial City Way, Houston, TX

140,486

842,916.00

192

Landlord

Fair Oaks Mall

11801 Fair Oaks Mall, Fairfax, VA

193,422

386,844.00

1462

Landlord

Springfield Town Center

6699 Springfield Mall, Springfield, VA

205,772

1,234,632.00

2865

Tenant

Tamarack Village

8348 Tamarack Village, Woodbury, MN

81,973

491,838.00

2801

Tenant

Polaris Fashion Place

1450 Polaris Parkway, Columbus, OH

146,990

881,940.00

2921

Tenant

Robertson’s Creek

5751 Long Prairie Road, Flower Mound, TX

103,689

362,912.00

2934

Tenant

University Oaks S/C

151 University Oaks, Round Rock, TX

103,525

621,150.00

2982

Tenant

Village at Fairview

301 Stacy Road, Fairview, TX

117,641

705,846.00

2749

Tenant

Dulles Town Centre

21030 Dulles Town Circle, Sterling, VA

125,917

440,710.00

Total:

3,558,354

$14,786,454.00

1Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.


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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 10/12/2021 Record Date: 10/08/2021 Determination Date: 09/30/2021

Substitution Properties as of Determination Date

(No Substitution Properties September, 2021)

Property ID

Property Name

Property Location

Substitution Type

(Outgoing / Incoming)

Square Feet

Current Lease

Year Rent 1

Notice Date

Exercise Date

—

Total:

1Current Lease Year Rent = Monthly Rent X 12


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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 10/12/2021 Record Date: 10/08/2021 Determination Date: 09/30/2021

Monthly Leasing Activity Distribution Centers

(No Leasing Activity September, 2021)

Property ID

Lease Start Date

Tenant Name

Square Feet

Current Lease

Year Rent -

PSF 1

Current

Lease

Year Rent 2

Real Estate Operating Expenses

Initial Term (Months)

Extension Options (Years)

Tenant Business Description

Manager Commentary

—

Total:

—

1Current Lease Year Rent PSF = (Monthly Rent X 12) / Square Feet.

2Current Lease Year Rent = Monthly Rent X 12.


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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 10/12/2021 Record Date: 10/08/2021 Determination Date: 09/30/2021

Monthly Leasing Activity Retail Properties

(No Leasing Activity September, 2021)

Property ID

Lease Start Date

Tenant Name

Square Feet

Current Lease

Year Rent -

PSF 1

Current

Lease

Year Rent 2

Real Estate Operating Expenses

Initial Term (Months)

Extension Options (Years)

Tenant Business Description

Manager Commentary

—

Total:

—

1Current Lease Year Rent PSF = (Monthly Rent X 12) / Square Feet, excluding rental abatement.

2Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.


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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 10/12/2021 Record Date: 10/08/2021 Determination Date: 09/30/2021

Summary Select Financial Information

For copies of our most recent financial statements, including management’s discussion and analysis of financial condition and results of operations, sales and capital activity, you can access our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at www.ctltrust.net as soon as reasonably practicable after they are filed with, or furnished to, the SEC. You can also review these SEC filings and other information by accessing the SEC’s website at http://www.sec.gov.

The SEC file number is 000-56236.


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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 10/12/2021 Record Date: 10/08/2021 Determination Date: 09/30/2021

SECTION II

(Provided Quarterly)

The following financial information was prepared by Penney Tenant I LLC and Penney Tenant II LLC.

As such, the Trust has not independently verified this Financial Information.


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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 10/12/2021 Record Date: 10/08/2021 Determination Date: 09/30/2021

Master Lease Guarantor Operating Performance


Key Financial and Performance Metrics	Fiscal Quarter Ended July 31, 2021*	Trailing 12 Months
Comparable store sales percent increase / (decrease) for Master Lease Properties **	104.7%	N/A
Liquid assets covenant compliance (as defined in the Master Leases)	Yes	N/A
Tangible net worth (as defined in the Master Leases - in millions)***	$1,513	N/A

Key Portfolio Metrics	Fiscal Quarter Ended July 31, 2021*	Trailing 12 Months
End of period number of stores - fee owned and ground leased	208	N/A
End of period number of stores - space leased	464	N/A
Gross Square Footage of stores (in millions)	81.8	N/A

* Reflects financial activity from May 02, 2021 through July 31, 2021 (Fiscal Q2 2021).

