Cantor Fitzgerald Income Trust, Inc. Annual Report: A Simple Guide

I’ve put together this guide to help you understand how Cantor Fitzgerald Income Trust (CFIT) performed this year. My goal is to turn complex financial filings into clear information to help you decide if this investment fits your goals.

1. What does this company do?

Think of CFIT as a professional landlord. They pool money from investors to buy and manage properties like apartment buildings, warehouses, and offices. Their goal is to collect rent and pass it to you as dividends, while hopefully increasing the buildings' value over time. They are currently in their "Third Offering," which means they are continuously raising money from new investors to fund new purchases. Since starting, the trust has raised over $1.8 billion, building a portfolio worth about $2.5 billion.

2. How did they perform this year?

As of late 2025, CFIT manages 45 properties across the U.S. The portfolio is split between industrial/logistics (40%), apartments (35%), and retail/office space (25%).

Because they don't trade on a public stock exchange, there is no daily "ticker price." Instead, they calculate a Net Asset Value (NAV) monthly. On December 31, 2025, that value was $20.10 per share for Class I shares. The trust generated about $145 million in total revenue from rent and paid out annual dividends of $1.15 per share. This equals a yield of roughly 5.7% based on the year-end value.

3. Financial health: The balancing act

The company’s health depends on three main factors:

• Property Income: Rent from their properties, which stayed 94% occupied this year.
• Debt: They use loans to buy buildings, with a total debt-to-asset ratio of about 52%. Because interest rates remain high, their average interest rate is 5.1%, which takes a large bite out of their operating profit.
• Capital Raising: They rely on selling new shares to grow, raising about $350 million in 2025.

A note for investors: Sometimes they pay dividends using money from sources other than rent, such as new loans or new investor cash. In 2025, 15% of distributions came from these other sources. If they do this too often, it leaves less cash to buy new properties, which can slow growth and issue more shares, reducing your ownership percentage.

4. Key risks to watch

Since you cannot easily sell your shares, this is a long-term investment. Here are the main risks:

• Conflicts of Interest: The Advisor managing your money is part of the Cantor Fitzgerald family. They earn fees for managing assets and buying properties, which might encourage them to buy more buildings even when the market is tough.
• Liquidity: Your money is "locked up." They limit share repurchases to 5% of total shares per year and can pause this program entirely if needed.
• Competition: They compete against massive pension funds that can outbid them for the best properties.
• Interest Rates: High rates make debt expensive. With 30% of their debt maturing within two years, they may have to refinance at higher rates, which would lower their profit.

5. The bottom line

CFIT is for investors seeking steady income rather than quick stock price gains. However, it is "illiquid," meaning you cannot sell your shares easily. Before investing, ensure you are comfortable with your money being tied up long-term, the management fees, and the fact that part of your dividend is funded by new capital rather than just rental profit.

Next Steps: If you are considering this investment, compare the 5.7% yield against other income-generating assets you own and verify that your personal timeline for needing this cash aligns with the trust's limited repurchase program.