Cantor Fitzgerald Income Trust, Inc. Liquidation Value

Cantor Fitzgerald Income Trust, Inc. (CFTR-PA) is a non-traded REIT filing its 10-Q for the quarter ended March 31, 2026. Under the liquidation lens, the MFFAIS-computed liquidation values (CLV/LLV/OLV) are each approximately negative $591M, reflecting that aggregate liabilities at face value substantially exceed recoverable asset value under a forced-wind-down scenario. The TAG_CONTEXT provided contains no XBRL-tagged values, so all quantitative analysis below derives from the narrative and tabular disclosures in the filing body.

Balance sheet posture: GAAP stockholders' equity is reported at $464.3M as of March 31, 2026. The company's own NAV reconciliation adjusts this to $360.9M NAV (attributable to shareholders), incorporating: a $42.9M unrealized depreciation haircut on real estate (appraised fair value below GAAP carrying cost), $164.8M add-back for accumulated depreciation (non-cash, excluded from NAV), a $38.7M upward fair value adjustment on debt obligations (debt at fair value is below GAAP face), a negative $18.7M for deferred rent receivable (straight-line rent not collectible in liquidation), a negative $9.3M for capitalized acquisition costs, a negative $4.9M for deferred financing costs, and a negative $228.6M strip-out of non-controlling interests in subsidiaries. Under the liquidation lens, the NAV methodology itself applies a going-concern DCF approach, not a forced-sale haircut; the actual liquidation recovery would be materially lower.

Total contractual debt obligations per the filing's maturity table aggregate to $602.6M, with $55.1M due in the remainder of 2026, $150.6M in 2028, $9.6M in 2029, and $387.3M thereafter. Debt to tangible assets ratio was 55% as of period end. The portfolio had $444M fixed-rate and $158M floating-rate debt outstanding. Under liquidation, all $602.6M of face-value debt obligations would be senior claims against asset recovery proceeds.

Operating cash flow turned negative in Q1 2026 at negative $6.0M versus positive $8.7M in Q1 2025. 100% of Q1 2026 distributions ($2.8M total) were funded from offering proceeds—zero from operating cash flow—a material deterioration from Q1 2025 when 100% of distributions were funded from operating cash flows. Cumulative distributions of $116.0M have been declared; 16% of cash distributions historically sourced from non-operating sources including borrowings and offering proceeds. Share repurchase requests exceeded program limits in all three months of Q1 2026 (only 54%, 41%, and 17% of requested repurchases were fulfilled in January, February, and March respectively), indicating meaningful redemption pressure against a constrained liquidity position.

Real estate portfolio: Weighted-average occupancy 96.0%; weighted-average remaining lease term 7.6 years (ex-multifamily and data center). NAV-basis appraisals used weighted-average exit cap rate of 6.2% and discount rate of 7.2%. The portfolio is geographically concentrated: Ohio (22.4%), Texas (17.8%), Maryland (16.7%), California (11.4%). Sector: Multifamily (36.3%), Single Tenant Office (25.9%), Distribution/Logistics (19.5%), Necessity Retail (13.9%), Life Sciences (3.1%), Data Center (1.3%). Single tenant office exposure (25.9% by fair value) carries elevated vacancy and re-leasing risk on a liquidation timeline. The advisor has waived all unreimbursed operating expenses through end of fiscal 2025; any future invoicing of previously waived expenses would create an incremental liability not currently reflected in the balance sheet.

Filing discusses unrealized real estate depreciation, fair value adjustments to debt, deferred rent receivable, and NCI treatment in the NAV reconciliation MD&A, but does not separately XBRL-tag these as distinct balance sheet line items in the TAG_CONTEXT provided. The absence of any XBRL tags in TAG_CONTEXT means no tag-level drill-down is possible.