** Comparable sales against LY base having COVID closures.

*** Per unaudited interim Consolidated Financial Statements of Penney Intermediate Holdings LLC as of July 31, 2021.


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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 10/12/2021 Record Date: 10/08/2021 Determination Date: 09/30/2021

Master Lease Retail Tenant Operating Performance for Retail Portfolio as of Determination Date


Fiscal Quarter Ended July 31, 2021 *
Property Ownership	# of Properties	Square Feet	Tenant’s Sales Per Square Foot	Tenant’s Four-Wall EBITDAR	Rent	Tenant’s Four-Wall EBITDA	Tenant’s Four-Wall EBITDAR / Rent
Fee	135	18,010,742	$21				2.9
Ground Lease	22	3,117,253	$26				3.1
Total	157	21,127,995	$22	$121,534,060	$41,999,476	$79,534,584	2.9


Fiscal Quarter Ended July 31, 2021 *
Rent Tier **	# of Properties	Square Feet
1 > $2.4	40	5,097,875
2 > $1.9	39	5,353,213
3 > $1.7	39	5,056,160
4 < $1.7	39	5,620,747
Total	157	21,127,995

* Reflects financial activity from May 02, 2021 through July 31, 2021 (Fiscal Q2 2021).

** Rent tier determined based on book Occupancy Expense per square foot.

Rent: includes book Rent, Ground Leases, Contingent Rent, CAM & accrued Real Estate Taxes.

EBITDA: Tenant's Unallocated Store Contribution Profit, uses book rent.

EBITDAR: excludes Occupancy included in calculation of EBITDA.


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Master Lease Retail Tenant Operating Performance for Retail Portfolio as of Determination Date


Fiscal Quarter Ended July 31, 2021 *
Property Ownership	# of Properties	Square Feet	Tenant’s Sales Per Square Foot	Tenant’s Four-Wall EBITDAR	Tenant’s Four-Wall EBITDAR to Sales	Tenant’s Four-Wall EBITDA	Tenant’s Four-Wall EBITDAR / Rent
> $26.3	40	4,632,727	$34		29.8%		3.6
> $20.9	39	5,146,127	$23		26.2%		2.9
> $16.7	39	5,753,619	$19		24.5%		2.4
< $16.7	39	5,595,522	$14		21.4%		2.4
Total	157	21,127,995	$22	$121,534,060	26.2%	$79,534,584	2.9


Fiscal Quarter Ended July 31, 2021 *
Property Ownership	# of Properties	Square Feet	Tenant’s Sales Per Square Foot	Tenant’s Four-Wall EBITDAR	Tenant’s Four-Wall EBITDAR to Sales	Tenant’s Four-Wall EBITDA	Tenant’s Four-Wall EBITDAR / Rent

> {$3.0}x **	72	8,825,712	$26		28.6%		3.7
< {$3.0}x **	85	12,302,283	$16		23.9%		2.3

Total	157	21,127,995	$22	$121,534,060	26.2%	$79,534,584	2.9

* Reflects financial activity from May 02, 2021 through July 31, 2021 (Fiscal Q2 2021).

** Stratifications consolidated due to insufficient store count.


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Master Lease Subtenants


Fiscal Quarter Ended May 1, 2021
Subtenant Name	Subleased Property	Square Feet	Lease Commence Date	Lease Expiration Date ***	Rent / Month	Rent Per Square Foot / Month	Percent of Total Rent **	Expense Provisions
Donald Bruce Drummond (Optometrist)	334	226	6/1/17	5/31/2022	100	0.4	0.2%	JCP retains 2% of sublessee's sales run through JCP credit card machines to cover interchange fees
Dr. Norman Ratner (Optometrist)	634	202	9/1/2016	8/31/2021	100	0.5	0.1%	JCP retains 2% of sublessee's sales run through JCP credit card machines to cover interchange fees
Dr. Xiao Meng Lu (Optometrist)	1,572	339	6/10/2016	6/30/2021	100	0.3	0.1%	JCP retains 2% of sublessee's sales run through JCP credit card machines to cover interchange fees
Dr. Selena Steenbergen (Optometrist)	1,959	250	3/1/2016	2/28/2022	100	0.4	0.1%	JCP retains 2% of sublessee's sales run through JCP credit card machines to cover interchange fees
Dr. Susan Shahriari (Optometrist)	2,096	154	10/1/2015	9/30/2021	100	0.6	0.2%	JCP retains 2% of sublessee's sales run through JCP credit card machines to cover interchange fees
Dr. Brian W. Park, O.D. (Optometrist)	2,467	120	10/1/2014	9/30/2021	100	0.8	0.1%	JCP retains 2% of sublessee's sales run through JCP credit card machines to cover interchange fees
Dr. Jeff Overbey (Optometrist)	2,649	178	3/25/2018	3/31/2022	100	0.6	0.2%	JCP retains 2% of sublessee's sales run through JCP credit card machines to cover interchange fees
Dr. Laurence Rubin (Optometrist)	2,677	126	9/1/2014	8/31/2022	100	0.8	0.1%	JCP retains 2% of sublessee's sales run through JCP credit card machines to cover interchange fees
Aspen Square, Inc.	2,990	18,058	10/8/2008	10/7/2083	1	0	—%
Total Subtenants *		19,653			801	-

* Excludes TBA leases consistent with Section 9.2(a) of the Master Lease Agreement.

** 3 months of sublease income divided by book rent for same period.

*** Subleases for Optometrist offices auto-renew for 12 months w/30-day right to terminate by either party.


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SECTION III


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Management’s Comments

(Management Commentary will be provided in our 10Q’s and 10K’s)


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SECTION IV

(Provided Quarterly)

The following financial statements were prepared by Penney Intermediate Holdings LLC.

As such, the Trust has not independently verified these Financial Statements.


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Penney Intermediate Holdings LLC

Consolidated Statement of Operations

(Unaudited)


($ in millions)	Three Months Ended July 31,2021		Six Months Ended July 31,2021
Total net sales	$	1,895	$	3,488
Credit income and other	98		174
Total revenues	1,993		3,662

Costs and expenses (income):
Cost of goods sold (exclusive of depreciation and amortization shown separately below)	1,162		2,141
Selling, general and administrative	578		1,136
Depreciation and amortization	51		102
Real estate and other, net	(1)		(6)
Restructuring	1		4
Acquisition and transition related costs	8		19
Total costs and expenses	1,799		3,396
Operating income	194		266
Interest expense, net	(25)		(50)
Income before income taxes	169		216
Income tax expense	(5)		(8)
Net income	$	164	$	208

See the accompanying notes to the Unaudited Interim Consolidated Financial Statements.


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Penney Intermediate Holdings LLC

Consolidated Balance Sheet

(Unaudited)


($ in millions)			July 31, 2021
Assets
Current assets:
	Cash and cash equivalents	$	611
	Merchandise inventory		1,682
	Prepaid expenses and other		363
	Total current assets		2,656
Property and equipment, net			893
Operating lease assets			1,601
Financing lease assets			82
Other assets			349
	Total assets	$	5,581
Liabilities and member’s equity
Current liabilities:
	Merchandise accounts payable		389
	Other accounts payable and accrued expenses		760
	Current operating lease liabilities		23
	Current financing lease liabilities		1
	Current portion of long-term debt, net		20
	Total current liabilities		1,193
Noncurrent operating lease liabilities			1,765
Noncurrent financing lease liabilities			84
Long-term debt			780
Other liabilities			133
	Total liabilities		3,955
Member’s equity
Member’s Contributions			300
Accumulated other comprehensive income			(2)
Reinvested earnings			1,328
	Total member’s equity		1,626
	Total liabilities and member’	$	5,581

See the accompanying notes to the Unaudited Interim Consolidated Financial Statements.


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Penney Intermediate Holdings LLC

Consolidated Statement of Member’s Equity

(Unaudited)


($ in millions)		Member’s Contributions/(Distributions)		Accumulated Other Comprehensive Income/(Loss)		Reinvested Earnings		Total Member’s Equity
January 30, 2021	$	300		—		1,299	$	1,599
Member tax distributions		—		—		—		—
Net income		—		—		44		44
May 1, 2021	$	300				1,343	$	1,643
Member tax distributions		—		—		(123)		(123)
Net income		—		—		164		164
Other comprehensive income/(loss)		—		(2)		—		(2)
Purchase price adjustments		—		—		(56)		(56)
July 31, 2021	$	300	$	(2)	$	1,328	$	1,626

See the accompanying notes to the Unaudited Interim Consolidated Financial Statements.


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Penney Intermediate Holdings LLC

Consolidated Statement of Cash Flows

(Unaudited)


($ in millions)		Three Months Ended July 31, 2021
Cash flows from operating activities:
	Net income	$	208
	Adjustments to reconcile net income to net cash provided by operating activities
	Gain on asset disposition	—
	Gain on insurance proceeds received for damage to property	(2)
	Depreciation and amortization	102
	Change in cash from operating assets and liabilities:
	Inventory	(162)
	Prepaid expenses and other assets	2
	Merchandise accounts payable	238
	Accrued expenses and other	98
	Net cash provided by operating activities	$	484
Cash flows from investing activities
	Capital Expenditures	(21)
	Proceeds from sale of operating assets	—
	Insurance proceeds received for damage to property and equipment	2
	Net cash used by investing activities	$	(19)
Cash flows from financing activities:
	Proceeds from borrowings under the revolving credit facility	—
	Proceeds from issuance of long-term debt	—
	Repayments of principal portion of finance leases	—
	Payments of long-term debt	(6)
	Proceeds from equity contributions	—
	Member tax distributions	(123)
	Net cash used by financing activities	(129)
Net increase in cash and cash equivalents		336
	Cash and cash equivalents at beginning of period	275
	Cash and cash equivalents at end of period	$	611

See the accompanying notes to the Unaudited Interim Consolidated Financial Statements.


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Penney Intermediate Holdings LLC

Notes to Unaudited Interim Consolidated Financial Statements

1. Basis of Presentation and Consolidation

Basis of Presentation

Penney Intermediate Holdings LLC (the Company), formed on October 22, 2020, is the direct subsidiary of Penney Holdings LLC (“Holdings”), a direct subsidiary of Copper Retail JV LLC (“Copper”), a Delaware limited liability company. The assets of Copper and Holdings consist solely of the 100% ownership in each direct subsidiary. Copper and its related legal entity structure were formed to acquire certain operating assets and related liabilities of J.C. Penney Company, Inc. (JCPenney) on December 7, 2020 (the acquisition date). All acquired assets and liabilities of JCPenney are owned and operated by the Company and its subsidiaries.

The JCPenney brand was founded by James Cash Penney in 1902. We operate the JCPenney brand through the operation of 690 department stores in 49 states and Puerto Rico, as well as through our eCommerce website at jcp.com and our mobile application. We sell family apparel and footwear, accessories, fine and fashion jewelry, beauty products through Sephora inside JCPenney, and home furnishings. In addition, our department stores provide services, such as styling salon, optical, and portrait photography.

These Unaudited Interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States. The accompanying Unaudited Interim Consolidated Financial Statements, in our opinion, include all material adjustments necessary for a fair presentation and should be read in conjunction with the Audited Consolidated Financial Statements and notes thereto for the fiscal year ended January 30, 2021. We follow the same accounting policies to prepare quarterly financial statements as are followed in preparing annual financial statements. A description of such significant accounting policies is included in the notes to the Audited Financial Statements for the fiscal year ended January 30, 2021. Because of the seasonal nature of the retail business, operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.

Fiscal Year

The Company’s fiscal year consists of the 52-week period ending on the Saturday closest to January 31. As used herein, “three months ended July 31, 2021” refers to the 13-week period ended July 31, 2021 and “six months ended July 31, 2021” refers to the 26-week period ended July 31, 2021. Fiscal 2021 will consist of the 52-week period ending on January 29, 2022.

Basis of Consolidation

All significant inter-company transactions and balances have been eliminated in consolidation.


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Penney Intermediate Holdings LLC

Notes to Unaudited Interim Consolidated Financial Statements

2. Global COVID-19 Pandemic

On March 11, 2020, the World Health Organization declared a global pandemic related to the rapidly growing outbreak of a novel strain of coronavirus (COVID-19). Subsequently, the COVID-19 pandemic has significantly impacted the economic conditions in the U.S. and globally. While all of our stores have been open from January 31, 2021 to July 31, 2021, the COVID19 pandemic has, and continues to have, an impact on the Company’s business operations, financial position, liquidity, capital resources and results of operations. While economic conditions in the U.S. are improving and restrictions imposed during the pandemic are easing, it is impossible to predict the effect and ultimate impact of the COVID-19 pandemic. Current financial information may not be indicative of future operating results.

3. Acquisition

On October 28, 2020, Copper entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with JCPenney and certain of its subsidiaries to acquire substantially all of JCPenney’s retail and operating assets, and assume certain of JCPenney’s obligations associated with such purchased assets, pursuant to Section 363 of the U.S. Bankruptcy Code in connection with JCPenney’s voluntary chapter 11 cases pending in the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court"). The Asset Purchase Agreement and the transactions contemplated thereby were approved by the Bankruptcy Court on November 9, 2020. Copper subsequently designated the Company and its subsidiaries as purchasers under the Asset Purchase Agreement. The acquisition of substantially all of the retail and operating assets of JCPenney by the Company and its subsidiaries was completed on December 7, 2020. Pursuant to the Asset Purchase Agreement, the Company and its subsidiaries also assumed certain liabilities related to such assets.

The company accounted for the acquisition as a business combination in accordance with ASC 805. The consideration transferred for the acquisition is as follows:


($ in millions)	December 7, 2020
Cash paid, net of cash acquired of $266	$	634
Term loan		520
Estimated contingent consideration		105
Total consideration transferred, net of cash acquired	$	1,259


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Penney Intermediate Holdings LLC

Notes to the Unaudited Interim Consolidated Financial Statements

The estimated contingent consideration consists of both (i) an earn-out liability with fair value of $74.1 million and (ii) a liability related to any future receipts of credit card company holdback deposits with a fair value of $31.2 million as of the acquisition date. The value of the earn-out liability depends on the twelve-month average of the net merchandise accounts payable applicable for FY 2021 and FY 2022 and was estimated using a Monte Carlo simulation approach. The credit card holdback liability is equal to 50% of any cash proceeds received in connection with the release of the bankruptcy related credit card company holdbacks.

In accordance with GAAP, the carrying value of the contingent consideration must be remeasured at the end of each reporting period. As of July 31, 2021, the fair value of the estimated earn-out liability increased by $6 million to $80 million. The increase in fair value is recorded as a current period expense in Acquisition and transition related costs in our consolidated statement of operations.

As noted in the Audited Consolidated Financial Statements for the fiscal year ended January 30, 2021, the assets acquired, and liabilities assumed in connection with the acquisition were recorded at fair value. Copper has a measurement period of up to a year after the acquisition date to adjust any provisional asset and liability amounts acquired. The Company recorded purchase price adjustments for provisional assets and liabilities acquired totaling ($56) million within the quarter. These adjustments related to the acquisition on December 7, 2020 and included a liability for surety bond collateral totaling ($51) million, an increase in the supplier prepayment reserve totaling ($6) million and the addition of a capital lease asset totaling $1 million.

The adjustments noted below reduced the bargain purchase gain to $1,238 million, which represents the excess of the fair value of net assets acquired over the consideration transferred.


($ in millions)	July 31, 2021
Surety Bond Collateral	$	(51)
Prepayments Reserve		(6)
Capital Lease Asset		1
Total purchase price adjustments	$	(56)

Bargain purchase gain (original)		1294
Adjusted bargain purchase gain	$	$1,238

4. Revenue

Our contracts with customers primarily consist of sales of merchandise and services at the point of sale, sales of gift cards to a customer for a future purchase, customer loyalty rewards that provide discount rewards to customers based on purchase activity, and certain licensing and profit sharing arrangements involving the use of our intellectual property by others. Revenue includes Total net sales and Credit income and other. Net sales are categorized by merchandise and service sale groupings as we believe it best depicts the nature, amount, timing and uncertainty of revenue and cash flow. The components of Net sales for the three months ended July 31, 2021 were as follows:


($ in millions)		Three Months Ended July 31, 2021					Six Months Ended July 31, 2021
Men’s apparel and accessories	$	374	20		%	$	728	21		%
Women’s apparel		444	23		%		722	21		%
Women’s accessories, including Sephora		321	17		%		586	17		%
Home		169	9		%		323	9		%
Footwear and handbags		176	9		%		325	9		%
Kids’, including toys		157	8		%		302	9		%
Jewelry		140	7		%		290	8		%
Services and other		114	7		%		212	6		%
Total net sales	$	1,895		100	%	$	3,488		100%

Credit income and other encompasses the revenue earned from the agreement with Synchrony associated with our private label credit card and co-branded MasterCard programs. The Company has contract liabilities associated with the sales of gift cards and our customer loyalty program.


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Penney Intermediate Holdings LLC

Notes to the Unaudited Interim Consolidated Financial Statements

The liabilities are included in Other accounts payable and accrued expenses in the Consolidated Balance Sheet and were as follows:


($ in millions)		July 31, 2021
Customer gift cards	$	99
Customer loyalty program		31
Total contract liability	$	130

Contract liability includes consideration received for gift card and loyalty related performance obligations which have not been satisfied as of a given date.

A rollforward of the amounts included in contract liability for the three months ended July 31, 2021 are as follows:


($ in millions)		July 31, 2021
Balance as of January 30,2021	$	143
Current period gift cards sold and loyalty reward points earned		90
Net sales from amounts included in contract liability opening balances		(28)
Net sales from current period usage		(75)
Balance as of July 31, 2021	$	130

5. Long-Term Debt


($ in millions)	July 31, 2021
Issue:
2020 Term Loan Facility (Matures in 2026)	$	518
FILO Loan Due 2025		296
Total debt		814
Unamortized debt issuance costs		(14)
Less: current maturities		(20)
Total long-term debt	$	780


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Penney Intermediate Holdings LLC

Notes to the Unaudited Consolidated Financial Statements

As of July 31, 2021, there were no outstanding borrowings under our $2.0 billion senior secured asset-based revolving credit facility (Revolving Credit Facility). Pricing under the Revolving Credit Facility is tiered based on our utilization under the line of credit. As of July 31, 2021, the applicable interest rates were LIBOR (subject to a 0.75% floor) plus 2.75% or Prime Rate plus 1.75%. The applicable rate for standby letters of credit was 2.75%, while the required unused commitment fee was 0.375% for the unused portion of the Revolving Credit Facility.

6. Litigation and Other Contingencies

We are subject to various legal and governmental proceedings involving routine litigation incidental to our business. While no assurance can be given as to the ultimate outcome of these matters, we currently believe that the final resolution of these actions, individually or in the aggregate, will not have a material adverse effect on our results of operations, financial position, liquidity or capital resources.


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Penney Intermediate Holdings LLC

Narrative Report


	Three Months Ended July 31,2021						Six Months Ended July 31,2021
($ in millions)		Actual		Plan		B/(W)	Actual		Plan		B/(W)
Total net sales	$	1895	$	1834	$	61	$	3488	$	3356	$	132
Credit income and other		98		82		16		174		159		15
Total revenues		1,993		1,916		77		3,662		3,515		147
Cost and expenses/(income):
Cost of goods sold		1,162		1,198		36		2,141		2,234		93
Selling, general and administrative		578		649		71		1,136		1,253		117
Depreciation and amortization		51		89		38		102		176		74
Real estate and other, net		(1)		(2)		(1)		(6)		(3)		3
Restructuring, acquisition and transition		9		33		24		23		60		37
Total costs and expenses		1,799		1,967		168		3,396		3,720		324
Operating income/(loss)		194		(51)		245		266		(205)		(471)
Net interest expense		(25)		(26)		1		(50)		(51)		(1)
Income /(Loss) before income taxes		169		(77)		246		216		(256)		(472)
Income tax expense		5		–		(5)		8		0		(8)
Net income/(loss)	$	164	$	(77)	$	241	$	44	$	(256)	$	(464)

Summary Results of Operations

Total net sales were $1.90 billion or $0.61 billion favorable for the three months ended July 31, 2021 and were $3.49 billion or $0.13 billion favorable for the six months ended July 31, 2021 when compared to Plan. Total net sales were impacted positively by the relaxation of COVID related restrictions and the delivery of stimulus checks. Favorable performance of credit income and other was due to timing that is expected to reverse in the second half of the year.

Cost of goods sold as a percent of total net sales were 61.3% and 61.4% for the three months and six months ended July 31, 2021, respectively outperforming Plan by $0.36 billion and $0.93 billion, respectively. Selling, general and administrative expenses were $0.58 billion or 30.5% of total net sales compared to Plan of 35.4% for the three months ended July 31, 2021 and $1.14 billion or 32.6% of total net sales compared to Plan of 37.3% for the six months ended July 31, 2021 due to lower store expenses and continued tight expense control. Depreciation and amortization were lower than Plan due to impact of purchase price accounting vs historical net book values.

Financial Condition and Liquidity

As of July 31, 2021, the borrowing base under the ABL was $1.33 billion with $1.09 billion excess availability after deducting $0.24 billion in letters of credit. There were no outstanding borrowings. Including cash and cash equivalents of $0.61 billion, the Company had $1.70 billion in total liquidity.


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Penney Intermediate Holdings LLC

Statement of Consolidated Adjusted EBITDA

For the Six Months Ended July 31, 2021


($ in millions)		Six Months Ended July 31, 2021
Net Income	$	208
Plus:
Interest expense		50
Income tax expense		8
Depreciation and amortization		102
Restructuring expenses		4
Acquisition and transition costs		19
Minus:
Gain on insurance proceeds received for damage to property		(2)
Consolidated adjusted EBITDA	$	389


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SECTION V

Definitions and Disclaimers


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Monthly Distribution Date Statement

Definitions

The following metrics apply to Quarterly Reporting only:

(A) “Tenant’s Sales per Square Foot” is not a measure of the Trust’s financial performance and is provided solely for investors’ informational purposes based on the information that the Trust receives from the Tenant. This measure of operations is derived from sales information reported to the Trust by the Tenant in accordance with the retail master lease and/or distribution center master lease (each, a “Master Lease”), as applicable. The Trust and the Manager do not have the ability to verify the calculation of this information. The calculation of this information by the tenant may be different than how similar measures of operations might be calculated by others. Finally, the Trust is unable to reconcile “Tenant’s Sales per Square Foot” to a comparable GAAP financial measure because no reconciliation is provided for in the applicable Master Lease. Therefore, investors should be cautious about relying upon “Tenant’s Sales per Square Foot.”

(B) “Tenant’s Four-Wall EBITDAR” is not a measure of the Trust’s financial performance and is provided solely for investors’ informational purposes based on the information that the Trust receives from the Tenant. This measure of operations is calculated in accordance with the [Master Lease] and is reported to the Trust by the tenant in accordance therewith. The Trust and the Manager do not have the ability to verify the calculation of this measure of operations. In addition, the calculation of “Tenant’s Four-Wall EBITDAR” in accordance with the applicable Master Lease may be different than how similar measures of operating statistic might be calculated by others. Finally, the Trust is unable to reconcile “Tenant’s Four-Wall EBITDAR” to a comparable GAAP financial measure because no reconciliation is provided for in the applicable Master Lease. Therefore, investors should be cautious about relying upon “Tenant’s Four-Wall EBITDAR.”


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Monthly Distribution Date Statement

Disclaimer

Forward-Looking Statements: This distribution statement contains “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. These forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments and other matters that are not historical facts. The forward-looking statements are based on our beliefs as well as on a number of assumptions concerning future events. Readers of these materials are cautioned not to put undue reliance on these forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements. We do not undertake a duty to update these forward- looking statements, which speak only as of the date on which they are made. The most important factors that could prevent us from achieving the stated goals include, but are not limited to: (a) the severity, duration and geographical scope of the COVID-19 pandemic and the effects of the pandemic and measures intended to prevent its spread on our business, results of operations, cash flows and financial condition, including declines in rental revenues and increases in operating costs in the portfolio, deterioration in the financial conditions of the tenants and their ability to satisfy their payment obligations, increased risk of claims, litigation and regulatory proceedings and the ability of federal, state and local governments to respond to and manage the pandemic effectively; (b) the ability and willingness of the tenants, operators, managers and other third parties to satisfy their obligations under their respective contractual arrangements, including, in some cases, their obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities; (c) the ability of the tenants, operators, borrowers and managers to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties; (d) macroeconomic conditions such as a disruption of or a lack of access to the capital markets, changes in the debt rating on U.S. government securities, default or delay in payment by the United States of its obligations; (e) the nature and extent of future competition, including new construction in the markets in which the our properties are located; (f) the ability of the tenants, operators and managers, as applicable, to comply with laws, rules and regulations in the operation of the properties; (g) the ability and willingness of the tenants to renew their leases upon expiration of the leases, the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event the we exercises our right to replace an existing tenant or manager; and (h) the other factors set forth in the our periodic filings with the Securities and Exchange Commission.

Non-GAAP Presentation: Certain of the financial measures presented in this distribution statement are non-GAAP financial measures, other metrics and other information. We believe that non-GAAP financial measures, other metrics and other information provide useful information to investors regarding our financial condition, result of operations and other matters. The non-GAAP financial measures, other metrics and information as presented in this distribution statement may be adjusted in management’s reasonable judgment as appropriate, taking into account a variety of circumstances, facts and conditions. These adjustments may be material and may or may not be specifically identified in footnotes or otherwise.

Our measures, metrics and other information (and the methodologies used to derive them) may not be comparable to those used by other companies. The foregoing language applies to (and supersedes if different from) the specific definitions contained herein. Readers are cautioned to refer to our periodic filings furnished to or filed with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are prepared in accordance with GAAP. This distribution statement and the information contained herein should be reviewed in conjunction with such filings.

SEC Reporting: The information in this distribution statement should be read in conjunction with our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our earnings press release and other information filed with, or furnished to, the SEC. You can access our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at www.ctltrust.net as soon as reasonably practicable after they are filed with, or furnished to, the SEC. You can also review these SEC filings and other information by accessing the SEC’s website at http://www.sec.gov. We routinely post important information on our website at www.ctltrust.net in the “Investors” section, including financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading “Investors.” Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the SEC. The information on or connected to our website is not, and shall not be deemed to be, a part of, or incorporated into this distribution statement.


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